Neuberger Berman Equity Funds

	Class A	Class C	Institutional Class
Neuberger Berman Dividend Growth Fund	NDGAX	NDGCX	NDGIX
Neuberger Berman Emerging Markets Equity Fund	NEMAX	NEMCX	NEMIX
Neuberger Berman Equity Income Fund	NBHAX	NBHCX	NBHIX
Neuberger Berman Focus Fund	NFAAX	NFACX	NFALX
Neuberger Berman Genesis Fund (Institutional class only)	—	—	NBGIX
Neuberger Berman Global Equity Fund	NGQAX	NGQCX	NGQIX
Neuberger Berman Global Real Estate Fund	NGRAX	NGRCX	NGRIX
Neuberger Berman Greater China Equity Fund	NCEAX	NCECX	NCEIX
Neuberger Berman Guardian Fund	NGDAX	NGDCX	NGDLX
Neuberger Berman International Equity Fund	NIQAX	NIQCX	NBIIX
Neuberger Berman International Select Fund	NBNAX	NBNCX	NILIX
Neuberger Berman International Small Cap Fund	NIOAX	NIOCX	NIOIX
Neuberger Berman Intrinsic Value Fund	NINAX	NINCX	NINLX
Neuberger Berman Large Cap Value Fund	NPNAX	NPNCX	NBPIX
Neuberger Berman Mid Cap Growth Fund	NMGAX	NMGCX	NBMLX
Neuberger Berman Mid Cap Intrinsic Value Fund	NBRAX	NBRCX	NBRTX
Neuberger Berman Multi-Cap Opportunities Fund	NMUAX	NMUCX	NMULX
Neuberger Berman Real Estate Fund	NREAX	NRECX	NBRIX
Neuberger Berman Small Cap Growth Fund	NSNAX	NSNCX	NBSMX
Neuberger Berman Socially Responsive Fund	NRAAX	NRACX	NBSLX
Neuberger Berman Value Fund	NVAAX	NVACX	NLRLX

Prospectus December 7, 2017, as amended December 18, 2017 and March 13, 2018

These securities, like the securities of all mutual funds, have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Contents

Neuberger Berman Equity Funds

Fund Summaries
Neuberger Berman Dividend Growth Fund	2
Neuberger Berman Emerging Markets Equity Fund	9
Neuberger Berman Equity Income Fund	16
Neuberger Berman Focus Fund	23
Neuberger Berman Genesis Fund	29
Neuberger Berman Global Equity Fund	34
Neuberger Berman Global Real Estate Fund	41
Neuberger Berman Greater China Equity Fund	48
Neuberger Berman Guardian Fund	56
Neuberger Berman International Equity Fund	62
Neuberger Berman International Select Fund	68
Neuberger Berman International Small Cap Fund	74
Neuberger Berman Intrinsic Value Fund	79
Neuberger Berman Large Cap Value Fund	85
Neuberger Berman Mid Cap Growth Fund	91
Neuberger Berman Mid Cap Intrinsic Value Fund	96
Neuberger Berman Multi-Cap Opportunities Fund	102
Neuberger Berman Real Estate Fund	108
Neuberger Berman Small Cap Growth Fund	114
Neuberger Berman Socially Responsive Fund	120
Neuberger Berman Value Fund	126
Descriptions of Certain Practices and Security Types	132
Additional Information about Principal Investment Risks	133
Information about Additional Risks	143
Descriptions of Indices	143
Management of the Funds	145
Financial Highlights	151

YOUR INVESTMENT
Choosing a Share Class	212
Maintaining Your Account	213
Share Prices	218
Privileges and Services	219
Sales Charges	219
Sales Charge Reductions and Waivers	220
Distributions and Taxes	223
Direct Investors	225
Buying Shares—Direct Investors	227
Selling Shares—Direct Investors	228
Market Timing Policy	229
Portfolio Holdings Policy	229
Fund Structure	229
Appendix A	A-1
Appendix B—Financial Highlights (as restated) (unaudited)*	B-1
Appendix C—Financial Highlights (as restated) (unaudited)**	C-1

*	On December 8, 2017, Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, and Neuberger Berman Socially Responsive Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.
**	On February 23, 2018, Neuberger Berman Focus Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, and Neuberger Berman Small Cap Growth Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.

Fund Summaries

Neuberger Berman Dividend Growth Fund

Class A Shares (NDGAX), Class C Shares (NDGCX), Institutional Class Shares (NDGIX)

GOAL

The Fund seeks long term capital appreciation and current income.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy, hold or sell shares of the Fund. Under the Fund’s policies, you may qualify for initial sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Neuberger Berman funds. Certain financial intermediaries have sales charges and/or policies and procedures regarding sales charge waivers applicable to their customers that differ from those described below. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 220 in the Fund’s prospectus, and in Appendix A to the Fund’s prospectus. Although the Fund does not impose any sales charge on Institutional Class shares, you may pay a commission to your broker on your purchases and sales of those shares, which is not reflected in this table.

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.76	0.76	0.65
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	1.14	1.05	1.04
Acquired fund fees and expenses	0.01	0.01	0.01
Total annual operating expenses	2.16	2.82	1.70
Fee waiver and/or expense reimbursement	1.10	1.01	1.00
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.06	1.81	0.70

For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.05%, 1.80% and 0.69% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.05%, 1.80% and 0.69% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

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Expense Example

The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund’s expenses were those in the table. For Class A and Institutional Class shares, your costs would be the same whether you sold your shares or continued to hold them at the end of each period. You may pay a commission to your broker on your purchases and sales of Institutional Class shares, which is not reflected in this example. Actual performance and expenses may be higher or lower.

	1 Year	3 Years	5 Years	10 Years
Class A	$677	$893	$1,363	$2,661
Class C (assuming redemption)	$284	$569	$1,203	$2,911
Class C (assuming no redemption)	$184	$569	$1,203	$2,911
Institutional Class	$72	$224	$622	$1,740

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44% of the average value of its portfolio.

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities that pay dividends. The Fund may invest in companies of any market capitalization. Although the Fund invests primarily in domestic securities, it may also invest in securities of foreign companies, including emerging markets. The Fund mainly invests in common stocks but may invest up to 10% of its net assets in master limited partnerships and up to 10% of its net assets in convertible securities. The Fund may invest in convertible securities that are rated below investment grade (commonly known as “junk bonds”) or, if unrated, are determined by the Portfolio Managers to be of comparable quality.

The Portfolio Managers primarily seek to invest in companies that they believe have sustainable and growing dividends, and ideally seek to buy them when they are temporarily out-of-favor or undervalued by the market. The Portfolio Managers use bottom-up, fundamental security analysis to identify those companies they believe meet the Fund’s investment objective and standards. The price of the company’s securities in relation to its cash flow, earnings, dividends, book value and asset value, both historical and prospective, are key determinants in the security selection process. Emphasis is also placed on identifying companies undergoing changes that the Portfolio Managers believe will enhance shareholder value in the future, including changes in operations, management, capital allocation, strategies and product offerings.

The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company’s business fails to perform as expected, when other opportunities appear more attractive or when the stock holding grows too large relative to the rest of the portfolio.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities that pay dividends, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in the stock market, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The market's behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund.

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The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk -- that is, the value of convertible securities will move in the direction opposite to movements in interest rates; they are subject to the risk that the issuer will not be able to pay interest or dividends when due; and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly known as “junk bonds”). Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the economy is weak or is expected to become weak. To the extent the Fund invests in convertible securities issued by small- or mid-cap companies, it will be subject to the risks of investing in such companies.

Currency Risk. Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad.

Dividend Risk. There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

Foreign and Emerging Market Risk. Foreign securities involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporate disclosure, governance, and legal standards. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. Regardless of where a company is organized or its stock is traded, its performance may be affected significantly by events in regions from which it derives its profits or in which it conducts significant operations.

Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging or less-developed market countries than in countries with more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

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Interest Rate Risk. In general, the value of investments with interest rate risk, such as income-oriented equity securities that pay dividends, will move in the direction opposite to movements in interest rates. If interest rates rise, the value of such securities may decline.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

Market Capitalization Risk. To the extent the Fund invests in securities of small-, mid-, or large-cap companies, it takes on the associated risks. At times, any one of these market capitalizations may be out of favor with investors. Compared to small- and mid-cap companies, large-cap companies may be unable to respond as quickly to changes and opportunities. Compared to large-cap companies, small- and mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of small- and mid-cap companies are often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns.

Operational and Cybersecurity Risk. The Fund and its service providers, and your ability to transact with the Fund, may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. It is not possible for the Manager or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

Recent Market Conditions. Some countries, including the U.S., are considering the adoption of more protectionist trade policies, moving away from the tighter financial industry regulations that followed the 2008 financial crisis, and substantially reducing corporate taxes. The U.S. is also said to be considering significant new investments in infrastructure and national defense which, coupled with the prospect of lower federal taxes, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is still being worked out through the political process, but the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

5 Dividend Growth Fund

policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Risk Management. Risk is an essential part of investing. No risk management program can eliminate the Fund’s exposure to adverse events; at best, it may only reduce the possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund’s investment program. The Fund could experience losses if judgments about risk prove to be incorrect.

Risk of Increase in Expenses. A decline in the Fund’s average net assets during the current fiscal year due to market volatility or other factors could cause the Fund’s expenses for the current fiscal year to be higher than the expense information presented in “Fees and Expenses.”

Valuation Risk. The Fund may not be able to sell an investment at the price at which the Fund has valued the investment. The Fund’s ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the portfolio management team believes to be their full value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the last calendar year, as represented by the performance of the Fund’s Institutional Class. The returns in the bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund’s investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

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Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q4 '16, 6.41%

Worst quarter: Q1 '16, 2.70%

Year-to-date performance as of 9/30/2017: 12.68%

average annual total % returns as of 12/31/16

Dividend Growth Fund	1 Year	Since Inception (12/15/2015)
Institutional Class Return Before Taxes	18.87	17.90
Institutional Class Return After Taxes on Distributions	18.35	17.42
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	11.10	13.66
Class A Return Before Taxes	11.71	11.13
Class C Return Before Taxes	16.58	16.58
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	12.61
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by David A. Kiefer, CFA (Managing Director of the Manager), and William D. Hunter (Senior Vice President of the Manager). They have been Portfolio Managers for the Fund since its inception in December 2015.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form, subject to any applicable sales charge. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Institutional Class shares.

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delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account”and “Grandfathered Investors” in the prospectus for eligibility requirements for direct purchases of Class A and Class C shares and for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Unless you invest in the Fund through a tax-advantaged retirement plan or account or are a tax-exempt investor, you will be subject to tax on Fund distributions to you of ordinary income and/or net capital gains. Those distributions generally are not taxable to such a plan or account or a tax-exempt investor.

Payments to Investment Providers and Other Financial Intermediaries

If you purchase shares of the Fund through an investment provider or other financial intermediary, such as a bank, brokerage firm, workplace retirement program, or financial adviser (who may be affiliated with Neuberger Berman), the Fund and/or Neuberger Berman BD LLC and/or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the investment provider or other financial intermediary and its employees to recommend the Fund over another investment. Ask your investment provider or visit its website for more information.

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Neuberger Berman Emerging Markets Equity Fund

Class A Shares (NEMAX), Class C Shares (NEMCX), Institutional Class Shares (NEMIX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.24	1.24	1.13
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.25	0.22	0.24
Total annual operating expenses	1.74	2.46	1.37
Fee waiver and/or expense reimbursement	0.23	0.20	0.11
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.51	2.26	1.26

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.50%, 2.25% and 1.25% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.50%, 2.25% and 1.25% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

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Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$720	$1,025	$1,400	$2,451
Class C (assuming redemption)	$329	$706	$1,252	$2,748
Class C (assuming no redemption)	$229	$706	$1,252	$2,748
Institutional Class	$128	$400	$717	$1,616

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers in emerging market countries. These include securities of companies (1) that are traded principally on a stock exchange or over-the-counter in emerging market countries, (2) that are organized under the laws of and have a principal office in emerging market countries, or (3) that derive 50% or more of their total revenues from, and/or have 50% or more of their total assets in, goods produced, sales made, profits generated or services performed in emerging market countries. The Fund considers emerging market countries to be countries included in the MSCI Emerging Markets Index.

The Portfolio Manager uses a bottom-up, research-driven securities selection approach focusing on businesses with a recent history of high returns while factoring economic, legislative and business developments to identify countries and sectors that he believes may be particularly attractive. The Portfolio Manager believes that in-depth, strategic and financial research is the key to identifying undervalued companies and seeks to identify companies with the following characteristics: stock prices undervalued relative to long-term cash flow growth potential; industry leadership; potential for significant improvement in the company’s business; strong financial characteristics; strong corporate governance practices; and management track record.

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to invest across a broad range of countries and geographical regions.

The Fund may invest in companies of any market capitalization. Equity securities in which the Fund may invest include common and preferred stocks, convertible securities, rights and warrants to purchase common stock and depositary receipts. The Fund may invest a significant portion of its assets in exchange traded funds (“ETFs”). The Fund may also invest in foreign real estate companies.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

The Portfolio Manager follows a disciplined selling strategy and may sell a stock when it reaches a target price, if a company’s business fails to perform as expected, or when other opportunities appear more attractive.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers in emerging market countries, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

10 Emerging Markets Equity Fund

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in international stock markets, the Portfolio Manager's evaluation of those developments, and the success of the Portfolio Manager in implementing the Fund's investment strategies . The markets' behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Depositary Receipts Risk. Depositary receipts are subject to the risk of fluctuation in the currency exchange rate if, as is often the case, the underlying foreign securities are denominated in foreign currency, and there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, depositary receipts involve many of the same risks of investing directly in the underlying foreign securities.

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global changes. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in one country or geographic region. If the Fund does so, there is a greater risk that economic, political, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance and that the Fund’s performance will be more volatile than the performance of more geographically diversified funds.

Most economies in the Greater China region are generally considered emerging markets and carry the risks associated with emerging markets, as well as risks particular to the region. Events in any one country within the region may impact other countries in the region or the Greater China region as a whole. The economies, industries, and securities and currency markets of the Greater China region may be adversely affected by slow economic activity worldwide, dependence on exports and international trade, currency devaluations and other currency exchange rate fluctuations, increasing competition from Asia’s low-cost emerging economies, environmental events and natural disasters that may occur in the Greater China region, and military conflicts either in response to social unrest or with other countries. In addition, the tax laws and regulations in mainland China are subject to change, possibly with retroactive effect. In the summer of 2015, stock markets in mainland China suffered a significant downturn, which reduced the risk appetite for many investors in mainland China. State involvement in China’s economy and stock markets is such that it has proven difficult to predict or gauge the growth prospects for the markets or economy, but the official statistics indicate a recent growth rate significantly lower than that in the early part of the decade.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

12 Emerging Markets Equity Fund

processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

13 Emerging Markets Equity Fund

Warrants and Rights Risk. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant’s or right’s expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund's Institutional Class. The returns in the bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 35.52%

Worst quarter: Q3 '11, -24.27%

Year-to-date performance as of 9/30/2017: 32.00%

14 Emerging Markets Equity Fund

average annual total % returns as of 12/31/16

Emerging Markets Equity Fund	1 Year	5 Years	Since Inception (10/8/2008)
Institutional Class Return Before Taxes	9.17	2.88	7.30
Institutional Class Return After Taxes on Distributions	9.04	2.72	6.77
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	5.30	2.23	5.77
Class A Return Before Taxes	2.59	1.41	6.27
Class C Return Before Taxes	7.09	1.84	6.24
MSCI Emerging Markets Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	11.19	1.28	5.82
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Conrad Saldanha, CFA (Managing Director of the Manager). He has managed the Fund since its inception in 2008.

Buying and Selling Shares

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 (Class A and Class C) or 800-366-6264 (Institutional Class) for instructions). See “Maintaining Your Account” in the prospectus for eligibility requirements for direct purchases of shares and for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

15 Emerging Markets Equity Fund

Neuberger Berman Equity Income Fund

Class A Shares (NBHAX), Class C Shares (NBHCX), Institutional Class Shares (NBHIX)

GOAL

The Fund seeks total return emphasizing both current income and capital appreciation.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.74	0.74	0.63
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.07	0.06	0.06
Total annual operating expenses	1.06	1.80	0.69

¹	For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.

16 Equity Income Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$677	$893	$1,126	$1,795
Class C (assuming redemption)	$283	$566	$975	$2,116
Class C (assuming no redemption)	$183	$566	$975	$2,116
Institutional Class	$70	$221	$384	$859

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in income-oriented equity securities that pay dividends, which may include real estate investment trusts (“REITs”), convertible securities (including convertible preferred stock, which receives preference in the payment of dividends) and common stocks. The Fund seeks to generate a current yield that is greater than the average current yield for stocks in the Standard & Poor’s 500® Index. By selecting these types of equity securities, the Fund seeks to dampen the market volatility associated with investing in equity securities.

The Fund typically employs a “value” approach in selecting investments. The Portfolio Managers use a bottom-up, research-driven approach to identify companies that they believe have the ability to sustain and potentially to grow their free cash flow and are trading at a discount to what the Portfolio Managers believe to be their net present values. The approach involves examining companies for the presence of potential catalysts that will lead to the creation of value, such as regulatory changes, competitive shifts, reaccelerating earnings, and corporate/management restructuring. The Portfolio Managers also utilize quantitative measures of value, including price-to-earnings ratios, price-to-book ratios and discounted free cash flows, among others.

The Fund may emphasize the real estate and utilities sectors of the market at any given time and may invest up to 40% of its total assets in each of these sectors.

The Fund may also use options, including, writing (selling) calls against positions in the portfolio (“covered calls”) or writing (selling) puts on individual stocks, to attempt to enhance income.

The Fund may invest in companies of any market capitalization. Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies, including those in emerging markets. The Fund may invest in convertible securities that are rated below investment grade (commonly known as “junk bonds”) or, if unrated, are determined by the portfolio managers to be of comparable quality.

The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company’s business fails to perform as expected, when other opportunities appear more attractive or when the stock grows too large relative to the rest of the portfolio.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

17 Equity Income Fund

can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

18 Equity Income Fund

positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

Options Risk. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund’s return. There can be no guarantee that the use of options will increase the Fund’s return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.

When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. When the Fund writes a put option, it assumes the risk that it will have to purchase the underlying security at an exercise price that may be higher than the market price of the security and the possibility of a loss up to the entire exercise price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying security.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

19 Equity Income Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

If the Fund emphasizes the real estate sector, the utilities sector, or both sectors, your investment in the Fund will be linked to the performance of one or both sectors and the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a mix of different sectors or industries.

Utility Companies Risk. Utility companies are sensitive to changes in interest rates and other economic conditions, government regulation, uncertainties created by deregulation, environmental protection or energy conservation policies and practices, the level and demand for services, and the cost of technological advances and the possible inability to implement them at opportune times. In addition, securities of utility companies are volatile and may underperform in a sluggish economy.

20 Equity Income Fund

PERFORMANCE

For each class, the performance prior to June 9, 2008, is that of the Fund’s Trust Class. On June 9, 2008, Trust Class shares of the Fund converted into Institutional Class shares of the Fund. Because Trust Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and slightly lower than that of Institutional Class. Returns would have been lower/higher if Neuberger Berman Investment Advisers LLC had not reimbursed/recouped certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 13.43%

Worst quarter: Q4 '08, -19.57%

Year-to-date performance as of 9/30/2017: 8.34%

21 Equity Income Fund

average annual total % returns as of 12/31/16

Equity Income Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	15.26	8.86	7.31
Institutional Class Return After Taxes on Distributions	13.67	7.24	6.00
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	9.89	6.76	5.62
Class A Return Before Taxes	8.32	7.17	6.32
Class C Return Before Taxes	12.94	7.62	6.28
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by Portfolio Managers Richard S. Levine (Managing Director of the Manager) and Alexandra Pomeroy (Managing Director of the Manager), and Associate Portfolio Manager William D. Hunter (Senior Vice President of the Manager). Mr. Levine and Ms. Pomeroy have served as Portfolio Managers of the Fund since its inception in 2006, and Mr. Hunter joined as an Associate Portfolio Manager in 2012.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

22 Equity Income Fund

Neuberger Berman Focus Fund

Class A Shares (NFAAX), Class C Shares (NFACX), Institutional Class Shares (NFALX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.79	0.79	0.68
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.10	0.09	0.08
Total annual operating expenses	1.14	1.88	0.76
Fee waiver and/or expense reimbursement	0.02	0.01	0.00
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.12	1.87	0.76

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.11%, 1.86% and 0.75% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.11%, 1.86% and 0.75% of the class' average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

23 Focus Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$683	$911	$1,161	$1,876
Class C (assuming redemption)	$290	$588	$1,013	$2,198
Class C (assuming no redemption)	$190	$588	$1,013	$2,198
Institutional Class	$78	$243	$422	$942

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests in a concentrated portfolio, consisting mainly of common stocks of companies of any size that are selected using a fundamental, research driven approach.

Under normal market conditions, the Fund typically holds a limited number of stocks. Because of this, the Fund may at times be substantially over- and under-weighted in certain economic sectors.

The Portfolio Managers, with the assistance of Neuberger Berman research analysts, look for what they believe to be undervalued companies. Factors in identifying these firms may include depressed valuations, above-average returns, an established market niche, and sound future business prospects. This approach is designed to let the Fund benefit from potential increases in stock prices, while limiting the risks typically associated with investing in a smaller number of stocks.

The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, to attempt to enhance returns. The Fund will only sell (write) call options on individual stocks if it simultaneously holds an equivalent position in the stock underlying the option (“covered call option”).

The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target valuation, if a company’s business fails to perform as expected, or when other opportunities appear more attractive.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

24 Focus Fund

market value of depositary receipts and the underlying foreign securities. In addition, depositary receipts involve many of the same risks of investing directly in the underlying foreign securities.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

The Fund's portfolio may contain fewer securities than the portfolios of other mutual funds, which increases the risk that the value of the Fund could go down because of the poor performance of one or a few investments.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

25 Focus Fund

react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The Fund had a policy of investing 90% of its assets in no more than six economic sectors prior to December 17, 2007. Its performance prior to that date might have been different if current policies had been in effect.

For each class, the performance prior to June 21, 2010, is that of the Fund's Investor Class. Because Investor Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and lower than that of Institutional Class. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

26 Focus Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 16.21%

Worst quarter: Q4 '08, -27.78%

Year-to-date performance as of 9/30/2017: 15.84%

average annual total % returns as of 12/31/16

Focus Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	7.24	14.15	5.63
Institutional Class Return After Taxes on Distributions	4.96	11.93	4.03
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	5.96	11.15	4.35
Class A Return Before Taxes	0.74	12.40	4.76
Class C Return Before Taxes	5.28	12.91	4.88
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by Timothy Creedon, CFA (Managing Director of the Manager) and David Levine, CFA (Senior Vice President of the Manager). They have managed the Fund since 2011 and 2008, respectively.

Buying and Selling Shares

27 Focus Fund

Stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund are expected to occur in early 2018. This will alter the share prices of most classes of shares of the Fund, but will not change the total value of your holdings. Additional information will be provided in advance of the splits.

For certain investors, Class A and Class C shares of the Fund are also available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” and “Grandfathered Investors” in the prospectus for eligibility requirements for direct purchases of Class A and Class C shares and for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

28 Focus Fund

Neuberger Berman Genesis Fund

Institutional Class Shares (NBGIX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. Although the Fund does not impose any sales charge on Institutional Class shares, you may pay a commission to your broker on your purchases and sales of those shares, which is not reflected in this table.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.81
Distribution and/or shareholder service (12b-1) fees	None
Other expenses¹	0.04
Total annual operating expenses	0.85

The Fund has agreed that Institutional Class will repay Neuberger Berman Investment Advisers LLC (“Manager”) for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) to exceed 0.85% of the class’ average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense. “Other expenses” shown above include a repayment of less than 0.01%.

Expense Example

The expense example can help you compare costs among mutual funds. The example assumes that you invested $10,000 for the periods shown, that you redeemed all of your shares at the end of those periods, that the Fund earned a hypothetical 5% total return each year, and that the Fund’s expenses were those in the table. You may pay a commission to your broker on your purchases and sales of Institutional Class shares, which is not reflected in this example. Actual performance and expenses may be higher or lower.

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$87	$271	$471	$1,049

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in common stocks of small-capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of companies in the Russell 2000® Index at the time of initial purchase. The market capitalization of the companies in the Fund’s portfolio and the Russell 2000® Index changes over time and

29 Genesis Fund

the Fund may continue to hold or add to a position in a company after its market capitalization has grown outside the range of the Russell 2000®Index.

The Fund seeks to reduce risk by diversifying among many companies and industries. Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Portfolio Managers generally look for what they believe to be undervalued companies whose current market shares and balance sheets are strong. In addition, the Portfolio Managers tend to focus on companies whose financial strength is largely based on existing business lines rather than on projected growth. Factors in identifying these firms may include: above-average returns; an established market niche; circumstances that would make it difficult for new competitors to enter the market; the ability to finance their own growth; and sound future business prospects. This approach is designed to let the Fund benefit from potential increases in stock prices, while limiting the risks typically associated with small-cap stocks.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company’s business fails to perform as expected, or when other opportunities appear more attractive.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Foreign Risk. Foreign securities involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporate disclosure, governance, and legal standards. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the U.S. market. The effect of economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Regardless of where a company is organized or its stock is traded, its performance may be affected significantly by events in regions from which it derives its profits or in which it conducts significant operations.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

30 Genesis Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Small- and Mid-Cap Companies Risk. At times, small- and mid-cap companies may be out of favor with investors. Compared to larger companies, small- and mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of small- and mid-cap companies are often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns. To the extent the Fund holds securities of mid-cap companies, the Fund will be subject to their risks.

31 Genesis Fund

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 16.37%

Worst quarter: Q4 '08, -26.48%

Year-to-date performance as of 9/30/2017: 9.50%

average annual total % returns as of 12/31/16

Genesis Fund	1 Year	5 Years	10 Years
Return Before Taxes	18.35	12.41	9.07
Return After Taxes on Distributions	16.63	10.52	7.74
Return After Taxes on Distributions and Sale of Fund Shares	11.81	9.74	7.30
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

32 Genesis Fund

PORTFOLIO MANAGERS

The Fund is managed by Judith M. Vale, Robert W. D’Alelio, Brett S. Reiner and Gregory G. Spiegel (each a Managing Director of the Manager). Ms. Vale and Mr. D’Alelio are Portfolio Managers and have co-managed the Fund since 1994 and 1997, respectively. Mr. Reiner and Mr. Spiegel are Associate Portfolio Managers and have co-managed the Fund since 2005 and 2015, respectively.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Institutional Class shares.

Stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund will occur after the close of business on December 8, 2017. This will alter the share prices of most classes of shares of the Fund, but will not change the total value of your holdings. More information regarding the splits may be found at www.nb.com.

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-366-6264 for instructions). See “Maintaining Your Account” in the prospectus for eligibility requirements for direct purchases of shares and for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

If you purchase shares of the Fund through an investment provider or other financial intermediary, (such as a bank, brokerage firm, workplace retirement program, or financial adviser), the Fund and/or Neuberger Berman BD LLC and/or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the investment provider or other financial intermediary and its employees to recommend the Fund over another investment. Ask your investment provider or visit its website for more information.

33 Genesis Fund

Neuberger Berman Global Equity Fund

Class A Shares (NGQAX), Class C Shares (NGQCX), Institutional Class Shares (NGQIX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees²	0.81	0.81	0.70
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	6.48	6.46	6.42
Total annual operating expenses	7.54	8.27	7.12
Fee waiver and/or expense reimbursement	6.43	6.41	6.37
Total annual operating expenses after fee waiver and/or expense reimbursement³	1.11	1.86	0.75

¹	For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.
²	“Management fees” have been restated to reflect current advisory fees.
³	Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.11%, 1.86% and 0.75% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed and 1.11%, 1.86% and 0.75% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

34 Global Equity Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$682	$908	$2,461	$6,012
Class C (assuming redemption)	$289	$585	$2,341	$6,252
Class C (assuming no redemption)	$189	$585	$2,341	$6,252
Institutional Class	$77	$240	$1,819	$5,484

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in large-capitalization companies located anywhere in the world, including companies in both developed and emerging markets. Under normal market circumstances, the Fund will invest at least 80% of its assets in equity securities.

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, including the U.S., it generally intends to invest across a broad range of countries and geographical regions.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as valuations that are reasonable in light of projected returns. The Portfolio Managers also consider the outlook for various countries and sectors around the world, examining economic, market, social and political conditions.

Equity securities in which the Fund may invest include common and preferred stocks, convertible securities, rights and warrants to purchase common stock and depositary receipts. The Fund may also invest in exchange traded funds (“ETFs”).

Under normal market conditions, the Fund will invest at least 40% of its total assets (unless market conditions are not deemed favorable by the Portfolio Managers, in which case the Fund would invest at least 30% of its total assets) in securities (i) of foreign government or quasi-governmental issuers or (ii) of non-governmental issuers (a) organized or located outside the U.S., (b) that trade primarily in a market located outside the U.S., or (c) that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. For temporary defensive purposes, the Fund may deviate substantially from the allocation described above.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in global stock markets, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The markets' behavior

35 Global Equity Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

36 Global Equity Fund

market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

Large-Cap Companies Risk. At times, large-cap companies may be out of favor with investors. Compared to smaller companies, large-cap companies may be less responsive to changes and opportunities.

37 Global Equity Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

38 Global Equity Fund

Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '12, 8.43%

Worst quarter: Q3 '15, -9.23%

Year-to-date performance as of 9/30/2017: 20.59%

average annual total % returns as of 12/31/16

Global Equity Fund	1 Year	5 Years	Since Inception (6/30/2011)
Institutional Class Return Before Taxes	1.59	7.56	4.28
Institutional Class Return After Taxes on Distributions	1.29	4.89	1.35
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	1.15	5.60	2.75
Class A Return Before Taxes	-4.64	5.90	2.80
Class C Return Before Taxes	-0.41	6.40	3.15
MSCI All Country World Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	7.86	9.36	6.33
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by Benjamin Segal (Managing Director of the Manager) and Saurin D. Shah (Managing Director of the Manager). They have managed the Fund since its inception in 2011.

39 Global Equity Fund

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

40 Global Equity Fund

Neuberger Berman Global Real Estate Fund

Class A Shares (NGRAX), Class C Shares (NGRCX), Institutional Class Shares (NGRIX)

GOAL

The Fund seeks total return.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.06	1.06	0.95
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	9.92	10.04	10.02
Total annual operating expenses	11.23	12.10	10.97
Fee waiver and/or expense reimbursement	9.86	9.98	9.96
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.37	2.12	1.01

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.36%, 2.11% and 1.00% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.36%, 2.11% and 1.00% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

41 Global Real Estate Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$706	$984	$3,195	$7,625
Class C (assuming redemption)	$315	$664	$3,115	$7,874
Class C (assuming no redemption)	$215	$664	$3,115	$7,874
Institutional Class	$103	$322	$2,644	$7,339

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in U.S. and non-U.S. equity securities issued by real estate investment trusts (“REITs”) and common stocks and other securities issued by other real estate companies, including rights and warrants, and convertible and preferred securities. The Fund defines a real estate company as one that derives at least 50% of its revenue or profits from real estate, or has at least 50% of its assets invested in real estate.

Under normal market conditions, the Fund will invest at least 40% of its total assets (unless market conditions are not deemed favorable by the Portfolio Managers, in which case the Fund would invest at least 30% of its total assets) in securities that (a) are organized or located outside the U.S., (b) trade primarily in a market located outside the U.S., or (c) derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their assets outside the U.S. The Fund will allocate its assets among various regions and countries, including the United States. The Fund is not limited in the extent to which it may invest in real estate equity securities of companies domiciled in emerging market countries. The Fund may also invest in securities of foreign companies in the form of depositary receipts. The Fund generally will invest in convertible securities only if, in the view of the Portfolio Managers, the conversion feature represents a significant element of the securities’ value.

The Fund may invest up to 20% of its net assets in debt securities of real estate companies. These debt securities can be either investment grade or below investment grade (commonly known as “junk bonds”), provided that, at the time of purchase, they are rated at least B by Standard & Poor’s (S&P) or Moody’s Investor Service (Moody’s) (or comparably rated by at least one independent credit rating agency) or, if unrated by either of these, determined by the Portfolio Managers to be of comparable quality. The Fund does not normally continue to hold securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market conditions.

The Portfolio Managers make investment decisions through a fundamental analysis of each company. The Portfolio Managers review each company’s current financial condition and industry position, as well as economic and market conditions. In doing so, they evaluate the company’s growth potential, earnings estimates and quality of management, as well as other factors. The Fund normally seeks to invest for the long-term, but it may sell securities regardless of how long they have been held if the Portfolio Managers find an opportunity they believe is more compelling, or if the Portfolio Managers’ outlook on the company or the market changes. The Fund may invest in companies across all market capitalizations.

The Fund has the ability to change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in U.S. and non-U.S. equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days’ notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in market values or company circumstances will not require the Fund to dispose of a holding.

42 Global Real Estate Fund

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in the stock and real estate markets, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The market's behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk -- that is, the value of convertible securities will move in the direction opposite to movements in interest rates; they are subject to the risk that the issuer will not be able to pay interest or dividends when due; and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly known as “junk bonds”). To the extent the Fund invests in convertible securities issued by small- or mid-cap companies, it will be subject to the risks of investing in such companies. The securities of small- and mid-cap companies may fluctuate more widely in price than the market as a whole and there may also be less trading in small- or mid-cap securities.

Credit Risk. Credit risk is the risk that issuers, guarantors, or insurers may fail, or become less able, to pay interest and/or principal when due. A downgrade or default affecting any of the Fund’s securities could affect the Fund’s performance.

43 Global Real Estate Fund

Illiquid Investments Risk. Illiquid investments frequently can be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that the investments may not be sold for the price at which the Fund is carrying them. Certain investments that were liquid when the Fund purchased them may become illiquid, sometimes abruptly. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Interest Rate Risk. In general, the value of investments with interest rate risk, such as debt securities, will move in the direction opposite to movements in interest rates. If interest rates rise, the value of such securities may decline. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

44 Global Real Estate Fund

other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

45 Global Real Estate Fund

Sector Risk. Although the Fund will not invest in real estate directly, because it concentrates its assets in the real estate industry your investment in the Fund will be closely linked to the performance of the real estate markets and the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a mix of different sectors or industries.

The Fund may at times emphasize particular sub-sectors of the real estate business—for example, apartments, regional malls, offices, infrastructure, industrial, and health care. As such, the Fund’s performance would be especially sensitive to developments that significantly affect those businesses.

Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector or sub-sector may all react in the same way to economic, political or regulatory events.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund's Institutional Class. The returns in the bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '16, 4.85%

Worst quarter: Q2 '15, -6.42%

Year-to-date performance as of 9/30/2017: 9.97%

46 Global Real Estate Fund

average annual total % returns as of 12/31/16

Global Real Estate Fund	1 Year	Since Inception (12/30/2014)
Institutional Class Return Before Taxes	3.26	1.31
Institutional Class Return After Taxes on Distributions	1.80	0.22
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	2.08	0.61
Class A Return Before Taxes	-3.05	-2.01
Class C Return Before Taxes	1.13	0.19
FTSE EPRA/NAREIT Developed Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	4.06	1.02
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by Steve Shigekawa (Managing Director of the Manager), Brian C. Jones, CFA (Managing Director of the Manager), Gillian Tiltman (Portfolio Manager), and Anton Kwang, CFA (Portfolio Manager). They have managed the Fund since its inception in 2014.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

47 Global Real Estate Fund

Neuberger Berman Greater China Equity Fund

Class A Shares (NCEAX), Class C Shares (NCECX), Institutional Class Shares (NCEIX)

Effective at the close of business on October 17, 2017, Neuberger Berman Greater China Equity Fund closed to further investment, except for the reinvestment of capital gain distributions and dividend reinvestment from existing shareholders.

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.36	1.36	1.25
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.46	0.44	0.44
Total annual operating expenses	2.07	2.80	1.69
Fee waiver and/or expense reimbursement	0.20	0.18	0.18
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.87	2.62	1.51

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.86%, 2.61% and 1.50% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.86%, 2.61% and 1.50% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

48 Greater China Equity Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$754	$1,129	$1,570	$2,789
Class C (assuming redemption)	$365	$814	$1,429	$3,086
Class C (assuming no redemption)	$265	$814	$1,429	$3,086
Institutional Class	$154	$477	$864	$1,950

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity investments that are tied economically to the Greater China region. Green Court Capital Management Limited, the Fund’s sub-adviser, considers the Greater China region to include mainland China, Hong Kong, Macau and Taiwan. The Fund’s equity investments include both equity securities and equity-linked investments, which may be listed or traded on recognized or over-the-counter markets located both inside and outside of the Greater China region, including, without limitation, in the United States, the United Kingdom, Singapore and Japan. An equity investment will be considered to be tied economically to the Greater China region if the issuer is domiciled in the Greater China region or has at least 50% of its assets in, or derives 50% or more of its revenues or profits from, the Greater China region, or if the equity investment’s returns are linked to the performance of such an issuer. The Fund’s equity investments primarily will consist of investments in equity securities, including common stock, preferred stock, and depositary receipts.

Securities of companies located in China include China A-shares, China B-shares, and China H-shares, among others. Foreign ownership of China A-shares is subject to certain limitations set by the Chinese government. The Fund may get exposure to China A-shares by investing in equity-linked investments (which are derivative instruments) issued by financial institutions, including, without limitation, participatory notes and other structured notes, swaps, including total return swaps and contracts for differences (i.e., an arrangement in which the parties agree that their return (or loss) will be based on the relative performance of two different groups or baskets of securities), and low exercise priced options (“LEPOs”) (i.e., instruments that pay the holder the difference in price of the underlying security between the date the LEPO was purchased and the date it is sold). The Fund may also invest in China A-shares using the “connect programs” of local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program, the Shenzhen-Hong Kong Stock Connect Program or other similar programs, or by using other methods, subject to any required approvals.

The Fund may invest in companies of any market capitalization, but intends to invest primarily in mid- and large-capitalization companies that the Portfolio Managers believe are undervalued in an attempt to outperform the average return of Fund’s benchmark over the long-term.

Listed companies in the Greater China region are not as well researched as companies in other markets. This may lead to high variability of returns for companies in the Greater China region, even within the same sector. Because of this, the Portfolio Managers employ a bottom-up, research intensive and fundamentals-driven approach to selecting investments for the Fund. The Portfolio Managers endeavor to gain an understanding of companies through discussions with suppliers, distributors, clients, competitors and government agencies. This is a process which they believe is a key element to investing in inefficient markets. The Portfolio Managers also make on-going assessments of macroeconomic and market factors to augment their selection process.

The Portfolio Managers focus on understanding key issues that affect valuations and identifying investments they believe are undervalued. Generally, the Portfolio Managers seek to invest in companies that have strong recurring operating cash flows where revenues and earnings are growing from their core businesses versus relying on new products in untested markets. The Portfolio

49 Greater China Equity Fund

Managers consider the perceived downside risk of a position before including the position in the Fund. Allocation to each position is dependent on a number of factors including, but not limited to: conviction in the company, target price, correlation across positions and perceived downside risk.

The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund. At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends. In particular, the Portfolio Managers will focus on sectors they believe will benefit from long-term growth in the Greater China region, such as broad, consumption-driven sectors and infrastructure-related sectors in the Greater China region.

Although the Portfolio Managers seek to invest for the long-term, the Fund may engage in active and frequent trading when the Portfolio Managers gradually build a position or during periods of high market volatility in the Greater China region.

The Portfolio Managers follow a disciplined selling strategy and may sell a position when it reaches a target price or when there are changes to macroeconomic factors, markets, sectors and/or the company that would alter the Portfolio Managers’ assumptions about the company.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity investments that are tied economically to the Greater China region, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in international stock markets, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The markets' behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Derivatives Risk. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. Derivatives can create leverage, and the Fund could lose more than the amount it invests; some derivatives can have the potential for unlimited losses. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the behavior of a derivative and that of the reference instrument underlying the derivative. Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. When the Fund uses derivatives, it will likely be required to provide margin or collateral and/or segregate cash or other liquid assets; these practices are intended to satisfy contractual undertakings and regulatory requirements and will not necessarily prevent the Fund from incurring losses on derivatives. Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of

50 Greater China Equity Fund

funds using derivative instruments could limit the Fund’s ability to pursue its investment strategies. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly or may otherwise adversely affect their liquidity, value or performance.

Equity-Linked Investment Risk. Equity-linked investments are subject to the same risks as direct investments in securities of the underlying investment. If the underlying investment decreases in value, the value of the equity-linked investment will decrease; however, the performance of such investments may not correlate exactly to the performance of the underlying investments that they seek to replicate. Equity-linked investments are also subject to counterparty risk, which is the risk that the issuer of such investment -- which is different from the issuer of the underlying investment -- may be unwilling or unable to fulfill its obligations. There is no guarantee that a liquid market will exist or that the counterparty or issuer of such investments will be willing to repurchase them when the Fund wishes to sell them.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging or less-developed market countries than in countries with more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as participatory notes (or “P-notes”) or other derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Greater China Region Risk. The Fund’s performance is expected to be closely tied to economic, political, diplomatic, and social conditions within the Greater China region and to be more volatile than the performance of more geographically diversified funds. Most economies in the Greater China region are generally considered emerging markets and carry the risks associated with emerging markets, as well as risks particular to the region. Events in any one country within the region may impact other countries in the region or the Greater China region as a whole. The economies, industries, and securities and currency markets of the Greater China region may be adversely affected by slow economic activity worldwide, protectionist trade policies, dependence on exports and international trade, currency devaluations and other currency exchange rate fluctuations, restrictions on monetary repatriation, increasing competition from Asia’s low-cost emerging economies, environmental events and natural disasters that may occur in the Greater China region, and military conflicts either in response to social unrest or with other countries. In addition, the tax laws and regulations in mainland China are subject to change, possibly with retroactive effect. In the summer of 2015, stock markets in mainland China suffered a significant downturn, which reduced the risk appetite for many investors in mainland China. State involvement in China’s economy and stock markets is such that it has proven difficult to predict or gauge the growth prospects for the markets or economy, but the official statistics indicate a recent growth rate significantly lower than that in the early part of the decade.

51 Greater China Equity Fund

High Portfolio Turnover. The Fund may engage in active and frequent trading and may have a high portfolio turnover rate, which may increase the Fund’s transaction costs, may adversely affect the Fund’s performance and may generate a greater amount of capital gain distributions to shareholders than if the Fund had a low portfolio turnover rate.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

Non-Diversified Fund Risk. The Fund is classified as non-diversified. As such, the percentage of the Fund’s assets invested in any single issuer or a few issuers is not limited as much as it is for a Fund classified as diversified. Investing a higher percentage of its assets in any one or a few issuers could increase the Fund’s risk of loss and its share price volatility, because the value of its shares would be more susceptible to adverse events affecting those issuers.

52 Greater China Equity Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Risks of Investments in China A-shares through Stock Connect Programs. There are significant risks inherent in investing in China A-shares through “Connect Programs” of local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program (“Shanghai Connect Program”) and the Shenzhen-Hong Kong Stock Connect Program (“Shenzhen Connect Program”). The Chinese investment and banking systems are materially different in nature from many developed markets, which exposes investors to risks that are different from those in the U.S. The Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. If either one or both markets involved in a particular Connect Program are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-shares in a timely manner under such Connect Program, which could adversely affect the Fund’s performance. Only certain China A-shares are eligible to be accessed through the Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Connect Programs.

The Connect Programs are in their early stages and the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. Further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the Connect Programs. In August 2016, the China Securities Regulatory Commission and the Securities and Futures Commission announced the immediate abolition of the former aggregate quota limitations within the scope of the Shanghai Connect Program. In December 2016, the Shenzhen Connect Program formally commenced trading. The rules and regulations for the Shanghai Connect Program and the Shenzhen Connect Program are broadly similar. The future impact of this next stage of integration of Chinese and foreign markets is unclear.

PERFORMANCE

53 Greater China Equity Fund

bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q4 '14, 14.09%

Worst quarter: Q3 '15, -21.25%

Year-to-date performance as of 9/30/2017: 47.40%

average annual total % returns as of 12/31/16

Greater China Equity Fund	1 Year	Since Inception (7/17/2013)
Institutional Class Return Before Taxes	-3.83	8.51
Institutional Class Return After Taxes on Distributions	-3.94	6.03
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	-2.08	5.63
Class A Return Before Taxes	-9.76	6.44
Class C Return Before Taxes	-5.82	7.36
MSCI China Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	0.90	4.11
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager. Green Court Capital Management Limited (“Green Court”) is the Fund's sub-adviser.

54 Greater China Equity Fund

PORTFOLIO MANAGERS

The Fund is managed by Yulin (Frank) Yao (Managing Partner and Senior Portfolio Manager of Green Court) and Lihui Tang, CFA (Partner and Portfolio Manager of Green Court). They have managed the Fund since the Fund's inception in 2013.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

55 Greater China Equity Fund

Neuberger Berman Guardian Fund

Class A Shares (NGDAX), Class C Shares (NGDCX), Institutional Class Shares (NGDLX)

GOAL

The Fund seeks long-term growth of capital; current income is a secondary goal.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.76	0.76	0.65
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.09	0.08	0.07
Total annual operating expenses	1.10	1.84	0.72

¹	For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.

56 Guardian Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$681	$905	$1,146	$1,838
Class C (assuming redemption)	$287	$579	$996	$2,159
Class C (assuming no redemption)	$187	$579	$996	$2,159
Institutional Class	$74	$230	$401	$894

Portfolio Turnover

Principal Investment Strategies

To pursue its goals, the Fund invests mainly in common stocks of companies across all market capitalizations.

The Portfolio Managers employ a research driven approach to stock selection, with a long term perspective that combines both quantitative analysis and qualitative judgment. They look for what they believe to be attractive businesses led by strong management teams with a track record of success at compelling valuations. The Portfolio Managers generally intend to invest in companies which they believe are undervalued. Their investment process involves applying a valuation framework that seeks to identify investments that exhibit a demonstrated ability to produce profits that exceed the cost of capital. This measurement is known as Economic Value Added. Additionally, they may employ other traditional valuation methods including: price to earnings, enterprise value to EBITDA, discounted cash flows or sum-of-the-parts analyses.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund seeks to reduce risk by investing across many companies, sectors and industries. However, at times, the Portfolio Managers may emphasize certain sectors or industries that they believe may benefit from current market or economic trends.

The Portfolio Managers follow a disciplined selling strategy that utilizes a process analyzing macroeconomic and/or security-specific circumstances, and may sell a stock when it reaches a target price, if a company’s business fails to perform as expected, or when other opportunities appear more attractive.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

57 Guardian Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

58 Guardian Fund

income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

59 Guardian Fund

For each class, the performance prior to May 27, 2009, is that of the Fund’s Investor Class. Because Investor Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and lower than that of Institutional Class. Returns would have been lower/higher if Neuberger Berman Investment Advisers LLC had not reimbursed/recouped certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.88%

Worst quarter: Q4 '08, -26.36%

Year-to-date performance as of 9/30/2017: 17.11%

average annual total % returns as of 12/31/16

Guardian Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	9.47	12.43	6.14
Institutional Class Return After Taxes on Distributions	6.43	9.73	4.43
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	7.90	9.76	4.79
Class A Return Before Taxes	2.80	10.71	5.22
Class C Return Before Taxes	7.31	11.19	5.24
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

60 Guardian Fund

PORTFOLIO MANAGERS

The Fund is managed by Charles Kantor (Managing Director of the Manager) and Marc Regenbaum (Managing Director of the Manager). Mr. Kantor has managed the Fund since October 2015, and Mr. Regenbaum joined as an Associate Portfolio Manager in February 2017.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

61 Guardian Fund

Neuberger Berman International Equity Fund

Class A Shares (NIQAX), Class C Shares (NIQCX), Institutional Class (NBIIX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.05	1.05	0.94
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses²	0.09	0.09	0.09
Total annual operating expenses	1.39	2.14	1.03
Fee waiver and/or expense reimbursement	0.17	0.17	0.17
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.22	1.97	0.86

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.21%, 1.96% and 0.85% of average net assets, respectively. The Class A and Class C undertakings last until 8/31/2021, and the Institutional Class undertaking lasts until 8/31/2022. Each undertaking may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.21%, 1.96% and 0.85% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense. “Other expenses” shown above include the following repayment: Class A–less than 0.01%, Class C–less than 0.01% and Institutional Class–less than 0.02%.

62 International Equity Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$692	$940	$1,243	$2,104
Class C (assuming redemption)	$300	$618	$1,100	$2,430
Class C (assuming no redemption)	$200	$618	$1,100	$2,430
Institutional Class	$88	$274	$497	$1,192

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in common stocks of foreign companies of any size, including companies in developed and emerging markets. The Fund defines a foreign company as one that is organized outside of the United States and conducts the majority of its business abroad.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and regions around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

63 International Equity Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

64 International Equity Fund

developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. Geopolitical risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods. If the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

65 International Equity Fund

PERFORMANCE

For Class A and Class C, the performance prior to January 28, 2013, is that of the Fund's Institutional Class. Because Institutional Class has lower expenses than Class A and Class C, its performance typically would have been better than that of Class A and Class C. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 23.76%

Worst quarter: Q3 '08, -23.47%

Year-to-date performance as of 9/30/2017: 22.56%

average annual total % returns as of 12/31/16

International Equity Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	-1.05	6.80	1.17
Institutional Class Return After Taxes on Distributions	-1.39	6.41	0.40
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	-0.32	5.33	0.86
Class A Return Before Taxes	-7.08	5.24	0.43
Class C Return Before Taxes	-3.14	5.85	0.72
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

66 International Equity Fund

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by Portfolio Manager Benjamin Segal (Managing Director of the Manager) and Associate Portfolio Manager David Bunan (Managing Director of the Manager). Mr. Segal has managed the Fund since its inception in 2005, and Mr. Bunan joined as an Associate Portfolio Manager in December 2016.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

67 International Equity Fund

Neuberger Berman International Select Fund

Class A Shares (NBNAX), Class C Shares (NBNCX), Institutional Class Shares (NILIX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.81	0.81	0.70
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.22	0.21	0.20
Total annual operating expenses	1.28	2.02	0.90
Fee waiver and/or expense reimbursement	0.12	0.11	0.10
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.16	1.91	0.80

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.16%, 1.91% and 0.80% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.16%, 1.91% and 0.80% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

68 International Select Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$686	$922	$1,203	$2,000
Class C (assuming redemption)	$294	$600	$1,056	$2,320
Class C (assuming no redemption)	$194	$600	$1,056	$2,320
Institutional Class	$82	$255	$468	$1,079

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in common stocks of foreign companies, including companies in developed and emerging markets. The Fund defines a foreign company as one that is organized outside of the United States and conducts the majority of its business abroad. Under normal circumstances, at least 80% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, will be invested in companies with a market capitalization greater than $2.5 billion at the time of purchase.

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to remain well-diversified across countries and geographical regions.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and sectors around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

69 International Select Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

70 International Select Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

71 International Select Fund

PERFORMANCE

For Class A and Class C, the performance prior to December 20, 2007, is that of the Fund’s Trust Class. Because Trust Class has lower expenses than Class A and Class C, its performance typically would have been better than that of Class A and Class C. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 22.51%

Worst quarter: Q3 '08, -22.17%

Year-to-date performance as of 9/30/2017: 23.53%

average annual total % returns as of 12/31/16

International Select Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	-1.03	5.63	1.07
Institutional Class Return After Taxes on Distributions	-1.39	5.31	0.66
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	-0.29	4.42	0.83
Class A Return Before Taxes	-7.19	4.01	0.12
Class C Return Before Taxes	-3.19	4.46	0.04
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

72 International Select Fund

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by Portfolio Manager Benjamin Segal (Managing Director of the Manager) and Associate Portfolio Manager Elias Cohen, CFA (Senior Vice President of the Manager). Mr. Segal has managed the Fund since its inception in 2006, and Mr. Cohen joined as an Associate Portfolio Manager in December 2016.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

73 International Select Fund

Neuberger Berman International Small Cap Fund

Class A Shares (NIOAX), Class C Shares (NIOCX), Institutional Class Shares (NIOIX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.11	1.11	1.00
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses²	22.98	22.97	22.97
Acquired fund fees and expenses	0.03	0.03	0.03
Total annual operating expenses	24.37	25.11	24.00
Fee waiver and/or expense reimbursement	22.93	22.92	22.92
Total annual operating expenses after fee waiver and/or expense reimbursement³	1.44	2.19	1.08

¹	For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.
²	“Other expenses” have been restated to reflect actual expenses excluding organization expenses incurred during the most recent period. If organization expenses had been included, “Other expenses” would be 28.12%, 28.10% and 28.10% of average net assets for Class A, Class C and Institutional Class shares, respectively.
³	Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.41%, 2.16% and 1.05% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.41%, 2.16% and 1.05% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

74 International Small Cap Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$713	$1,004	$5,166	$10,264
Class C (assuming redemption)	$322	$685	$5,100	$10,355
Class C (assuming no redemption)	$222	$685	$5,100	$10,355
Institutional Class	$110	$343	$4,755	$10,238

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund’s performance. For the period from December 8, 2016 (commencement of operations) through August 31, 2017, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in common stocks of foreign companies, including companies in developed and emerging markets. The Fund defines a foreign company as one that is organized outside of the United States and conducts the majority of its business abroad. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of small-capitalization companies, which it defines as those with a total market capitalization of no more than $5 billion at the time of purchase.

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to remain well-diversified across countries and geographical regions.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and sectors around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of borrowings for investment purposes, in small-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

75 International Small Cap Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

76 International Small Cap Fund

without shareholder approval and/or at a time that may not be favorable for certain shareholders. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

77 International Small Cap Fund

PERFORMANCE

Performance history will be included for the Fund after the Fund has been in operation for one calendar year. Until that time, visit www.nb.com or call 800-366-6264 for performance information. Past performance (before and after taxes) is not a prediction of future results.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by co-Portfolio Managers Benjamin Segal (Managing Director of the Manager) and David Bunan (Managing Director of the Manager). They have co-managed the Fund since its inception in 2016.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

78 International Small Cap Fund

Neuberger Berman Intrinsic Value Fund

Class A Shares (NINAX), Class C Shares (NINCX), Institutional Class Shares (NINLX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.06	1.06	0.95
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.13	0.10	0.09
Total annual operating expenses	1.44	2.16	1.04
Fee waiver and/or expense reimbursement	0.07	0.04	0.03
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.37	2.12	1.01

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.36%, 2.11% and 1.00% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.36%, 2.11% and 1.00% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

79 Intrinsic Value Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$706	$984	$1,297	$2,182
Class C (assuming redemption)	$315	$664	$1,148	$2,483
Class C (assuming no redemption)	$215	$664	$1,148	$2,483
Institutional Class	$103	$322	$565	$1,269

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in common stocks of small- and mid-capitalization companies, which it defines as those companies with a total market value between $50 million and $10 billion at the time the Fund first invests in them. The Fund may continue to hold or add to a position in a stock after the company’s market value has increased above or decreased below this range.

The Fund’s strategy consists of using a bottom-up, research driven approach to identify stocks of companies that are available at market prices below the Portfolio Managers’ estimate of their intrinsic value and that the Portfolio Managers believe have the potential for appreciation in value over time. The Portfolio Managers’ estimate of a company’s intrinsic value represents their view of the company’s true, long-term economic value, the market’s view of which may be currently distorted by market inefficiencies. The intrinsic value estimate represents what the Portfolio Managers believe a company could be worth if it is acquired, if its profitability returns to its long-term average level, or if its valuation moves in line with those companies that the Portfolio Managers see as its publicly traded peers.

The Portfolio Managers believe that while markets are often efficient, certain investment opportunities tend to be mispriced due to market inefficiencies. For example, market inefficiencies may exist at times in the small capitalization segment of the market due to a lack of widely available research on these companies. The Portfolio Managers attempt to exploit these market inefficiencies and look for opportunities to invest in companies they believe to be undervalued, such as companies with the following characteristics:

■	Complex Companies: These companies typically have multiple lines of business that are in different industries or sectors and/or that have different growth rates and profitability characteristics.
■	Cyclical Companies: These companies typically have ebbs and flows in their business depending on demand patterns for their products, the length of product cycles, or other transient factors.
■	Companies in a Period of Interrupted Growth: Typically, these are companies in attractive, high growth markets that have suffered what the Portfolio Managers believe is a temporary setback and/or are in transition to a more mature, lower growth business model that focuses more on current earnings than on rapid growth.

In seeking to identify these types of companies, the Portfolio Managers perform an initial screening to identify those companies that have stock prices that are trailing the performance of the overall market and that the Portfolio Managers believe are attractive relative to current cash flows. Next, the Portfolio Managers establish an estimate of a company’s intrinsic value. The Portfolio Managers will invest in a company’s stock on the basis of the company’s discount to the Portfolio Managers’ estimate of intrinsic value and the Portfolio Managers’ belief in its potential for appreciation over time. In addition, the Portfolio Managers may invest in anticipation of a catalyst, such as a merger, liquidation, spin off, or management change. The Portfolio Managers will typically visit a company and interview its management team to help understand management’s incentives (such as equity ownership in the

80 Intrinsic Value Fund

company and compensation plans), the merits of its strategic plan, and other factors that have the potential to increase the value of the company’s stock.

The Portfolio Managers establish an intrinsic value for a company’s stock when it is purchased and then continue to evaluate the company’s stock price versus their estimate of its intrinsic value to determine whether to maintain, add to, reduce or eliminate the position. The Portfolio Managers typically reduce or eliminate a position in a company’s stock as the stock’s price appreciates and the company’s discount to their estimate of its intrinsic value narrows. The Portfolio Managers’ decision to reduce or eliminate a position in a particular stock may also be driven by their belief that another company’s stock has a wider discount to their estimate of its intrinsic value. Changes in a company’s management or corporate strategy may also cause the Portfolio Managers to reduce or eliminate a position in that company’s stock.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

81 Intrinsic Value Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the portfolio management team believes to be their full value or intrinsic value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund's Institutional Class. The returns in the bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

As of May 7, 2010, the Fund became the successor to DJG Small Cap Value Fund L.P., an unregistered limited partnership (“DJG Fund”); DJG Fund was the successor to The DJG Small Cap Value Fund, an unregistered commingled investment account (“DJG Account”). The performance after September 12, 2008 is that of DJG Fund and the performance from July 8, 1997 (the Fund’s commencement of operations) to September 11, 2008 is that of DJG Account. On May 7, 2010, the DJG Fund transferred its assets to the Fund in exchange for the Fund’s Institutional Class shares. The investment policies, objectives, guidelines and restrictions of the Fund are in all material respects equivalent to those of DJG Fund and DJG Account (the “Predecessors”). As a mutual fund registered under the Investment Company Act of 1940, the Fund is subject to certain

82 Intrinsic Value Fund

restrictions under the 1940 Act and the Internal Revenue Code to which the Predecessors were not subject. Had the Predecessors been registered under the 1940 Act and been subject to the provisions of the 1940 Act and the Code, their investment performance may have been adversely affected. The performance information reflects the actual expenses of the Predecessors.

The Predecessors did not have distribution policies. The Predecessors were an unregistered limited partnership and an unregistered commingled investment account, did not qualify as regulated investment companies for federal income tax purposes and did not pay dividends or other distributions. As a result of the different tax treatment, we are unable to show the after-tax returns for the Fund prior to May 7, 2010.

For each class, the performance prior to May 7, 2010, is that of the Fund's Predecessors. Returns would have been lower if the investment adviser to the Predecessors and/or the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 30.56%

Worst quarter: Q4 '08, -30.60%

Year-to-date performance as of 9/30/2017: 14.94%

average annual total % returns as of 12/31/16

Intrinsic Value Fund	1 Year	5 Years	10 Years	Since Inception (7/8/1997)
Institutional Class Return Before Taxes	12.14	13.97	7.78	11.11
Institutional Class Return After Taxes on Distributions	11.77	13.01	None	None
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	7.18	11.11	None	None
Class A Return Before Taxes	5.33	12.20	6.88	10.64
Class C Return Before Taxes	9.83	12.72	6.99	10.70
Russell 2000^® Value Index (reflects no deduction for fees, expenses or taxes)	31.74	15.07	6.26	9.18
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07	7.93
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

83 Intrinsic Value Fund

PORTFOLIO MANAGERS

The Fund is co-managed by Benjamin H. Nahum (Managing Director of the Manager), James F. McAree (Senior Vice President of the Manager) and Amit Solomon (Managing Director of the Manager). They have managed the Fund since its inception in 2010. Mr. Nahum served as the portfolio manager of the Fund’s Predecessors from 1997 to 2010, and Mr. McAree and Mr. Solomon served as research analysts to the Fund’s Predecessors from 2005 and 2002, respectively, to 2010.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

84 Intrinsic Value Fund

Neuberger Berman Large Cap Value Fund

Class A Shares (NPNAX), Class C Shares (NPNCX), Institutional Class Shares (NBPIX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.75	0.75	0.64
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses²	0.07	0.07	0.06
Acquired fund fees and expenses	0.01	0.01	0.01
Total annual operating expenses	1.08	1.83	0.71

The Fund has agreed that each of Class A, Class C and Institutional Class will repay Neuberger Berman Investment Advisers LLC (“Manager”) for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) to exceed 1.11%, 1.86% and 0.70% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense. “Other expenses” shown above include a repayment of less than 0.01% for Institutional Class.

85 Large Cap Value Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$679	$899	$1,136	$1,816
Class C (assuming redemption)	$286	$576	$990	$2,148
Class C (assuming no redemption)	$186	$576	$990	$2,148
Institutional Class	$73	$227	$395	$883

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies, which it defines as those with a market capitalization within the market capitalization range of the Russell 1000® Value Index at the time of purchase.

The Portfolio Manager looks for what he believes to be well-managed companies whose stock prices are undervalued. The Portfolio Manager seeks to identify companies with catalysts that he believes have the potential to improve the companies' earnings from depressed levels. Such catalysts may include: management changes, restructurings, new products, new services, or new markets. The Portfolio Manager may also look for other characteristics in a company, such as a strong market position relative to competitors, a high level of stock ownership among management, and a recent sharp decline in stock price that appears to be the result of a short-term market overreaction to negative news.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund seeks to reduce risk by diversifying among many companies and industries. However, at times, the Portfolio Manager may emphasize certain sectors or industries that he believes are undervalued relative to their historical valuations.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of large-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in the stock market, the Portfolio Manager's evaluation of those developments, and the success of the Portfolio Manager in implementing the Fund's investment strategies. The market's behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

86 Large Cap Value Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or the market may react to the catalyst differently than expected. Certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid, may be difficult to value, and management of such a company may be addressing a situation with which it has little experience.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

Mid- and Large-Cap Companies Risk. At times, mid- and large-cap companies may be out of favor with investors. Compared to smaller companies, large-cap companies may be less responsive to changes and opportunities. Compared to larger companies, mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of mid-cap companies are often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns. To the extent the Fund holds securities of mid-cap companies, the Fund will be subject to their risks.

87 Large Cap Value Fund

assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. It is not possible for the Manager or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

88 Large Cap Value Fund

PERFORMANCE

Prior to April 2, 2012, the Fund had a policy of investing mainly in common stocks of mid- to large-capitalization companies. Its performance prior to that date might have been different if current policies had been in effect.

For Class A and Class C, the performance prior to June 21, 2010, is that of the Fund’s Investor Class. Because Investor Class has lower expenses than Class A and Class C, its performance typically would have been better than that of Class A and Class C. Returns would have been lower/higher if the Manager had not reimbursed/recouped certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 28.30%

Worst quarter: Q4 '08, -32.74%

Year-to-date performance as of 9/30/2017: 8.04%

89 Large Cap Value Fund

average annual total % returns as of 12/31/16

Large Cap Value Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	28.48	14.11	5.13
Institutional Class Return After Taxes on Distributions	27.18	11.30	3.69
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	16.83	10.48	3.69
Class A Return Before Taxes	20.59	12.31	4.17
Class C Return Before Taxes	25.99	12.82	4.28
Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)	17.34	14.80	5.72
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Eli M. Salzmann (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

90 Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Class A Shares (NMGAX), Class C Shares (NMGCX), Institutional Class Shares (NBMLX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)¹	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.77	0.77	0.66
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses²	0.10	0.10	0.07
Total annual operating expenses	1.12	1.87	0.73

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.11%, 1.86% and 0.75% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.11%, 1.86% and 0.75% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense. “Other expenses” shown above include the following repayment: Class A–less than 0.02% and Class C–less than 0.01%.

91 Mid Cap Growth Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$683	$911	$1,156	$1,860
Class C (assuming redemption)	$290	$588	$1,011	$2,190
Class C (assuming no redemption)	$190	$588	$1,011	$2,190
Institutional Class	$75	$233	$406	$906

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in common stocks of mid-capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of the Russell Midcap® Index at the time of purchase.

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

The Portfolio Manager employs a disciplined investment strategy when selecting growth stocks. Using fundamental research and quantitative analysis, he looks for what he believes to be fast-growing companies with above-average sales and competitive returns on equity relative to their peers. In doing so, the Portfolio Manager analyzes such factors as: financial condition (such as debt to equity ratio); market share and competitive leadership of the company’s products; earnings growth relative to competitors; and market valuation in comparison to a stock’s own historical norms and the stocks of other mid-cap companies.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

92 Mid Cap Growth Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

Mid-Cap Companies Risk. At times, mid-cap companies may be out of favor with investors. Compared to larger companies, mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of mid-cap companies are often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

93 Mid Cap Growth Fund

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund's Institutional Class. The returns in the bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

For Institutional Class, the performance prior to April 19, 2007, is that of the Fund’s Investor Class. For Class A and Class C, the performance prior to May 27, 2009, is that of the Fund’s Investor Class. Because Investor Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and slightly lower than that of Institutional Class. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '12, 14.75%

Worst quarter: Q4 '08, -23.29%

Year-to-date performance as of 9/30/2017: 17.20%

94 Mid Cap Growth Fund

average annual total % returns as of 12/31/16

Mid Cap Growth Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	5.00	11.37	7.66
Institutional Class Return After Taxes on Distributions	3.85	9.25	6.63
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	3.79	8.71	6.06
Class A Return Before Taxes	-1.45	9.64	6.64
Class C Return Before Taxes	2.83	10.12	6.67
Russell Midcap^® Growth Index (reflects no deduction for fees, expenses or taxes)	7.33	13.51	7.83
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Kenneth J. Turek (Managing Director of the Manager). He has managed the Fund since 2003.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

95 Mid Cap Growth Fund

Neuberger Berman Mid Cap Intrinsic Value Fund

Class A Shares (NBRAX), Class C Shares (NBRCX), Institutional Class Shares (NBRTX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.81	0.81	0.70
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.37	0.37	0.36
Total annual operating expenses	1.43	2.18	1.06
Fee waiver and/or expense reimbursement	0.22	0.22	0.21
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.21	1.96	0.85

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.21%, 1.96% and 0.85% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.21%, 1.96% and 0.85% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

96 Mid Cap Intrinsic Value Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$691	$937	$1,249	$2,133
Class C (assuming redemption)	$299	$615	$1,106	$2,458
Class C (assuming no redemption)	$199	$615	$1,106	$2,458
Institutional Class	$87	$271	$520	$1,234

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities of mid-capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of the Russell Midcap® Value Index at the time of purchase.

The Fund’s strategy consists of using a bottom-up, fundamental research driven approach to identify stocks of companies that are trading below the Portfolio Manager’s estimate of their intrinsic value and that he believes have the potential for appreciation over time. The Portfolio Manager’s estimate of a company’s intrinsic value represents his view of the company’s true, long-term economic worth, the market’s view of which may be currently distorted by market inefficiencies. The intrinsic value estimate represents what the Portfolio Manager believes a company could be worth if it is acquired, if its profitability returns to its long-term average level, or if its valuation moves in line with those companies that the Portfolio Manager sees as its publicly traded peers.

The Portfolio Manager believes that while markets are often efficient, valuations of certain types of companies are often distorted by market inefficiencies, which can lead to attractive investment opportunities. The Portfolio Manager attempts to exploit recurring market inefficiencies among the following types of companies as the Portfolio Manager believes these types of companies are often misunderstood and mispriced by investors.

■	Complex Companies: These companies typically have multiple lines of business that are in different industries or sectors and/or that have different growth rates and profitability characteristics.
■	Cyclical Companies: These companies typically have ebbs and flows in their business depending on demand patterns for their products, the length of product cycles, or other transient factors.
■	Companies in a Period of Interrupted Growth: Typically, these are companies in attractive, high growth markets that have suffered what the Portfolio Manager believes is a temporary setback and/or are in transition to a more mature, lower growth business model that focuses more on current earnings than on rapid growth.

In seeking to identify potential investment opportunities, the Portfolio Manager performs an initial screening to identify those companies that have stock prices that are trailing the performance of the overall market and that he believes are attractive relative to current cash flows. Next, the Portfolio Manager establishes an estimate of a company’s intrinsic value. The Portfolio Manager will invest in a company based on its discount to his estimate of intrinsic value and his belief in its potential for appreciation over time. In addition, the Portfolio Manager may invest in anticipation of a catalyst that can be expected to close the value/price gap, such as a merger, restructuring, liquidation, spin-off, major management change, share repurchase, or capital reallocation. The Portfolio Manager will typically visit a company and interview its management team to help understand management’s incentives (such as equity ownership in the company and compensation plans), the merits of its strategic plan, and other factors that have the potential to increase the value of the company’s stock.

97 Mid Cap Intrinsic Value Fund

The Portfolio Manager establishes an intrinsic value for a company’s stock when it is purchased and then continues to evaluate the company’s stock price versus his estimate of its intrinsic value to determine whether to maintain, add to, reduce or eliminate the position. The Portfolio Manager typically reduces or eliminates a position in a company’s stock as the stock’s price appreciates and the company’s discount to his estimate of its intrinsic value narrows. The Portfolio Manager’s decision to reduce or eliminate a position in a particular stock may also be driven by his belief that another company’s stock has a wider discount to his estimate of its intrinsic value. Changes in a company’s management or corporate strategy may also cause the Portfolio Manager to reduce or eliminate a position in that company’s stock.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries. However, at times, the Portfolio Manager may emphasize certain sectors or industries that he believes may benefit from current market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

98 Mid Cap Intrinsic Value Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

99 Mid Cap Intrinsic Value Fund

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the portfolio management team believes to be their full value or intrinsic value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund's Institutional Class. The returns in the bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

For Institutional Class, the performance prior to March 8, 2010, is that of the Fund’s Investor Class. For Class A and Class C, the performance prior to June 21, 2010, is that of the Fund’s Investor Class. Because Investor Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and lower than that of Institutional Class. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q3 '09, 25.73%

Worst quarter: Q4 '08, -28.29%

Year-to-date performance as of 9/30/2017: 13.34%

100 Mid Cap Intrinsic Value Fund

average annual total % returns as of 12/31/16

Mid Cap Intrinsic Value Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	18.41	14.49	6.72
Institutional Class Return After Taxes on Distributions	18.19	12.88	5.66
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	10.61	11.44	5.27
Class A Return Before Taxes	11.24	12.72	5.82
Class C Return Before Taxes	16.12	13.23	5.94
Russell Midcap^® Value Index (reflects no deduction for fees, expenses or taxes)	20.00	15.70	7.59
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Michael C. Greene (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

101 Mid Cap Intrinsic Value Fund

Neuberger Berman Multi-Cap Opportunities Fund

Class A Shares (NMUAX), Class C Shares (NMUCX), Institutional Class Shares (NMULX)

GOAL

The Fund seeks long-term total return.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.79	0.79	0.68
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.06	0.05	0.07
Total annual operating expenses	1.10	1.84	0.75

¹	For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.

102 Multi-Cap Opportunities Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$681	$905	$1,146	$1,838
Class C (assuming redemption)	$287	$579	$996	$2,159
Class C (assuming no redemption)	$187	$579	$996	$2,159
Institutional Class	$77	$240	$417	$930

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests in a concentrated portfolio, consisting mainly of common stocks of companies that are selected using a fundamental, bottom-up research approach. The Fund may hold stocks of companies of any market capitalization and in any sector. Under normal market conditions, the Fund typically will hold a limited number of stocks.

Portfolio construction is an important component of the investment process and primarily consists of three distinct investment categories: Special Situations, Opportunistic, and Classic. Special Situations have unique attributes (e.g., restructurings, spin-offs, post-bankruptcy equities) that require specific methodologies and customized investment research. Opportunistic investments are companies that have become inexpensive for a tangible reason that the Portfolio Manager believes is temporary. Classic investments are those companies with long histories of shareholder-friendly policies, high-quality management teams and consistent operating performance.

The Portfolio Manager performs both quantitative and qualitative analysis in an effort to identify companies that he believes have the potential to increase in value. This potential may be realized in many ways, some of which include: free cash flow generation, product or process enhancements, margin increases, and improved capital structure management. Investments are selected primarily based on fundamental analysis of issuers and their potential in light of their financial condition, industry position, market opportunities, senior management teams and any special situations as well as any relevant economic, political and regulatory factors.

The Portfolio Manager employs disciplined valuation criteria and dynamic price limits to determine when to buy or sell a stock. The valuation criteria and price limits will change over time as a result of changes in company-specific, industry and market factors.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

103 Multi-Cap Opportunities Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

104 Multi-Cap Opportunities Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Special Situations Risk. Companies that are considered “special situations” include, among others: companies that have unrecognized recovery prospects or new management teams; companies involved in restructurings or spin-offs; companies emerging from, or restructuring as a result of, bankruptcy; companies making initial public offerings that trade below their initial offering prices; and companies with a break-up value above their market price. Investing in special situations carries the risk that certain of such situations may not happen as anticipated or the market may react differently than expected to such situations. The securities of companies involved in special situations may be more volatile than other securities, may at times be illiquid, or may be difficult to value.

Certain special situations carry the additional risks inherent in difficult corporate transitions and the securities of such companies may be more likely to lose value than the securities of more stable companies.

105 Multi-Cap Opportunities Fund

PERFORMANCE

The Fund had a lower management fee and a different strategy, which included investing only in stocks rated “Buy” by Neuberger Berman research analysts, prior to December 14, 2009. Its performance prior to that date might have been different if current policies had been in effect.

For each class, the performance prior to December 21, 2009, is that of the Fund’s Trust Class. On December 21, 2009, Trust Class shares of the Fund converted into Institutional Class shares of the Fund. Because Trust Class had lower expenses than Class A and Class C and had higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and lower than that of Institutional Class. Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '13, 16.41%

Worst quarter: Q4 '08, -23.02%

Year-to-date performance as of 9/30/2017: 16.67%

106 Multi-Cap Opportunities Fund

average annual total % returns as of 12/31/16

Multi-Cap Opportunities Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	13.23	15.55	7.50
Institutional Class Return After Taxes on Distributions	12.30	14.73	6.84
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	8.26	12.50	5.95
Class A Return Before Taxes	6.35	13.79	6.60
Class C Return Before Taxes	10.94	14.27	6.66
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Richard S. Nackenson (Managing Director of the Manager). Mr. Nackenson has managed the Fund since 2009.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

107 Multi-Cap Opportunities Fund

Neuberger Berman Real Estate Fund

Class A Shares (NREAX), Class C Shares (NRECX), Institutional Class Shares (NBRIX)

GOAL

The Fund seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.06	1.06	0.95
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.11	0.11	0.10
Total annual operating expenses	1.42	2.17	1.05
Fee waiver and/or expense reimbursement	0.20	0.20	0.19
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.22	1.97	0.86

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.21%, 1.96% and 0.85% of average net assets, respectively. The Class A and Class C undertakings last until 8/31/2021, and the Institutional Class undertaking lasts until 8/31/2022. Each undertaking may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.21%, 1.96% and 0.85% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

108 Real Estate Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$692	$940	$1,250	$2,127
Class C (assuming redemption)	$300	$618	$1,107	$2,453
Class C (assuming no redemption)	$200	$618	$1,107	$2,453
Institutional Class	$88	$274	$521	$1,228

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in equity securities issued by real estate investment trusts (“REITs”) and common stocks and other securities issued by other real estate companies. The Fund defines a real estate company as one that derives at least 50% of its revenue from, or has at least 50% of its assets in, real estate.

The Fund may invest up to 20% of its net assets in debt securities of real estate companies. These debt securities can be either investment grade securities or below investment grade securities (commonly known as “junk bonds”), provided that, at the time of investment, they are rated at least B by Standard & Poor’s or Moody’s Investors Service, Inc. (or comparably rated by at least one independent credit rating agency) or, if unrated, determined by the Portfolio Managers to be of comparable quality. The Fund does not normally continue to hold securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market conditions.

The Fund concentrates its assets in the real estate industry. The Fund may at times emphasize particular sub-sectors of the real estate business—for example, apartments, regional malls, offices, infrastructure, industrial, and health care.

Some of the REIT and other real estate securities in which the Fund invests may be preferred stock, which receives preference in the payment of dividends.

The Fund normally seeks to invest for the long-term, but it may sell securities regardless of how long they have been held if the Portfolio Managers find an opportunity they believe is more compelling, or if the Portfolio Managers’ outlook on the company or the market changes.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days’ notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in the stock and real estate markets, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The markets' behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal.

109 Real Estate Fund

The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

110 Real Estate Fund

and their service providers, to suffer data corruption or lose operational functionality. It is not possible for the Manager or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

111 Real Estate Fund

PERFORMANCE

As of June 19, 2012, the Fund changed its investment policy to become “non-diversified” under the Investment Company Act of 1940. Its performance prior to this change might have been different if current policies had been in effect.

For Institutional Class, the performance prior to June 4, 2008, is that of the Fund’s Trust Class. For Class A and Class C, the performance prior to June 21, 2010, is that of the Fund’s Trust Class. Because Trust Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and lower than that of Institutional Class. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 33.18%

Worst quarter: Q1 '09, -32.69%

Year-to-date performance as of 9/30/2017: 7.79%

112 Real Estate Fund

average annual total % returns as of 12/31/16

Real Estate Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	4.26	9.57	5.34
Institutional Class Return After Taxes on Distributions	0.32	7.14	3.45
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	4.45	7.05	3.77
Class A Return Before Taxes	-2.04	7.89	4.42
Class C Return Before Taxes	2.27	8.37	4.54
FTSE NAREIT All Equity REITs Index (reflects no deduction for fees, expenses or taxes)	8.63	11.98	5.07
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is co-managed by Steve Shigekawa (Managing Director of the Manager) and Brian C. Jones, CFA (Managing Director of the Manager). They have been co-Portfolio Managers of the Fund since 2008. Mr. Shigekawa was an Associate Portfolio Manager of the Fund from 2005 to 2008.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

113 Real Estate Fund

Neuberger Berman Small Cap Growth Fund

Class A Shares (NSNAX), Class C Shares (NSNCX), Institutional Class Shares (NBSMX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.11	1.11	1.00
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.54	0.52	0.51
Total annual operating expenses	1.90	2.63	1.51
Fee waiver and/or expense reimbursement	0.63	0.61	0.60
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.27	2.02	0.91

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.26%, 2.01% and 0.90% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.26%, 2.01% and 0.90% of the class’ average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

114 Small Cap Growth Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$697	$955	$1,367	$2,515
Class C (assuming redemption)	$305	$634	$1,222	$2,818
Class C (assuming no redemption)	$205	$634	$1,222	$2,818
Institutional Class	$93	$290	$643	$1,638

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in common stocks of small-capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of the Russell 2000® Index at the time of initial purchase.

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

The Portfolio Managers employ a disciplined investment strategy when selecting growth stocks. Using fundamental research and quantitative analysis, they look for what they believe to be fast-growing companies with above-average sales and competitive returns on equity relative to their peers. In doing so, the Portfolio Managers analyze such factors as: financial condition (such as debt to equity ratio); market share and competitive leadership of the company’s products; earnings growth relative to competitors; and market valuation in comparison to a stock’s own historical norms and the stocks of other small-cap companies.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in small-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

115 Small Cap Growth Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

116 Small Cap Growth Fund

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund's Institutional Class. The returns in the bar chart do not reflect any applicable sales charges. If sales charges were reflected, returns would be lower than those shown. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy. Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.

For Institutional Class, the performance prior to April 1, 2008, is that of the Fund’s Investor Class. For Class A and Class C, the performance prior to May 27, 2009, is that of the Fund’s Investor Class. Because Investor Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and lower than that of Institutional Class. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 17.34%

Worst quarter: Q4 '08, -24.48%

Year-to-date performance as of 9/30/2017: 22.43%

117 Small Cap Growth Fund

average annual total % returns as of 12/31/16

Small Cap Growth Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	6.53	11.15	6.22
Institutional Class Return After Taxes on Distributions	6.53	10.75	6.02
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	3.70	8.75	4.95
Class A Return Before Taxes	0.03	9.46	5.25
Class C Return Before Taxes	4.34	9.93	5.27
Russell 2000^® Growth Index (reflects no deduction for fees, expenses or taxes)	11.32	13.74	7.76
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by Portfolio Manager Kenneth J. Turek (Managing Director of the Manager) and Associate Portfolio Managers Chad Bruso (Senior Vice President of the Manager), Marco Minonne (Senior Vice President of the Manager), and Trevor Moreno (Senior Vice President of the Manager). They have managed the Fund since November 2015.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

118 Small Cap Growth Fund

Neuberger Berman Socially Responsive Fund

Class A Shares (NRAAX), Class C Shares (NRACX), Institutional Class Shares (NBSLX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund’s environmental, social and governance (ESG) criteria.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.73	0.73	0.62
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	0.06	0.05	0.05
Total annual operating expenses	1.04	1.78	0.67

¹	For Class A shares, a contingent deferred sales charge (“CDSC”) of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. For Class C shares, the CDSC is eliminated one year after purchase.

120 Socially Responsive Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$675	$887	$1,116	$1,773
Class C (assuming redemption)	$281	$560	$964	$2,095
Class C (assuming no redemption)	$181	$560	$964	$2,095
Institutional Class	$68	$214	$373	$835

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests primarily in common stocks of mid- to large-capitalization companies that meet the Fund's ESG criteria in accordance with its social policy.

The Fund seeks to reduce risk by investing across many different industries.

The Portfolio Managers employ a research driven and valuation sensitive approach to stock selection, with a long term perspective. They look for solid balance sheets, strong management teams with a track record of success, good cash flow and the prospect for above-average earnings growth. They seek to purchase the stock of businesses that they believe to be well positioned and undervalued by the market. Among companies that meet these criteria, the Portfolio Managers look for those that show leadership in environmental, social and governance considerations, including progressive workplace practices and community relations.

In addition, the Portfolio Managers typically look at a company’s record in public health and the nature of its products. The Portfolio Managers judge firms on their corporate citizenship overall, considering their accomplishments as well as their goals. While these judgments are inevitably subjective, the Fund endeavors to avoid companies that derive revenue from gambling or the production of alcohol, tobacco, weapons, or nuclear power. The Fund also does not invest in any company that derives its total revenue primarily from non-consumer sales to the military.

Please see the Statement of Additional Information for a detailed description of the Fund’s social investing policies.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. As a socially responsive fund, the Fund is required by the federal securities laws to have a policy, which it cannot change without providing investors at least 60 days' written notice, of investing at least 80% of its net assets in equity securities selected in accordance with its social policy (i.e., its ESG criteria). The 80% test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding. In practice, the Portfolio Managers intend to hold only securities selected in accordance with the Fund's social investing policies.

Valuation Sensitive Investing. In addition to employing traditional value criteria–that is, looking for value among companies whose stock prices are below their historical average, based on earnings, cash flow, or other financial measures–the Portfolio Managers may buy a company’s shares if they look more fully priced based on Wall Street consensus estimates of earnings, but still inexpensive relative to the Portfolio Managers’ estimates. The Portfolio Managers look for these companies to rise in price as they outperform Wall Street’s expectations, because they believe some aspects of the business have not been fully appreciated or appropriately priced by other investors.

121 Socially Responsive Fund

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

122 Socially Responsive Fund

disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. It is not possible for the Manager or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

123 Socially Responsive Fund

For Institutional Class, the performance prior to November 28, 2007, is that of the Fund’s Investor Class. For Class A and Class C, the performance prior to May 27, 2009, is that of the Fund’s Investor Class. Because Investor Class has lower expenses than Class A and Class C and has higher expenses than Institutional Class, its performance typically would have been better than that of Class A and Class C and lower than that of Institutional Class. Returns would have been lower/higher if Neuberger Berman Investment Advisers LLC had not reimbursed/recouped certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.39%

Worst quarter: Q4 '08, -26.62%

Year-to-date performance as of 9/30/2017: 12.52%

average annual total % returns as of 12/31/16

Socially Responsive Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	10.31	13.40	6.83
Institutional Class Return After Taxes on Distributions	9.14	11.83	5.97
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	6.82	10.60	5.44
Class A Return Before Taxes	3.59	11.63	5.87
Class C Return Before Taxes	8.11	12.13	5.89
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

The Fund is managed by co-Portfolio Managers Ingrid S. Dyott (Managing Director of the Manager) and Sajjad S. Ladiwala, CFA (Managing Director of the Manager). Ms. Dyott became co-Portfolio Manager of the Fund in 2003. Mr. Ladiwala joined as an Associate Portfolio Manager in 2003 and became co-Portfolio Manager in 2016.

124 Socially Responsive Fund

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

125 Socially Responsive Fund

Neuberger Berman Value Fund

Class A Shares (NVAAX), Class C Shares (NVACX), Institutional Class Shares (NLRLX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

	Class A	Class C	Institutional Class
Shareholder Fees(fees paid directly from your investment)
Maximum initial sales charge on purchases (as a % of offering price)	5.75	None	None
Maximum contingent deferred sales charge (as a % of the lower of original purchase price or current market value)¹	None	1.00	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.81	0.81	0.70
Distribution and/or shareholder service (12b-1) fees	0.25	1.00	None
Other expenses	1.55	1.51	1.51
Acquired fund fees and expenses	0.01	0.01	0.01
Total annual operating expenses	2.62	3.33	2.22
Fee waiver and/or expense reimbursement	1.49	1.45	1.45
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.13	1.88	0.77

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class A, Class C and Institutional Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.11%, 1.86% and 0.75% of average net assets, respectively. Each of these undertakings lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Class A, Class C and Institutional Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.11%, 1.86% and 0.75% of the class' average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

126 Value Fund

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class A	$684	$913	$1,480	$3,019
Class C (assuming redemption)	$291	$591	$1,333	$3,301
Class C (assuming no redemption)	$191	$591	$1,333	$3,301
Institutional Class	$79	$246	$763	$2,186

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund normally invests at least 80% of its net assets in common stocks of large-capitalization companies, which it defines as those with a market capitalization within the market capitalization range of the Russell 1000® Value Index at the time of purchase.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in common stocks of large-capitalization companies without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

127 Value Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or the market may react to the catalyst differently than expected. Certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid, may be difficult to value, and management of such a company may be addressing a situation with which it has little experience.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

128 Value Fund

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

129 Value Fund

PERFORMANCE

The Fund had a lower management fee and a different goal and strategy, which included investing in stocks of any market capitalization with higher than average dividend yields, prior to June 12, 2009. Its performance prior to that date might have been different if current policies had been in effect.

For each class, the performance prior to April 19, 2010, is that of the Fund’s Trust Class and, for Class A and Class C, the performance from April 19, 2010 to March 2, 2011, is that of the Fund’s Institutional Class. On April 19, 2010, Trust Class shares of the Fund converted into Institutional Class shares of the Fund. Because Trust Class had higher expenses than Institutional Class, its performance typically would have been lower than that of Institutional Class. Because Trust Class and Institutional Class have lower expenses than Class A and Class C, the performance of Trust Class and Institutional Class typically would have been better than that of Class A and Class C. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q3 '09, 15.18%

Worst quarter: Q4 '08, -16.34%

Year-to-date performance as of 9/30/2017: 8.23%

130 Value Fund

average annual total % returns as of 12/31/16

Value Fund	1 Year	5 Years	10 Years
Institutional Class Return Before Taxes	28.71	13.84	7.74
Institutional Class Return After Taxes on Distributions	28.50	13.01	7.15
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	16.42	10.86	6.15
Class A Return Before Taxes	20.80	12.07	6.87
Class C Return Before Taxes	26.28	12.56	7.04
Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)	17.34	14.80	5.72
After-tax returns are shown for Institutional Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Eli M. Salzmann (Managing Director of the Manager). He has managed the Fund since 2011.

Buying and Selling Shares

The minimum initial investment in Class A or Class C shares is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

The minimum initial investment in Institutional Class shares is $1 million. This minimum may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

131 Value Fund

Descriptions of Certain Practices and Security Types

Emerging Market Countries. Emerging market countries are generally considered to be those countries whose economies are less developed than the economies of countries such as the United States or most nations in Western Europe.

Foreign Stocks. There are many promising opportunities for investment outside the United States. Foreign markets can respond to different factors and therefore may follow cycles that are different from each other. For this reason, many investors put a portion of their portfolios in foreign investments as a way of gaining further diversification.

Value Investing. At any given time, there are companies whose stock prices, whether based on earnings, book value, or other financial measures, do not reflect their full economic opportunities. This happens when investors under-appreciate the business potential of these companies, or are distracted by transient or non-fundamental issues. The value investor examines these companies, searching for those that may rise in price when other investors realize their worth.

Growth Investing. For growth investors, the aim is to invest in companies that are already successful but could be even more so. Often, these stocks are in emerging or rapidly growing industries. While most growth stocks are known to investors, they may not yet have reached their full potential. The growth investor looks for indications of continued success.

REITs. A REIT is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interests. Domestic REITs are not taxed on net income and net realized gains that are distributed to their shareholders, provided they comply with certain requirements of the Internal Revenue Code, and similar treatment may also apply to foreign REITs under the laws of the countries in which they were formed. REITs are generally classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest the majority of their assets directly in real property, derive their income primarily from rents and can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs.

Lower-Rated Debt Securities. Lower-rated debt securities (commonly known as “junk bonds”) typically offer investors higher yields than other fixed income securities. The higher yields are usually justified by the weaker credit profiles of these issuers as compared to investment grade issuers. Lower-rated debt securities may include debt obligations of all types issued by U.S. and non-U.S. corporate and governmental entities, including bonds, debentures and notes, loan interests and preferred stocks that have priority over any other class of stock of the entity as to the distribution of assets or the payment of dividends. A lower-rated debt security itself may be convertible into or exchangeable for equity securities, or it may carry with it the right to acquire equity securities evidenced by warrants attached to the security or acquired as part of a unit with the security.

Master Limited Partnerships. MLPs are limited partnerships (or similar entities, such as limited liability companies) in which the ownership units (e.g., limited partnership interests) are publicly traded. MLP units are freely traded on a securities exchange or in the OTC market. Many MLPs operate in oil and gas related businesses, including energy processing and distribution.

Convertible Securities. Convertible securities are bonds, debentures, notes, preferred stocks and other securities that pay interest or dividends and are convertible into or exchangeable for common stocks. Convertible securities generally have some features of common stocks and some features of debt securities. In general, a convertible security performs more like a stock when the underlying stock's price is high relative to the conversion price (because it is assumed that it will be converted into the stock) and performs more like a debt security when the underlying stock's price is low relative to the conversion price (because it is assumed that it will mature without being converted). Convertible securities typically pay an income yield that is higher than the dividend yield of the issuer's common stock, but lower than the yield of the issuer's debt securities.

Call Options. A call option gives the purchaser the right to buy an underlying asset or other reference instrument at a specified price, regardless of the instrument’s market price at the time. Writing (selling) a call option obligates the writer (seller) to sell the underlying asset or other reference instrument to the purchaser at a specified price if the purchaser decides to exercise the option. A call option is “covered” if the writer (seller) simultaneously holds an equivalent position in the security underlying the option. The writer (seller) receives a premium when it writes a call option. Purchasing a call option gives the purchaser the right to buy the underlying asset or other reference instrument from the writer (seller) at a specified price if the purchaser decides to exercise the option. The purchaser pays a premium when it purchases a call option.

Put Options. A put option gives the purchaser the right to sell an underlying asset or other reference instrument at a specified price, regardless of the instrument’s market price at the time. Writing (selling) a put option obligates the writer (seller) to buy the underlying asset or other reference instrument from the purchaser at a specified price if the purchaser decides to exercise the option. The writer (seller) receives a premium when it writes a put option. Purchasing a put option gives the purchaser the right to

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sell the underlying asset or other reference instrument to the writer (seller) at a specified price if the purchaser decides to exercise the option. The purchaser pays a premium when it purchases a put option.

ESG Investing. Funds that follow environmental, social and governance considerations seek positive social and environmental impact in addition to economic success. They are designed to allow investors to put their money to work and also support companies that follow principles of good corporate citizenship.

Securities Listed on Chinese Stock Exchanges. Securities listed on Chinese stock exchanges, such as the Shanghai and Shenzhen Stock Exchanges, are divided into two classes of shares: China A-shares, foreign ownership of which is restricted by the Chinese government, and China B-shares, which may be owned by both Chinese and foreign investors. China H-shares are securities listed on the Hong Kong Stock Exchange, which are shares of companies incorporated in mainland China that are sometimes simultaneously listed on either the Shanghai or Shenzhen Stock Exchanges. China A-shares, China B-shares and China H-shares may behave differently due to liquidity differences and the composition of shareholders, among other factors.

Additional Information about Principal Investment Risks

This section provides additional information about a Fund’s principal investment risks described in its Fund Summary section. The following risks are described in alphabetical order and not in order of importance or potential exposure.

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or may happen in modified or conditional form, or the market may react to the catalyst differently than expected. Furthermore, a catalyst, such as a pending restructuring or spin-off, may be renegotiated or terminated or involve a longer time frame than originally contemplated. In addition, certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks, and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid and may be difficult to value, and management of such a company may be addressing a situation with which it has little experience. In circumstances where the anticipated catalyst does not occur or the position is no longer an attractive investment opportunity, the Fund may incur losses by liquidating that position. If the catalyst later appears unlikely to occur or is delayed, the market prices of the securities may decline sharply.

Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks, and its price may be as volatile as that of the underlying stock, when the underlying stock’s price is high relative to the conversion price, and a convertible security is subject to the market risks of debt securities, and is particularly sensitive to changes in interest rates, when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk -- that is, the value of convertible securities will move in the direction opposite to movements in interest rates; they are subject to the risk that the issuer will not be able to pay interest or dividends when due; and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Convertible securities generally have less potential for gain or loss than common stocks. Securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities that are convertible only at the option of the holder.

Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly known as “junk bonds”). The credit rating of a company’s convertible securities is generally lower than that of its non-convertible debt securities. Convertible securities are normally considered “junior” securities—that is, the company usually must pay interest on its non-convertible debt securities before it can make payments on its convertible securities. If the issuer stops paying interest or principal, convertible securities may become worthless and the Fund could lose its entire investment. To the extent the Fund invests in convertible securities issued by small- or mid-cap companies, it will be subject to the risks of investing in such companies.

Credit Risk. Credit risk is the risk that issuers, guarantors, or insurers may fail, or become less able, to pay interest and/or principal when due. Changes in the actual or perceived creditworthiness of an issuer, factors affecting an issuer directly (such as management changes, labor relations, collapse of key suppliers or customers, or material changes in overhead), factors affecting the industry in which a particular issuer operates (such as competition or technological advances) and changes in general social, economic or political conditions can increase the risk of default by an issuer, which may affect a security’s credit quality or value.

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represent a rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. A downgrade or default affecting any of the Fund’s securities could affect the Fund’s performance. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Entities providing credit or liquidity support also may be affected by credit risk. The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit, or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security’s value due to changes in market conditions.

Currency Risk. To the extent that the Fund invests in securities or other investments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Domestic issuers that hold substantial foreign assets may be similarly affected. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. To the extent the Fund invests or hedges based on the perceived relationship between two currencies, there is a risk that the correlation between those currencies may not behave as anticipated.

Derivatives Risk. Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and the Fund could lose more than the amount it invests. Derivatives can have the potential for unlimited losses, for example, where the Fund may be called upon to deliver a security it does not own. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the behavior of a derivative and that of the reference instrument and the reference instrument may not perform as anticipated. Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Derivatives may involve fees, commissions, or other costs that may reduce the Fund’s gains or exacerbate losses from the derivatives. In addition, the Fund’s use of derivatives may have different tax consequences for the Fund than an investment in the reference instruments, and those differences may increase the amount and affect the timing and character of taxable distributions payable to shareholders. Certain aspects of the regulatory treatment of derivative instruments, including federal income tax, are currently unclear and may be affected by changes in legislation, regulations, or other legally binding authority.

Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. Counterparty risk may arise because of market activities and developments, the counterparty’s financial condition (including financial difficulties, bankruptcy, or insolvency), or other reasons. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. Counterparty risk is generally thought to be greater with OTC derivatives than with derivatives that are centrally cleared. However, derivatives that are traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations.

When the Fund uses derivatives, it will likely be required to provide margin or collateral and/or segregate cash or other liquid assets; these practices are intended to satisfy contractual undertakings and regulatory requirements and will not necessarily prevent the Fund from incurring losses on derivatives. The need to provide margin or collateral and/or segregate assets could limit the Fund's ability to pursue other opportunities as they arise. Segregated assets are not available to meet redemptions. The amount of assets required to be segregated will depend on the type of derivative the Fund uses and the nature of the contractual arrangement. If the Fund is required to segregate assets equal to only the current market value of its obligation under a derivative, the Fund may be able to use derivatives to a greater extent than if it were required to segregate assets equal to the full notional value of such derivative, which would increase the degree of leverage the Fund could undertake through derivatives and otherwise. Derivatives that have margin requirements involve the risk that if the Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities or other instruments from its portfolio at a time when it may be disadvantageous to do so. The Fund may remain obligated to meet margin requirements until a derivatives position is closed.

Although the Fund may use derivatives to attempt to hedge against certain risks, the hedging instruments may not perform as expected and could produce losses.

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Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of funds using derivative instruments could limit the Fund’s ability to pursue its investment strategies. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly or may otherwise adversely affect their liquidity, value or performance. In addition to other changes, these rules provide for central clearing of derivatives that in the past were traded exclusively OTC and may increase costs and margin requirements, but are expected to reduce certain counterparty risks.

Dividend Risk. Dividends the Fund receives on common stocks are not fixed but are declared at the discretion of an issuer’s board of directors. There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

ETF Risk. An ETF, which is an investment company, may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track because of, for example, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of stocks held. A passively managed ETF may not be permitted to sell poorly performing stocks that are included in its index.

Foreign and Emerging Market Risk. Foreign securities, including those issued by foreign governments, involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporate disclosure, governance, and legal standards. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities. In addition, key information about the issuer, the markets or the local government or economy may be unavailable, incomplete, or inaccurate. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, securities issued by U.S. entities with substantial foreign operations may involve risks relating to political, economic, or regulatory conditions in foreign countries, as well as currency exchange rates. Regardless of where a company is organized or its stock is traded, its performance may be affected significantly by events in regions from which it derives its profits or in which it conducts significant operations.

Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Additionally, in times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

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of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as participatory notes (or “P-notes”) or other derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities or instruments, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

In addition, foreign markets may perform differently than the U.S. market. Over a given period of time, foreign securities may underperform U.S. securities—sometimes for years. The Fund could also underperform if it invests in countries or regions whose economic performance falls short. Further, from time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in one country or geographic region. If the Fund does so, there is a greater risk that economic, political, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance and that the Fund’s performance will be more volatile than the performance of more geographically diversified funds. The economies and financial markets of certain regions can be highly interdependent and may decline all at the same time. In addition, certain areas are prone to natural disasters such as earthquakes, volcanic eruptions, floods, droughts or tsunamis and are economically sensitive to environmental events.

The effect of economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading and financial partners or other members of their currency bloc.

Foreign Exposure Risk. Securities issued by U.S. entities with substantial foreign operations or holdings, or issued by foreign entities listed on a U.S. exchange, may involve additional risks relating to political, economic, or regulatory conditions in foreign countries. Additional risks may include exposure to less developed or less efficient commercial trading markets; social, political, diplomatic or economic instability; fluctuations in foreign currencies or currency redenomination; laws limiting or restricting the movement of assets out of the country; nationalization or expropriation of assets; less stringent legal standards; possible unfavorable treatment under U.S. tax laws; and discriminatory application of local regulatory or criminal laws.

Greater China Region Risk. Most economies in the Greater China region are generally considered emerging markets and carry the risks associated with emerging markets, as well as risks particular to the region. Events in any one country within the region may impact other countries in the region or the Greater China region as a whole.

The economies of countries in the Greater China region differ from the U.S. economy in various ways, such as rate of growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position (that is, the difference in total value between payments into and out of a country over a period of time). The economies of countries in the region are affected by developments in the economies of their principal trading partners. The economies, industries, and securities and currency markets of the Greater China region may be adversely affected by slow economic activity worldwide, dependent on exports and international trade, protectionist trade policies, especially if imposed by the U.S. or China’s other major trading partners, increasing competition from Asia’s low-cost emerging economies, and environmental events and natural disasters that may occur in the Greater China region. A small number of companies and industries represent a relatively large portion of the Greater China market as a whole. In addition, the economies of countries in the Greater China region may be dependent on the economies of other Asian countries, many of which are developing countries. Currency fluctuations, devaluations and trading restrictions by any one country in the Greater China region can have a significant effect on the Greater China region as a whole.

The mainland Chinese government exercises significant control over the economy. Other countries in the Greater China region may not exercise the same level of control over their economies as in mainland China, but changes to their economic, diplomatic, and political relationships with mainland China could adversely impact the Fund’s investments in the region. Given the unique mixture of state-controlled and market-based economic elements in the region, the prior experience of other countries may not provide a reliable guide to the effects of various changes in economic policy, possibly resulting in miscalculations by policymakers and/or investors. In addition, military conflicts, either in response to internal social unrest or with other countries, are a risk. As mainland China’s economic and political strength has grown in recent years, it has shown a greater willingness to assert itself militarily in the region. Military or diplomatic moves to resolve any issues could adversely affect the economies in the region.

The tax laws and regulations in mainland China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on Neuberger Berman Greater China Equity Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Effective from November 2014, the mainland Chinese tax authorities temporarily exempted foreign investors from income tax on capital gains derived from the trading of A-shares under the Shanghai-Hong Kong Stock Connect Program (“Shanghai Connect Program”). In November 2016, the Chinese

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government also granted a similar exemption to for the Shenzhen-Hong Kong Stock Connect Program (“Shenzhen Connect Program”). It is uncertain how long these temporary exemptions will last.

In the summer of 2015, stock markets in mainland China suffered a significant downturn, which reduced the risk appetite for many investors in mainland China. State involvement in China’s economy and stock markets is such that it has proven difficult to predict or gauge the growth prospects for the markets or economy, but the official statistics indicate a recent growth rate significantly lower than that in the early part of the decade. In addition, there were widespread suspensions on the stock markets in mainland China in 2015, preventing some investors from exiting positions that were declining in value. This may occur again in the future.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. The Fund attempts to lessen the risk of such losses by seeking growth stocks that sell at what the adviser believes are reasonable prices. If the adviser is incorrect in its assessment of a stock’s value, this strategy may not provide the expected downside protection. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously. Growth stocks also may lack the dividends often associated with value stocks that can cushion their decline in a falling market. While the price of any type of stock may rise and fall rapidly, growth stocks may underperform during periods when the market favors value stocks.

Illiquid Investments Risk. Illiquid investments frequently can be more difficult to purchase or sell at an advantageous price or time. Judgment plays a greater role in pricing these investments than it does in pricing investments having more active markets, and there is a greater risk that the investments may not be sold for the price at which the Fund is carrying them. Certain investments that were liquid when the Fund purchased them may become illiquid, sometimes abruptly, particularly during periods of increased market volatility or adverse investor perception. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities. : The Fund may receive illiquid securities as a result of its investment in securities involved in restructurings.

Interest Rate Risk. In general, the value of investments with interest rate risk, such as debt securities or income-oriented equity securities that pay dividends, will move in the direction opposite to movements in interest rates. If interest rates rise, the value of such securities may decline. Interest rates may change in response to the supply and demand for credit, changes to government monetary policy and other initiatives, inflation rates, and other factors. Debt securities have varying levels of sensitivity to changes in interest rates. Typically, the longer the maturity (i.e., the term of a debt security) or duration (i.e., a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security’s price. For example, if interest rates increase by 1%, a debt security with a duration of two years will decrease in value by approximately 2%. Thus, the sensitivity of the Fund’s debt securities to interest rate risk will increase with any increase in the duration of those securities. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates. The link between interest rates and debt security prices tends to be weaker with lower-rated debt securities than with investment grade debt securities.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole. The value of an issuer’s securities may deteriorate because of a variety of factors, including disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer, or changes in government regulations affecting the issuer or the competitive environment. Certain unanticipated events, such as natural disasters, may have a significant adverse effect on the value of an issuer’s securities.

Lower-Rated Debt Securities Risk. Lower-rated debt securities (commonly known as “junk bonds”) involve greater risks than investment grade debt securities. Lower-rated debt securities may fluctuate more widely in price and yield and may fall in price during times when the economy is weak or is expected to become weak. Lower-rated debt securities also may require a greater degree of judgment to establish a price, may be difficult to sell at the time and price the Fund desires, and may carry higher transaction costs. In particular, lower-rated debt securities may be issued by smaller companies or by highly indebted companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal. Lower-rated debt securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer’s continuing ability to pay principal and interest and carry a greater risk that the issuer of such securities will default in the timely payment of principal and interest. Lower-rated debt securities are susceptible to such a default or decline in market value due to real or perceived adverse economic and business developments relating to the issuer, the industry in general, market interest rates and market liquidity. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in

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which case the Fund may lose its entire investment. Where it deems it appropriate and in the best interests of Fund shareholders, the Fund may incur additional expenses to seek recovery on a defaulted security and/or to pursue litigation to protect the Fund’s investment.

The credit rating of a security may not accurately reflect the actual credit risk associated with such a security. The creditworthiness of issuers of lower-rated debt securities may be more complex to analyze than that of issuers of investment grade debt securities, and the overreliance on credit ratings may present additional risks.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt securities, especially in a thinly traded or illiquid market. To the extent the Fund owns or may acquire illiquid or restricted lower-rated debt securities, these securities may involve special registration responsibilities, liabilities, costs, and liquidity and valuation difficulties.

Market Capitalization Risk (Small-, Mid- and Large-Cap Companies Risk). To the extent the Fund invests in securities of small-, mid-, or large-cap companies, it takes on the associated risks. At times, any one of these market capitalizations may be out of favor with investors. Compared to small- and mid-cap companies, large-cap companies may be unable to respond as quickly to changes and opportunities. Compared to large-cap companies, small- and mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of small- and mid-cap companies may fluctuate more widely in price than the market as a whole, may be difficult to sell when the economy is not robust or during market downturns, and may be more affected than other types of securities by the underperformance of a sector or during market downturns. There may also be less trading in small- or mid-cap securities, which means that buy and sell transactions in those securities could have a larger impact on a security’s price than is the case with large-cap securities and the Fund may not be able to liquidate a position at a particular time.

The Fund may define small-, mid-, and/or large-capitalization companies by reference to the market capitalization range of companies in a named index. The size of companies in an index changes with market conditions. In addition, changes to the composition of an index can change the market capitalization range of companies in the index and, therefore, the market capitalization range of companies in which a Fund invests.

Market Volatility Risk. Markets may be volatile and values of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. Changes in the financial condition of a single issuer may impact a market as a whole. Changes in value may be temporary or may last for extended periods. If the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects.

Master Limited Partnership Risk. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based companies and may be difficult to value. Distributions from an MLP may consist in part of a return of the amount originally invested, which would not be taxable to the extent the distributions do not exceed the investor’s adjusted basis in its MLP interest. These reductions in the Fund’s adjusted tax basis in the MLP securities will increase the amount of gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of the securities. The risks of investing in an MLP generally include those inherent in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Although unitholders of an MLP are generally limited in their liability, similar to a corporation’s shareholders, creditors typically have the right to seek the return of distributions made to unitholders if the liability in question arose before the distributions were paid. This liability may stay attached to a unitholder even after it sells its units. Effective for taxable years beginning after December 31, 2017, the recently enacted Tax Cuts and Jobs Act generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of “qualified publicly traded partnership income” such as income from MLPs. However, the new law does not include any provision for a regulated investment company to pass the character of its qualified publicly traded partnership income through

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to its shareholders. As a result, an investor who invests directly in MLPs will be able to receive the benefit of that deduction, while a shareholder in the Fund will not.

Non-Diversified Fund Risk. Each of Neuberger Berman Greater China Equity Fund and Neuberger Berman Real Estate Fund is classified as non-diversified. As such, the percentage of the Fund’s assets invested in any single issuer or a few issuers is not limited as much as it is for a Fund classified as diversified. Investing a higher percentage of its assets in any one or a few issuers could increase the Fund’s risk of loss and its share price volatility, because the value of its shares would be more susceptible to adverse events affecting those issuers.

Operational and Cybersecurity Risk. The Fund and its service providers, and your ability to transact with the Fund, may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems (“denial of services”), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs. Any of these results could have a substantial adverse impact on the Fund and its shareholders.

The occurrence of any of these problems could result in a loss of information, regulatory scrutiny, reputational damage and other consequences, any of which could have a material adverse effect on the Fund or its shareholders. The Manager, through its monitoring and oversight of Fund service providers, endeavors to determine that service providers take appropriate precautions to avoid and mitigate risks that could lead to such problems. While the Manager has established business continuity plans and risk management systems seeking to address these problems, there are inherent limitations in such plans and systems, and it is not possible for the Manager or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. If a call option that the Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying security. If a call option that the Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying security during the option period.

When the Fund writes a put option, it assumes the risk that it will have to purchase the underlying security at an exercise price that may be higher than the market price of the security and the possibility of a loss up to the entire exercise price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying security. If the market price of the underlying security declines, the Fund would expect to suffer a loss. However, the premium the Fund received for writing the put should offset a portion of the decline.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

Other Investment Company Risk. To the extent the Fund invests in ETFs or other investment companies, its performance will be affected by the performance of those other investment companies. Investments in ETFs and other investment companies are subject to the risks of the other investment companies’ investments, as well as to the other investment companies’ expenses. If the Fund invests in other investment companies, the Fund may receive distributions of taxable gains from portfolio transactions by that investment company and may recognize taxable gains from transactions in shares of that investment company, which could be taxable to the Fund's shareholders when distributed to them.

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Preferred Securities Risk. Preferred securities, which are a form of hybrid security (i.e., a security with both debt and equity characteristics), may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities, however, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred securities are generally payable at the discretion of the issuer’s board of directors and after the company makes required payments to holders of its bonds and other debt securities. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Preferred securities may be less liquid than common stocks. Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. Preferred shareholders may have certain rights if distributions are not paid but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Generally, preferred shareholders have no voting rights with respect to the issuer unless distributions to preferred shareholders have not been paid for a stated period, at which time the preferred shareholders may elect a number of directors to the issuer’s board. Generally, once all the distributions have been paid to preferred shareholders, the preferred shareholders no longer have voting rights.

Recent Market Conditions. Some countries, including the U.S., are considering the adoption of more protectionist trade policies, a move away from the tighter financial industry regulations that followed the 2008 financial crisis, and substantially reducing corporate taxes. The U.S. is also said to be considering significant new investments in infrastructure and national defense which, coupled with the prospect of lower federal taxes, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is still being worked out through the political process, but the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. Interest rates have been unusually low in recent years in the U.S. and abroad. Because there is little precedent for this situation, it is difficult to predict the impact on various markets of a significant rate increase or other significant policy changes, whether brought about by U.S. policy makers or by dislocations in world markets. For example, because investors may buy equity securities or other investments with borrowed money, a significant increase in interest rates may cause a decline in the markets for those investments.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. For example, official statistics indicate a recent growth rate in China that is significantly lower than that in the early part of the decade. This has adversely affected worldwide commodity prices and the economies of many countries, especially those that depend heavily on commodity production and/or trade with China. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

The precise details and the resulting impact of the United Kingdom’s vote to leave the European Union (the “EU”), commonly referred to as “Brexit,” are impossible to know for sure at this point. The effect on the economies of the United Kingdom and the EU will likely depend on the nature of trade relations between the UK and the EU and other major economies following Brexit, which are matters to be negotiated.

Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Redemption Risk. The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in the Fund, have short investment horizons, or have unpredictable cash flow needs. In addition, redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund’s performance.

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properties are located. Domestic REITs could be adversely affected by failure to qualify for tax-free “pass-through” of net income and net realized gains under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from registration under the Investment Company Act of 1940, as amended. Effective for taxable years beginning after December 31, 2017, the recently enacted Tax Cuts and Jobs Act generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of qualified REIT dividends. However, the new law does not include any provision for a regulated investment company to pass the character of its qualified REIT dividends through to its shareholders. As a result, an investor who invests directly in REITs will be able to receive the benefit of that deduction, while a shareholder in the Fund will not. The value of REIT common shares may decline when interest rates rise. During periods of high interest rates, REITs and other real estate companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing for property purchases and improvements is more costly and difficult to obtain.

Most equity REITs receive a flow of income from property rentals, which, after covering their expenses, they pay to their shareholders in the form of dividends. Equity REITs may be affected by changes in the value of the underlying property they own, while mortgage REITs may be affected by the quality of any credit they extend.

REIT and other real estate company securities tend to be small- to mid-cap securities and are subject to the risks of investing in small- to mid-cap securities. Some of the REIT securities in which the Fund invests may be preferred stock, which receives preference in the payment of dividends.

Risk Management. Management undertakes certain analyses with the intention of identifying particular types of risks and reducing the Fund’s exposure to them. However, risk is an essential part of investing, and the degree of return an investor might expect is often tied to the degree of risk the investor is willing to accept. By its very nature, risk involves exposure to the possibility of adverse events. Accordingly, no risk management program can eliminate the Fund’s exposure to such events; at best, it may only reduce the possibility that the Fund will be affected by adverse events, and especially those risks that are not intrinsic to the Fund’s investment program. While the prospectus describes material risk factors associated with the Fund’s investment program, there is no assurance that as a particular situation unfolds in the markets, management will identify all of the risks that might affect the Fund, rate their probability or potential magnitude correctly, or be able to take appropriate measures to reduce the Fund’s exposure to them. Measures taken with the intention of decreasing exposure to identified risks might have the unintended effect of increasing exposure to other risks.

Risks of Investments in China A-shares through Stock Connect Programs. There are significant risks inherent in investing in China A-shares through “Connect Programs” of local stock exchanges in China, such as the Shanghai Connect Program and the Shenzhen Connect Program. The Chinese investment and banking systems are materially different in nature from many developed markets, which exposes investors to risks that are different from those in the U.S. The Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. A Connect Program can operate only when both markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if one or both markets in a particular Connect Program are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-shares in a timely manner under such Connect Program, which could adversely affect the Fund’s performance. Only certain China A-shares are eligible to be accessed through the Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Connect Programs. The Connect Programs are in their early stages and the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. In addition, there is no assurance that the necessary systems required to operate the Connect Programs will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems do not function properly, trading through the Connect Programs could be disrupted. The Connect Programs are subject to regulations promulgated by regulatory authorities for both exchanges and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the Connect Programs, if the authorities believe it is necessary to assure orderly markets or for other reasons. The relevant regulations are relatively new and are subject to change, and there is no certainty as to how they will be applied. Investments in China A-shares may not be covered by the securities investor protection programs of either exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-shares are held in the Connect Programs, the Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the depository of the Chinese exchange becomes insolvent. Because all trades on the Connect Programs in respect of eligible China A-shares must be settled in Renminbi (“RMB”), the Chinese currency, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

In August 2016, the China Securities Regulatory Commission and the Securities and Futures Commission announced the immediate abolition of the former aggregate quota limitations within the scope of the Shanghai Connect Program. In December

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2016, the Shenzhen Connect Program formally commenced trading. The rules and regulations for the Shanghai Connect Program and the Shenzhen Connect Program are broadly similar. The future impact of this next stage of integration of Chinese and foreign markets is unclear.

Sector Risk. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in one sector, industry, or sub-sector of the market, its performance will be especially sensitive to developments that significantly affect those sectors, industries, or sub-sectors. An individual sector, industry, or sub-sector of the market may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Fund’s performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance. For a summary of the Fund’s recent sector allocations, see its most recent shareholder report. (The information in the report is as of the date of the report and may have changed.) For information about the risks of investing in particular sectors, see the Fund’s Statement of Additional Information.

Special Situations Risk. Investing in special situations carries the risk that certain of such situations may not happen as anticipated or the market may react differently than expected to such situations. The securities of companies involved in special situations may be more volatile than other securities, may at times be illiquid, or may be difficult to value.

Furthermore, a special situation, such as a pending restructuring or spin-off, may be renegotiated or terminated or involve a longer time frame than originally contemplated. In addition, certain special situations, such as companies emerging from, or restructuring as a result of, bankruptcy, involve difficult transitions in corporate structure, finance and/or governance. These situations carry additional risks and the securities of such companies may be more likely to lose value than the securities of more stable companies. It also may be difficult to obtain complete financial or other information about companies involved in certain special situations and management of such companies may be addressing a situation with which it has little experience. The terms of certain special situation investments may be subject to restrictions that prevent the Fund from selling the position until the special situation is largely resolved which may limit the Fund's ability to pursue other opportunities as they arise.

Utility Companies Risk. Utility companies are sensitive to changes in interest rates and other economic conditions, government regulation, uncertainties created by deregulation, power shortages and surpluses, the price and availability of fuel, environmental protection or energy conservation policies and practices, the level and demand for services, increased risk and competition in deregulated sectors, and the cost of technological advances and the possible inability to implement them at opportune times. In addition, securities of utility companies are volatile and may underperform in a sluggish economy.

Valuation Risk. The price at which the Fund sells any particular investment may differ from the Fund’s valuation of the investment. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. If market or other conditions make it difficult to value some investments, SEC rules and applicable accounting protocols may require the Fund to value these investments using more subjective methods, known as fair value methodologies. Using fair value methodologies to price investments may result in a value that is different from an investment’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received if the Fund had not held fair-valued securities or had used a different valuation methodology. The value of foreign securities, certain futures and fixed income securities, and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded but before the Fund determines its net asset value. The Fund’s ability to value its investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, such as pricing services or accounting agents.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period, may not ever realize what the portfolio management team believes to be their full value or intrinsic value, or may turn out to have been appropriately priced at the time the Fund purchased them. This may happen because value stocks, as a category, lose favor with investors compared to growth stocks, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions, a misappraisal of a stock’s growth potential, or because the stocks’ worth was misgauged. Entire industries or sectors may lose favor with investors, and the Fund, in seeking value stocks, may focus its investments more heavily in those industries or sectors.

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or right if the right to subscribe to additional shares is not exercised prior to the warrant’s or right’s expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

Information about Additional Risks

As discussed in the Statement of Additional Information, a Fund may engage in certain practices and invest in certain securities in addition to those described as its “principal investment strategies” in the Fund Summary section. For example, should a Fund engage in borrowing or securities lending, or should a Fund use derivatives or invest in foreign securities, it will be subject to the additional risks associated with these practices and securities.

Borrowing money, securities lending, or using derivatives would create investment leverage, meaning that certain gains or losses would be amplified, increasing share price movements. A Fund that does not engage in derivatives as part of its principal investment strategy may, to a limited extent, use certain derivatives for hedging or investment purposes. A derivative instrument, whether used for hedging or for speculation, could fail to perform as expected, causing a loss for a Fund.

Foreign securities, including the securities issued by foreign governments, involve risks in addition to those associated with comparable U.S. securities, and can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. Securities issued by U.S. entities with substantial foreign operations or holdings may involve risks relating to political, economic, or regulatory conditions in foreign countries, as well as currency exchange rates.

In addition, a Fund may be an investment option for a Neuberger Berman mutual fund that is managed as a “fund of funds.” As a result, from time to time, a Fund may experience relatively large redemptions or investments and could be required to sell securities or to invest cash at a time when it is not advantageous to do so.

In anticipation of adverse or uncertain market, economic, political, or other temporary conditions, including during periods of high cash inflows or outflows, the Fund may temporarily depart from its goal and use a different investment strategy (including leaving a significant portion of its assets uninvested) for defensive purposes. Doing so could help a Fund avoid losses, but may mean lost opportunities. In addition, in doing so different factors could affect a Fund’s performance and a Fund may not achieve its goal.

Please see the Statement of Additional Information for more information.

Descriptions of Indices

The FTSE EPRA / NAREIT Developed Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of listed real estate companies and real estate investment trusts (REITs) in developed markets. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The FTSE NAREIT All Equity REITs Index is a free float-adjusted market capitalization-weighted index that tracks the performance of all equity real estate investment trusts (REITs) that are listed on the New York Stock Exchange, the NYSE Arca or the NASDAQ National Market List. Equity REITs include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

The MSCI All Country World Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the UAE. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The MSCI China Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of Chinese securities readily accessible to nondomestic investors. The index includes equity securities issued by companies incorporated in the People’s Republic of China (“PRC”), and listed in the form of China B shares on the Shanghai Stock Exchange (in US$) or Shenzhen Stock Exchange (in HK$), or China H shares on the Hong Kong Stock Exchange (in HK$) and other foreign exchanges. It also includes Red-Chips and P-Chips, which are not incorporated in the PRC and are listed on the Hong Kong Stock Exchange. Red-Chips include companies that are directly or indirectly controlled by organizations or

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enterprises that are owned by the state, provinces, or municipalities of the PRC. P-Chips include non-state-owned Chinese companies incorporated outside the mainland and traded in Hong Kong. Starting December 1, 2015, MSCI began including U.S.-listed China stocks in the index. The index does not include China A-shares. (China A-shares are securities listed on the Shanghai or Shenzhen Stock Exchanges and traded in renminbi, with limited accessibility to foreign investors.) Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The MSCI EAFE® Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets excluding the United States and Canada. The index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the UAE. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Russell 1000® Index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap segment of the U.S. equity market. It includes approximately 1,000 of the largest securities in the Russell 3000® Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.

The Russell 1000® Value Index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.

The Russell 2000® Index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000 Index (which measures the performance of the 3,000 largest U.S. public companies based on total market capitalization). The index is rebalanced annually in June.

The Russell 2000® Growth Index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap growth segment of the U.S. equity market. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.

The Russell 2000® Value Index is a float-adjusted market capitalization-weighted index that measures the performance of the small-cap value segment of the U.S. equity market. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.

The Russell Midcap® Index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity market. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The index is rebalanced annually in June.

The Russell Midcap® Growth Index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June.

The Russell Midcap® Value Index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth rates. The index is rebalanced annually in June.

The S&P 500® Index is a float-adjusted market capitalization-weighted index that focuses on the large-cap segment of the U.S. equity market, and includes a significant portion of the total value of the market.

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Management of the Funds

Investment Manager

Neuberger Berman Investment Advisers LLC (“Manager”), located at 1290 Avenue of the Americas, New York, NY 10104, is each Fund’s investment manager and administrator. Neuberger Berman BD LLC (“Distributor”), located at 1290 Avenue of the Americas, New York, NY 10104, is each Fund’s distributor. Pursuant to an investment advisory agreement, the Manager is responsible for choosing a Fund’s investments and handling its day-to-day business. The Manager carries out its duties subject to the policies established by the Board of Trustees. The investment advisory agreement establishes the fees a Fund pays to the Manager for its services as the Fund’s investment manager and the expenses paid directly by the Fund. Together, the Neuberger Berman affiliates manage approximately $284 billion in total assets (as of 9/30/2017) and continue an asset management history that began in 1939. For Neuberger Berman Greater China Equity Fund, the Manager engages Green Court Capital Management Limited (“Green Court”), located at Jardine House, 1 Connaught Place, Suites 2007-2009, 20th Floor, Central Hong Kong, as sub-adviser to choose the Fund's investments and handle its day-to-day investment business. Green Court manages approximately $5.5 billion in total assets (as of 9/30/2017) and began in 2017.

A discussion regarding the basis for the Board of Trustees’ approval of each Fund's (except Neuberger Berman Greater China Equity Fund's sub-advisory agreement) investment advisory agreement is available in the Funds' semi-annual report for the fiscal period ended February 28, 2017. A discussion regarding the basis for the approval of Neuberger Berman Greater China Equity Fund's sub-advisory agreement by the Board of Trustees is available in the Fund's annual report for the fiscal period ended August 31, 2017.

NBIA may engage one or more of foreign affiliates that are not registered under the 1940 Act (“participating affiliates”) in accordance with applicable SEC no-action letters. As participating affiliates, whether or not registered with the SEC, the affiliates may provide designated investment personnel to associate with NBIA as “associated persons” of NBIA and perform specific advisory services for NBIA, including services for the Fund, which may involve, among other services, portfolio management and/or placing orders for securities and other instruments. The employees of a participating affiliate are designated to act for NBIA and are subject to certain NBIA policies and procedures as well as supervision and periodic monitoring by NBIA.

Neither this Prospectus nor the Statement of Additional Information is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that have not been waived. The Funds enter into contractual arrangements with various parties, including, among others, the Manager, who provide services to the Funds. Shareholders are not parties to, or intended to be third party beneficiaries of, those contractual arrangements. Where shareholders are not third party beneficiaries of contractual arrangements, those contractual arrangements cannot be enforced by shareholders acting on their own behalf.

The Manager has obtained “manager of managers” exemptive relief from the SEC that permits the Manager, subject to the approval of the Board of Trustees, to appoint an unaffiliated subadviser or to change the terms of a subadvisory agreement with an unaffiliated subadviser for Neuberger Berman Dividend Growth Fund, Neuberger Berman Global Real Estate Fund and Neuberger Berman Greater China Equity Fund without obtaining shareholder approval. The exemptive order permits Neuberger Berman Dividend Growth Fund, Neuberger Berman Global Real Estate Fund and Neuberger Berman Greater China Equity Fund to add or to change unaffiliated subadvisers or to change the fees paid to such subadvisers from time to time without the expense and delays associated with obtaining shareholder approval of the change. Under this order, the Manager has ultimate responsibility (subject to oversight by the Board) to oversee the subadvisers and recommend their hiring, termination, and replacement. Each of Neuberger Berman Dividend Growth Fund, Neuberger Berman Global Real Estate Fund and Neuberger Berman Greater China Equity Fund will notify shareholders of any change in the identity of a subadviser or the addition of a subadviser to the Fund.

Neuberger Berman Dividend Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.76%, 0.76% and 0.65%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Emerging Markets Equity Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.24%, 1.24% and 1.13%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Equity Income Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.74%, 0.74% and 0.63%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

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Neuberger Berman Focus Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.79%, 0.79% and 0.68%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Genesis Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.81% of average daily net assets for Institutional Class.

Neuberger Berman Global Equity Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.86%, 0.86% and 0.75%, respectively, of average daily net assets for Class A, Class C and Institutional Class. Effective December 8, 2016, the Fund pays the Manager a fee at the annual rate of 0.55% of the Fund's average daily net assets for investment advisory services.

Neuberger Berman Global Real Estate Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.06%, 1.06% and 0.95%, respectively, of average daily net assets for Class A, Class C and Institutional Class

Neuberger Berman Greater China Equity Fund: For the 12 months ended 8/31/2017, the aggregate management fees (i.e., advisory and administration fees) and subadvisory fees paid to the Manager and Green Court were 1.36%, 1.36% and 1.25%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Guardian Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.76%, 0.76% and 0.65%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman International Equity Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.88%, 0.88% and 0.77%, respectively, of average daily net assets, after voluntary waiver, for Class A, Class C and Institutional Class.

Effective November 1, 2017, the Manager has voluntarily agreed to waive its management fee in the amount of 0.04% of the average daily net assets of the Fund. Prior to November 1, 2017, effective June 1, 2017, the Manager had voluntarily agreed to waive its management fee in the amount of 0.15% of the average daily net assets of the Fund. Effective May 1, 2015, the Manager had voluntarily agreed to waive its management fee in the amount of 0.18% of the average daily net assets of the Fund. The Manager may, at its sole discretion, modify or terminate this voluntary waiver without notice to the Fund.

Neuberger Berman International Select Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.81%, 0.81% and 0.70%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman International Small Cap Fund: The Fund will pay the Manager a fee at the annual rate of 0.850% of the first $250 million of the Fund’s average daily net assets, 0.825% of the next $250 million, 0.800% of the next $250 million, 0.775% of the next $250 million, 0.750% of the next $500 million, 0.725% of the next $2.5 billion, and 0.700% of average daily net assets in excess of $4 billion for investment advisory services. Each of Class A, Class C and Institutional Class of the Fund pays the Manager fees at the annual rate of 0.26%, 0.26% and 0.15% respectively, of the Fund’s average daily net assets allocable to the class for administrative services provided to the class.

Neuberger Berman Intrinsic Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.06%, 1.06% and 0.95%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Large Cap Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.75%, 0.75% and 0.64%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Mid Cap Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.77%, 0.77% and 0.66%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Mid Cap Intrinsic Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.63%, 0.63% and 0.52%, respectively, of average daily net assets, after voluntary waiver, for Class A, Class C and Institutional Class.

Effective November 1, 2017, the Manager has removed the voluntary waiver of its management fee of the Fund. Prior to November 1, 2017, effective December 19, 2016, the Manager had voluntarily agreed to waive its management fee in the amount

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of 0.19% of the average daily net assets of the Fund. Effective September 1, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 0.15% of the average daily net assets of the Fund. Effective August 31, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 2.89% of the average daily net assets of the Fund. Effective August 23, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 1.21% of the average daily net assets of the Fund. Effective November 1, 2015, the Manager had voluntarily agreed to waive its management fee in the amount of 0.11% of the average daily net assets of the Fund.

Neuberger Berman Multi-Cap Opportunities Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.79%, 0.79% and 0.68%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Real Estate Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.06%, 1.06% and 0.95%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Small Cap Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.11%, 1.11%, and 1.00%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Socially Responsive Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.73%, 0.73% and 0.62%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Neuberger Berman Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.81%, 0.81% and 0.70%, respectively, of average daily net assets for Class A, Class C and Institutional Class.

Portfolio Managers

Please see the Statement of Additional Information for additional information about each Portfolio Manager’s compensation, other accounts managed by each Portfolio Manager, and each Portfolio Manager’s ownership of shares in the Fund(s) that he or she manages.

Neuberger Berman Dividend Growth Fund

David A. Kiefer is a Managing Director of the Manager. He has been a Portfolio Manager with the firm since 2015 and has served as Portfolio Manager since the Fund’s inception in December 2015. From 2010-2014, he was Managing Director and head of the Large Cap Value Team at another investment company where he co-managed a large cap value fund. During his time there, he also managed or co-managed concentrated value strategies and several mutual funds, including its large cap blend fund.

William D. Hunter is a Senior Vice President of the Manager. Mr. Hunter joined the firm in 2006 and has served as Portfolio Manager since the Fund’s inception in December 2015.

Neuberger Berman Emerging Markets Equity Fund

Conrad Saldanha, CFA, is a Managing Director of the Manager. Mr. Saldanha joined the firm in 2008 and is a Portfolio Manager for the Global Equity team and is responsible for Emerging Market equities. He has managed the Fund since its inception in 2008. Prior to joining the firm, he held several positions at another asset manager from 1996 and, most recently, was vice president and co-portfolio manager on the Global Emerging Markets product, as well as the portfolio manager for the Indian Equity strategy for this asset manager. Prior positions with this asset manager include vice president for International and European equities and analyst for International, European and Emerging equities.

Neuberger Berman Equity Income Fund

Richard S. Levine is a Managing Director of the Manager. He has been a Portfolio Manager with the firm since 1989 and has served as Portfolio Manager since the Fund’s inception in 2006.

Alexandra Pomeroy is a Managing Director of the Manager. She has been a Portfolio Manager with the firm since 2005 and has served as Portfolio Manager since the Fund’s inception in 2006.

William D. Hunter is a Senior Vice President of the Manager. Mr. Hunter joined the firm in 2006 and has been an Associate Portfolio Manager of the Fund since 2012.

147

Neuberger Berman Focus Fund

Timothy Creedon, CFA, is a Managing Director of the Manager. Mr. Creedon joined the firm in 2005 and has been a Portfolio Manager of the Fund since 2011. He is the Director of Research for the Global Equity Research Department.

David Levine, CFA, is a Senior Vice President of the Manager. Mr. Levine joined the firm in 1995 and has been a Portfolio Manager of the Fund since 2008. He is a Portfolio Manager of the Large Cap Value Team of Neuberger Berman LLC.

Neuberger Berman Genesis Fund

Judith M. Vale and Robert W. D’Alelio are Managing Directors of the Manager. Ms. Vale and Mr. D’Alelio have been senior members of the Small Cap Group since 1992 and 1996, respectively. Ms. Vale has co-managed the Fund’s assets since 1994. Mr. D’Alelio joined the firm in 1996 and has co-managed the Fund’s assets since 1997.

Brett S. Reiner is a Managing Director of the Manager. Mr. Reiner has been a member of the Small Cap Group since 2003. Mr. Reiner joined the firm in 2000. He is an Associate Portfolio Manager of the Fund and has co-managed the Fund's assets since 2005.

Gregory G. Spiegel is a Managing Director of the Manager. Mr. Spiegel has been a member of the Small Cap Group since 2012. Mr. Spiegel joined the firm in 2012. Prior to joining the firm, Mr. Spiegel was the Director of Research at another firm, covering global equities and overseeing that firm’s research analysts from 2010 to 2012. He is an Associate Portfolio Manager of the Fund and has co-managed the Fund’s assets since 2015.

Neuberger Berman Global Equity Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2011.

Saurin D. Shah is a Managing Director of the Manager. Mr. Shah joined the firm in 2008 and has been a Portfolio Manager of the Fund since its inception in 2011. Prior to joining the firm, he worked as an equity research analyst at another leading financial services firm since 2005.

Neuberger Berman Global Real Estate Fund

Steve Shigekawa is a Managing Director of the Manager. He has been a Portfolio Manager with the firm since 2005. Prior to that, he was an analyst with the firm covering REIT securities. Mr. Shigekawa has served as Portfolio Manager since the Fund’s inception in 2014.

Brian C. Jones, CFA, is a Managing Director of the Manager. He has been a Portfolio Manager with the firm since 2007. Mr. Jones has served as Portfolio Manager since the Fund’s inception in 2014. Prior to that, he was an Associate Portfolio Manager for separately managed accounts investing in REIT securities since 2007.

Anton Kwang, CFA, joined Neuberger Berman Asia Limited in 2014. Previously, he was an investment director and lead portfolio manager for the Asia Pacific region of another asset manager’s global property funds since 2007. Mr. Kwang has served as Portfolio Manager since the Fund’s inception in 2014.

Gillian Tiltman joined Neuberger Berman Europe Limited in 2014. Previously, she was with a different investment adviser since 2008 as a fund manager responsible for asset allocation and stock picking decisions and as a dedicated fund analyst. Ms. Tiltman has served as Portfolio Manager since the Fund’s inception in 2014.

Neuberger Berman Greater China Equity Fund

Yulin (Frank) Yao, is a Managing Partner and Senior Portfolio Manager at Green Court. Prior to founding the firm, he was a Managing Director at Neuberger Berman and Senior Portfolio Manager for the Neuberger Berman Greater China Investment Team, originally joining Neuberger Berman in 2008. Previously, he was a Managing Director and Senior Portfolio Manager at Avenue Capital where he was responsible for directing the investment activities of the Avenue Greater China Equity Funds. From 2004 to 2007, he was an Executive Vice President and Chief Investment Officer at Hua An Fund Management where he managed a team of over 40 investment professionals with overall responsibility for investment, research and trading for RMB 50 billion (or US$7 billion) assets. Mr. Yao has managed the Fund since the Fund's inception in 2013.

Lihui Tang, CFA, is a Partner and Portfolio Manager at Green Court. Prior to this, he was a Managing Director at Neuberger Berman and Portfolio Manager for the Neuberger Berman Greater China Investment Team, originally joining Neuberger Berman in 2008. Previously, he was a senior vice president at Avenue Capital, where he was a portfolio manager for the Avenue Greater China Equity Funds team. Prior to that, he was a portfolio manager and deputy head of research at Hua An Fund Management,

148

where he managed two active funds with combined assets under management of approximately USD $1 billion. These funds received numerous awards from Morningstar, Lipper and Chinese publications. Before joining Hua An, he was a research analyst with SYWG Securities in Shanghai, responsible for the pharmaceutical sector. Prior to that, he was also a research analyst with Da Peng Securities in the real estate and building materials industries. Mr. Tang has managed the Fund since the Fund's inception in 2013.

Neuberger Berman Guardian Fund

Charles Kantor is a Managing Director of the Manager. He joined the firm in 2000 and has managed the Fund since October 2015.

Marc Regenbaum is a Managing Director of the Manager. Mr. Regenbaum joined the firm in 2007 and has been an Associate Portfolio Manager of the Fund since February 2017. Prior to being named Associate Portfolio Manager, Mr. Regenbaum was a Senior Research Analyst for the Long Short and U.S. Equity Team.

Neuberger Berman International Equity Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2005.

David Bunan is a Managing Director of the Manager. Mr. Bunan joined the firm in 2008 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman International Select Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2006.

Elias Cohen, CFA, is a Senior Vice President of the Manager. Mr. Cohen joined the firm in 2000 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman International Small Cap Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been the Portfolio Manager of the Fund since its inception in 2016.

David Bunan is a Managing Director of the Manager. Mr. Bunan joined the firm in 2008 and has been the Portfolio Manager of the Fund since its inception in 2016.

Neuberger Berman Intrinsic Value Fund

Benjamin H. Nahum is a Managing Director of the Manager. Mr. Nahum joined the firm in 2008. He has co-managed the Fund since its inception in 2010. Prior to joining the firm, Mr. Nahum was a principal and executive vice president at David J. Greene & Co., LLC (“D.J. Greene”), the investment adviser to the Fund’s predecessor partnership and account, from 1991 to 2008. D.J. Greene was acquired by Neuberger Berman in 2008. Mr. Nahum was the portfolio manager of the Fund’s predecessors from 1997 to 2010.

James F. McAree is a Senior Vice President of the Manager. Mr. McAree joined the firm in 2008. He has co-managed the Fund since its inception in 2010. Prior to joining the firm, Mr. McAree was a principal and research analyst at D.J. Greene, the investment adviser to the Fund’s predecessor partnership and account, from 2005 to 2008. D.J. Greene was acquired by Neuberger Berman in 2008. Mr. McAree was a research analyst for the Fund’s predecessors from 2005 to 2010.

Amit Solomon, PhD, is a Managing Director of the Manager. Mr. Solomon joined the firm in 2008. He has co-managed the Fund since its inception in 2010. Prior to joining the firm, Mr. Solomon was a principal and senior research analyst at D.J. Greene, the investment adviser to the Fund’s predecessor partnership and account, from 2002 to 2008. D.J. Greene was acquired by Neuberger Berman in 2008. Mr. Solomon was a research analyst for the Fund’s predecessors from 2002 to 2010.

Neuberger Berman Large Cap Value Fund

Eli M. Salzmann is a Managing Director of the Manager. Mr. Salzmann has been the Portfolio Manager of the Fund since December 2011. Mr. Salzmann joined the firm in 2011. Prior to joining the firm, Mr. Salzmann spent nearly 14 years at another investment manager where he was a Partner, Director of Large-Cap Value and a portfolio manager specializing in U.S. Large-Cap Value strategies.

149

Neuberger Berman Mid Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. Mr. Turek has been the Portfolio Manager of the Fund since 2003.

Neuberger Berman Mid Cap Intrinsic Value Fund

Michael C. Greene is a Managing Director of the Manager. Mr. Greene joined the firm in 2008. He has been the Portfolio Manager of the Fund since December 2011. Prior to joining the firm, Mr. Greene was chief executive officer and chief investment officer from 1985 to 2008 at another investment adviser that was acquired by Neuberger Berman in 2008.

Neuberger Berman Multi-Cap Opportunities Fund

Richard S. Nackenson is a Managing Director of the Manager. He is also a Senior Portfolio Manager for separate accounts at Neuberger Berman. He has been the Portfolio Manager of the Fund since 2009. Mr. Nackenson joined the firm in 1999.

Neuberger Berman Real Estate Fund

Steve Shigekawa is a Managing Director of the Manager. He has been co-Portfolio Manager of the Fund since 2008 and was an Associate Portfolio Manager of the Fund from 2005 to 2008. Prior to that, he was an analyst with the firm covering REIT securities since 2002.

Brian C. Jones, CFA, is a Managing Director of the Manager. He has been co-Portfolio Manager of the Fund since 2008. Prior to that, he was an Associate Portfolio Manager for separately managed accounts investing in REIT securities since 2007.

Neuberger Berman Small Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. He joined the firm in 2002 and has managed the Fund since November 2015.

Chad Bruso is a Senior Vice President of the Manager. He joined the firm in 2006 and has managed the Fund since November 2015.

Marco Minonne is a Senior Vice President of the Manager. He joined the firm in 2013 and has managed the Fund since November 2015. Prior to joining the firm, he was an analyst at an investment company.

Trevor Moreno is a Senior Vice President of the Manager. He joined the firm in 2014 and has managed the Fund since November 2015. Prior to joining the firm, he was an assistant portfolio manager and equity analyst at an investment company.

Neuberger Berman Socially Responsive Fund

Ingrid S. Dyott is a Managing Director of the Manager. She has been co-Portfolio Manager of the Fund since 2003 and before that was an Associate Portfolio Manager of the Fund since 1997.

Sajjad S. Ladiwala, CFA, is a Managing Director of the Manager. He has been co-Portfolio Manager of the Fund since February 2016 and before that was an Associate Portfolio Manager of the Fund since 2003.

Neuberger Berman Value Fund

Eli M. Salzmann is a Managing Director of the Manager. Mr. Salzmann has been the Portfolio Manager of the Fund since 2011. Mr. Salzmann joined the firm in 2011. Prior to joining the firm, Mr. Salzmann spent nearly 14 years at another investment manager where he was a Partner, Director of Large-Cap Value and a portfolio manager specializing in U.S. Large-Cap Value strategies.

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Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Dividend Growth Fund—Class A

YEAR ENDED AUGUST 31,	2016⁽¹⁾	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	11.09
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.16	0.18
Net gains (losses)—realized and unrealized	0.93	1.81
Subtotal: income (loss) from investment operations	1.09	1.99
Minus:
Distributions to shareholders
Income dividends	—	0.14
Capital gain distributions	—	—
Subtotal: distributions to shareholders	—	0.14
Equals:
Share price (NAV) at end of year	11.09	12.94
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	1.05⁽⁴⁾⁽⁶⁾	1.05
Gross expenses⁽²⁾	3.36⁽⁴⁾⁽⁶⁾	2.14
Net investment income (loss)—actual	2.14⁽⁴⁾⁽⁶⁾	1.48
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	10.90⁽⁵⁾	18.10
Net assets at end of year (in millions of dollars)	0.2	1.6
Portfolio turnover rate (%)	23⁽⁵⁾	44

⁽¹⁾	Period from 12/15/2015 (beginning of operations) to 8/31/2016.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

151

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Dividend Growth Fund—Class C

YEAR ENDED AUGUST 31,	2016⁽¹⁾	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	11.00
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.08	0.07
Net gains (losses)—realized and unrealized	0.92	1.85
Subtotal: income (loss) from investment operations	1.00	1.92
Minus:
Distributions to shareholders
Income dividends	—	0.05
Capital gain distributions	—	—
Subtotal: distributions to shareholders	—	0.05
Equals:
Share price (NAV) at end of year	11.00	12.87
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	1.80⁽⁴⁾⁽⁶⁾	1.80
Gross expenses⁽²⁾	4.11⁽⁴⁾⁽⁶⁾	2.81
Net investment income (loss)—actual	1.17⁽⁴⁾⁽⁶⁾	0.61
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	10.00⁽⁵⁾	17.47
Net assets at end of year (in millions of dollars)	0.0	3.1
Portfolio turnover rate (%)	23⁽⁵⁾	44

⁽¹⁾	Period from 12/15/2015 (beginning of operations) to 8/31/2016.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

152

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Dividend Growth Fund—Institutional Class

YEAR ENDED AUGUST 31,	2016⁽¹⁾	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of period	10.00	11.11
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.18	0.22
Net gains (losses)—realized and unrealized	0.93	1.82
Subtotal: income (loss) from investment operations	1.11	2.04
Minus:
Distributions to shareholders
Income dividends	—	0.22
Capital gain distributions	—	—
Subtotal: distributions to shareholders	—	0.22
Equals:
Share price (NAV) at end of year	11.11	12.93
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	0.69⁽⁴⁾⁽⁶⁾	0.69
Gross expenses⁽²⁾	2.61⁽⁴⁾⁽⁶⁾	1.69
Net investment income (loss)—actual	2.44⁽⁴⁾⁽⁶⁾	1.78
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	11.10⁽⁵⁾	18.54
Net assets at end of year (in millions of dollars)	20.3	32.5
Portfolio turnover rate (%)	23⁽⁵⁾	44

⁽¹⁾	Period from 12/15/2015 (beginning of operations) to 8/31/2016.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.

153

Financial Highlights

Neuberger Berman Emerging Markets Equity Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	14.92	15.27	17.80	13.87	15.92
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.11	0.15	0.08	0.09	0.13
Net gains (losses)—realized and unrealized	0.27	2.44	(3.88)	2.02	3.75
Subtotal: income (loss) from investment operations	0.38	2.59	(3.80)	2.11	3.88
Minus:
Distributions to shareholders
Income dividends	0.03	0.06	0.13	0.06	0.05
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	0.03	0.06	0.13	0.06	0.05
Equals:
Share price (NAV) at end of year	15.27	17.80	13.87	15.92	19.75
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.50⁽²⁾	1.50	1.50	1.50	1.50
Gross expenses⁽¹⁾	2.00	1.82	1.79	1.82	1.73
Net investment income (loss)—actual	0.69	0.88	0.49	0.60	0.74
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	2.54	16.99	(21.42)	15.31	24.51
Net assets at end of year (in millions of dollars)	7.3	19.9	13.4	23.5	65.1
Portfolio turnover rate (%)	36	36	36	43	25

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

154

Financial Highlights

Neuberger Berman Emerging Markets Equity Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	14.61	14.87	17.26	13.42	15.36
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.02	0.00	(0.03)	(0.04)	(0.03)
Net gains (losses)—realized and unrealized	0.24	2.39	(3.77)	1.98	3.65
Subtotal: income (loss) from investment operations	0.26	2.39	(3.80)	1.94	3.62
Minus:
Distributions to shareholders
Income dividends	—	—	0.04	—	—
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	—	—	0.04	—	—
Equals:
Share price (NAV) at end of year	14.87	17.26	13.42	15.36	18.98
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	2.25⁽²⁾	2.25	2.25	2.25	2.25
Gross expenses⁽¹⁾	2.73	2.56	2.53	2.51	2.45
Net investment income (loss)—actual	0.13	0.01	(0.20)	(0.30)	(0.18)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	1.78	16.07	(22.02)	14.46	23.57
Net assets at end of year (in millions of dollars)	4.1	7.0	6.2	5.2	7.4
Portfolio turnover rate (%)	36	36	36	43	25

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

155

Financial Highlights

Neuberger Berman Emerging Markets Equity Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	14.99	15.34	17.89	13.94	16.01
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.18	0.16	0.12	0.11	0.17
Net gains (losses)—realized and unrealized	0.24	2.48	(3.90)	2.06	3.77
Subtotal: income (loss) from investment operations	0.42	2.64	(3.78)	2.17	3.94
Minus:
Distributions to shareholders
Income dividends	0.07	0.09	0.17	0.10	0.08
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	0.07	0.09	0.17	0.10	0.08
Equals:
Share price (NAV) at end of year	15.34	17.89	13.94	16.01	19.87
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.25⁽²⁾	1.25	1.25	1.25	1.25
Gross expenses⁽¹⁾	1.60	1.45	1.43	1.43	1.36
Net investment income (loss)—actual	1.10	0.96	0.73	0.74	0.95
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	2.77	17.24	(21.22)	15.64	24.76
Net assets at end of year (in millions of dollars)	374.1	514.8	307.5	318.9	670.6
Portfolio turnover rate (%)	36	36	36	43	25

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

156

Financial Highlights

Neuberger Berman Equity Income Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.70	11.71	13.14	11.69	12.40
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.25	0.27	0.29	0.33	0.32
Net gains (losses)—realized and unrealized	0.25	1.95	(0.93)	1.08	1.02
Subtotal: income (loss) from investment operations	0.50	2.22	(0.64)	1.41	1.34
Minus:
Distributions to shareholders
Income dividends	0.38	0.28	0.24	0.28	0.28
Capital gain distributions	0.11	0.51	0.57	0.42	0.42
Subtotal: distributions to shareholders	0.49	0.79	0.81	0.70	0.70
Equals:
Share price (NAV) at end of year	11.71	13.14	11.69	12.40	13.04
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.05⁽²⁾	1.05	1.05	1.07	1.05
Gross expenses	1.05	1.05	1.05	1.07	1.05
Net investment income (loss)—actual	2.09	2.21	2.26	2.81	2.56
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	4.32	19.72	(5.02)	12.64	11.17
Net assets at end of year (in millions of dollars)	1,036.4	462.6	289.50	243.1	200.3
Portfolio turnover rate (%)	70	41	48	49	53

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

157

Financial Highlights

Neuberger Berman Equity Income Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.64	11.65	13.06	11.62	12.32
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.16	0.19	0.20	0.24	0.23
Net gains (losses)—realized and unrealized	0.25	1.92	(0.92)	1.07	1.01
Subtotal: income (loss) from investment operations	0.41	2.11	(0.72)	1.31	1.24
Minus:
Distributions to shareholders
Income dividends	0.29	0.19	0.15	0.19	0.19
Capital gain distributions	0.11	0.51	0.57	0.42	0.42
Subtotal: distributions to shareholders	0.40	0.70	0.72	0.61	0.61
Equals:
Share price (NAV) at end of year	11.65	13.06	11.62	12.32	12.95
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.80⁽²⁾	1.79	1.79	1.81	1.80
Gross expenses	1.80	1.79	1.79	1.81	1.80
Net investment income (loss)—actual	1.34	1.54	1.55	2.07	1.82
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	3.58	18.77	(5.65)	11.77	10.34
Net assets at end of year (in millions of dollars)	465.7	450.1	390	334.1	282.3
Portfolio turnover rate (%)	70	41	48	49	53

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

158

Financial Highlights

Neuberger Berman Equity Income Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.74	11.76	13.19	11.74	12.45
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.30	0.33	0.34	0.37	0.38
Net gains (losses)—realized and unrealized	0.25	1.94	(0.92)	1.08	1.01
Subtotal: income (loss) from investment operations	0.55	2.27	(0.58)	1.45	1.39
Minus:
Distributions to shareholders
Income dividends	0.42	0.33	0.30	0.32	0.33
Capital gain distributions	0.11	0.51	0.57	0.42	0.42
Subtotal: distributions to shareholders	0.53	0.84	0.87	0.74	0.75
Equals:
Share price (NAV) at end of year	11.76	13.19	11.74	12.45	13.09
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	0.68⁽²⁾	0.68	0.68	0.69	0.69
Gross expenses	0.68	0.68	0.68	0.69	0.69
Net investment income (loss)—actual	2.45	2.66	2.66	3.18	2.99
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	4.79	20.11	(4.60)	13.03	11.56
Net assets at end of year (in millions of dollars)	1,439.4	1,578.5	1,443.7	1,076.5	1,208.7
Portfolio turnover rate (%)	70	41	48	49	53

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

159

Financial Highlights

Neuberger Berman Focus Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	15.71	19.38	20.50	16.10	15.82
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.10	0.09	0.10	0.07	0.01
Net gains (losses)—realized and unrealized	3.71	3.91	(0.13)	0.92	2.28
Subtotal: income (loss) from investment operations	3.81	4.00	(0.03)	0.99	2.29
Minus:
Distributions to shareholders
Income dividends	0.14	0.20	0.15	0.17	0.09
Capital gain distributions	—	2.68	4.22	1.10	2.22
Subtotal: distributions to shareholders	0.14	2.88	4.37	1.27	2.31
Equals:
Share price (NAV) at end of year	19.38	20.50	16.10	15.82	15.80
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.11⁽²⁾	1.11	1.11	1.11	1.11
Gross expenses⁽¹⁾	1.19	1.13	1.14	1.15	1.13
Net investment income (loss)—actual	0.56	0.47	0.58	0.48	0.07
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	24.47	22.40	0.24	6.52	16.58
Net assets at end of year (in millions of dollars)	1.9	3.9	4.4	3.2	3.1
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

160

Financial Highlights

Neuberger Berman Focus Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.62	13.03	12.70	8.24	7.41
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.02)	(0.03)	(0.02)	(0.02)	(0.04)
Net gains (losses)—realized and unrealized	2.51	2.52	(0.10)	0.44	0.89
Subtotal: income (loss) from investment operations	2.49	2.49	(0.12)	0.42	0.85
Minus:
Distributions to shareholders
Income dividends	0.08	0.14	0.12	0.15	0.06
Capital gain distributions	—	2.68	4.22	1.10	2.22
Subtotal: distributions to shareholders	0.08	2.82	4.34	1.25	2.28
Equals:
Share price (NAV) at end of year	13.03	12.70	8.24	7.41	5.98
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.86	1.86	1.86	1.86
Gross expenses⁽¹⁾	1.94	1.91	1.89	1.90	1.88
Net investment income (loss)—actual	(0.20)	(0.27)	(0.18)	(0.27)	(0.67)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	23.61	21.52	(0.50)	5.75	15.76
Net assets at end of year (in millions of dollars)	0.6	1.5	2.9	2.2	1.9
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

161

Financial Highlights

Neuberger Berman Focus Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	21.76	26.95	29.83	25.50	25.86
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.24	0.21	0.26	0.22	0.11
Net gains (losses)—realized and unrealized	5.14	5.60	(0.16)	1.46	3.95
Subtotal: income (loss) from investment operations	5.38	5.81	0.10	1.68	4.06
Minus:
Distributions to shareholders
Income dividends	0.19	0.25	0.21	0.22	0.14
Capital gain distributions	—	2.68	4.22	1.10	2.22
Subtotal: distributions to shareholders	0.19	2.93	4.43	1.32	2.36
Equals:
Share price (NAV) at end of year	26.95	29.83	25.50	25.86	27.56
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.75⁽²⁾	0.75	0.75	0.75	0.75
Gross expenses⁽¹⁾	0.77	0.76	0.76	0.76	0.76
Net investment income (loss)—actual	0.96	0.72	0.96	0.89	0.44
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	24.89	22.86	0.65	6.86	17.04
Net assets at end of year (in millions of dollars)	22.6	9.4	28.7	6.8	7.8
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

162

Financial Highlights

Neuberger Berman Genesis Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	48.71	57.62	60.72	56.48	56.64
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.46	0.22	0.26	0.25	0.22
Net gains (losses)—realized and unrealized	10.81	7.70	0.60	5.67	5.56
Subtotal: income (loss) from investment operations	11.27	7.92	0.86	5.92	5.78
Minus:
Distributions to shareholders
Income dividends	0.25	0.32	0.19	0.21	0.19
Capital gain distributions	2.11	4.50	4.91	5.55	3.52
Subtotal: distributions to shareholders	2.36	4.82	5.10	5.76	3.71
Equals:
Share price (NAV) at end of year	57.62	60.72	56.48	56.64	58.71
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	0.85⁽²⁾	0.85	0.85	0.85	0.84
Gross expenses⁽¹⁾	0.85	0.85	0.85	0.85	0.85
Net investment income (loss)—actual	0.87	0.36	0.45	0.47	0.38
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return(%)⁽³⁾	24.12	13.82	1.68	11.62	10.40
Net assets at end of year (in millions of dollars)	5,989.3	5,061.4	3,685.0	3,483.9	3,650.3
Portfolio turnover rate (%)	20	14	13	16	20

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

163

Financial Highlights

Neuberger Berman Global Equity Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	8.48	9.43	11.14	6.23	6.57
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.03	0.03	0.01	0.02	0.01
Net gains (losses)—realized and unrealized	0.92	1.77	(0.38)	0.32	0.96
Subtotal: income (loss) from investment operations	0.95	1.80	(0.37)	0.34	0.97
Minus:
Distributions to shareholders
Income dividends	—	0.00	0.70	—	0.01
Capital gain distributions	—	0.09	3.84	—	0.05
Subtotal: distributions to shareholders	—	0.09	4.54	—	0.06
Equals:
Share price (NAV) at end of year	9.43	11.14	6.23	6.57	7.48
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.51⁽²⁾	1.51	1.51	1.51	1.25
Gross expenses⁽¹⁾	5.67	2.18	5.24	9.12	7.74
Net investment income (loss)—actual	0.34	0.28	0.09	0.31	0.19
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	11.20	19.18	(3.47)	5.46	14.85
Net assets at end of year (in millions of dollars)	0.1	0.4	0.4	0.5	0.3
Portfolio turnover rate (%)	43	39	18	41	16

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

164

Financial Highlights

Neuberger Berman Global Equity Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	8.41	9.28	10.89	6.01	6.29
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.03)	(0.06)	(0.05)	(0.03)	(0.03)
Net gains (losses)—realized and unrealized	0.90	1.76	(0.37)	0.31	0.90
Subtotal: income (loss) from investment operations	0.87	1.70	(0.42)	0.28	0.87
Minus:
Distributions to shareholders
Income dividends	—	—	0.62	—	—
Capital gain distributions	—	0.09	3.84	—	0.05
Subtotal: distributions to shareholders	—	0.09	4.46	—	0.05
Equals:
Share price (NAV) at end of year	9.28	10.89	6.01	6.29	7.11
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	2.26⁽²⁾	2.26	2.26	2.26	1.98
Gross expenses⁽¹⁾	6.50	2.96	6.00	9.80	8.34
Net investment income (loss)—actual	(0.36)	(0.54)	(0.68)	(0.45)	(0.47)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	10.34	18.39	(4.21)	4.66	13.89
Net assets at end of year (in millions of dollars)	0.1	0.2	0.2	0.2	0.1
Portfolio turnover rate (%)	43	39	18	41	16

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

165

Financial Highlights

Neuberger Berman Global Equity Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	8.50	9.49	11.22	6.30	6.65
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.06	0.06	0.03	0.04	0.05
Net gains (losses)—realized and unrealized	0.93	1.80	(0.38)	0.32	0.94
Subtotal: income (loss) from investment operations	0.99	1.86	(0.35)	0.36	0.99
Minus:
Distributions to shareholders
Income dividends	—	0.04	0.73	0.01	0.03
Capital gain distributions	—	0.09	3.84	—	0.05
Subtotal: distributions to shareholders	—	0.13	4.57	0.01	0.08
Equals:
Share price (NAV) at end of year	9.49	11.22	6.30	6.65	7.56
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.15⁽²⁾	1.15	1.15	1.15	0.85
Gross expenses⁽¹⁾	5.16	1.72	4.76	8.67	7.05
Net investment income (loss)—actual	0.63	0.54	0.35	0.64	0.65
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	11.65	19.67	(3.16)	5.76	15.13
Net assets at end of year (in millions of dollars)	33.5	38.9	3.2	3.6	4.2
Portfolio turnover rate (%)	43	39	18	41	16

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

166

Financial Highlights

Neuberger Berman Global Real Estate Fund—Class A

YEAR ENDED AUGUST 31,	2015⁽¹⁾	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	9.31	10.61
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.06	0.13	0.14
Net gains (losses)—realized and unrealized	(0.67)	1.35	0.22
Subtotal: income (loss) from investment operations	(0.61)	1.48	0.36
Minus:
Distributions to shareholders
Income dividends	0.08	0.18	0.29
Capital gain distributions	—	—	0.04
Subtotal: distributions to shareholders	0.08	0.18	0.33
Equals:
Share price (NAV) at end of year	9.31	10.61	10.64
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	1.36⁽⁴⁾⁽⁶⁾	1.36	1.37
Gross expenses⁽²⁾	13.62⁽⁴⁾⁽⁶⁾	11.31	11.23
Net investment income (loss)—actual	0.94⁽⁴⁾⁽⁶⁾	1.32	1.41
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	(6.19)⁽⁵⁾	16.09	3.71
Net assets at end of year (in millions of dollars)	0.6	0.7	0.5
Portfolio turnover rate (%)	16⁽⁵⁾	44	61

⁽¹⁾	Period from 12/30/2014 (beginning of operations) to 8/31/2015.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

167

Financial Highlights

Neuberger Berman Global Real Estate Fund—Class C

YEAR ENDED AUGUST 31,	2015⁽¹⁾	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	9.30	10.59
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.01	0.06	0.06
Net gains (losses)—realized and unrealized	(0.67)	1.34	0.23
Subtotal: income (loss) from investment operations	(0.66)	1.40	0.29
Minus:
Distributions to shareholders
Income dividends	0.04	0.11	0.22
Capital gain distributions	—	—	0.04
Subtotal: distributions to shareholders	0.04	0.11	0.26
Equals:
Share price (NAV) at end of year	9.30	10.59	10.62
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	2.11⁽⁴⁾⁽⁶⁾	2.11	2.12
Gross expenses⁽²⁾	15.16⁽⁴⁾⁽⁶⁾	12.04	12.10
Net investment income (loss)—actual	0.11⁽⁴⁾⁽⁶⁾	0.56	0.56
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	(6.64)⁽⁵⁾	15.15	2.96
Net assets at end of year (in millions of dollars)	0.2	0.3	0.3
Portfolio turnover rate (%)	16⁽⁵⁾	44	61

⁽¹⁾	Period from 12/30/2014 (beginning of operations) to 8/31/2015.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

168

Financial Highlights

Neuberger Berman Global Real Estate Fund—Institutional Class

YEAR ENDED AUGUST 31,	2015⁽¹⁾	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	9.32	10.62
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.08	0.17	0.17
Net gains (losses)—realized and unrealized	(0.67)	1.35	0.22
Subtotal: income (loss) from investment operations	(0.59)	1.52	0.39
Minus:
Distributions to shareholders
Income dividends	0.09	0.22	0.33
Capital gain distributions	—	—	0.04
Subtotal: distributions to shareholders	0.09	0.22	0.37
Equals:
Share price (NAV) at end of year	9.32	10.62	10.64
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	1.00⁽⁴⁾⁽⁶⁾	1.00	1.01
Gross expenses⁽²⁾	13.21⁽⁴⁾⁽⁶⁾	10.93	10.97
Net investment income (loss)—actual	1.22⁽⁴⁾⁽⁶⁾	1.68	1.67
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	(5.92)⁽⁵⁾	16.49	4.01
Net assets at end of year (in millions of dollars)	1.9	2.1	2.2
Portfolio turnover rate (%)	16⁽⁵⁾	44	61

⁽¹⁾	Period from 12/30/2014 (beginning of operations) to 8/31/2015.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.

169

Financial Highlights

Neuberger Berman Greater China Equity Fund—Class A

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	10.16	12.14	11.56	11.50
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	(0.02)	0.13	0.05	(0.01)	0.19
Net gains (losses)—realized and unrealized	0.18	2.00	0.17	1.39	4.17
Subtotal: income (loss) from investment operations	0.16	2.13	0.22	1.38	4.36
Minus:
Distributions to shareholders
Income dividends	—	—	0.09	0.03	0.00
Capital gain distributions	—	0.15	0.71	1.41	—
Subtotal: distributions to shareholders	—	0.15	0.80	1.44	0.00
Equals:
Share price (NAV) at end of year	10.16	12.14	11.56	11.50	15.86
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	1.86⁽⁴⁾⁽⁶⁾	1.86	1.86	1.87	1.86
Gross expenses⁽²⁾	17.58⁽⁴⁾⁽⁶⁾	2.30	2.00	2.19	2.07
Net investment income (loss)—actual	(1.65)⁽⁴⁾⁽⁶⁾	1.19	0.34	(0.08)	1.38
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	1.60⁽⁵⁾	21.07	1.68	12.19	37.95
Net assets at end of year (in millions of dollars)	0.1	1.7	4.0	2.1	21.7
Portfolio turnover rate (%)	20⁽⁵⁾	171	176	120	116

⁽¹⁾	Period from 7/17/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

170

Financial Highlights

Neuberger Berman Greater China Equity Fund—Class C

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	10.15	12.03	11.45	11.27
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	(0.03)	(0.02)	(0.07)	(0.07)	(0.14)
Net gains (losses)—realized and unrealized	0.18	2.05	0.20	1.30	4.30
Subtotal: income (loss) from investment operations	0.15	2.03	0.13	1.23	4.16
Minus:
Distributions to shareholders
Income dividends	—	—	—	—	—
Capital gain distributions	—	0.15	0.71	1.41	—
Subtotal: distributions to shareholders	—	0.15	0.71	1.41	—
Equals:
Share price (NAV) at end of year	10.15	12.03	11.45	11.27	15.43
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	2.61⁽⁴⁾⁽⁶⁾	2.61	2.61	2.62	2.62
Gross expenses⁽²⁾	19.16⁽⁴⁾⁽⁶⁾	2.85	2.80	2.86	2.80
Net investment income (loss)—actual	(2.41)⁽⁴⁾⁽⁶⁾	(0.20)	(0.52)	(0.65)	(1.18)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	1.50⁽⁵⁾	20.09	0.93	10.93	36.91
Net assets at end of year (in millions of dollars)	0.1	0.1	0.2	0.1	0.3
Portfolio turnover rate (%)	20⁽⁵⁾	171	176	120	116

⁽¹⁾	Period from 7/17/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

171

Financial Highlights

Neuberger Berman Greater China Equity Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	10.16	12.17	11.64	11.50
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	(0.02)	0.10	0.10	0.05	0.09
Net gains (losses)—realized and unrealized	0.18	2.06	0.17	1.32	4.31
Subtotal: income (loss) from investment operations	0.16	2.16	0.27	1.37	4.40
Minus:
Distributions to shareholders
Income dividends	—	—	0.09	0.10	0.05
Capital gain distributions	—	0.15	0.71	1.41	—
Subtotal: distributions to shareholders	—	0.15	0.80	1.51	0.05
Equals:
Share price (NAV) at end of year	10.16	12.17	11.64	11.50	15.85
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	1.50⁽⁴⁾⁽⁶⁾	1.50	1.50	1.51	1.51
Gross expenses⁽²⁾	2.80⁽⁴⁾⁽⁶⁾	1.83	1.61	1.76	1.69
Net investment income (loss)—actual	(1.25)⁽⁴⁾⁽⁶⁾	0.90	0.75	0.44	0.72
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	1.60⁽⁵⁾	21.37	2.15	12.09	38.46
Net assets at end of year (in millions of dollars)	56.4	72.1	103.4	93.3	109.4
Portfolio turnover rate (%)	20⁽⁵⁾	171	176	120	116

⁽¹⁾	Period from 7/17/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

172

Financial Highlights

Neuberger Berman Guardian Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	12.24	14.21	15.08	11.92	10.82
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.08	0.09	0.06	0.03	0.06
Net gains (losses)—realized and unrealized	2.52	2.79	(0.45)	0.82	1.55
Subtotal: income (loss) from investment operations	2.60	2.88	(0.39)	0.85	1.61
Minus:
Distributions to shareholders
Income dividends	0.19	0.10	0.14	0.09	0.10
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.63	2.01	2.77	1.95	1.95
Equals:
Share price (NAV) at end of year	14.21	15.08	11.92	10.82	10.48
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses - actual	1.11⁽²⁾	1.09	1.07	1.07	1.09
Gross expenses	1.10⁽¹⁾	1.08⁽¹⁾	1.07	1.07	1.10⁽¹⁾
Net investment income (loss)—actual	0.62	0.64	0.46	0.27	0.56
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	22.38⁽³⁾	21.62⁽³⁾	(3.23)	8.32	17.28
Net assets at end of year (in millions of dollars)	34.6	73.8	79.3	6.6	5.6
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

173

Financial Highlights

Neuberger Berman Guardian Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.66	15.96	17.18	13.97	13.03
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.02)	(0.03)	(0.05)	(0.04)	(0.02)
Net gains (losses)—realized and unrealized	2.84	3.16	(0.53)	0.96	1.93
Subtotal: income (loss) from investment operations	2.82	3.13	(0.58)	0.92	1.91
Minus:
Distributions to shareholders
Income dividends	0.08	0.00	—	—	0.03
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.52	1.91	2.63	1.86	1.88
Equals:
Share price (NAV) at end of year	15.96	17.18	13.97	13.03	13.06
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses - actual	1.86⁽²⁾	1.86	1.83	1.85	1.84
Gross expenses	1.86⁽¹⁾	1.84⁽¹⁾	1.83	1.85	1.84⁽¹⁾
Net investment income (loss)—actual	(0.15)	(0.15)	(0.30)	(0.34)	(0.20)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	21.43⁽³⁾	20.71⁽³⁾	(4.01)	7.47	16.53
Net assets at end of year (in millions of dollars)	2.6	2.9	2.4	2.4	1.6
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

174

Financial Highlights

Neuberger Berman Guardian Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	15.83	18.62	20.47	17.17	16.50
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.17	0.20	0.16	0.12	0.15
Net gains (losses)—realized and unrealized	3.29	3.70	(0.65)	1.22	2.50
Subtotal: income (loss) from investment operations	3.46	3.90	(0.49)	1.34	2.65
Minus:
Distributions to shareholders
Income dividends	0.23	0.14	0.18	0.15	0.14
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.67	2.05	2.81	2.01	1.99
Equals:
Share price (NAV) at end of year	18.62	20.47	17.17	16.50	17.16
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	0.73⁽²⁾	0.71	0.71	0.72	0.71
Gross expenses	0.73	0.71	0.71	0.72	0.72⁽¹⁾
Net investment income (loss)—actual	1.00	1.01	0.82	0.73	0.94
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	22.80	22.03	(2.84)	8.68	17.72
Net assets at end of year (in millions of dollars)	88.9	129.4	94.1	59.0	70.2
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

175

Financial Highlights

Neuberger Berman International Equity Fund—Class A

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.05	20.69	23.01	22.00	22.92
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.19	0.28	0.25	0.23	0.15
Net gains (losses)—realized and unrealized	0.45	2.19	(1.15)	0.75	3.35
Subtotal: income (loss) from investment operations	0.64	2.47	(0.90)	0.98	3.50
Minus:
Distributions to shareholders
Income dividends	—	0.15	0.11	0.06	0.04
Subtotal: distributions to shareholders	—	0.15	0.11	0.06	0.04
Equals:
Share price (NAV) at end of year	20.69	23.01	22.00	22.92	26.38
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	1.28⁽⁴⁾	1.21	1.21	1.21	1.21
Gross expenses⁽²⁾	1.55⁽⁴⁾	1.45	1.43	1.40	1.39
Net investment income (loss)—actual	1.57⁽⁴⁾	1.23	1.09	1.05	0.65
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	3.19⁽⁵⁾	11.98	(3.90)	4.48	15.32
Net assets at end of year (in millions of dollars)	12.8	26.2	91.0	104.9	71.9
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

176

Financial Highlights

Neuberger Berman International Equity Fund—Class C

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	19.97	20.50	22.72	21.65	22.45
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.09	0.13	0.00	0.08	0.01
Net gains (losses)—realized and unrealized	0.44	2.15	(1.05)	0.72	3.24
Subtotal: income (loss) from investment operations	0.53	2.28	(1.05)	0.80	3.25
Minus:
Distributions to shareholders
Income dividends	—	0.06	0.02	—	—
Subtotal: distributions to shareholders	—	0.06	0.02	—	—
Equals:
Share price (NAV) at end of year	20.50	22.72	21.65	22.45	25.70
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	2.08⁽⁴⁾	1.96	1.96	1.96	1.96
Gross expenses⁽²⁾	2.51⁽⁴⁾	2.21	2.18	2.16	2.14
Net investment income (loss)—actual	0.74⁽⁴⁾	0.59	0.02	0.37	0.04
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	2.65⁽⁵⁾	11.16	(4.61)	3.70	14.48
Net assets at end of year (in millions of dollars)	1.9	6.1	11.2	14.7	13.2
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

177

Financial Highlights

Neuberger Berman International Equity Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.15	10.26	11.32	10.72	11.09
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.15	0.17	0.13	0.16	0.14
Net gains (losses)—realized and unrealized	1.10	1.09	(0.53)	0.35	1.58
Subtotal: income (loss) from investment operations	1.25	1.26	(0.40)	0.51	1.72
Minus:
Distributions to shareholders
Income dividends	0.14	0.20	0.20	0.14	0.15
Subtotal: distributions to shareholders	0.14	0.20	0.20	0.14	0.15
Equals:
Share price (NAV) at end of year	10.26	11.32	10.72	11.09	12.66
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver and/or offset arrangements had not been in effect.
Net expenses—actual	0.85⁽²⁾	0.85	0.85	0.85	0.85
Gross expenses⁽¹⁾	1.14	1.07	1.07	1.03	1.02
Net investment income (loss)—actual	1.54	1.49	1.11	1.46	1.19
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	13.82	12.38	(3.51)	4.78	15.82
Net assets at end of year (in millions of dollars)	770.3	887.3	886.5	1,184.3	1,449.0
Portfolio turnover rate (%)	44	34	25	30	27

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

178

Financial Highlights

Neuberger Berman International Select Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.09	10.07	11.14	10.51	10.80
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.11	0.14	0.08	0.13	0.10
Net gains (losses)—realized and unrealized	0.98	1.03	(0.59)	0.26	1.56
Subtotal: income (loss) from investment operations	1.09	1.17	(0.51)	0.39	1.66
Minus:
Distributions to shareholders
Income dividends	0.11	0.10	0.12	0.10	0.12
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	0.11	0.10	0.12	0.10	0.12
Equals:
Share price (NAV) at end of year	10.07	11.14	10.51	10.80	12.34
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.24⁽²⁾	1.24	1.24	1.24	1.19
Gross expenses⁽¹⁾	1.36	1.30	1.31	1.33	1.27
Net investment income (loss)—actual	1.16	1.25	0.71	1.25	0.87
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	12.08	11.69	(4.62)	3.69	15.60
Net assets at end of year (in millions of dollars)	9.3	9.3	3.8	4.6	4.9
Portfolio turnover rate (%)	50	27	24	22	27

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

179

Financial Highlights

Neuberger Berman International Select Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	8.98	9.93	10.97	10.36	10.64
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.04	0.05	0.01	0.04	0.02
Net gains (losses)—realized and unrealized	0.97	1.02	(0.58)	0.26	1.54
Subtotal: income (loss) from investment operations	1.01	1.07	(0.57)	0.30	1.56
Minus:
Distributions to shareholders
Income dividends	0.06	0.03	0.04	0.02	0.04
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	0.06	0.03	0.04	0.02	0.04
Equals:
Share price (NAV) at end of year	9.93	10.97	10.36	10.64	12.16
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	2.00⁽²⁾	2.00	2.00	2.00	1.94
Gross expenses⁽¹⁾	2.09	2.05	2.04	2.06	2.02
Net investment income (loss)—actual	0.36	0.42	0.06	0.39	0.16
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	11.23	10.79	(5.23)	2.89	14.70
Net assets at end of year (in millions of dollars)	4.0	4.6	3.7	3.2	2.5
Portfolio turnover rate (%)	50	27	24	22	27

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

180

Financial Highlights

Neuberger Berman International Select Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.14	10.14	11.21	10.58	10.86
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.14	0.18	0.13	0.16	0.14
Net gains (losses)—realized and unrealized	1.00	1.03	(0.60)	0.25	1.58
Subtotal: income (loss) from investment operations	1.14	1.21	(0.47)	0.41	1.72
Minus:
Distributions to shareholders
Income dividends	0.14	0.14	0.16	0.13	0.16
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	0.14	0.14	0.16	0.13	0.16
Equals:
Share price (NAV) at end of year	10.14	11.21	10.58	10.86	12.42
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.90⁽²⁾	0.90	0.90	0.90	0.83
Gross expenses⁽¹⁾	0.97	0.93	0.93	0.94	0.90
Net investment income (loss)—actual	1.44	1.58	1.16	1.51	1.27
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	12.56	11.98	(4.18)	3.94	16.13
Net assets at end of year (in millions of dollars)	200.6	211.6	216.4	211.7	214.4
Portfolio turnover rate (%)	50	27	24	22	27

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

181

Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal period indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman International Small Cap Fund—Class A

YEAR ENDED AUGUST 31,	2017⁽¹⁾
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.11
Net gains (losses)—realized and unrealized	2.59
Subtotal: income (loss) from investment operations	2.70
Minus:
Distributions to shareholders
Income dividends	—
Capital gain distributions	—
Subtotal: distributions to shareholders	—
Equals:
Share price (NAV) at end of year	12.70
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual⁽⁴⁾⁽⁶⁾	1.41
Gross expenses^(2)(4)(6)	29.48
Net investment income (loss)—actual⁽⁴⁾	1.21
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)^(3)(5)(8)	27.00
Net assets at end of year (in millions of dollars)	0.3
Portfolio turnover rate (%)	43

⁽¹⁾	Period from 12/8/2016 (beginning of operations) to 8/31/2017.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

182

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal period indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman International Small Cap Fund—Class C

YEAR ENDED AUGUST 31,	2017⁽¹⁾
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	(0.02)
Net gains (losses)—realized and unrealized	2.65
Subtotal: income (loss) from investment operations	2.63
Minus:
Distributions to shareholders
Income dividends	—
Capital gain distributions	—
Subtotal: distributions to shareholders	—
Equals:
Share price (NAV) at end of year	12.63
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual⁽⁴⁾⁽⁶⁾	2.16
Gross expenses^(2)(4)(6)	30.21
Net investment income (loss)—actual⁽⁴⁾	(0.19)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)^(3)(5)(8)	26.30
Net assets at end of year (in millions of dollars)	0.1
Portfolio turnover rate (%)	43

⁽¹⁾	Period from 12/8/2016 (beginning of operations) to 8/31/2017.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

183

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal period indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman International Small Cap Fund—Institutional Class

YEAR ENDED AUGUST 31,	2017⁽¹⁾
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of period	10.00
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.08
Net gains (losses)—realized and unrealized	2.66
Subtotal: income (loss) from investment operations	2.74
Minus:
Distributions to shareholders
Income dividends	—
Capital gain distributions	—
Subtotal: distributions to shareholders	—
Equals:
Share price (NAV) at end of year	12.74
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual⁽⁴⁾⁽⁶⁾	1.05
Gross expenses^(2)(4)(6)	29.10
Net investment income (loss)—actual⁽⁴⁾	0.93
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	27.40
Net assets at end of year (in millions of dollars)	0.8
Portfolio turnover rate (%)	43

⁽¹⁾	Period from 12/8/2016 (beginning of operations) to 8/31/2017.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.

184

Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Intrinsic Value Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.16	12.65	14.76	14.06	13.68
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.00	(0.11)	(0.11)	(0.10)	(0.10)
Net gains (losses)—realized and unrealized	2.67	2.76	0.20	0.42	2.30
Subtotal: income (loss) from investment operations	2.67	2.65	0.09	0.32	2.20
Minus:
Distributions to shareholders
Income dividends	—	0.00	—	—	—
Capital gain distributions	0.18	0.54	0.79	0.70	0.21
Subtotal: distributions to shareholders	0.18	0.54	0.79	0.70	0.21
Equals:
Share price (NAV) at end of year	12.65	14.76	14.06	13.68	15.67
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.36⁽²⁾	1.36	1.36	1.36	1.36
Gross expenses⁽¹⁾	1.58	1.51	1.50	1.48	1.43
Net investment income (loss)—actual	0.01	(0.77)	(0.77)	(0.72)	(0.68)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	26.61	21.31	0.96	2.58	16.20
Net assets at end of year (in millions of dollars)	13.9	13.5	44.3	44.5	18.2
Portfolio turnover rate (%)	25	24	22	17	26

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

185

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Intrinsic Value Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	12.35	14.29	13.48	12.99
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.08)	(0.21)	(0.21)	(0.18)	(0.20)
Net gains (losses)—realized and unrealized	2.61	2.69	0.19	0.39	2.18
Subtotal: income (loss) from investment operations	2.53	2.48	(0.02)	0.21	1.98
Minus:
Distributions to shareholders
Income dividends	—	—	—	—	—
Capital gain distributions	0.18	0.54	0.79	0.70	0.21
Subtotal: distributions to shareholders	0.18	0.54	0.79	0.70	0.21
Equals:
Share price (NAV) at end of year	12.35	14.29	13.48	12.99	14.76
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	2.11⁽²⁾	2.11	2.11	2.11	2.11
Gross expenses⁽¹⁾	2.31	2.26	2.22	2.20	2.15
Net investment income (loss)—actual	(0.70)	(1.51)	(1.52)	(1.47)	(1.45)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	25.62	20.40	0.19	1.85	15.36
Net assets at end of year (in millions of dollars)	10.3	12.7	25.8	25.2	22.4
Portfolio turnover rate (%)	25	24	22	17	26

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

186

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Intrinsic Value Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.26	12.81	14.98	14.34	14.02
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.05	(0.06)	(0.06)	(0.05)	(0.05)
Net gains (losses)—realized and unrealized	2.68	2.80	0.21	0.43	2.36
Subtotal: income (loss) from investment operations	2.73	2.74	0.15	0.38	2.31
Minus:
Distributions to shareholders
Income dividends	—	0.03	—	—	—
Capital gain distributions	0.18	0.54	0.79	0.70	0.21
Subtotal: distributions to shareholders	0.18	0.57	0.79	0.70	0.21
Equals:
Share price (NAV) at end of year	12.81	14.98	14.34	14.02	16.12
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.00⁽²⁾	1.00	1.00	1.00	1.00
Gross expenses⁽¹⁾	1.18	1.13	1.10	1.08	1.03
Net investment income (loss)—actual	0.42	(0.40)	(0.41)	(0.38)	(0.35)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	26.94	21.74	1.36	2.96	16.59
Net assets at end of year (in millions of dollars)	182.6	252.0	420.3	611.3	841.9
Portfolio turnover rate (%)	25	24	22	17	26

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

187

Financial Highlights

Neuberger Berman Large Cap Value Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.07	24.83	24.55	18.74	18.36
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.22	0.19	0.20	0.17	0.22
Net gains (losses)—realized and unrealized	4.54	4.94	(1.76)	1.80	2.60
Subtotal: income (loss) from investment operations	4.76	5.13	(1.56)	1.97	2.82
Minus:
Distributions to shareholders
Income dividends	—	0.39	0.26	0.29	0.20
Capital gain distributions	—	5.02	3.99	2.06	0.87
Subtotal: distributions to shareholders	—	5.41	4.25	2.35	1.07
Equals:
Share price (NAV) at end of year	24.83	24.55	18.74	18.36	20.11
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.11⁽²⁾	1.08	1.09	1.09	1.07
Gross expenses	1.11⁽¹⁾	1.08⁽¹⁾	1.09	1.09	1.07
Net investment income (loss)—actual	0.97	0.78	0.96	1.02	1.11
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	23.72⁽³⁾	23.31⁽³⁾	(7.44)	12.94	15.65
Net assets at end of year (in millions of dollars)	1.6	2.7	2.9	3.2	3.8
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

188

Financial Highlights

Neuberger Berman Large Cap Value Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.19	20.73	19.40	13.94	12.99
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.02	0.00	0.02	0.03	0.05
Net gains (losses)—realized and unrealized	3.85	4.01	(1.32)	1.24	1.83
Subtotal: income (loss) from investment operations	3.87	4.01	(1.30)	1.27	1.88
Minus:
Distributions to shareholders
Income dividends	0.33	0.32	0.17	0.16	0.13
Capital gain distributions	—	5.02	3.99	2.06	0.87
Subtotal: distributions to shareholders	0.33	5.34	4.16	2.22	1.00
Equals:
Share price (NAV) at end of year	20.73	19.40	13.94	12.99	13.87
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.86	1.82	1.83	1.81
Gross expenses	1.86⁽¹⁾	1.86⁽¹⁾	1.82⁽¹⁾	1.83	1.81
Net investment income (loss)—actual	0.10	0.03	0.11	0.26	0.36
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	22.87⁽³⁾	22.37⁽³⁾	(8.11)⁽³⁾	12.09	14.84
Net assets at end of year (in millions of dollars)	1.2	3.0	2.7	2.1	2.3
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

189

Financial Highlights

Neuberger Berman Large Cap Value Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	26.59	32.56	34.11	27.64	28.47
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.41	0.39	0.37	0.36	0.46
Net gains (losses)—realized and unrealized	5.97	6.65	(2.51)	2.87	4.05
Subtotal: income (loss) from investment operations	6.38	7.04	(2.14)	3.23	4.51
Minus:
Distributions to shareholders
Income dividends	0.41	0.47	0.34	0.34	0.26
Capital gain distributions	—	5.02	3.99	2.06	0.87
Subtotal: distributions to shareholders	0.41	5.49	4.33	2.40	1.13
Equals:
Share price (NAV) at end of year	32.56	34.11	27.64	28.47	31.85
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	0.70⁽²⁾	0.70	0.70	0.70	0.69
Gross expenses	0.70⁽¹⁾	0.70⁽¹⁾	0.70⁽¹⁾	0.71⁽¹⁾	0.70⁽¹⁾
Net investment income (loss)—actual	1.36	1.18	1.19	1.38	1.50
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.26⁽³⁾	23.74⁽³⁾	(7.03)⁽³⁾	13.38	16.04⁽³⁾
Net assets at end of year (in millions of dollars)	113.2	143.5	86.4	56.2	80.6
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

190

Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.23	20.74	23.32	23.85	22.23
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.08)	(0.15)	(0.16)	(0.11)	(0.11)
Net gains (losses)—realized and unrealized	3.23	3.67	2.45	(0.42)	3.49
Subtotal: income (loss) from investment operations	3.15	3.52	2.29	(0.53)	3.38
Voluntary contribution from Management	—	—	—	0.03	—
Minus:
Distributions to shareholders
Capital gain distributions	0.64	0.94	1.76	1.12	0.62
Subtotal: distributions to shareholders	0.64	0.94	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	20.74	23.32	23.85	22.23	24.99
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.11⁽²⁾	1.11	1.11	1.11	1.11
Gross expenses	1.18⁽¹⁾	1.13⁽¹⁾	1.11	1.11	1.11⁽¹⁾
Net investment income (loss)—actual	(0.44)	(0.65)	(0.69)	(0.51)	(0.49)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	17.91⁽³⁾	17.33⁽³⁾	10.55	(1.91)⁽⁶⁾	15.58
Net assets at end of year (in millions of dollars)	89.0	100.7	102.3	76.9	54.4
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.
⁽⁶⁾	Would have been lower if the Manager had not made a voluntary contribution.

191

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.31	20.81	23.35	23.70	21.92
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.23)	(0.31)	(0.34)	(0.26)	(0.28)
Net gains (losses)—realized and unrealized	3.26	3.68	2.45	(0.41)	3.42
Subtotal: income (loss) from investment operations	3.03	3.37	2.11	(0.67)	3.14
Voluntary contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gain distributions	0.53	0.83	1.76	1.12	0.62
Subtotal: distributions to shareholders	0.53	0.83	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	20.81	23.35	23.70	21.92	24.44
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.86	1.86	1.86	1.86
Gross expenses⁽¹⁾	1.95	1.91	1.88	1.88	1.86
Net investment income (loss)—actual	(1.20)	(1.40)	(1.45)	(1.24)	(1.24)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	17.05	16.46	9.72	(2.62)⁽⁶⁾	14.69
Net assets at end of year (in millions of dollars)	4.4	6.0	8.4	10.9	9.7
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.
⁽⁶⁾	Would have been lower if the Manager had not made a voluntary contribution.

192

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	12.16	13.56	14.89	14.59	13.20
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.01)	(0.04)	(0.05)	(0.02)	(0.01)
Net gains (losses)—realized and unrealized	2.11	2.37	1.51	(0.27)	2.04
Subtotal: income (loss) from investment operations	2.10	2.33	1.46	(0.29)	2.03
Voluntary contribution from Management	—	—	—	0.02	—
Minus:
Distributions to shareholders
Capital gain distributions	0.70	1.00	1.76	1.12	0.62
Subtotal: distributions to shareholders	0.70	1.00	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	13.56	14.89	14.59	13.20	14.61
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.75⁽²⁾	0.75	0.75	0.75	0.72
Gross expenses	0.79⁽¹⁾	0.75⁽¹⁾	0.75	0.75	0.72
Net investment income (loss)—actual	(0.07)	(0.29)	(0.34)	(0.14)	(0.09)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	18.32⁽³⁾	17.74⁽³⁾	10.98	(1.52)⁽⁵⁾	16.03
Net assets at end of year (in millions of dollars)	258.6	382.5	423.3	307.6	321.5
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Would have been lower if the Manager had not made a voluntary contribution.

193

Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Intrinsic Value Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.82	17.60	20.24	17.70	16.21
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.23	0.18	0.04	0.13	0.16
Net gains (losses)—realized and unrealized	3.67	3.63	(0.32)	0.62	2.58
Subtotal: income (loss) from investment operations	3.90	3.81	(0.28)	0.75	2.74
Minus:
Distributions to shareholders
Income dividends	0.12	0.30	0.18	0.11	0.11
Capital gain distributions	—	0.87	2.08	2.13	—
Subtotal: distributions to shareholders	0.12	1.17	2.26	2.24	0.11
Equals:
Share price (NAV) at end of year	17.60	20.24	17.70	16.21	18.84
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver and/or offset arrangements had not been in effect.
Net expenses—actual	1.21⁽²⁾	1.21	1.21	1.21	1.21
Gross expenses⁽¹⁾	1.65	1.53	1.47	1.49	1.43
Net investment income (loss)—actual	1.45	0.96	0.20	0.81	0.89
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	28.43	22.60	(1.25)	5.76	16.95
Net assets at end of year (in millions of dollars)	2.7	5.2	14.8	13.3	8.6
Portfolio turnover rate (%)	33	34	50	29	31

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

194

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Intrinsic Value Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.69	17.44	20.00	17.45	15.88
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.09	0.05	(0.10)	0.01	0.03
Net gains (losses)—realized and unrealized	3.67	3.58	(0.31)	0.61	2.52
Subtotal: income (loss) from investment operations	3.76	3.63	(0.41)	0.62	2.55
Minus:
Distributions to shareholders
Income dividends	0.01	0.20	0.06	0.06	0.06
Capital gain distributions	—	0.87	2.08	2.13	—
Subtotal: distributions to shareholders	0.01	1.07	2.14	2.19	0.06
Equals:
Share price (NAV) at end of year	17.44	20.00	17.45	15.88	18.37
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver and/or offset arrangements had not been in effect.
Net expenses—actual	1.96⁽²⁾	1.96	1.96	1.96	1.96
Gross expenses⁽¹⁾	2.35	2.28	2.20	2.23	2.18
Net investment income (loss)—actual	0.54	0.24	(0.53)	0.05	0.15
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	27.51	21.64	(2.02)	5.01	16.09
Net assets at end of year (in millions of dollars)	1.3	1.9	3.5	3.7	2.5
Portfolio turnover rate (%)	33	34	50	29	31

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

195

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Intrinsic Value Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	15.93	20.33	23.59	21.02	19.75
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.31	0.33	0.13	0.22	0.26
Net gains (losses)—realized and unrealized	4.26	4.17	(0.37)	0.79	3.16
Subtotal: income (loss) from investment operations	4.57	4.50	(0.24)	1.01	3.42
Minus:
Distributions to shareholders
Income dividends	0.17	0.37	0.25	0.15	0.17
Capital gain distributions	—	0.87	2.08	2.13	—
Subtotal: distributions to shareholders	0.17	1.24	2.33	2.28	0.17
Equals:
Share price (NAV) at end of year	20.33	23.59	21.02	19.75	23.00
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver and/or offset arrangements had not been in effect.
Net expenses—actual	0.85⁽²⁾	0.85	0.85	0.85	0.85
Gross expenses⁽¹⁾	1.23	1.17	1.07	1.09	1.05
Net investment income (loss)—actual	1.73	1.48	0.59	1.18	1.19
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	28.96	22.99	(0.90)	6.18	17.40
Net assets at end of year (in millions of dollars)	4.6	18.0	34.0	22.7	29.1
Portfolio turnover rate (%)	33	34	50	29	31

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

196

Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Multi-Cap Opportunities Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.70	13.48	16.13	15.18	15.95
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.12	0.11	0.07	0.09	0.06
Net gains (losses)—realized and unrealized	2.86	2.85	(0.43)	1.17	3.04
Subtotal: income (loss) from investment operations	2.98	2.96	(0.36)	1.26	3.10
Minus:
Distributions to shareholders
Income dividends	0.11	0.09	0.08	0.08	0.07
Capital gain distributions	0.09	0.22	0.51	0.41	0.45
Subtotal: distributions to shareholders	0.20	0.31	0.59	0.49	0.52
Equals:
Share price (NAV) at end of year	13.48	16.13	15.18	15.95	18.53
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.18⁽²⁾	1.10	1.10	1.11	1.10
Gross expenses	1.16⁽¹⁾	1.10	1.10	1.11	1.10
Net investment income (loss)—actual	0.91	0.71	0.47	0.62	0.32
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	28.22⁽³⁾	22.17	(2.16)	8.53	19.85
Net assets at end of year (in millions of dollars)	51.6	143.1	102.8	73.0	53.5
Portfolio turnover rate (%)	11	17	27	18	23

⁽¹⁾	Shows what this ratio would have been if there had been no expense repayment and/or the Fund had not utilized its line of credit.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been higher if the Manager had not recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

197

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Multi-Cap Opportunities Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.52	13.20	15.71	14.73	15.42
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.01	(0.00)	(0.04)	(0.02)	(0.07)
Net gains (losses)—realized and unrealized	2.81	2.79	(0.41)	1.13	2.94
Subtotal: income (loss) from investment operations	2.82	2.79	(0.45)	1.11	2.87
Minus:
Distributions to shareholders
Income dividends	0.05	0.06	0.02	0.01	0.00
Capital gain distributions	0.09	0.22	0.51	0.41	0.45
Subtotal: distributions to shareholders	0.14	0.28	0.53	0.42	0.45
Equals:
Share price (NAV) at end of year	13.20	15.71	14.73	15.42	17.84
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	2.05⁽²⁾	1.85	1.84	1.85	1.84
Gross expenses	1.92⁽¹⁾	1.85	1.84	1.85	1.84
Net investment income (loss)—actual	0.04	(0.01)	(0.27)	(0.11)	(0.40)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	27.10⁽³⁾	21.30	(2.84)	7.73	18.95
Net assets at end of year (in millions of dollars)	8.3	50.5	46.1	39.6	40.7
Portfolio turnover rate (%)	11	17	27	18	23

⁽¹⁾	Shows what this ratio would have been if there had been no expense repayment and/or the Fund had not utilized its line of credit.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been higher if the Manager had not recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

198

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Multi-Cap Opportunities Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.76	13.56	16.27	15.31	16.08
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.17	0.16	0.13	0.15	0.12
Net gains (losses)—realized and unrealized	2.86	2.88	(0.43)	1.18	3.06
Subtotal: income (loss) from investment operations	3.03	3.04	(0.30)	1.33	3.18
Minus:
Distributions to shareholders
Income dividends	0.14	0.11	0.15	0.15	0.14
Capital gain distributions	0.09	0.22	0.51	0.41	0.45
Subtotal: distributions to shareholders	0.23	0.33	0.66	0.56	0.59
Equals:
Share price (NAV) at end of year	13.56	16.27	15.31	16.08	18.67
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	0.85⁽²⁾	0.74	0.73	0.76	0.75
Gross expenses	0.82⁽¹⁾	0.74	0.73	0.76	0.75
Net investment income (loss)—actual	1.38	1.06	0.84	0.99	0.68
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	28.57⁽³⁾	22.65	(1.80)	8.94	20.27
Net assets at end of year (in millions of dollars)	1,430.7	2,566.4	2,191.4	1,757.2	1,828.2
Portfolio turnover rate (%)	11	17	27	18	23

⁽¹⁾	Shows what this ratio would have been if there had been no expense repayment and/or the Fund had not utilized its line of credit.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been higher if the Manager had not recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

199

Financial Highlights

Neuberger Berman Real Estate Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.82	12.95	14.69	13.60	15.12
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.12	0.14	0.15	0.17	0.18
Net gains (losses)—realized and unrealized	(0.51)	2.55	(0.35)	2.60	0.05
Subtotal: income (loss) from investment operations	(0.39)	2.69	(0.20)	2.77	0.23
Redemption fees	—	—	—	—	—
Minus:
Distributions to shareholders
Income dividends	0.12	0.14	0.16	0.18	0.16
Capital gain distributions	0.36	0.81	0.73	1.07	1.68
Tax return of capital	—	—	—	—	—
Subtotal: distributions to shareholders	0.48	0.95	0.89	1.25	1.84
Equals:
Share price (NAV) at end of year	12.95	14.69	13.60	15.12	13.51
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.21⁽²⁾	1.21	1.21	1.21	1.21
Gross expenses⁽¹⁾	1.47	1.43	1.41	1.42	1.42
Net investment income (loss)—actual	0.84	1.02	1.04	1.16	1.32
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	(2.82)	22.17	(1.65)	21.37	2.63
Net assets at end of year (in millions of dollars)	164.5	171.9	137	118.8	83.5
Portfolio turnover rate (%)	33	36	33	49	45

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

200

Financial Highlights

Neuberger Berman Real Estate Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.81	12.94	14.68	13.60	15.12
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.02	0.04	0.04	0.06	0.08
Net gains (losses)—realized and unrealized	(0.50)	2.55	(0.35)	2.60	0.05
Subtotal: income (loss) from investment operations	(0.48)	2.59	(0.31)	2.66	0.13
Redemption fees	—	—	—	—	—
Minus:
Distributions to shareholders
Income dividends	0.03	0.04	0.04	0.07	0.05
Capital gain distributions	0.36	0.81	0.73	1.07	1.68
Tax return of capital	—	—	—	—	—
Subtotal: distributions to shareholders	0.39	0.85	0.77	1.14	1.73
Equals:
Share price (NAV) at end of year	12.94	14.68	13.60	15.12	13.52
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.96⁽²⁾	1.96	1.96	1.96	1.96
Gross expenses⁽¹⁾	2.24	2.20	2.17	2.17	2.17
Net investment income (loss)—actual	0.11	0.26	0.30	0.39	0.57
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	(3.52)	21.24	(2.38)	20.45	1.89
Net assets at end of year (in millions of dollars)	39.7	40.4	29.9	29.3	18.9
Portfolio turnover rate (%)	33	36	33	49	45

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

201

Financial Highlights

Neuberger Berman Real Estate Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.86	12.99	14.74	13.64	15.17
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.17	0.18	0.21	0.22	0.22
Net gains (losses)—realized and unrealized	(0.51)	2.57	(0.37)	2.61	0.06
Subtotal: income (loss) from investment operations	(0.34)	2.75	(0.16)	2.83	0.20
Redemption fees	—	—	—	—	—
Minus:
Distributions to shareholders
Income dividends	0.17	0.19	0.21	0.23	0.21
Capital gain distributions	0.36	0.81	0.73	1.07	1.68
Tax return of capital	—	—	—	—	—
Subtotal: distributions to shareholders	0.53	1.00	0.94	1.30	1.89
Equals:
Share price (NAV) at end of year	12.99	14.74	13.64	15.17	13.56
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.85⁽²⁾	0.85	0.85	0.85	0.85
Gross expenses⁽¹⁾	1.07	1.05	1.03	1.05	1.05
Net investment income (loss)—actual	1.23	1.35	1.42	1.53	1.64
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	(2.48)	22.63	(1.34)	21.84	3.01
Net assets at end of year (in millions of dollars)	366.4	463.5	336.5	259.1	191.3
Portfolio turnover rate (%)	33	36	33	49	45

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

202

Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Small Cap Growth Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	21.27	26.36	29.92	32.15	29.53
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.19)	(0.28)	(0.33)	(0.25)	(0.30)
Net gains (losses)—realized and unrealized	5.28	3.84	2.56	(0.82)	6.76
Subtotal: income (loss) from investment operations	5.09	3.56	2.23	(1.07)	6.46
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.55	—
Subtotal: distributions to shareholders	—	—	—	1.55	—
Equals:
Share price (NAV) at end of year	26.36	29.92	32.15	29.53	35.99
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.26⁽²⁾	1.26	1.26	1.26	1.26
Gross expenses⁽¹⁾	1.83	1.81	1.83	1.95	1.90
Net investment income (loss)—actual	(0.81)	(0.96)	(1.01)	(0.88)	(0.93)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	23.93	13.51	7.45	(3.18)	21.88
Net assets at end of year (in millions of dollars)	2.4	4.4	5.1	3.5	3.3
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

203

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Small Cap Growth Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.83	17.01	19.16	20.44	18.05
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.24)	(0.32)	(0.36)	(0.28)	(0.33)
Net gains (losses)—realized and unrealized	3.42	2.47	1.64	(0.56)	4.12
Subtotal: income (loss) from investment operations	3.18	2.15	1.28	(0.84)	3.79
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.55	—
Subtotal: distributions to shareholders	—	—	—	1.55	—
Equals:
Share price (NAV) at end of year	17.01	19.16	20.44	18.05	21.84
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	2.01⁽²⁾	2.01	2.01	2.01	2.01
Gross expenses⁽¹⁾	2.56	2.57	2.58	2.68	2.63
Net investment income (loss)—actual	(1.58)	(1.68)	(1.76)	(1.63)	(1.68)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	22.99	12.64	6.68	(3.92)	21.00
Net assets at end of year (in millions of dollars)	1.1	1.8	2.3	1.8	2.0
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

204

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Small Cap Growth Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	19.71	24.51	27.92	30.11	27.66
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.09)	(0.15)	(0.20)	(0.14)	(0.17)
Net gains (losses)—realized and unrealized	4.89	3.56	2.39	(0.76)	6.34
Subtotal: income (loss) from investment operations	4.80	3.41	2.19	(0.90)	6.17
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.55	—
Subtotal: distributions to shareholders	—	—	—	1.55	—
Equals:
Share price (NAV) at end of year	24.51	27.92	30.11	27.66	33.83
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.90⁽²⁾	0.90	0.90	0.90	0.90
Gross expenses⁽¹⁾	1.41	1.48	1.44	1.55	1.50
Net investment income (loss)—actual	(0.41)	(0.54)	(0.65)	(0.53)	(0.57)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	24.35	13.91	7.84	(2.82)	22.31
Net assets at end of year (in millions of dollars)	14.9	19.0	20.7	9.4	11.8
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

205

Financial Highlights

These financial highlights describe the performance of the Fund's Class A shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Socially Responsive Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.95	22.05	24.06	20.28	20.15
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.14	0.16	0.13	0.11	0.10
Net gains (losses)—realized and unrealized	4.12	4.30	(0.06)	1.83	2.46
Subtotal: income (loss) from investment operations	4.26	4.46	0.07	1.94	2.56
Minus:
Distributions to shareholders
Income dividends	0.16	0.24	0.25	0.22	0.23
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	0.16	2.45	3.85	2.07	1.55
Equals:
Share price (NAV) at end of year	22.05	24.06	20.28	20.15	21.16
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.09⁽²⁾	1.05	1.05	1.05	1.03
Gross expenses	1.08⁽¹⁾	1.05	1.05	1.05	1.03
Net investment income (loss)—actual	0.67	0.68	0.57	0.56	0.48
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	23.89⁽³⁾	21.28	0.11	10.27	13.36
Net assets at end of year (in millions of dollars)	109.6	134.0	140.9	131.6	118.0
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Shows what this ratio would have been if there had been no expense repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been higher if the Manager had not recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

206

Financial Highlights

These financial highlights describe the performance of the Fund's Class C shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Socially Responsive Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.64	21.63	23.57	19.74	19.56
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.02)	(0.01)	(0.04)	(0.04)	(0.05)
Net gains (losses)—realized and unrealized	4.06	4.22	(0.05)	1.78	2.39
Subtotal: income (loss) from investment operations	4.04	4.21	(0.09)	1.74	2.34
Minus:
Distribution to shareholders
Income dividends	0.05	0.06	0.14	0.07	0.09
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	0.05	2.27	3.74	1.92	1.41
Equals:
Share price (NAV) at end of year	21.63	23.57	19.74	19.56	20.49
RATIO (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.80	1.79	1.79	1.78
Gross expenses	1.83⁽¹⁾	1.80	1.79	1.79	1.78
Net investment income (loss)—actual	(0.10)	(0.05)	(0.18)	(0.19)	(0.27)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	22.98⁽³⁾	20.42	(0.67)	9.44	12.53
Net assets at end of year (in millions of dollars)	27.5	44.5	52.2	53.5	56.6
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Shows what this ratio would have been if there had been no expense repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been higher if the Manager had not recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

207

Financial Highlights

These financial highlights describe the performance of the Fund's Institutional Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Socially Responsive Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	26.51	32.70	37.00	33.28	34.55
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.33	0.37	0.33	0.30	0.30
Net gains (losses)—realized and unrealized	6.09	6.49	(0.12)	3.11	4.32
Subtotal: income (loss) from investment operations	6.42	6.86	0.21	3.41	4.62
Minus:
Distributions to shareholders
Income dividends	0.23	0.35	0.33	0.29	0.30
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	0.23	2.56	3.93	2.14	1.62
Equals:
Share price (NAV) at end of year	32.70	37.00	33.28	34.55	37.55
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain offset arrangements had not been in effect.
Net expenses—actual	0.69⁽¹⁾	0.68	0.67	0.67	0.66
Gross expenses	0.69	0.68	0.67	0.67	0.66
Net investment income (loss)—actual	1.10	1.06	0.94	0.93	0.84
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.41	21.76	0.46	10.70	13.78
Net assets at end of year (in millions of dollars)	557.7	706.5	714.8	745.5	848.8
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

208

Financial Highlights

Neuberger Berman Value Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.13	13.44	16.40	14.25	15.62
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.10	0.11	0.13	0.14	0.18
Net gains (losses)—realized and unrealized	2.40	2.90	(1.33)	1.60	2.29
Subtotal: income (loss) from investment operations	2.50	3.01	(1.20)	1.74	2.47
Minus:
Distributions to shareholders
Income dividends	0.19	0.05	0.10	0.16	0.07
Capital gain distributions	—	—	0.85	0.21	—
Subtotal: distributions to shareholders	0.19	0.05	0.95	0.37	0.07
Equals:
Share price (NAV) at end of year	13.44	16.40	14.25	15.62	18.02
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.11⁽²⁾	1.10	1.08	1.10	1.08
Gross expenses⁽¹⁾	6.81	2.80	2.21	3.08	2.60
Net investment income (loss)—actual	0.82	0.74	0.84	1.02	1.08
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	22.72	22.43	(7.71)	12.70	15.83
Net assets at end of year (in millions of dollars)	3.7	8.0	7.3	3.8	2.7
Portfolio turnover rate (%)	250	129	166	118	115

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

209

Financial Highlights

Neuberger Berman Value Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.05	13.31	16.18	14.02	15.33
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.00	(0.01)	0.01	0.04	0.06
Net gains (losses)—realized and unrealized	2.39	2.88	(1.32)	1.57	2.22
Subtotal: income (loss) from investment operations	2.39	2.87	(1.31)	1.61	2.28
Minus:
Distributions to shareholders
Income dividends	0.13	—	0.00	0.09	0.09
Capital gain distributions	—	—	0.85	0.21	—
Subtotal: distributions to shareholders	0.13	—	0.85	0.30	0.09
Equals:
Share price (NAV) at end of year	13.31	16.18	14.02	15.33	17.52
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.87⁽²⁾	1.86	1.83	1.84	1.83
Gross expenses⁽¹⁾	7.31	3.57	2.98	3.87	3.31
Net investment income (loss)—actual	0.01	(0.05)	0.07	0.29	0.37
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	21.82	21.56	(8.44)	11.92	14.92
Net assets at end of year (in millions of dollars)	0.3	0.6	0.5	0.5	3.5
Portfolio turnover rate (%)	250	129	166	118	115

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

210

Financial Highlights

Neuberger Berman Value Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of period	11.18	13.52	16.51	14.35	15.72
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.16	0.17	0.19	0.20	0.25
Net gains (losses)—realized and unrealized	2.40	2.92	(1.35)	1.61	2.29
Subtotal: income (loss) from investment operations	2.56	3.09	(1.16)	1.81	2.54
Minus:
Distributions to shareholders
Income dividends	0.22	0.10	0.15	0.23	0.12
Capital gain distributions	—	—	0.85	0.21	—
Subtotal: distributions to shareholders	0.22	0.10	1.00	0.44	0.12
Equals:
Share price (NAV) at end of year	13.52	16.51	14.35	15.72	18.14
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.71⁽²⁾	0.70	0.70	0.72	0.71
Gross expenses⁽¹⁾	5.93	2.41	1.82	2.68	2.20
Net investment income (loss)—actual	1.25	1.12	1.24	1.40	1.47
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.23	22.98	(7.42)	13.23	16.18
Net assets at end of year (in millions of dollars)	6.9	12.6	13.1	9.1	10.8
Portfolio turnover rate (%)	250	129	166	118	115

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

211

Your Investment

Shares of the Funds generally are available only through financial intermediaries. For certain investors, shares of a Fund may also be available directly from Neuberger Berman BD LLC, the Funds' Distributor. See “Maintaining Your Account”.

Choosing a Share Class

The Funds offer different classes of shares through this prospectus. Each share class is available through various investment programs or accounts, including certain types of retirement plans and accounts (see limitations below). The services or share classes available to you may vary depending upon how you wish to purchase shares of a Fund.

Each share class represents investment in the same portfolio of securities, but each class has its own sales charge and expense structure, allowing you to choose the class that best fits your situation. When you purchase shares of a Fund, you should choose a share class. If none is chosen, your investment will be made in Class A shares.

Factors you should consider in choosing a class of shares include:

■	how long you expect to own the shares
■	how much you intend to invest
■	total expenses associated with owning shares of each class
■	whether you qualify for any reduction or waiver of sales charges (for example, Class A shares may be a less expensive option than Class C shares over time, particularly if you qualify for a sales charge reduction or waiver)
■	whether you plan to take any distributions in the near future
■	availability of (and eligibility for) share classes.

Each investor’s financial considerations are different. You should speak with your financial intermediary to help you decide which share class is best for you.

Summary of Primary Differences Among Share Classes

Class A Shares
Initial sales charge	Up to 5.75% (reduced for purchases of $50,000 or more and eliminated for purchases of $1 million or more)
Contingent deferred sales charge	None (except that a charge of 1.00% applies to certain redemptions made within 18 months following purchases of $1 million or more without an initial sales charge)
12b-1 fees	0.25% annually
Dividends	Generally higher than Class C due to lower annual expenses and lower than Institutional Class due to higher annual expenses
Purchase maximum	None
Conversion	None

Class C Shares
Initial sales charge	None
Contingent deferred sales charge	1.00% if shares are sold within one year after purchase
12b-1 fees	1.00% annually
Dividends	Generally lower than Class A and Institutional Class due to higher annual expenses
Purchase maximum	See the discussion regarding purchase minimums and maximums in “Maintaining Your Account”
Conversion	None

212

Institutional Class Shares
Initial sales charge	None
Contingent deferred sales charge	None
12b-1 fees	None
Dividends	Generally higher than Class A and Class C due to lower annual expenses
Purchase maximum	None
Conversion	None

Maintaining Your Account

Purchase of Class A and Class C shares—To open an account and purchase Class A and Class C shares of a Fund, contact any financial intermediary authorized to sell the Fund’s shares. Financial intermediaries may have sales charges and/or policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge waivers applicable to their customers that differ from those discussed herein; any such differences are described in Appendix A to this prospectus. All variations described in Appendix A are applied by, and are the responsibility of, the identified financial intermediary. Such variations may apply to purchases, sales, exchanges and reinvestments of Fund shares. In all instances, it is the purchaser’s responsibility to notify the Distributor or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase Fund shares directly from the Distributor, if eligible, or through another financial intermediary to receive these waivers or discounts. See “Financial Intermediaries” if you are buying shares through a financial intermediary.

For Grandfathered Investors (as defined below), instructions for buying shares directly from Neuberger Berman BD LLC, the Funds' Distributor, are under “Buying Shares.”

Purchase of Institutional Class shares—To open an account and purchase Institutional Class shares of a Fund, contact any financial intermediary authorized to sell the Fund’s shares. See “Financial Intermediaries” if you are buying shares through a financial intermediary.

Institutional Class shares are available for purchase (i) primarily through omnibus accounts (either at the plan level or at the level of the financial intermediary) by certain qualified retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans), profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans, (ii) primarily through omnibus accounts by financial intermediaries (including, but not limited to registered investment advisors and financial planners) that have entered into an agreement with the Distributor or an affiliate, (iii) by institutional investors, if approved by the Distributor, or (iv) by accounts or funds managed by the Manager or an affiliate (including the funds in the Neuberger Berman family of funds).

For shareholders who are eligible to buy Institutional Class shares directly from the Distributor (“Eligible Investors”), instructions for buying shares directly from the Distributor are under “Buying Shares.”

If you transact in Institutional Class shares, you may be required to pay a commission to a financial intermediary acting as your broker. You may be eligible to transact in the other share classes that are offered by the Fund that have different fees and expenses.

When you buy shares—Investment checks must be drawn on a U.S. bank. We cannot accept cash, money orders, starter checks, travelers checks, or other cash equivalents. We do accept Bank Checks and Cashier’s Checks from U.S. Financial Institutions.

When you buy shares, you will receive the next share price to be calculated after your order has been received in proper form. Purchase orders are deemed “received in proper form” when the Funds' transfer agent has received payment for the shares. In the case of certain institutional investors and financial intermediaries, the Distributor will process purchase orders when received, on the basis of a pre-existing arrangement to make payment by the following morning. In addition, if you have established a systematic investment program (SIP) with one or more of the Funds, your order is deemed received in proper form on the date you pre-selected on your SIP application for the systematic investments to occur. If you use a financial intermediary, you should check with that provider to find out by what time your purchase order must be received so that it can be processed the same day. Depending on when it accepts orders, it is possible that a Fund’s share price could change on days when you are unable to buy shares.

213

Whenever you make an initial investment in a Fund or add to your existing account (except with an automatic investment), you will be sent a statement confirming your transaction if you bought shares directly. Investors who bought shares through a financial intermediary should contact their financial intermediary for information regarding transaction statements.

Purchase minimums—The minimum initial investment in Class A or Class C shares is $1,000. Additional investments in Class A or Class C shares can be as little as $100. The minimum initial investment in Institutional Class shares is $1 million. These minimums may be waived in certain cases. See the Statement of Additional Information for more information.

Purchase maximums—For Class C shares, a purchase transaction may not (1) be $1 million or above or (2) increase an investor’s aggregate holdings in Class C shares to $1 million or above.

In addition, if you have significant holdings in the fund family, you may not be eligible to invest in Class C shares. Specifically, you may not purchase Class C shares if you are eligible to purchase Class A shares at the $1 million or more sales charge discount rate (i.e., at net asset value). See “Sales Charges” and the Statement of Additional Information for more information regarding sales charge discounts.

When you sell shares—To sell shares you bought through a financial intermediary, contact your financial intermediary. See “Financial Intermediaries” if you are selling shares through a financial intermediary. If you bought your shares directly from the Distributor, instructions for selling shares are under “Selling Shares.”

When you sell shares, you will receive the next share price to be calculated after your order has been received in proper form, minus any applicable contingent deferred sales charge. Redemption orders are deemed “received in proper form” when a Fund’s transfer agent has received your order to sell.

If you use a financial intermediary, you should check with that provider to find out by what time your redemption order must be received so that it can be processed the same day. Depending on when it accepts orders, it is possible that a Fund’s share price could change on days when you are unable to sell shares.

In some cases, you will have to place your order to sell shares in writing, and you will need a Medallion signature guarantee (see “Medallion Signature Guarantees”).

When selling Class A or Class C shares in an account that you do not intend to close, remember to leave at least $1,000 worth of shares in the account. When selling Institutional Class shares in an account that you do not intend to close, remember to leave at least $1 million worth of shares in the account. Otherwise, a Fund has the right to request that you bring the balance back up to the minimum level. If you have not done so within 60 days, we may close your account and redeem the proceeds. Institutional Class shareholders of a Fund as of the opening of regular trading on the Exchange on July 1, 2009, may continue to hold and buy Institutional Class shares of the Fund as long as they continuously maintain an account of at least $1 million in Institutional Class shares of the Fund; however, this minimum may be waived by the Distributor in certain cases.

Class A and Class C only—You may reinvest proceeds from a redemption, dividend payment or capital gain distribution without a sales charge in a Fund or another fund in the fund family provided the reinvestment is made into the same account from which you redeemed the shares or received the distribution. Financial intermediaries may have sales charges and/or policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge waivers applicable to their customers that differ; any such differences are described in Appendix A to this prospectus. If the account has been closed, reinvestment can be made without a sales charge if the new receiving account has the same registration as the closed account. Proceeds from a redemption and all dividend payments and capital gain distributions will be reinvested in the same share class from which the original redemption or distribution was made. Upon an eligible reinvestment, any contingent deferred sales charge on Class A or Class C shares will be credited to your account. Proceeds will be reinvested at the next calculated net asset value after your request is received in proper form. Redemption proceeds from a systematic withdrawal plan are not eligible for reinvestment without a sales charge.

Uncashed checks—We do not pay interest on uncashed checks from Fund distributions or the sale of Fund shares. We are not responsible for checks after they are sent to you. Checks will not be forwarded if the address of record is incorrect. After allowing a reasonable time for delivery, please call us if you have not received an expected check. While we cannot track a check, we may make arrangements for a replacement. We may be required to transfer assets related to uncashed checks to a state government under the state’s unclaimed or abandoned property law.

214

When you exchange Class A and Class C shares—Generally, you can move an investment from one fund to a comparable class of another fund in the fund family (or to an eligible money market fund outside the fund family) through an exchange of shares or by electing to use your cash distributions from one fund to purchase shares of the other fund, both without a sales charge. Financial intermediaries may have sales charges and/or policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge waivers applicable to their customers that differ; any such differences are described in Appendix A to this prospectus. Exchanges from eligible money market funds outside the fund family will be subject to applicable sales charges on the fund being purchased, unless the eligible money market fund shares were acquired through an exchange from a fund in the fund family having a sales charge or by reinvestment or cross-reinvestment of dividends or capital gain distributions from a fund in the fund family having a sales charge. Currently, most, but not all, funds in the fund family offer Class A and Class C shares.

When you exchange Institutional Class shares—Generally, you can move an investment from one fund to a comparable class of another fund in the fund family (or to an eligible money market fund outside the fund family) through an exchange of shares or by electing to use your cash distributions from one fund to purchase shares of the other fund.

When you exchange shares—There are three things to remember when making an exchange:

■	both accounts must have the same registration
■	you will need to observe any eligibility requirements, including minimum investment and minimum account balance requirements for the fund accounts involved
■	because an exchange is treated as a sale (redemption) of the exchanged shares for federal income tax purposes, consider any tax consequences before placing your order.

The exchange privilege can be withdrawn from any investor that we believe is trying to “time the market” or is otherwise making exchanges that we judge to be excessive. Frequent exchanges can interfere with Fund management and affect costs and performance for other shareholders. Contact your financial intermediary to see if it allows you to take advantage of the fund exchange program and for its policies to effect an exchange.

Grandfathered Investors generally are also eligible to take advantage of the exchange privilege assuming that they meet the requirements set forth above.

See “Additional Exchange Information” in the Statement of Additional Information for information regarding eligible money market funds outside the fund family.

Placing orders by telephone—If you use a financial intermediary, contact your financial intermediary for its policies regarding telephone orders.

If you bought your shares directly from the Distributor, you have the option of placing telephone orders, subject to certain restrictions. This option is available to you unless you indicate on your account application (or in a subsequent letter to us or to State Street Bank and Trust Company) that you do not want it.

Whenever we receive a telephone order, we take steps to make sure the order is legitimate. These may include asking for identifying information and recording the call. As long as a Fund and its representatives take reasonable measures to verify the authenticity of calls, investors may be responsible for any losses caused by unauthorized telephone orders.

In unusual circumstances, it may be difficult to place an order by phone. In these cases, consider sending your order by express delivery.

Proceeds from the sale of shares—For Class A and Class C shares, the proceeds from the shares you sell are typically sent out within two business days after your order is executed, and nearly always within seven days regardless of payment type. For Institutional Class shares, the proceeds from the shares you sell are typically sent out the next business day after your order is executed, and nearly always within seven days regardless of payment type. When you sell shares through your financial intermediary, contact your provider to find out when proceeds will be sent to you. There are two cases in which proceeds may be delayed beyond this time:

■	in unusual circumstances where the law allows additional time if needed
■	if a check you wrote to buy shares has not cleared by the time you sell those shares; clearance may take up to 15 calendar days from the date of purchase.

If you think you may need to sell shares soon after buying them, you can avoid the check clearing time by investing by wire.

The Funds do not issue certificates for shares.

215

The Funds typically expect to meet redemption requests, under both normal and stressed market conditions, by redeeming cash and cash equivalent portfolio holdings and/or selling portfolio securities or other instruments. As described further above and in the Funds’ Statement of Additional Information, the Funds also reserve the right to redeem an investor’s shares in kind (i.e., providing investors with portfolio securities instead of cash), in whole or in part to meet redemption requests in stressed market conditions and other appropriate circumstances.

Redemptions in kind may cause you to incur transaction costs to the extent you dispose of the securities redeemed in kind and the value of the securities redeemed in kind may decrease between the time of redemption and the time of such sale. The Funds may also borrow under any available line of credit and other available methods to meet redemption requests in both normal and stressed market conditions and other appropriate circumstances.

Other policies— Under certain circumstances, which may include normal and stressed market conditions, the Funds reserve the right to:

■	suspend the offering of shares
■	reject any exchange or purchase order
■	suspend or reject future purchase orders from any investor who has not provided timely payment to settle a purchase order
■	change, suspend, or revoke the exchange privilege
■	suspend the telephone order privilege
■	satisfy an order to sell Fund shares with securities rather than cash
■	suspend or postpone investors’ ability to sell Fund shares or postpone payments on redemptions for more than seven days, on days when trading on the New York Stock Exchange (“Exchange”) is restricted, or as otherwise permitted by the Securities and Exchange Commission (“SEC”)
■	change its investment minimums or other requirements for buying and selling, or waive any minimums or requirements for certain investors
■	remain open and process orders to purchase or sell Fund shares when the Exchange is closed.

Important information regarding unclaimed/abandoned property — If your financial intermediary (or, if you bought your shares directly, the Distributor) is unable to locate you, then it is required by law to determine whether your account(s) must be deemed “unclaimed” or “abandoned.” Your financial intermediary (or the Distributor) is required to transfer (or escheat) unclaimed or abandoned property to the appropriate state government in accordance with state law. Your account(s) may also be deemed “unclaimed” or “abandoned” and subsequently transferred to the appropriate state government if no activity (as defined by that state) occurs within the account(s) during the period of time specified by state law or if checks related to the account(s) remain uncashed. Your last known address of record determines which state has jurisdiction.

It is your responsibility to ensure that your financial intermediary (or the Distributor) maintains a correct address for your account(s). An incorrect address may cause your account statements and other mailings to be returned as undeliverable. Neither the Distributor nor a Fund nor its Transfer Agent will be liable to investors or their representatives for good faith compliance with state unclaimed or abandoned property (escheatment) laws. If you use a financial intermediary, contact that provider regarding applicable state escheatment laws.

Medallion Signature Guarantees

You may need a Medallion signature guarantee when you sell shares directly or through a financial intermediary. A Medallion signature guarantee is a guarantee that your signature is authentic.

Medallion signature guarantees are required for a variety of transactions including requests for changes to your account or to the instructions for distribution of proceeds. We reserve the right to require a Medallion signature guarantee on any transaction at our discretion.

Most banks, brokers, and other financial institutions can provide you with one. Some may charge a fee; others may not, particularly if you are a customer of theirs.

A notarized signature from a notary public is not a Medallion signature guarantee.

Financial Intermediaries

The shares available in this prospectus can be purchased through certain financial intermediaries such as banks, brokerage firms, workplace retirement programs, and financial advisers.

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The minimum aggregate size for each financial intermediary’s account with a Fund is $1 million for Institutional Class shares. This minimum does not apply to your individual account; however, your financial intermediary may establish a minimum size for individual accounts. The Distributor can waive this $1 million minimum for financial intermediaries in appropriate cases.

The fees and policies outlined in this prospectus are set by the Funds and by the Distributor. However, if you use a financial intermediary, most of the information you will need for managing your investment will come from that provider. This includes information on how to buy and sell shares, investor services, and additional policies.

If you use a financial intermediary, contact that provider to buy or sell shares of the Funds described in this prospectus.

Most financial intermediaries allow you to take advantage of the fund exchange program, which is designed for moving an investment from one fund to a comparable class of another fund in the fund family if made available by that financial intermediary through an exchange of shares. Currently, most, but not all, funds in the fund family offer Class A and Class C shares.

In exchange for the services it offers, your financial intermediary may charge fees that are in addition to those described in this prospectus.

Additional Payments to Financial Intermediaries

The Distributor and/or its affiliates pay additional compensation, out of their own resources and not as an expense of the Funds, to certain financial intermediaries, including affiliates, in connection with the sale, distribution, retention and/or servicing of Fund shares. The amount of these payments may be substantial and may differ among financial intermediaries based on, for example, the level or type of services provided by a financial intermediary. These payments are in addition to any fees paid to compensate financial intermediaries for providing distribution related services to the Funds and/or administrative or shareholder services to Fund shareholders, as well as any commissions paid to financial intermediaries out of sales charges paid by investors. These arrangements are separately negotiated between the Distributor and/or its affiliates, and the recipients of these payments or their affiliates. If your financial intermediary receives such payments, these payments may provide an incentive for the financial intermediary to make the Fund’s shares available to you, or recommend the Fund. If you have purchased shares of a Fund through a financial intermediary, please speak with your financial intermediary to learn more about any payments it receives from the Distributor and/or its affiliates, as well as fees and/or commissions the financial intermediary charges. You should also consult disclosures made by your financial intermediary at the time of purchase. Any such payments by the Distributor or its affiliates will not change the net asset value or the price of a Fund's shares. For more information, please see the Funds' Statement of Additional Information.

Distribution and Shareholder Servicing Fees

The Funds have adopted plans pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the plans, each of Class A and Class C pays the Distributor a fee at an annual rate of 0.25% and 1.00%, respectively, of its average net assets to compensate financial intermediaries for providing distribution related services to a Fund and/or administrative or shareholder services to Fund shareholders. The Distributor may also retain part of this fee as compensation for providing these services. These fees increase the cost of investment. Because these fees are paid out of a Fund’s assets on an on-going basis, over the long term they could result in higher overall costs than other types of sales charges.

Information Required from New Accounts

To help the U.S. government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

When you open an account, we (which may include your financial intermediary acting on our behalf) will require your name, address, date of birth, and social security number or other taxpayer identification number. We may also require other identifying documents. If we cannot verify the information you supply to us or if it is incomplete, we may be required to return your funds or redeem your account.

Retirement Plans and Accounts

If you use a financial intermediary, contact that provider for information on retirement plans or accounts it may make available for investment in Fund shares.

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Internet Access

If you use a financial intermediary, contact that provider about the services and information it provides on the Internet.

Share Prices

Because Class A shares of the Funds have an initial sales charge, the price you pay for each Class A share of a Fund is the Fund's offering price, which is the Fund’s net asset value per share plus any applicable sales charge. The initial sales charge for Class A shares of a Fund may be eliminated in certain circumstances. Because Class C shares of the Funds do not have an initial sales charge, the price you pay for each Class C share of a Fund is the Fund’s net asset value per share. Unless a contingent deferred sales charge is applied, a Fund pays you the full share price when you sell Class A or Class C shares (see “Sales Charges” for more information).

Because Institutional Class shares of the Funds do not have a sales charge, the price you pay for each Institutional Class share of a Fund is the Fund’s net asset value per share. Similarly, because there are no fees for selling Institutional Class shares, a Fund pays you the full share price when you sell Institutional Class shares.

If you use a financial intermediary, that provider may charge fees that are in addition to those described in this prospectus.

The Funds are generally open for business every day the Exchange is open. The Exchange is generally closed on all national holidays and Good Friday; Fund shares will not be priced on those days or other days on which the Exchange is scheduled to be closed. When the Exchange is closed for unusual reasons, Fund shares will generally not be priced although a Fund may decide to remain open and price Fund shares and in such a case, the Fund would post a notice on www.nb.com.

Each Fund normally calculates its share price on each day the Exchange is open once daily as of 4:00 P.M., Eastern time. In the event of an emergency or other disruption in trading on the Exchange, a Fund’s share price would still normally be determined as of 4:00 P.M., Eastern time. In general, every buy or sell order you place will go through at the next share price calculated after your order has been received in proper form (see “Maintaining Your Account” for information on placing orders). If you use a financial intermediary, you should check with that provider to find out by what time your order must be received so that it can be processed the same day. Depending on when it accepts orders, it is possible that a Fund’s share price could change on days when you are unable to buy or sell shares.

Because foreign markets may be open on days when U.S. markets are closed, the value of foreign securities owned by a Fund could change on days when you cannot buy or sell Fund shares. Remember, though, any purchase or sale takes place at the next share price calculated after your order is received in proper form.

Share Price Calculations

The net asset value per share of each class of a Fund is the total value of Fund assets attributable to shares of that class minus the liabilities attributable to that class, divided by the total number of shares outstanding for that class. Because the value of a Fund’s portfolio securities changes every business day, its share price usually changes as well.

A Fund generally values its investments based upon their last reported sale prices, market quotations, or estimates of value provided by an independent pricing service as of the time as of which the Fund’s share price is calculated. Equity securities (including securities issued by ETFs) and exchange-traded derivative instruments held by a Fund generally are valued by one or more independent pricing services approved by the Board of Trustees at the last reported sale price or official closing price or, if there is no reported sale quoted on a principal exchange or market for that security or official closing price, on the basis of market quotations. Debt securities and certain derivative instruments that do not trade on an exchange generally are valued by one or more independent pricing services approved by the Board of Trustees on the basis of market quotations and in the case of derivatives, market data about the underlying investments. Short-term securities held by a Fund may be valued on the basis of amortized cost, unless other factors indicate that amortized cost is not an accurate estimate of the security’s value.

Investments in non-exchange traded investment companies are valued using the respective fund’s daily calculated net asset value per share. The prospectuses for these funds explain the circumstances under which the funds will use fair value pricing and the effects of using fair value pricing.

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certain types of illiquid securities. Fair value pricing generally will be used if the market in which a portfolio security trades closes early or if trading in a particular security was halted during the day and did not resume prior to the time as of which a Fund’s share price is calculated.

A Fund may also fair value securities that trade in a foreign market if significant events that appear likely to affect the value of those securities occur between the time the foreign market closes and the time as of which the Fund’s share price is calculated. Significant events may include (1) corporate actions or announcements that affect a single issuer, (2) governmental actions that affect securities in one sector, country or region, (3) natural disasters or armed conflicts that affect a country or region, or (4) significant domestic or foreign market fluctuations.

The effect of using fair value pricing is that a portfolio security will be priced based on the subjective judgment of the Manager, operating under procedures approved by the Board of Trustees, instead of being priced using valuations from an independent pricing service. Fair value pricing can help to protect a Fund by reducing arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing will completely prevent dilution of a Fund’s net asset value by such traders.

Privileges and Services

If you purchase shares through a financial intermediary, consult your financial intermediary for information about privileges and services. If you purchase shares directly from the Distributor, see “Direct Investors” for information about privileges and services.

Sales Charges

Class A sales charges—The initial sales charge you pay each time you buy Class A shares differs depending upon the amount you invest and may be reduced or eliminated for larger purchases as indicated below. The “offering price,” the price you pay to buy shares, includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to an initial sales charge.

	Sales charges as a percentage of:
Investment	Offering Price	Net amount invested	Dealer commission as a percentage of offering price
Less than $50,000	5.75%	6.10%	5.00%
$50,000 or more but less than $100,000	4.75%	4.99%	4.00%
$100,000 or more but less than $250,000	3.75%	3.90%	3.00%
$250,000 or more but less than $500,000	2.75%	2.83%	2.25%
$500,000 or more but less than $1 million	2.00%	2.04%	1.75%
$1 million or more and certain other investments described below	None	None	See below

The sales charge, expressed as a percentage of the offering price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary with the size of the investment and the net asset value of the shares. Similarly, any contingent deferred sales charge paid by you on investments in Class A shares may be higher or lower than the 1% charge described below due to rounding.

Except as provided below, investments in Class A shares of $1 million or more may be subject to a 1% contingent deferred sales charge if the shares are sold within 18 months of purchase. The contingent deferred sales charge is a percentage of the original purchase price or the current market value of the shares being sold, whichever is less.

Class A purchases not subject to sales charges–Sales charge waivers are available for investments in Class A shares by Grandfathered Investors (see “Direct Investors” for more information) provided that such investors have properly notified the Manager or the Distributor of such status in advance of such purchases, except that in the case of accounts of Grandfathered Investors who have a documented relationship with a financial intermediary, the availability of the sales charge waiver may depend on the financial intermediary’s policies and procedures and eligibility requirements regarding such waivers.

When purchasing through a financial intermediary, you may not benefit from certain policies and procedures of the Fund as your eligibility may be dependent upon the policies and procedures of your financial intermediary, including those regarding sales

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charge waivers and reductions of sales charges through reinstatement, rights of accumulation, letters of intent, and share class exchanges and/or conversions. In some cases, due to financial intermediary policies and procedures, customers may receive waivers in circumstances that are not expressly provided for herein. In all instances, it is the investor’s responsibility to notify its financial intermediary of any relationship or other facts qualifying the investor for sales charge waivers or reductions. (Please see “Sales Charge Reductions and Waivers” below for additional information).

The Distributor may pay financial intermediaries up to 1% on investments made in Class A shares with no initial sales charge. See “Distribution and Shareholder Servicing Fees” for additional information regarding each Fund’s plans of distribution.

Certain other investors may qualify to purchase shares without a sales charge, such as employees of financial intermediaries authorized to sell funds in the fund family, employees of Neuberger Berman and members of the Funds' Board of Trustees. See “Sales Charge Reductions and Waivers” below for more information.

Class C sales charges—Class C shares are sold without any initial sales charge. For Class C shares, a contingent deferred sales charge of 1% applies if shares are sold within one year of purchase.

Any contingent deferred sales charge paid by you on investments in Class C shares, expressed as a percentage of the applicable redemption amount, may be higher or lower than the percentages described above due to rounding.

Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a contingent deferred sales charge. In addition, the contingent deferred sales charge may be waived in certain circumstances. See “Sales Charge Reductions and Waivers” below for more information. The contingent deferred sales charge is a percentage of the original purchase price or the current market value of the shares being sold, whichever is less. For purposes of determining the contingent deferred sales charge, if you sell only some of your shares, shares that are not subject to any contingent deferred sales charge will be sold first, followed by shares that you have owned the longest. The Distributor pays a fee equal to 1% of the amount invested to financial intermediaries who sell Class C shares. All or a portion of these payments may be made from amounts that each Fund pays the Distributor through its plans of distribution. See “Distribution and Shareholder Servicing Fees” for information regarding each Fund’s plans of distribution.

Sales Charge Reductions and Waivers

Sales charge waivers are available for investments in Class A shares by Grandfathered Investors (see “Direct Investors” for more information) provided that such investors have properly notified NB Group and any affiliates of such status in advance of purchase.

Financial intermediaries may have sales charges and/or policies and procedures regarding the availability of front-end sales charge waivers or contingent deferred sales charge waivers applicable to their customers that differ from those discussed herein; any such differences are described in Appendix A to this prospectus. To receive a reduction in your Class A initial sales charge, you or your financial intermediary must let the Distributor know at the time you purchase shares that you qualify for such a reduction. If you or your financial intermediary does not let the Distributor know that you are eligible for a reduction, you may not receive a sales charge discount to which you are otherwise entitled. In order to determine your eligibility to receive a sales charge discount, it may be necessary for you or your financial intermediary to provide the Distributor with information and records (including account statements) of all relevant accounts invested in the fund family. To have your Class A or Class C contingent deferred sales charge waived, you or your financial intermediary must let the Distributor know at the time you redeem shares that you qualify for such a waiver.

Class A shares of a Fund may be sold at net asset value to the following types of investors, provided that such investors have properly notified their financial intermediary, NB Group (and/or any affiliates), as appropriate, of their eligibility in advance of purchase:

1.	current or retired directors, trustees, and officers of the Neuberger Berman Funds, current or retired employees and partners of NB Group and any affiliates, or of any entity controlling, controlled by or under common control with a Neuberger Berman Fund, NB Group and any affiliates;
2.	current employees of firms, including wholesalers, that have entered into selling agreements to distribute shares of the Neuberger Berman Funds;
3.	current employees of registered investment advisers that invest in the Neuberger Berman Funds either for proprietary accounts or on behalf of clients;
4.	immediate family members of persons listed in (1) through (3) above (as “immediate family” is defined below);

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5.	companies exchanging securities with a Fund through a merger, acquisition or exchange offer;
6.	insurance company separate accounts;
7.	NB Group and its affiliated companies;
8.	an individual or entity with a substantial client relationship with NB Group and its affiliated companies, or an individual or entity related or relating to such individual or entity that holds its shares directly with a Fund;
9.	financial intermediaries (including but not limited to registered investment advisors and financial planners) that have entered into an agreement with the Distributor or one of its affiliates, purchasing shares on behalf of clients participating in a fund supermarket or in a wrap program, asset allocation program or other program in which the clients pay an asset-based fee;
10.	Employer-sponsored qualified retirement plans, including 401(k) plans, 457 plans, group 403(b) plans and individual 403(b) accounts, maintained at a financial intermediary that has an agreement with the Distributor, the Manager or the Administrator, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans; and individual retirement account (“IRA”) rollovers involving retirement plan assets invested in the Funds and transferred in-kind to an IRA held at a financial intermediary that has an agreement with the Distributor, the Manager or the Administrator to service such accounts;
11.	Employee benefit and retirement plans sponsored by NB Group and any affiliates and any entity controlling, controlled by or under common control with NB Group and any affiliates;
12.	Certain IRAs that are part of an IRA platform sponsored by or maintained at a financial intermediary that has an agreement with the Distributor, the Manager or the Administrator which specifically provides that the Funds' shares are offered at NAV on such IRA platform; and
13.	Qualified Tuition Programs under Section 529 of the Code.

Shares are offered at NAV to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established under this net asset value privilege, additional investments can be made at NAV for the life of the account.

Reducing your Class A initial sales charge—Consistent with the policies described in this prospectus, you and your “immediate family” (your spouse—or equivalent if recognized under local law—and your children under the age of 21) may combine all of your investments in the fund family to reduce your Class A sales charge.

Aggregating accounts to reduce Class A initial sales charge—To receive a reduced Class A sales charge, investments made by you and your immediate family (see above) may be aggregated if made for your own account(s) and/or certain other accounts if all parties are purchasing shares for their own accounts and/or:

■	trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct the Fund’s transfer agent to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s own accounts);
■	business accounts solely controlled by you or your immediate family (for example, you own the entire business);
■	individual retirement plans, such as an IRA, individual 403(b) plan (see exception in “Purchases by certain 403(b) plans” under “Sales Charges”) or single-participant Keogh-type plan ;
■	endowments or foundations established and controlled by you or your immediate family; or
■	529 accounts, which will be aggregated at the account owner level.

Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:

■	for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;
■	made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;
■	for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating Fund shares;
■	for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such

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organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations; or

■

for individually established participant accounts of a 403(b) plan that is treated similarly to an employer-sponsored plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales Charges” above), or made for two or more such 403(b) plans that are treated similarly to employer-sponsored plans for sales charge purposes, in each case of a single employer or affiliated employers as defined in the 1940 Act.

Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name accounts unless otherwise qualified as described above.

Concurrent purchases to reduce Class A initial sales charge—You may combine simultaneous purchases (including, upon your request, purchases for gifts) of any class of shares of two or more funds in the fund family to qualify for a reduced Class A sales charge.

Rights of accumulation to reduce Class A initial sales charge—Subject to the limitations described in the aggregation policies above, you may take into account your accumulated holdings in all share classes of the fund family to determine the initial sales charge you pay on each purchase of Class A shares. Subject to your financial intermediary’s capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existing holdings (the “market value”) or (b) the amount you invested (including reinvested dividends and other distributions, but excluding capital appreciation) less any withdrawals (the “cost value”). Depending on the entity on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value for purposes of rights of accumulation. You should retain any records necessary to substantiate the historical amounts you have invested. You must contact your financial adviser or the Distributor if you have additional information that is relevant to the calculation of the value of your holdings. If you make a gift of shares, upon your request, you may purchase the shares at the sales charge discount allowed under rights of accumulation of all of your accounts in the fund family. You may not purchase Class C shares if such combined holdings cause you to be eligible to purchase Class A shares at the $1 million or more sales charge discount rate (i.e. at NAV).

Letter of Intent to reduce Class A initial sales charge—You may reduce your Class A sales charge by establishing a letter of intent. By establishing a letter of intent (the “Letter”), you enter into a nonbinding commitment to purchase shares of funds in the fund family over a 13-month period (the “Period”) and receive the same sales charge (expressed as a percentage of your purchases) as if all shares had been purchased at once; however, purchases made under a right of reinvestment, appreciation of your holdings, and reinvested dividends and other distributions do not count as purchases made during the Period. The market value of your existing holdings eligible to be aggregated as of the day immediately before the start of the Period may be credited toward satisfying the Letter. See “Sales Charges” for more information.

The Letter may be revised upward at any time during the Letter period, and such a revision will be treated as a new Letter, except that the Letter period during which the purchases must be made will remain unchanged. Purchases made from the date of revision will receive the reduced sales charge, if any, resulting from the revised Letter.

The Letter will be considered completed if the shareholder dies within the 13-month Letter period. Commissions to dealers will not be adjusted or paid on the difference between the Letter amount and the amount actually invested before the shareholder’s death.

A portion of your account may be held in escrow to cover additional Class A sales charges that may be due if your total purchases over the Period do not qualify you for the applicable sales charge reduction. When a shareholder elects to use a Letter, shares equal to 5% of the dollar amount specified in the Letter may be held in escrow in the shareholder’s account out of the initial purchase (or subsequent purchases, if necessary) by the Fund’s transfer agent. All dividends and any other distributions on shares held in escrow will be credited to the shareholder’s account in shares (or paid in cash, if requested). If the intended investment is not completed within the specified Letter period, the purchaser may be required to remit to the Distributor the difference between the sales charge actually paid and the sales charge which would have been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder’s account at the time a purchase was made during the Letter period will receive a corresponding commission adjustment if appropriate. If the difference is not paid by the close of the Letter period, the appropriate number of shares held in escrow will be redeemed to pay such difference. If the proceeds from this redemption are inadequate, the purchaser may be liable to the Distributor for the balance still outstanding.

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Shareholders purchasing shares at a reduced sales charge under a Letter indicate their acceptance of these terms and those in the Class A and Class C Prospectuses with their first purchase. Employer sponsored retirement plans may be restricted from establishing a letter of intent.

Right of reinvestment—Please see “Maintaining Your Account—When you sell shares” for information on how to reinvest proceeds from a redemption, dividend payment or capital gain distribution without a sales charge.

Contingent deferred sales charge waivers—The contingent deferred sales charge on Class A and Class C shares may be waived in the following cases:

■	permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which contingent deferred sales charge would apply to the initial shares purchased
■	tax-free returns of excess contributions to IRAs
■	redemptions due to death or post-purchase disability of the shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Fund’s transfer agent of the other joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the date of such notification will be subject to a CDSC.
■	distributions from an IRA upon the shareholder’s attainment of age 59½
■	the following types of transactions, if together they do not exceed 12% of the value of an “account” (defined below) annually (the 12% limit):

(i) redemptions due to the shareholder receiving required minimum distributions from retirement accounts upon reaching age 70½; and

(ii) redemptions through a systematic withdrawal plan (SWP) established directly with a Fund. For each SWP payment, assets that are not subject to a CDSC, such as appreciation on shares and shares acquired through reinvestment of income dividends and/or other distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular SWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any income dividends and/or other distributions taken in cash by a shareholder who receives payments through a SWP will also count toward the 12% limit. In the case of a SWP, the 12% limit is calculated at the time a systematic redemption is first made, and is recalculated at the time each additional systematic redemption is made. Shareholders who establish a SWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.

For purposes of this paragraph, “account” means:

(a) in the case of Class A shares, your investment in Class A shares of all funds in the fund family; and

(b) in the case of Class C shares, your investment in Class C shares of the particular fund from which you are making the redemption.

■	purchases where no commission or transaction fee is paid by the Distributor to authorized dealers at the time of purchase.

Exchanges of shares—Exchanges of shares are generally not subject to any applicable sales charges. However, exchanges from eligible money market funds outside the fund family will be subject to applicable sales charges on the fund shares being purchased, unless the eligible money market fund shares were acquired through an exchange from a fund in the fund family having a sales charge or by reinvestment or cross-reinvestment of dividends or capital gain distributions from a fund in the fund family having a sales charge.

Distributions and Taxes

Distributions—Each Fund pays out to its shareholders any net investment income and net realized capital gains. Ordinarily, each Fund makes any distributions once a year (usually in December), except that Equity Income Fund, Global Real Estate Fund and Real Estate Fund typically distribute any net investment income quarterly. Gains from foreign currency transactions, if any, are normally distributed in December. A Fund may make additional distributions, if necessary, to avoid federal income or excise taxes.

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Unless you designate otherwise, your distributions from a Fund will be reinvested in additional shares of the distributing class of the Fund. However, if you prefer, you may receive all distributions in cash or reinvest capital gain distributions but receive income dividends in cash. Distributions taken in cash can be sent to you by check or by electronic transfer to a designated bank account or invested in shares of the same class of another fund in the fund family with the same account registration. To take advantage of one of these options, please indicate your choice on your application or contact a Fund in writing or by phone if you bought shares directly. If you use a financial intermediary, you must consult it about whether your income dividends and capital gain distributions from a Fund will be reinvested in additional shares of the distributing class of the Fund or paid to you in cash.

How distributions are taxed—Except for tax-advantaged retirement plans and accounts and other tax-exempt investors (collectively, “exempt investors”) and except as noted in the next sentence, all Fund distributions you receive are generally taxable to you, regardless of whether you take them in cash or reinvest them in additional Fund shares.

Fund distributions to IRAs, Roth IRAs, and qualified retirement plans generally are tax-free. Eventual withdrawals from a Roth IRA also may be tax-free.

Distributions generally are taxable to shareholders other than exempt investors in the year they are received. In some cases, however, distributions received in January are treated for federal income tax purposes as if they had been paid the previous December 31. Your tax statement (see “Taxes and You”) will help clarify this for you.

Distributions of net investment income and the excess of net short-term capital gain over net long-term capital loss (“dividends”) are taxed as ordinary income. However, for individual and certain other non-corporate shareholders (each, an “individual shareholder”) who satisfy certain holding period and other restrictions with respect to their Fund shares on which the dividends are paid, a Fund’s dividends attributable to “qualified dividend income” (generally, dividends the Fund receives on stock of most U.S. and certain foreign corporations with respect to which it satisfies those restrictions) are subject to maximum federal income tax rates that are lower than the maximum rates for ordinary income (“lower maximum rates”).

Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxed as long-term capital gain and for individual shareholders are subject to the lower maximum rates. The tax treatment of capital gain distributions from a Fund depends on how long the Fund held the securities it sold that generated the gain, not on when you bought your shares of the Fund or whether you reinvested your distributions.

If, for any taxable year, a Fund distributes an amount that exceeds the sum of its investment company taxable income plus net capital gain for that year—which might result from, among other things, the difference between book and tax accounting treatment of certain derivatives and foreign currency transactions—that excess generally will not be taxable (a so-called “return of capital”), which will reduce your tax basis in your Fund shares. To the extent that excess is greater than your tax basis, it will be treated as gain from a redemption of your shares (taxed as described below).

Shareholders should review any notice that accompanies a payment of dividends or other distributions to determine whether any portion of the payment represents a return of capital rather than a distribution of a Fund’s net income and/or realized gains.

How share transactions are taxed—When you sell (redeem) or exchange Fund shares, you generally will realize a taxable gain or loss. An exception, once again, applies to exempt investors. For individual shareholders, any capital gain recognized on a redemption or exchange of Fund shares that have been held for more than one year will qualify for the lower maximum rates.

Additional tax—An individual shareholder’s distributions from a Fund and net gains recognized on redemptions and exchanges of Fund shares are subject to a 3.8% federal tax on the lesser of (1) the individual’s “net investment income” (which generally includes distributions from a Fund and net gains from the disposition of Fund shares) or (2) the excess of the individual's “modified adjusted gross income” over a specified threshold amount. This tax is in addition to any other taxes due on that income. You should consult your own tax professional regarding the effect, if any, this tax may have on your investment in Fund shares.

Taxes and You

The taxes you actually owe on Fund distributions and share transactions can vary with many factors, such as your marginal tax bracket, how long you held your shares and whether you owe federal alternative minimum tax.

How can you figure out your tax liability on Fund distributions and share transactions? One helpful tool is the tax statement that we or your financial intermediary sends you after the end of each calendar year. It details the distributions you received during the past year and shows their tax status. That statement, or a separate statement from us or your financial intermediary, also covers your share transactions.

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Most importantly, consult your tax professional. Everyone’s tax situation is different, and your tax professional should be able to help you answer any questions you may have.

Backup Withholding

A Fund is required to withhold at the backup withholding rate from the money you are otherwise entitled to receive from its distributions and redemption proceeds (regardless of whether you realized a gain or loss) if you are an individual shareholder who fails to provide a correct taxpayer identification number to the Fund. Withholding at that rate also is required from a Fund’s distributions to which you are otherwise entitled if you are an individual shareholder and the Internal Revenue Service tells us that you are subject to backup withholding (1) for failing to properly report the receipt of interest or dividend income or (2) for any other reason.

If you use a financial intermediary, you must supply your signed taxpayer identification number form (generally, Form W-9) to your financial intermediary and it must supply its taxpayer identification number to us, in order to avoid backup withholding.

Buying Shares Before a Distribution

The money a Fund earns, either as net investment income or as net realized capital gains, is reflected in its share price until it distributes the money. At that time, the amount of the distribution is deducted from the share price. Because of this, if you buy shares of a Fund just before it makes such a distribution, you will end up getting some of your investment back as a taxable distribution. You can avoid this situation by waiting to invest until after the record date for the distribution.

Generally, if you are an exempt investor, there are no current tax consequences to you from distributions.

Basis Determination and Reporting

Your basis in Fund shares that you acquired or acquire after December 31, 2011 (collectively, “Covered Shares”), will be determined in accordance with the Funds' default basis determination method, which is average basis, unless you affirmatively elect in writing (which may be electronic) to use a different basis determination method acceptable to the Internal Revenue Service. The basis determination method may not be changed with respect to a redemption (including a redemption that is part of an exchange) of Covered Shares after the settlement date of the redemption. A Fund must report to the Internal Revenue Service and furnish to its shareholders the basis information for Covered Shares. See “Additional Tax Information” in the Statement of Additional Information for more information about the rules regarding basis determination and a Fund’s reporting obligation. You should consult with your tax professional to determine the best basis determination method for your tax situation and to obtain more information about how the basis determination and reporting rules apply to you.

Direct Investors

Eligible Investors and Grandfathered Investors are collectively referred to as “Direct Investors”.

“Grandfathered Investors” are investors in any fund in the Neuberger Berman family of funds who hold their shares directly with Neuberger Berman, who established accounts in Investor Class or Trust Class shares prior to March 1, 2008, and who have continuously maintained an account directly with Neuberger Berman since that date. A Grandfathered Investor's “immediate family” (his or her spouse—or equivalent if recognized under local law—and his or her children under the age of 21) are also deemed “Grandfathered Investors.” A Grandfathered Investor's mother, father, sister, or brother may open a custodial account for the Grandfathered Investor's minor children. Grandfathered Investors do not include any financial intermediaries who have accounts with a fund or shareholders who invest through such financial intermediaries.

Statements and Confirmations—Please review your account statements and confirmations carefully as soon as you receive them. You must contact us within 30 days if you have any questions or notice any discrepancies. Otherwise, you may adversely affect your right to make a claim about the transaction(s).

Systematic Investments—This plan lets you take advantage of dollar-cost averaging by establishing periodic investments of $100 or more a month (for Institutional Class, once you make an initial minimum investment of at least $1 million). You choose the schedule and amount. Your investment money may come from an eligible money market fund outside the fund family or your bank account.

225

Systematic Withdrawals—This plan lets you arrange withdrawals of at least $100 from a fund in the fund family on a periodic schedule. You can also set up payments to distribute the full value of an account over a given time. While this service can be helpful to many investors, be aware that it could generate capital gains or losses.

Electronic Bank Transfers—When you sell Fund shares, you can have the money sent to your bank account electronically rather than mailed to you as a check. Please note that your bank must be a member of the Automated Clearing House, or ACH, system.

FUNDfone®—Grandfathered Investors only. Get up-to-date performance and account information through our 24-hour automated service by calling 800-335-9366.

Dollar-Cost Averaging

Systematic investing allows you to take advantage of the principle of dollar-cost averaging. When you make regular investments of a given amount—say, $100 a month—you will end up investing at different share prices over time. When the share price is high, your $100 buys fewer shares; when the share price is low, your $100 buys more shares. Over time, this can help lower the average price you pay per share.

Dollar-cost averaging cannot guarantee you a profit or protect you from losses in a declining market. But it can be beneficial over the long term.

Internet Access

Grandfathered Investors with Internet access can enjoy many valuable and time-saving features by visiting us at www.nb.com.

The site offers more complete information on our funds, including current performance data, portfolio manager interviews, tax information plus educational articles, news and analysis. You can tailor the site so it serves up information that is most relevant to you.

As a Fund shareholder, you can use the web site to access account information 24 hours a day.

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If you are a Direct Investor buying or selling shares, instructions are provided in the following charts. Investors buying or selling shares through a financial intermediary should contact it for instructions.

Buying Shares—Direct Investors

Method	Things to know	Instructions
Sending us a check	Grandfathered Investors: Your first investment must be at least $1,000 Additional investments can be as little as $100 Eligible Investors: Your first investment must be at least $1 million Direct Investors: We cannot accept cash, money orders, starter checks, travelers checks, or other cash equivalents We do accept Bank Checks and Cashier’s Checks from U.S. Financial Institutions You will be responsible for any losses or fees resulting from a bad check; if necessary, we may sell other shares belonging to you in order to cover these losses All checks must be made out to “Neuberger Berman Funds”; we cannot accept checks made out to you or other parties and signed over to us	Fill out the application and enclose your check If regular first-class mail, send to: Neuberger Berman Funds Boston Service Center P.O. Box 8403 Boston, MA 02266-8403 If express delivery, registered mail, or certified mail, send to: Neuberger Berman Funds c/o State Street Bank and Trust Company 30 Dan Road Canton, MA 02021
Wiring money	Grandfathered Investors: All wires must be for at least $1,000 Eligible Investors: Your first investment must be at least $1 million	Grandfathered Investors: Before wiring any money, call 800-877-9700 for an order confirmation Eligible Investors: Before wiring any money, call 800-366-6264 for an order confirmation. Direct Investors: Have your financial institution send your wire to State Street Bank and Trust Company Include your name, the Fund name, your account number and other information as requested
Exchanging from another fund	All exchanges must be for at least $1,000 Both accounts involved must be registered in the same name, address and taxpayer identification number An exchange order cannot be cancelled or changed once it has been placed	If you are an individual retail investor, please call 800-877-9700 to place your order If you are an institution or a financial intermediary, please call 800-366-6264 to place your order
By telephone	We do not accept phone orders for a first investment Additional shares will be purchased when your order is received in proper form Not available on retirement accounts	If you are an individual retail investor, please call 800-877-9700 to notify us of your purchase If you are an institution or a financial intermediary, please call 800-366-6264 to notify us of your purchase Immediately follow up with a wire or electronic transfer
Setting up systematic investments	All investments must be at least $100 (and for Institutional Class, in addition to an initial minimum investment of at least $1 million)	If you are an individual retail investor, please call 800-877-9700 for instructions If you are an institution or a financial intermediary, please call 800-366-6264 for instructions

227

Selling Shares—Direct Investors

Method	Things to know	Instructions
Sending us a letter	Unless you instruct us otherwise, we will mail your proceeds by check to the address of record, payable to the registered owner(s); checks will not be forwarded If you have designated a bank account on your application, you can request that we wire the proceeds to this account; if the total balance of all of your Neuberger Berman fund accounts is less than $100,000, you will be charged an $8.00 wire fee You can also request that we send the proceeds to your designated bank account by electronic transfer (ACH) without a fee You may need a Medallion signature guarantee Please also supply us with your e-mail address and daytime telephone number when you write to us in the event we need to reach you	Send us a letter requesting us to sell shares signed by all registered owners; include your name, account number, the Fund name, the dollar amount or number of shares you want to sell, and any other instructions If regular first-class mail, send to: Neuberger Berman Funds Boston Service Center P.O. Box 8403 Boston, MA 02266-8403 If express delivery, registered mail, or certified mail, send to: Neuberger Berman Funds c/o State Street Bank and Trust Company 30 Dan Road Canton, MA 02021
Sending us a fax	Grandfathered Investors: For amounts of up to $100,000 Eligible Investors: For amounts of up to $250,000 Direct Investors: Not available if you have changed the address on the account in the past 15 days	Write a request to sell shares as described above If you are an individual retail investor, please call 800-877-9700 to obtain the appropriate fax number If you are an institution or a financial intermediary, please call 800-366-6264 to obtain the appropriate fax number
Calling in your order	Grandfathered Investors: All phone orders to sell shares must be for at least $1,000 unless you are closing out an account Direct Investors: Not available if you have declined the phone option or are selling shares in certain retirement accounts (The only exception is for those retirement shareholders who are at least 59½ or older and have their birthdates on file) Not available if you have changed the address on the account in the past 15 days	If you are an individual retail investor, please call 800-877-9700 to place your order If you are an institution or a financial intermediary, please call 800-366-6264 to place your order Give your name, account number, the Fund name, the dollar amount or number of shares you want to sell, and any other instructions
Exchanging into another fund	All exchanges must be for at least $1,000 Both accounts involved must be registered in the same name, address and taxpayer identification number An exchange order cannot be cancelled or changed once it has been placed	If you are an individual retail investor, please call 800-877-9700 to place your order If you are an institution or a financial intermediary, please call 800-366-6264 to place your order
Setting up systematic withdrawals	Withdrawals must be at least $100	If you are an individual retail investor, please call 800-877-9700 for instructions If you are an institution or a financial intermediary, please call 800-366-6264 for instructions

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Market Timing Policy

Frequent purchases, exchanges and redemptions of Fund shares (“market-timing activities”) can interfere with effective Fund management and adversely affect Fund performance in various ways, including by requiring a portfolio manager to liquidate portfolio holdings at a disadvantageous time or price, by increasing costs (such as brokerage costs) to a Fund by requiring a portfolio manager to effect more frequent purchases and sales of portfolio securities, and possibly by requiring a portfolio manager to keep a larger portion of Fund assets in cash, all of which could adversely affect the interests of long-term shareholders. To discourage market-timing activities by Fund shareholders, the Board of Trustees has adopted market-timing policies and has approved the procedures of the principal underwriter for implementing those policies. As described earlier in this prospectus, pursuant to such policies, the exchange privilege can be withdrawn from any investor that is believed to be “timing the market” or is otherwise making exchanges judged to be excessive. In furtherance of these policies, under certain circumstances, the Funds reserve the right to reject any exchange or purchase order; change, suspend or revoke the exchange privilege; or suspend the telephone order privilege.

The Manager applies the Funds' policies and procedures with respect to market-timing activities by monitoring trading activity in the Funds, identifying excessive trading patterns, and warning or prohibiting shareholders who trade excessively from making further purchases or exchanges of Fund shares. These policies and procedures are applied consistently to all shareholders. Although the Funds make efforts to monitor for market-timing activities, the ability of the Funds to monitor trades that are placed by the underlying shareholders of omnibus accounts maintained by brokers, retirement plan accounts and other approved financial intermediaries may be limited in those instances in which the financial intermediary maintains the underlying shareholder accounts. Accordingly, there can be no assurance that the Funds will be able to eliminate all market-timing activities.

Portfolio Holdings Policy

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information.

The complete portfolio holdings for each Fund are available at www.nb.com/holdings (click on the tab with the name of the relevant Fund). The complete portfolio holdings for each Fund (except Genesis Fund, Greater China Equity Fund and Multi-Cap Opportunities Fund) are generally posted 15-30 days after each month-end. The complete portfolio holdings for Genesis Fund and Multi-Cap Opportunities Fund are generally posted 15-30 days after the end of each calendar quarter. The complete portfolio holdings for Greater China Equity Fund are generally posted 45 days after the end of each calendar quarter.

Each Fund’s (except Genesis Fund’s, Greater China Equity Fund’s and Multi-Cap Opportunities Fund’s) complete portfolio holdings will remain available at this website until the subsequent month-end holdings have been posted. Genesis Fund’s, Greater China Equity Fund’s and Multi-Cap Opportunities Fund’s complete portfolio holdings will remain available at this website until the subsequent quarter-end holdings have been posted. Complete portfolio holdings for the Funds will also be available in reports on Form N-Q and Form N-CSR filed with the SEC. Historical portfolio holdings are available upon request.

No earlier than five business days after month-end, a Fund may publicly disclose via various shareholder and public communications, such as portfolio manager commentaries, fact sheets or other marketing materials, which will be publicly available at www.nb.com, certain portfolio characteristics and partial information concerning portfolio holdings for the month or quarter as of month-end or quarter-end, as applicable, including but not limited to: up to the top 10 holdings of the Fund (if the Fund engages in short selling, it may also disclose up to the top 10 short positions); up to the top 10 holdings that contributed to and/or detracted from performance or were the best and/or worst performers; sector breakdowns or changes to portfolio composition (e.g., buys and sells). This information will remain available at this website until information for the subsequent month or quarter, as applicable, has been posted.

Fund Structure

Each Fund uses a “multiple class” structure. Each Fund offers one or more classes of shares that have identical investment programs, but different arrangements for distribution and shareholder servicing and, consequently, different expenses. This prospectus relates solely to the Class A, Class C and Institutional Class shares, as applicable, of the Funds.

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Appendix A

Financial Intermediary-Specific Sales Charge Waivers and Discounts

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Distributor or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility to notify the Distributor or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Distributor or through another intermediary to receive these waivers or discounts.

Merrill Lynch:

Effective April 10, 2017, shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

■	Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
■	Shares purchased by or through a 529 Plan
■	Shares purchased through a Merrill Lynch affiliated investment advisory program
■	Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform
■	Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)
■	Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
■	Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date
■	Employees and registered representatives of Merrill Lynch or its affiliates and their family members
■	Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the this prospectus
■	Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

CDSC Waivers on A, B and C Shares available at Merrill Lynch

■	Death or disability of the shareholder
■	Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus
■	Return of excess contributions from an IRA Account
■	Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½
■	Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch
■	Shares acquired through a right of reinstatement
■	Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to a fee based account or platform (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch:
Breakpoints, Rights of Accumulation & Letters of Intent

■	Breakpoints as described in this prospectus.
■	Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund

A-1

Appendix B—Financial Highlights (as restated) (unaudited)*

These restated financial highlights are unaudited and describe the performance of the Fund’s class of shares indicated below for the fiscal periods indicated. On December 8, 2017, the Fund conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split. More information regarding the split may be found at www.nb.com.

Neuberger Berman Large Cap Value Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	31.56	39.05	38.61	29.47	28.87
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.35	0.30	0.32	0.27	0.34
Net gains (losses)—realized and unrealized	7.14	7.77	(2.77)	2.83	4.09
Subtotal: income (loss) from investment operations	7.49	8.07	(2.45)	3.10	4.43
Minus:
Distributions to shareholders
Income dividends	—	0.61	0.42	0.46	0.31
Capital gain distributions	—	7.90	6.27	3.24	1.37
Subtotal: distributions to shareholders	—	8.51	6.69	3.70	1.68
Equals:
Share price (NAV) at end of year	39.05	38.61	29.47	28.87	31.62
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses —actual	1.11⁽²⁾	1.08	1.09	1.09	1.07
Gross expenses	1.11⁽¹⁾	1.08⁽¹⁾	1.09	1.09	1.07
Net investment income (loss) —actual	0.97	0.78	0.96	1.02	1.11
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	23.72⁽³⁾	23.31⁽³⁾	(7.44)	12.94	15.65
Net assets at end of year (in millions of dollars)	1.6	2.7	2.9	3.2	3.8
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

B-1

Appendix B—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Large Cap Value Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	39.26	47.34	44.30	31.83	29.66
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.05	0.00	0.04	0.07	0.11
Net gains (losses)—realized and unrealized	8.79	9.16	(3.01)	2.83	4.18
Subtotal: income (loss) from investment operations	8.84	9.16	(2.97)	2.90	4.29
Minus:
Distributions to shareholders
Income dividends	0.76	0.74	0.39	0.37	0.29
Capital gain distributions	—	11.46	9.11	4.70	1.99
Subtotal: distributions to shareholders	0.76	12.20	9.50	5.07	2.28
Equals:
Share price (NAV) at end of year	47.34	44.30	31.83	29.66	31.67
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.86	1.82	1.83	1.81
Gross expenses	1.86⁽¹⁾	1.86⁽¹⁾	1.82⁽¹⁾	1.83	1.81
Net investment income (loss)—actual	0.10	0.03	0.11	0.26	0.36
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	22.87⁽³⁾	22.37⁽³⁾	(8.11)⁽³⁾	12.09	14.84
Net assets at end of year (in millions of dollars)	1.2	3.0	2.7	2.1	2.3
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

B-2

Appendix B—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Large Cap Value Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	26.38	32.30	33.84	27.42	28.25
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.41	0.38	0.37	0.35	0.45
Net gains (losses)—realized and unrealized	5.92	6.60	(2.49)	2.85	4.02
Subtotal: income (loss) from investment operations	6.33	6.98	(2.12)	3.20	4.47
Minus:
Distributions to shareholders
Income dividends	0.41	0.46	0.34	0.33	0.26
Capital gain distributions	—	4.98	3.96	2.04	0.86
Subtotal: distributions to shareholders	0.41	5.44	4.30	2.37	1.12
Equals:
Share price (NAV) at end of year	32.30	33.84	27.42	28.25	31.60
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	0.70⁽²⁾	0.70	0.70	0.70	0.69
Gross expenses	0.70⁽¹⁾	0.70⁽¹⁾	0.70⁽¹⁾	0.71⁽¹⁾	0.70⁽¹⁾
Net investment income (loss)—actual	1.36	1.18	1.19	1.38	1.50
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.26⁽³⁾	23.74⁽³⁾	(7.03)⁽³⁾	13.38	16.04⁽³⁾
Net assets at end of year (in millions of dollars)	113.2	143.5	86.4	56.2	80.6
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-3

Appendix B—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Mid Cap Growth Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.66	12.13	13.64	13.95	13.00
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.05)	(0.09)	(0.09)	(0.06)	(0.06)
Net gains (losses)—realized and unrealized	1.89	2.15	1.43	(0.25)	2.04
Subtotal: income (loss) from investment operations	1.84	2.06	1.34	(0.31)	1.98
Voluntary contribution from Management	—	—	—	0.02	—
Minus:
Distributions to shareholders
Capital gain distributions	0.37	0.55	1.03	0.66	0.36
Subtotal: distributions to shareholders	0.37	0.55	1.03	0.66	0.36
Equals:
Share price (NAV) at end of year	12.13	13.64	13.95	13.00	14.62
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.11⁽²⁾	1.11	1.11	1.11	1.11
Gross expenses	1.18⁽¹⁾	1.13⁽¹⁾	1.11	1.11	1.11⁽¹⁾
Net investment income (loss)—actual	(0.44)	(0.65)	(0.69)	(0.51)	(0.49)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	17.91⁽³⁾	17.33⁽³⁾	10.55	(1.91⁾⁽⁶⁾	15.58
Net assets at end of year (in millions of dollars)	89.0	100.7	102.3	76.9	54.4
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.
⁽⁶⁾	Would have been lower if the Manager had not made a voluntary contribution.

B-4

Appendix B—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Mid Cap Growth Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.97	12.47	13.99	14.20	13.13
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.13)	(0.18)	(0.20)	(0.16)	(0.17)
Net gains (losses)—realized and unrealized	1.95	2.20	1.47	(0.25)	2.05
Subtotal: income (loss) from investment operations	1.82	2.02	1.27	(0.41)	1.88
Voluntary contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gain distributions	0.32	0.50	1.06	0.67	0.37
Subtotal: distributions to shareholders	0.32	0.50	1.06	0.67	0.37
Equals:
Share price (NAV) at end of year	12.47	13.99	14.20	13.13	14.64
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.86	1.86	1.86	1.86
Gross expenses⁽¹⁾	1.95	1.91	1.88	1.88	1.86
Net investment income (loss)—actual	(1.20)	(1.40)	(1.45)	(1.24)	(1.24)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	17.05	16.46	9.72	(2.62)⁽⁶⁾	14.69
Net assets at end of year (in millions of dollars)	4.4	6.0	8.4	10.9	9.7
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.
⁽⁶⁾	Would have been lower if the Manager had not made a voluntary contribution.

B-5

Appendix B—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Socially Responsive Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	31.88	39.16	42.73	36.02	35.78
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.25	0.28	0.23	0.19	0.18
Net gains (losses)—realized and unrealized	7.31	7.64	(0.11)	3.25	4.37
Subtotal: income (loss) from investment operations	7.56	7.92	0.12	3.44	4.55
Minus:
Distributions to shareholders
Income dividends	0.28	0.43	0.44	0.39	0.41
Capital gain distributions	—	3.92	6.39	3.29	2.34
Subtotal: distributions to shareholders	0.28	4.35	6.83	3.68	2.75
Equals:
Share price (NAV) at end of year	39.16	42.73	36.02	35.78	37.58
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.09⁽²⁾	1.05	1.05	1.05	1.03
Gross expenses	1.08⁽¹⁾	1.05	1.05	1.05	1.03
Net investment income (loss)—actual	0.67	0.68	0.57	0.56	0.48
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	23.89⁽³⁾	21.28	0.11	10.27	13.36
Net assets at end of year (in millions of dollars)	109.6	134.0	140.9	131.6	118.0
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Shows what this ratio would have been if there had been no expense repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been higher if the Manager had not recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

B-6

Appendix B—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Socially Responsive Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	32.40	39.72	43.29	36.25	35.92
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.04)	(0.02)	(0.08)	(0.07)	(0.09)
Net gains (losses)—realized and unrealized	7.45	7.75	(0.09)	3.27	4.39
Subtotal: income (loss) from investment operations	7.41	7.73	(0.17)	3.20	4.30
Minus:
Distribution to shareholders
Income dividends	0.09	0.11	0.26	0.13	0.17
Capital gain distributions	—	4.05	6.61	3.40	2.42
Subtotal: distributions to shareholders	0.09	4.16	6.87	3.53	2.59
Equals:
Share price (NAV) at end of year	39.72	43.29	36.25	35.92	37.63
RATIO (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.80	1.79	1.79	1.78
Gross expenses	1.83⁽¹⁾	1.80	1.79	1.79	1.78
Net investment income (loss)—actual	(0.10)	(0.05)	(0.18)	(0.19)	(0.27)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	22.98⁽³⁾	20.42	(0.67)	9.44	12.53
Net assets at end of year (in millions of dollars)	27.5	44.5	52.2	53.5	56.6
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Shows what this ratio would have been if there had been no expense repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been higher if the Manager had not recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

B-7

Appendix C—Financial Highlights (as restated) (unaudited)**

These restated financial highlights are unaudited and describe the performance of the Fund’s class of shares indicated below for the fiscal periods indicated. On February 23, 2018, the Fund conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split. More information regarding the split may be found at www.nb.com.

Neuberger Berman Focus Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	29.08	35.87	37.94	29.80	29.28
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.18	0.17	0.19	0.13	0.02
Net gains (losses)—realized and unrealized	6.87	7.23	(0.24)	1.70	4.22
Subtotal: income (loss) from investment operations	7.05	7.40	(0.05)	1.83	4.24
Minus:
Distributions to shareholders
Income dividends	0.26	0.37	0.28	0.31	0.17
Capital gain distributions	—	4.96	7.81	2.04	4.11
Subtotal: distributions to shareholders	0.26	5.33	8.09	2.35	4.28
Equals:
Share price (NAV) at end of year	35.87	37.94	29.80	29.28	29.24
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.11⁽²⁾	1.11	1.11	1.11	1.11
Gross expenses⁽¹⁾	1.19	1.13	1.14	1.15	1.13
Net investment income (loss)—actual	0.56	0.47	0.58	0.48	0.07
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	24.47	22.40	0.24	6.52	16.58
Net assets at end of year (in millions of dollars)	1.9	3.9	4.4	3.2	3.1
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

C-1

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Focus Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	68.87	84.50	82.36	53.44	48.05
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.13)	(0.19)	(0.13)	(0.13)	(0.25)
Net gains (losses)—realized and unrealized	16.28	16.34	(0.64)	2.84	5.77
Subtotal: income (loss) from investment operations	16.15	16.15	(0.77)	2.71	5.52
Minus:
Distributions to shareholders
Income dividends	0.52	0.91	0.78	0.97	0.39
Capital gain distributions	—	17.38	27.37	7.13	14.40
Subtotal: distributions to shareholders	0.52	18.29	28.15	8.10	14.79
Equals:
Share price (NAV) at end of year	84.50	82.36	53.44	48.05	38.78
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.86⁽²⁾	1.86	1.86	1.86	1.86
Gross expenses⁽¹⁾	1.94	1.91	1.89	1.90	1.88
Net investment income (loss)—actual	(0.20)	(0.27)	(0.18)	(0.27)	(0.67)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	23.61	21.52	(0.50)	5.75	15.76
Net assets at end of year (in millions of dollars)	0.6	1.5	2.9	2.2	1.9
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

C-2

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Focus Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	21.74	26.92	29.80	25.47	25.83
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.24	0.21	0.26	0.22	0.11
Net gains (losses)—realized and unrealized	5.13	5.60	(0.16)	1.46	3.95
Subtotal: income (loss) from investment operations	5.37	5.81	0.10	1.68	4.06
Minus:
Distributions to shareholders
Income dividends	0.19	0.25	0.21	0.22	0.14
Capital gain distributions	—	2.68	4.22	1.10	2.22
Subtotal: distributions to shareholders	0.19	2.93	4.43	1.32	2.36
Equals:
Share price (NAV) at end of year	26.92	29.80	25.47	25.83	27.53
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.75⁽²⁾	0.75	0.75	0.75	0.75
Gross expenses⁽¹⁾	0.77	0.76	0.76	0.76	0.76
Net investment income (loss)—actual	0.96	0.72	0.96	0.89	0.44
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	24.89	22.86	0.65	6.86	17.04
Net assets at end of year (in millions of dollars)	22.6	9.4	28.7	6.8	7.8
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

C-3

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Guardian Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.85	24.21	25.69	20.31	18.43
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.14	0.16	0.11	0.05	0.10
Net gains (losses)—realized and unrealized	4.29	4.75	(0.77)	1.40	2.64
Subtotal: income (loss) from investment operations	4.43	4.91	(0.66)	1.45	2.74
Minus:
Distributions to shareholders
Income dividends	0.32	0.17	0.24	0.15	0.17
Capital gain distributions	0.75	3.25	4.48	3.17	3.15
Subtotal: distributions to shareholders	1.07	3.42	4.72	3.32	3.32
Equals:
Share price (NAV) at end of year	24.21	25.69	20.31	18.43	17.85
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses - actual	1.11⁽²⁾	1.09	1.07	1.07	1.09
Gross expenses	1.10⁽¹⁾	1.08⁽¹⁾	1.07	1.07	1.10⁽¹⁾
Net investment income (loss)—actual	0.62	0.64	0.46	0.27	0.56
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	22.38⁽³⁾	21.62⁽³⁾	(3.23)	8.32	17.28
Net assets at end of year (in millions of dollars)	34.6	73.8	79.3	6.6	5.6
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

C-4

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Guardian Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.22	21.29	22.92	18.64	17.38
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.03)	(0.04)	(0.06)	(0.05)	(0.03)
Net gains (losses)—realized and unrealized	3.79	4.22	(0.71)	1.28	2.58
Subtotal: income (loss) from investment operations	3.76	4.18	(0.77)	1.23	2.55
Minus:
Distributions to shareholders
Income dividends	0.10	0.00	—	—	0.04
Capital gain distributions	0.59	2.55	3.51	2.48	2.47
Subtotal: distributions to shareholders	0.69	2.55	3.51	2.48	2.51
Equals:
Share price (NAV) at end of year	21.29	22.92	18.64	17.38	17.42
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses - actual	1.86⁽²⁾	1.86	1.83	1.85	1.84
Gross expenses	1.86⁽¹⁾	1.84⁽¹⁾	1.83	1.85	1.84⁽¹⁾
Net investment income (loss)—actual	(0.15)	(0.15)	(0.30)	(0.34)	(0.20)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽⁵⁾	21.43⁽³⁾	20.71⁽³⁾	(4.01)	7.47	16.53
Net assets at end of year (in millions of dollars)	2.6	2.9	2.4	2.4	1.6
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

C-5

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Guardian Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	15.80	18.59	20.44	17.14	16.47
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.17	0.20	0.16	0.12	0.15
Net gains (losses)—realized and unrealized	3.28	3.69	(0.65)	1.22	2.50
Subtotal: income (loss) from investment operations	3.45	3.89	(0.49)	1.34	2.65
Minus:
Distributions to shareholders
Income dividends	0.23	0.14	0.18	0.15	0.14
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.67	2.05	2.81	2.01	1.99
Equals:
Share price (NAV) at end of year	18.59	20.44	17.14	16.47	17.13
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	0.73⁽²⁾	0.71	0.71	0.72	0.71
Gross expenses	0.73	0.71	0.71	0.72	0.72⁽¹⁾
Net investment income (loss)—actual	1.00	1.01	0.82	0.73	0.94
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	22.80	22.03	(2.84)	8.68	17.72
Net assets at end of year (in millions of dollars)	88.9	129.4	94.1	59.0	70.2
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

C-6

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman International Equity Fund—Class A

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.55	9.85	10.96	10.48	10.91
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.09	0.13	0.12	0.11	0.07
Net gains (losses)—realized and unrealized	0.21	1.05	(0.55)	0.35	1.60
Subtotal: income (loss) from investment operations	0.30	1.18	(0.43)	0.46	1.67
Minus:
Distributions to shareholders
Income dividends	—	0.07	0.05	0.03	0.02
Subtotal: distributions to shareholders	—	0.07	0.05	0.03	0.02
Equals:
Share price (NAV) at end of year	9.85	10.96	10.48	10.91	12.56
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	1.28⁽⁴⁾	1.21	1.21	1.21	1.21
Gross expenses⁽²⁾	1.55⁽⁴⁾	1.45	1.43	1.40	1.39
Net investment income (loss)—actual	1.57⁽⁴⁾	1.23	1.09	1.05	0.65
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	3.19⁽⁵⁾	11.98	(3.90)	4.48	15.32
Net assets at end of year (in millions of dollars)	12.8	26.2	91.0	104.9	71.9
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

C-7

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman International Equity Fund—Class C

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.78	10.03	11.12	10.60	10.99
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.04	0.06	0.00	0.04	0.00
Net gains (losses)—realized and unrealized	0.21	1.06	(0.51)	0.35	1.59
Subtotal: income (loss) from investment operations	0.25	1.12	(0.51)	0.39	1.59
Minus:
Distributions to shareholders
Income dividends	—	0.03	0.01	—	—
Subtotal: distributions to shareholders	—	0.03	0.01	—	—
Equals:
Share price (NAV) at end of year	10.03	11.12	10.60	10.99	12.58
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	2.08⁽⁴⁾	1.96	1.96	1.96	1.96
Gross expenses⁽²⁾	2.51⁽⁴⁾	2.21	2.18	2.16	2.14
Net investment income (loss)—actual	0.74⁽⁴⁾	0.59	0.02	0.37	0.04
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁸⁾	2.65⁽⁵⁾	11.16	(4.61)	3.70	14.48
Net assets at end of year (in millions of dollars)	1.9	6.1	11.2	14.7	13.2
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.
⁽⁸⁾	Does not include the effect of sales charges.

C-8

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Small Cap Growth Fund—Class A

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	19.42	24.07	27.32	29.36	26.97
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.17)	(0.26)	(0.30)	(0.23)	(0.27)
Net gains (losses)—realized and unrealized	4.82	3.51	2.34	(0.74)	6.17
Subtotal: income (loss) from investment operations	4.65	3.25	2.04	(0.97)	5.90
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.42	—
Subtotal: distributions to shareholders	—	—	—	1.42	—
Equals:
Share price (NAV) at end of year	24.07	27.32	29.36	26.97	32.87
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.26⁽²⁾	1.26	1.26	1.26	1.26
Gross expenses⁽¹⁾	1.83	1.81	1.83	1.95	1.90
Net investment income (loss)—actual	(0.81)	(0.96)	(1.01)	(0.88)	(0.93)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	23.93	13.51	7.45	(3.18)	21.88
Net assets at end of year (in millions of dollars)	2.4	4.4	5.1	3.5	3.3
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

C-9

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Small Cap Growth Fund—Class C

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	21.05	25.89	29.16	31.11	27.47
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.37)	(0.49)	(0.55)	(0.43)	(0.50)
Net gains (losses)—realized and unrealized	5.21	3.76	2.50	(0.85)	6.27
Subtotal: income (loss) from investment operations	4.84	3.27	1.95	(1.28)	5.77
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	2.36	—
Subtotal: distributions to shareholders	—	—	—	2.36	—
Equals:
Share price (NAV) at end of year	25.89	29.16	31.11	27.47	33.24
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	2.01⁽²⁾	2.01	2.01	2.01	2.01
Gross expenses⁽¹⁾	2.56	2.57	2.58	2.68	2.63
Net investment income (loss)—actual	(1.58)	(1.68)	(1.76)	(1.63)	(1.68)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	22.99	12.64	6.68	(3.92)	21.00
Net assets at end of year (in millions of dollars)	1.1	1.8	2.3	1.8	2.0
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Does not include the effect of sales charges.

C-10

Appendix C—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Small Cap Growth Fund—Institutional Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	19.14	23.80	27.11	29.24	26.86
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.09)	(0.15)	(0.19)	(0.14)	(0.17)
Net gains (losses)—realized and unrealized	4.75	3.46	2.32	(0.73)	6.16
Subtotal: income (loss) from investment operations	4.66	3.31	2.13	(0.87)	5.99
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.51	—
Subtotal: distributions to shareholders	—	—	—	1.51	—
Equals:
Share price (NAV) at end of year	23.80	27.11	29.24	26.86	32.85
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.90⁽²⁾	0.90	0.90	0.90	0.90
Gross expenses⁽¹⁾	1.41	1.48	1.44	1.55	1.50
Net investment income (loss)—actual	(0.41)	(0.54)	(0.65)	(0.53)	(0.57)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	24.35	13.91	7.84	(2.82)	22.31
Net assets at end of year (in millions of dollars)	14.9	19.0	20.7	9.4	11.8
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

C-11

NEUBERGER BERMAN EQUITY FUNDS

Class A, Class C and Institutional Class Shares

If you would like further details on these Funds, you can request a free copy of the following documents:

Shareholder Reports. The shareholder reports offer information about each Fund, including:

■	a discussion by the Portfolio Managers about strategies and market conditions that significantly affected the Fund’s performance during the last fiscal year or fiscal period
■	Fund performance data and financial statements
■	portfolio holdings.

Statement of Additional Information (SAI). The SAI contains more comprehensive information on each Fund, including:

■	various types of securities and practices, and their risks
■	investment limitations and additional policies
■	information about the Fund’s management and business structure.

The SAI is hereby incorporated by reference into this prospectus, making it legally part of the prospectus.

Investment Manager: Neuberger Berman Investment Advisers LLC
Sub-adviser (for Neuberger Berman Greater China Equity Fund): Green Court Capital Management Limited

Obtaining Information

You can obtain a shareholder report, SAI, and other information from your financial intermediary, or from:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
877-628-2583
Website: www.nb.com

You can also request copies of this information from the SEC for the cost of a duplicating fee by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section, 100 F Street, N.E., Washington, D.C. 20549-1520. They are also available from the EDGAR Database on the SEC’s website at www.sec.gov.

You may also view and copy the documents at the SEC’s Public Reference Room in Washington. Call 202-551-8090 for information about the operation of the Public Reference Room.

Each Fund’s current net asset value per share is made available at: http://www.nb.com/performance.

The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this prospectus are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2018 Neuberger Berman BD LLC, distributor. All rights reserved.

SEC File Number: 811-00582
K0376 03/18

Contents

Neuberger Berman Equity Funds

Fund Summaries
Neuberger Berman Focus Fund	2
Neuberger Berman Genesis Fund	7
Neuberger Berman Guardian Fund	12
Neuberger Berman International Equity Fund	18
Neuberger Berman Large Cap Value Fund	24
Neuberger Berman Mid Cap Growth Fund	30
Neuberger Berman Mid Cap Intrinsic Value Fund	35
Neuberger Berman Small Cap Growth Fund	41
Neuberger Berman Socially Responsive Fund	46
Descriptions of Certain Practices and Security Types	51
Additional Information about Principal Investment Risks	51
Information about Additional Risks	56
Descriptions of Indices	56
Management of the Funds	57
Financial Highlights	60

YOUR INVESTMENT
Maintaining Your Account	75
Share Prices	78
Distributions and Taxes	79
Market Timing Policy	80
Portfolio Holdings Policy	81
Fund Structure	81
Appendix A—Financial Highlights (as restated) (unaudited)*	A-1
Appendix B—Financial Highlights (as restated) (unaudited)**	B-1

*	On December 8, 2017, Neuberger Berman Genesis Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, and Neuberger Berman Socially Responsive Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.
**	On February 23, 2018, Neuberger Berman Focus Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, and Neuberger Berman Small Cap Growth Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.

Fund Summaries

Neuberger Berman Focus Fund

Advisor Class Shares (NBFAX), Trust Class Shares (NBFCX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Advisor Class	Trust Class
Shareholder Fees(fees paid directly from your investment)	None	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.93	0.93
Distribution and/or shareholder service (12b-1) fees	0.25	0.10
Other expenses	0.09	0.08
Total annual operating expenses	1.27	1.11

Expense Example

	1 Year	3 Years	5 Years	10 Years
Advisor Class	$129	$403	$697	$1,534
Trust Class	$113	$353	$612	$1,352

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests in a concentrated portfolio, consisting mainly of common stocks of companies of any size that are selected using a fundamental, research driven approach.

Under normal market conditions, the Fund typically holds a limited number of stocks. Because of this, the Fund may at times be substantially over- and under-weighted in certain economic sectors.

2 Focus Fund

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

3 Focus Fund

heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

4 Focus Fund

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund’s Trust Class. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy.

Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 16.11%

Worst quarter: Q4 '08, -27.80%

Year-to-date performance as of 9/30/2017: 15.54%

average annual total % returns as of 12/31/16

Focus Fund	1 Year	5 Years	10 Years
Trust Class Return Before Taxes	6.80	13.72	5.29
Trust Class Return After Taxes on Distributions	3.21	10.52	3.23
Trust Class Return After Taxes on Distributions and Sale of Fund Shares	6.79	10.71	4.04
Advisor Class Return Before Taxes	6.69	13.55	5.09
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are shown for Trust Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

5 Focus Fund

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Advisor Class and Trust Class of the Fund are closed to new investors. Only certain investors are allowed to purchase Advisor Class and Trust Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

6 Focus Fund

Neuberger Berman Genesis Fund

Advisor Class Shares (NBGAX), Trust Class Shares (NBGEX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Advisor Class	Trust Class
Shareholder Fees(fees paid directly from your investment)	None	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.06	1.06
Distribution and/or shareholder service (12b-1) fees	0.25	None
Other expenses	0.05	0.03
Total annual operating expenses	1.36	1.09

Expense Example

	1 Year	3 Years	5 Years	10 Years
Advisor Class	$138	$431	$745	$1,635
Trust Class	$111	$347	$601	$1,329

Portfolio Turnover

Principal Investment Strategies

The Fund seeks to reduce risk by diversifying among many companies and industries. Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

7 Genesis Fund

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

8 Genesis Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund’s Trust Class. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the

9 Genesis Fund

returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 16.30%

Worst quarter: Q4 '08, -26.55%

Year-to-date performance as of 9/30/2017: 9.31%

average annual total % returns as of 12/31/16

Genesis Fund	1 Year	5 Years	10 Years
Trust Class Return Before Taxes	18.06	12.12	8.79
Trust Class Return After Taxes on Distributions	16.49	10.38	7.54
Trust Class Return After Taxes on Distributions and Sale of Fund Shares	11.52	9.52	7.08
Advisor Class Return Before Taxes	17.70	11.81	8.50
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are shown for Trust Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

10 Genesis Fund

investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

11 Genesis Fund

Neuberger Berman Guardian Fund

Advisor Class Shares (NBGUX), Trust Class Shares (NBGTX)

GOAL

The Fund seeks long-term growth of capital; current income is a secondary goal.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Advisor Class	Trust Class
Shareholder Fees(fees paid directly from your investment)	None	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.90	0.90
Distribution and/or shareholder service (12b-1) fees	0.25	0.10
Other expenses¹	0.24	0.07
Total annual operating expenses	1.39	1.07

The Fund has agreed that Advisor Class will repay Neuberger Berman Investment Advisers LLC (“Manager”) for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) to exceed 1.50% of the class’ average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Advisor Class	$142	$440	$761	$1,669
Trust Class	$109	$340	$590	$1,306

Portfolio Turnover

Principal Investment Strategies

To pursue its goals, the Fund invests mainly in common stocks of companies across all market capitalizations.

12 Guardian Fund

identify investments that exhibit a demonstrated ability to produce profits that exceed the cost of capital. This measurement is known as Economic Value Added. Additionally, they may employ other traditional valuation methods including: price to earnings, enterprise value to EBITDA, discounted cash flows or sum-of-the-parts analyses.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

13 Guardian Fund

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

14 Guardian Fund

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund’s Trust Class. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

15 Guardian Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.67%

Worst quarter: Q4 '08, -26.38%

Year-to-date performance as of 9/30/2017: 16.88%

average annual total % returns as of 12/31/16

Guardian Fund	1 Year	5 Years	10 Years
Trust Class Return Before Taxes	9.06	12.03	5.80
Trust Class Return After Taxes on Distributions	4.59	8.39	3.65
Trust Class Return After Taxes on Distributions and Sale of Fund Shares	8.86	9.40	4.50
Advisor Class Return Before Taxes	8.86	11.65	5.41
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are shown for Trust Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

16 Guardian Fund

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

17 Guardian Fund

Neuberger Berman International Equity Fund

Trust Class Shares (NIQTX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.19
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.08
Total annual operating expenses	1.27

Expense Example

	1 Year	3 Years	5 Years	10 Years
Trust Class	$129	$403	$697	$1,534

Portfolio Turnover

Principal Investment Strategies

18 International Equity Fund

such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and regions around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

19 International Equity Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

20 International Equity Fund

PERFORMANCE

The following performance prior to January 28, 2013, is that of the Fund's Institutional Class. Because Institutional Class has lower expenses than Trust Class, its performance typically would have been better than that of Trust Class. Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

21 International Equity Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 23.76%

Worst quarter: Q3 '08, -23.47%

Year-to-date performance as of 9/30/2017: 22.88%

average annual total % returns as of 12/31/16

International Equity Fund	1 Year	5 Years	10 Years
Return Before Taxes	-1.32	6.55	1.05
Return After Taxes on Distributions	-1.41	6.41	0.40
Return After Taxes on Distributions and Sale of Fund Shares	-0.68	5.14	0.78
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Trust Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Trust Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

22 International Equity Fund

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

23 International Equity Fund

Neuberger Berman Large Cap Value Fund

Advisor Class Shares (NBPBX), Trust Class Shares (NBPTX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Advisor Class	Trust Class
Shareholder Fees(fees paid directly from your investment)	None	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.89	0.89
Distribution and/or shareholder service (12b-1) fees	0.25	0.10
Other expenses	0.06	0.06
Acquired fund fees and expenses	0.01	0.01
Total annual operating expenses	1.21	1.06

Expense Example

	1 Year	3 Years	5 Years	10 Years
Advisor Class	$123	$384	$665	$1,466
Trust Class	$108	$337	$585	$1,294

Portfolio Turnover

Principal Investment Strategies

24 Large Cap Value Fund

relative to competitors, a high level of stock ownership among management, and a recent sharp decline in stock price that appears to be the result of a short-term market overreaction to negative news.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of large-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or the market may react to the catalyst differently than expected. Certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid, may be difficult to value, and management of such a company may be addressing a situation with which it has little experience.

25 Large Cap Value Fund

issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

26 Large Cap Value Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund’s Trust Class. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund's investment strategy.

27 Large Cap Value Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 28.25%

Worst quarter: Q4 '08, -32.84%

Year-to-date performance as of 9/30/2017: 7.81%

average annual total % returns as of 12/31/16

Large Cap Value Fund	1 Year	5 Years	10 Years
Trust Class Return Before Taxes	28.09	13.72	4.76
Trust Class Return After Taxes on Distributions	26.21	9.95	2.90
Trust Class Return After Taxes on Distributions and Sale of Fund Shares	16.95	9.89	3.27
Advisor Class Return Before Taxes	27.81	13.54	4.60
Russell 1000^.® Value Index (reflects no deduction for fees, expenses or taxes)	17.34	14.80	5.72
After-tax returns are shown for Trust Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Eli M. Salzmann (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

28 Large Cap Value Fund

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

29 Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Advisor Class Shares (NBMBX), Trust Class Shares (NBMTX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Advisor Class	Trust Class
Shareholder Fees(fees paid directly from your investment)	None	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.91	0.91
Distribution and/or shareholder service (12b-1) fees	0.25	None
Other expenses	0.08	0.07
Total annual operating expenses	1.24	0.98

Expense Example

	1 Year	3 Years	5 Years	10 Years
Advisor Class	$126	$393	$681	$1,500
Trust Class	$100	$312	$542	$1,201

Portfolio Turnover

Principal Investment Strategies

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

30 Mid Cap Growth Fund

equity ratio); market share and competitive leadership of the company’s products; earnings growth relative to competitors; and market valuation in comparison to a stock’s own historical norms and the stocks of other mid-cap companies.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

31 Mid Cap Growth Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund’s Trust Class. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

32 Mid Cap Growth Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '12, 14.61%

Worst quarter: Q4 '08, -23.55%

Year-to-date performance as of 9/30/2017: 17.03%

average annual total % returns as of 12/31/16

Mid Cap Growth Fund	1 Year	5 Years	10 Years
Trust Class Return Before Taxes	4.71	11.06	7.26
Trust Class Return After Taxes on Distributions	4.03	9.76	6.63
Trust Class Return After Taxes on Distributions and Sale of Fund Shares	3.23	8.60	5.80
Advisor Class Return Before Taxes	4.49	10.77	6.96
Russell Midcap^® Growth Index (reflects no deduction for fees, expenses or taxes)	7.33	13.51	7.83
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are shown for Trust Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Kenneth J. Turek (Managing Director of the Manager). He has managed the Fund since 2003.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

33 Mid Cap Growth Fund

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

34 Mid Cap Growth Fund

Neuberger Berman Mid Cap Intrinsic Value Fund

Trust Class Shares (NBREX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.95
Distribution and/or shareholder service (12b-1) fees	0.10
Other expenses¹	0.38
Total annual operating expenses	1.43
Fee waiver and/or expense reimbursement	0.18
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.25

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Trust Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.25% of average net assets. This undertaking lasts until 8/31/2022 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Trust Class will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.25% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense. “Other expenses” shown above include a repayment of less than 0.01% of Trust Class.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Trust Class	$127	$397	$707	$1,645

Portfolio Turnover

Principal Investment Strategies

35 Mid Cap Intrinsic Value Fund

■	Complex Companies: These companies typically have multiple lines of business that are in different industries or sectors and/or that have different growth rates and profitability characteristics.
■	Cyclical Companies: These companies typically have ebbs and flows in their business depending on demand patterns for their products, the length of product cycles, or other transient factors.
■	Companies in a Period of Interrupted Growth: Typically, these are companies in attractive, high growth markets that have suffered what the Portfolio Manager believes is a temporary setback and/or are in transition to a more mature, lower growth business model that focuses more on current earnings than on rapid growth.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

36 Mid Cap Intrinsic Value Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

37 Mid Cap Intrinsic Value Fund

reducing corporate taxes. The U.S. is also said to be considering significant new investments in infrastructure and national defense which, coupled with the prospect of lower federal taxes, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is still being worked out through the political process, but the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the portfolio management team believes to be their full value or intrinsic value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

38 Mid Cap Intrinsic Value Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q3 '09, 25.77%

Worst quarter: Q4 '08, -28.23%

Year-to-date performance as of 9/30/2017: 13.02%

average annual total % returns as of 12/31/16

Mid Cap Intrinsic Value Fund	1 Year	5 Years	10 Years
Return Before Taxes	17.96	14.02	6.41
Return After Taxes on Distributions	17.78	12.24	5.27
Return After Taxes on Distributions and Sale of Fund Shares	10.31	11.03	5.00
Russell Midcap^® Value Index (reflects no deduction for fees, expenses or taxes)	20.00	15.70	7.59
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Michael C. Greene (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

Trust Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Trust Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

39 Mid Cap Intrinsic Value Fund

Neuberger Berman Small Cap Growth Fund

Advisor Class Shares (NBMVX), Trust Class Shares (NBMOX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

	Advisor Class	Trust Class
Shareholder Fees(fees paid directly from your investment)	None	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.25	1.25
Distribution and/or shareholder service (12b-1) fees	0.25	0.10
Other expenses	0.55	0.54
Total annual operating expenses	2.05	1.89
Fee waiver and/or expense reimbursement	0.44	0.48
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.61	1.41

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Advisor Class and Trust Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of each class are limited to 1.60% and 1.40% of average net assets, respectively. Each of these undertakings lasts until 8/31/2022 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that each of Advisor Class and Trust Class will repay the Manager for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses to exceed 1.60% and 1.40% of the class' average net assets, respectively. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Advisor Class	$164	$508	$927	$2,225
Trust Class	$144	$446	$827	$2,039

Portfolio Turnover

41 Small Cap Growth Fund

Principal Investment Strategies

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in small-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

42 Small Cap Growth Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year, as represented by the performance of the Fund’s Trust Class. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

43 Small Cap Growth Fund

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 17.15%

Worst quarter: Q4 '08, -24.57%

Year-to-date performance as of 9/30/2017: 22.01%

average annual total % returns as of 12/31/16

Small Cap Growth Fund	1 Year	5 Years	10 Years
Trust Class Return Before Taxes	6.02	10.60	5.75
Trust Class Return After Taxes on Distributions	6.02	10.22	5.57
Trust Class Return After Taxes on Distributions and Sale of Fund Shares	3.41	8.31	4.56
Advisor Class Return Before Taxes	5.88	10.47	5.57
Russell 2000^® Growth Index (reflects no deduction for fees, expenses or taxes)	11.32	13.74	7.76
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are shown for Trust Class shares only and after-tax returns for other classes may vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

44 Small Cap Growth Fund

investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

45 Small Cap Growth Fund

Neuberger Berman Socially Responsive Fund

Trust Class Shares (NBSTX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund’s environmental, social and governance (ESG) criteria.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.87
Distribution and/or shareholder service (12b-1) fees	0.10
Other expenses	0.05
Total annual operating expenses	1.02

Expense Example

	1 Year	3 Years	5 Years	10 Years
Trust Class	$104	$325	$563	$1,248

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests primarily in common stocks of mid- to large-capitalization companies that meet the Fund's ESG criteria in accordance with its social policy.

The Fund seeks to reduce risk by investing across many different industries.

46 Socially Responsive Fund

Please see the Statement of Additional Information for a detailed description of the Fund’s social investing policies.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

47 Socially Responsive Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

48 Socially Responsive Fund

PERFORMANCE

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.30%

Worst quarter: Q4 '08, -26.66%

Year-to-date performance as of 9/30/2017: 12.26%

49 Socially Responsive Fund

average annual total % returns as of 12/31/16

Socially Responsive Fund	1 Year	5 Years	10 Years
Return Before Taxes	9.88	12.99	6.46
Return After Taxes on Distributions	7.98	10.65	5.24
Return After Taxes on Distributions and Sale of Fund Shares	7.19	10.21	5.10
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Trust Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Trust Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

50 Socially Responsive Fund

Descriptions of Certain Practices and Security Types

Additional Information about Principal Investment Risks

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or may happen in modified or conditional form, or the market may react to the catalyst differently than expected. Furthermore, a catalyst, such as a pending restructuring or spin-off, may be renegotiated or terminated or involve a longer time frame than originally contemplated. In addition, certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks, and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid and may be difficult to value, and management of such a company may be addressing a situation with which it has little experience. In circumstances where the anticipated catalyst does not occur or the position is no longer an attractive investment opportunity, the Fund may incur losses by liquidating that position. If the catalyst later appears unlikely to occur or is delayed, the market prices of the securities may decline sharply.

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Additionally, in times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange, or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging or less-developed market countries than in countries with more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities or instruments, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. The Fund attempts to lessen the risk of such losses by seeking growth stocks that sell at what the adviser believes are reasonable prices. If the adviser is incorrect in its assessment of a stock’s value, this strategy may not provide the expected downside protection. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously. Growth stocks also may lack the dividends often associated with value stocks that can cushion their decline in a falling market. While the price of any type of stock may rise and fall rapidly, growth stocks may underperform during periods when the market favors value stocks.

(“denial of services”), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs. Any of these results could have a substantial adverse impact on the Fund and its shareholders.

When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. If a call option that the Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying security. If a call option that the Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying security during the option period.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. For example, official statistics indicate a recent growth rate in China that is significantly lower than that in the early part of the decade. This has adversely affected worldwide commodity prices and the economies of many countries, especially those that depend heavily on commodity production and/or trade with China. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Information about Additional Risks

Please see the Statement of Additional Information for more information.

Descriptions of Indices

Management of the Funds

Investment Manager

A discussion regarding the basis for the Board of Trustees’ approval of the Funds' investment advisory agreements is available in the Funds' semi-annual report for the fiscal period ended February 28, 2017.

Neuberger Berman Focus Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.93% and 0.93%, respectively, of average daily net assets for Advisor Class and Trust Class.

Neuberger Berman Genesis Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.06% and 1.06%, respectively, of average daily net assets for Advisor Class and Trust Class.

Neuberger Berman Guardian Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.90% and 0.90%, respectively, of average daily net assets for Advisor Class and Trust Class.

Neuberger Berman International Equity Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.02% of average daily net assets, after voluntary waiver, for Trust Class.

Neuberger Berman Large Cap Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.89% and 0.89%, respectively, of average daily net assets for Advisor Class and Trust Class.

Neuberger Berman Mid Cap Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.91% and 0.91%, respectively, of average daily net assets for Advisor Class and Trust Class.

Neuberger Berman Mid Cap Intrinsic Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.77% of average daily net assets, after voluntary waiver, for Trust Class.

Effective November 1, 2017, the Manager removed the voluntary waiver of its management fee of the Fund. Prior to November 1, 2017, effective December 19, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 0.19% of the average daily net assets of the Fund. Effective September 1, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 0.15% of the average daily net assets of the Fund. Effective August 31, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 2.89% of the average daily net assets of the Fund. Effective August 23, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 1.21% of the average daily net assets of the Fund. Effective November 1, 2015, the Manager had voluntarily agreed to waive its management fee in the amount of 0.11% of the average daily net assets of the Fund.

Neuberger Berman Small Cap Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.25% and 1.25%, respectively, of average daily net assets for Advisor Class and Trust Class.

Portfolio Managers

Neuberger Berman Focus Fund

Neuberger Berman Genesis Fund

Neuberger Berman Guardian Fund

Charles Kantor is a Managing Director of the Manager. He joined the firm in 2000 and has managed the Fund since October 2015.

Neuberger Berman International Equity Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2005.

David Bunan is a Managing Director of the Manager. Mr. Bunan joined the firm in 2008 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. Mr. Turek has been the Portfolio Manager of the Fund since 2003.

Neuberger Berman Mid Cap Intrinsic Value Fund

Neuberger Berman Small Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. He joined the firm in 2002 and has managed the Fund since November 2015.

Chad Bruso is a Senior Vice President of the Manager. He joined the firm in 2006 and has managed the Fund since November 2015.

Neuberger Berman Socially Responsive Fund

Ingrid S. Dyott is a Managing Director of the Manager. She has been co-Portfolio Manager of the Fund since 2003 and before that was an Associate Portfolio Manager of the Fund since 1997.

Financial Highlights

These financial highlights describe the performance of the Fund's Advisor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Focus Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.79	13.27	13.03	8.60	7.80
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.04	0.04	0.04	0.03	(0.00)
Net gains (losses)—realized and unrealized	2.55	2.57	(0.09)	0.45	0.95
Subtotal: income (loss) from investment operations	2.59	2.61	(0.05)	0.48	0.95
Minus:
Distributions to shareholders
Income dividends	0.11	0.17	0.16	0.18	0.11
Capital gain distributions	—	2.68	4.22	1.10	2.22
Subtotal: distributions to shareholders	0.11	2.85	4.38	1.28	2.33
Equals:
Share price (NAV) at end of year	13.27	13.03	8.60	7.80	6.42
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.29⁽¹⁾	1.27	1.27	1.26⁽¹⁾	1.23
Gross expenses	1.29	1.27	1.27	1.26	1.26⁽³⁾
Net investment income (loss)—actual	0.37	0.28	0.39	0.33	(0.04)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.22	22.21	0.15	6.33	16.51
Net assets at end of year (in millions of dollars)	6.1	7.1	6.1	3.9	3.5
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Financial Highlights

These financial highlights describe the performance of the Fund's Trust Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Focus Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	15.78	19.50	20.64	16.24	15.98
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.10	0.09	0.10	0.07	0.02
Net gains (losses)—realized and unrealized	3.74	3.94	(0.13)	0.93	2.30
Subtotal: income (loss) from investment operations	3.84	4.03	(0.03)	1.00	2.32
Minus:
Distributions to shareholders
Income dividends	0.12	0.21	0.15	0.16	0.08
Capital gain distributions	—	2.68	4.22	1.10	2.22
Subtotal: distributions to shareholders	0.12	2.89	4.37	1.26	2.30
Equals:
Share price (NAV) at end of year	19.50	20.64	16.24	15.98	16.00
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.14⁽¹⁾	1.11	1.10	1.11	1.09
Gross expenses	1.14	1.11	1.10	1.11	1.10⁽³⁾
Net investment income (loss)—actual	0.53	0.47	0.57	0.47	0.10
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.48	22.40	0.26	6.50	16.61
Net assets at end of year (in millions of dollars)	56.3	125.7	92.7	70.4	63.0
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Financial Highlights

Neuberger Berman Genesis Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	28.42	32.46	32.18	27.45	24.31
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.11	(0.05)	(0.03)	(0.02)	(0.03)
Net gains (losses)—realized and unrealized	6.13	4.32	0.25	2.46	2.32
Subtotal: income (loss) from investment operations	6.24	4.27	0.22	2.44	2.29
Minus:
Distributions to shareholders
Income dividends	0.09	0.05	0.04	0.03	0.07
Capital gain distributions	2.11	4.50	4.91	5.55	3.52
Subtotal: distributions to shareholders	2.20	4.55	4.95	5.58	3.59
Equals:
Share price (NAV) at end of year	32.46	32.18	27.45	24.31	23.01
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.38⁽¹⁾	1.37	1.39	1.38	1.35
Gross expenses	1.38	1.37	1.39	1.38	1.36
Net investment income (loss)—actual	0.35	(0.16)	(0.09)	(0.07)	(0.13)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the fund bought and sold securities.
Total return (%)	23.46	13.24	1.11	11.06	9.81
Net assets at end of year (in millions of dollars)	626.0	598.9	451.3	264.9	203.8
Portfolio turnover rate (%)	20	14	13	16	20

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Genesis Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	50.47	59.83	63.21	59.01	59.52
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.35	0.07	0.12	0.12	0.08
Net gains (losses)—realized and unrealized	11.23	8.00	0.63	5.97	5.84
Subtotal: income (loss) from investment operations	11.58	8.07	0.75	6.09	5.92
Minus:
Distributions to shareholders
Income dividends	0.11	0.19	0.04	0.03	0.03
Capital gain distributions	2.11	4.50	4.91	5.55	3.52
Subtotal: distributions to shareholders	2.22	4.69	4.95	5.58	3.55
Equals:
Share price (NAV) at end of year	59.83	63.21	59.01	59.52	61.89
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.10⁽¹⁾	1.10	1.10	1.10	1.08
Gross expenses	1.10	1.10	1.10	1.10	1.09
Net investment income (loss)—actual	0.63	0.11	0.19	0.21	0.13
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.81	13.55	1.41	11.35	10.11
Net assets at end of year (in millions of dollars)	3,192.4	2,935.3	2,003.4	1,761.0	1,576.2
Portfolio turnover rate (%)	20	14	13	16	20

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Guardian Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.91	16.27	17.55	14.33	13.47
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.04	0.04	0.00	0.03	0.07
Net gains (losses)—realized and unrealized	2.87	3.24	(0.54)	0.99	2.00
Subtotal: income (loss) from investment operations	2.91	3.28	(0.54)	1.02	2.07
Minus:
Distributions to shareholders
Income dividends	0.11	0.09	0.05	0.02	0.05
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.55	2.00	2.68	1.88	1.90
Equals:
Share price (NAV) at end of year	16.27	17.55	14.33	13.47	13.64
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.50⁽²⁾	1.28	1.50	1.31	1.18
Gross expenses	1.50⁽¹⁾	1.28	1.54⁽¹⁾	1.31⁽¹⁾	1.38⁽¹⁾
Net investment income (loss)—actual	0.23	0.25	0.03	0.20	0.51
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	21.81⁽³⁾	21.27	(3.66)⁽³⁾	8.03⁽³⁾	17.26
Net assets at end of year (in millions of dollars)	0.6	0.4	0.3	0.2	0.1
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Guardian Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	12.31	14.30	15.20	12.05	10.96
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.09	0.09	0.06	0.04	0.06
Net gains (losses)—realized and unrealized	2.53	2.81	(0.45)	0.82	1.58
Subtotal: income (loss) from investment operations	2.62	2.90	(0.39)	0.86	1.64
Minus:
Distributions to shareholders
Income dividends	0.19	0.09	0.13	0.09	0.10
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.63	2.00	2.76	1.95	1.95
Equals:
Share price (NAV) at end of year	14.30	15.20	12.05	10.96	10.65
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.08⁽¹⁾	1.06	1.06	1.08	1.04
Gross expenses	1.08	1.06	1.06	1.08	1.07⁽³⁾
Net investment income (loss)—actual	0.66	0.64	0.46	0.41	0.60
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	22.36	21.61	(3.22)	8.31	17.37
Net assets at end of year (in millions of dollars)	129.4	136.6	103.8	70.6	57.8
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Financial Highlights

Neuberger Berman International Equity Fund—Trust Class

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.05	20.70	23.02	22.06	23.02
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.21	0.28	0.19	0.26	0.31
Net gains (losses)—realized and unrealized	0.44	2.20	(1.07)	0.75	3.34
Subtotal: income (loss) from investment operations	0.65	2.48	(0.88)	1.01	3.65
Minus:
Distributions to shareholders
Income dividends	—	0.16	0.08	0.05	0.08
Subtotal: distributions to shareholders	—	0.16	0.08	0.05	0.08
Equals:	20.70	23.02	22.06	23.02	26.59
Share price (NAV) at end of year
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	1.19⁽⁴⁾	1.16	1.13	1.12	0.74
Gross expenses⁽²⁾	1.42⁽⁴⁾	1.36	1.36	1.30	1.27
Net investment income (loss)—actual	1.73⁽⁴⁾	1.23	0.81	1.15	1.29
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	3.24⁽⁵⁾	12.02	(3.82)	4.59	15.92
Net assets at end of year (in millions of dollars)	111.9	67.7	55.3	48.4	45.7
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Large Cap Value Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.46	21.23	20.12	14.63	13.72
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.17	0.14	0.12	0.11	0.14
Net gains (losses)—realized and unrealized	3.89	4.12	(1.37)	1.32	1.93
Subtotal: income (loss) from investment operations	4.06	4.26	(1.25)	1.43	2.07
Minus:
Distributions to shareholders
Income dividends	0.29	0.35	0.25	0.28	0.19
Capital gain distributions	—	5.02	3.99	2.06	0.87
Subtotal: distributions to shareholders	0.29	5.37	4.24	2.34	1.06
Equals:
Share price (NAV) at end of year	21.23	20.12	14.63	13.72	14.73
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.21⁽¹⁾	1.20	1.20	1.22	1.19
Gross expenses	1.21	1.20	1.20	1.22	1.20
Net investment income (loss)—actual	0.86	0.69	0.73	0.88	0.98
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.58	23.17	(7.55)	12.81	15.51
Net assets at end of year (in millions of dollars)	205.3	216.1	162.3	145.9	144.1
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Large Cap Value Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.30	24.80	24.54	18.74	18.38
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.23	0.20	0.19	0.18	0.23
Net gains (losses)—realized and unrealized	4.54	4.93	(1.74)	1.80	2.61
Subtotal: income (loss) from investment operations	4.77	5.13	(1.55)	1.98	2.84
Minus:
Distributions to shareholders
Income dividends	0.27	0.37	0.26	0.28	0.19
Capital gain distributions	—	5.02	3.99	2.06	0.87
Subtotal: distributions to shareholders	0.27	5.39	4.25	2.34	1.06
Equals:
Share price (NAV) at end of year	24.80	24.54	18.74	18.38	20.16
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.06⁽¹⁾	1.05	1.05	1.07	1.01
Gross expenses	1.06	1.05	1.05	1.07	1.05
Net investment income (loss)—actual	1.01	0.83	0.88	1.03	1.16
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.76	23.36	(7.40)	12.97	15.77
Net assets at end of year (in millions of dollars)	156.6	141.1	108.2	77.6	75.0
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Advisor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.54	21.13	23.77	24.31	22.65
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	(0.12)	(0.18)	(0.20)	(0.14)	(0.14)
Net gains (losses)—realized and unrealized	3.29	3.74	2.50	(0.42)	3.56
Subtotal: income (loss) from investment operations	3.17	3.56	2.30	(0.56)	3.42
Voluntary contribution from Management	—	—	—	0.02	—
Minus:
Distributions to shareholders
Capital gain distributions	0.58	0.92	1.76	1.12	0.62
Subtotal: distributions to shareholders	0.58	0.92	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	21.13	23.77	24.31	22.65	25.45
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.30⁽¹⁾	1.26	1.25	1.24	1.23
Gross expenses	1.30	1.26	1.25	1.24	1.23
Net investment income (loss)—actual	(0.62)	(0.81)	(0.84)	(0.63)	(0.60)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	17.64	17.16	10.39	(2.04)⁽³⁾	15.47
Net assets at end of year (in millions of dollars)	11.7	10.3	10.7	11.5	12.4
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Would have been lower if the Manager had not made a voluntary contribution.

Financial Highlights

These financial highlights describe the performance of the Fund's Trust Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.23	20.75	23.33	23.90	22.31
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	(0.07)	(0.12)	(0.14)	(0.08)	(0.08)
Net gains (losses)—realized and unrealized	3.24	3.66	2.47	(0.42)	3.51
Subtotal: income (loss) from investment operations	3.17	3.54	2.33	(0.50)	3.43
Voluntary contribution from Management	—	—	—	0.03	—
Minus:
Distributions to shareholders
Capital gain distributions	0.65	0.96	1.76	1.12	0.62
Subtotal: distributions to shareholders	0.65	0.96	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	20.75	23.33	23.90	22.31	25.12
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.04⁽¹⁾	1.00	0.99	0.98	0.97
Gross expenses	1.04	1.00	0.99	0.98	0.97
Net investment income (loss)—actual	(0.38)	(0.54)	(0.58)	(0.37)	(0.34)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	18.02	17.40	10.73	(1.77)⁽³⁾	15.75
Net assets at end of year (in millions of dollars)	54.9	69.6	91.7	66.7	52.0
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Would have been lower if the Manager had not made a voluntary contribution.

Financial Highlights

These financial highlights describe the performance of the Fund's Trust Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Intrinsic Value Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.82	17.61	20.24	17.71	16.24
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.20	0.18	0.03	0.12	0.15
Net gains (losses)—realized and unrealized	3.70	3.61	(0.32)	0.64	2.58
Subtotal: income (loss) from investment operations	3.90	3.79	(0.29)	0.76	2.73
Minus:
Distributions to shareholders
Income dividends	0.11	0.29	0.16	0.10	0.11
Capital gain distributions	—	0.87	2.08	2.13	—
Subtotal: distributions to shareholders	0.11	1.16	2.24	2.23	0.11
Equals:
Share price (NAV) at end of year	17.61	20.24	17.71	16.24	18.86
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver and/or offset arrangements had not been in effect.
Net expenses—actual	1.25⁽²⁾	1.25	1.25	1.25	1.25
Gross expenses⁽¹⁾	1.66	1.57	1.48	1.48	1.43
Net investment income (loss)—actual	1.26	0.97	0.17	0.77	0.82
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	28.45	22.47	(1.31)	5.80	16.85
Net assets at end of year (in millions of dollars)	13.0	14.4	11.9	10.3	10.9
Portfolio turnover rate (%)	33	34	50	29	31

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Advisor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Small Cap Growth Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	14.03	17.33	19.63	21.03	18.72
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.15)	(0.22)	(0.26)	(0.20)	(0.24)
Net gains (losses)—realized and unrealized	3.45	2.52	1.66	(0.56)	4.28
Subtotal: income (loss) from investment operations	3.30	2.30	1.40	(0.76)	4.04
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.55	—
Subtotal: distributions to shareholders	—	—	—	1.55	—
Equals:
Share price (NAV) at end of year	17.33	19.63	21.03	18.72	22.76
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.52⁽²⁾	1.51	1.51	1.51	1.51
Gross expenses⁽¹⁾	1.93	1.96	2.00	2.08	2.05
Net investment income (loss)—actual	(1.00)	(1.15)	(1.26)	(1.13)	(1.18)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.52	13.27	7.13	(3.40)	21.58
Net assets at end of year (in millions of dollars)	3.6	3.5	2.7	2.1	1.7
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Trust Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Small Cap Growth Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	21.19	26.22	29.72	31.89	29.25
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.20)	(0.30)	(0.37)	(0.27)	(0.33)
Net gains (losses)—realized and unrealized	5.23	3.80	2.54	(0.82)	6.69
Subtotal: income (loss) from investment operations	5.03	3.50	2.17	(1.09)	6.36
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.55	—
Subtotal: distributions to shareholders	—	—	—	1.55	—
Equals:
Share price (NAV) at end of year	26.22	29.72	31.89	29.25	35.61
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.40⁽²⁾	1.40	1.40	1.37	1.37
Gross expenses⁽¹⁾	1.83	1.95	1.86	1.93	1.88
Net investment income (loss)—actual	(0.91)	(1.02)	(1.15)	(0.99)	(1.04)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.74	13.35	7.30	(3.27)	21.74
Net assets at end of year (in millions of dollars)	7.2	5.5	5.3	4.4	3.9
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Trust Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Socially Responsive Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.07	22.20	24.24	20.47	20.37
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.15	0.16	0.13	0.11	0.10
Net gains (losses)—realized and unrealized	4.14	4.34	(0.06)	1.85	2.50
Subtotal: income (loss) from investment operations	4.29	4.50	0.07	1.96	2.60
Minus:
Distributions to shareholders
Income dividends	0.16	0.25	0.24	0.21	0.23
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	0.16	2.46	3.84	2.06	1.55
Equals:
Share price (NAV) at end of year	22.20	24.24	20.47	20.37	21.42
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.04⁽¹⁾	1.03	1.03	1.03	1.01
Gross expenses	1.04	1.03	1.03	1.03	1.02⁽³⁾
Net investment income (loss)—actual	0.76	0.70	0.58	0.58	0.50
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.95	21.32	0.12	10.29	13.41
Net assets at end of year (in millions of dollars)	431.3	418.4	318.3	270.6	234.6
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Your Investment

Maintaining Your Account

To buy or sell shares described in this prospectus, contact your financial intermediary. The Funds do not issue certificates for shares.

If you are eligible to purchase shares directly from the Distributor, you may do so by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021) or by wire, fax, telephone or exchange. Please call 800-866-6264 for an application and instructions.

We cannot accept cash, money orders, starter checks, travelers checks, or other cash equivalents. We do accept Bank Checks and Cashier’s Checks from U.S. Financial Institutions. You will be responsible for any losses or fees resulting from a bad check; if necessary, we may sell other shares belonging to you in order to cover these losses. All checks must be made out to “Neuberger Berman Funds”; we cannot accept checks made out to you or other parties and signed over to us.

If you bought shares directly from the Distributor, to sell shares send a letter signed by all registered owners; include your name, account number, the Fund name, the dollar amount or number of shares you want to sell, and any other instructions. If by regular, first class mail, send to Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403. If by express delivery, registered mail, or certified mail, send to Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021. Unless you instruct us otherwise, we will mail your proceeds by check to the address of record, payable to the registered owner(s); checks will not be forwarded. If you have a designated bank account on your application, you can request that we wire the proceeds to this account. You can also request that we send the proceeds to your designated bank account by electronic transfer (ACH). Please also supply us with your e-mail address and daytime telephone number when you write to us in the event we need to reach you.

Most financial intermediaries allow you to take advantage of the fund exchange program, which is designed for moving an investment from the Advisor Class or Trust Class of one fund in the fund family to the Advisor Class or Trust Class, respectively, of another through an exchange of shares. However, this privilege can be withdrawn from any investor that we believe is trying to “time the market” or is otherwise making exchanges that we judge to be excessive. Frequent exchanges can interfere with Fund management and affect costs and performance for other shareholders.

Every buy or sell order will be processed at the next share price to be calculated after the order has been received in proper form. Purchase orders are deemed “received in proper form” when the Funds’ transfer agent has received payment for the shares. Redemption orders are deemed “received in proper form” when the Funds' transfer agent has received your order to sell Fund shares. In the case of certain institutional investors, the Distributor will process purchase orders when received, on the basis of a pre-existing arrangement to make payment by the following morning. In addition, if you have established a systematic investment program (SIP) with a Fund, your order is deemed “received in proper form” on the date you pre-selected on your SIP application for the systematic investments to occur. These policies apply to the financial intermediaries who invest in the Fund. If you are buying shares through a financial intermediary, contact the financial intermediary for its policies.

Advisor Class of each of Focus Fund, Guardian Fund, Large Cap Value Fund (formerly Partners Fund), Mid Cap Growth Fund and Small Cap Growth Fund is closed to new investors. Only certain investors are allowed to purchase Advisor Class shares of such Funds, as follows:

■

Only financial intermediaries who established accounts in Advisor Class shares of Guardian Fund, Mid Cap Growth Fund or Small Cap Growth Fund prior to October 15, 2009, or Focus Fund or Large Cap Value Fund (formerly Partners Fund) prior to July 26, 2010, and who continuously maintain such accounts in Advisor Class shares of such Fund, may continue to purchase Advisor Class shares of that Fund.

Trust Class of each of Focus Fund, Guardian Fund, International Equity Fund, Large Cap Value Fund (formerly Partners Fund), Mid Cap Growth Fund, Mid Cap Intrinsic Value Fund (formerly Regency Fund), Small Cap Growth Fund and Socially Responsive Fund is closed to new investors. Only certain investors are allowed to purchase Trust Class shares of such Funds, as follows:

■

Only financial intermediaries who established accounts in Trust Class shares of Guardian Fund, Mid Cap Growth Fund, Small Cap Growth Fund or Socially Responsive Fund prior to October 15, 2009, or Focus Fund, Large Cap Value Fund (formerly Partners Fund) or Mid Cap Intrinsic Value Fund (formerly Regency Fund) prior to July 26, 2010, or International Equity

Fund prior to December 20, 2010, and who continuously maintain such accounts in Trust Class shares of such Fund, may continue to purchase Trust Class shares of that Fund.

Shareholders who, by virtue of an investment made through a financial intermediary, are permitted to invest in a class that is generally closed to new investors may have to continue to participate in the same program of fees and services at that financial intermediary to maintain their ability to purchase that class. Please check with your financial intermediary for more information.

Under certain circumstances, which may include normal and stressed market conditions, the Funds reserve the right to:

■	suspend the offering of shares
■	reject any exchange or purchase order
■	suspend or reject future purchase orders from any investor who has not provided timely payment to settle a purchase order
■	change, suspend, or revoke the exchange privilege
■	satisfy an order to sell Fund shares with securities rather than cash
■	suspend or postpone investors’ ability to sell Fund shares or postpone payments on redemptions for more than seven days, on days when trading on the New York Stock Exchange (“Exchange”) is restricted, or as otherwise permitted by the Securities and Exchange Commission (“SEC”)
■	remain open and process orders to purchase or sell Fund shares when the Exchange is closed.

The Funds reserve the right to pay in kind for redemptions. The Funds do not redeem in kind under normal circumstances, but would do so when the Manager or the Board of Trustees determines that it is in the best interests of a Fund’s shareholders as a whole or the transaction is otherwise effected in accordance with procedures adopted by the Board of Trustees. The Funds typically expect to meet redemption requests, under both normal and stressed market conditions, by redeeming cash and cash equivalent portfolio holdings and/or selling portfolio securities or other instruments. As described further above and in the Funds’ Statement of Additional Information, the Funds also reserve the right to redeem an investor’s shares in kind (i.e., providing investors with portfolio securities instead of cash), in whole or in part to meet redemption requests in stressed market conditions and other appropriate circumstances. Redemptions in kind may cause you to incur transaction costs to the extent you dispose of the securities redeemed in kind and the value of the securities redeemed in kind may decrease between the time of redemption and the time of such sale. The Funds may also borrow under any available line of credit and other available methods to meet redemption requests in both normal and stressed market conditions and other appropriate circumstances.

■	in unusual circumstances where the law allows additional time if needed
■	if a check you wrote to buy shares has not cleared by the time you sell those shares; clearance may take up to 15 calendar days from the date of purchase.

If you think you may need to sell shares soon after buying them, you can avoid the check clearing time by investing by wire.

Uncashed checks — When you receive a check, you may want to deposit or cash it right away, as you will not receive interest on uncashed checks. Checks will not be forwarded if the address of record is incorrect. We may be required to transfer assets related to uncashed checks to a state government under the state’s unclaimed or abandoned property law.

Distribution and Shareholder Servicing Fees

Each of Focus Fund, Guardian Fund, Large Cap Value Fund, Mid Cap Intrinsic Value Fund, Small Cap Growth Fund and Socially Responsive Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 with respect to its Trust Class. Under the plan, each Fund’s Trust Class pays the Distributor a fee at an annual rate of 0.10% of its average net assets to compensate financial intermediaries for providing distribution related services to the Fund and/or administrative or shareholder services to Fund shareholders. The Distributor may also retain part of this fee as compensation for providing these services.

Each of Focus Fund, Genesis Fund, Guardian Fund, Large Cap Value Fund, Mid Cap Growth Fund and Small Cap Growth Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 with respect to its Advisor Class. Under the plan, each Fund’s Advisor Class pays the Distributor a fee at an annual rate of 0.25% of its average net assets to compensate financial intermediaries for providing distribution related services to the Fund and/or administrative or shareholder services to Fund shareholders. The Distributor may also retain part of this fee as compensation for providing these services.

These fees increase the cost of investment. Because these fees are paid out of a Fund’s assets on an ongoing basis, over the long term they could result in higher overall costs than other types of sales charges.

Financial Intermediaries

The Trust Class shares described in this prospectus are available only through financial intermediaries, such as banks, brokerage firms, workplace retirement programs, and financial advisers.

The fees and policies outlined in this prospectus are set by the Funds and by the Distributor. However, most of the information you will need for managing your investment will come from your investment provider. This includes information on how to buy and sell shares, investor services, and additional policies.

In exchange for the services it offers, your financial intermediary may charge fees that are in addition to those described in this prospectus.

Additional Payments to Financial Intermediaries

The Distributor and/or its affiliates pay additional compensation, out of their own resources and not as an expense of the Funds, to certain financial intermediaries, including affiliates, in connection with the sale, distribution, retention and/or servicing of Fund shares. The amount of these payments may be substantial and may differ among financial intermediaries based on, for example, the level or type of services provided by a financial intermediary. These payments are in addition to any fees paid to compensate financial intermediaries for providing distribution related services to the Funds and/or administrative or shareholder services to Fund shareholders. These arrangements are separately negotiated between the Distributor and/or its affiliates, and the recipients of these payments or their affiliates. If your financial intermediary receives such payments, these payments may provide an incentive for the financial intermediary to make the Fund’s shares available to you, or recommend the Fund. Please speak with your financial intermediary to learn more about any payments it receives from the Distributor and/or its affiliates, as well as fees and/or commissions the financial intermediary charges. You should also consult disclosures made by your financial intermediary at the time of purchase. Any such payments by the Distributor or its affiliates will not change the net asset value or the price of a Fund's shares. For more information, please see the Funds' Statement of Additional Information.

Information Required from New Accounts

Share Prices

Because Advisor Class and Trust Class shares of the Funds do not have a sales charge, the price you pay for each share of a Fund is the Fund’s net asset value per share. Similarly, because the Funds do not charge fees for selling shares, your Fund pays you the full share price (net asset value) when you sell shares. Remember that your financial intermediary may charge fees for its services.

The Funds are open for business every day the Exchange is open. The Exchange is generally closed on all national holidays and Good Friday; Fund shares will not be priced on those days or other days on which the Exchange is scheduled to be closed. When the Exchange is closed for unusual reasons, Fund shares will generally not be priced although a Fund may decide to remain open and price Fund shares and in such a case, the Fund would post a notice on www.nb.com.

Each Fund normally calculates its share price on each day the Exchange is open once daily as of 4:00 P.M., Eastern time. In the event of an emergency or other disruption in trading on the Exchange, a Fund’s share price would still normally be determined as of 4:00 P.M., Eastern time. In general, every buy or sell order you place will go through at the next share price calculated after your order has been received in proper form (see “Maintaining Your Account” for information on placing orders). Check with your financial intermediary to find out by what time your order must be received so that it can be processed the same day. Depending on when your financial intermediary accepts orders, it is possible that a Fund’s share price could change on days when you are unable to buy or sell shares.

Share Price Calculations

If a valuation for a security is not available from an independent pricing service or if the Manager believes in good faith that the valuation does not reflect the amount a Fund would receive on a current sale of that security, the Fund seeks to obtain quotations from brokers or dealers. If such quotations are not readily available, the Fund may use a fair value estimate made according to methods approved by the Board of Trustees. A Fund may also use these methods to value certain types of illiquid securities. Fair value pricing generally will be used if the market in which a portfolio security trades closes early or if trading in a particular security was halted during the day and did not resume prior to the time as of which a Fund’s share price is calculated.

an independent pricing service. Fair value pricing can help to protect a Fund by reducing arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing will completely prevent dilution of a Fund’s net asset value by such traders.

Distributions and Taxes

Distributions—Each Fund pays out to its shareholders any net investment income and net realized capital gains. Ordinarily, each Fund makes any distributions once a year (usually in December). Gains from foreign currency transactions, if any, are normally distributed in December. A Fund may make additional distributions, if necessary, to avoid federal income or excise taxes.

Consult your financial intermediary about whether your income dividends and capital gain distributions from a Fund will be reinvested in additional shares of the distributing class of the Fund or paid to you in cash.

Fund distributions to individual retirement accounts (“IRAs”), Roth IRAs, and qualified retirement plans generally are tax-free. Eventual withdrawals from a Roth IRA also may be tax-free, while withdrawals from other retirement plans and accounts generally are subject to federal income tax.

Taxes and You

How can you figure out your tax liability on Fund distributions and share transactions? One helpful tool is the tax statement that your financial intermediary sends you after the end of each calendar year. It details the distributions you received during the past year and shows their tax status. That statement, or a separate statement from your financial intermediary, also covers your share transactions.

Most importantly, consult your tax professional. Everyone’s tax situation is different, and your tax professional should be able to help you answer any questions you may have.

Backup Withholding

You must supply your signed taxpayer identification number form (generally, Form W-9) to your financial intermediary, and it must supply its taxpayer identification number to us, in order to avoid backup withholding.

Buying Shares Before a Distribution

Generally, if you are an exempt investor, there are no current tax consequences to you from distributions.

Basis Determination and Reporting

Market Timing Policy

Frequent purchases, exchanges and redemptions of Fund shares (“market-timing activities”) can interfere with effective Fund management and adversely affect Fund performance in various ways, including by requiring a portfolio manager to liquidate portfolio holdings at a disadvantageous time or price, by increasing costs (such as brokerage costs) to a Fund by requiring a portfolio manager to effect more frequent purchases and sales of portfolio securities, and possibly by requiring a portfolio manager to keep a larger portion of Fund assets in cash, all of which could adversely affect the interests of long-term shareholders. To discourage market-timing activities by Fund shareholders, the Board of Trustees has adopted market-timing policies and has approved the procedures of the principal underwriter for implementing those policies. As described earlier in this prospectus, pursuant to such policies, the exchange privilege can be withdrawn from any investor that is believed to be “timing the market” or is otherwise making exchanges judged to be excessive. In furtherance of these policies, under certain circumstances, the Funds reserve the right to reject any exchange or purchase order, or change, suspend or revoke the exchange privilege.

underlying shareholders of omnibus accounts maintained by brokers, retirement plan accounts and other approved financial intermediaries may be limited in those instances in which the financial intermediary maintains the underlying shareholder accounts. Accordingly, there can be no assurance that the Funds will be able to eliminate all market-timing activities.

Portfolio Holdings Policy

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information.

The complete portfolio holdings for each Fund are available at www.nb.com/holdings (click on the tab with the name of the relevant Fund). The complete portfolio holdings for each Fund (except Genesis Fund) are generally posted 15-30 days after each month-end. The complete portfolio holdings for Genesis Fund are generally posted 15-30 days after the end of each calendar quarter.

Each Fund’s (except Genesis Fund’s) complete portfolio holdings will remain available at this website until the subsequent month-end holdings have been posted. Genesis Fund’s complete portfolio holdings will remain available at this website until the subsequent quarter-end holdings have been posted. Complete portfolio holdings for the Funds will also be available in reports on Form N-Q and Form N-CSR filed with the SEC. Historical portfolio holdings are available upon request.

Fund Structure

Each Fund uses a “multiple class” structure. Each Fund offers one or more classes of shares that have identical investment programs, but different arrangements for distribution and shareholder servicing and, consequently, different expenses. This prospectus relates solely to the Advisor Class and Trust Class shares, as applicable, of the Funds.

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Genesis Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	72.59	82.91	82.20	70.12	62.10
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.28	(0.13)	(0.08)	(0.05)	(0.08)
Net gains (losses)—realized and unrealized	15.66	11.04	0.64	6.28	5.93
Subtotal: income (loss) from investment operations	15.94	10.91	0.56	6.23	5.85
Minus:
Distributions to shareholders
Income dividends	0.23	0.13	0.10	0.07	0.19
Capital gain distributions	5.39	11.49	12.54	14.18	8.99
Subtotal: distributions to shareholders	5.62	11.62	12.64	14.25	9.18
Equals:
Share price (NAV) at end of year	82.91	82.20	70.12	62.10	58.77
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.38⁽¹⁾	1.37	1.39	1.38	1.35
Gross expenses	1.38	1.37	1.39	1.38	1.36
Net investment income (loss)—actual	0.35	(0.16)	(0.09)	(0.07)	(0.13)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the fund bought and sold securities.
Total return (%)	23.46	13.24	1.11	11.06	9.81
Net assets at end of year (in millions of dollars)	626.0	598.9	451.3	264.9	203.8
Portfolio turnover rate (%)	20	14	13	16	20

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-1

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Genesis Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	47.90	56.78	59.99	56.00	56.48
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.33	0.07	0.11	0.11	0.08
Net gains (losses)—realized and unrealized	10.66	7.59	0.60	5.67	5.54
Subtotal: income (loss) from investment operations	10.99	7.66	0.71	5.78	5.62
Minus:
Distributions to shareholders
Income dividends	0.11	0.18	0.04	0.03	0.03
Capital gain distributions	2.00	4.27	4.66	5.27	3.34
Subtotal: distributions to shareholders	2.11	4.45	4.70	5.30	3.37
Equals:
Share price (NAV) at end of year	56.78	59.99	56.00	56.48	58.73
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.10⁽¹⁾	1.10	1.10	1.10	1.08
Gross expenses	1.10	1.10	1.10	1.10	1.09
Net investment income (loss)—actual	0.63	0.11	0.19	0.21	0.13
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.81	13.55	1.41	11.35	10.11
Net assets at end of year (in millions of dollars)	3,192.4	2,935.3	2,003.4	1,761.0	1,576.2
Portfolio turnover rate (%)	20	14	13	16	20

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-2

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Large Cap Value Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	37.48	45.58	43.19	31.41	29.45
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.37	0.30	0.26	0.24	0.30
Net gains (losses)—realized and unrealized	8.35	8.85	(2.94)	2.83	4.15
Subtotal: income (loss) from investment operations	8.72	9.15	(2.68)	3.07	4.45
Minus:
Distributions to shareholders
Income dividends	0.62	0.76	0.54	0.61	0.41
Capital gain distributions	—	10.78	8.56	4.42	1.87
Subtotal: distributions to shareholders	0.62	11.54	9.10	5.03	2.28
Equals:
Share price (NAV) at end of year	45.58	43.19	31.41	29.45	31.62
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.21⁽¹⁾	1.20	1.20	1.22	1.19
Gross expenses	1.21	1.20	1.20	1.22	1.20
Net investment income (loss)—actual	0.86	0.69	0.73	0.88	0.98
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.58	23.17	(7.55)	12.81	15.51
Net assets at end of year (in millions of dollars)	205.3	216.1	162.3	145.9	144.1
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-3

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Large Cap Value Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	31.85	38.91	38.50	29.40	28.84
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.36	0.31	0.30	0.28	0.36
Net gains (losses)—realized and unrealized	7.12	7.74	(2.73)	2.83	4.10
Subtotal: income (loss) from investment operations	7.48	8.05	(2.43)	3.11	4.46
Minus:
Distributions to shareholders
Income dividends	0.42	0.58	0.41	0.44	0.30
Capital gain distributions	—	7.88	6.26	3.23	1.37
Subtotal: distributions to shareholders	0.42	8.46	6.67	3.67	1.67
Equals:
Share price (NAV) at end of year	38.91	38.50	29.40	28.84	31.63
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.06⁽¹⁾	1.05	1.05	1.07	1.01
Gross expenses	1.06	1.05	1.05	1.07	1.05
Net investment income (loss)—actual	1.01	0.83	0.88	1.03	1.16
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.76	23.36	(7.40)	12.97	15.77
Net assets at end of year (in millions of dollars)	156.6	141.1	108.2	77.6	75.0
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-4

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Mid Cap Growth Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.65	12.14	13.66	13.97	13.01
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	(0.07)	(0.10)	(0.12)	(0.08)	(0.08)
Net gains (losses)—realized and unrealized	1.89	2.15	1.44	(0.25)	2.05
Subtotal: income (loss) from investment operations	1.82	2.05	1.32	(0.33)	1.97
Voluntary contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gain distributions	0.33	0.53	1.01	0.64	0.36
Subtotal: distributions to shareholders	0.33	0.53	1.01	0.64	0.36
Equals:
Share price (NAV) at end of year	12.14	13.66	13.97	13.01	14.62
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.30⁽¹⁾	1.26	1.25	1.24	1.23
Gross expenses	1.30	1.26	1.25	1.24	1.23
Net investment income (loss)—actual	(0.62)	(0.81)	(0.84)	(0.63)	(0.60)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	17.64	17.16	10.39	(2.04)⁽³⁾	15.47
Net assets at end of year (in millions of dollars)	11.7	10.3	10.7	11.5	12.4
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Would have been lower if the Manager had not made a voluntary contribution.

A-5

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Mid Cap Growth Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.61	12.07	13.58	13.91	12.98
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	(0.04)	(0.07)	(0.08)	(0.05)	(0.04)
Net gains (losses)—realized and unrealized	1.88	2.13	1.43	(0.25)	2.04
Subtotal: income (loss) from investment operations	1.84	2.06	1.35	(0.30)	2.00
Voluntary contribution from Management	—	—	—	0.02	—
Minus:
Distributions to shareholders
Capital gain distributions	0.38	0.55	1.02	0.65	0.36
Subtotal: distributions to shareholders	0.38	0.55	1.02	0.65	0.36
Equals:
Share price (NAV) at end of year	12.07	13.58	13.91	12.98	14.62
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.04⁽¹⁾	1.00	0.99	0.98	0.97
Gross expenses	1.04	1.00	0.99	0.98	0.97
Net investment income (loss)—actual	(0.38)	(0.54)	(0.58)	(0.37)	(0.34)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	18.02	17.40	10.73	(1.77)⁽³⁾	15.75
Net assets at end of year (in millions of dollars)	54.9	69.6	91.7	66.7	52.0
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Would have been lower if the Manager had not made a voluntary contribution.

A-6

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Socially Responsive Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	31.70	38.95	42.53	35.91	35.74
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.26	0.28	0.23	0.19	0.18
Net gains (losses)—realized and unrealized	7.27	7.62	(0.11)	3.25	4.38
Subtotal: income (loss) from investment operations	7.53	7.90	0.12	3.44	4.56
Minus:
Distributions to shareholders
Income dividends	0.28	0.44	0.42	0.37	0.40
Capital gain distributions	—	3.88	6.32	3.24	2.32
Subtotal: distributions to shareholders	0.28	4.32	6.74	3.61	2.72
Equals:
Share price (NAV) at end of year	38.95	42.53	35.91	35.74	37.58
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.04⁽¹⁾	1.03	1.03	1.03	1.01
Gross expenses	1.04	1.03	1.03	1.03	1.02⁽³⁾
Net investment income (loss)—actual	0.76	0.70	0.58	0.58	0.50
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.95	21.32	0.12	10.29	13.41
Net assets at end of year (in millions of dollars)	431.3	418.4	318.3	270.6	234.6
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

A-7

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Focus Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	62.73	77.15	75.76	50.00	45.35
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.23	0.23	0.23	0.17	—
Net gains (losses)—realized and unrealized	14.83	14.94	(0.52)	2.62	5.52
Subtotal: income (loss) from investment operations	15.06	15.17	(0.29)	2.79	5.52
Minus:
Distributions to shareholders
Income dividends	0.64	0.98	0.93	1.05	0.64
Capital gain distributions	—	15.58	24.54	6.39	12.90
Subtotal: distributions to shareholders	0.64	16.56	25.47	7.44	13.54
Equals:
Share price (NAV) at end of year	77.15	75.76	50.00	45.35	37.33
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.29⁽¹⁾	1.27	1.27	1.26⁽¹⁾	1.23
Gross expenses	1.29	1.27	1.27	1.26	1.26⁽³⁾
Net investment income (loss)—actual	0.37	0.28	0.39	0.33	(0.04)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.22	22.21	0.15	6.33	16.51
Net assets at end of year (in millions of dollars)	6.1	7.1	6.1	3.9	3.5
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

B-1

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Focus Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	28.78	35.56	37.64	29.62	29.14
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.18	0.16	0.18	0.12	0.04
Net gains (losses)—realized and unrealized	6.82	7.19	(0.23)	1.70	4.19
Subtotal: income (loss) from investment operations	7.00	7.35	(0.05)	1.82	4.23
Minus:
Distributions to shareholders
Income dividends	0.22	0.38	0.27	0.29	0.14
Capital gain distributions	—	4.89	7.70	2.01	4.05
Subtotal: distributions to shareholders	0.22	5.27	7.97	2.30	4.19
Equals:
Share price (NAV) at end of year	35.56	37.64	29.62	29.14	29.18
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.14⁽¹⁾	1.11	1.10	1.11	1.09
Gross expenses	1.14	1.11	1.10	1.11	1.10⁽³⁾
Net investment income (loss)—actual	0.53	0.47	0.57	0.47	0.10
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.48	22.40	0.26	6.50	16.61
Net assets at end of year (in millions of dollars)	56.3	125.7	92.7	70.4	63.0
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

B-2

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Guardian Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.70	20.71	22.33	18.24	17.14
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.05	0.05	0.00	0.04	0.09
Net gains (losses)—realized and unrealized	3.65	4.12	(0.69)	1.26	2.54
Subtotal: income (loss) from investment operations	3.70	4.17	(0.69)	1.30	2.63
Minus:
Distributions to shareholders
Income dividends	0.14	0.12	0.06	0.02	0.06
Capital gain distributions	0.56	2.43	3.35	2.37	2.35
Subtotal: distributions to shareholders	0.70	2.55	3.41	2.39	2.41
Equals:
Share price (NAV) at end of year	20.71	22.33	18.24	17.14	17.36
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.50⁽²⁾	1.28	1.50	1.31	1.18
Gross expenses	1.50⁽¹⁾	1.28	1.54⁽¹⁾	1.31⁽¹⁾	1.38⁽¹⁾
Net investment income (loss)—actual	0.23	0.25	0.03	0.20	0.51
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	21.81⁽³⁾	21.27	(3.66)⁽³⁾	8.03⁽³⁾	17.26
Net assets at end of year (in millions of dollars)	0.6	0.4	0.3	0.2	0.1
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-3

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Guardian Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.60	23.93	25.44	20.17	18.34
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.15	0.15	0.10	0.07	0.10
Net gains (losses)—realized and unrealized	4.23	4.70	(0.75)	1.37	2.64
Subtotal: income (loss) from investment operations	4.38	4.85	(0.65)	1.44	2.74
Minus:
Distributions to shareholders
Income dividends	0.32	0.15	0.22	0.15	0.16
Capital gain distributions	0.73	3.20	4.40	3.11	3.10
Subtotal: distributions to shareholders	1.05	3.35	4.62	3.26	3.26
Equals:
Share price (NAV) at end of year	23.93	25.44	20.17	18.34	17.82
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.08⁽¹⁾	1.06	1.06	1.08	1.04
Gross expenses	1.08	1.06	1.06	1.08	1.07⁽³⁾
Net investment income (loss)—actual	0.66	0.64	0.46	0.41	0.60
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	22.36	21.61	(3.22)	8.31	17.37
Net assets at end of year (in millions of dollars)	129.4	136.6	103.8	70.6	57.8
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

B-4

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman International Equity Fund—Trust Class

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.48	9.79	10.88	10.43	10.88
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.10	0.13	0.09	0.12	0.15
Net gains (losses)—realized and unrealized	0.21	1.04	(0.50)	0.35	1.58
Subtotal: income (loss) from investment operations	0.31	1.17	(0.41)	0.47	1.73
Minus:
Distributions to shareholders
Income dividends	—	0.08	0.04	0.02	0.04
Subtotal: distributions to shareholders	—	0.08	0.04	0.02	0.04
Equals:
Share price (NAV) at end of year	9.79	10.88	10.43	10.88	12.57
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	1.19⁽⁴⁾	1.16	1.13	1.12	0.74
Gross expenses⁽²⁾	1.42⁽⁴⁾	1.36	1.36	1.30	1.27
Net investment income (loss)—actual	1.73⁽⁴⁾	1.23	0.81	1.15	1.29
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	3.24⁽⁵⁾	12.02	(3.82)	4.59	15.92
Net assets at end of year (in millions of dollars)	111.9	67.7	55.3	48.4	45.7
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-5

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Small Cap Growth Fund—Advisor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.43	25.24	28.59	30.63	27.27
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.22)	(0.32)	(0.38)	(0.29)	(0.35)
Net gains (losses)—realized and unrealized	5.03	3.67	2.42	(0.81)	6.23
Subtotal: income (loss) from investment operations	4.81	3.35	2.04	(1.10)	5.88
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	2.26	—
Subtotal: distributions to shareholders	—	—	—	2.26	—
Equals:
Share price (NAV) at end of year	25.24	28.59	30.63	27.27	33.15
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.52⁽²⁾	1.51	1.51	1.51	1.51
Gross expenses⁽¹⁾	1.93	1.96	2.00	2.08	2.05
Net investment income (loss)—actual	(1.00)	(1.15)	(1.26)	(1.13)	(1.18)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.52	13.27	7.13	(3.40)	21.58
Net assets at end of year (in millions of dollars)	3.6	3.5	2.7	2.1	1.7
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-6

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Small Cap Growth Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	19.56	24.21	27.44	29.44	27.01
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.18)	(0.28)	(0.34)	(0.25)	(0.30)
Net gains (losses)—realized and unrealized	4.83	3.51	2.34	(0.75)	6.17
Subtotal: income (loss) from investment operations	4.65	3.23	2.00	(1.00)	5.87
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.43	—
Subtotal: distributions to shareholders	—	—	—	1.43	—
Equals:
Share price (NAV) at end of year	24.21	27.44	29.44	27.01	32.88
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.40⁽²⁾	1.40	1.40	1.37	1.37
Gross expenses⁽¹⁾	1.83	1.95	1.86	1.93	1.88
Net investment income (loss)—actual	(0.91)	(1.02)	(1.15)	(0.99)	(1.04)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.74	13.35	7.30	(3.27)	21.74
Net assets at end of year (in millions of dollars)	7.2	5.5	5.3	4.4	3.9
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-7

NEUBERGER BERMAN EQUITY FUNDS

Advisor Class and Trust Class Shares

If you would like further details on these Funds, you can request a free copy of the following documents:

Shareholder Reports. The shareholder reports offer information about each Fund, including:

■	a discussion by the Portfolio Managers about strategies and market conditions that significantly affected the Fund’s performance during the last fiscal year
■	Fund performance data and financial statements
■	portfolio holdings.

Statement of Additional Information (SAI). The SAI contains more comprehensive information on each Fund, including:

■	various types of securities and practices, and their risks
■	investment limitations and additional policies
■	information about the Fund’s management and business structure.

The SAI is hereby incorporated by reference into this prospectus, making it legally part of the prospectus.

Investment Manager: Neuberger Berman Investment Advisers LLC

Obtaining Information

You can obtain a shareholder report, SAI, and other information from your financial intermediary, or from:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
877-628-2583
Website: www.nb.com

You may also view and copy the documents at the SEC’s Public Reference Room in Washington. Call 202-551-8090 for information about the operation of the Public Reference Room.

Each Fund’s current net asset value per share is made available at: http://www.nb.com/performance.

SEC File Number: 811-00582
A0090 03/18

Contents

Neuberger Berman Equity Funds

Fund Summaries
Neuberger Berman Focus Fund	2
Neuberger Berman Genesis Fund	7
Neuberger Berman Guardian Fund	12
Neuberger Berman International Equity Fund	17
Neuberger Berman Large Cap Value Fund	23
Neuberger Berman Mid Cap Growth Fund	29
Neuberger Berman Mid Cap Intrinsic Value Fund	34
Neuberger Berman Small Cap Growth Fund	40
Neuberger Berman Socially Responsive Fund	45
Descriptions of Certain Practices and Security Types	50
Additional Information about Principal Investment Risks	50
Information about Additional Risks	55
Descriptions of Indices	55
Management of the Funds	56
Financial Highlights	59

YOUR INVESTMENT
Share Prices	68
Privileges and Services	69
Distributions and Taxes	69
Maintaining Your Account	71
Buying Shares	75
Selling Shares	76
Market Timing Policy	77
Portfolio Holdings Policy	77
Fund Structure	78
Appendix A—Financial Highlights (as restated) (unaudited)*	A-1
Appendix B—Financial Highlights (as restated) (unaudited)**	B-1

*	On December 8, 2017, Neuberger Berman Genesis Fund, Neuberger Berman Mid Cap Growth Fund, and Neuberger Berman Socially Responsive Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.
**	On February 23, 2018, Neuberger Berman International Equity Fund conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.

Fund Summaries

Neuberger Berman Focus Fund

Investor Class Shares (NBSSX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.79
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.14
Total annual operating expenses	0.93

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$95	$296	$515	$1,143

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests in a concentrated portfolio, consisting mainly of common stocks of companies of any size that are selected using a fundamental, research driven approach.

Under normal market conditions, the Fund typically holds a limited number of stocks. Because of this, the Fund may at times be substantially over- and under-weighted in certain economic sectors.

2 Focus Fund

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

3 Focus Fund

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

4 Focus Fund

PERFORMANCE

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 16.21%

Worst quarter: Q4 '08, -27.78%

Year-to-date performance as of 9/30/2017: 15.69%

average annual total % returns as of 12/31/16

Focus Fund	1 Year	5 Years	10 Years
Return Before Taxes	7.01	13.95	5.50
Return After Taxes on Distributions	4.77	11.77	3.93
Return After Taxes on Distributions and Sale of Fund Shares	5.80	10.99	4.25
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

5 Focus Fund

PORTFOLIO MANAGERS

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

6 Focus Fund

Neuberger Berman Genesis Fund

Investor Class Shares (NBGNX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.92
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.10
Total annual operating expenses	1.02

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$104	$325	$563	$1,248

Portfolio Turnover

Principal Investment Strategies

The Fund seeks to reduce risk by diversifying among many companies and industries. Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

7 Genesis Fund

an established market niche; circumstances that would make it difficult for new competitors to enter the market; the ability to finance their own growth; and sound future business prospects. This approach is designed to let the Fund benefit from potential increases in stock prices, while limiting the risks typically associated with small-cap stocks.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

8 Genesis Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

9 Genesis Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 16.30%

Worst quarter: Q4 '08, -26.55%

Year-to-date performance as of 9/30/2017: 9.38%

average annual total % returns as of 12/31/16

Genesis Fund	1 Year	5 Years	10 Years
Return Before Taxes	18.14	12.22	8.86
Return After Taxes on Distributions	15.31	9.40	7.05
Return After Taxes on Distributions and Sale of Fund Shares	12.61	9.51	7.08
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

10 Genesis Fund

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

11 Genesis Fund

Neuberger Berman Guardian Fund

Investor Class Shares (NGUAX)

GOAL

The Fund seeks long-term growth of capital; current income is a secondary goal.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.76
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.14
Total annual operating expenses	0.90

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$92	$287	$498	$1,108

Portfolio Turnover

Principal Investment Strategies

To pursue its goals, the Fund invests mainly in common stocks of companies across all market capitalizations.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

12 Guardian Fund

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

13 Guardian Fund

often more volatile and less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

14 Guardian Fund

PERFORMANCE

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.77%

Worst quarter: Q4 '08, -26.36%

Year-to-date performance as of 9/30/2017: 17.01%

15 Guardian Fund

average annual total % returns as of 12/31/16

Guardian Fund	1 Year	5 Years	10 Years
Return Before Taxes	9.19	12.23	5.99
Return After Taxes on Distributions	6.20	9.58	4.31
Return After Taxes on Distributions and Sale of Fund Shares	7.70	9.61	4.68
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

16 Guardian Fund

Neuberger Berman International Equity Fund

Investor Class Shares (NIQVX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.05
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.18
Total annual operating expenses	1.23

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$125	$390	$676	$1,489

Portfolio Turnover

Principal Investment Strategies

17 International Equity Fund

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

18 International Equity Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

19 International Equity Fund

PERFORMANCE

The following performance prior to January 28, 2013, is that of the Fund's Institutional Class. Because Institutional Class has lower expenses than Investor Class, its performance typically would have been better than that of Investor Class. Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

20 International Equity Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 23.76%

Worst quarter: Q3 '08, -23.47%

Year-to-date performance as of 9/30/2017: 22.87%

average annual total % returns as of 12/31/16

International Equity Fund	1 Year	5 Years	10 Years
Return Before Taxes	-1.27	6.62	1.09
Return After Taxes on Distributions	-1.38	6.44	0.41
Return After Taxes on Distributions and Sale of Fund Shares	-0.63	5.20	0.81
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

21 International Equity Fund

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

22 International Equity Fund

Neuberger Berman Large Cap Value Fund

Investor Class Shares (NPRTX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.75
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.12
Acquired fund fees and expenses	0.01
Total annual operating expenses	0.88

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$90	$281	$488	$1,084

Portfolio Turnover

Principal Investment Strategies

23 Large Cap Value Fund

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of large-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or the market may react to the catalyst differently than expected. Certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid, may be difficult to value, and management of such a company may be addressing a situation with which it has little experience.

24 Large Cap Value Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

25 Large Cap Value Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

26 Large Cap Value Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 28.23%

Worst quarter: Q4 '08, -32.80%

Year-to-date performance as of 9/30/2017: 7.93%

average annual total % returns as of 12/31/16

Large Cap Value Fund	1 Year	5 Years	10 Years
Return Before Taxes	28.22	13.92	4.95
Return After Taxes on Distributions	26.99	11.14	3.55
Return After Taxes on Distributions and Sale of Fund Shares	16.66	10.34	3.55
Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)	17.34	14.80	5.72
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Eli M. Salzmann (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

27 Large Cap Value Fund

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

28 Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Investor Class Shares (NMANX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.77
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.16
Total annual operating expenses	0.93

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$95	$296	$515	$1,143

Portfolio Turnover

Principal Investment Strategies

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

29 Mid Cap Growth Fund

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

30 Mid Cap Growth Fund

react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

31 Mid Cap Growth Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '12, 14.58%

Worst quarter: Q4 '08, -23.49%

Year-to-date performance as of 9/30/2017: 17.11%

average annual total % returns as of 12/31/16

Mid Cap Growth Fund	1 Year	5 Years	10 Years
Return Before Taxes	4.71	11.11	7.37
Return After Taxes on Distributions	3.53	9.00	6.34
Return After Taxes on Distributions and Sale of Fund Shares	3.65	8.51	5.82
Russell Midcap^® Growth Index (reflects no deduction for fees, expenses or taxes)	7.33	13.51	7.83
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Kenneth J. Turek (Managing Director of the Manager). He has managed the Fund since 2003.

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

32 Mid Cap Growth Fund

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

33 Mid Cap Growth Fund

Neuberger Berman Mid Cap Intrinsic Value Fund

Investor Class Shares (NBRVX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.81
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.44
Total annual operating expenses	1.25

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$127	$397	$686	$1,511

Portfolio Turnover

Principal Investment Strategies

34 Mid Cap Intrinsic Value Fund

■	Complex Companies: These companies typically have multiple lines of business that are in different industries or sectors and/or that have different growth rates and profitability characteristics.
■	Cyclical Companies: These companies typically have ebbs and flows in their business depending on demand patterns for their products, the length of product cycles, or other transient factors.
■	Companies in a Period of Interrupted Growth: Typically, these are companies in attractive, high growth markets that have suffered what the Portfolio Manager believes is a temporary setback and/or are in transition to a more mature, lower growth business model that focuses more on current earnings than on rapid growth.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

35 Mid Cap Intrinsic Value Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

36 Mid Cap Intrinsic Value Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the portfolio management team believes to be their full value or intrinsic value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

37 Mid Cap Intrinsic Value Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q3 '09, 25.73%

Worst quarter: Q4 '08, -28.29%

Year-to-date performance as of 9/30/2017: 13.24%

average annual total % returns as of 12/31/16

Mid Cap Intrinsic Value Fund	1 Year	5 Years	10 Years
Return Before Taxes	18.06	14.22	6.52
Return After Taxes on Distributions	17.92	12.67	5.50
Return After Taxes on Distributions and Sale of Fund Shares	10.34	11.22	5.11
Russell Midcap^® Value Index (reflects no deduction for fees, expenses or taxes)	20.00	15.70	7.59
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Michael C. Greene (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

38 Mid Cap Intrinsic Value Fund

or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

39 Mid Cap Intrinsic Value Fund

Neuberger Berman Small Cap Growth Fund

Investor Class Shares (NBMIX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.11
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.68
Total annual operating expenses	1.79
Fee waiver and/or expense reimbursement	0.48
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.31

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Investor Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.30% of average net assets. This undertaking lasts until 8/31/2022 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Investor Class will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.30% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$133	$415	$774	$1,931

Portfolio Turnover

Principal Investment Strategies

40 Small Cap Growth Fund

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in small-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

41 Small Cap Growth Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

42 Small Cap Growth Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 17.23%

Worst quarter: Q4 '08, -24.59%

Year-to-date performance as of 9/30/2017: 22.20%

average annual total % returns as of 12/31/16

Small Cap Growth Fund	1 Year	5 Years	10 Years
Return Before Taxes	6.15	10.80	5.95
Return After Taxes on Distributions	6.15	10.38	5.76
Return After Taxes on Distributions and Sale of Fund Shares	3.48	8.46	4.72
Russell 2000^® Growth Index (reflects no deduction for fees, expenses or taxes)	11.32	13.74	7.76
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

43 Small Cap Growth Fund

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

44 Small Cap Growth Fund

Neuberger Berman Socially Responsive Fund

Investor Class Shares (NBSRX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund’s environmental, social and governance (ESG) criteria.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.73
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.12
Total annual operating expenses	0.85

Expense Example

	1 Year	3 Years	5 Years	10 Years
Investor Class	$87	$271	$471	$1,049

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests primarily in common stocks of mid- to large-capitalization companies that meet the Fund's ESG criteria in accordance with its social policy.

The Fund seeks to reduce risk by investing across many different industries.

45 Socially Responsive Fund

Please see the Statement of Additional Information for a detailed description of the Fund’s social investing policies.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

46 Socially Responsive Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

47 Socially Responsive Fund

PERFORMANCE

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-877-9700 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.32%

Worst quarter: Q4 '08, -26.61%

Year-to-date performance as of 9/30/2017: 12.38%

48 Socially Responsive Fund

average annual total % returns as of 12/31/16

Socially Responsive Fund	1 Year	5 Years	10 Years
Return Before Taxes	10.10	13.19	6.65
Return After Taxes on Distributions	8.98	11.67	5.82
Return After Taxes on Distributions and Sale of Fund Shares	6.66	10.43	5.29
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Investor Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

For certain investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 for instructions). See “Maintaining Your Account” in the prospectus for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Investor Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

49 Socially Responsive Fund

Descriptions of Certain Practices and Security Types

Additional Information about Principal Investment Risks

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or may happen in modified or conditional form, or the market may react to the catalyst differently than expected. Furthermore, a catalyst, such as a pending restructuring or spin-off, may be renegotiated or terminated or involve a longer time frame than originally contemplated. In addition, certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks, and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid and may be difficult to value, and management of such a company may be addressing a situation with which it has little experience. In circumstances where the anticipated catalyst does not occur or the position is no longer an attractive investment opportunity, the Fund may incur losses by liquidating that position. If the catalyst later appears unlikely to occur or is delayed, the market prices of the securities may decline sharply.

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Additionally, in times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. The Fund attempts to lessen the risk of such losses by seeking growth stocks that sell at what the adviser believes are reasonable prices. If the adviser is incorrect in its assessment of a stock’s value, this strategy may not provide the expected downside protection. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously. Growth stocks also may lack the dividends often associated with value stocks that can cushion their decline in a falling market. While the price of any type of stock may rise and fall rapidly, growth stocks may underperform during periods when the market favors value stocks.

When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. If a call option that the Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying security. If a call option that the Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying security during the option period.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. For example, official statistics indicate a recent growth rate in China that is significantly lower than that in the early part of the decade. This has adversely affected worldwide commodity prices and the economies of many countries, especially those that depend heavily on commodity production and/or trade with China. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Information about Additional Risks

Please see the Statement of Additional Information for more information.

Descriptions of Indices

Management of the Funds

Investment Manager

Neuberger Berman Focus Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.79% of average daily net assets for Investor Class.

Neuberger Berman Genesis Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.92% of average daily net assets for Investor Class.

Neuberger Berman Guardian Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.76% of average daily net assets for Investor Class.

Neuberger Berman International Equity Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.88% of average daily net assets, after voluntary waiver, for Investor Class.

Neuberger Berman Large Cap Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.75% of average daily net assets for Investor Class.

Neuberger Berman Mid Cap Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.77% of average daily net assets for Investor Class.

Neuberger Berman Mid Cap Intrinsic Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.63% of average daily net assets, after voluntary waiver, for Investor Class.

Portfolio Managers

Neuberger Berman Focus Fund

Neuberger Berman Genesis Fund

Neuberger Berman Guardian Fund

Charles Kantor is a Managing Director of the Manager. He joined the firm in 2000 and has managed the Fund since October 2015.

Neuberger Berman International Equity Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2005.

David Bunan is a Managing Director of the Manager. Mr. Bunan joined the firm in 2008 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. Mr. Turek has been the Portfolio Manager of the Fund since 2003.

Neuberger Berman Mid Cap Intrinsic Value Fund

Neuberger Berman Small Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. He joined the firm in 2002 and has managed the Fund since November 2015.

Chad Bruso is a Senior Vice President of the Manager. He joined the firm in 2006 and has managed the Fund since November 2015.

Neuberger Berman Socially Responsive Fund

Ingrid S. Dyott is a Managing Director of the Manager. She has been co-Portfolio Manager of the Fund since 2003 and before that was an Associate Portfolio Manager of the Fund since 1997.

Financial Highlights

These financial highlights describe the performance of the Fund's Investor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Focus Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	21.71	26.90	29.77	25.45	25.81
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.18	0.18	0.21	0.16	0.07
Net gains (losses)—realized and unrealized	5.15	5.57	(0.15)	1.48	3.93
Subtotal: income (loss) from investment operations	5.33	5.75	0.06	1.64	4.00
Minus:
Distributions to shareholders
Income dividends	0.14	0.20	0.16	0.18	0.09
Capital gain distributions	—	2.68	4.22	1.10	2.22
Subtotal: distributions to shareholders	0.14	2.88	4.38	1.28	2.31
Equals:
Share price (NAV) at end of year	26.90	29.77	25.45	25.81	27.50
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	0.94⁽¹⁾	0.91	0.91	0.94	0.91
Gross expenses	0.94	0.91	0.91	0.94	0.92⁽³⁾
Net investment income (loss)—actual	0.72	0.64	0.77	0.63	0.28
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.69	22.65	0.49	6.68	16.81
Net assets at end of year (in millions of dollars)	636.9	699.4	639.8	626.8	667.7
Portfolio turnover rate (%)	79	84	52	89	72

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Financial Highlights

Neuberger Berman Genesis Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	34.65	40.18	40.89	36.31	34.13
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.26	0.08	0.11	0.09	0.07
Net gains (losses)—realized and unrealized	7.57	5.37	0.36	3.43	3.30
Subtotal: income (loss) from investment operations	7.83	5.45	0.47	3.52	3.37
Minus:
Distributions to shareholders
Income dividends	0.19	0.24	0.14	0.15	0.15
Capital gain distributions	2.11	4.50	4.91	5.55	3.52
Subtotal: distributions to shareholders	2.30	4.74	5.05	5.70	3.67
Equals:
Share price (NAV) at end of year	40.18	40.89	36.31	34.13	33.83
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.02⁽¹⁾	1.01	1.01	1.03	1.01
Gross expenses	1.02	1.01	1.01	1.03	1.02
Net investment income (loss)—actual	0.71	0.20	0.29	0.28	0.21
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.91	13.65	1.52	11.43	10.19
Net assets at end of year (in millions of dollars)	2,458.7	2,437.6	2,023.6	1,752.8	1,786.0
Portfolio turnover rate (%)	20	14	13	16	20

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Guardian Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	15.80	18.58	20.43	17.13	16.45
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.14	0.16	0.12	0.09	0.12
Net gains (losses)—realized and unrealized	3.28	3.70	(0.64)	1.21	2.51
Subtotal: income (loss) from investment operations	3.42	3.86	(0.52)	1.30	2.63
Minus:
Distributions to shareholders
Income dividends	0.20	0.10	0.15	0.12	0.11
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.64	2.01	2.78	1.98	1.96
Equals:
Share price (NAV) at end of year	18.58	20.43	17.13	16.45	17.12
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	0.90⁽¹⁾	0.88	0.87	0.93	0.89
Gross expenses	0.90	0.88	0.87	0.93	0.90⁽³⁾
Net investment income (loss)—actual	0.85	0.83	0.65	0.58	0.77
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	22.54	21.87	(3.03)	8.45	17.60
Net assets at end of year (in millions of dollars)	1,040.3	1,165.1	1,034.9	993.3	1,052.4
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Financial Highlights

Neuberger Berman International Equity Fund—Investor Class

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.03	18.62	20.70	19.78	20.60
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.21	0.26	0.19	0.24	0.29
Net gains (losses)—realized and unrealized	0.38	1.99	(0.96)	0.67	2.98
Subtotal: income (loss) from investment operations	0.59	2.25	(0.77)	0.91	3.27
Minus:
Distributions to shareholders
Income dividends	—	0.17	0.15	0.09	0.09
Subtotal: distributions to shareholders	—	0.17	0.15	0.09	0.09
Equals:
Share price (NAV) at end of year	18.62	20.70	19.78	20.60	23.78
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	1.09⁽⁴⁾	1.07	1.02	1.08	0.73
Gross expenses⁽²⁾	1.32⁽⁴⁾	1.26	1.25	1.26	1.23
Net investment income (loss)—actual	1.87⁽⁴⁾	1.29	0.93	1.20	1.34
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	3.27⁽⁵⁾	12.14	(3.71)	4.60	15.97
Net assets at end of year (in millions of dollars)	125.7	124.4	117.7	104.0	110.4
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.

Financial Highlights

Neuberger Berman Large Cap Value Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	26.46	32.40	33.92	27.46	28.25
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.36	0.34	0.33	0.31	0.40
Net gains (losses)—realized and unrealized	5.94	6.62	(2.51)	2.85	4.03
Subtotal: income (loss) from investment operations	6.30	6.96	(2.18)	3.16	4.43
Minus:
Distributions to shareholders
Income dividends	0.36	0.42	0.29	0.31	0.20
Capital gain distributions	—	5.02	3.99	2.06	0.87
Subtotal: distributions to shareholders	0.36	5.44	4.28	2.37	1.07
Equals:
Share price (NAV) at end of year	32.40	33.92	27.46	28.25	31.61
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	0.86⁽¹⁾	0.85	0.86	0.90	0.86
Gross expenses	0.86	0.85	0.86	0.90	0.87
Net investment income (loss)—actual	1.19	1.04	1.08	1.20	1.31
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.05	23.57	(7.19)	13.16	15.88
Net assets at end of year (in millions of dollars)	1,149.7	1,238.3	1,045.6	1,069.8	1,148.5
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Investor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.98	13.35	14.65	14.29	12.88
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	(0.04)	(0.07)	(0.07)	(0.04)	(0.04)
Net gains (losses)—realized and unrealized	2.08	2.34	1.47	(0.26)	1.99
Subtotal: income (loss) from investment operations	2.04	2.27	1.40	(0.30)	1.95
Voluntary contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gain distributions	0.67	0.97	1.76	1.12	0.62
Subtotal: distributions to shareholders	0.67	0.97	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	13.35	14.65	14.29	12.88	14.21
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	0.98⁽¹⁾	0.93	0.92	0.95	0.91
Gross expenses	0.98	0.93	0.92	0.95	0.93⁽⁴⁾
Net investment income (loss)—actual	(0.30)	(0.47)	(0.50)	(0.34)	(0.28)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	18.03	17.54	10.74	(1.70)⁽³⁾	15.80
Net assets at end of year (in millions of dollars)	377.8	415.6	437.5	415.1	445.9
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Would have been lower if the Manager had not made a voluntary contribution.
⁽⁴⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Financial Highlights

These financial highlights describe the performance of the Fund's Investor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Intrinsic Value Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	15.90	20.29	23.56	20.99	19.71
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.26	0.26	0.08	0.16	0.23
Net gains (losses)—realized and unrealized	4.25	4.20	(0.36)	0.79	3.15
Subtotal: income (loss) from investment operations	4.51	4.46	(0.28)	0.95	3.38
Minus:
Distributions to shareholders
Income dividends	0.12	0.32	0.21	0.10	0.11
Capital gain distributions	—	0.87	2.08	2.13	—
Subtotal: distributions to shareholders	0.12	1.19	2.29	2.23	0.11
Equals:
Share price (NAV) at end of year	20.29	23.56	20.99	19.71	22.98
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense waiver and/or offset arrangements had not been in effect.
Net expenses—actual	1.09⁽²⁾	0.98	1.05	1.15	1.01
Gross expenses⁽¹⁾	1.40	1.31	1.24	1.30	1.25
Net investment income (loss)—actual	1.45	1.21	0.37	0.86	1.06
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	28.58	22.84	(1.09)	5.85	17.19
Net assets at end of year (in millions of dollars)	45.9	43.4	42.1	37.9	40.3
Portfolio turnover rate (%)	33	34	50	29	31

⁽¹⁾	Shows what this ratio would have been if there had been no waiver of a portion of investment management fees.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not waived a portion of investment management fees.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Investor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Small Cap Growth Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	19.49	24.16	27.44	29.50	26.97
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.15)	(0.23)	(0.28)	(0.21)	(0.26)
Net gains (losses)—realized and unrealized	4.82	3.51	2.34	(0.77)	6.19
Subtotal: income (loss) from investment operations	4.67	3.28	2.06	(0.98)	5.93
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.55	—
Subtotal: distributions to shareholders	—	—	—	1.55	—
Equals:

Share price (NAV) at end of year	24.16	27.44	29.50	26.97	32.90
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.22⁽²⁾	1.21	1.21	1.21	1.20
Gross expenses⁽¹⁾	1.64	1.67	1.67	1.87	1.78
Net investment income (loss)—actual	(0.72)	(0.85)	(0.96)	(0.83)	(0.86)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.96	13.58	7.51	(3.16)	21.99
Net assets at end of year (in millions of dollars)	48.8	50.7	49.3	44.0	49.8
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Investor Class shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Socially Responsive Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	26.48	32.66	36.94	33.23	34.50
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.27	0.31	0.27	0.24	0.24
Net gains (losses)—realized and unrealized	6.09	6.48	(0.12)	3.10	4.30
Subtotal: income (loss) from investment operations	6.36	6.79	0.15	3.34	4.54
Minus:
Distributions to shareholders
Income dividends	0.18	0.30	0.26	0.22	0.23
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	0.18	2.51	3.86	2.07	1.55
Equals:
Share price (NAV) at end of year	32.66	36.94	33.23	34.50	37.49
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	0.87⁽¹⁾	0.86	0.85	0.86	0.84
Gross expenses	0.87	0.86	0.85	0.86	0.85⁽³⁾
Net investment income (loss)—actual	0.91	0.87	0.76	0.74	0.66
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.18	21.54	0.29	10.49	13.54
Net assets at end of year (in millions of dollars)	825.2	821.1	758.0	739.0	732.6
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

Your Investment

Share Prices

Because Investor Class shares of the Funds do not have a sales charge, the price you pay for each share of a Fund is the Fund’s net asset value per share. Similarly, because the Funds do not charge fees for selling shares, your Fund pays you the full share price (net asset value) when you sell shares.

If you use a financial intermediary, that provider may charge fees that are in addition to those described in this prospectus.

The Funds are generally open for business every day the New York Stock Exchange (“Exchange”) is open. The Exchange is generally closed on all national holidays and Good Friday; Fund shares will not be priced on those days or other days on which the Exchange is scheduled to be closed. When the Exchange is closed for unusual reasons, Fund shares will generally not be priced although a Fund may decide to remain open and price Fund shares and in such a case, the Fund would post a notice on www.nb.com.

Each Fund normally calculates its share price on each day the Exchange is open once daily as of 4:00 P.M., Eastern time. In the event of an emergency or other disruption in trading on the Exchange, a Fund’s share price would still normally be determined as of 4:00 P.M., Eastern time. In general, every buy or sell order you place will go through at the next share price calculated after your order has been received in proper form (see “Maintaining Your Account” for information on placing orders). If you use a financial intermediary, you should check with that provider to find out by what time your order must be received so that it can be processed the same day. Depending on when your financial intermediary accepts orders, it is possible that a Fund’s share price could change on days when you are unable to buy or sell shares.

Share Price Calculations

governmental actions that affect securities in one sector, country or region, (3) natural disasters or armed conflicts that affect a country or region, or (4) significant domestic or foreign market fluctuations.

Privileges and Services

If you purchase Investor Class shares directly from the Distributor, you have access to the services listed below. If you purchase shares through a financial intermediary, consult that provider for information about investment services.

Systematic Investments—This plan lets you take advantage of dollar-cost averaging by establishing periodic investments of $100 or more a month. You choose the schedule and amount. Your investment money may come from an eligible money market fund outside the fund family or your bank account.

Internet Access—At www.nb.com, you can make transactions, check your account and access a wealth of information.

FUNDfone®— Get up-to-date performance and account information through our 24-hour automated service by calling 800-335-9366. If you already have an account with us, you can place orders to buy, sell, or exchange fund shares.

Dollar-Cost Averaging

Dollar-cost averaging cannot guarantee you a profit or protect you from losses in a declining market. But it can be beneficial over the long term.

Distributions and Taxes

Distributions—Each Fund pays out to its shareholders any net investment income and net realized capital gains. Ordinarily, each Fund makes any distributions once a year (usually in December). Gains from foreign currency transactions, if any, are normally distributed in December. A Fund may make additional distributions, if necessary, to avoid federal income or excise taxes.

Unless you designate otherwise, your distributions from a Fund will be reinvested in additional Investor Class shares of the Fund. However, if you prefer, you may receive all distributions in cash or reinvest capital gain distributions but receive income dividends in cash. Distributions taken in cash can be sent to you by check or by electronic transfer to a designated bank account or invested in Investor Class shares of another fund in the fund family with the same account registration. To take advantage of one of these options, please indicate your choice on your application or contact a Fund in writing or by phone if you bought shares directly. If you use a financial intermediary, you must consult it about whether your income dividends and capital gain distributions from a Fund will be reinvested in additional Investor Class shares of the Fund or paid to you in cash.

Taxes and You

Most importantly, consult your tax professional. Everyone’s tax situation is different, and your tax professional should be able to help you answer any questions you may have.

Backup Withholding

Buying Shares Before a Distribution

Generally, if you are an exempt investor, there are no current tax consequences to you from distributions.

Basis Determination and Reporting

Maintaining Your Account

When you buy shares — Instructions for buying shares from Neuberger Berman BD LLC, the Funds’ Distributor, are under “Buying Shares.” See “Financial Intermediaries” if you are buying shares through a financial intermediary. Whenever you make an initial investment in one of the Funds or add to your existing account (except with an automatic investment), you will be sent a statement confirming your transaction if you bought shares directly. Investors who bought shares through a financial intermediary should contact their financial intermediary for information regarding transaction statements. Investment checks must be drawn on a U.S. bank. We cannot accept cash, money orders, starter checks, travelers checks, or other cash equivalents. We do accept Bank Checks and Cashier’s Checks from U.S. Financial Institutions.

When you purchase shares, you will receive the next share price to be calculated after your order has been received in proper form. Purchase orders are deemed “received in proper form” when the Funds’ transfer agent has received payment for the shares. In the case of certain institutional investors, the Distributor will process purchase orders when received, on the basis of a pre-existing arrangement to make payment by the following morning. In addition, if you have established a systematic investment program (SIP) with one or more of the Funds, your order is deemed “received in proper form” on the date you pre-selected on your SIP application for the systematic investments to occur.

Investor Class of each of Neuberger Berman Focus Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, Neuberger Berman Large Cap Value Fund (formerly Neuberger Berman Partners Fund), Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund (formerly Neuberger Berman Regency Fund), Neuberger Berman Small Cap Growth Fund and Neuberger Berman Socially Responsive Fund is closed to new investors. Only certain investors are allowed to purchase Investor Class shares of such Funds, as follows:

■

Grandfathered Investors may purchase Investor Class shares of Neuberger Berman Focus Fund, Neuberger Berman Guardian Fund, Neuberger Berman International Equity Fund, Neuberger Berman Large Cap Value Fund (formerly Neuberger Berman Partners Fund), Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund (formerly Neuberger Berman Regency Fund), Neuberger Berman Small Cap Growth Fund and Neuberger Berman Socially Responsive Fund. “Grandfathered Investors” are investors in any fund in the Neuberger Berman family of funds who hold their shares directly with Neuberger Berman, who established accounts in Investor Class or Trust Class shares prior to March 1, 2008, and who have continuously maintained an account directly with Neuberger Berman since that date. A Grandfathered Investor's “immediate family” (his or her spouse—or equivalent if recognized under local law—and his or her children under the age of 21) are also deemed “Grandfathered Investors.” A Grandfathered Investor's mother, father, sister, or brother may open a

custodial account for the Grandfathered Investor's minor children. Grandfathered Investors do not include any financial intermediaries who have accounts with a Fund or shareholders who invest through such financial intermediaries.

When you sell shares — If you bought your shares from the Distributor, instructions for selling shares are under “Selling Shares.” See “Financial Intermediaries” if you want to sell shares you purchased through a financial intermediary. You can place an order to sell some or all of your shares at any time. When you sell shares, you will receive the next share price to be calculated after your order has been received in proper form. Redemption orders are deemed “received in proper form” when the Funds' transfer agent has received your order to sell.

In some cases, you will have to place your order to sell shares in writing, and you will need a Medallion signature guarantee (see “Medallion Signature Guarantees”).

When selling shares in an account that you do not intend to close, remember to leave at least $1,000 worth of shares in the account. Otherwise, the Fund has the right to request that you bring the balance back up to the minimum level. If you have not done so within 60 days, we may close your account and redeem the proceeds.

When you exchange shares — You can move an investment from one fund to a comparable class of another fund in the fund family (or to an eligible money market fund outside the fund family) through an exchange of shares, or by electing to use your cash distributions from one fund to purchase shares of the other fund. There are three things to remember when making an exchange:

■	both accounts must have the same registration
■	you will need to observe any eligibility requirements, including minimum investment and minimum account balance requirements for the fund accounts involved
■	because an exchange is treated as a sale (redemption) of the exchanged shares for federal income tax purposes, consider any tax consequences before placing your order.

The exchange privilege can be withdrawn from any investor that we believe is trying to “time the market” or is otherwise making exchanges that we judge to be excessive. Frequent exchanges can interfere with fund management and affect costs and performance for other shareholders. Contact your financial intermediary to see if it allows you to take advantage of the fund exchange program and for its policies to effect an exchange.

In addition, Grandfathered Investors may exchange into Class A shares of a fund in the fund family without paying any applicable sales charges.

See “Additional Exchange Information” in the Statement of Additional Information for information regarding eligible money market funds outside the fund family.

Placing orders by telephone — If you use a financial intermediary, contact your financial intermediary for its policies regarding telephone orders.

Fund investors have the option of placing telephone orders, subject to certain restrictions. This option is available to you unless you indicate on your account application (or in a subsequent letter to us or to State Street Bank and Trust Company) that you do not want it.

In unusual circumstances, it may be difficult to place an order by phone. In these cases, consider sending your order by express delivery. You may also use FUNDfone® or visit our website at www.nb.com.

Proceeds from the sale of shares — The proceeds from the shares you sell are typically sent out the next business day after your order is executed, and nearly always within seven days regardless of payment type. When you sell shares through your financial intermediary, contact your provider to find out when proceeds will be sent to you. There are two cases in which proceeds may be delayed beyond this time:

■	in unusual circumstances where the law allows additional time if needed
■	if a check you wrote to buy shares has not cleared by the time you sell those shares; clearance may take up to 15 calendar days from the date of purchase.

If you think you may need to sell shares soon after buying them, you can avoid the check clearing time by investing by wire.

The Funds do not issue certificates for shares. If you have share certificates from prior purchases, the only way to redeem them is by sending in the certificates. If you lose a certificate, you will incur a fee before any transaction can be processed.

Other policies — Under certain circumstances, which may include normal and stressed market conditions, the Funds reserve the right to:

■	suspend the offering of shares
■	reject any exchange or purchase order
■	suspend or reject future purchase orders from any investor who has not provided timely payment to settle a purchase order
■	change, suspend, or revoke the exchange privilege
■	suspend the telephone order privilege
■	satisfy an order to sell Fund shares with securities rather than cash
■	suspend or postpone investors’ ability to sell Fund shares or postpone payments on redemptions for more than seven days, on days when trading on the Exchange is restricted, or as otherwise permitted by the Securities and Exchange Commission (“SEC”)
■	change its investment minimums or other requirements for buying and selling, or waive any minimums or requirements for certain investors
■	remain open and process orders to purchase or sell Fund shares when the Exchange is closed.

state unclaimed or abandoned property (escheatment) laws. If you use a financial intermediary, contact that provider regarding applicable state escheatment laws.

Medallion Signature Guarantees

You may need a Medallion signature guarantee when you sell shares directly or through a financial intermediary. A Medallion signature guarantee is a guarantee that your signature is authentic.

Most banks, brokers, and other financial institutions can provide you with one. Some may charge a fee; others may not, particularly if you are a customer of theirs.

A notarized signature from a notary public is not a Medallion signature guarantee.

Financial Intermediaries

The Investor Class shares available in this prospectus may be purchased through certain financial intermediaries such as banks, brokerage firms, workplace retirement programs, and financial advisers.

If you use a financial intermediary, contact that provider to buy or sell shares of the Funds described in this prospectus.

In exchange for the services it offers, your financial intermediary may charge fees that are in addition to those described in this prospectus.

Additional Payments to Financial Intermediaries

The Distributor and/or its affiliates pay additional compensation, out of their own resources and not as an expense of the Funds, to certain financial intermediaries, including affiliates, in connection with the sale, distribution, retention and/or servicing of Fund shares. The amount of these payments may be substantial and may differ among financial intermediaries based on, for example, the level or type of services provided by a financial intermediary. These payments are in addition to any fees paid to compensate financial intermediaries for providing distribution related services to the Funds and/or administrative or shareholder services to Fund shareholders. These arrangements are separately negotiated between the Distributor and/or its affiliates, and the recipients of these payments or their affiliates. If your financial intermediary receives such payments, these payments may provide an incentive for the financial intermediary to make the Fund’s shares available to you, or recommend the Fund. If you have purchased shares of a Fund through a financial intermediary, please speak with your financial intermediary to learn more about any payments it receives from the Distributor and/or its affiliates, as well as fees and/or commissions the financial intermediary charges. You should also consult disclosures made by your financial intermediary at the time of purchase. Any such payments by the Distributor or its affiliates will not change the net asset value or the price of a Fund's shares. For more information, please see the Funds' Statement of Additional Information.

Information Required from New Accounts

If you are a direct investor buying or selling shares, instructions are provided in the following charts. Investors buying or selling shares through a financial intermediary should contact it for instructions.

Buying Shares

Method	Things to know	Instructions
Sending us a check	Your first investment must be at least $1,000 Additional investments can be as little as $100 We cannot accept cash, money orders, starter checks, travelers checks, or other cash equivalents We do accept Bank Checks and Cashier’s Checks from U.S. Financial Institutions You will be responsible for any losses or fees resulting from a bad check; if necessary, we may sell other shares belonging to you in order to cover these losses All checks must be made out to “Neuberger Berman Funds”; we cannot accept checks made out to you or other parties and signed over to us	Fill out the application and enclose your check If regular first-class mail, send to: Neuberger Berman Funds Boston Service Center P.O. Box 8403 Boston, MA 02266-8403 If express delivery, registered mail, or certified mail, send to: Neuberger Berman Funds c/o State Street Bank and Trust Company 30 Dan Road Canton, MA 02021
Wiring money	All wires must be for at least $1,000	Before wiring any money, call 800-877-9700 for an order confirmation Have your financial institution send your wire to State Street Bank and Trust Company Include your name, the Fund name, your account number and other information as requested
Exchanging from another fund	All exchanges must be for at least $1,000 Both accounts involved must be registered in the same name, address and taxpayer identification number An exchange order cannot be cancelled or changed once it has been placed	Call 800-877-9700 to place your order To place an order using FUNDfone^®, call 800-335-9366 or visit www.nb.com
By telephone	We do not accept phone orders for a first investment Additional investments must be for at least $1,000 Additional shares will be purchased when your order is received in proper form Not available on retirement accounts	Call 800-877-9700 to notify us of your purchase Immediately follow up with a wire or electronic transfer To add shares to an existing account using FUNDfone^®, call 800-335-9366 or visit www.nb.com
Setting up systematic investments	All investments must be at least $100	Call 800-877-9700 for instructions

Selling Shares

Method	Things to know	Instructions
Sending us a letter	Unless you instruct us otherwise, we will mail your proceeds by check to the address of record, payable to the registered owner(s); checks will not be forwarded If you have designated a bank account on your application, you can request that we wire the proceeds to this account; if the total balance of all of your Neuberger Berman fund accounts is less than $100,000, you will be charged an $8.00 wire fee You can also request that we send the proceeds to your designated bank account by electronic transfer (ACH) without a fee You may need a Medallion signature guarantee Please also supply us with your e-mail address and daytime telephone number when you write to us in the event we need to reach you	Send us a letter requesting us to sell shares signed by all registered owners; include your name, account number, the Fund name, the dollar amount or number of shares you want to sell, and any other instructions If regular first-class mail, send to: Neuberger Berman Funds Boston Service Center P.O. Box 8403 Boston, MA 02266-8403 If express delivery, registered mail, or certified mail, send to: Neuberger Berman Funds c/o State Street Bank and Trust Company 30 Dan Road Canton, MA 02021
Sending us a fax	For amounts of up to $100,000 Not available if you have changed the address on the account in the past 15 days	Write a request to sell shares as described above Call 800-877-9700 to obtain the appropriate fax number
Calling in your order	All phone orders to sell shares must be for at least $1,000 unless you are closing out an account Not available if you have declined the phone option or are selling shares in certain retirement accounts (The only exception is for those retirement shareholders who are at least 59½ or older and have their birthdates on file) Not available if you have changed the address on the account in the past 15 days	Call 800-877-9700 to place your order Give your name, account number, the Fund name, the dollar amount or number of shares you want to sell, and any other instructions To place an order using FUNDfone^®, call 800-335-9366 or visit www.nb.com
Exchanging into another fund	All exchanges must be for at least $1,000 Both accounts involved must be registered in the same name, address and taxpayer identification number An exchange order cannot be cancelled or changed once it has been placed	Call 800-877-9700 to place your order To place an order using FUNDfone^®, call 800-335-9366 or visit www.nb.com
Setting up systematic withdrawals	Withdrawals must be at least $100	Call 800-877-9700 for instructions

Retirement Plans and Accounts

We offer investors a number of tax-advantaged plans and accounts for retirement saving:

Traditional IRAs allow money to grow tax-deferred until you take it out, usually at or after retirement. Contributions are deductible for some investors, but even when they are not, an IRA can be beneficial.

Roth IRAs offer tax-free growth like a traditional IRA, but instead of tax-deductible contributions, the withdrawals are tax-free for investors who meet certain requirements.

Also available: SEP-IRA, SIMPLE-IRA, Keogh, and other types of plans. Coverdell Education Savings Accounts (formerly Education IRAs), though not for retirement savings, also are available. Consult your tax professional to find out which types of plans or accounts may be beneficial for you. Call 800-877-9700 for information on any Neuberger Berman retirement plan or account.

Internet Connection

If you use a financial intermediary, contact that provider about the services and information it provides on the Internet.

Investors with Internet access can enjoy many valuable and time-saving features by visiting us at www.nb.com.

As a fund shareholder who bought shares directly from the Distributor, you can use the web site to access account information and even make secure transactions—24 hours a day.

Market Timing Policy

Portfolio Holdings Policy

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information.

The complete portfolio holdings for each Fund are available at www.nb.com/holdings (click on the tab with the name of the relevant Fund). The complete portfolio holdings for each Fund (except Genesis Fund) are generally posted 15-30 days after each month-end. The complete portfolio holdings for Genesis Fund are generally posted 15-30 days after the end of each calendar quarter.

Fund Structure

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Genesis Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	60.16	69.76	70.99	63.04	59.25
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.45	0.14	0.19	0.16	0.12
Net gains (losses)—realized and unrealized	13.14	9.32	0.62	5.95	5.73
Subtotal: income (loss) from investment operations	13.59	9.46	0.81	6.11	5.85
Minus:
Distributions to shareholders
Income dividends	0.33	0.42	0.24	0.26	0.26
Capital gain distributions	3.66	7.81	8.52	9.64	6.11
Subtotal: distributions to shareholders	3.99	8.23	8.76	9.90	6.37
Equals:
Share price (NAV) at end of year	69.76	70.99	63.04	59.25	58.73
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	1.02⁽¹⁾	1.01	1.01	1.03	1.01
Gross expenses	1.02	1.01	1.01	1.03	1.02
Net investment income (loss)—actual	0.71	0.20	0.29	0.28	0.21
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.91	13.65	1.52	11.43	10.19
Net assets at end of year (in millions of dollars)	2,458.7	2,437.6	2,023.6	1,752.8	1,786.0
Portfolio turnover rate (%)	20	14	13	16	20

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-1

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Mid Cap Growth Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	12.32	13.73	15.07	14.70	13.25
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	(0.04)	(0.07)	(0.07)	(0.04)	(0.04)
Net gains (losses)—realized and unrealized	2.14	2.41	1.51	(0.27)	2.04
Subtotal: income (loss) from investment operations	2.10	2.34	1.44	(0.31)	2.00
Voluntary contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gain distributions	0.69	1.00	1.81	1.15	0.64
Subtotal: distributions to shareholders	0.69	1.00	1.81	1.15	0.64
Equals:
Share price (NAV) at end of year	13.73	15.07	14.70	13.25	14.61
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	0.98⁽¹⁾	0.93	0.92	0.95	0.91
Gross expenses	0.98	0.93	0.92	0.95	0.93⁽⁴⁾
Net investment income (loss)—actual	(0.30)	(0.47)	(0.50)	(0.34)	(0.28)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	18.03	17.54	10.74	(1.70)⁽³⁾	15.80
Net assets at end of year (in millions of dollars)	377.8	415.6	437.5	415.1	445.9
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Would have been lower if the Manager had not made a voluntary contribution.
⁽⁴⁾	Shows what this ratio would have been if there had been no expense reimbursement.

A-2

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Socially Responsive Fund—Investor Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	26.53	32.72	37.01	33.29	34.56
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.27	0.31	0.27	0.24	0.24
Net gains (losses)—realized and unrealized	6.10	6.49	(0.12)	3.10	4.31
Subtotal: income (loss) from investment operations	6.37	6.80	0.15	3.34	4.55
Minus:
Distributions to shareholders
Income dividends	0.18	0.30	0.26	0.22	0.23
Capital gain distributions	—	2.21	3.61	1.85	1.32
Subtotal: distributions to shareholders	0.18	2.51	3.87	2.07	1.55
Equals:
Share price (NAV) at end of year	32.72	37.01	33.29	34.56	37.56
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense offset arrangements had not been in effect.
Net expenses—actual	0.87⁽¹⁾	0.86	0.85	0.86	0.84
Gross expenses	0.87	0.86	0.85	0.86	0.85⁽³⁾
Net investment income (loss)—actual	0.91	0.87	0.76	0.74	0.66
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	24.18	21.54	0.29	10.49	13.54
Net assets at end of year (in millions of dollars)	825.2	821.1	758.0	739.0	732.6
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽³⁾	Shows what this ratio would have been if there had been no expense reimbursement.

A-3

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman International Equity Fund—Investor Class

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.54	9.85	10.95	10.46	10.90
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.11	0.14	0.10	0.13	0.15
Net gains (losses)—realized and unrealized	0.20	1.05	(0.51)	0.36	1.58
Subtotal: income (loss) from investment operations	0.31	1.19	(0.41)	0.49	1.73
Minus:
Distributions to shareholders
Income dividends	—	0.09	0.08	0.05	0.05
Subtotal: distributions to shareholders	—	0.09	0.08	0.05	0.05
Equals:
Share price (NAV) at end of year	9.85	10.95	10.46	10.90	12.58
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	1.09⁽⁴⁾	1.07	1.02	1.08	0.73
Gross expenses⁽²⁾	1.32⁽⁴⁾	1.26	1.25	1.26	1.23
Net investment income (loss)—actual	1.87⁽⁴⁾	1.29	0.93	1.20	1.34
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	3.27⁽⁵⁾	12.14	(3.71)	4.60	15.97
Net assets at end of year (in millions of dollars)	125.7	124.4	117.7	104.0	110.4
Portfolio turnover rate (%)	44⁽⁶⁾	34	25	30	27

⁽¹⁾	Period from 1/28/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.

B-1

NEUBERGER BERMAN EQUITY FUNDS

Investor Class Shares

If you would like further details on these Funds, you can request a free copy of the following documents:

Shareholder Reports. The shareholder reports offer information about each Fund, including:

■	a discussion by the Portfolio Managers about strategies and market conditions that significantly affected the Fund’s performance during the last fiscal year
■	Fund performance data and financial statements
■	portfolio holdings.

Statement of Additional Information (SAI). The SAI contains more comprehensive information on each Fund, including:

■	various types of securities and practices, and their risks
■	investment limitations and additional policies
■	information about the Fund’s management and business structure.

The SAI is hereby incorporated by reference into this prospectus, making it legally part of the prospectus.

Investment Manager: Neuberger Berman Investment Advisers LLC

Obtaining Information

You can obtain a shareholder report, SAI, and other information from your financial intermediary, or from:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
800-877-9700
Website: www.nb.com

You may also view and copy the documents at the SEC’s Public Reference Room in Washington. Call 202-551-8090 for information about the operation of the Public Reference Room.

Each Fund’s current net asset value per share is made available at: http://www.nb.com/performance.

SEC File Number: 811-00582
A0088 03/18

Contents

Neuberger Berman Equity Funds

Fund Summaries
Neuberger Berman Emerging Markets Equity Fund	2
Neuberger Berman Equity Income Fund	9
Neuberger Berman Guardian Fund	16
Neuberger Berman International Select Fund	22
Neuberger Berman Large Cap Value Fund	28
Neuberger Berman Mid Cap Growth Fund	34
Neuberger Berman Mid Cap Intrinsic Value Fund	39
Neuberger Berman Real Estate Fund	45
Neuberger Berman Small Cap Growth Fund	51
Neuberger Berman Socially Responsive Fund	56
Descriptions of Certain Practices and Security Types	62
Additional Information about Principal Investment Risks	63
Information about Additional Risks	69
Descriptions of Indices	70
Management of the Funds	71
Financial Highlights	74

YOUR INVESTMENT
Maintaining Your Account	84
Share Prices	86
Distributions and Taxes	87
Market Timing Policy	87
Portfolio Holdings Policy	88
Fund Structure	88
Appendix A—Financial Highlights (as restated) (unaudited)*	A-1
Appendix B—Financial Highlights (as restated) (unaudited)**	B-1

*	On December 8, 2017, Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, and Neuberger Berman Socially Responsive Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.
**	On February 23, 2018, Neuberger Berman Guardian Fund and Neuberger Berman Small Cap Growth Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.

Fund Summaries

Neuberger Berman Emerging Markets Equity Fund

Class R3 Shares (NEMRX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.24
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.28
Total annual operating expenses	2.02
Fee waiver and/or expense reimbursement	0.10
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.92

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.91% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.91% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$195	$603	$1,059	$2,323

Portfolio Turnover

Principal Investment Strategies

2 Emerging Markets Equity Fund

50% or more of their total assets in, goods produced, sales made, profits generated or services performed in emerging market countries. The Fund considers emerging market countries to be countries included in the MSCI Emerging Markets Index.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers in emerging market countries, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

3 Emerging Markets Equity Fund

4 Emerging Markets Equity Fund

is such that it has proven difficult to predict or gauge the growth prospects for the markets or economy, but the official statistics indicate a recent growth rate significantly lower than that in the early part of the decade.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

5 Emerging Markets Equity Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

6 Emerging Markets Equity Fund

The following performance is that of the Fund's Institutional Class prior to June 21, 2010. Because Institutional Class has lower expenses than Class R3, its performance typically would have been better than that of Class R3. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 35.52 %

Worst quarter: Q3 '11, -24.34 %

Year-to-date performance as of 9/30/2017: 31.23%

average annual total % returns as of 12/31/16

Emerging Markets Equity Fund	1 Year	5 Years	Since Inception (10/8/2008)
Return Before Taxes	8.50	2.20	6.74
Return After Taxes on Distributions	8.48	2.15	6.29
Return After Taxes on Distributions and Sale of Fund Shares	4.82	1.69	5.30
MSCI Emerging Markets Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	11.19	1.28	5.82
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Conrad Saldanha, CFA (Managing Director of the Manager). He has managed the Fund since its inception in 2008.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

7 Emerging Markets Equity Fund

Neuberger Berman Equity Income Fund

Class R3 Shares (NBHRX)

GOAL

The Fund seeks total return emphasizing both current income and capital appreciation.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.74
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.10
Total annual operating expenses	1.34

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$136	$425	$734	$1,613

Portfolio Turnover

Principal Investment Strategies

9 Equity Income Fund

The Fund may emphasize the real estate and utilities sectors of the market at any given time and may invest up to 40% of its total assets in each of these sectors.

The Portfolio Managers follow a disciplined selling strategy and may sell a stock when it reaches a target price, if a company’s business fails to perform as expected, when other opportunities appear more attractive or when the stock grows too large relative to the rest of the portfolio.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

10 Equity Income Fund

transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporate disclosure, governance, and legal standards. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. Regardless of where a company is organized or its stock is traded, its performance may be affected significantly by events in regions from which it derives its profits or in which it conducts significant operations.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

11 Equity Income Fund

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

12 Equity Income Fund

PERFORMANCE

The following performance is that of the Fund's Trust Class prior to June 9, 2008, and that of the Fund's Institutional Class from June 9, 2008 to June 21, 2010. On June 9, 2008, Trust Class shares of the Fund converted into Institutional Class shares of the Fund. Because Trust Class and Institutional Class have lower expenses than Class R3, the performance of Trust Class and Institutional Class typically would have been better than that of Class R3. Returns would have been lower/higher if Neuberger Berman Investment Advisers LLC had not reimbursed/recouped certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

13 Equity Income Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 13.43%

Worst quarter: Q4 '08, -19.57%

Year-to-date performance as of 9/30/2017: 7.93%

average annual total % returns as of 12/31/16

Equity Income Fund	1 Year	5 Years	10 Years
Return Before Taxes	14.51	8.12	6.83
Return After Taxes on Distributions	13.10	6.68	5.62
Return After Taxes on Distributions and Sale of Fund Shares	9.34	6.21	5.23
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

Tax Information

Unless you invest in the Fund through a tax-advantaged retirement plan or are a tax-exempt investor, you will be subject to tax on Fund distributions to you of ordinary income and/or net capital gains. Those distributions generally are not taxable to such a plan or a tax-exempt investor.

14 Equity Income Fund

Neuberger Berman Guardian Fund

Class R3 Shares (NGDRX)

GOAL

The Fund seeks long-term growth of capital; current income is a secondary goal.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.76
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.12
Total annual operating expenses	1.38
Fee waiver and/or expense reimbursement	0.01
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.37

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.36% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.36% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$139	$434	$752	$1,655

Portfolio Turnover

Principal Investment Strategies

To pursue its goals, the Fund invests mainly in common stocks of companies across all market capitalizations.

16 Guardian Fund

management teams with a track record of success at compelling valuations. The Portfolio Managers generally intend to invest in companies which they believe are undervalued. Their investment process involves applying a valuation framework that seeks to identify investments that exhibit a demonstrated ability to produce profits that exceed the cost of capital. This measurement is known as Economic Value Added. Additionally, they may employ other traditional valuation methods including: price to earnings, enterprise value to EBITDA, discounted cash flows or sum-of-the-parts analyses.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

17 Guardian Fund

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

18 Guardian Fund

PERFORMANCE

The following performance is that of the Fund's Investor Class prior to May 27, 2009. Because Investor Class has lower expenses than Class R3, its performance typically would have been better than that of Class R3. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

19 Guardian Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.71%

Worst quarter: Q4 '08, -26.36%

Year-to-date performance as of 9/30/2017: 16.61%

average annual total % returns as of 12/31/16

Guardian Fund	1 Year	5 Years	10 Years
Return Before Taxes	8.74	11.73	5.64
Return After Taxes on Distributions	5.19	8.72	3.79
Return After Taxes on Distributions and Sale of Fund Shares	7.92	9.18	4.39
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

20 Guardian Fund

Neuberger Berman International Select Fund

Class R3 Shares (NBNRX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.81
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.21
Total annual operating expenses	1.52
Fee waiver and/or expense reimbursement	0.11
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.41

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.41% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.41% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$144	$446	$796	$1,783

Portfolio Turnover

Principal Investment Strategies

22 International Select Fund

majority of its business abroad. Under normal circumstances, at least 80% of the Fund’s net assets, plus the amount of any borrowings for investment purposes, will be invested in companies with a market capitalization greater than $2.5 billion at the time of purchase.

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to remain well-diversified across countries and geographical regions.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and sectors around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

23 International Select Fund

of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

24 International Select Fund

policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following performance is that of the Fund's Trust Class prior to May 27, 2009. Because Trust Class has lower expenses than Class R3, its performance typically would have been better than that of Class R3. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

25 International Select Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 22.30%

Worst quarter: Q3 '08, -22.23%

Year-to-date performance as of 9/30/2017: 23.02%

average annual total % returns as of 12/31/16

International Select Fund	1 Year	5 Years	10 Years
Return Before Taxes	-1.67	4.99	0.52
Return After Taxes on Distributions	-1.90	4.79	0.20
Return After Taxes on Distributions and Sale of Fund Shares	-0.75	3.90	0.40
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

26 International Select Fund

Neuberger Berman Large Cap Value Fund

Class R3 Shares (NPNRX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.75
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.18
Acquired fund fees and expenses	0.01
Total annual operating expenses	1.44
Fee waiver and/or expense reimbursement	0.07
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.37

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.36% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.36% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$139	$434	$766	$1,705

Portfolio Turnover

28 Large Cap Value Fund

Principal Investment Strategies

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of large-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or the market may react to the catalyst differently than expected. Certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid, may be difficult to value, and management of such a company may be addressing a situation with which it has little experience.

29 Large Cap Value Fund

disclosure, governance, and legal standards. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the U.S. market. The effect of economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Regardless of where a company is organized or its stock is traded, its performance may be affected significantly by events in regions from which it derives its profits or in which it conducts significant operations.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

30 Large Cap Value Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following performance is that of the Fund's Investor Class prior to June 21, 2010. Because Investor Class has lower expenses than Class R3, its performance typically would have been better than that of Class R3. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

31 Large Cap Value Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 28.23%

Worst quarter: Q4 '08, -32.80%

Year-to-date performance as of 9/30/2017: 7.46%

average annual total % returns as of 12/31/16

Large Cap Value Fund	1 Year	5 Years	10 Years
Return Before Taxes	27.64	13.37	4.62
Return After Taxes on Distributions	25.20	8.91	2.42
Return After Taxes on Distributions and Sale of Fund Shares	17.00	9.42	3.07
Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)	17.34	14.80	5.72
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Eli M. Salzmann (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

32 Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Class R3 Shares (NMGRX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.77
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.10
Total annual operating expenses	1.37
Fee waiver and/or expense reimbursement	0.00
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.37

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.36% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.36% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$139	$434	$750	$1,646

Portfolio Turnover

Principal Investment Strategies

34 Mid Cap Growth Fund

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

35 Mid Cap Growth Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

36 Mid Cap Growth Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '12, 14.58%

Worst quarter: Q4 '08, -23.49%

Year-to-date performance as of 9/30/2017: 16.67%

average annual total % returns as of 12/31/16

Mid Cap Growth Fund	1 Year	5 Years	10 Years
Return Before Taxes	4.31	10.69	7.07
Return After Taxes on Distributions	3.64	9.44	6.47
Return After Taxes on Distributions and Sale of Fund Shares	3.00	8.32	5.65
Russell Midcap^® Growth Index (reflects no deduction for fees, expenses or taxes)	7.33	13.51	7.83
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Kenneth J. Turek (Managing Director of the Manager). He has managed the Fund since 2003.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

37 Mid Cap Growth Fund

Neuberger Berman Mid Cap Intrinsic Value Fund

Class R3 Shares (NBRRX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.81
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.38
Total annual operating expenses	1.69
Fee waiver and/or expense reimbursement	0.23
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.46

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.46% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.46% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$149	$462	$849	$1,937

Portfolio Turnover

Principal Investment Strategies

39 Mid Cap Intrinsic Value Fund

■	Complex Companies: These companies typically have multiple lines of business that are in different industries or sectors and/or that have different growth rates and profitability characteristics.
■	Cyclical Companies: These companies typically have ebbs and flows in their business depending on demand patterns for their products, the length of product cycles, or other transient factors.
■	Companies in a Period of Interrupted Growth: Typically, these are companies in attractive, high growth markets that have suffered what the Portfolio Manager believes is a temporary setback and/or are in transition to a more mature, lower growth business model that focuses more on current earnings than on rapid growth.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities of mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

40 Mid Cap Intrinsic Value Fund

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

41 Mid Cap Intrinsic Value Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the portfolio management team believes to be their full value or intrinsic value. This may happen, among other reasons, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions or investor preferences.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

42 Mid Cap Intrinsic Value Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q3 '09, 25.73%

Worst quarter: Q4 '08, -28.29%

Year-to-date performance as of 9/30/2017: 12.82%

average annual total % returns as of 12/31/16

Mid Cap Intrinsic Value Fund	1 Year	5 Years	10 Years
Return Before Taxes	17.76	13.79	6.29
Return After Taxes on Distributions	17.61	12.05	5.18
Return After Taxes on Distributions and Sale of Fund Shares	10.18	10.85	4.91
Russell Midcap^® Value Index (reflects no deduction for fees, expenses or taxes)	20.00	15.70	7.59
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Michael C. Greene (Managing Director of the Manager). He has managed the Fund since December 2011.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

Tax Information

43 Mid Cap Intrinsic Value Fund

Neuberger Berman Real Estate Fund

Class R3 Shares (NRERX)

GOAL

The Fund seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.06
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.12
Total annual operating expenses	1.68
Fee waiver and/or expense reimbursement	0.21
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.47

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.46% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.46% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$150	$465	$850	$1,931

Portfolio Turnover

Principal Investment Strategies

45 Real Estate Fund

Some of the REIT and other real estate securities in which the Fund invests may be preferred stock, which receives preference in the payment of dividends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days’ notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in the stock and real estate markets, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The markets' behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

46 Real Estate Fund

the time and price the Fund desires. Lower-rated debt securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer’s continuing ability to pay principal and interest and carry a greater risk that the issuer of such securities will default in the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment. The creditworthiness of issuers of lower-rated debt securities may be more complex to analyze than that of issuers of investment grade debt securities, and the overreliance on credit ratings may present additional risks.

47 Real Estate Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

48 Real Estate Fund

The following performance is that of the Fund's Trust Class prior to June 21, 2010. Because Trust Class has lower expenses than Class R3, its performance typically would have been better than that of Class R3. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 33.20%

Worst quarter: Q1 '09, -32.76%

Year-to-date performance as of 9/30/2017: 7.24%

average annual total % returns as of 12/31/16

Real Estate Fund	1 Year	5 Years	10 Years
Return Before Taxes	3.65	8.91	4.88
Return After Taxes on Distributions	-0.02	6.73	3.15
Return After Taxes on Distributions and Sale of Fund Shares	4.10	6.64	3.48
FTSE NAREIT All Equity REITs Index (reflects no deduction for fees, expenses or taxes)	8.63	11.98	5.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

49 Real Estate Fund

Neuberger Berman Small Cap Growth Fund

Class R3 Shares (NSNRX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.11
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.59
Total annual operating expenses	2.20
Fee waiver and/or expense reimbursement	0.68
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.52

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R3 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.51% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R3 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.51% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$155	$480	$982	$2,363

Portfolio Turnover

Principal Investment Strategies

51 Small Cap Growth Fund

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in small-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

52 Small Cap Growth Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

53 Small Cap Growth Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 17.19%

Worst quarter: Q4 '08, -24.59%

Year-to-date performance as of 9/30/2017: 21.89%

average annual total % returns as of 12/31/16

Small Cap Growth Fund	1 Year	5 Years	10 Years
Return Before Taxes	5.86	10.47	5.67
Return After Taxes on Distributions	5.86	9.89	5.40
Return After Taxes on Distributions and Sale of Fund Shares	3.32	8.14	4.46
Russell 2000^® Growth Index (reflects no deduction for fees, expenses or taxes)	11.32	13.74	7.76
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

54 Small Cap Growth Fund

Neuberger Berman Socially Responsive Fund

Class R3 Shares (NRARX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund’s environmental, social and governance (ESG) criteria.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.73
Distribution and/or shareholder service (12b-1) fees	0.50
Other expenses	0.05
Total annual operating expenses	1.28

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R3	$130	$406	$702	$1,545

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests primarily in common stocks of mid- to large-capitalization companies that meet the Fund's ESG criteria in accordance with its social policy.

The Fund seeks to reduce risk by investing across many different industries.

56 Socially Responsive Fund

Please see the Statement of Additional Information for a detailed description of the Fund’s social investing policies.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

57 Socially Responsive Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

58 Socially Responsive Fund

PERFORMANCE

The following performance is that of the Fund’s Investor Class prior to May 27, 2009. Because Investor Class has lower expenses than Class R3, its performance typically would have been better than that of Class R3. Returns would have been lower/higher if Neuberger Berman Investment Advisers LLC had not reimbursed/recouped certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

59 Socially Responsive Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.29%

Worst quarter: Q4 '08, -26.61%

Year-to-date performance as of 9/30/2017: 12.03%

average annual total % returns as of 12/31/16

Socially Responsive Fund	1 Year	5 Years	10 Years
Return Before Taxes	9.62	12.70	6.30
Return After Taxes on Distributions	7.73	10.37	5.08
Return After Taxes on Distributions and Sale of Fund Shares	7.04	9.97	4.98
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R3 shares.

60 Socially Responsive Fund

Descriptions of Certain Practices and Security Types

Additional Information about Principal Investment Risks

Catalyst Risk. Investing in companies in anticipation of a catalyst carries the risk that the catalyst may not happen as anticipated, possibly due to the actions of other market participants, or may happen in modified or conditional form, or the market may react to the catalyst differently than expected. Furthermore, a catalyst, such as a pending restructuring or spin-off, may be renegotiated or terminated or involve a longer time frame than originally contemplated. In addition, certain catalysts, such as emergence from, or restructuring as a result of, bankruptcy, carry additional risks, and the securities of such companies may be more likely to lose value than the securities of more stable companies. Securities of issuers undergoing such an event may be more volatile than other securities, may at times be illiquid and may be difficult to value, and management of such a company may be addressing a situation with which it has little experience. In circumstances where the anticipated catalyst does not occur or the position is no longer an attractive investment opportunity, the Fund may incur losses by liquidating that position. If the catalyst later appears unlikely to occur or is delayed, the market prices of the securities may decline sharply.

Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks, and its price may be as volatile as that of the underlying stock, when the underlying stock’s price is high relative to the conversion price, and a convertible security is subject to the market risks of debt securities, and is particularly sensitive to changes in interest rates, when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk -- that is, the value of convertible securities will move in the direction opposite to movements in interest rates; they are subject to the risk that the issuer will not be able to pay interest or dividends when due; and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Convertible securities generally have less potential for gain or loss than common stocks. Securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities that are convertible only at the option of the holder.

Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. In addition, lower credit quality may lead to greater volatility in the price of a security and may negatively affect a security’s liquidity. Ratings represent a rating agency’s opinion regarding the quality of the security and are not a guarantee of quality. A downgrade or default affecting any of the Fund’s securities could affect the Fund’s performance. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer’s financial condition. Entities providing credit or liquidity support also may be affected by credit risk. The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit, or bond insurance). Credit enhancement is designed to help assure timely payment of the security; it does not protect the Fund against losses caused by declines in a security’s value due to changes in market conditions.

issuers that hold substantial foreign assets may be similarly affected. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. To the extent the Fund invests or hedges based on the perceived relationship between two currencies, there is a risk that the correlation between those currencies may not behave as anticipated.

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Additionally, in times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

political, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance and that the Fund’s performance will be more volatile than the performance of more geographically diversified funds. The economies and financial markets of certain regions can be highly interdependent and may decline all at the same time. In addition, certain areas are prone to natural disasters such as earthquakes, volcanic eruptions, floods, droughts or tsunamis and are economically sensitive to environmental events.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. The Fund attempts to lessen the risk of such losses by seeking growth stocks that sell at what the adviser believes are reasonable prices. If the adviser is incorrect in its assessment of a stock’s value, this strategy may not provide the expected downside protection. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously. Growth stocks also may lack the dividends often associated with value stocks that can cushion their decline in a falling market. While the price of any type of stock may rise and fall rapidly, growth stocks may underperform during periods when the market favors value stocks.

Non-Diversified Fund Risk. Neuberger Berman Real Estate Fund is classified as non-diversified. As such, the percentage of the Fund’s assets invested in any single issuer or a few issuers is not limited as much as it is for a Fund classified as diversified. Investing a higher percentage of its assets in any one or a few issuers could increase the Fund’s risk of loss and its share price volatility, because the value of its shares would be more susceptible to adverse events affecting those issuers.

Operational and Cybersecurity Risk. The Fund and its service providers, and your ability to transact with the Fund, may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems (“denial of services”), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs. Any of these results could have a substantial adverse impact on the Fund and its shareholders.

affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. Most issuers in which the Fund invests are heavily dependent on computers for data storage and operations, and require ready access to the internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of securities in which the Fund invests, leading to significant loss of value.

When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. If a call option that the Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying security. If a call option that the Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying security during the option period.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

is difficult to predict the impact on various markets of a significant rate increase or other significant policy changes, whether brought about by U.S. policy makers or by dislocations in world markets. For example, because investors may buy equity securities or other investments with borrowed money, a significant increase in interest rates may cause a decline in the markets for those investments.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. For example, official statistics indicate a recent growth rate in China that is significantly lower than that in the early part of the decade. This has adversely affected worldwide commodity prices and the economies of many countries, especially those that depend heavily on commodity production and/or trade with China. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

REITs and Other Real Estate Companies Risk. REIT and other real estate company securities are subject to risks similar to those of direct investments in real estate and the real estate industry in general, including, among other risks: general and local economic conditions; changes in interest rates; declines in property values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and other operating expenses; overbuilding in their sector of the real estate market; fluctuations in rental income; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns; changes in tax and regulatory requirements; losses due to environmental liabilities; or casualty or condemnation losses. REITs also are dependent upon the skills of their managers and are subject to heavy cash flow dependency or self-liquidation. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the region where its properties are located. Domestic REITs could be adversely affected by failure to qualify for tax-free “pass-through” of net income and net realized gains under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from registration under the Investment Company Act of 1940, as amended. Effective for taxable years beginning after December 31, 2017, the recently enacted Tax Cuts and Jobs Act generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of qualified REIT dividends. However, the new law does not include any provision for a regulated investment company to pass the character of its qualified REIT dividends through to its shareholders. As a result, an investor who invests directly in REITs will be able to receive the benefit of that deduction, while a shareholder in the Fund will not. The value of REIT common shares may decline when interest rates rise. During periods of high interest rates, REITs and other real estate companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing for property purchases and improvements is more costly and difficult to obtain.

affect the Fund, rate their probability or potential magnitude correctly, or be able to take appropriate measures to reduce the Fund’s exposure to them. Measures taken with the intention of decreasing exposure to identified risks might have the unintended effect of increasing exposure to other risks.

Utility Companies Risk. Utility companies are sensitive to changes in interest rates and other economic conditions, government regulation, uncertainties created by deregulation, power shortages and surpluses, the price and availability of fuel, environmental protection or energy conservation policies and practices, the level and demand for services, increased risk and competition in deregulated sectors, and the cost of technological advances and the possible inability to implement them at opportune times. In addition, securities of utility companies are volatile and may underperform in a sluggish economy.

Information about Additional Risks

investment strategy may, to a limited extent, use certain derivatives for hedging or investment purposes. A derivative instrument, whether used for hedging or for speculation, could fail to perform as expected, causing a loss for a Fund.

Please see the Statement of Additional Information for more information.

Descriptions of Indices

Management of the Funds

Investment Manager

Neuberger Berman Equity Income Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.74% of average daily net assets for Class R3.

Neuberger Berman Mid Cap Intrinsic Value Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.63% of average daily net assets, after voluntary waiver, for Class R3.

of the average daily net assets of the Fund. Effective September 1, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 0.15% of the average daily net assets of the Fund. Effective August 31, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 2.89% of the average daily net assets of the Fund. Effective August 23, 2016, the Manager had voluntarily agreed to waive its management fee in the amount of 1.21% of the average daily net assets of the Fund. Effective November 1, 2015, the Manager had voluntarily agreed to waive its management fee in the amount of 0.11% of the average daily net assets of the Fund.

Neuberger Berman Real Estate Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.06% of average daily net assets for Class R3.

Portfolio Managers

Neuberger Berman Emerging Markets Equity Fund

Neuberger Berman Equity Income Fund

Richard S. Levine is a Managing Director of the Manager. He has been a Portfolio Manager with the firm since 1989 and has served as Portfolio Manager since the Fund’s inception in 2006.

Alexandra Pomeroy is a Managing Director of the Manager. She has been a Portfolio Manager with the firm since 2005 and has served as Portfolio Manager since the Fund’s inception in 2006.

William D. Hunter is a Senior Vice President of the Manager. Mr. Hunter joined the firm in 2006 and has been an Associate Portfolio Manager of the Fund since 2012.

Neuberger Berman Guardian Fund

Charles Kantor is a Managing Director of the Manager. He joined the firm in 2000 and has managed the Fund since October 2015.

Neuberger Berman International Select Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2006.

Elias Cohen, CFA, is a Senior Vice President of the Manager. Mr. Cohen joined the firm in 2000 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman Large Cap Value Fund

Neuberger Berman Mid Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. Mr. Turek has been the Portfolio Manager of the Fund since 2003.

Neuberger Berman Mid Cap Intrinsic Value Fund

Neuberger Berman Real Estate Fund

Neuberger Berman Small Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. He joined the firm in 2002 and has managed the Fund since November 2015.

Chad Bruso is a Senior Vice President of the Manager. He joined the firm in 2006 and has managed the Fund since November 2015.

Neuberger Berman Socially Responsive Fund

Ingrid S. Dyott is a Managing Director of the Manager. She has been co-Portfolio Manager of the Fund since 2003 and before that was an Associate Portfolio Manager of the Fund since 1997.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R3 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Emerging Markets Equity Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	14.71	15.02	17.47	13.60	15.59
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.03	0.07	0.02	0.02	0.01
Net gains (losses)—realized and unrealized	0.28	2.39	(3.80)	2.00	3.72
Subtotal: income (loss) from investment operations	0.31	2.46	(3.78)	2.02	3.73
Minus:
Distributions to shareholders
Income dividends	—	0.01	0.09	0.03	0.01
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	—	0.01	0.09	0.03	0.01
Equals:
Share price (NAV) at end of year	15.02	17.47	13.60	15.59	19.31
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.91⁽²⁾	1.91	1.91	1.91	1.91
Gross expenses⁽¹⁾	2.31	2.13	2.09	2.06	2.01
Net investment income (loss)—actual	0.22	0.45	0.14	0.16	0.08
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	2.11	16.42	(21.70)	14.88	23.94
Net assets at end of year (in millions of dollars)	0.2	0.6	0.8	1.2	1.5
Portfolio turnover rate (%)	36	36	36	43	25

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Equity Income Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.69	11.69	13.12	11.67	12.37
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.22	0.25	0.26	0.30	0.28
Net gains (losses)—realized and unrealized	0.23	1.93	(0.92)	1.07	1.02
Subtotal: income (loss) from investment operations	0.45	2.18	(0.66)	1.37	1.30
Minus:
Distributions to shareholders
Income dividends	0.34	0.24	0.22	0.25	0.24
Capital gain distributions	0.11	0.51	0.57	0.42	0.42
Subtotal: distributions to shareholders	0.45	0.75	0.79	0.67	0.66
Equals:
Share price (NAV) at end of year	11.69	13.12	11.67	12.37	13.01
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment and/or offset arrangements had not been in effect.
Net expenses —actual	1.41⁽²⁾	1.34	1.31	1.33	1.34
Gross expenses	1.41⁽¹⁾	1.34⁽¹⁾	1.31	1.33	1.34
Net investment income (loss)—actual	1.78	2.04	2.05	2.53	2.27
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	3.94⁽³⁾	19.42⁽³⁾	(5.22)	12.26	10.88
Net assets at end of year (in millions of dollars)	2.6	3.4	3.8	2.7	1.8
Portfolio turnover rate (%)	70	41	48	49	53

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Guardian Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.79	16.25	17.54	14.31	13.42
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.04	0.06	0.02	0.02	0.04
Net gains (losses)—realized and unrealized	2.89	3.21	(0.54)	0.99	1.99
Subtotal: income (loss) from investment operations	2.93	3.27	(0.52)	1.01	2.03
Minus:
Distributions to shareholders
Income dividends	0.03	0.07	0.08	0.04	0.05
Capital gain distributions	0.44	1.91	2.63	1.86	1.85
Subtotal: distributions to shareholders	0.47	1.98	2.71	1.90	1.90
Equals:
Share price (NAV) at end of year	16.25	17.54	14.31	13.42	13.55
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.36⁽²⁾	1.36	1.36	1.36	1.36
Gross expenses⁽¹⁾	1.41	1.38	1.37	1.39	1.38
Net investment income (loss)—actual	0.24	0.37	0.15	0.15	0.28
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	22.03	21.29	(3.53)	8.00	17.02
Net assets at end of year (in millions of dollars)	0.4	0.7	0.5	0.6	0.5
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman International Select Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.04	10.01	11.05	10.43	10.71
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.07	0.11	0.06	0.10	0.08
Net gains (losses)—realized and unrealized	0.99	1.02	(0.58)	0.25	1.53
Subtotal: income (loss) from investment operations	1.06	1.13	(0.52)	0.35	1.61
Minus:
Distributions to shareholders
Income dividends	0.09	0.09	0.10	0.07	0.10
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	0.09	0.09	0.10	0.07	0.10
Equals:
Share price (NAV) at end of year	10.01	11.05	10.43	10.71	12.22
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.51⁽²⁾	1.51	1.51	1.51	1.44
Gross expenses⁽¹⁾	1.60	1.55	1.55	1.57	1.52
Net investment income (loss)—actual	0.74	1.03	0.56	0.95	0.70
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	11.83	11.35	(4.71)	3.33	15.26
Net assets at end of year (in millions of dollars)	2.6	2.2	3.4	3.8	5.0
Portfolio turnover rate (%)	50	27	24	22	27

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Large Cap Value Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.34	21.41	20.32	14.82	13.93
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.09	0.11	0.09	0.10	0.13
Net gains (losses)—realized and unrealized	3.98	4.16	(1.38)	1.33	1.95
Subtotal: income (loss) from investment operations	4.07	4.27	(1.29)	1.43	2.08
Minus:
Distributions to shareholders
Income dividends	—	0.34	0.22	0.26	0.18
Capital gain distributions	—	5.02	3.99	2.06	0.87
Subtotal: distributions to shareholders	—	5.36	4.21	2.32	1.05
Equals:
Share price (NAV) at end of year	21.41	20.32	14.82	13.93	14.96
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.36⁽²⁾	1.36	1.36	1.36	1.36
Gross expenses⁽¹⁾	1.42	1.43	1.51	1.54	1.43
Net investment income (loss)—actual	0.46	0.53	0.53	0.75	0.90
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.47	22.94	(7.64)	12.58	15.27
Net assets at end of year (in millions of dollars)	0.1	0.1	0.1	0.1	0.2
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R3 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout the year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	18.61	21.16	23.79	24.31	22.63
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.13)	(0.21)	(0.23)	(0.16)	(0.17)
Net gains (losses)—realized and unrealized	3.30	3.75	2.51	(0.42)	3.55
Subtotal: income (loss) from investment operations	3.17	3.54	2.28	(0.58)	3.38
Voluntary Contribution from Management	—	—	—	0.02	—
Minus:
Distributions to shareholders
Capital gains distributions	0.62	0.91	1.76	1.12	0.62
Subtotal: distributions to shareholders	0.62	0.91	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	21.16	23.79	24.31	22.63	25.39
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.36⁽²⁾	1.36	1.36	1.36	1.36
Gross expenses⁽¹⁾	1.43	1.38	1.37	1.38	1.36
Net investment income (loss)—actual	(0.68)	(0.90)	(0.95)	(0.74)	(0.73)
OTHER DATA
Total return shows how an investment in the Fund would have performed over the year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	17.63	17.02	10.29	(2.12)⁽⁵⁾	15.30
Net assets at end of year (in millions of dollars)	5.6	8.3	12.7	13.7	13.2
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Would have been lower if the Manager had not made a voluntary contribution.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R3 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Intrinsic Value Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.80	17.59	20.23	17.70	16.19
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.14	0.15	—	0.09	0.11
Net gains (losses)—realized and unrealized	3.73	3.61	(0.32)	0.62	2.57
Subtotal: income (loss) from investment operations	3.87	3.76	(0.32)	0.71	2.68
Minus:
Distributions to shareholders
Income dividends	0.08	0.25	0.13	0.09	0.09
Capital gain distributions	—	0.87	2.08	2.13	—
Subtotal: distributions to shareholders	0.08	1.12	2.21	2.22	0.09
Equals:
Share price (NAV) at end of year	17.59	20.23	17.70	16.19	18.78
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver and/or offset arrangements had not been in effect.
Net expenses—actual	1.46⁽²⁾	1.46	1.46	1.46	1.46
Gross expenses⁽¹⁾	1.86	1.80	1.73	1.75	1.69
Net investment income (loss)—actual	0.85	0.80	0.03	0.56	0.63
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	28.22	22.23	(1.49)	5.54	16.62
Net assets at end of year (in millions of dollars)	0.8	0.4	1.2	1.4	1.5
Portfolio turnover rate (%)	33	34	50	29	31

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Real Estate Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.81	12.94	14.68	13.58	15.09
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.08	0.10	0.12	0.12	0.13
Net gains (losses)—realized and unrealized	(0.50)	2.56	(0.37)	2.60	0.08
Subtotal: income (loss) from investment operations	(0.42)	2.66	(0.25)	2.72	0.21
Redemption fees	—	—	—	—	—
Minus:
Distributions to shareholders
Income dividends	0.09	0.11	0.12	0.14	0.13
Capital gain distributions	0.36	0.81	0.73	1.07	1.68
Tax return of capital	—	—	—	—	—
Subtotal: distributions to shareholders	0.45	0.92	0.85	1.21	1.81
Equals:
Share price (NAV) at end of year	12.94	14.68	13.58	15.09	13.49
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.46⁽²⁾	1.46	1.46	1.46	1.46
Gross expenses⁽¹⁾	1.70	1.67	1.66	1.68	1.68
Net investment income (loss)—actual	0.56	0.71	0.81	0.87	1.01
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	(3.04)	21.89	(1.94)	21.03	2.45
Net assets at end of year (in millions of dollars)	15.2	23.5	22.4	25.0	19.0
Portfolio turnover rate (%)	33	36	33	49	45

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R3 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Small Cap Growth—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	14.06	17.37	19.67	21.09	18.77
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.16)	(0.22)	(0.27)	(0.20)	(0.24)
Net gains (losses)—realized and unrealized	3.47	2.52	1.69	(0.57)	4.29
Subtotal: income (loss) from investment operations	3.31	2.30	1.42	(0.77)	4.05
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	1.55	—
Subtotal: distributions to shareholders	—	—	—	1.55	—
Equals:
Share price (NAV) at end of year	17.37	19.67	21.09	18.77	22.82
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.51⁽²⁾	1.51	1.51	1.51	1.51
Gross expenses⁽¹⁾	2.15	2.16	2.15	2.24	2.19
Net investment income (loss)—actual	(1.08)	(1.15)	(1.25)	(1.12)	(1.17)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.54	13.24	7.22	(3.44)	21.58
Net assets at end of year (in millions of dollars)	0.4	0.5	1.0	1.1	1.0
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R3 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Socially Responsive Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.81	21.86	23.85	20.07	19.92
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.09	0.10	0.07	0.06	0.04
Net gains (losses)—realized and unrealized	4.09	4.27	(0.05)	1.81	2.43
Subtotal: income (loss) from investment operations	4.18	4.37	0.02	1.87	2.47
Minus:
Distributions to shareholders
Income dividends	0.13	0.17	0.20	0.17	0.19
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	0.13	2.38	3.80	2.02	1.51
Equals:
Share price (NAV) at end of year	21.86	23.85	20.07	19.92	20.88
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.30⁽¹⁾	1.29	1.29	1.29	1.28
Gross expenses	1.30	1.29	1.29	1.29	1.28
Net investment income (loss)—actual	0.46	0.45	0.31	0.30	0.21
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.64	21.02	(0.12)	10.01	13.04
Net assets at end of year (in millions of dollars)	25.3	32.2	30.4	33.3	41.3
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Your Investment

Maintaining Your Account

Class R3 shares described in this prospectus are available only through financial intermediaries, such as banks, brokerage firms, retirement plan administrators, and financial advisers.

Class R3 shares generally are available only to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans where shares are held on the books of a Fund through omnibus accounts (either at the plan level or at the level of the financial intermediary).

Class R3 shares generally are not available to retail non-retirement accounts, traditional individual retirement accounts (IRAs), Roth IRAs, Coverdell education savings accounts, SEPs, SARSEPs, SIMPLE IRAs, individual 403(b) plans or 529 college savings plans.

Eligible retirement plans generally may open an account and purchase Class R3 shares by contacting a financial intermediary authorized to sell the Funds' shares. Class R3 shares may not be available through certain financial intermediaries.

Plan participants who are considering an investment in the Funds should contact their employer, retirement plan administrator, or service agent that provides shareholder servicing, record keeping, account maintenance or other services for their retirement plan (“Plan Service Provider”) for details about the Funds that are available under their retirement plan and the procedures for buying and selling shares.

The Funds do not impose minimum purchase requirements for Class R3 shares. However, you should contact your Plan Service Provider to determine whether it imposes minimum purchase requirements.

The Funds do not issue certificates for shares.

Most financial intermediaries allow you to take advantage of the fund exchange program, which is designed for moving an investment from the Class R3 shares of one fund in the fund family to the Class R3 shares of another through an exchange of shares. However, this privilege can be withdrawn from any investor that we believe is trying to “time the market” or is otherwise making exchanges that we judge to be excessive. Frequent exchanges can interfere with Fund management and affect costs and performance for other shareholders. Your ability to exchange to another fund in the fund family may be limited by the availability of a given fund in your retirement plan as determined by your Plan Service Provider.

Every buy or sell order will be processed at the next share price to be calculated after the order has been received in proper form. Purchase orders are deemed “received in proper form” when the Funds' transfer agent has received payment for the shares. Redemption orders are deemed “received in proper form” when the Funds' transfer agent has received your order to sell Fund shares. In the case of certain institutional investors, the Distributor will process purchase orders when received, on the basis of a pre-existing arrangement to make payment by the following morning. These policies apply to the financial intermediaries who invest in the Funds. Please contact your financial intermediary for its policies.

Under certain circumstances, which may include normal and stressed market conditions, the Funds reserve the right to:

■	suspend the offering of shares
■	reject any exchange or purchase order
■	suspend or reject future purchase orders from any investor who has not provided timely payment to settle a purchase order
■	change, suspend, or revoke the exchange privilege
■	satisfy an order to sell Fund shares with securities rather than cash

■	suspend or postpone investors’ ability to sell Fund shares or postpone payments on redemptions for more than seven days, on days when trading on the New York Stock Exchange (“Exchange”) is restricted, or as otherwise permitted by the Securities and Exchange Commission (“SEC”)
■	remain open and process orders to purchase or sell Fund shares when the Exchange is closed.

Proceeds from the sale of shares — The proceeds from the shares you sell are typically sent out the next business day after your order is executed, and nearly always within seven days regardless of payment type. Proceeds may be delayed beyond this time in unusual circumstances where the law allows additional time if needed. Proceeds may be sent by wire or by check. These policies apply to the financial intermediaries who invest in the Funds. Please contact your financial intermediary for its policies.

Uncashed checks — When you receive a check, you may want to deposit or cash it right away, as you will not receive interest on uncashed checks. Checks will not be forwarded if the address of record is incorrect. Your financial intermediary may be required to transfer assets related to uncashed checks to a state government under the state’s unclaimed or abandoned property law.

Important information regarding unclaimed/abandoned property — If your financial intermediary is unable to locate you, then it is required by law to determine whether your account(s) must be deemed “unclaimed” or “abandoned.” Your financial intermediary is required to transfer (or escheat) unclaimed or abandoned property to the appropriate state government in accordance with state law. Your account(s) may also be deemed “unclaimed” or “abandoned” and subsequently transferred to the appropriate state government if no activity (as defined by that state) occurs within the account(s) during the period of time specified by state law or if checks related to the account(s) remain uncashed. Your last known address of record determines which state has jurisdiction.

It is your responsibility to ensure that your financial intermediary maintains a correct address for your account(s). An incorrect address may cause your account statements and other mailings to be returned as undeliverable. Neither the Distributor nor a Fund nor its Transfer Agent will be liable to investors or their representatives for good faith compliance with state unclaimed or abandoned property (escheatment) laws. Please contact your financial intermediary regarding applicable state escheatment laws.

Distribution and Shareholder Servicing Fees

Each Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the plan, each Fund’s Class R3 pays the Distributor a fee at an annual rate of 0.50% of its average net assets to compensate financial intermediaries for providing distribution related services to the Fund and/or administrative or shareholder services to Fund shareholders. The Distributor may also retain part of this fee as compensation for providing these services. These fees increase the cost of investment. Because these fees are paid out of a Fund’s assets on an ongoing basis, over the long term they could result in higher overall costs than other types of sales charges.

Financial Intermediaries

Class R3 shares described in this prospectus are available only through financial intermediaries, such as banks, brokerage firms, retirement plan administrators, and financial advisers.

The fees and policies outlined in this prospectus are set by the Funds and by the Distributor. However, most of the information you will need for managing your investment will come from your financial intermediary. This includes information on how to buy and sell Class R3 shares, investor services, and additional policies.

In exchange for the services it offers, your financial intermediary may charge fees that are in addition to those described in this prospectus.

A Plan Service Provider or an employee benefits office can provide plan participants with detailed information on how to participate in the plan, elect a Fund as an investment option, elect different investment options, alter the amounts contributed to the plan, or change allocations among investment options. For questions about participant accounts, plan participants should contact their Plan Service Provider or their employee benefits office.

amounts for such services. Similarly, plans may charge plan participants for certain expenses, which are in addition to those described in this prospectus. These fees and additional amounts could reduce an investment return in Class R3 shares of the Funds.

Additional Payments to Financial Intermediaries

The Distributor and/or its affiliates pay additional compensation, out of their own resources and not as an expense of the Funds, to certain financial intermediaries, including affiliates, in connection with the sale, distribution, retention and/or servicing of Fund shares. The amount of these payments may be substantial and may differ among financial intermediaries based on, for example, the level or type of services provided by a financial intermediary. These payments are in addition to any fees paid to compensate financial intermediaries for providing distribution related services to the Funds and/or administrative or shareholder services to Fund shareholders. These arrangements are separately negotiated between the Distributor and/or its affiliates, and the recipients of these payments or their affiliates. If your financial intermediary receives such payments, these payments may provide an incentive for the financial intermediary to make the Fund’s shares available to you, or recommend the Fund. Please speak with your financial intermediary to learn more about any payments it receives from the Distributor and/or its affiliates, as well as fees and/or commissions the financial intermediary charges. You should also consult disclosures made by your financial intermediary at the time of purchase. Any such payments by the Distributor or its affiliates will not change the net asset value or the price of a Fund's shares. For more information, please see the Funds' Statement of Additional Information.

Information Required from New Accounts

Share Prices

Because Class R3 shares of each Fund do not have a sales charge, the price you pay for each share of a Fund is the Fund’s net asset value per share. Similarly, because the Funds do not charge fees for selling shares, your Fund pays you the full share price (net asset value) when you sell shares. Remember that your financial intermediary may charge fees for its services.

Each Fund normally calculates its share price on each day the Exchange is open once daily as of 4:00 P.M., Eastern time. In the event of an emergency or other disruption in trading on the Exchange, a Fund’s share price would still normally be determined as of 4:00 P.M., Eastern time. In general, every buy or sell order you place will go through at the next share price calculated after your order has been received in proper form (see “Maintaining Your Account” for information on placing orders). Check with your financial intermediary to find out by what time your order must be received so that it can be processed the same day. Depending on when your financial intermediary accepts orders, it is possible that a Fund’s share price could change on days when you are unable to buy or sell shares.

Share Price Calculations

securities (including securities issued by ETFs) and exchange-traded derivative instruments held by a Fund generally are valued by one or more independent pricing services approved by the Board of Trustees at the last reported sale price or official closing price or, if there is no reported sale quoted on a principal exchange or market for that security or official closing price, on the basis of market quotations. Debt securities and certain derivative instruments that do not trade on an exchange generally are valued by one or more independent pricing services approved by the Board of Trustees on the basis of market quotations and in the case of derivatives, market data about the underlying investments. Short-term securities held by a Fund may be valued on the basis of amortized cost, unless other factors indicate that amortized cost is not an accurate estimate of the security’s value.

Distributions and Taxes

Distributions—Each Fund pays out to its shareholders any net investment income and net realized capital gains. Ordinarily, each Fund makes any distributions once a year (usually in December), except that Equity Income Fund and Real Estate Fund typically distribute any net investment income quarterly. Gains from foreign currency transactions, if any, are normally distributed in December. A Fund may make additional distributions, if necessary, to avoid federal income or excise taxes.

Consult your Plan Service Provider about whether your income dividends and capital gain distributions from a Fund will be reinvested in additional Class R3 shares of the Fund or paid to you in cash.

How distributions are taxed — Fund distributions to your retirement plan generally are not taxable to you, although withdrawals from your retirement plan generally are subject to tax.

How share transactions are taxed— Your retirement plan’s sale (redemption) of Fund shares also generally will not result in a taxable gain or loss.

Market Timing Policy

is otherwise making exchanges judged to be excessive. In furtherance of these policies, under certain circumstances, the Funds reserve the right to reject any exchange or purchase order, or change, suspend or revoke the exchange privilege.

Portfolio Holdings Policy

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information.

Each Fund’s complete portfolio holdings will remain available at this website until the subsequent month-end holdings have been posted. Complete portfolio holdings for the Funds will also be available in reports on Form N-Q and Form N-CSR filed with the SEC. Historical portfolio holdings are available upon request.

No earlier than five business days after month-end, a Fund may publicly disclose via various shareholder and public communications, such as portfolio manager commentaries, fact sheets or other marketing materials, which will be publicly available at www.nb.com, certain portfolio characteristics and partial information concerning portfolio holdings for the month as of month-end, including but not limited to: up to the top 10 holdings of the Fund (if the Fund engages in short selling, it may also disclose up to the top 10 short positions); up to the top 10 holdings that contributed to and/or detracted from performance or were the best and/or worst performers; sector breakdowns or changes to portfolio composition (e.g., buys and sells). This information will remain available at this website until information for the subsequent month has been posted.

Fund Structure

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Large Cap Value Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	36.67	45.27	42.97	31.34	29.46
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.19	0.23	0.19	0.21	0.28
Net gains (losses)—realized and unrealized	8.41	8.80	(2.92)	2.81	4.12
Subtotal: income (loss) from investment operations	8.60	9.03	(2.73)	3.02	4.40
Minus:
Distributions to shareholders
Income dividends	—	0.72	0.46	0.55	0.39
Capital gain distributions	—	10.61	8.44	4.35	1.84
Subtotal: distributions to shareholders	—	11.33	8.90	4.90	2.23
Equals:
Share price (NAV) at end of year	45.27	42.97	31.34	29.46	31.63
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.36⁽²⁾	1.36	1.36	1.36	1.36
Gross expenses⁽¹⁾	1.42	1.43	1.51	1.54	1.43
Net investment income (loss)—actual	0.46	0.53	0.53	0.75	0.90
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.47	22.94	(7.64)	12.58	15.27
Net assets at end of year (in millions of dollars)	0.1	0.1	0.1	0.1	0.2
Portfolio turnover rate (%)	159	104	153	126	74

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-1

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Mid Cap Growth Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout the year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.72	12.19	13.71	14.00	13.04
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.07)	(0.12)	(0.13)	(0.09)	(0.10)
Net gains (losses)—realized and unrealized	1.90	2.16	1.44	(0.24)	2.05
Subtotal: income (loss) from investment operations	1.83	2.04	1.31	(0.33)	1.95
Voluntary Contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gains distributions	0.36	0.52	1.02	0.64	0.36
Subtotal: distributions to shareholders	0.36	0.52	1.02	0.64	0.36
Equals:
Share price (NAV) at end of year	12.19	13.71	14.00	13.04	14.63
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.36⁽²⁾	1.36	1.36	1.36	1.36
Gross expenses⁽¹⁾	1.43	1.38	1.37	1.38	1.36
Net investment income (loss)—actual	(0.68)	(0.90)	(0.95)	(0.74)	(0.73)
OTHER DATA
Total return shows how an investment in the Fund would have performed over the year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	17.63	17.02	10.29	(2.12)⁽⁵⁾	15.30
Net assets at end of year (in millions of dollars)	5.6	8.3	12.7	13.7	13.2
Portfolio turnover rate (%)	46	63	50	63	47

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁵⁾	Would have been lower if the Manager had not made a voluntary contribution.

A-2

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Socially Responsive Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	32.06	39.35	42.93	36.13	35.86
Plus:
Income from investment operations
Net investment income (loss)⁽²⁾	0.16	0.18	0.13	0.11	0.07
Net gains (losses)—realized and unrealized	7.36	7.69	(0.09)	3.26	4.37
Subtotal: income (loss) from investment operations	7.52	7.87	0.04	3.37	4.44
Minus:
Distributions to shareholders
Income dividends	0.23	0.31	0.36	0.31	0.34
Capital gain distributions	—	3.98	6.48	3.33	2.37
Subtotal: distributions to shareholders	0.23	4.29	6.84	3.64	2.71
Equals:
Share price (NAV) at end of year	39.35	42.93	36.13	35.86	37.59
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense repayment and/or offset arrangements had not been in effect.
Net expenses—actual	1.30⁽¹⁾	1.29	1.29	1.29	1.28
Gross expenses	1.30	1.29	1.29	1.29	1.28
Net investment income (loss)—actual	0.46	0.45	0.31	0.30	0.21
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	23.64	21.02	(0.12)	10.01	13.04
Net assets at end of year (in millions of dollars)	25.3	32.2	30.4	33.3	41.3
Portfolio turnover rate (%)	35	36	28	25	26

⁽¹⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽²⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-3

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Guardian Fund—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	17.68	20.83	22.48	18.34	17.20
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.05	0.08	0.02	0.02	0.05
Net gains (losses)—realized and unrealized	3.70	4.11	(0.69)	1.27	2.55
Subtotal: income (loss) from investment operations	3.76	4.19	(0.67)	1.29	2.60
Minus:
Distributions to shareholders
Income dividends	0.04	0.09	0.10	0.05	0.06
Capital gain distributions	0.56	2.45	3.37	2.39	2.37
Subtotal: distributions to shareholders	0.60	2.54	3.47	2.51	2.43
Equals:
Share price (NAV) at end of year	20.83	22.48	18.34	17.20	17.37
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.36⁽²⁾	1.36	1.36	1.36	1.36
Gross expenses⁽¹⁾	1.41	1.38	1.37	1.39	1.38
Net investment income (loss)—actual	0.24	0.37	0.15	0.15	0.28
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	22.03	21.29	(3.53)	8.00	17.02
Net assets at end of year (in millions of dollars)	0.4	0.7	0.5	0.6	0.5
Portfolio turnover rate (%)	36	37	31	99	37

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-1

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman Small Cap Growth—Class R3

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	20.42	25.22	28.56	30.63	27.26
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	(0.23)	(0.32)	(0.39)	(0.29)	(0.35)
Net gains (losses)—realized and unrealized	5.03	3.66	2.46	(0.83)	6.23
Subtotal: income (loss) from investment operations	4.80	3.34	2.07	(1.12)	5.88
Minus:
Distributions to shareholders
Capital gain distributions	—	—	—	2.25	—
Subtotal: distributions to shareholders	—	—	—	2.25	—
Equals:
Share price (NAV) at end of year	25.22	28.56	30.63	27.26	33.14
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.51⁽²⁾	1.51	1.51	1.51	1.51
Gross expenses⁽¹⁾	2.15	2.16	2.15	2.24	2.19
Net investment income (loss)—actual	(1.08)	(1.15)	(1.25)	(1.12)	(1.17)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	23.54	13.24	7.22	(3.44)	21.58
Net assets at end of year (in millions of dollars)	0.4	0.5	1.0	1.1	1.0
Portfolio turnover rate (%)	249	284	336	164	215

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-2

NEUBERGER BERMAN EQUITY FUNDS

Class R3 Shares

If you would like further details on these Funds, you can request a free copy of the following documents:

Shareholder Reports. The shareholder reports offer information about each Fund, including:

■	a discussion by the Portfolio Managers about strategies and market conditions that significantly affected the Fund’s performance during the last fiscal year
■	Fund performance data and financial statements
■	portfolio holdings.

Statement of Additional Information (SAI). The SAI contains more comprehensive information on each Fund, including:

■	various types of securities and practices, and their risks
■	investment limitations and additional policies
■	information about the Fund’s management and business structure.

The SAI is hereby incorporated by reference into this prospectus, making it legally part of the prospectus.

Investment Manager: Neuberger Berman Investment Advisers LLC

Obtaining Information

You can obtain a shareholder report, SAI, and other information from your financial intermediary, or from:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
877-628-2583
Website: www.nb.com

You may also view and copy the documents at the SEC’s Public Reference Room in Washington. Call 202-551-8090 for information about the operation of the Public Reference Room.

Each Fund’s current net asset value per share is made available at: http://www.nb.com/performance.

SEC File Number: 811-00582
J0091 03/18

Contents

Neuberger Berman Equity Funds

Fund Summaries
Neuberger Berman Dividend Growth Fund	2
Neuberger Berman Emerging Markets Equity Fund	8
Neuberger Berman Genesis Fund	15
Neuberger Berman International Equity Fund	20
Neuberger Berman International Select Fund	26
Neuberger Berman International Small Cap Fund	32
Neuberger Berman Mid Cap Growth Fund	37
Neuberger Berman Real Estate Fund	42
Neuberger Berman Socially Responsive Fund	48
Descriptions of Certain Practices and Security Types	54
Additional Information about Principal Investment Risks	55
Information about Additional Risks	61
Descriptions of Indices	62
Management of the Funds	63
Financial Highlights	66

YOUR INVESTMENT
Maintaining Your Account	75
Share Prices	77
Distributions and Taxes	79
Market Timing Policy	80
Portfolio Holdings Policy	81
Fund Structure	81
Appendix A—Financial Highlights (as restated) (unaudited)*	A-1
Appendix B—Financial Highlights (as restated) (unaudited)**	B-1

*	On December 8, 2017, Neuberger Berman Genesis Fund, Neuberger Berman Mid Cap Growth Fund, and Neuberger Berman Socially Responsive Fund each conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.
**	On February 23, 2018, Neuberger Berman International Equity Fund conducted stock splits and reverse stock splits of the issued and outstanding shares of certain classes of the Fund. Per share amounts prior to this date have been restated to give effect to the split.

Fund Summaries

Neuberger Berman Dividend Growth Fund

Class R6 Shares (NRDGX)

GOAL

The Fund seeks long term capital appreciation and current income.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.58
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	1.08
Acquired fund fees and expenses	0.01
Total annual operating expenses	1.67
Fee waiver and/or expense reimbursement	1.03
Total annual operating expenses after fee waiver and/or expense reimbursement¹	0.64

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.62% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.62% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$65	$205	$597	$1,698

Portfolio Turnover

Principal Investment Strategies

2 Dividend Growth Fund

securities of foreign companies, including emerging markets. The Fund mainly invests in common stocks but may invest up to 10% of its net assets in master limited partnerships and up to 10% of its net assets in convertible securities. The Fund may invest in convertible securities that are rated below investment grade (commonly known as “junk bonds”) or, if unrated, are determined by the Portfolio Managers to be of comparable quality.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

3 Dividend Growth Fund

economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporate disclosure, governance, and legal standards. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. Regardless of where a company is organized or its stock is traded, its performance may be affected significantly by events in regions from which it derives its profits or in which it conducts significant operations.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

4 Dividend Growth Fund

abrupt or erratic price movements than securities of larger or more broadly based companies and may be difficult to value. Distributions from an MLP may consist in part of a return of the amount originally invested, which would not be taxable to the extent the distributions do not exceed the investor’s adjusted basis in its MLP interest. These reductions in the Fund’s adjusted tax basis in the MLP securities will increase the amount of gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of the securities.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

5 Dividend Growth Fund

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the last calendar year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index. The index, which is described in “Descriptions of Indices” in the prospectus, has characteristics relevant to the Fund’s investment strategy.

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q4 '16, 6.47%

Worst quarter: Q1 '16, 2.70%

Year-to-date performance as of 9/30/2017: 12.68%

average annual total % returns as of 12/31/16

Dividend Growth Fund	1 Year	Since Inception (12/15/2015)
Return Before Taxes	18.93	17.96
Return After Taxes on Distributions	18.40	17.46
Return After Taxes on Distributions and Sale of Fund Shares	11.15	13.70
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	12.61
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

6 Dividend Growth Fund

only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

For certain institutional investors, shares of the Fund may be available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, or exchange (call 800-366-6264 for instructions). See “Maintaining Your Account” in the prospectus for eligibility requirements for direct purchases of shares and for instructions on buying and redeeming (selling) shares directly.

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

If an investor purchases shares of another class of the Fund through an investment provider or other financial intermediary, (such as a bank, brokerage firm, workplace retirement program, or financial adviser), the Fund and/or Neuberger Berman BD LLC and/or its affiliates may pay the intermediary for the sale of shares of those other classes of the Fund and related services. These payments may create a conflict of interest by influencing the investment provider or other financial intermediary and its employees to recommend the Fund or that other class over another investment. No such payments are made with respect to Class R6. To the extent the Fund makes such payments with respect to another class, they can come only out of the assets of that other class.

7 Dividend Growth Fund

Neuberger Berman Emerging Markets Equity Fund

Class R6 Shares (NREMX)

GOAL

The Fund seeks long-term growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.06
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.21
Total annual operating expenses	1.27
Fee waiver and/or expense reimbursement	0.08
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.19

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.18% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.18% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$121	$378	$673	$1,512

Portfolio Turnover

Principal Investment Strategies

8 Emerging Markets Equity Fund

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of issuers in emerging market countries, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

9 Emerging Markets Equity Fund

10 Emerging Markets Equity Fund

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

11 Emerging Markets Equity Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

12 Emerging Markets Equity Fund

The following performance prior to March 15, 2013, is that of the Fund's Institutional Class. Because Institutional Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 35.52%

Worst quarter: Q3 '11, -24.27%

Year-to-date performance as of 9/30/2017: 31.98%

average annual total % returns as of 12/31/16

Emerging Markets Equity Fund	1 Year	5 Years	Since Inception (10/8/2008)
Return Before Taxes	9.32	2.94	7.34
Return After Taxes on Distributions	9.16	2.78	6.80
Return After Taxes on Distributions and Sale of Fund Shares	5.40	2.28	5.81
MSCI Emerging Markets Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	11.19	1.28	5.82
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Conrad Saldanha, CFA (Managing Director of the Manager). He has managed the Fund since its inception in 2008.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

13 Emerging Markets Equity Fund

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

14 Emerging Markets Equity Fund

Neuberger Berman Genesis Fund

Class R6 Shares (NRGSX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.74
Distribution and/or shareholder service (12b-1) fees	None
Other expenses¹	0.03
Total annual operating expenses	0.77
Fee waiver and/or expense reimbursement	0.02
Total annual operating expenses after fee waiver and/or expense reimbursement¹	0.75

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.75% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.75% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense. “Other expenses” shown above include a repayment of less than 0.01%.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$77	$240	$422	$948

Portfolio Turnover

Principal Investment Strategies

15 Genesis Fund

the Fund may continue to hold or add to a position in a company after its market capitalization has grown outside the range of the Russell 2000®Index.

The Fund seeks to reduce risk by diversifying among many companies and industries. Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

At times, the Portfolio Managers may emphasize certain sectors that they believe will benefit from market or economic trends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

16 Genesis Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

17 Genesis Fund

PERFORMANCE

The following performance prior to March 15, 2013, is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 16.30%

Worst quarter: Q4 '08, -26.55%

Year-to-date performance as of 9/30/2017: 9.57%

average annual total % returns as of 12/31/16

Genesis Fund	1 Year	5 Years	10 Years
Return Before Taxes	18.44	12.42	8.96
Return After Taxes on Distributions	16.70	10.47	7.57
Return After Taxes on Distributions and Sale of Fund Shares	11.88	9.76	7.21
Russell 2000^® Index (reflects no deduction for fees, expenses or taxes)	21.31	14.46	7.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

18 Genesis Fund

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

19 Genesis Fund

Neuberger Berman International Equity Fund

Class R6 Shares (NRIQX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.87
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.08
Total annual operating expenses	0.95
Fee waiver and/or expense reimbursement	0.17
Total annual operating expenses after fee waiver and/or expense reimbursement¹	0.78

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.78% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.78% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$80	$249	$473	$1,117

Portfolio Turnover

Principal Investment Strategies

20 International Equity Fund

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and regions around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

21 International Equity Fund

countries than in countries with more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

22 International Equity Fund

policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following performance prior to September 3, 2013, is that of the Fund's Institutional Class. Because Institutional Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

23 International Equity Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 23.76%

Worst quarter: Q3 '08, -23.47%

Year-to-date performance as of 9/30/2017: 22.74%

average annual total % returns as of 12/31/16

International Equity Fund	1 Year	5 Years	10 Years
Return Before Taxes	-0.97	6.85	1.20
Return After Taxes on Distributions	-1.32	6.50	0.44
Return After Taxes on Distributions and Sale of Fund Shares	-0.26	5.38	0.89
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

24 International Equity Fund

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

25 International Equity Fund

Neuberger Berman International Select Fund

Class R6 Shares (NRILX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.63
Distribution and/or shareholder service (12b-1) fees	None
Other expenses¹	0.16
Total annual operating expenses	0.79
Fee waiver and/or expense reimbursement	0.06
Total annual operating expenses after fee waiver and/or expense reimbursement²	0.73

“Other expenses” are based on estimated amounts for the current fiscal year; actual expenses may vary.

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.73% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.73% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$75	$233	$420	$960

Portfolio Turnover

Principal Investment Strategies

26 International Select Fund

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to remain well-diversified across countries and geographical regions.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and sectors around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

27 International Select Fund

of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

28 International Select Fund

policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following performance prior to April 17, 2017 is that of the Fund’s Trust Class. Class R6 would have substantially similar performance to Trust Class because the classes are invested in the same portfolio of securities. Because Trust Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

29 International Select Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 22.47%

Worst quarter: Q3 '08, -22.23%

Year-to-date performance as of 9/30/2017: 23.60%

average annual total % returns as of 12/31/16

International Select Fund	1 Year	5 Years	10 Years
Return Before Taxes	-1.49	5.25	0.72
Return After Taxes on Distributions	-1.76	5.01	0.38
Return After Taxes on Distributions and Sale of Fund Shares	-0.63	4.11	0.55
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

30 International Select Fund

MA 02021), or by wire, fax, telephone, or exchange (call 800-366-6264 for instructions). See “Maintaining Your Account” in the prospectus for eligibility requirements for direct purchases of shares and for instructions on buying and redeeming (selling) shares directly.

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

31 International Select Fund

Neuberger Berman International Small Cap Fund

Class R6 (NIORX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.93
Distribution and/or shareholder service (12b-1) fees	None
Other expenses¹	22.95
Acquired fund fees and expenses	0.03
Total annual operating expenses	23.91
Fee waiver and/or expense reimbursement	22.90
Total annual operating expenses after fee waiver and/or expense reimbursement²	1.01

“Other expenses” have been restated to reflect actual expenses excluding organization expenses incurred during the most recent period. If organization expenses had been included, “Other expenses” would be 28.09% of average net assets for Class R6 shares.

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.98% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.98% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$103	$322	$4,730	$10,228

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the Fund’s performance. For the period from December 8, 2016 (commencement of operations) through August 31, 2017, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

32 International Small Cap Fund

Principal Investment Strategies

To pursue its goal, the Fund invests mainly in common stocks of foreign companies, including companies in developed and emerging markets. The Fund defines a foreign company as one that is organized outside of the United States and conducts the majority of its business abroad. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of small-capitalization companies, which it defines as those with a total market capitalization of no more than $5 billion at the time of purchase.

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to remain well-diversified across countries and geographical regions.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and sectors around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets, plus the amount of borrowings for investment purposes, in small-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

33 International Small Cap Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

New Fund Risk. The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareholder approval and/or at a time that may not be favorable for certain shareholders. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies.

34 International Small Cap Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

35 International Small Cap Fund

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

36 International Small Cap Fund

Neuberger Berman Mid Cap Growth Fund

Class R6 Shares (NRMGX)

GOAL

The Fund seeks growth of capital.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.59
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.06
Total annual operating expenses	0.65

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$66	$208	$362	$810

Portfolio Turnover

Principal Investment Strategies

The Fund seeks to reduce risk by diversifying among many companies, sectors and industries.

At times, the Portfolio Manager may emphasize certain sectors that he believes will benefit from market or economic trends.

37 Mid Cap Growth Fund

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in mid-capitalization companies, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

38 Mid Cap Growth Fund

react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

The following bar chart and table provide an indication of the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied from year to year. The table next to the bar chart shows what the returns would equal if you averaged out actual performance over various lengths of time and compares the returns with the returns of a broad-based market index and an additional index. The indices, which are described in “Descriptions of Indices” in the prospectus, have characteristics relevant to the Fund's investment strategy.

The following performance prior to March 15, 2013, is that of the Fund's Investor Class. Because Investor Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

39 Mid Cap Growth Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q1 '12, 14.58%

Worst quarter: Q4 '08, -23.49%

Year-to-date performance as of 9/30/2017: 17.30%

average annual total % returns as of 12/31/16

Mid Cap Growth Fund	1 Year	5 Years	10 Years
Return Before Taxes	5.06	11.35	7.49
Return After Taxes on Distributions	3.91	9.25	6.46
Return After Taxes on Distributions and Sale of Fund Shares	3.82	8.70	5.92
Russell Midcap^® Growth Index (reflects no deduction for fees, expenses or taxes)	7.33	13.51	7.83
Russell Midcap^® Index (reflects no deduction for fees, expenses or taxes)	13.80	14.72	7.86
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGER

The Fund is managed by Kenneth J. Turek (Managing Director of the Manager). He has managed the Fund since 2003.

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

40 Mid Cap Growth Fund

registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, or exchange (call 800-366-6264 for instructions). See “Maintaining Your Account” in the prospectus for eligibility requirements for direct purchases of shares and for instructions on buying and redeeming (selling) shares directly.

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

41 Mid Cap Growth Fund

Neuberger Berman Real Estate Fund

Class R6 Shares (NRREX)

GOAL

The Fund seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.88
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.10
Total annual operating expenses	0.98
Fee waiver and/or expense reimbursement	0.19
Total annual operating expenses after fee waiver and/or expense reimbursement¹	0.79

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Class R6 so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 0.78% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Class R6 will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 0.78% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$81	$252	$483	$1,146

Portfolio Turnover

Principal Investment Strategies

42 Real Estate Fund

Some of the REIT and other real estate securities in which the Fund invests may be preferred stock, which receives preference in the payment of dividends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days’ notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in the stock and real estate markets, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The markets' behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

43 Real Estate Fund

44 Real Estate Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

45 Real Estate Fund

The following performance prior to March 15, 2013, is that of the Fund's Trust Class. Because Trust Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 33.20%

Worst quarter: Q1 '09, -32.76%

Year-to-date performance as of 9/30/2017: 7.77%

average annual total % returns as of 12/31/16

Real Estate Fund	1 Year	5 Years	10 Years
Return Before Taxes	4.35	9.59	5.28
Return After Taxes on Distributions	0.37	7.15	3.40
Return After Taxes on Distributions and Sale of Fund Shares	4.49	7.05	3.72
FTSE NAREIT All Equity REITs Index (reflects no deduction for fees, expenses or taxes)	8.63	11.98	5.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

46 Real Estate Fund

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

47 Real Estate Fund

Neuberger Berman Socially Responsive Fund

Class R6 Shares (NRSRX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund’s environmental, social and governance (ESG) criteria.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.55
Distribution and/or shareholder service (12b-1) fees	None
Other expenses	0.04
Total annual operating expenses	0.59

Expense Example

	1 Year	3 Years	5 Years	10 Years
Class R6	$60	$189	$329	$738

Portfolio Turnover

Principal Investment Strategies

To pursue its goal, the Fund invests primarily in common stocks of mid- to large-capitalization companies that meet the Fund's ESG criteria in accordance with its social policy.

The Fund seeks to reduce risk by investing across many different industries.

48 Socially Responsive Fund

Please see the Statement of Additional Information for a detailed description of the Fund’s social investing policies.

Although the Fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

49 Socially Responsive Fund

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

50 Socially Responsive Fund

PERFORMANCE

The following performance prior to March 15, 2013, is that of the Fund’s Investor Class. Because Investor Class has higher expenses than Class R6, its performance typically would have been lower than that of Class R6. Returns would have been lower if Neuberger Berman Investment Advisers LLC had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

51 Socially Responsive Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 15.32%

Worst quarter: Q4 '08, -26.61%

Year-to-date performance as of 9/30/2017: 12.58%

average annual total % returns as of 12/31/16

Socially Responsive Fund	1 Year	5 Years	10 Years
Return Before Taxes	10.38	13.40	6.75
Return After Taxes on Distributions	9.19	11.83	5.90
Return After Taxes on Distributions and Sale of Fund Shares	6.88	10.60	5.38
S&P 500^® Index (reflects no deduction for fees, expenses or taxes)	11.96	14.66	6.95
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through investment providers, such as banks, brokerage firms, retirement plan administrators, and financial advisers. Contact any investment provider authorized to sell the Fund's shares. See “Maintaining Your Account” in the prospectus for eligibility requirements for purchases of Class R6 shares.

52 Socially Responsive Fund

The Fund does not impose minimum purchase requirements for Class R6 shares. However, you should contact your investment provider to determine whether it imposes minimum purchase requirements.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

53 Socially Responsive Fund

Descriptions of Certain Practices and Security Types

Additional Information about Principal Investment Risks

Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks, and its price may be as volatile as that of the underlying stock, when the underlying stock’s price is high relative to the conversion price, and a convertible security is subject to the market risks of debt securities, and is particularly sensitive to changes in interest rates, when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk -- that is, the value of convertible securities will move in the direction opposite to movements in interest rates; they are subject to the risk that the issuer will not be able to pay interest or dividends when due; and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Convertible securities generally have less potential for gain or loss than common stocks. Securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities that are convertible only at the option of the holder.

ESG Criteria Risk. The Fund’s ESG criteria could cause it to sell or avoid stocks that subsequently perform well. The Fund may underperform funds that do not follow an ESG criteria.

Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Additionally, in times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

countries. Additional risks may include exposure to less developed or less efficient commercial trading markets; social, political, diplomatic or economic instability; fluctuations in foreign currencies or currency redenomination; laws limiting or restricting the movement of assets out of the country; nationalization or expropriation of assets; less stringent legal standards; possible unfavorable treatment under U.S. tax laws; and discriminatory application of local regulatory or criminal laws.

Growth Stock Risk. Because the prices of most growth stocks are based on future expectations, these stocks tend to be more sensitive than value stocks to bad economic news and negative earnings surprises. The Fund attempts to lessen the risk of such losses by seeking growth stocks that sell at what the adviser believes are reasonable prices. If the adviser is incorrect in its assessment of a stock’s value, this strategy may not provide the expected downside protection. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously. Growth stocks also may lack the dividends often associated with value stocks that can cushion their decline in a falling market. While the price of any type of stock may rise and fall rapidly, growth stocks may underperform during periods when the market favors value stocks.

When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. If a call option that the Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying security. If a call option that the Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying security during the option period.

If an option is purchased by the Fund and is never exercised or closed out, the Fund will lose the amount of the premium paid and the use of those funds.

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. For example, official statistics indicate a recent growth rate in China that is significantly lower than that in the early part of the decade. This has adversely affected worldwide commodity prices and the economies of many countries, especially those that depend heavily on commodity production and/or trade with China. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

REITs and Other Real Estate Companies Risk. REIT and other real estate company securities are subject to risks similar to those of direct investments in real estate and the real estate industry in general, including, among other risks: general and local economic conditions; changes in interest rates; declines in property values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and other operating expenses; overbuilding in their sector of the real estate market; fluctuations in rental income; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns; changes in tax and regulatory requirements; losses due to environmental liabilities; or casualty or condemnation losses. REITs also are dependent upon the skills of their managers and are subject to heavy cash flow dependency or self-liquidation. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the region where its properties are located. Domestic REITs could be adversely affected by failure to qualify for tax-free “pass-through” of net income and net realized gains under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from registration under the Investment Company Act of 1940, as amended. Effective for taxable years beginning after December 31, 2017, the recently enacted Tax Cuts and Jobs Act generally allows individuals and certain other non-corporate entities, such as partnerships, a deduction for 20% of qualified REIT dividends. However, the new law does not include any provision for a regulated investment comany to pass the character of its qualified REIT dividends through to its shareholders. As a result, an investor who invests directly in REITs will be able to receive the benefit of that deduction, while a shareholder in the Fund will not. The value of REIT common shares may decline when interest rates rise. During periods of high interest rates, REITs and other real estate companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing for property purchases and improvements is more costly and difficult to obtain.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period, may not ever realize what the portfolio management team believes to be their full value, or may turn out to have been appropriately priced at the time the Fund purchased them. This may happen because value stocks, as a category, lose favor with investors compared to growth stocks, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions, a misappraisal of a stock’s growth potential, or because the stocks’ worth was misgauged. Entire industries or sectors may lose favor with investors, and the Fund, in seeking value stocks, may focus its investments more heavily in those industries or sectors.

Information about Additional Risks

Please see the Statement of Additional Information for more information.

Descriptions of Indices

Management of the Funds

Investment Manager

The Manager has obtained “manager of managers” exemptive relief from the SEC that permits the Manager, subject to the approval of the Board of Trustees, to appoint an unaffiliated subadviser or to change the terms of a subadvisory agreement with an unaffiliated subadviser for Neuberger Berman Dividend Growth Fund without first obtaining shareholder approval. The exemptive order permits Neuberger Berman Dividend Growth Fund to add or to change unaffiliated subadvisers or to change the fees paid to such subadvisers from time to time without the expense and delays associated with obtaining shareholder approval of the change. Under this order, the Manager has ultimate responsibility (subject to oversight by the Board) to oversee the subadvisers and recommend their hiring, termination, and replacement. Neuberger Berman Dividend Growth Fund will notify shareholders of any change in the identity of a subadviser or the addition of a subadviser to the Fund.

Neuberger Berman Dividend Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.58% of average daily net assets for Class R6.

Neuberger Berman Genesis Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.74% of average daily net assets for Class R6.

Neuberger Berman International Equity Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.70% of average daily net assets, after voluntary waiver, for Class R6.

Neuberger Berman International Select Fund: For the 12 months ended 8/31/2017, the advisory fees paid to the Manager by the Fund were 0.55% of its average daily net assets. Class R6 of the Fund pays the Manager fees at the annual rate of 0.08% of the class’ average daily net assets for administrative services provided to Class R6 of the Fund.

net assets in excess of $4 billion for investment advisory services. Class R6 shares of the Fund pays the Manager fees at the annual rate of 0.08% of the Fund’s average daily net assets allocable to the class for administrative services provided to the class.

Neuberger Berman Mid Cap Growth Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.59% of average daily net assets for Class R6.

Neuberger Berman Real Estate Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 0.88% of average daily net assets for Class R6.

Portfolio Managers

Neuberger Berman Dividend Growth Fund

William D. Hunter is a Senior Vice President of the Manager. Mr. Hunter joined the firm in 2006 and has served as Portfolio Manager since the Fund’s inception in December 2015.

Neuberger Berman Emerging Markets Equity Fund

Neuberger Berman Genesis Fund

Neuberger Berman International Equity Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2005.

David Bunan is a Managing Director of the Manager. Mr. Bunan joined the firm in 2008 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman International Select Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2006.

Elias Cohen, CFA, is a Senior Vice President of the Manager. Mr. Cohen joined the firm in 2000 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman International Small Cap Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been the Portfolio Manager of the Fund since its inception in 2016.

David Bunan is a Managing Director of the Manager. Mr. Bunan joined the firm in 2008 and has been the Portfolio Manager of the Fund since its inception in 2016.

Neuberger Berman Mid Cap Growth Fund

Kenneth J. Turek is a Managing Director of the Manager. Mr. Turek has been the Portfolio Manager of the Fund since 2003.

Neuberger Berman Real Estate Fund

Neuberger Berman Socially Responsive Fund

Ingrid S. Dyott is a Managing Director of the Manager. She has been co-Portfolio Manager of the Fund since 2003 and before that was an Associate Portfolio Manager of the Fund since 1997.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R6 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Dividend Growth Fund—Class R6

YEAR ENDED AUGUST 31,	2016⁽¹⁾	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00	11.11
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.15	0.23
Net gains (losses)—realized and unrealized	0.96	1.81
Subtotal: income (loss) from investment operations	1.11	2.04
Minus:
Distributions to shareholders
Income dividends	—	0.22
Capital gain distributions	—	—
Subtotal: distributions to shareholders	—	0.22
Equals:
Share price (NAV) at end of year	11.11	12.93
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	0.62⁽⁴⁾⁽⁶⁾	0.62
Gross expenses⁽²⁾	2.75⁽⁴⁾⁽⁶⁾	1.65
Net investment income (loss)—actual	2.06⁽⁴⁾⁽⁶⁾	1.91
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	11.10⁽⁵⁾	18.60
Net assets at end of year (in millions of dollars)	0.1	0.0
Portfolio turnover rate (%)	23⁽⁵⁾	44

⁽¹⁾	Period from 12/15/2015 (beginning of operations) to 8/31/2016.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.

Financial Highlights

Neuberger Berman Emerging Markets Equity Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	16.85	15.35	17.91	13.96	16.02
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.13	0.18	0.14	0.12	0.15
Net gains (losses)—realized and unrealized	(1.63)	2.47	(3.91)	2.05	3.81
Subtotal: income (loss) from investment operations	(1.50)	2.65	(3.77)	2.17	3.96
Minus:
Distributions to shareholders
Income dividends	—	0.09	0.18	0.11	0.09
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	—	0.09	0.18	0.11	0.09
Equals:
Share price (NAV) at end of year	15.35	17.91	13.96	16.02	19.89
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	1.18⁽⁴⁾	1.18	1.18	1.18	1.18
Gross expenses⁽²⁾	1.57⁽⁴⁾	1.37	1.34	1.32	1.26
Net investment income (loss)—actual	1.80⁽⁴⁾	1.08	0.88	0.83	0.86
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	(8.90)⁽⁵⁾	17.35	(21.14)	15.64	24.90
Net assets at end of year (in millions of dollars)	31.1	83.8	88.1	107.4	132.9
Portfolio turnover rate (%)	36⁽⁶⁾	36	36	43	25

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Genesis Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	53.91	57.63	60.75	56.50	56.65
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.18	0.28	0.30	0.29	0.26
Net gains (losses)—realized and unrealized	3.54	7.70	0.60	5.67	5.56
Subtotal: income (loss) from investment operations	3.72	7.98	0.90	5.96	5.82
Minus:
Distributions to shareholders
Income dividends	—	0.36	0.24	0.26	0.23
Capital gain distributions	—	4.50	4.91	5.55	3.52
Subtotal: distributions to shareholders	—	4.86	5.15	5.81	3.75
Equals:
Share price (NAV) at end of year	57.63	60.75	56.50	56.65	58.72
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment arrangements had not been in effect.
Net expenses—actual	0.78⁽⁴⁾	0.78	0.78	0.78	0.77
Gross expenses⁽²⁾	0.80⁽⁴⁾	0.78	0.78	0.78	0.77
Net investment income (loss)—actual	0.67⁽⁴⁾	0.45	0.52	0.54	0.45
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	6.90⁽⁵⁾	13.92	1.75	11.69	10.47
Net assets at end of year (in millions of dollars)	975.9	2,690.7	2,798.0	3,381.6	3,603.6
Portfolio turnover rate (%)	20⁽⁶⁾	14	13	16	20

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman International Equity Fund—Class R6

YEAR ENDED AUGUST 31,	2014⁽¹⁾	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.26	11.42	10.81	11.20
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.08	0,14	0.16	0.15
Net gains (losses)—realized and unrealized	1.19	(0.54)	0.38	1.59
Subtotal: income (loss) from investment operations	1.27	(0.40)	0.54	1.74
Minus:
Distributions to shareholders
Income dividends	0.11	0.21	0.15	0.16
Subtotal: distributions to shareholders	0.11	0.21	0.15	0.16
Equals:
Share price (NAV) at end of year	11.42	10.81	11.20	12.78
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	0.79⁽⁴⁾	0.77	0.78	0.77
Gross expenses⁽²⁾	1.12⁽⁴⁾	0.99	0.96	0.94
Net investment income (loss)—actual	0.73⁽⁴⁾	1.24	1.49	1.31
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	12.46⁽⁵⁾	(3.49)	5.02	15.85
Net assets at end of year (in millions of dollars)	21.9	32.7	46.7	134.6
Portfolio turnover rate (%)	34⁽⁶⁾	25	30	27

⁽¹⁾	Period from 9/3/2013 (beginning of operations) to 8/31/2014.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2014.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R6 shares for the fiscal period indicated. All figures have been derived from the financial statements audited by Ernst & Young LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman International Select Fund—Class R6

YEAR ENDED AUGUST 31,	2017⁽¹⁾
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	11.12
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.08
Net gains (losses)—realized and unrealized	1.22
Subtotal: income (loss) from investment operations	1.30
Minus:
Distributions to shareholders
Income dividends	—
Capital gain distributions	—
Subtotal: distributions to shareholders	—
Equals:
Share price (NAV) at end of year	12.42
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	0.79
Gross expenses⁽²⁾	0.73
Net investment income (loss)—actual	1.70
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	11.69
Net assets at end of year (in millions of dollars)	9.6
Portfolio turnover rate (%)	27

⁽¹⁾	Period from 4/17/2017 (inception date of Class R6) to 8/31/2017.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during the fiscal period.

Financial Highlights

Neuberger Berman International Small Cap Fund—Class R6

YEAR ENDED AUGUST 31,	2017⁽¹⁾
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.00
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.08
Net gains (losses)—realized and unrealized	2.66
Subtotal: income (loss) from investment operations	2.74
Minus:
Distributions to shareholders
Income dividends	—
Capital gain distributions	—
Subtotal: distributions to shareholders	—
Equals:
Share price (NAV) at end of year	12.74
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual⁽⁴⁾⁽⁶⁾	0.98
Gross expenses^(2)(4)(6)	29.02
Net investment income (loss)—actual⁽⁴⁾	0.99
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾⁽⁵⁾	27.40
Net assets at end of year (in millions of dollars)	0.3
Portfolio turnover rate (%)	43

⁽¹⁾	Period from 12/8/2016 (beginning of operations) to 8/31/2017.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Organization expenses, which are non-recurring expenses, are included in the ratio on a non-annualized basis.
⁽⁷⁾	Calculated based on the average number of shares outstanding during the fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R6 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Mid Cap Growth Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	12.77	13.57	14.91	14.62	13.24
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	(0.01)	(0.03)	(0.04)	—	—
Net gains (losses)—realized and unrealized	0.81	2.38	1.51	(0.27)	2.05
Subtotal: income (loss) from investment operations	0.80	2.35	1.47	(0.27)	2.05
Voluntary contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gain distributions	—	1.01	1.76	1.12	0.62
Subtotal: distributions to shareholders	—	1.01	1.76	1.12	0.62
Equals:
Share price (NAV) at end of year	13.57	14.91	14.62	13.24	14.67
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment arrangements had not been in effect.
Net expenses—actual	0.68⁽⁴⁾	0.68	0.67	0.66	0.65
Gross expenses	7.22⁽²⁾⁽⁴⁾	0.68⁽²⁾	0.67⁽²⁾	0.66	0.65
Net investment income (loss)—actual	(0.13)⁽⁴⁾	(0.21)	(0.26)	(0.02)	(0.02)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	6.26^{(3) (5)}	17.89⁽³⁾	11.04⁽³⁾	(1.44)⁽⁸⁾	16.13
Net assets at end of year (in millions of dollars)	0.1	22.5	88.6	193.7	262.4
Portfolio turnover rate (%)	46⁽⁶⁾	63	50	63	47

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁸⁾	Would have been lower if the Manager had not made a voluntary contribution.

Financial Highlights

Neuberger Berman Real Estate Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	14.11	12.99	14.74	13.64	15.16
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.06	0.18	0.21	0.21	0.22
Net gains (losses)—realized and unrealized	(1.04)	2.59	(0.36)	2.62	0.08
Subtotal: income (loss) from investment operations	(0.98)	2.77	(0.15)	2.83	0.30
Minus:
Distributions to shareholders
Income dividends	0.02	0.21	0.22	0.24	0.22
Capital gain distributions	0.12	0.81	0.73	1.07	1.68
Subtotal: distributions to shareholders	0.14	1.02	0.95	1.31	1.90
Equals:
Share price (NAV) at end of year	12.99	14.74	13.64	15.16	13.56
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement arrangements had not been in effect.
Net expenses—actual	0.78⁽⁴⁾	0.78	0.78	0.78	0.78
Gross expenses⁽²⁾	1.11⁽⁴⁾	0.98	0.97	0.98	0.98
Net investment income (loss)—actual	0.95⁽⁴⁾	1.33	1.40	1.48	1.62
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	(6.96)⁽⁵⁾	22.72	(1.26)	21.85	3.16
Net assets at end of year (in millions of dollars)	8.3	26.3	29.9	45.0	45.2
Portfolio turnover rate (%)	33⁽⁶⁾	36	33	49	45

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

These financial highlights describe the performance of the Fund's Class R6 shares for the fiscal periods indicated. All figures have been derived from the financial statements audited by Tait, Weller & Baker LLP, the Fund's independent registered public accounting firm. Their report, along with full financial statements, appears in the Fund's most recent annual shareholder report (see back cover).

Neuberger Berman Socially Responsive Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	31.16	32.71	37.03	33.30	34.57
Plus:
Income from investment operations
Net investment income (loss)⁽⁵⁾	0.14	0.39	0.36	0.32	0.33
Net gains (losses)—realized and unrealized	1.41	6.51	(0.14)	3.11	4.31
Subtotal: income (loss) from investment operations	1.55	6.90	0.22	3.43	4.64
Minus:
Distributions to shareholders
Income dividends	—	0.37	0.35	0.31	0.32
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	—	2.58	3.95	2.16	1.64
Equals:
Share price (NAV) at end of year	32.71	37.03	33.30	34.57	37.57
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss).
Net expenses—actual	0.62⁽²⁾	0.60	0.60	0.60	0.59
Gross expenses	0.62⁽²⁾	0.60	0.60	0.60	0.59
Net investment income (loss)—actual	0.94⁽²⁾	1.11	1.02	0.96	0.91
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	4.97⁽³⁾	21.88	0.51	10.78	13.84
Net assets at end of year (in millions of dollars)	249.6	279.6	222.4	373.4	361.3
Portfolio turnover rate (%)	35⁽⁴⁾	36	28	25	26

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Annualized.
⁽³⁾	Not annualized.
⁽⁴⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁵⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Your Investment

Maintaining Your Account

Class R6 shares described in this prospectus generally are available only through financial intermediaries, such as banks, brokerage firms, retirement plan administrators, and financial advisers. For certain institutional investors, shares of the Funds may be available directly from Neuberger Berman BD LLC, the Funds' Distributor.

Class R6 shares generally are available only to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans where shares are held on the books of a Fund through omnibus accounts (either at the plan level or at the level of the financial intermediary), certain products managed by Neuberger Berman or funds in the Neuberger Berman family of funds and institutional investors if approved by the Distributor.

Class R6 shares generally are not available to retail non-retirement accounts, traditional individual retirement accounts (IRAs), Roth IRAs, Coverdell education savings accounts, SEPs, SARSEPs, SIMPLE IRAs, or individual 403(b) plans.

Eligible retirement plans generally may open an account and purchase Class R6 shares by contacting a financial intermediary authorized to sell the Funds' shares. Class R6 shares may not be available through certain financial intermediaries.

The Funds do not impose minimum purchase requirements for Class R6 shares. However, you should contact your Plan Service Provider to determine whether it imposes minimum purchase requirements.

The Funds do not issue certificates for shares.

For certain institutional investors, shares of the Funds may be available for purchase directly from the Distributor by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021) or by wire, fax, telephone or exchange. Please call 800-866-6264 for an application and instructions.

You can move an investment from one fund to a comparable class of another fund in the fund family through an exchange of shares, or by electing to use your cash distributions from one fund to purchase shares of the other fund. There are three things to remember when making an exchange:

■	both accounts must have the same registration
■	you will need to observe any eligibility requirements, including minimum investment and minimum account balance requirements for the fund accounts involved
■	because an exchange is treated as a sale (redemption) of the exchanged shares for federal income tax purposes, consider any tax consequences before placing your order.

The exchange privilege can be withdrawn from any investor that we believe is trying to “time the market” or is otherwise making exchanges that we judge to be excessive. Frequent exchanges can interfere with fund management and affect costs and performance for other shareholders. Contact your financial intermediary to see if it allows you to take advantage of the fund exchange program and for its policies to effect an exchange. Your ability to exchange to another fund in the fund family may be limited by the availability of a given fund in your retirement plan as determined by your Plan Service Provider.

Every buy or sell order will be processed at the next share price to be calculated after the order has been received in proper form. Purchase orders are deemed “received in proper form” when the Funds' transfer agent has received payment for the shares. Redemption orders are deemed “received in proper form” when the Funds' transfer agent has received your order to sell Fund shares. In the case of certain institutional investors, the Distributor will process purchase orders when received, on the basis of a pre-existing arrangement to make payment by the following morning. These policies apply to the financial intermediaries who invest in the Funds. Please contact your financial intermediary for its policies.

Under certain circumstances, which may include normal and stressed market conditions, the Funds reserve the right to:

■	suspend the offering of shares
■	reject any exchange or purchase order
■	suspend or reject future purchase orders from any investor who has not provided timely payment to settle a purchase order
■	change, suspend, or revoke the exchange privilege
■	satisfy an order to sell Fund shares with securities rather than cash
■	suspend or postpone investors’ ability to sell Fund shares or postpone payments on redemptions for more than seven days, on days when trading on the New York Stock Exchange (“Exchange”) is restricted, or as otherwise permitted by the Securities and Exchange Commission (“SEC”)
■	remain open and process orders to purchase or sell Fund shares when the Exchange is closed.

Proceeds from the sale of shares—The proceeds from the shares you sell are typically sent out the next business day after your order is executed, and nearly always within seven days regardless of payment type. When you sell shares through your financial intermediary, contact your provider to find out when proceeds will be sent to you. There are two cases in which proceeds may be delayed beyond this time:

■	in unusual circumstances where the law allows additional time if needed
■	if a check you wrote to buy shares has not cleared by the time you sell those shares; clearance may take up to 15 calendar days from the date of purchase.

If you think you may need to sell shares soon after buying them, you can avoid the check clearing time by investing by wire.

Financial Intermediaries

Class R6 shares described in this prospectus may be purchased through certain financial intermediaries, such as banks, brokerage firms, retirement plan administrators, and financial advisers.

The fees and policies outlined in this prospectus are set by the Funds and by the Distributor. However, most of the information you will need for managing your investment will come from your financial intermediary. This includes information on how to buy and sell Class R6 shares, investor services, and additional policies.

In exchange for the services it offers, your financial intermediary may charge fees that are in addition to those described in this prospectus.

Financial intermediaries may provide some of the shareholder servicing and account maintenance services required by plan accounts and their plan participants, including transfers of registration, dividend payee changes and generation of confirmation statements, and may arrange for Plan Service Providers to provide other investment or administrative services. Financial intermediaries may charge plans and plan participants transaction fees and/or other additional amounts for such services. Similarly, plans may charge plan participants for certain expenses, which are in addition to those described in this prospectus. These fees and additional amounts could reduce an investment return in Class R6 shares of the Funds.

Information Required from New Accounts

Share Prices

Because Class R6 shares of each Fund do not have a sales charge, the price you pay for each share of a Fund is the Fund’s net asset value per share. Similarly, because the Funds do not charge fees for selling shares, your Fund pays you the full share price (net asset value) when you sell shares.

If you use a financial intermediary, that provider may charge fees that are in addition to those described in this prospectus.

The Funds are generally open for business every day the Exchange is open. The Exchange is generally closed on all national holidays and Good Friday; Fund shares will not be priced on those days or other days on which the Exchange is scheduled to be closed. When the Exchange is closed for unusual reasons, Fund shares will generally not be priced although a Fund may decide to remain open and in such a case, the Fund would post a notice on www.nb.com.

Each Fund normally calculates its share price on each day the Exchange is open once daily as of 4:00 P.M., Eastern time. In the event of an emergency or other disruption in trading on the Exchange, a Fund’s share price would still normally be determined as of 4:00 P.M., Eastern time. In general, every buy or sell order you place will go through at the next share price calculated after your order has been received in proper form (see “Maintaining Your Account” for information on placing orders). Check with your financial intermediary to find out by what time your order must be received so that it can be processed the same day. Depending on when your financial intermediary accepts orders, it is possible that a Fund’s share price could change on days when you are unable to buy or sell shares.

Share Price Calculations

Distributions and Taxes

Distributions—Each Fund pays out to its shareholders any net investment income and net realized capital gains. Ordinarily, each Fund makes any distributions once a year (usually in December), except that Real Estate Fund typically distributes any net investment income quarterly. Gains from foreign currency transactions, if any, are normally distributed in December. A Fund may make additional distributions, if necessary, to avoid federal income or excise taxes.

Unless you designate otherwise, your distributions from a Fund will be reinvested in additional Class R6 shares of the Fund. However, if you prefer, you may receive all distributions in cash or reinvest capital gain distributions but receive income dividends in cash. Distributions taken in cash can be sent to you by check or by electronic transfer to a designated bank account or invested in Class R6 shares of another fund in the fund family with the same account registration. To take advantage of one of these options, please indicate your choice on your application or contact a Fund in writing or by phone if you bought shares directly. If you use a financial intermediary, you must consult it about whether your income dividends and capital gain distributions from a Fund will be reinvested in additional Class R6 shares of the Fund or paid to you in cash.

How distributions are taxed—Except for tax-advantaged retirement plans and other tax-exempt investors (collectively, “exempt investors”) and except as noted in the next sentence, all Fund distributions you receive are generally taxable to you, regardless of whether you take them in cash or reinvest them in additional Fund shares.

Fund distributions to qualified retirement plans generally are tax-free. Eventual withdrawals from retirement plans generally are subject to federal income tax.

Taxes and You

Most importantly, consult your tax professional. Everyone’s tax situation is different, and your tax professional should be able to help you answer any questions you may have.

Backup Withholding

Buying Shares Before a Distribution

Generally, if you are an exempt investor, there are no current tax consequences to you from distributions.

Basis Determination and Reporting

Market Timing Policy

Portfolio Holdings Policy

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information.

The complete portfolio holdings for each Fund are available at www.nb.com/holdings (click on the tab with the name of the relevant Fund). The complete portfolio holdings for each Fund (except Genesis Fund) are generally posted 15-30 days after each month-end. The complete portfolio holdings for Genesis Fund are generally posted 15-30 days after the end of each calendar quarter.

Fund Structure

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Genesis Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	53.89	57.61	60.73	56.48	56.63
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.18	0.28	0.30	0.29	0.26
Net gains (losses)—realized and unrealized	3.54	7.70	0.60	5.67	5.56
Subtotal: income (loss) from investment operations	3.72	7.98	0.90	5.96	5.82
Minus:
Distributions to shareholders
Income dividends	—	0.36	0.24	0.26	0.23
Capital gain distributions	—	4.50	4.91	5.55	3.52
Subtotal: distributions to shareholders	—	4.86	5.15	5.81	3.75
Equals:
Share price (NAV) at end of year	57.61	60.73	56.48	56.63	58.70
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment arrangements had not been in effect.
Net expenses—actual	0.78⁽⁴⁾	0.78	0.78	0.78	0.77
Gross expenses⁽²⁾	0.80⁽⁴⁾	0.78	0.78	0.78	0.77
Net investment income (loss)—actual	0.67⁽⁴⁾	0.45	0.52	0.54	0.45
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	6.90⁽⁵⁾	13.92	1.75	11.69	10.47
Net assets at end of year (in millions of dollars)	975.9	2,690.7	2,798.0	3,381.6	3,603.6
Portfolio turnover rate (%)	20⁽⁶⁾	14	13	16	20

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-1

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Mid Cap Growth Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	12.72	13.52	14.85	14.56	13.19
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	(0.01)	(0.03)	(0.04)	—	—
Net gains (losses)—realized and unrealized	0.81	2.37	1.50	(0.26)	2.04
Subtotal: income (loss) from investment operations	0.80	2.34	1.46	(0.26)	2.04
Voluntary contribution from Management	—	—	—	0.01	—
Minus:
Distributions to shareholders
Capital gain distributions	—	1.01	1.75	1.12	0.62
Subtotal: distributions to shareholders	—	1.01	1.75	1.12	0.62
Equals:
Share price (NAV) at end of year	13.52	14.85	14.56	13.19	14.61
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement/repayment arrangements had not been in effect.
Net expenses—actual	0.68⁽⁴⁾	0.68	0.67	0.66	0.65
Gross expenses	7.22⁽²⁾⁽⁴⁾	0.68⁽²⁾	0.67⁽²⁾	0.66	0.65
Net investment income (loss)—actual	(0.13)⁽⁴⁾	(0.21)	(0.26)	(0.02)	(0.02)
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	6.26⁽³⁾⁽⁵⁾	17.89⁽³⁾	11.04⁽³⁾	(1.44)⁽⁸⁾	16.13
Net assets at end of year (in millions of dollars)	0.1	22.5	88.6	193.7	262.4
Portfolio turnover rate (%)	46⁽⁶⁾	63	50	63	47

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement/repayment.
⁽³⁾	Would have been lower/higher if the Manager had not reimbursed/recouped certain expenses.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.
⁽⁸⁾	Would have been lower if the Manager had not made a voluntary contribution.

A-2

Appendix A—Financial Highlights (as restated) (unaudited)*

Neuberger Berman Socially Responsive Fund—Class R6

YEAR ENDED AUGUST 31,	2013⁽¹⁾	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	31.14	32.68	37.00	33.27	34.54
Plus:
Income from investment operations
Net investment income (loss)⁽⁵⁾	0.14	0.39	0.36	0.32	0.33
Net gains (losses)—realized and unrealized	1.40	6.51	(0.14)	3.11	4.31
Subtotal: income (loss) from investment operations	1.54	6.90	0.22	3.43	4.64
Minus:
Distributions to shareholders
Income dividends	—	0.37	0.35	0.31	0.32
Capital gain distributions	—	2.21	3.60	1.85	1.32
Subtotal: distributions to shareholders	—	2.58	3.95	2.16	1.64
Equals:
Share price (NAV) at end of year	32.68	37.00	33.27	34.54	37.54
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss).
Net expenses—actual	0.62⁽²⁾	0.60	0.60	0.60	0.59
Gross expenses	0.62⁽²⁾	0.60	0.60	0.60	0.59
Net investment income (loss)—actual	0.94⁽²⁾	1.11	1.02	0.96	0.91
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)	4.97⁽³⁾	21.88	0.51	10.78	13.84
Net assets at end of year (in millions of dollars)	249.6	279.6	222.4	373.4	361.3
Portfolio turnover rate (%)	35⁽⁴⁾	36	28	25	26

⁽¹⁾	Period from 3/15/2013 (beginning of operations) to 8/31/2013.
⁽²⁾	Annualized.
⁽³⁾	Not annualized.
⁽⁴⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2013.
⁽⁵⁾	Calculated based on the average number of shares outstanding during each fiscal period.

A-3

Appendix B—Financial Highlights (as restated) (unaudited)**

Neuberger Berman International Equity Fund—Class R6

YEAR ENDED AUGUST 31,	2014⁽¹⁾	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	10.17	11.32	10.72	11.11
Plus:
Income from investment operations
Net investment income (loss)⁽⁷⁾	0.08	0.14	0.16	0.15
Net gains (losses)—realized and unrealized	1.18	(0.53)	0.38	1.57
Subtotal: income (loss) from investment operations	1.26	(0.39)	0.54	1.72
Minus:
Distributions to shareholders
Income dividends	0.11	0.21	0.15	0.16
Subtotal: distributions to shareholders	0.11	0.21	0.15	0.16
Equals:
Share price (NAV) at end of year	11.32	10.72	11.11	12.67
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or waiver arrangements had not been in effect.
Net expenses—actual	0.79⁽⁴⁾	0.77	0.78	0.77
Gross expenses⁽²⁾	1.12⁽⁴⁾	0.99	0.96	0.94
Net investment income (loss)—actual	0.73⁽⁴⁾	1.24	1.49	1.31
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	12.46⁽⁵⁾	(3.49)	5.02	15.85
Net assets at end of year (in millions of dollars)	21.9	32.7	46.7	134.6
Portfolio turnover rate (%)	34⁽⁶⁾	25	30	27

⁽¹⁾	Period from 9/3/2013 (beginning of operations) to 8/31/2014.
⁽²⁾	Shows what this ratio would have been if there had been no expense reimbursement and/or waiver of a portion of investment management fees.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of investment management fees.
⁽⁴⁾	Annualized.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended 8/31/2014.
⁽⁷⁾	Calculated based on the average number of shares outstanding during each fiscal period.

B-1

NEUBERGER BERMAN EQUITY FUNDS

Class R6 Shares

If you would like further details on these Funds, you can request a free copy of the following documents:

Shareholder Reports. The shareholder reports offer information about each Fund, including:

■	a discussion by the Portfolio Managers about strategies and market conditions that significantly affected the Fund’s performance during the last fiscal year or fiscal period
■	Fund performance data and financial statements
■	portfolio holdings.

Statement of Additional Information (SAI). The SAI contains more comprehensive information on each Fund, including:

■	various types of securities and practices, and their risks
■	investment limitations and additional policies
■	information about the Fund’s management and business structure.

The SAI is hereby incorporated by reference into this prospectus, making it legally part of the prospectus.

Investment Manager: Neuberger Berman Investment Advisers LLC

Obtaining Information

You can obtain a shareholder report, SAI, and other information from your financial intermediary, or from:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
877-628-2583
Website: www.nb.com

You may also view and copy the documents at the SEC’s Public Reference Room in Washington. Call 202-551-8090 for information about the operation of the Public Reference Room.

Each Fund’s current net asset value per share is made available at: http://www.nb.com/performance.

SEC File Number: 811-00582
N0011 03/18

Fund Summaries

Neuberger Berman International Select Fund

Trust Class Shares (NILTX)

GOAL

The Fund seeks long-term growth of capital by investing primarily in common stocks of foreign companies.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	0.95
Distribution and/or shareholder service (12b-1) fees	0.10
Other expenses	0.30
Total annual operating expenses	1.35
Fee waiver and/or expense reimbursement	0.20
Total annual operating expenses after fee waiver and/or expense reimbursement¹	1.15

Neuberger Berman Investment Advisers LLC (“Manager”) has contractually undertaken to waive and/or reimburse certain fees and expenses of Trust Class so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) are limited to 1.15% of average net assets. This undertaking lasts until 8/31/2021 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that Trust Class will repay the Manager for fees and expenses waived or reimbursed for that class provided that repayment does not cause annual operating expenses to exceed 1.15% of its average net assets. Any such repayment must be made within three years after the year in which the Manager incurred the expense.

Expense Example

	1 Year	3 Years	5 Years	10 Years
Trust Class	$117	$365	$679	$1,569

Portfolio Turnover

Principal Investment Strategies

2 International Select Fund

The Fund seeks to reduce risk by diversifying among many industries. Although the Fund has the flexibility to invest a significant portion of its assets in one country or region, it generally intends to remain well-diversified across countries and geographical regions.

In picking stocks, the Portfolio Managers look for what they believe to be well-managed and profitable companies that show growth potential and whose stock prices are undervalued. Factors in identifying these firms may include strong fundamentals, such as attractive cash flows and balance sheets, as well as prices that are reasonable in light of projected returns. The Portfolio Managers also consider the outlooks for various countries and sectors around the world, examining economic, market, social, and political conditions.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so.

PRINCIPAL INVESTMENT RISKS

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

3 International Select Fund

of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that the Fund holds material positions in such suspended securities, the Fund’s ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

4 International Select Fund

policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

PERFORMANCE

Returns would have been lower if the Manager had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown.

5 International Select Fund

Past performance (before and after taxes) is not a prediction of future results. Visit www.nb.com or call 800-366-6264 (if you are an institution or an investment provider) or 800-877-9700 (if you are an individual retail investor) for updated performance information.

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 22.47%

Worst quarter: Q3 '08, -22.23%

Year-to-date performance as of 9/30/2017: 23.27%

average annual total % returns as of 12/31/16

International Select Fund	1 Year	5 Years	10 Years
Return Before Taxes	-1.49	5.25	0.72
Return After Taxes on Distributions	-1.76	5.01	0.38
Return After Taxes on Distributions and Sale of Fund Shares	-0.63	4.11	0.55
MSCI EAFE^® Index (Net) (reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or taxes)	1.00	6.53	0.75
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Trust Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Trust Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

6 International Select Fund

For certain investors, shares of the Fund are also available directly from Neuberger Berman BD LLC by regular, first class mail (Neuberger Berman Funds, Boston Service Center, P.O. Box 8403, Boston, MA 02266-8403), by express delivery, registered mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 (Retail Services) or 800-366-6264 (Institutional Support Services) for instructions). See “Maintaining Your Account” in the prospectus for eligibility requirements for direct purchases of Trust Class shares and for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Trust Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

7 International Select Fund

Neuberger Berman Real Estate Fund

Trust Class Shares (NBRFX)

GOAL

The Fund seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income.

Fees and Expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees(fees paid directly from your investment)	None
Annual Fund Operating Expenses(expenses that you pay each year as a % of the value of your investment)
Management fees	1.20
Distribution and/or shareholder service (12b-1) fees	0.10
Other expenses	0.12
Total annual operating expenses	1.42

Expense Example

	1 Year	3 Years	5 Years	10 Years
Trust Class	$145	$449	$776	$1,702

Portfolio Turnover

Principal Investment Strategies

8 Real Estate Fund

Some of the REIT and other real estate securities in which the Fund invests may be preferred stock, which receives preference in the payment of dividends.

The Fund may change its goal without shareholder approval, although it does not currently intend to do so. The Fund will not change its strategy of normally investing at least 80% of its net assets in equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days’ notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.

PRINCIPAL INVESTMENT RISKS

Most of the Fund’s performance depends on what happens in the stock and real estate markets, the Portfolio Managers' evaluation of those developments, and the success of the Portfolio Managers in implementing the Fund's investment strategies. The markets' behavior can be difficult to predict, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. The Fund may take temporary defensive and cash management positions; in such a case, it will not be pursuing its principal investment strategies.

The following risks, which are described in alphabetical order and not in order of importance or potential exposure, can significantly affect the Fund’s performance:

Issuer-Specific Risk. An individual security may be more volatile, and may perform differently, than the market as a whole.

9 Real Estate Fund

In addition, global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in a different country or region. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

10 Real Estate Fund

PERFORMANCE

11 Real Estate Fund

year-by-year % Returns as of 12/31 each year

Best quarter: Q2 '09, 33.20%

Worst quarter: Q1 '09, -32.76%

Year-to-date performance as of 9/30/2017: 7.49%

average annual total % returns as of 12/31/16

Real Estate Fund	1 Year	5 Years	10 Years
Return Before Taxes	4.16	9.37	5.17
Return After Taxes on Distributions	0.29	7.02	3.34
Return After Taxes on Distributions and Sale of Fund Shares	4.39	6.92	3.66
FTSE NAREIT All Equity REITs Index (reflects no deduction for fees, expenses or taxes)	8.63	11.98	5.07
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

INVESTMENT MANAGER

Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

PORTFOLIO MANAGERS

Buying and Selling Shares

Trust Class of the Fund is closed to new investors. Only certain investors are allowed to purchase Trust Class shares of the Fund. See “Maintaining Your Account” in the prospectus.

You may purchase, redeem (sell) or exchange shares of the Fund on any day the New York Stock Exchange is open, at the Fund's net asset value per share next determined after your order is received in proper form. Shares of the Fund generally are available only through certain investment providers, such as banks, brokerage firms, workplace retirement programs, and financial advisers. Contact any investment provider authorized to sell the Fund's shares.

12 Real Estate Fund

mail, or certified mail (Neuberger Berman Funds, c/o State Street Bank and Trust Company, 30 Dan Road, Canton, MA 02021), or by wire, fax, telephone, exchange, or systematic investment or withdrawal (call 800-877-9700 (Retail Services) or 800-366-6264 (Institutional Support Services) for instructions). See “Maintaining Your Account” in the prospectus for eligibility requirements for direct purchases of Trust Class shares and for instructions on buying and redeeming (selling) shares directly.

The minimum initial investment in Trust Class is $1,000. Additional investments can be as little as $100. These minimums may be waived in certain cases.

Tax Information

Payments to Investment Providers and Other Financial Intermediaries

13 Real Estate Fund

Descriptions of Certain Practices and Security Types

Additional Information about Principal Investment Risks

developments in the U.S. or abroad. To the extent the Fund invests or hedges based on the perceived relationship between two currencies, there is a risk that the correlation between those currencies may not behave as anticipated.

Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Emerging market countries may also have less developed legal and accounting systems. Securities markets in emerging market countries are also relatively small and have substantially lower trading volumes. Additionally, in times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices. Securities of issuers in emerging market countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets and may require that the Fund fair value its holdings in those countries.

losses by seeking growth stocks that sell at what the adviser believes are reasonable prices. If the adviser is incorrect in its assessment of a stock’s value, this strategy may not provide the expected downside protection. Bad economic news or changing investor perceptions may adversely affect growth stocks across several sectors and industries simultaneously. Growth stocks also may lack the dividends often associated with value stocks that can cushion their decline in a falling market. While the price of any type of stock may rise and fall rapidly, growth stocks may underperform during periods when the market favors value stocks.

underperformance of a sector or during market downturns. There may also be less trading in small- or mid-cap securities, which means that buy and sell transactions in those securities could have a larger impact on a security’s price than is the case with large-cap securities and the Fund may not be able to liquidate a position at a particular time.

Operational and Cybersecurity Risk. The Fund and its service providers, and your ability to transact with the Fund, may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service providers, to suffer data corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems (“denial of services”), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs. Any of these results could have a substantial adverse impact on the Fund and its shareholders.

production and/or trade with China. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time.

Fund’s performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance. For a summary of the Fund’s recent sector allocations, see its most recent shareholder report. (The information in the report is as of the date of the report and may have changed.) For information about the risks of investing in particular sectors, see the Fund’s Statement of Additional Information.

Value Stock Risk. Value stocks may remain undervalued or may decrease in value during a given period, may not ever realize what the portfolio management team believes to be their full value, or may turn out to have been appropriately priced at the time the Fund purchased them. This may happen because value stocks, as a category, lose favor with investors compared to growth stocks, because of a failure to anticipate which stocks or industries would benefit from changing market or economic conditions, a misappraisal of a stock’s growth potential, or because the stocks’ worth was misgauged. Entire industries or sectors may lose favor with investors, and the Fund, in seeking value stocks, may focus its investments more heavily in those industries or sectors.

Information about Additional Risks

Borrowing money, securities lending, or using derivatives would create investment leverage, meaning that certain gains or losses would be amplified, increasing share price movements. A Fund may, to a limited extent, use certain derivatives for hedging or investment purposes. A derivative instrument, whether used for hedging or for speculation, could fail to perform as expected, causing a loss for a Fund.

Please see the Statement of Additional Information for more information.

Descriptions of Indices

the NASDAQ National Market List. Equity REITs include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

Management of the Funds

Investment Manager

Neuberger Berman Real Estate Fund: For the 12 months ended 8/31/2017, the management fees (i.e., advisory and administration fees) paid to the Manager by the Fund were 1.20% of average daily net assets for Trust Class.

Portfolio Managers

Neuberger Berman International Select Fund

Benjamin Segal is a Managing Director of the Manager. Mr. Segal joined the firm in 1999 and has been a Portfolio Manager of the Fund since its inception in 2006.

Elias Cohen, CFA, is a Senior Vice President of the Manager. Mr. Cohen joined the firm in 2000 and has been an Associate Portfolio Manager of the Fund since December 2016.

Neuberger Berman Real Estate Fund

Financial Highlights

Neuberger Berman International Select Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	9.14	10.14	11.21	10.59	10.88
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.10	0.13	0.09	0.11	0.10
Net gains (losses)—realized and unrealized	1.01	1.04	(0.59)	0.27	1.57
Subtotal: income (loss) from investment operations	1.11	1.17	(0.50)	0.38	1.67
Minus:
Distributions to shareholders
Income dividends	0.11	0.10	0.12	0.09	0.12
Capital gain distributions	—	—	—	—	—
Subtotal: distributions to shareholders	0.11	0.10	0.12	0.09	0.12
Equals:
Share price (NAV) at end of year	10.14	11.21	10.59	10.88	12.43
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.25⁽²⁾	1.25	1.25	1.25	1.18
Gross expenses⁽¹⁾	1.37	1.33	1.33	1.39	1.34
Net investment income (loss)—actual	1.05	1.19	0.76	1.06	0.90
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	12.17	11.56	(4.47)	3.65	15.57
Net assets at end of year (in millions of dollars)	13.9	13.0	10.2	7.8	8.2
Portfolio turnover rate (%)	50	27	24	22	27

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Financial Highlights

Neuberger Berman Real Estate Fund—Trust Class

YEAR ENDED AUGUST 31,	2013	2014	2015	2016	2017
PER-SHARE DATA ($)
Data apply to a single share throughout each year indicated. You can see what the Fund earned (or lost), what it distributed to investors, and how its share price changed.
Share price (NAV) at beginning of year	13.82	12.96	14.70	13.60	15.12
Plus:
Income from investment operations
Net investment income (loss)⁽⁴⁾	0.15	0.16	0.18	0.19	0.20
Net gains (losses)—realized and unrealized	(0.50)	2.56	(0.37)	2.60	0.07
Subtotal: income (loss) from investment operations	(0.35)	2.72	(0.19)	2.79	0.27
Redemption fees	—	—	—	—	—
Minus:
Distributions to shareholders
Income dividends	0.15	0.17	0.18	0.20	0.19
Capital gain distributions	0.36	0.81	0.73	1.07	1.68
Tax return of capital	—	—	—	—	—
Subtotal: distributions to shareholders	0.51	0.98	0.91	1.27	1.87
Equals:
Share price (NAV) at end of year	12.96	14.70	13.60	15.12	13.52
RATIOS (% OF AVERAGE NET ASSETS)
The ratios show the Fund's expenses and net investment income (loss)—as they actually are as well as how they would have been if certain expense reimbursement and/or offset arrangements had not been in effect.
Net expenses—actual	1.04⁽²⁾	1.04	1.04	1.04	1.04
Gross expenses⁽¹⁾	1.43	1.41	1.39	1.41	1.42
Net investment income (loss)—actual	1.09	1.19	1.24	1.34	1.46
OTHER DATA
Total return shows how an investment in the Fund would have performed over each year, assuming all distributions were reinvested. The turnover rate reflects how actively the Fund bought and sold securities.
Total return (%)⁽³⁾	(2.60)	22.36	(1.54)	21.59	2.89
Net assets at end of year (in millions of dollars)	319.9	314.3	250.8	212.4	156.6
Portfolio turnover rate (%)	33	36	33	49	45

⁽¹⁾	Shows what this ratio would have been if there had been no expense reimbursement.
⁽²⁾	Prior to January 1, 2013, the Fund had an expense offset arrangement in connection with its custodian contract. The impact of expense reductions related to expense offset arrangements, if any, was less than .01%.
⁽³⁾	Would have been lower if the Manager had not reimbursed certain expenses.
⁽⁴⁾	Calculated based on the average number of shares outstanding during each fiscal period.

Your Investment

Trust Class shares of the Funds generally are available only through investment providers. For certain investors, shares of the Funds are also available directly from Neuberger Berman BD LLC, the Funds' Distributor (see “Maintaining Your Account”).

Share Prices

Because Trust Class shares of the Funds do not have a sales charge, the price you pay for each share of a Fund is the Fund’s net asset value per share. Similarly, because the Funds do not charge fees for selling shares, your Fund pays you the full share price (net asset value) when you sell shares.

If you use a financial intermediary, that provider may charge fees that are in addition to those described in this prospectus.

Each Fund normally calculates its share price on each day the Exchange is open once daily as of 4:00 P.M., Eastern time. In the event of an emergency or other disruption in trading on the Exchange, a Fund’s share price would still normally be determined as of 4:00 P.M., Eastern time. In general, every buy or sell order you place will go through at the next share price calculated after your order has been received in proper form (see “Maintaining Your Account” for information on placing orders). If you use a financial intermediary, you should check with that provider to find out by what time your order must be received so that it can be processed the same day. Depending on when your financial intermediary accepts orders, it is possible that a Fund’s share price could change on days when you are unable to buy or sell shares.

Share Price Calculations

Privileges and Services

If you purchase Trust Class shares directly from the Distributor, you have access to the services listed below. If you purchase shares through a financial intermediary, consult that provider for information about investment services.

Internet Access—At www.nb.com, you can make transactions, check your account and access a wealth of information.

Dollar-Cost Averaging

Dollar-cost averaging cannot guarantee you a profit or protect you from losses in a declining market. But it can be beneficial over the long term.

Distributions and Taxes

Distributions—Each Fund pays out to its shareholders any net investment income and net realized capital gains. Ordinarily, each Fund makes any distributions once a year (usually in December), except that Real Estate Fund typically distributes any net investment income quarterly. Gains from foreign currency transactions, if any, are normally distributed in December. A Fund may make additional distributions, if necessary, to avoid federal income or excise taxes.

Unless you designate otherwise, your distributions from a Fund will be reinvested in additional Trust Class shares of the Fund. However, if you prefer, you may receive all distributions in cash or reinvest capital gain distributions but receive income dividends in cash. Distributions taken in cash can be sent to you by check or by electronic transfer to a designated bank account or invested in Trust Class shares of another fund in the fund family with the same account registration. To take advantage of one of these options, please indicate your choice on your application or contact a Fund in writing or by phone if you bought shares directly. If you use a financial intermediary, you must consult it about whether your income dividends and capital gain distributions from a Fund will be reinvested in additional Trust Class shares of the Fund or paid to you in cash.

Taxes and You

Most importantly, consult your tax professional. Everyone’s tax situation is different, and your tax professional should be able to help you answer any questions you may have.

Backup Withholding

rate also is required from a Fund’s distributions to which you are otherwise entitled if you are an individual shareholder and the Internal Revenue Service tells us that you are subject to backup withholding (1) for failing to properly report the receipt of interest or dividend income or (2) for any other reason.

Buying Shares Before a Distribution

Generally, if you are an exempt investor, there are no current tax consequences to you from distributions.

Basis Determination and Reporting

Maintaining Your Account

When you buy shares — Instructions for buying shares from the Distributor are under “Buying Shares.” See “Investment Providers” if you are buying shares through an investment provider. Whenever you make an initial investment in one of the Funds or add to your existing account (except with an automatic investment), you will be sent a statement confirming your transaction if you bought shares directly. Investors who bought shares through an investment provider should contact their investment provider for information regarding transaction statements. Investment checks must be drawn on a U.S. bank. We cannot accept cash, money orders, starter checks, travelers checks, or other cash equivalents. We do accept Bank Checks and Cashier’s Checks from U.S. Financial Institutions.

When you purchase shares, you will receive the next share price to be calculated after your order has been received in proper form. Purchase orders are deemed “received in proper form” when the Funds' transfer agent has received payment for the shares. In the case of certain institutional investors, the Distributor will process purchase orders when received, on the basis of a pre-existing arrangement to make payment by the following morning. In addition, if you have established a systematic investment program (SIP) with one or more of the Funds, your order is deemed “received in proper form” on the date you pre-selected on your SIP application for the systematic investments to occur.

Trust Class of each Fund is closed to new investors. Only certain investors are allowed to purchase Trust Class shares of each Fund, as follows:

■

Grandfathered Investors may purchase Trust Class shares of each Fund. “Grandfathered Investors” are investors in any fund in the Neuberger Berman family of funds who hold their shares directly with Neuberger Berman, who established accounts in Investor Class or Trust Class shares prior to March 1, 2008, and who have continuously maintained an account directly with Neuberger Berman since that date. A Grandfathered Investor's “immediate family” (his or her spouse—or equivalent if recognized under local law—and his or her children under the age of 21) are also deemed “Grandfathered Investors.” A Grandfathered Investor's mother, father, sister, or brother may open a custodial account for the Grandfathered Investor's minor children. Grandfathered Investors do not include any investment providers who have accounts with a Fund or shareholders who invest through such investment providers.

■

Investors who hold their shares in an account directly with Neuberger Berman, who held Trust Class shares of Neuberger

Berman Real Estate Fund prior to July 26, 2010, and who have continuously maintained such account in Trust Class shares of the Fund, may continue to purchase Trust Class shares of the Fund. This does not include any investment providers who have accounts with the Fund or shareholders who invest through such investment providers, who are addressed below.

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Investment providers who established accounts in Trust Class shares of Neuberger Berman International Select Fund prior to March 1, 2008, or Neuberger Berman Real Estate Fund prior to July 26, 2010, and who have continuously maintained such accounts in Trust Class shares of such Fund, may continue to purchase Trust Class shares of that Fund. Self-directed retail shareholders who hold their shares through an investment provider’s account with Neuberger Berman must maintain such account in Trust Class shares of such Fund with the same investment provider to continue to purchase Trust Class shares of such Fund.

Shareholders who, by virtue of an investment made through an investment provider, are permitted to invest in a class that is generally closed to new investors may have to continue to participate in the same program of fees and services at that investment provider to maintain their ability to purchase that class. Please check with your investment provider for more information.

When you sell shares — If you bought your shares from the Distributor, instructions for selling shares are under “Selling Shares.” See “Investment Providers” if you want to sell shares you purchased through an investment provider. You can place an order to sell some or all of your shares at any time. When you sell shares, you will receive the next share price to be calculated after your order has been received in proper form. Redemption orders are deemed “received in proper form” when the Funds' transfer agent has received your order to sell.

In some cases, you will have to place your order to sell shares in writing, and you will need a Medallion signature guarantee (see “Medallion Signature Guarantees”).

■	both accounts must have the same registration
■	you will need to observe any eligibility requirements, including minimum investment and minimum account balance requirements for the fund accounts involved
■	because an exchange is treated as a sale (redemption) of the exchanged shares for federal income tax purposes, consider any tax consequences before placing your order.

The exchange privilege can be withdrawn from any investor that we believe is trying to “time the market” or is otherwise making exchanges that we judge to be excessive. Frequent exchanges can interfere with fund management and affect costs and performance for other shareholders. Contact your financial intermediary to see if it allows you to take advantage of the fund exchange program and for its policies to affect an exchange.

In addition, Grandfathered Investors may exchange into Class A shares of a fund in the fund family without paying any applicable sales charges.

See “Additional Exchange Information” in the Statement of Additional Information for information regarding eligible money market funds outside the fund family.

Placing orders by telephone — If you use a financial intermediary, contact your financial intermediary for its policies regarding telephone orders.

■	in unusual circumstances where the law allows additional time if needed
■	if a check you wrote to buy shares has not cleared by the time you sell those shares; clearance may take up to 15 calendar days from the date of purchase.

If you think you may need to sell shares soon after buying them, you can avoid the check clearing time by investing by wire.

The Funds do not issue certificates for shares.

Other policies — Under certain circumstances, which may include normal and stressed market conditions, the Funds reserve the right to:

■	suspend the offering of shares
■	reject any exchange or purchase order
■	suspend or reject future purchase orders from any investor who has not provided timely payment to settle a purchase order
■	change, suspend, or revoke the exchange privilege
■	suspend the telephone order privilege
■	satisfy an order to sell Fund shares with securities rather than cash
■	suspend or postpone investors’ ability to sell Fund shares or postpone payments on redemptions for more than seven days, on days when trading on the Exchange is restricted, or as otherwise permitted by the Securities and Exchange Commission (“SEC”)
■	change its investment minimums or other requirements for buying and selling, or waive any minimums or requirements for certain investors
■	remain open and process orders to purchase or sell Fund shares when the Exchange is closed.

unclaimed or abandoned property to the appropriate state government in accordance with state law. Your account(s) may also be deemed “unclaimed” or “abandoned” and subsequently transferred to the appropriate state government if no activity (as defined by that state) occurs within the account(s) during the period of time specified by state law or if checks related to the account(s) remain uncashed. Your last known address of record determines which state has jurisdiction.

Medallion Signature Guarantees

You may need a Medallion signature guarantee when you sell shares directly or through a financial intermediary. A Medallion signature guarantee is a guarantee that your signature is authentic.

Most banks, brokers, and other financial institutions can provide you with one. Some may charge a fee; others may not, particularly if you are a customer of theirs.

A notarized signature from a notary public is not a Medallion signature guarantee.

Financial Intermediaries

The Trust Class shares available in this prospectus may be purchased through certain financial intermediaries such as banks, brokerage firms, workplace retirement programs, and financial advisers.

If you use a financial intermediary, contact that provider to buy or sell shares of the Funds described in this prospectus.

In exchange for the services it offers, your financial intermediary may charge fees that are in addition to those described in this prospectus.

Additional Payments to Financial Intermediaries

The Distributor and/or its affiliates pay additional compensation, out of their own resources and not as an expense of the Funds, to certain financial intermediaries, including affiliates, in connection with the sale, distribution, retention and/or servicing of Fund shares. The amount of these payments may be substantial and may differ among financial intermediaries based on, for example, the level or type of services provided by a financial intermediary. These payments are in addition to any fees paid to compensate financial intermediaries for providing distribution related services to the Funds and/or administrative or shareholder services to Fund shareholders. These arrangements are separately negotiated between the Distributor and/or its affiliates, and the recipients of these payments or their affiliates. If your financial intermediary receives such payments, these payments may provide an incentive for the financial intermediary to make the Fund’s shares available to you, or recommend the Fund. If you have purchased shares of a Fund through a financial intermediary, please speak with your financial intermediary to learn more about any payments it receives from the Distributor and/or its affiliates, as well as fees and/or commissions the financial intermediary charges. You should also consult disclosures made by your financial intermediary at the time of purchase. Any such payments by the Distributor or its affiliates will not change the net asset value or the price of a Fund's shares. For more information, please see the Funds' Statement of Additional Information.

Distribution and Shareholder Servicing Fees

Each Fund has adopted a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the plan, each Fund’s Trust Class pays the Distributor a fee at an annual rate of 0.10% of its average net assets to compensate financial intermediaries for providing distribution related services to the Fund and/or administrative or shareholder services to Fund shareholders. The Distributor may also retain part of this fee as compensation for providing these services. These fees increase the cost of investment. Because these fees are paid out of a Fund’s assets on an ongoing basis, over the long term they could result in higher overall costs than other types of sales charges.

Information Required from New Accounts

Buying Shares

Method	Things to know	Instructions
Sending us a check	Your first investment must be at least $1,000 Additional investments can be as little as $100 We cannot accept cash, money orders, starter checks, travelers checks, or other cash equivalents We do accept Bank Checks and Cashier’s Checks from U.S. Financial Institutions You will be responsible for any losses or fees resulting from a bad check; if necessary, we may sell other shares belonging to you in order to cover these losses All checks must be made out to “Neuberger Berman Funds”; we cannot accept checks made out to you or other parties and signed over to us	Fill out the application and enclose your check If regular first-class mail, send to: Neuberger Berman Funds Boston Service Center P.O. Box 8403 Boston, MA 02266-8403 If express delivery, registered mail, or certified mail, send to: Neuberger Berman Funds c/o State Street Bank and Trust Company 30 Dan Road Canton, MA 02021
Wiring money	All wires must be for at least $1,000	Before wiring any money, call for an order confirmation: Retail Services: 800-877-9700 Institutional Support Services: 800-366-6264 Have your financial institution send your wire to State Street Bank and Trust Company Include your name, the Fund name, your account number and other information as requested
Exchanging from another fund	All exchanges must be for at least $1,000 Both accounts involved must be registered in the same name, address and taxpayer identification number An exchange order cannot be cancelled or changed once it has been placed	To place your order call: Retail Services: 800-877-9700 Institutional Support Services: 800-366-6264 To place an order using FUNDfone^®, call 800-335-9366
By telephone	We do not accept phone orders for a first investment Additional investments must be for at least $1,000 Additional shares will be purchased when your order is received in proper form Not available on retirement accounts	To notify us of your purchase call: Retail Services: 800-877-9700 Institutional Support Services: 800-366-6264 Immediately follow up with a wire or electronic transfer To add shares to an existing account using FUNDfone^®, call 800-335-9366
Setting up systematic investments	All investments must be at least $100	Call 800-877-9700 for instructions

Selling Shares

Method	Things to know	Instructions
Sending us a letter	Unless you instruct us otherwise, we will mail your proceeds by check to the address of record, payable to the registered owner(s); checks will not be forwarded If you have designated a bank account on your application, you can request that we wire the proceeds to this account; if the total balance of all of your Neuberger Berman fund accounts is less than $100,000, you will be charged an $8.00 wire fee You can also request that we send the proceeds to your designated bank account by electronic transfer (ACH) without a fee You may need a Medallion signature guarantee Please also supply us with your e-mail address and daytime telephone number when you write to us in the event we need to reach you	Send us a letter requesting us to sell shares signed by all registered owners; include your name, account number, the Fund name, the dollar amount or number of shares you want to sell, and any other instructions If regular first-class mail, send to: Neuberger Berman Funds Boston Service Center P.O. Box 8403 Boston, MA 02266-8403 If express delivery, registered mail, or certified mail, send to: Neuberger Berman Funds c/o State Street Bank and Trust Company 30 Dan Road Canton, MA 02021
Sending us a fax	For amounts of up to $100,000 Not available if you have changed the address on the account in the past 15 days	Write a request to sell shares as described above Call 800-877-9700 to obtain the appropriate fax number
Calling in your order	All phone orders to sell shares must be for at least $1,000 unless you are closing out an account Not available if you have declined the phone option or are selling shares in certain retirement accounts (The only exception is for those retirement shareholders who are at least 59½ or older and have their birthdates on file) Not available if you have changed the address on the account in the past 15 days	To place your order call: Retail Services: 800-877-9700 Institutional Support Services: 800-366-6264 Give your name, account number, the Fund name, the dollar amount or number of shares you want to sell, and any other instructions To place an order using FUNDfone^®, call 800-335-9366
Exchanging into another fund	All exchanges must be for at least $1,000 Both accounts involved must be registered in the same name, address and taxpayer identification number An exchange order cannot be cancelled or changed once it has been placed	To place your order call: Retail Services: 800-877-9700 Institutional Support Services: 800-366-6264 To place an order using FUNDfone^®, call 800-335-9366
Setting up systematic withdrawals	Withdrawals must be at least $100	Call 800-877-9700 for instructions

Retirement Plans and Accounts

We offer investors a number of tax-advantaged plans and accounts for retirement saving:

Roth IRAs offer tax-free growth like a traditional IRA, but instead of tax-deductible contributions, the withdrawals are tax-free for investors who meet certain requirements.

Also available: SEP-IRA, SIMPLE-IRA, Keogh, and other types of plans. Coverdell Education Savings Accounts (formerly Education IRAs), though not for retirement savings, also are available. Consult your tax professional to find out which types of plans or accounts may be beneficial for you. Call 800-366-6264 for information on any Neuberger Berman retirement plan or account.

Internet Connection

If you use a financial intermediary, contact that provider about the services and information it provides on the Internet.

Investors with Internet access can enjoy many valuable and time-saving features by visiting us at www.nb.com.

As a fund shareholder who bought shares directly from the Distributor, you can use the web site to access account information and even make secure transactions—24 hours a day.

Market Timing Policy

Portfolio Holdings Policy

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information.

NEUBERGER BERMAN EQUITY FUNDS

Trust Class Shares

If you would like further details on these Funds, you can request a free copy of the following documents:

Shareholder Reports. The shareholder reports offer information about each Fund, including:

■	a discussion by the Portfolio Managers about strategies and market conditions that significantly affected the Fund’s performance during the last fiscal year
■	Fund performance data and financial statements
■	portfolio holdings.

Statement of Additional Information (SAI). The SAI contains more comprehensive information on each Fund, including:

■	various types of securities and practices, and their risks
■	investment limitations and additional policies
■	information about the Fund’s management and business structure.

The SAI is hereby incorporated by reference into this prospectus, making it legally part of the prospectus.

Investment Manager: Neuberger Berman Investment Advisers LLC

Obtaining Information

You can obtain a shareholder report, SAI, and other information from your financial intermediary, or from:

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
800-877-9700
Website: www.nb.com

You may also view and copy the documents at the SEC’s Public Reference Room in Washington. Call 202-551-8090 for information about the operation of the Public Reference Room.

Each Fund’s current net asset value per share is made available at: http://www.nb.com/performance.

SEC File Number: 811-00582
G0492 03/18

	family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
■	Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

	Investor Class
Neuberger Berman Focus Fund	NBSSX
Neuberger Berman Genesis Fund	NBGNX
Neuberger Berman Guardian Fund	NGUAX
Neuberger Berman International Equity Fund	NIQVX
Neuberger Berman Large Cap Value Fund	NPRTX
Neuberger Berman Mid Cap Growth Fund	NMANX
Neuberger Berman Mid Cap Intrinsic Value Fund	NBRVX
Neuberger Berman Small Cap Growth Fund	NBMIX
Neuberger Berman Socially Responsive Fund	NBSRX

	Class R3
Neuberger Berman Emerging Markets Equity Fund	NEMRX
Neuberger Berman Equity Income Fund	NBHRX
Neuberger Berman Guardian Fund	NGDRX
Neuberger Berman International Select Fund	NBNRX
Neuberger Berman Large Cap Value Fund	NPNRX
Neuberger Berman Mid Cap Growth Fund	NMGRX
Neuberger Berman Mid Cap Intrinsic Value Fund	NBRRX
Neuberger Berman Real Estate Fund	NRERX
Neuberger Berman Small Cap Growth Fund	NSNRX
Neuberger Berman Socially Responsive Fund	NRARX

	Class R6
Neuberger Berman Dividend Growth Fund	NRDGX
Neuberger Berman Emerging Markets Equity Fund	NREMX
Neuberger Berman Genesis Fund	NRGSX
Neuberger Berman International Equity Fund	NRIQX
Neuberger Berman International Select Fund	NRILX
Neuberger Berman International Small Cap Fund	NIORX
Neuberger Berman Mid Cap Growth Fund	NRMGX
Neuberger Berman Real Estate Fund	NRREX
Neuberger Berman Socially Responsive Fund	NRSRX

	Trust Class
Neuberger Berman International Select Fund	NILTX
Neuberger Berman Real Estate Fund	NBRFX