(PUB) Investing 2016

6

Data through May 31, 2016 FINRA members: For internal or institutional use only. Neuberger Berman Socially Rspns A

Ticker NRAAX

Yield 1.0%

Total Assets $2,328 mil

Mstar Category Large Growth

Benchmark 1: Russell 1000 Growth TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 05-23-16 ´

Investment Style Equity

Historical Profile Return Risk Rating Below Avg Below Avg QQ Below Avg

7 7 7 7 7 7 7 7

25.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

20.0

Morningstar Pillars Process

15.0

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

Performance

People Parent

10.0

Performance Quartile (within Category)

& ( ) & * ) &

Price

History

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 05-16

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. . .

14.22 17.37 16.70 18.34 22.75 21.13 18.92 19.42 22.60 -3.09 10.76 37.87 10.31 -0.63 2.64 5.89 -5.73 -4.50 4.39 -2.74 -6.29 0.88 7.54 -5.20 -5.24 5.48 -3.38 -2.01 -0.93 0.45 0.74 0.93 1.30 1.10 1.04 0.00 22.15 -3.84 9.83 36.58 9.21 -1.66 2.64 0.09 0.06 0.13 0.16 0.24 0.25 0.22 0.00 0.00 0.00 0.00 2.21 3.60 1.85 0.00 1.70 1.21 1.14 1.11 1.09 1.05 1.05 1.05 0.11 0.18 0.42 0.61 0.67 0.68 0.57 0.78 4 59 91 15 49 85 11

NAV

. . . . . . . . . . . . . . . . . . . . . . . .

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

. . .

. . . .

Performance 05-31-16 1st Qtr 2nd Qtr

. . . . . . . . . . . .

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

10.48 -6.40 5.27 1.74 10.76 15.05 1.90 7.49 9.41 37.87 0.57 4.20 0.00 5.27 10.31 1.56 -1.07 -6.55 5.84 -0.63

.

36

41 31

20 81

28 80

35

36

28

4

130

147

139

133

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 03-31-16 Total Stocks: 36 Share change since 02-29-16

0.53

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets 7.51 4.95 11.95 4.89 9.91 4.51 9.05 4.48 6.07 4.37 11.15 4.04 13.90 3.91 8.45 3.86 — 3.77 -0.75 3.27 0.95 3.18 -5.97 3.16 -10.99 2.86 -19.66 2.77 9.17 2.68 -4.62 2.63 6.13 2.62 5.12 2.45 — 3.86 10.82 3.78

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y Progressive Corp

Finan Svcs Technology

1 Yr 3 Yr 5 Yr

-6.13 7.51 7.51

3 Mo 6 Mo

9.04 1.22 -0.08 1.14 0.87 -0.80 -0.40 -2.01 -2.12 9.65 -2.85 -1.41 8.79 -3.32 -2.88

33 10,904 8 10,114 32 9,960 68 13,184 76 15,238

Texas Instruments Inc

-Avg QQ -Avg QQ

-Avg -Avg

Y Eversource Energy Newell Brands Inc

Utilities

1 Yr

Cnsmr Def

10 Yr Incept

— — — —

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Danaher Corp

Industrl

12.89

Intuit Inc

Technology

— — — — — — — — — —

W.W. Grainger Inc

Industrl

Other Measures

Standard Index

Best Fit Index

T Becton Dickinson & Co

Hlth Care Cnsmr Def

Alpha

-1.1 0.98

-0.5 0.97

Unilever NV ADR Schlumberger Ltd

Beta

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Energy

R-Squared

94

95

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

4.23 5.44

89 88

3.05 1.92

82 77

T State Str Instl Invt Tr T

—

Standard Deviation

11.49

Level 3 Communications In

Comm Svcs Finan Svcs Hlth Care Cnsmr Cyc

— — — —

Mean

9.65 0.85

US Bancorp

Sharpe Ratio

Abbott Laboratories

Potential Capital Gain Exposure: 19% of assets

T eBay Inc

Morningstar's Take by David Kathman, CFA 05-23-16 Arthur Moretti, lead manager of Neuberger Berman Socially Responsive since 2001 and Neuberger Berman Guardian NGUAX since 2002, retired in February 2016. Since then, Moretti's three longtime comanagers (Ingrid Dyott, Sajjad Ladiwala, and Mamundi Subhas) have continued to run this fund in the same style as before. That continuity is comforting, and the three have plenty of experience, but Moretti’s retirement was enough of a loss that we downgraded the fund’s Morningstar Analyst Rating to Bronze from Silver when the change was announced in September 2015. We're maintaining that rating now, as the transition has gone smoothly and the managers have not made any dramatic changes. Themanagersmaintaina fairlyconcentratedportfolio of 30-40 stocks, focusing on industry leaders with good growth potential but reasonable price tags, preferably those with estimated upside potential of 15%-25% during the next three to five years. They tend to avoid stocks that earn significant revenue from alcohol, tobacco, weapons, nuclear power, or gambling, and they favor

Alliance Data Systems Cor

Industrl Energy

Noble Energy Inc

environmental, social, and governance, or ESG, factors to be good investment criteria in any case, so this fund’s portfolio was long very similar to that of Neuberger Berman Guardian, which lacked explicit ESG screening. This fund had an excellent record under Moretti, ranking in or near the top decile of the large-growth Morningstar Category as well as its prior large-blend peer group during his tenure. Its returns don’t look quite as good since Dyott and Ladiwala were named comanagers in late 2003, because they don't include the great relative returns of 2001, 2002, and 2003; however, they’re still solid, especially relative to the large-blend category. The fund isstill ingoodhandsunderanexperiencedteamafter Moretti's departure, and there's no need for shareholders to be too concerned. But the loss of his experience and track record makes us somewhat less confident in the fund's prospects, resulting in the Bronze rating.

American Express Co

Finan Svcs Finan Svcs Hlth Care

T Intercontinental Exchange

T Medtronic PLC

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 20.4 Large 52.4 Mid 23.2 Small 4.1 Micro 0.0 Avg $mil: 30,851

Value Blend Growth

Large Mid Small

27.13 0.92 0.00 0.00 9.43 0.50 17.70 3.33 0.00 0.00 47.75 1.13 3.39 0.65 9.71 16.46 21.15 1.65 13.50 0.57 25.13 0.89 8.67 0.77 11.77 0.70 4.69 78.17

Value Measures

Rel Category

Price/Earnings 19.21

0.87 0.75 0.91 0.98 1.37 0.78 0.67 0.28 -0.23 0.55

Price/Book Price/Sales

2.77 2.07

Price/Cash Flow 11.82 Dividend Yield % 1.87

Growth Measures

% Rel Category

firms with good community, environmental, and workplace records. The managers consider such

Long-Term Erngs 9.41

Book Value

5.16 2.12 -2.85

Composition - Net

Sales

Cash 3.8 Stocks 96.2 Bonds 0.0 Other 0.0 Foreign 10.1 (% of Stock)

Address:

Neuberger Berman Equity Funds New York, NY 10158-0006

Minimum Purchase: Min Auto Inv Plan:

$1000 Add: $100 IRA: —

Cash Flow

$100

Add: $100

Historical Erngs 6.91

877-628-2583 www.nb.com

Sales Fees:

5.75%L

Web Address:

Management Fee:

0.55% mx./0.40% mn., 0.26%A

Profitability

%

Inception:

05-27-09

Actual Fees:

Mgt:0.73% Dist:0.25%

Return on Equity Return on Assets

19.89

Advisor:

Neuberger Berman Investment Advisers LLC

Expense Projections: 3Yr:$890 5Yr:$1121 10Yr:$1784

6.81

Subadvisor:

None

Income Distribution:

Annually

Net Margin

11.20

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com