(PUB) Investing 2016

7

May 20 16

Morningstar FundInvestor

Data through April 30, 2016 FINRA members: For internal or institutional use only. Neuberger Berman International Eq Inv

Ticker NIQVX

Yield 0.4%

Total Assets $1,452 mil

Mstar Category Foreign Large Blend

Benchmark 1: MSCI ACWI Ex USA NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 04-20-16 „

Investment Style Equity

Historical Profile Return Risk Rating High Below Avg QQQQQ Highest

4 4 7 7 7 7 7 7

10.0 10.5 11.0 11.5 12.0 12.5 9.5

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

Performance

People Parent

Performance Quartile (within Category)

& & *

Price

History

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 04-16

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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 . . . . . . . 137

20.59 20.00 20.29 20.39

NAV

-2.12 1.90 0.49 1.74 7.56 -1.75 1.74 7.56 -1.75 0.72 0.44 0.00 -2.85 1.45 0.49

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

16

13

31

§ Negative

¶ Neutral

0.17 0.15 0.09 0.00

0.00 0.00 0.00

Performance 04-30-16 1st Qtr 2nd Qtr

. . .

1.32 1.26 1.25 1.87 1.29 0.93

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

— — — — —

34

25

— -2.39 10.91 4.26

—

119

116

116

1.02 2.16 -5.88 0.76 -2.12 5.50 0.43 -8.68 5.32 1.90

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 02-29-16 Total Stocks: 88 Share change since 01-31-16

-0.79

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

R State Str Instl Invt Tr T

— — Technology Israel

3.30 2.44 2.30

1 Yr 3 Yr 5 Yr

-5.10 3.60

3 Mo 6 Mo

7.60 -2.11 -2.11 -0.49 1.26 1.26 -5.10 6.18 6.18 3.60 3.62 3.62

18 10,760 10 9,951 7 9,490 7 11,119

Check Point Software Tech

-Avg QQQQQ

High

Sundrug Co Ltd

Cnsmr Def

Japan

— — — — — — — —

1 Yr

Lloyds Banking Group PLC

Finan Svcs United Kingdom 1.84

10 Yr Incept

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

Tecan Group Ltd

Hlth Care Switzerland

1.80

4.64

— — — — — — — — — — — — — — —

Nielsen Holdings PLC

Industrl

United Kingdom 1.79

Givaudan SA

Basic Mat Switzerland

1.70 1.68

Other Measures

Standard Index

Best Fit Index

Alimentation Couche-Tard

Cnsmr Def Cnsmr Def

Canada

Alpha

3.5

0.9

Bunzl PLC

United Kingdom 1.68

Beta

0.82

0.89

Tax Analysis

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

Keyence Corp

Technology Japan Cnsmr Cyc Japan

1.59 1.57 1.54 1.51 1.46 1.44 1.41 1.39 1.38

R-Squared

88

91

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

3.32

4

0.27

9

Toyota Motor Corp

— — — — — — — —

Standard Deviation

11.87

DCC PLC

Energy

United Kingdom 1.54

Mean

3.60 0.35

Roche Holding AG Dividend

Hlth Care Switzerland Technology Germany Technology Netherlands

Sharpe Ratio

SAP SE ADR

Potential Capital Gain Exposure: -11% of assets

ASML Holding NV

Morningstar's Take by Gregg Wolper 04-20-16 Neuberger Berman International Equity's list of solid attributes keeps growing, earning the fund a Morningstar Analyst Rating of Silver, upgraded from Bronze. This fund added another impressive chapter to its history during the past few years. Both 2014 and 2015 were difficult for funds investing outside of the United States, owing to worries about modest global growth, political instability in Europe and elsewhere, and foreign currency weakness versus the U.S. dollar. Although not set up as a defensive fund--manager Benjamin Segal tilts toward growth, prefers mid-caps, and remains fully invested--this fund has performed admirably during this stretch. In both years, the fund handily outperformed its benchmark, the MSCI EAFE Index, as well as the MSCI ACWI ex-US Index (which includes emerging markets), and both the foreign large-blend and foreign large-growth Morningstar Category averages. (The fund's portfolio typically lies near the border between the two groups.) Segal prefers mid-caps when he can find ones that boast sustainable growth rates with strong balance sheets and impressive management. That gives this portfolio an uncommon all-cap flavor. In theory, that could

RELX PLC SMC Corp

Cnsmr Cyc United Kingdom 1.45

Industrl

Japan

make the fund more volatile than rivals that stick mainly to household names. But over time the fund's standard deviation and Morningstar Risk scores are around the foreign large-blend average, and in some periods are significantly milder. The stability of the team is another plus: Segal has been running this fund since the early 2000s (this fund launched in 2005 but a clone--now merged away--existed long before), and his six-person analyst group hasn't had a departure since early 2011. There are two other attractive attributes here. In order to continue investing meaningfully in mid-caps and even some small stocks, Segal has closed the fund to new investors in the past and says it will close again if assets reach about $5 billion in all vehicles (the figure is around $3 billion now). Meanwhile, the expense ratio is reasonable. All told, this fund deserves attention.

Insurance Australia Group Partners Group Holding AG

Finan Svcs Australia Finan Svcs Switzerland Finan Svcs United States

Aon 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 33.2 Large 34.1 Mid 26.5 Small 5.4 Micro 0.9 Avg $mil: 12,304

Value Blend Growth

Large Mid Small

40.99 0.92 9.69 1.28 11.98 1.05 19.32 0.88 0.00 0.00 35.79 1.13 4.57 0.81 2.14 0.34 13.67 1.28 15.41 1.68 23.22 0.99 12.50 1.11 10.72 1.22 0.00 0.00

Value Measures

Rel Category

Price/Earnings 15.56

1.04 1.30 1.16 1.20 0.72 0.97 2.17 -3.18 3.90 4.20

Price/Book Price/Sales

2.11 1.31

Price/Cash Flow 6.87 Dividend Yield % 2.28

Growth Measures

% Rel Category

Long-Term Erngs 9.21

Regional Exposure % Stock UK/W. Europe 67 N. America 8 Japan 12 Latn America 0 Asia X Japan 8 Other 5

Book Value

7.61 3.94

Sales

Address:

Neuberger Berman Equity Funds New York, NY 10158-0006

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000

Add: $100 IRA: $1000

Cash Flow 17.33 Historical Erngs 5.67

Add: $100

800-877-9700 www.nb.com

Sales Fees:

No-load

Country Exposure

% Stock

Web Address:

Management Fee:

0.85% mx./0.70% mn., 0.26%A

Composition - Net Cash

UK

24

Germany

10

Inception:

01-28-13

Actual Fees:

Mgt:1.06% Dist:—

3.3 Bonds

0.0 1.3

Advisor:

Neuberger Berman Investment Advisers LLC

Expense Projections: Income Distribution:

3Yr:$397 5Yr:$686 10Yr:$1511

Japan 12 Switzerland 12

France

9

Stocks 95.4 Other

Subadvisor:

None

Annually

Foreign (% of Stock)

97.5

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