Neuberger Berman Alternative and Multi-Asset Class Funds^® (“Alternative Funds”)

Neuberger Berman Advisers Management Trust^® (“AMT Funds”)

Neuberger Berman Equity Funds^® (“Equity Funds”)

Supplement to the Summary Prospectuses and Prospectuses of the Funds listed in Schedule A

The following change applies to each of the Summary Prospectuses and Prospectuses for each of the Alternative Funds, AMT Funds and Equity Funds (each, a “Trust”) listed in Schedule A:

The Boards of Trustees of the Trusts (the “Board”) recently approved changes in certain benchmarks of the following funds as indicated in the table below (the “Funds”).

Currently, each Fund uses a benchmark that does not adjust for any foreign tax withholding and assumes full dividend reinvestment (i.e., gross of foreign tax withholdings). However, each Fund’s performance is impacted by foreign tax withholding and reclaims on foreign dividends. Accordingly, the Board approved a change in the benchmark of each Fund so that each Fund will use the version of its current benchmark that is net of foreign tax withholdings rather than gross of foreign tax withholdings, which is a more appropriate benchmark for each Fund.

Fund	Current benchmark will switch from gross to net returns.*
Neuberger Berman Emerging Markets Equity Fund	MSCI Emerging Markets Index
Neuberger Berman Global Equity Fund	MSCI All Country World Index
Neuberger Berman Global Real Estate Fund	FTSE EPRA/NAREIT Developed Index
Neuberger Berman Greater China Equity Fund	MSCI China Index
Neuberger Berman International Equity Fund	MSCI EAFE Index
Neuberger Berman International Select Fund	MSCI EAFE Index
International Equity Portfolio	MSCI EAFE Index
Neuberger Berman Global Allocation Fund	60% MSCI All Country World Index and 40% Bloomberg Barclays Global Aggregate Index** (net for only the MSCI All Country World Index )

* 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. Gross total return indexes reinvest as much as possible of a company’s dividend distributions, regardless of withholding taxes that a non-resident may experience.

** Effective August 24, 2016, the Barclays Global Aggregate Index changed its name to Bloomberg Barclays Global Aggregate Index.

To reflect the change in the Funds’ benchmarks, the table of average annual total percentage returns appearing in the section of the prospectuses titled “Performance” for each of the below Funds is hereby amended by adding the following information to each table as set forth below:

Neuberger Berman Emerging Markets Equity Fund