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Class A, Class C, Institutional Class | Neuberger Berman Global Real Estate Fund

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Supplement [Text Block]

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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 Global Real Estate Fund	FTSE EPRA/NAREIT Developed 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.

The date of this supplement is September 30, 2016.

Please retain this supplement for future reference.

NEUBERGER BERMAN

Neuberger Berman Investment Advisers LLC

605 Third Avenue 2^nd Floor

New York, NY 10158-0180

Shareholder services: 800-877-9700

Institutional Services: 800-366-6264

Website: www.nb.com

Schedule A

    Fund Date of Summary Prospectuses and Prospectuses (each as amended or supplemented)

Neuberger Berman Equity Funds^®

Neuberger Berman Global Real Estate Fund December 18, 2015

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Supplement to the Summary Prospectuses