Effective September 30, 2022, the name of Neuberger Berman Guardian Fund (the “Fund”) will change to Neuberger Berman Large Cap Growth Fund. Also effective September 30, 2022, the following information supplements and supersedes any contrary information in the Fund’s Summary Prospectuses, Prospectuses and Statement of Additional Information.

(1) All references to Neuberger Berman Guardian Fund are deleted and replaced with Neuberger Berman Large Cap Growth Fund in the Fund’s Summary Prospectuses, Prospectuses and Statement of Additional Information.

(2) The first and second paragraphs of the “Principal Investment Strategies” section in each of the Summary Prospectuses and Prospectuses are deleted and replaced with the following:

To pursue its goals, 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^® Growth Index at the time of purchase.

The Portfolio Managers employ a research driven approach to stock selection, with a long term perspective that combines both quantitative analysis and qualitative judgment. The Portfolio Managers generally seek to identify what they believe to be faster-growing companies with attractive sales growth 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); profit margin profiles; market share and competitive leadership of the company’s products; cash flow and earnings growth relative to competitors; and market valuation in comparison to a stock’s own historical norms and the stocks of other large-capitalization companies.

The following is added as the last paragraph to the “Principal Investment Strategies” section in each of the Summary Prospectuses and Prospectuses:

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.

(3) Change of Benchmark Index

In conjunction with these changes, the Board of Trustees of the Equity Funds recently approved a change in the index of the Fund. As such, effective September 30, 2022, the Fund is changing its current benchmark index, the S&P 500^® Index, to the Russell 1000^® Growth Index. The Fund is changing its benchmark index because the Russell 1000 Growth Index has characteristics that are more representative of the Fund’s investment strategy than its current index, the S&P 500 Index. To reflect the change in the Fund’s benchmark, the table titled “Average Annual Total % Returns as of 12/31/20” in the “Performance” section of the Fund’s Summary Prospectus and Prospectus are hereby amended by adding the following information to each table:

	1 Year	5 Years	10 Years
Russell 1000^®Growth Index (reflects no deduction for fees, expenses or taxes) *	38.49	21.00	17.21
Russell 1000^®Growth Index (reflects no deduction for fees, expenses or taxes) *†	27.60	25.32	19.79

*	On September 30, 2022, the Fund began comparing its performance to the Russell 1000^®Growth Index rather than the S&P 500^® Index because the Russell 1000Growth Index has characteristics that are more representative of the Fund’s investment strategy than its current index, the S&P 500 Index.

†	Data as of December 31, 2021.

(4) The following is added to the “Descriptions of Indices” section of the Prospectuses:

The Russell 1000^® Growth Index is a float-adjusted market capitalization-weighted index that measures the performance of the large-cap growth segment of the U.S. equity market. It includes those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index includes approximately 1,000 of the largest U.S. public companies based on total market capitalization. The index is rebalanced annually in June.

(5) The following paragraph is added to the “Organization, Capitalization and Other Matters” section of the SAI:

On September 30, 2022, Neuberger Berman Large Cap Growth Fund changed its name from Neuberger Berman Guardian Fund.

(6) The following paragraph is added to the “Investment Policies and Limitations-80% Policies” section of the SAI:

Neuberger Berman Large Cap Growth Fund. The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of large capitalization companies. Although this is a non-fundamental policy, the Fund Trustees will not change this policy without at least 60 days’ notice to shareholders. (The Fund may not borrow for investment purposes.)

The date of this supplement is September 30, 2022.

Please retain this supplement for future reference



	Neuberger Berman Investment Advisers LLC 1290 Avenue of the Americas New York, NY 10104 Shareholder Services 800.877.9700 Institutional Services 800.366.6264 www.nb.com