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*Sales charge is only applied to share classes A and C. Annualized total returns with sales charge reflect deduction of current maximum initial sales charge of 5.75% for Class A shares of equity funds and alternative funds, 4.25% for Class A shares of fixed income funds (except Neuberger Strategic Income Fund, which is 2.50% for Class A shares), and applicable contingent deferred sales charges (CDSC) for Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year (except Neuberger Strategic Income Fund, which has a maximum CDSC of 0.75%).

An investor should consider a fund’s investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in each fund’s prospectus and summary prospectus, which can be obtained by calling 800.366.6264 or by downloading it from the Fund Literature page. Please read the prospectus and summary prospectus carefully before making an investment.

Performance data quoted represents past performance, which is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Standardized performance and performance data current to the most recent month end may be obtained by clicking on the fund names above. Results are shown on a “total return” basis and include reinvestment of all dividends and capital gains distributions.

Annualized Total Returns with sales charge reflect deduction of current maximum initial sales charge of 5.75% for Class A shares of equity funds and alternative funds, 4.25% for Class A shares of fixed income funds (except Neuberger Strategic Income Fund, which is 2.50% for Class A shares), and applicable contingent deferred sales charges (CDSC) for Class C shares. The maximum CDSC for Class C shares is 1%, which is reduced to 0% after 1 year (except Neuberger Strategic Income Fund, which has a maximum CDSC of 0.75%). Investments in Class A shares of $1 million or more may be subject to a 1% CDSC if the shares are sold within 18 months of purchase (except Neuberger Strategic Income Fund, which has a maximum CDSC of 0.75% for investments of $250,000 or more). The CDSC is a percentage of the original purchase price or the current market value of the shares being sold, whichever is less. Please see each fund’s prospectus for the applicable sales charge. For funds with less than one year of performance, returns shown are cumulative rather than annualized.

Shares of the Institutional Class or the Advisor Class may not be purchased directly from Neuberger Berman BD LLC, the distributor for the funds (the “Distributor”). Shares of the Institutional Class may only be purchased through institutions or retirement plans that have entered into certain agreements with the Distributor. Shares of the Advisor Class may only be purchased through certain institutions that have entered into administrative service contracts with the Distributor. With the exception of Real Estate Fund, shares of the Equity Funds Trust Class may not be purchased directly from the Distributor; they may only be purchased through certain institutions that have entered into administrative service contracts with the Distributor.

Where applicable, performance information prior to a share class’s inception date is that of the fund’s oldest share class and has not been adjusted to take into account differences in class specific operating expenses. Please see a fund’s factsheet by clicking the download link under each fund name above or from the Fund Literature page for important information about a specific share class performance prior to a class’s inception date. Standardized performance and performance data current to the most recent month-end or quarter-end may be obtained by clicking on a fund’s factsheet or commentary above.

A fund’s performance depends on what happens in the equity, fixed income and/or derivatives markets, the portfolio managers’ evaluation of those developments, and the success of the portfolio managers in implementing the Fund’s investment strategies. The markets’ behavior can be difficult to predict, particularly in the short term. An individual security may be more volatile, and may perform differently, than the market as a whole. There can be no guarantee that a fund will achieve its goal.

The actual risk exposure taken by a fund in its investment program will vary over time, depending on various factors including the portfolio managers’ evaluation of issuer, political, regulatory, market, or economic developments. There can be no guarantee that the portfolio managers will be successful in their attempts to manage the risk exposure of the fund or will appropriately evaluate or weigh the multiple factors involved in investment decisions, including issuer, market and/or instrument-specific analysis, valuation and environmental, social and governance factors.

Each fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in a fund.

The funds are distributed by Neuberger Berman BD LLC. The “Neuberger” and “Neuberger Berman” names and logos and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual fund names are either service marks or registered service marks of Neuberger Berman Group LLC or Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.