Manager Richard Nackenson Leads Neuberger Berman Multi-Cap Opportunities Fund to Top Decile Performance Over Past Five Years

Fund Features Unconstrained, High Conviction Approach to U.S. Equities

Media Contacts:

Alexander Samuelson, 212 476 5392, Alexander.Samuelson@NB.com

New York, November 7, 2016 —The Neuberger Berman Multi-Cap Opportunities Fund (the “Fund”) Institutional Class (ticker: NMULX) has delivered performance for investors that ranks in the top 7th percentile of the large blend category (of 1,196 funds) over the last five years ending October 31, 2016, according to data from Morningstar Inc.

The Neuberger Berman Multi-Cap Opportunities Fund is an actively managed U.S. equity fund which typically invests in 30-40 core holdings across the market capitalization spectrum. The Fund has been managed by Richard Nackenson, a Managing Director and Portfolio Manager at Neuberger Berman, since 2009. As of October 31, 2016, the Fund’s Institutional Class ranks in the top 36th percentile year to date (of 1,521 funds), top 44th percentile for one year (of 1,502 funds), top 73rd percentile over three years (of 1,364 funds), and top 7th percentile for five years (of 1,196 funds).

Nackenson and his team employ fundamental research and disciplined valuation analysis to uncover companies that they believe can generate strong free cash flow and return on invested capital. The holdings typically go into three investment categories: Special Situations, Opportunistic, and Classic. Find more information on the Fund here.

“We believe the current environment is attractive for free cash flow focused investing,” Nackenson said. “Companies have some of the healthiest balance sheets in recent history and free cash flow generation remains strong. As a result, management teams have a significant opportunity to create value for shareholders by allocating capital effectively.”

Nackenson, a 25-year industry veteran, joined Neuberger Berman in 1999. In addition to his duties managing the $1.8 billion Neuberger Berman Multi-Cap Opportunities Fund, Nackenson heads the Nackenson Group, currently overseeing more than $4 billion for individuals and institutions.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman’s team is approximately 1,900 professionals and the company was named by Pensions & Investments as a Best Place to Work in Money Management for three consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $255 billion in client assets as of September 30, 2016. For more information, please visit our website at www.nb.com.

An investor should consider Neuberger Berman Multi-Cap Opportunities Fund’s investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in the Fund’s prospectus and, if available, summary prospectus, which you can obtain by calling 877.628.2583. Read the prospectus and, if available, the summary prospectus, carefully before making an investment.

Most of the Fund’s performance depends on what happens in the stock market. The market’s behavior is unpredictable, particularly in the short term. There can be no guarantee that the Fund will achieve its goal. Recent events in the U.S. and global economies have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and in the net asset values of many mutual funds, including to some extent the Fund. Because the situation is unprecedented and widespread, it may be unusually difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market events.

The stocks of small- and mid-cap companies are often more volatile and less liquid than the stocks of larger companies and may be more affected than other types of stocks by the underperformance of a sector or during market downturns. Compared to large-cap companies, small and mid-cap companies may have a shorter history of operations, and may have limited product lines, markets or financial resources.

Companies that are considered “special situations” include, among other things: companies that have unrecognized recovery prospects or new management teams; companies involved in restructurings or spin-offs; companies emerging from bankruptcy; initial public offerings that trade below their initial offering prices; and companies with a breakup value above their market price. Special situations carry the risk that certain of such situations may not happen or the market may react differently than expected to such situations, in which case the Fund may experience losses. Certain special situations carry additional risks and the securities of such companies may be more likely to lose value than the securities of more financially stable companies.

To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may move up and down more than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

Foreign securities involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political or economic instability; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; and less stringent auditing and legal standards. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities.

Morningstar rankings are based on Morningstar total returns, which include both income and capital gains or losses and are not adjusted for sales charges or redemption fees, to all funds that have the same Morningstar category. The highest percentile rank is 1 and the lowest is 100. As of October 31, 2016, the Fund’s Class A shares rank in the top 41st percentile for YTD (of 1,521), in the top 50th percentile for one year (of 1,502 funds), top 78th percentile over three years (of 1,364 funds), and top 15th percentile for five years (of 1,196 funds). As of October 31, 2016, the Fund’s Class C shares rank in the top 54th percentile for YTD (of 1,521), in the top 59th percentile for one year (of 1,502 funds), top 83rd percentile over three years (of 1,364 funds), and top 43rd percentile for five years (of 1,196 funds). Rankings are ©2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers, (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. The inception date for Neuberger Berman Multi-Cap Opportunities Fund Class A, Class C and Institutional Class is 12/21/09, therefore 10-year information is not available.

Morningstar Large Blend category
Large-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios’ returns are often similar to those of the S&P 500 Index.

The S&P 500 Index is widely regarded as the standard for measuring large-cap U.S. stock market performance and includes a representative sample of leading companies in leading industries. Please note that indices do not take into account any fees and expenses of investing in the individual securities that they track and that individuals cannot invest directly in any index.

NEUBERGER BERMAN MULTI-CAP OPPORTUNITIES FUND RETURNS (%)

  Annualized as of 9/30/2016
  3Q YTD 1 Year 3 Year 5 Year Since Inception
Institutional Class (NMULX) 5.96 6.45 12.36 8.13 16.43 7.44
Class A at NAV (NMUAX) 5.87 6.15 11.96 7.74 16.00 7.18
Class C at NAV (NMUCX) 5.65 5.51 11.10 6.95 15.13 6.62
Class A with Sales Charge -0.25 0.06 5.55 5.63 14.63 6.54
Class C with Sales Charge 4.65 4.51 10.10 6.95 15.13 6.62
S&P 500 Index 3.85 7.84 15.43 11.16 16.37 7.03

Performance data quoted represent 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. Results are shown on a “total return” basis and include reinvestment of all dividends and capital gains distributions. Current Performance may be higher or lower than the performance given. For performance data current to the most recent month-end, please visit www.nb.com/performance.

Average Annual Total Returns with sales charge reflect deduction of current maximum initial sales charge of 5.75% 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. Shares of the Institutional Class may not be purchased directly from the Manager; they may only be purchased through certain institutions that have entered into administrative services contracts with the Manager.

Prior to December 15, 2009, the Fund was known as Neuberger Berman Research Opportunities Fund, an incubated fund which had different investment goals, strategies and portfolio management team.

As of the Fund’s most recent prospectus dated 12/18/15, the Gross Expense Ratios for Neuberger Berman Multi-Cap Opportunities Fund Class A, Class C and Institutional Class are 1.10%, 1.84% and 0.73% respectively.

All information is as of September 30, 2016, unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman LLC).

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. “Neuberger Berman Investment Advisers LLC” and the individual fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC.