Neuberger Berman Short Duration High Income Fund Marks 3-Year Anniversary

Strategy Seeks to Offer Investors Attractive Income with Lower Volatility than Traditional High Yield Bond Funds

Media Contacts:

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

New York, October 21, 2015 — Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to mark the third anniversary of the Neuberger Berman Short Duration High Income Fund (tickers: NHSAX, NHSCX, NHSIX) (the “Fund”), which seeks to offer investors a high income strategy with lower sensitivity to interest rates than traditional high yield bond funds. Over the one-year period ending 9/30/2015, the institutional share class of the Fund outperformed the Morningstar Inc. high yield category (which contains 771 funds as of 9/30/2015) by 239 basis points.

The Fund, launched Sept. 28, 2012, is managed by a seasoned group of portfolio managers and analysts averaging 28 years of experience. The portfolio team invests a total of $38 billion in non-investment grade bond assets globally for U.S. and non-U.S. institutional and individual investors.

“The Fund’s strategy is to seek attractive income with low volatility by investing primarily in short duration, high quality high yield bonds,” said Russ Covode, co-manager of the Fund. “With an improving U.S. economy and labor market, and rising consumer spending, the fundamentals appear positive for our asset class. We believe a modest Fed rate hike in December is possible and with our focus on credit and short duration high income bonds, the Fund is, in our view, poised to perform well in a rising rate environment.”

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 more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $237 billion in client assets as of September 30, 2015. For more information, please visit our website at www.nb.com.

An investor should consider the 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. Please read the prospectus and, if available, the summary prospectus, carefully before making an investment. Investments could result in loss of principal.

A bond’s value may fluctuate based on interest rates, market conditions, credit quality and other factors. Generally, bond values will decline as interest rates rise. You may have a gain or a loss if you sell your bonds prior to maturity. Bonds are subject to the credit risk of the issuer. High-yield bonds, also known as “junk bonds,” are considered speculative, involve greater risks, may fluctuate more widely in price and yield, and carry a greater risk of default, than investment-grade bonds. Floating rates on senior loans only reset periodically, such that changes in prevailing interest rates may cause fluctuation in the Fund’s net asset value (NAV) and such securities may be more susceptible to adverse economic, business and other conditions than those with fixed rates, which could reduce demand for loans. Similarly, a sudden and significant increase in market interest rates, a default in, or a material deterioration in a borrower’s creditworthiness of, a loan held by the Fund may cause a decline in the Fund’s NAV. Although senior floating-rate loans are generally collateralized, the value of collateral could decline causing a loan to be substantially unsecured and access to collateral could be limited or delayed by bankruptcy or other law. No active trading market may exist for many loans, loans may be difficult to value and many are subject to restrictions on transfer or resale, which may result in extended trade settlement periods and may make certain investments less liquid and also prevent the Fund from obtaining the full value of a loan when sold.

NB Short Duration High Income Fund Investor Class - Total Returns

For Periods Ended September 30, 2015Expense Ratios
At NAV YTD 1 Year 3 Year Since Inception Gross Total (Net) Expense
NB Short Duration High Income Fund Class A -1.27 -1.68 2.03 2.02 1.24 1.12
NB Short Duration High Income Fund Class C -1.83 -2.41 1.27 1.26 2.03 1.87
NB Short Duration High Income Fund Institutional Class -1.00 -1.22 2.40 2.40 0.85 0.75
With Sales Charge  
NB Short Duration High Income Fund Class A -5.49 -5.83 0.57 0.57
NB Short Duration High Income Fund Class C -2.79 -3.36 1.27 1.26
BofA Merrill Lynch 0-5 Yr BB-B U.S. H.Y. Constrained Index -1.26 -1.62 3.41 3.43
Morningstar US OE High Yield Bond Average -2.16 -3.61 2.89 2.92

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 data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.

The inception date for Neuberger Berman Short Duration High Income Fund is 9/28/2012. The date used to calculate since inception and benchmark performance is that of the Institutional Class. Average Annual Total Returns with sales charge reflect deduction of current maximum initial sales charge of 4.25% 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.

Total (net) expense represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). Neuberger Berman Management LLC (“NBM”) contractually caps certain direct expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 10/31/2018 for Class A at 1.12%, Class C at 1.87% and Institutional Class at 0.75% (each as a % of average net assets). Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated 2/28/2015.

Morningstar Average is the average of all the funds in the Morningstar category. The Morningstar category identifies funds based on their actual investment style as measured by their underlying portfolio holdings (portfolio statistics and compositions over the last 3 years). This category was chosen for comparison purposes because the portfolio compositions of the funds in this category are similar to the composition of the fund over this period. Class A and Class C shares outperformed the US OE High Yield Bond category for the 1-year time period ending September 30, 2015 by 1.93% and 1.78%, respectively. The US OE High Yield Bond category contained 771 funds for the 1-year time period ended September 30, 2015.

Morningstar ratings and averages are ©2015 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. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

All information is as of June 30, 2015 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 Management LLC” and the individual fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. Neuberger Berman Management LLC, distributor. Member FINRA.
© 2015 Neuberger Berman Group LLC. All rights reserved.