Neuberger Berman Absolute Return Multi-Manager Fund Wins Institutional Investor “Innovation in Alternative Mutual Funds” Award

Media Contacts:

Alexander Samuelson, 212.476.5392, Alexander.Samuelson@nb.com

NEW YORK, April 21, 2015 –Neuberger Berman, one of the world’s leading private, employee-owned investment managers, is pleased to announce that its Absolute Return Multi-Manager Fund (tickers: NABIX, NABAX, NABCX, NRABX) (the Fund) was named last week as the winner of this year’s Institutional Investor magazine US Investment Management Awards for innovation in alternative mutual funds.

Neuberger Berman Absolute Return Multi-Manager Fund, launched in 2012, is a multi-strategy core hedge fund strategy seeking capital appreciation with an emphasis on absolute return by allocating capital among high quality hedge fund managers that employ various alternative investment strategies. Managing Directors David Kupperman and Jeffrey Majit lead a team of alternative investment veterans who oversee the Fund. Underlying hedge fund managers in the Fund currently include: Blue Jay Capital Management LLC for Healthcare Long/Short Equity; Cloud Gate Capital for Long/Short Equity; Gamco Investors for Merger Arbitrage; Cramer Rosenthal McGlynn and Lazard Asset Management for Global Equity Long/Short and Lazard for Japan Equity Long/Short; Good Hill Partners for Asset-Backed Securities; Levin Capital Strategies, LP and Visium for Event Driven; MacKayShields and SoundPoint Capital for Credit Long/Short; and SLS Capital for Equity Restructurings Long/Short.

“We are very pleased to have received this award, as it recognizes excellence amidst a very strong field of competitors,” said Kupperman. “We are very gratified to research and identify many of the best hedge fund managers and provide a vehicle for making their expertise available to the mutual fund marketplace.”

According to Institutional Investor, the winners of its 6th Annual US Investment Management Awards were chosen from a short list of top-performing managers across a range of investment strategies identified by the magazine’s editorial and research teams in conjunction with eVestment. Investment strategies were evaluated based on such factors as one-, three- and five-year performance, Sharpe ratio, information ratio, standard deviation and upside market capture. More than 1,000 leading U.S. pension plans, foundations, endowments and other institutional investors were also surveyed and voted for the top-performing managers in each strategy over the past year.

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 18 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 $251 billion in client assets as of March 31, 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 or summary prospectus, which you can obtain by calling 877.628.2583. Please read the prospectus or summary prospectus carefully before making an investment.

The Fund’s performance will largely depend on what happens in the equity and fixed income markets. Shares of the Fund may be worth more or less upon redemption. The actual risk exposure taken by the Fund will vary over time, depending on various factors, including, Neuberger Berman’s methodology and decisions in allocating the Fund’s assets to subadvisers, and its selection and oversight of subadvisers. The subadvisers’ investment styles may not always be complementary, which could adversely affect the performance of the Fund. Some subadvisers have little experience managing registered investment companies which, unlike the hedge funds these managers have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.

The Fund’s returns may deviate from overall market returns to a greater degree than other mutual funds that do not employ an absolute return focus. Thus, the Fund might not benefit as much as funds following other strategies during periods of strong market performance. A subadviser may use strategies intended to protect against losses (i.e., hedged strategies), but there is no guarantee that such hedged strategies will be used or, if used, that they will protect against losses, perform better than non-hedged strategies or provide consistent returns.

Event Driven Strategies that invest in companies in anticipation of an event carry the risk that the event may not happen or may take considerable time to unfold, it may happen in modified or conditional form, or the market may react differently than expected to the event, in which case the Fund may experience losses. Additionally, event-driven strategies may fail if adequate information about the event is not obtained or such information is not properly analyzed. The actions of other market participants may also disrupt the events on which event driven strategies depend. Arbitrage Strategies involve the risk that underlying relationships between securities in which investment positions are taken may change in an adverse manner or in a manner not anticipated, in which case the Fund may realize losses. The Fund’s use of event-driven and arbitrage strategies will cause it to invest in actual or anticipated special situations—i.e., acquisitions, spin-offs, reorganizations and liquidations, tender offers and bankruptcies. These transactions may not be completed as anticipated or may take an excessive amount of time to be completed. They may also be completed on different terms than the subadviser anticipates, resulting in a loss to the Fund. Some special situations are sufficiently uncertain that the Fund may lose its entire investment in the situation.

Small- and mid-capitalization stocks trade less frequently and in lower volume than larger company stocks and thus may be more volatile and more vulnerable to financial and other risks.

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. The Fund’s performance could be affected if borrowers pay back principal on certain debt securities, such as mortgage- or asset-backed securities, before or after the market anticipates such payments, shortening or lengthening their duration.

Foreign securities involve risks in addition to those associated with comparable U.S. securities, including exposure to less developed or less efficient trading markets; social, political or economic instability; fluctuations in foreign currencies; nationalization or expropriation of assets; settlement, custodial or other operational risks; and less stringent auditing and legal standards. Exchange rate exposure and currency fluctuations could erase or augment investment results. Because an investment strategy used by a subadviser invests primarily in companies in Japan, the Fund’s performance may be closely tied to social, political, and economic conditions within Japan.

Derivatives involve risks different from, or greater than, the risks associated with investing in more traditional investments, as derivatives can be highly complex and volatile, difficult to value, highly illiquid, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. Non-U.S. currency forward contracts, options, swaps, or other derivatives contracts on non-U.S. currencies or securities involve a risk of loss, even if used for hedging purposes, if currency exchange rates move against the Fund. Investments in the over-the-counter market introduce counterparty risk due to the possibility that the dealer providing the derivative may fail to timely satisfy its obligations. Investments in the futures markets also introduce the risk that its futures commission merchant (FCM) may default on its obligations, which include returning margin posted a Fund. Derivative instruments can create leverage, which can amplify changes in the Fund’s net asset value and can result in losses that exceed the amount originally invested.

The Fund’s investments in ETFs subject it to such ETF’s risks as well as expenses. ETFs are subject to tracking error and may be unable to sell poorly performing stocks that are included in their index. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid.

The Fund may engage in active and frequent trading and may have a high portfolio turnover rate, which may increase its transaction costs and may adversely affect performance.

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.

©2015 Neuberger Berman Management LLC. All rights reserved.

Neuberger Berman Management LLC, Distributor. Member FINRA.