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

Media Contacts:

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

New York, December 19, 2014 — Over his five-year tenure as Portfolio Manager of the Neuberger Berman Multi-Cap Opportunities Fund (the “Fund”) (tickers: NMULX, NMUAX, NMUCX), Richard Nackenson has delivered performance for investors that ranks in the top 10th percentile of the institutional share class of the large blend category as of November 30, 2014 (out of a universe of 1,187 funds), according to data from Morningstar, Inc. Additionally, as of November 30, 2014, Morningstar, Inc. rates the Fund’s institutional share class 5 stars overall, its highest score; the A shares are 3-star rated and C shares are 4-star rated.

Nackenson, a Managing Director and Portfolio Manager at Neuberger Berman, one of the world’s leading employee-owned investment managers, was named manager of the firm’s Multi-Cap Opportunities Fund on December 15, 2009. The Fund’s institutional share class (NMULX) has generated an annualized return of 16.59% through November 30, 2014, outperforming the S&P 500 Index and its large blend category. As of November 30, 2014, the Fund ranks in the 87th percentile for one year (of 1,547 funds), 9th percentile over three years (of 1,327 funds), and 10th percentile for five years (of 1,187 funds).

The Neuberger Berman Multi-Cap Opportunities Fund is an actively managed U.S. equity portfolio which typically invests in 30-40 core holdings across the market capitalization spectrum. Nackenson and his team employ fundamental research and disciplined valuation analysis to uncover companies that can generate substantial free cash flow and return on invested capital. The holdings typically go into three investment categories: Special Situations, Opportunistic and Classic.

“We believe the current environment is attractive for free cash flow-oriented 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 23-year industry veteran, joined Neuberger Berman in 1999. In addition to his duties managing the $2.8 billion Neuberger Berman Multi-Cap Opportunities Fund, Nackenson heads the Nackenson Group, currently overseeing more than $5 billion for individuals and institutions.

About Neuberger Berman

Neuberger Berman is a 75-year-old 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 17 countries, Neuberger Berman’s team is more than 2,000 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 $247 billion in client assets as of September 30, 2014. 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, 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.

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.

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; 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.

Currency fluctuations could negatively impact investment gains or add to investment losses.

Companies that are considered “special situations” include, among other factors: 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.

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.

There is no guarantee that these investment strategies will work under all market conditions, and investors should evaluate their ability to invest for the long term, especially during periods of downturn in the market.

Neuberger Berman Multi-Cap Opportunities Fund Avg Annual Total Returns as of 9/30/14
  Nov 2014 3Q 2014 YTD
(11/30/14)
1-Year 3-Year 5-Year Since
Inception
Institutional Class (NMULX) 2.75% -1.06% 7.17% 15.65% 25.08% 16.32% 8.18%
Class A at NAV (NMUAX) 2.77% -1.13% 6.82% 15.23% 24.61% 15.92% 7.95%
Class A w/Sales Charge (NMUAX) -3.15% -6.82% 0.68% 8.60% 22.17% 14.56% 7.15%
S&P 500 Index 2.69% 1.13% 13.98% 19.73% 22.99% 15.70% 7.01%
               

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 expenses may exceed the contractual cap) through 8/31/14 for Class A at 1.36% of average net assets and Institutional Class at 1.00% of average net assets. As of the Fund’s most recent prospectus, NBM was not required to waive or reimburse any expenses pursuant to this arrangement. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated 12/15/14.

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.

Past performance is not indicative of future results. The performance data quoted represents past performance. 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 gain distributions. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com/performance.

For each retail mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a retail mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Ratings 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. The Morningstar ratings for Neuberger Berman Multi-Cap Opportunities Fund – Class A and Class C for the 3- year period ended November 30, 2014 was 3 stars and 4 stars, respectively (out of 1,327 large blend funds). The Morningstar ratings for Neuberger Berman Multi-Cap Opportunities Fund – Class A and Class C for the 5- year period ended November 30, 2014 was 3 stars and 3 stars, respectively (out of 1,187 large blend funds).

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. Neuberger Berman Multi-Cap Opportunities Fund - Institutional Class and Class A were ranked in the 87th and 89th percentiles for the 1-year period ending November 30, 2014 and in the 10th and 16th percentiles respectively for the 5-year period ending November 30, 2014. The Morningstar Large Blend category contains 1,547 and 1,187 funds as of November 30, 2014 for the 1- and 5-year periods respectively.

Rankings are ©2014 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 Morningstar ratings for Neuberger Berman Multi-Cap Opportunities Fund – Institutional Class for the 3- and 5-year periods ended November 30, 2014 was 5 stars (out of 1,327 large blend funds) and 5 stars (out of 1,187 large blend funds), respectively.

All information is as of November 30, 2014, 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).

Employee ownership includes employees, recently retired employees and their permitted transferees.

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. © 2014 Neuberger Berman Group LLC. All rights reserved.