Neuberger Berman Real Estate Fund Trust Class

Neuberger Berman Real Estate Fund Celebrates 10-Year Anniversary

NEW YORK--(BUSINESS WIRE)--Neuberger Berman Group LLC, one of the world’s leading employee-owned investment managers, is celebrating the 10-year anniversary of the Neuberger Berman Real Estate Fund (tickers: NBRFX, NBRIX, NREAX, NRECX, NRERX), introduced May 1, 2002. Neuberger Berman Real Estate Fund (“the Fund”), led since October 2008 by portfolio managers Steve Shigekawa and Brian Jones, has generated annualized returns ahead of the real estate category average for the past five years ending April 30, 2012, according to fund tracker Morningstar Inc. A 10-year return of 13.2 percent ranks in the 1st percentile within the Morningstar Real Estate category through May 1, 2012. The Fund’s C, institutional, and trust share classes are rated 4-stars overall by Morningstar, while the Fund’s A share class is rated 3-stars overall. (See performance information below, and for additional ranking information for all share classes, please visit www.nb.com/MutualFundPerformance.aspx.) Steve Shigekawa has been a member of Neuberger Berman’s real estate investment team since its inception in 2002 while Brian Jones joined in 2003. Supported by a four-person team of traders, product specialist and portfolio administrator, along with Neuberger Berman’s research department, Shigekawa and Jones employ a proprietary valuation model to identify investment opportunities within the universe of real estate securities. In total, their team manages approximately $960 million for institutions and individuals worldwide, including the $495.4 million U.S.-registered Real Estate fund, separate accounts, and a Dublin-domiciled UCITS fund available to non-U.S. investors. “With the economy gaining momentum, we expect REIT fundamentals to continue improving, which would support better cash flow growth,’’ said Mr. Shigekawa. “Yet the situation in Europe remains a concern and the uncertainties surrounding the global economy, as well as the upcoming November elections in the U.S., could result in periods of increased market volatility. Therefore, we are maintaining the Fund's somewhat defensive positioning for the time being to address risk in the markets.’’ “Neuberger Berman’s Real Estate fund seeks to provide investors with equity-like returns, steady dividends, and low correlations to stocks and bonds,’’ said Joseph Amato, president and chief investment officer of Neuberger Berman. ‘’We’re delighted to mark the 10th anniversary of the Real Estate fund, which we believe is performing well under the leadership of Steve, Brian and their colleagues.’’ About Neuberger Berman Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,700 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $199 billion in assets under management as of March 31, 2012. For more information, please visit our website at www.nb.com. An investor should consider Neuberger Berman Real Estate 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 may be obtained by calling 800.877.9700 or by e-mailing your request to fundinfo@nb.com. Please read the prospectus, and if available, summary prospectus, carefully before you invest or send money. Past performance is no guarantee of future results. The properties held by REITs could fall in value for a variety of reasons, such as declines in rental income, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. There is also a risk that REIT stock prices overall will decline over short or even long periods because of rising interest rates. Convertible bonds tend to offer a lower rate of return compared to other bonds in exchange funds for the value of the option to convert the bonds into stocks. INVESTMENT PERFORMANCE (ANNUALIZED AS OF 3/31/12)* Class A1 Class C1 Class R31 Institutional Class1 Trust Class1 Class A1 Class C1 FTSE NAREIT All Equity REITs Index2 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 costs. 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. * The inception dates of the Real Estate Fund Institutional and Trust Classes are 6/4/08 and 5/1/02, respectively. The inception date of the Class A, Class C and Class R3 is 6/21/10. Performance prior to those inception dates is that of the Trust Class, which has lower expenses and typically higher returns than all other share classes. 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. EXPENSE RATIOS3 Gross Capped Morningstar Overall Ratings 4/30/12: (out of 212 funds) Institutional Class 4 stars, A Class 3 stars, C Class 4 stars, R3 Class 4 stars, Trust Class 4 stars. Morningstar ratings for Neuberger Berman Real Estate Fund Institutional Class for the 3- and 5-year period ended April 30 were 4 stars (out of 212 funds) and 4 stars (out of 198 funds) respectively.; A Class for the 3- and 5-year period ended April 30 were 2 stars (out of 212 funds) and 4 stars (out of 198 funds) respectively; C Class for the 3- and 5-year period ended April 30 were 3 stars (out of 212 funds) and 4 stars (out of 198 funds) respectively; R3 Class for the 3- and 5-year period ended April 30 were 4 stars (out of 212 funds) and 4 stars (out of 198 funds) respectively; Trust Class for the 3- and 5-year period ended April 30 were 4 stars (out of 212 funds) and 4 stars (out of 198 funds) respectively. 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 ©2012 Morningstar, Inc. All Rights Reserved. As of May 1, 2012 Neuberger Berman Real Estate Fund – Trust Class ranked 52nd (out of 244 funds), 5th (out of 198 funds) and 1st (out of 108 funds) for the 1-, 5- and 10-year periods, respectively for the Morningstar Real Estate Category. Morningstar defines Real Estate as portfolios that invest primarily in real-estate investment trusts (REITs) of various types. REITs are companies that develop and manage real-estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real-estate operating companies. 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. © 2012 Neuberger Berman Management LLC, distributor. 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