Neuberger Berman High Income Bond Fund Celebrates 20-Year Anniversary

Neuberger Berman Group LLC, one of the world’s leading employee-owned money managers, is celebrating the 20-year anniversary of the Neuberger Berman High Income Bond Fund (tickers: NHIAX, NHICX, NHILX, NHINX, NHIRX), introduced February 1, 1992.

Neuberger Berman High Income Fund (“the Fund”), led since October 2005 by portfolio managers Ann Benjamin and Tom O’Reilly, has generated annualized returns substantially ahead of the high-yield bond category average over the past five years through January 31, 2012, according to fund tracker Morningstar Inc. The Fund’s investor and institutional share classes are rated 4-stars overall by Morningstar. The Fund’s A share class is rated 3-stars overall by Morningstar.

(For additional ranking information for all share classes, please visit www.nb.com/MutualFundPerformance.aspx.)

The Fund’s senior investment team members, including Ms. Benjamin, Mr. O’Reilly and Russ Covode, co-portfolio manager since 2011, average over 25 years of experience each in managing high-yield assets. The portfolio managers, supported by a 30-person team of investment specialists and analysts, employ a disciplined strategy that seeks to provide the opportunity for consistent returns over evolving market conditions. In total, the team manages over $15 billion in high-yield strategies for institutions and individuals worldwide, including the $2.4 billion U.S.-registered High Income Bond fund, separate accounts, and two Dublin-domiciled UCITS funds available to non-U.S. investors.

“We have a positive outlook for the high-yield market in 2012, given the underlying fundamentals and current spread levels,’’ said Ann Benjamin.

“We’re thrilled to celebrate the 20-year anniversary of the Neuberger Berman High Income Bond Fund and commend the work of Ann, Tom, Russ and their colleagues in building one of the industry’s premier high-yield investment teams for the benefit of our clients and their advisors,’’ said Brad Tank, chief investment officer for fixed income at Neuberger Berman.

“The intensive focus on research, risk management, and on generating consistent and superior long-term performance are hallmarks of the team managing the Neuberger Berman High Income Fund, and reflect the enduring strengths of our firm’s distinctive culture,’’ said Joseph Amato, president and chief investment officer of Neuberger Berman.

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 $193 billion in assets under management as of December 31, 2011. For more information, please visit our website at www.nb.com.

An investor should consider Neuberger Berman High Income Bond 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. There are greater credit risks associated with investments in high-yield bonds. A bond’s value may fluctuate based on interest rates, market conditions, credit quality, political events, currency devaluation and other factors. High-yield bonds are not suitable for all investors and the risks of these bonds should be weighed against the potential rewards. High-yield bonds are considered speculative and carry a greater risk of default than investment-grade bonds. Their market value tends to be more volatile than investment-grade bonds. In a rising interest rate environment, the value of an income fund is likely to fall.

The overall Morningstar ratings for Neuberger Berman High Income Bond Fund—Investor Class for the 3-, 5- and 10-year periods ended December 31, 2011 were 4 stars (out of 499 high yield bond funds), 5 stars (out of 430 high yield bond funds) and 4 stars (out of 291 high yield bond funds), respectively. The overall Morningstar ratings for Neuberger Berman High Income Bond Fund—Institutional Class for the 3-, 5- and 10-year periods ended December 31, 2011 were 4 stars (out of 499 high yield bond funds), 5 stars (out of 430 high yield bond funds) and 4 stars (out of 291 high yield bond funds), respectively. The overall Morningstar ratings for Neuberger Berman High Income Bond Fund—Class A for the 3-, 5- and 10-year periods ended December 31, 2011 were 3 stars (out of 499 high yield bond funds), 4 stars (out of 430 high yield bond funds) and 3 stars (out of 291 high yield bond 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. 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 “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. All rights reserved.