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Neuberger Berman Real Estate Fund Celebrates 10-Year Anniversary

  Neuberger Berman Real Estate Fund Celebrates 10-Year Anniversary

Business Wire

NEW YORK -- May 04, 2012

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 percentranks inthe 1st percentile withinthe 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 10^th 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 calling800.877.9700 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)*
                                                                  
At NAV              Quarter       YTD         1           3           5           Since
                                              Year        Year        Year        Inception
                                                                                  
Class A^1           9.50          9.50        11.37       43.48       2.45        12.79
Class C^1           9.39          9.39        10.60       42.88       2.20        12.65
Class R3^1          9.46          9.46        11.12       43.27       2.36        12.74
Institutional       9.65          9.65        11.82       43.86       2.68        12.92
Class^1
Trust Class^1       9.54          9.54        11.57       43.65       2.53        12.83
With Sales Charge
Class A^1           3.23          3.23        4.98        40.67       1.24        12.12
Class C^1           8.39          8.39        9.60        42.88       2.20        12.65
FTSE NAREIT
All Equity          10.49         10.49       11.29       42.21       -0.12       10.42
REITs Index^2
                                                                                  

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 RATIOS^3
                         Gross       Capped
Class A                   1.60        1.21
Class C                   2.37        1.96
Class R3                  2.81        1.46
Institutional Class       1.16        0.85
Trust Class               1.55        1.50
                                      

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 52^nd
(out of 244 funds), 5^th (out of 198 funds) and 1^st (out of 108 funds) for
the 1-, 5- and 10-year periods, respectively for the Morningstar Real Estate
Category.

Morningstar defines Real Estateas 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. All rights reserved.

Contact:

Neuberger Berman
Alexander Samuelson, 212-476-5392
Alexander.Samuelson@nb.com