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Press Release

Neuberger Berman Strategic Income Fund Reaches 10-Year Anniversary with Top Decile Performance

Media Contact:

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

NEW YORK, August 6, 2013 – Neuberger Berman, one of the world's leading employee-controlled money managers, is pleased to announce that its Strategic Income Fund ("the Fund") (tickers: NSTAX, NSTCX, NRSIX, NSTLX, NSTTX) recently marked its 10-year anniversary with returns since inception ranking it in the top decile among its peer group of multi-sector bond funds.

The Fund, rated four stars by fund tracker Morningstar Inc. for its Institutional Class, is designed for investors looking for exposure across the fixed income credit spectrum. The experienced team of five portfolio managers overseeing the Fund seeks diversified sources of high current income and long-term capital appreciation. From inception on July 23, 2003 through July 23, 2013, the Fund's Institutional Class (NSTLX) returned an annualized 8.21%, ranking it in the 9th percentile within its category of 103 multi-sector bond funds, according Morningstar, and 3.48% ahead of the Barclays US Aggregate Bond Index. For the one-, three, and five-year periods, NSTLX ranks in the 63rd, 52nd, and 10th percentiles in its category. For the one-, three, and five-year periods, the Fund's Class A shares (NSTAX) rank in the 69th, 69th, and 18th percentiles in its category.

Neuberger Berman Strategic Income Fund is managed by Brad Tank, the firm's global chief investment officer of fixed income; Andy Johnson, chief investment officer of investment grade fixed income; and portfolio managers Thanos Bardas, David Brown, and Thomas Marthaler. They help manage $52.7 billion in fixed income assets for institutions and individuals at Neuberger Berman, including the $1.4 billion Neuberger Berman Strategic Income Fund.

"With the prospect of Federal Reserve easing of its stimulus program amid signals of improving U.S. economic conditions, we are positioning the Fund to minimize the impact of potential interest rate increases and take advantage of market opportunities," said Brad Tank. "This Fund has a proven track record over its 10-year history investing across the fixed income credit spectrum and through different market cycles."

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 400 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 $214 billion in assets under management as of June 30, 2013. For more information, please visit our website at www.nb.com.

Average Annualized Returns as of June 30, 2013

  1 Year 3 Years 5 Years Since Inception*
NB Strategic Income Fund Institutional Class 4.23 6.87 9.24 8.01
NB Strategic Income Fund Class A at NAV 3.81 6.47 8.81 7.78
NB Strategic Income Fund Class A with sales charge -0.62 4.93 7.86 7.31
Barclays Capital U.S. Aggregate Index -0.69 3.51 5.19 4.57

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 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.

Gross Expense Ratio for Strategic Income Fund Class A is 1.25%; Capped Expense Ratio is 1.16%. Gross Expense Ratio for Neuberger Berman Strategic Income Fund Institutional Class is 0.84; Capped Expense Ratio is 0.76%. Neuberger Berman Management contractually caps certain class expenses of the Fund through 10/31/2021 for Class A and Institutional Class. This undertaking applies to the Fund's direct expenses and does not cover interest, taxes, brokerage commissions, and extraordinary expenses; consequently, net expenses may exceed the contractual expense limitation. Absent this arrangement, the returns would have been lower. Information as of prospectus dated 2/28/13.

*The inception date for the Strategic Income Fund Institutional Class is 7/11/03. The inception date for the Class A is 12/20/07. Average Annual Total Returns with sales charge reflect deduction of current maximum initial sales charge of 4.25% for Class A shares.