Fund
|
Institutional
Class
|
Class A
|
Class C
|
Neuberger Berman
Absolute Return Multi-Manager
Fund
|
NABIX
|
NABCX
|
NABAX
|
INVESTMENT INFORMATION
|
5
|
Investment Policies and Limitations
|
5
|
Cash Management and Temporary Defensive Positions
|
8
|
Additional Investment Information
|
8
|
PERFORMANCE INFORMATION
|
64
|
TRUSTEES AND OFFICERS
|
64
|
Information about the Board of Trustees
|
64
|
Information about the Officers of the Trust
|
71
|
INVESTMENT MANAGEMENT AND ADMINISTRATION SERVICES
|
83
|
Investment Manager and Administrator
|
83
|
Management and Administration Fees
|
84
|
Fund Accounting Agent
|
85
|
Contractual Expense Limitations
|
86
|
Voluntary Expense Limitations
|
86
|
Adviser and Subadvisers
|
87
|
Portfolio Manager Information
|
89
|
Other Investment Companies or Accounts Managed
|
92
|
Codes of Ethics
|
93
|
Management and Control of NB Management and NBAIM
|
93
|
DISTRIBUTION ARRANGEMENTS
|
94
|
Distributor
|
94
|
Revenue Sharing
|
96
|
Distribution Plan (Class A Only)
|
97
|
Distribution Plan (Class C Only)
|
98
|
Distribution Plan (Class A and Class C)
|
98
|
ADDITIONAL PURCHASE INFORMATION
|
99
|
Share Prices and Net Asset Value
|
99
|
Subscriptions in Kind
|
101
|
Financial Intermediaries
|
101
|
Automatic Investing and Dollar Cost Averaging
|
101
|
Sales Charges
|
102
|
ADDITIONAL EXCHANGE INFORMATION
|
105
|
ADDITIONAL REDEMPTION INFORMATION
|
106
|
Suspension of Redemptions
|
106
|
Redemptions in Kind
|
106
|
Abandoned Property
|
106
|
Name, (Year of
Birth), and Address (1) |
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Independent Fund Trustees
|
||||
Faith Colish
(1935) |
Trustee since
inception |
Counsel, Carter Ledyard & Milburn LLP (law firm) since October 2002; formerly, Attorney-at-Law and President, Faith Colish, A Professional Corporation, 1980 to 2002.
|
50
|
Formerly, Director, 1997 to 2003, and Advisory Director, 2003 to 2006, ABA Retirement Funds (formerly, American Bar Retirement Association) (not-for-profit membership corporation).
|
Name, (Year
of
Birth), and Address (1) |
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Martha C. Goss
(1949) |
Trustee since
2007 |
President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; Chief Operating and Financial Officer, Hopewell Holdings LLC/ Amwell Holdings, LLC (a holding company for investments in the healthcare sector), since 2003; formerly, Consultant, Resources Connection (temporary staffing), 2002 to 2006.
|
50
|
Director, American Water (water utility), since 2003; Director, Channel Reinsurance (financial guaranty reinsurance), 2006 to 2010; Director, Allianz Life of New York (insurance), since 2005; Director, Financial Women’s Association of New York (not-for-profit association), since 2003; Trustee Emerita, Brown University, since 1998; formerly, Director, Ocwen Financial Corporation (mortgage servicing), 2005 to 2010; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Director, Claire’s Stores, Inc. (retailer), 2005 to 2007.
|
Name, (Year of
Birth), and Address (1) |
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Michael M. Knetter
(1960) |
Trustee since
2007 |
President and Chief Executive Officer, University of Wisconsin Foundation, since October 2010; formerly, Dean, School of Business, University of Wisconsin – Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business – Dartmouth College, 1998 to 2002.
|
50
|
Director, American Family Insurance (a mutual company, not publicly traded), since March 2009; formerly, Trustee, Northwestern Mutual Series Fund, Inc., 2007 to 2010; formerly, Director, Wausau Paper, 2005 to 2011; formerly, Director, Great Wolf Resorts, 2004 to 2009.
|
Howard A. Mileaf
(1937) |
Trustee since
inception |
Retired; formerly, Vice President and General Counsel, WHX Corporation (holding company), 1993 to 2001.
|
50
|
Formerly, Director, Webfinancial Corporation (holding company), 2002 to 2008; formerly, Director, WHX Corporation (holding company), 2002 to 2005; formerly, Director, State Theatre of New Jersey (not-for-profit theatre), 2000 to 2005.
|
George W. Morriss
(1947) |
Trustee since
2007 |
Adjunct Faculty Member, Columbia University School of International Policy and Administration, since October 2012; formerly, Executive Vice President and Chief Financial Officer, People’s Bank, Connecticut (a financial services company), 1991 to 2001.
|
50
|
Formerly, Manager, Larch Lane Multi-Strategy Fund complex (which consisted of three funds), 2006 to 2011; formerly, Member, NASDAQ Issuers’ Affairs Committee, 1995 to 2003.
|
Name, (Year of
Birth), and Address (1) |
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Jack L. Rivkin
(1940) |
Trustee since
inception; President inception to 2008 |
Formerly, Executive Vice President and Chief Investment Officer, Neuberger Berman Holdings LLC (holding company), 2002 to August 2008 and 2003 to August 2008, respectively; formerly, Managing Director and Chief Investment Officer, Neuberger Berman, December 2005 to August 2008 and 2003 to August 2008, respectively; formerly, Executive Vice President, Neuberger Berman, December 2002 to 2005; formerly, Director and Chairman, NB Management, December 2002 to August 2008; formerly, Executive Vice President, Citigroup Investments, Inc., September 1995 to February 2002; formerly, Executive Vice President, Citigroup Inc., September 1995 to February 2002.
|
50
|
Director, Idealab (private company), since 2009; Director, Distributed World Power (private company), since 2009; Director, Dale Carnegie and Associates, Inc. (private company), since 1999; Director, Solbright, Inc. (private company), since 1998; Director, SA Agricultural Fund, since 2009; Chairman and Director, Essential Brands (consumer products) since 2008; formerly, Director, New York Society of Security Analysts, 2006 to 2008.
|
Tom D. Seip
(1950) |
Trustee since
inception; Chairman of the Board since 2008; Lead Independent Trustee 2006 to 2008 |
General Partner, Ridgefield Farm LLC (a private investment vehicle); formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.
|
50
|
Director, H&R Block, Inc. (financial services company), since May 2001; Chairman, Governance and Nominating Committee, H&R Block, Inc., since 2011; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.
|
Name, (Year of
Birth), and Address (1) |
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Candace L. Straight
(1947) |
Trustee since
inception |
Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to December 2003.
|
50
|
Public Member, Board of Governors and Board of Trustees, Rutgers University, since 2011; Director, Montpelier Re Holdings Ltd. (reinsurance company), since 2006; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.
|
Peter P. Trapp
(1944) |
Trustee since
inception |
Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.
|
50
|
None.
|
Name, (Year of
Birth), and Address (1) |
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Fund Trustees who are “Interested Persons”
|
||||
Joseph V. Amato*
(1962) |
Trustee since
2009
|
President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger Berman and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer, Neuberger Berman, since 2009; Chief Investment Officer (Equities) and Managing Director, NB Management, since 2009; Managing Director, Neuberger Berman Fixed Income LLC (“NBFI”), since 2007; Board member of NBFI since 2006; formerly, Global Head of Asset Management of Lehman Brothers Holdings Inc.’s (“LBHI”) Investment Management Division, 2006 to 2009; formerly, member of LBHI’s Investment Management Division’s Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. (“LBI”), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI’s Equity Sales and a Member of its Equities Division Executive
Committee, 2003 to 2005.
|
50
|
Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007.
|
Name, (Year of
Birth), and Address
(1) |
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Robert Conti*
(1956) |
Chief
Executive Officer, President and Trustee since 2008; prior thereto, Executive Vice President in 2008 and Vice President inception to 2008 |
Managing Director, Neuberger Berman, since 2007; formerly, Senior Vice President, Neuberger Berman, 2003 to 2006; formerly, Vice President, Neuberger Berman, 1999 to 2003; President and Chief Executive Officer, NB Management, since 2008; formerly, Senior Vice President, NB Management, 2000 to 2008; Managing Director, NBFI, since 2009.
|
50
|
Director, Staten Island Mental Health Society, since 1994; formerly, Chairman of the Board, Staten Island Mental Health Society, 2008 to 2011.
|
|
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
|
(2)
|
Pursuant to the Trust’s Trust Instrument, each of these Fund Trustees shall hold office for life or until his or her successor is elected or the Trust terminates; except that (a) any Fund Trustee may resign by delivering a written resignation; (b) any Fund Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the other Fund Trustees; (c) any Fund Trustee who requests to be retired, or who has become unable to serve, may be retired by a written instrument signed by a majority of the other Fund Trustees; and (d) any Fund Trustee may be removed at any shareholder meeting by a vote of at least two-thirds of the outstanding shares.
|
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
|
*
|
Indicates a Fund Trustee who is an “interested person” within the meaning of the 1940 Act. Mr. Amato and Mr. Conti are interested persons of the Trust by virtue of the fact that each is an officer of NB Management and/or its affiliates.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s) (3) |
Andrew B. Allard (1961)
|
Chief Legal Officer since 2013
(only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) and Anti-Money Laundering Compliance Officer since inception |
Senior Vice President, Neuberger Berman, since 2006 and Employee since 1999; Deputy General Counsel, Neuberger Berman, since 2004; formerly, Vice President, Neuberger Berman, 2000 to 2005; formerly, Employee, NB Management, 1994 to 1999; Chief Legal Officer since 2013 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) and Anti-Money Laundering Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Claudia A. Brandon (1956)
|
Executive Vice President since 2008
and Secretary since inception |
Senior Vice President, Neuberger Berman, since 2007 and Employee since 1999; Senior Vice President, NB Management, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly, Vice President-Mutual Fund Board Relations, NB Management, 2000 to 2008; formerly, Vice President, NB Management, 1986 to 1999 and Employee 1984 to 1999; Executive Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008); Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (three since 1985, three since 2002, one since 2003, one since 2005 and one since 2006).
|
Anthony DiBernardo (1979)
|
Assistant Treasurer since 2011
|
Vice President, Neuberger Berman, since 2009; Employee, NB Management, since 2003; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2011).
|
Sheila R. James (1965)
|
Assistant Secretary since inception
|
Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Assistant Vice President, Neuberger Berman, 2007; formerly, Employee, NB Management, 1991 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Name, (Year of Birth), and Address
(1) |
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s) (3) |
Brian Kerrane (1969)
|
Vice President since 2008
|
Senior Vice President, Neuberger Berman, since 2006; formerly, Vice President, Neuberger Berman, 2002 to 2006; Vice President, NB Management, since 2008 and Employee since 1991; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Kevin Lyons (1955)
|
Assistant Secretary since inception
|
Assistant Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Employee, NB Management, 1993 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (seven since 2003, one since 2005 and one since 2006).
|
Owen F. McEntee, Jr. (1961)
|
Vice President since 2008
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1992; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
John M. McGovern (1970)
|
Treasurer and Principal Financial and
Accounting Officer since inception |
Senior Vice President, Neuberger Berman, since 2007; formerly, Vice President, Neuberger Berman, 2004 to 2006; Employee, NB Management, since 1993; Treasurer and Principal Financial and Accounting Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Assistant Treasurer, eight registered investment companies for which NB Management acts as investment manager and administrator, 2002 to 2005.
|
Frank Rosato (1971)
|
Assistant Treasurer since inception
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1995; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006).
|
Name, (Year of Birth), and Address
(1) |
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Neil S. Siegel (1967)
|
Vice President since 2008
|
Managing Director, NB Management, since 2008; Managing Director, Neuberger Berman, since 2006; formerly, Senior Vice President, Neuberger Berman, 2004 to 2006; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Chamaine Williams (1971)
|
Chief Compliance Officer since
inception |
Senior Vice President, Neuberger Berman, since 2007; Chief Compliance Officer, NB Management, since 2006; Chief Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Senior Vice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006; formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc., 2003 to 2007; formerly, Chief Compliance Officer, Lehman Brothers Alternative Investment Management LLC, 2003 to 2007.
|
|
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
|
(2)
|
Pursuant to the By-Laws of the Trust, each officer elected by the Fund Trustees shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serve at the pleasure of the Fund Trustees and may be removed at any time with or without cause.
|
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
Name and Position with the Trust
|
Aggregate Compensation
from the Trust
|
Total Compensation from
Investment Companies in the
Neuberger Berman
Fund Complex Paid to Fund
Trustees |
Independent Fund Trustees
|
||
John Cannon**
Trustee
|
$6,048
|
$135,978
|
Faith Colish
Trustee
|
$7,441
|
$160,000
|
Martha C. Goss
Trustee
|
$6,989
|
$150,000
|
C. Anne Harvey***
Trustee
|
$6,989
|
$150,000
|
Robert A. Kavesh**
Trustee
|
$6,040
|
$135,625
|
Michael M. Knetter
Trustee
|
$7,441
|
$160,000
|
Name and Position with the Trust
|
Aggregate Compensation
from the Trust
|
Total Compensation from
Investment Companies in the
Neuberger Berman
Fund Complex Paid to Fund
Trustees |
Howard A. Mileaf
Trustee
|
$7,433
|
$159,647
|
George W. Morriss
Trustee
|
$7,441
|
$160,000
|
Edward I. O’Brien**
Trustee
|
$6,040
|
$135,625
|
Jack L. Rivkin*
Trustee
|
$7,441
|
$160,000
|
Cornelius T. Ryan**
Trustee
|
$6,040
|
$135,625
|
Tom D. Seip
Chairman of the Board and
Trustee
|
$8,571
|
$185,000
|
Candace L. Straight
Trustee
|
$7,441
|
$160,000
|
Peter P. Trapp
Trustee
|
$7,893
|
$170,000
|
Fund Trustees who are “Interested Persons”
|
||
Joseph V. Amato
Trustee
|
$0
|
$0
|
Robert Conti
President, Chief Executive
Officer and Trustee
|
$0
|
$0
|
Name of Fund Trustee
|
Aggregate Dollar Range of Equity Securities Held in all
Registered Investment Companies Overseen by Fund
Trustee in Family of Investment Companies* |
Independent Fund Trustees
|
|
Faith Colish
|
E
|
Martha C. Goss
|
E
|
Michael M. Knetter
|
E
|
Howard A. Mileaf
|
E
|
George W. Morriss
|
E
|
Jack L. Rivkin**
|
E
|
Tom D. Seip
|
E
|
Candace L. Straight
|
E
|
Peter P. Trapp
|
E
|
Fund Trustees who are “Interested Persons”
|
|
Joseph V. Amato
|
E
|
Robert Conti
|
E
|
Management and Administration Fees
Accrued for Fiscal Period Ended October 31,
|
|
Class
|
2012
|
Class A
|
$6,810*
|
Class C
|
$858*
|
Institutional
|
$222,048*
|
Fund
|
Class
|
Limitation Period
|
Expense
Limitation*
|
Absolute Return Multi-
Manager
|
Institutional
|
10/31/2016
|
1.97%
|
A
|
10/31/2016
|
2.33%
|
|
C
|
10/31/2016
|
3.08%
|
Expenses Reimbursed for Fiscal Period
Ended October 31,
|
|
Class
|
2012*
|
Class A
|
$24,960
|
Class C
|
$4,503
|
Institutional Class
|
$816,372
|
Portfolio Manager
|
Fund Managed
|
Eric Weinstein
|
Neuberger Berman
Absolute Return Multi-Manager
Fund
|
Jeff Majit
|
Neuberger Berman
Absolute Return Multi-Manager
Fund
|
Fred Ingham
|
Neuberger Berman
Absolute Return Multi-Manager
Fund
|
David Kupperman
|
Neuberger Berman
Absolute Return Multi-Manager
Fund
|
Ian Haas
|
Neuberger Berman
Absolute Return Multi-Manager
Fund
|
Type of Account
|
Number of Accounts Managed
|
Total Assets Managed
($ millions)
|
Number of Accounts Managed for which Advisory Fee is Performance-Based
|
Assets Managed for which Advisory Fee is Performance-Based
($ millions)
|
||||||||||||
Eric Weinstein
|
||||||||||||||||
Registered Investment Companies*
|
0 | 0 | 0 | 0 | ||||||||||||
Other Pooled Investment Vehicles
|
26 | 1,586 | 20 | 1,581 | ||||||||||||
Other Accounts**
|
4 | 1,078 | 1 | 558 | ||||||||||||
Jeff Majit
|
||||||||||||||||
Registered Investment Companies*
|
0 | 0 | 0 | 0 | ||||||||||||
Other Pooled Investment Vehicles
|
26 | 1,586 | 20 | 1,581 | ||||||||||||
Other Accounts**
|
4 | 1,078 | 1 | 558 | ||||||||||||
Fred Ingham
|
||||||||||||||||
Registered Investment Companies*
|
0 | 0 | 0 | 0 | ||||||||||||
Other Pooled Investment Vehicles
|
26 | 1,586 | 20 | 1,581 | ||||||||||||
Other Accounts**
|
4 | 1,078 | 1 | 558 | ||||||||||||
David Kupperman
|
||||||||||||||||
Registered Investment Companies*
|
0 | 0 | 0 | 0 | ||||||||||||
Other Pooled Investment Vehicles
|
0 | 0 | 0 | 0 | ||||||||||||
Other Accounts**
|
0 | 0 | 0 | 0 | ||||||||||||
Ian Hass
|
||||||||||||||||
Registered Investment Companies*
|
0 | 0 | 0 | 0 | ||||||||||||
Other Pooled Investment Vehicles
|
26 | 1,586 | 20 | 1,581 | ||||||||||||
Other Accounts**
|
4 | 1,078 | 1 | 558 |
A = None
|
E = $100,001-$500,000
|
B = $1-$10,000
|
F = $500,001-$1,000,000
|
C = $10,001 - $50,000
|
G = Over $1,000,001
|
D =$50,001-$100,000
|
Fiscal Period Ended
October 31,
|
|
2012*
|
|
Class A
|
$753
|
Fiscal Period Ended
October 31,
|
|
2012*
|
|
Class C
|
$381
|
1.
|
current or retired directors, trustees, and officers of the Neuberger Berman Funds, current or retired employees and partners of NB Management or Neuberger Berman and its affiliated companies, certain family members and employees of the above persons, and trusts or plans primarily for such persons;
|
|
2.
|
currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in- law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with the Distributor (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
|
|
3.
|
currently registered investment advisers (“RIAs”) and assistants directly employed by such RIAs, retired RIAs with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the
|
Fund, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
|
||
4.
|
companies exchanging securities with the Fund through a merger, acquisition or exchange offer;
|
|
5.
|
insurance company separate accounts;
|
|
6.
|
accounts managed by NB Management or Neuberger Berman and its affiliated companies;
|
|
7.
|
NB Management or Neuberger Berman and its affiliated companies;
|
|
8.
|
an individual or entity with a substantial business relationship with NB Management or Neuberger Berman and its affiliated companies, or an individual or entity related or relating to such individual or entity that holds its shares directly with the Fund;
|
|
9.
|
wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts of insurance companies that have a participation agreement with NB Management and whose underlying investments are managed by NB Management or Neuberger Berman and its affiliated companies and that hold their shares directly with the Fund;
|
|
10.
|
directors, officers and employees of institutions that have a selling agreement with the Distributor;
|
|
11.
|
banks, broker-dealers and other financial institutions (including registered investment advisors and financial planners) that have entered into an agreement with the Distributor or one of its affiliates, purchasing shares on behalf of clients participating in a fund supermarket or in a wrap program, asset allocation program or other program in which the clients pay an asset-based fee;
|
|
12.
|
clients of authorized dealers purchasing shares in fixed or flat fee brokerage accounts;
|
|
13.
|
Employer-sponsored defined contribution – type plans, including 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans, and
individual retirement account (“
IRA”) rollovers involving retirement plan assets invested in the funds and transferred in-kind to an IRA held at a financial intermediary that has an agreement with the Distributor to service such accounts;
|
|
14.
|
Employee benefit and retirement plans for NB Management and its affiliates
; and
|
15.
|
Certain IRAs that are part of an IRA platform sponsored by a financial intermediary that has an agreement with the Distributor, which specifically provides that the Fund’s shares are offered at NAV on such IRA platform.
|
● |
redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase Fund shares in an IRA or other individual-type retirement account;
|
|
● |
required minimum distributions from an IRA or other individual-type retirement account used to purchase Fund shares in a non-retirement account; and
|
|
● |
death distributions paid to a beneficiary’s account that are used by the beneficiary to purchase Fund shares in a different account.
|
Class
|
Name & Address
|
Percent Owned
|
Class A
|
Charles Schwab & Co Inc
Attn Mutual Funds
101 Montgomery St
San Francisco, CA 941014
|
7.98%
|
Class
|
Name & Address
|
Percent Owned
|
Pershing LLC
Attn Mutual Funds
P.O. Box 2052
Jersey City, NJ 07303
|
5.07%
|
|
Class C
|
Pershing LLC
Attn Mutual Funds
P.O. Box 2052
Jersey City, NJ 07303
|
11.17%
|
Neuberger Berman LLC*
605 Third Ave
New York, NY 10158
|
5.25%
|
|
Institutional Class
|
Charles Schwab & Co Inc
Attn Mutual Funds
101 Montgomery St
San Francisco, CA 941014
|
67.08%
|
Brown Brothers Harriman & Co
As Custodian
525 Washington Blvd
Jersey City, NY 07310
|
9.60%
|
|
Pershing LLC
Attn Mutual Funds
P.O. Box 2052
Jersey City, NJ 07303
|
7.97%
|
|
National Financial Services LLC
Attn Mutual Funds
200 Liberty St
New York, NY 10281
|
7.19%
|
● |
individual-type employee benefit plans, such as an IRA, individual 403(b) plan (see exception in “Purchases by certain 403(b) plans” under “Sales Charges”) or single-participant Keogh-type plan;
|
● |
business accounts solely controlled by you or your immediate family (for example, you own the entire business);
|
● |
trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct the Fund’s transfer agent to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s own accounts);
|
● |
endowments or foundations established and controlled by you or your immediate family; or
|
● |
529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).
|
● |
for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;
|
● |
made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;
|
● |
for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating Fund shares;
|
● |
for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations; or
|
● |
for individually established participant accounts of a 403(b) plan that is treated similarly to an employer-sponsored plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales Charges” above), or made for two or more such 403(b) plans that are treated similarly to employer-sponsored plans for sales charge purposes, in each case of a single employer or affiliated employers as defined in the 1940 Act.
|
● |
redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Fund’s transfer agent of the other joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Fund’s transfer agent is notified of the death of a joint tenant will be subject to a CDSC;
|
● |
tax-free returns of excess contributions to IRAs;
|
● |
permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent deferred sales charge would apply to the initial shares purchased;
|
● |
distributions from an IRA upon the shareholder’s attainment of age 59-1/2;
|
● |
IRA rollover from a fund in the fund family held in a employer sponsored retirement plan to Class A shares; and
|
● |
redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document.
|
● |
Required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70-1/2 (required minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a waiver).
|
● |
Redemptions through a systematic withdrawal plan (SWP). For each SWP payment, assets that are not subject to a CDSC, such as appreciation on shares and shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular SWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through a SWP will also count toward the 12% limit. In the case of a SWP, the 12% limit is calculated at the time a systematic redemption is first made, and is recalculated at the time each additional systematic redemption is made. Shareholders who establish a SWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.
|
● |
Purchases where the Distributor pays no commission or transaction fee to authorized dealers.
|
For purposes of this paragraph, “account” means:
|
|
● |
in the case of Class A shares, your investment in Class A shares of all funds in the fund family; and
|
● |
in the case of Class C shares, your investment in Class C shares of the particular fund from which you are making the redemption.
|
1.
|
Scope of Policy
- This Proxy Voting Policy has been adopted by certain of the investment advisory subsidiaries of The Bank of New York Mellon Corporation (“BNY Mellon”), the investment companies advised by such subsidiaries (the “Funds”), and certain of the banking subsidiaries of BNY Mellon (BNY Mellon’s participating investment advisory and banking subsidiaries are hereinafter referred to individually as a “Subsidiary” and collectively as the “Subsidiaries”).
|
2.
|
Fiduciary Duty
- We recognize that an investment adviser is a fiduciary that owes its clients a duty of utmost good faith and full and fair disclosure of all material facts. We further recognize that the right to vote proxies is an asset, just as the economic investment represented by the shares is an asset. An investment adviser's duty of loyalty precludes the adviser from subrogating its clients' interests to its own. Accordingly, in voting proxies, we will seek to act solely in the best financial and economic interests of our clients, including the Funds and their shareholders, and for the exclusive benefit of pension and other employee benefit plan participants. With regard to voting proxies of foreign companies, a Subsidiary weighs the cost of voting, and potential inability to sell, the shares against the benefit of voting the shares to determine whether or not to vote.
|
3.
|
Long-Term Perspective
- We recognize that management of a publicly-held company may need protection from the market’s frequent focus on short-term considerations, so as to be able to concentrate on such long-term goals as productivity and development of competitive products and services.
|
4.
|
Limited Role of Shareholders
- We believe that a shareholder’s role in the governance of a publicly-held company is generally limited to monitoring the performance of the company and its managers and voting on matters which properly come to a shareholder vote. We will carefully review proposals that would limit shareholder control or could affect shareholder values.
|
5.
|
Anti-takeover Proposals
- We generally will oppose proposals that seem designed to insulate management unnecessarily from the wishes of a majority of the shareholders and that would lead to a determination of a company’s future by a minority of its shareholders. We will generally support proposals that seem to have as their primary purpose providing management with temporary or short-term insulation from outside influences so as to enable them to bargain effectively with potential suitors and otherwise achieve identified long-term goals to the extent such proposals are discrete and not bundled with other proposals.
|
6.
|
“
Social” Issues
- On questions of social responsibility where economic performance does not appear to be an issue, we will attempt to ensure that management reasonably responds to the social issues. Responsiveness will be measured by management's efforts to address the particular social issue including, where appropriate, assessment of the implications of the proposal to the ongoing operations of the company. We will pay particular attention to repeat issues where management has failed in the intervening period to take actions previously committed to.
|
With respect to clients having investment policies that require proxies to be cast in a certain manner on particular social responsibility issues, proposals relating to such issues will be evaluated and voted separately by the client’s portfolio manager in accordance with such policies, rather than pursuant to the procedures set forth in section 7.
|
|
7.
|
Proxy Voting Process
- Every voting proposal is reviewed, categorized and analyzed in accordance with our written guidelines in effect from time to time. Our guidelines are reviewed periodically and updated as necessary to reflect new issues and any changes in our policies on specific issues. Items that can be categorized will be voted in accordance with any applicable guidelines or referred to the BNY Mellon Proxy Policy Committee (the “Committee”), if the applicable guidelines so require. Proposals, for which a guideline has not yet been established, for example, new proposals arising from emerging economic or regulatory issues, will be referred to the Committee for discussion and vote. Additionally, the Committee may elect to review any proposal where it has identified a particular issue for special scrutiny in light of new information.
The Committee will also consider specific interests and issues raised by a Subsidiary to the Committee, which interests and issues may require that a vote for an account managed by a Subsidiary be cast differently from the collective vote in order to act in the best interests of such account's beneficial owners.
|
8.
|
Material Conflicts of Interest
- We recognize our duty to vote proxies in the best interests of our clients. We seek to avoid material conflicts of interest through the establishment of our Committee structure, which applies detailed, pre-determined proxy voting guidelines in an objective and consistent manner across client accounts, based on internal and external research and recommendations provided by a third party vendor, and without consideration of any client relationship factors. Further, we engage a third party as an independent fiduciary to vote all proxies for BNY Mellon securities and Fund securities, and may engage an independent fiduciary to vote proxies of other issuers in our discretion.
|
9.
|
Securities Lending
- We seek to balance the economic benefits of engaging in lending securities against the inability to vote on proxy proposals to determine whether to recall shares, unless a plan fiduciary retains the right to direct us to recall shares.
|
10.
|
Recordkeeping
- We will keep, or cause our agents to keep, the records for each voting proposal required by law.
|
11.
|
Disclosure
- We will furnish a copy of this Proxy Voting Policy and any related procedures, or a description thereof, to investment advisory clients as required by law. In addition, we will furnish a copy of this Proxy Voting Policy, any related procedures, and our voting guidelines to investment advisory clients upon request. The Funds shall disclose their proxy voting policies and procedures and their proxy votes as required by law. We recognize that the applicable trust or account document, the applicable client agreement, the Employee Retirement Income Security Act of 1974 (ERISA) and certain laws may require disclosure of other information relating to proxy voting in certain circumstances. This information will only be disclosed to those who have an interest in the account for which shares are voted, and after the shareholder meeting has concluded.
|
12.
|
Charter
– We maintain a Charter which lists the Committee’s responsibilities and duties, membership, voting and non-voting members, quorum, meeting schedule and oversight mapping to the BNY Mellon Fiduciary Risk Management Committee.
|
•
|
An auditor has a financial interest in or association with the company, and is therefore not independent.
|
|
•
|
Fees for non-audit services are excessive, or
|
|
•
|
There is reason to believe that the independent auditor has rendered an opinion which is neither accurate nor indicative of the company’s financial position.
|
|
-
|
Operations
|
|
-
|
Proxy Department
|
|
-
|
Investment professional assigned to the account
|
|
● |
Shareholder Vote Instruction Forms (“VIFs”) - Issued by Broadridge Financial Solutions, Inc. (“Broadridge”). Broadridge is an outside service contracted by the various institutions to issue proxy materials.
|
|
● |
Proxy cards which may be voted directly.
|
|
Security Name and Cusip Number
|
|
Date and Type of Meeting (Annual, Special, Contest)
|
|
Client Name
|
|
Adviser or Fund Account Number
|
|
Directors’ Recommendation
|
|
How the Adviser voted for the client on item
|
|
● |
When a solicitor has been retained, the solicitor is called. At the solicitor’s direction, the proxy is faxed.
|
|
● |
In some circumstances VIFs can be faxed to Broadridge up until the time of the meeting.
|
|
● |
Banks and brokerage firms using the services at Broadridge:
|
Broadridge is notified that we wish to vote in person. Broadridge issues individual legal proxies and sends them back via email or overnight (or the Adviser can pay messenger charges). A lead-time of at least two weeks prior to the meeting is needed to do this. Alternatively, the procedures detailed below for banks not using Broadridge may be implemented.
|
|
● |
Banks and brokerage firms issuing proxies directly:
|
● |
Historical responsiveness to shareholders
|
|
This may include such areas as:
|
||
-Paying greenmail
|
||
-Failure to adopt shareholder resolutions receiving a majority of shareholder votes
|
||
● |
Qualifications
|
|
● |
Nominating committee in place
|
|
● |
Number of outside directors on the board
|
|
● |
Attendance at meetings
|
|
● |
Overall performance
|
|
● |
Future use of additional shares
|
|
-Stock split
|
||
-Stock option or other executive compensation plan
|
||
-Finance growth of company/strengthen balance sheet
|
||
-Aid in restructuring
|
||
-Improve credit rating
|
||
-Implement a poison pill or other takeover defense
|
||
● |
Amount of stock currently authorized but not yet issued or reserved for stock option plans
|
|
● |
Amount of additional stock to be authorized and its dilutive effect
|
● |
State of Incorporation
|
● |
Management history of responsiveness to shareholders
|
● |
Other mitigating factors
|
● |
Dilution of voting power or earnings per share by more than 10%.
|
● |
Kind of stock to be awarded, to whom, when and how much.
|
● |
Method of payment.
|
● |
Amount of stock already authorized but not yet issued under existing stock plans.
|
● |
The successful steps taken by management to maximize shareholder value.
|
› |
Proxy votes are solicited by an issuer who has an account relationship with the Adviser;
|
› |
Proxy votes are solicited by an issuer that has a material business relationship with the Adviser;
|
› |
A proponent of a proxy proposal has a business relationship with the Adviser (e.g., a pension fund or an employee group for which the Adviser manages money);
|
› |
The Adviser has material business relationships with participants in proxy contests, corporate directors, or candidates; or
|
› |
An employee of the Adviser may have a personal interest in the outcome of a particular matter.
|
●
|
If the effect on the client’s economic interests or the value of the portfolio holding is indeterminable or insignificant;
|
|
●
|
If the cost of voting the proxy outweighs the possible benefit to the client; or
|
|
●
|
If a jurisdiction imposes share blocking restrictions which prevent the Firm from trading shares.
|
●
|
Manages the issuer’s or proponent’s pension plan;
|
|
●
|
Administers the issuer’s or proponent’s employee benefit plan;
|
|
●
|
Provided brokerage, underwriting, insurance or banking services to the issuer or proponent; or
|
|
●
|
Manages money for an employee group.
|
|
●
|
An executive of the issuer or proponent;
|
|
●
|
A director of the issuer or proponent;
|
|
●
|
A person who is a candidate to be a director of the issuer;
|
|
●
|
A participant in the proxy contest; or
|
|
●
|
A proponent of a proxy proposal.
|
|
·
|
The percentage of outstanding securities of the issuer held on behalf of clients by the Firm.
|
|
·
|
The nature of the relationship of the issuer or proponent with the Firm, its affiliates or its executive officers.
|
|
·
|
Whether there has been any attempt to directly or indirectly influence the portfolio manager’s decision.
|
|
·
|
Whether the direction (for or against) of the proposed vote would appear to benefit the Firm or a related party.
|
|
·
|
Whether an objective decision to vote in a certain way will still create a strong appearance of a Conflict.
|
|
·
|
The name of the issuer of the security;
|
·
|
The security’s exchange ticker symbol;
|
·
|
The security’s CUSIP number;
|
·
|
The shareholder meeting date;
|
·
|
A brief identification of the matter voted on;
|
·
|
Whether the matter was proposed by the issuer or by a security holder;
|
·
|
Whether MacKay Shields cast its vote on the matter on behalf of the client;
|
·
|
How MacKay Shields voted on behalf of the client; and
|
·
|
Whether MacKay Shields voted for or against management on behalf of the client.
|
·
|
A copy of the Policy and MacKay’s Standard Guidelines and Custom Guidelines;
|
·
|
A copy of each proxy statement received by MacKay Shields or forwarded to ISS by the client’s custodian regarding client securities;
|
·
|
A record of each vote cast by MacKay Shields on behalf of a client;
|
·
|
A copy of all documents created by MacKay Shields that were material to making a decision on the proxy voting (or abstaining from voting) of client securities or that memorialize the basis for that decision including the resolution of any Conflict, a copy of all guideline override requests and all supporting documents; and
|
·
|
A copy of each written request by a client for information on how MacKay Shields voted proxies on behalf of the client, as well as a copy of any written
|
response by MacKay Shields to any request by a client for information on how MacKay Shields voted proxies on behalf of the client; records of oral requests for information or oral responses will not be kept.
|
|
Exhibit A
|
-
|
Summary of Standard Guidelines for non-union clients
|
Exhibit B
|
-
|
Summary of Standard Guidelines for union clients (Taft-Hartley)
|
Schedule C
|
-
|
Proxy Vote Override/Decision Form
|
(i)
|
a copy of this Policy;
|
|
(ii)
|
a copy of each proxy statement received by Sound Point regarding Securities held on behalf of its Clients;
|
|
(iii)
|
a record of each vote cast by Sound Point on behalf of its Clients;
|
|
(iv)
|
a copy of any documents prepared by Sound Point that were material to making a decision how to vote, or that memorialized the basis for such decision; and
|
|
(v)
|
a copy of each written request received from a Client as to how Sound Point voted proxies on its behalf, and a copy of any written response from Sound Point to any (written or oral) Client request for information on how Sound Point voted proxies on its behalf.
|
|
●
|
the impact on the value of the securities;
|
●
|
the anticipated costs and benefits associated with the proposal;
|
●
|
the effect on liquidity; and
|
●
|
customary industry and business practices.
|
TABLE OF CONTENTS | |||
Page | |||
INVESTMENT INFORMATION
|
3
|
||
Investment Policies and Limitations
|
3
|
||
Cash Management and Temporary Defensive Positions
|
6
|
||
Additional Investment Information
|
6
|
||
PERFORMANCE INFORMATION
|
58
|
||
TRUSTEES AND OFFICERS
|
58
|
||
Information about the Board of Trustees
|
58
|
||
Information about the Officers of the Trust
|
65
|
||
INVESTMENT MANAGEMENT AND ADMINISTRATION SERVICES
|
77
|
||
Investment Manager and Administrator
|
77
|
||
Management and Administration Fees
|
79
|
||
Contractual Expense Limitations
|
80
|
||
Sub-Adviser
|
81
|
||
Portfolio Manager Information
|
81
|
||
Other Investment Companies Managed
|
85
|
||
Codes of Ethics
|
86
|
||
Management and Control of NB Management and NBFI
|
86
|
||
DISTRIBUTION ARRANGEMENTS
|
87
|
||
Distributor |
87
|
||
Revenue Sharing
|
89
|
||
Distribution Plan (Class A Only)
|
90
|
||
Distribution Plan (Class C Only)
|
90
|
||
Distribution Plan (Class A and Class C)
|
91
|
||
ADDITIONAL PURCHASE INFORMATION
|
92
|
||
Share Prices and Net Asset Value
|
92
|
||
Subscriptions in Kind
|
94
|
||
Financial Intermediaries
|
94
|
||
Automatic Investing and Dollar Cost Averaging
|
94
|
||
Sales Charges
|
94
|
||
ADDITIONAL EXCHANGE INFORMATION
|
97
|
||
ADDITIONAL REDEMPTION INFORMATION
|
98
|
||
Suspension of Redemptions
|
98
|
||
Redemptions in Kind
|
99
|
||
Abandoned Property
|
99
|
||
CONVERSION INFORMATION
|
99
|
||
DIVIDENDS AND OTHER DISTRIBUTIONS
|
99
|
||
ADDITIONAL TAX INFORMATION
|
100
|
||
Taxation of the Fund
|
100
|
||
Taxation of the Fund’s Shareholders
|
105
|
||
FUND TRANSACTIONS
|
107
|
||
Expense Offset Arrangement
|
110
|
||
Portfolio Turnover
|
110
|
||
Proxy Voting
|
110
|
||
PORTFOLIO HOLDINGS DISCLOSURE
|
112
|
||
Portfolio Holdings Disclosure Policy
|
112
|
||
Portfolio Holdings Disclosure Procedures
|
112
|
||
Portfolio Holdings Approved Recipients
|
113
|
||
REPORTS TO SHAREHOLDERS
|
114
|
||
ORGANIZATION, CAPITALIZATION AND OTHER MATTERS
|
115
|
||
CUSTODIAN AND TRANSFER AGENT
|
116
|
||
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
116
|
||
LEGAL COUNSEL
|
116
|
||
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
|
116
|
||
REGISTRATION STATEMENT
|
116
|
||
FINANCIAL STATEMENTS
|
117
|
||
APPENDIX A – LONG-TERM AND SHORT-TERM DEBT SECURITIES RATING | |||
DESCRIPTIONS
|
A-1
|
||
APPENDIX B – SALES CHARGE REDUCTIONS AND WAIVERS
|
B-1
|
Name, (Year of
Birth), and Address (1) |
Position(s)
and Length of Time Served (2) |
Principal Occupation(s)
(3)
|
Number of
Funds in Fund Complex Overseen by Fund Trustee |
Other Directorships
Held Outside Fund Complex by Fund Trustee (3) |
Independent Fund Trustees
|
||||
Faith Colish (1935)
|
Trustee since inception
|
Counsel, Carter Ledyard & Milburn LLP (law firm) since October 2002; formerly, Attorney-at-Law and President, Faith Colish, A Professional Corporation, 1980 to 2002.
|
50
|
Formerly, Director, 1997 to 2003, and Advisory Director, 2003 to 2006, ABA Retirement Funds (formerly, American Bar Retirement Association) (not-for-profit membership corporation).
|
Name, (Year of
Birth), and Address (1) |
Position(s)
and Length of Time Served (2) |
Principal Occupation(s)
(3)
|
Number of
Funds in Fund Complex Overseen by Fund Trustee |
Other Directorships
Held Outside Fund Complex by Fund Trustee (3) |
Martha C. Goss (1949)
|
Trustee since 2007
|
President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; Chief Operating and Financial Officer, Hopewell Holdings LLC/ Amwell Holdings, LLC (a holding company for investments in the healthcare sector), since 2003; formerly, Consultant, Resources Connection (temporary staffing), 2002 to 2006.
|
50
|
Director, American Water (water utility), since 2003; Director, Channel Reinsurance (financial guaranty reinsurance), 2006 to 2010; Director, Allianz Life of New York (insurance), since 2005; Director, Financial Women’s Association of New York (not-for-profit association), since 2003; Trustee Emerita, Brown University, since 1998; formerly, Director, Ocwen Financial Corporation (mortgage servicing), 2005 to 2010; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Director, Claire’s Stores, Inc. (retailer), 2005 to 2007.
|
Name, (Year of
Birth), and Address (1) |
Position(s)
and Length of Time Served (2) |
Principal Occupation(s)
(3)
|
Number of
Funds in Fund Complex Overseen by Fund Trustee |
Other Directorships
Held Outside Fund Complex by Fund Trustee (3) |
Michael M. Knetter (1960)
|
Trustee since 2007
|
President and Chief Executive Officer, University of Wisconsin Foundation, since October 2010; formerly, Dean, School of Business, University of Wisconsin - Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business - Dartmouth College, 1998 to 2002.
|
50
|
Director, American Family Insurance (a mutual company, not publicly traded), since March 2009; formerly, Trustee, Northwestern Mutual Series Fund, Inc., 2007 to 2010; formerly, Director, Wausau Paper, 2005 to 2011; formerly, Director, Great Wolf Resorts, 2004 to 2009.
|
Howard A. Mileaf (1937)
|
Trustee since inception
|
Retired; formerly, Vice President and General Counsel, WHX Corporation (holding company), 1993 to 2001.
|
50
|
Formerly, Director, Webfinancial Corporation (holding company), 2002 to 2008; formerly, Director, WHX Corporation (holding company), 2002 to 2005; formerly, Director, State Theatre of New Jersey (not-for-profit theatre), 2000 to 2005.
|
George W. Morriss (1947)
|
Trustee since 2007
|
Adjunct Faculty Member, Columbia University School of International Policy and Administration, since October 2012; formerly, Executive Vice President and Chief Financial Officer, People’s Bank, Connecticut (a financial services company), 1991 to 2001.
|
50
|
Formerly, Manager, Larch Lane Multi-Strategy Fund complex (which consisted of three funds), 2006 to 2011; formerly, Member, NASDAQ Issuers’ Affairs Committee, 1995 to 2003.
|
Name, (Year of
Birth), and Address (1) |
Position(s)
and Length of Time Served (2) |
Principal Occupation(s)
(3)
|
Number of
Funds in Fund Complex Overseen by Fund Trustee |
Other Directorships
Held Outside Fund Complex by Fund Trustee (3) |
Jack L. Rivkin (1940)
|
Trustee since inception; President inception to 2008
|
Formerly, Executive Vice President and Chief Investment Officer, Neuberger Berman Holdings LLC (holding company), 2002 to August 2008 and 2003 to August 2008, respectively; formerly, Managing Director and Chief Investment Officer, Neuberger Berman, December 2005 to August 2008 and 2003 to August 2008, respectively; formerly, Executive Vice President, Neuberger Berman, December 2002 to 2005; formerly, Director and Chairman, NB Management, December 2002 to August 2008; formerly, Executive Vice President, Citigroup Investments, Inc., September 1995 to February 2002; formerly, Executive Vice President, Citigroup Inc., September 1995 to February 2002.
|
50
|
Director, Idealab (private company), since 2009; Director, Distributed World Power (private company), since 2009; Director, Dale Carnegie and Associates, Inc. (private company), since 1999; Director, Solbright, Inc. (private company), since 1998; Director, SA Agricultural Fund, since 2009; Chairman and Director, Essential Brands (consumer products) since 2008; formerly, Director, New York Society of Security Analysts, 2006 to 2008.
|
Tom D. Seip (1950)
|
Trustee since inception; Chairman of the Board since 2008; Lead Independent Trustee 2006 to 2008
|
General Partner, Ridgefield Farm LLC (a private investment vehicle); formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.
|
50
|
Director, H&R Block, Inc. (financial services company), since May 2001; Chairman, Governance and Nominating Committee, H&R Block, Inc., since 2011; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.
|
Name, (Year of
Birth), and Address (1) |
Position(s)
and Length of Time Served (2) |
Principal Occupation(s)
(3)
|
Number of
Funds in Fund Complex Overseen by Fund Trustee |
Other Directorships
Held Outside Fund Complex by Fund Trustee (3) |
Candace L. Straight (1947)
|
Trustee since inception
|
Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to December 2003.
|
50
|
Public Member, Board of Governors and Board of Trustees, Rutgers University, since 2011; Director, Montpelier Re Holdings Ltd. (reinsurance company), since 2006; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.
|
Peter P. Trapp (1944)
|
Trustee since inception
|
Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.
|
50
|
None.
|
Name, (Year of
Birth), and Address (1) |
Position(s)
and Length of Time Served (2) |
Principal Occupation(s)
(3)
|
Number of
Funds in Fund Complex Overseen by Fund Trustee |
Other Directorships
Held Outside Fund Complex by Fund Trustee (3) |
Fund Trustees who are “Interested Persons”
|
||||
Joseph V. Amato*
(1962)
|
Trustee since 2009
|
President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger Berman and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer, Neuberger Berman, since 2009; Chief Investment Officer (Equities) and Managing Director, NB Management, since 2009; Managing Director, NBFI, since 2007;
Board member of NBFI since 2006; formerly, Global Head of Asset Management of Lehman Brothers Holdings Inc.’s (“LBHI”) Investment Management Division, 2006 to 2009; formerly, member of LBHI’s Investment Management Division's Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. (“LBI”), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI's Equity Sales and a Member of its Equities Division Executive Committee, 2003 to 2005.
|
50
|
Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007.
|
Name, (Year of
Birth), and Address (1) |
Position(s)
and Length of Time Served (2) |
Principal Occupation(s)
(3)
|
Number of
Funds in Fund Complex Overseen by Fund Trustee |
Other Directorships
Held Outside Fund Complex by Fund Trustee (3) |
Robert Conti* (1956)
|
Chief Executive Officer, President and Trustee since 2008; prior thereto, Executive Vice President in 2008 and Vice President inception to 2008
|
Managing Director, Neuberger Berman, since 2007; formerly, Senior Vice President, Neuberger Berman, 2003 to 2006; formerly, Vice President, Neuberger Berman, 1999 to 2003; President and Chief Executive Officer, NB Management, since 2008; formerly, Senior Vice President, NB Management, 2000 to 2008; Managing Director, NBFI, since 2009.
|
50
|
Director, Staten Island Mental Health Society, since 1994; formerly, Chairman of the Board, Staten Island Mental Health Society, 2008 to 2011.
|
|
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
|
(2)
|
Pursuant to the Trust’s Trust Instrument, each of these Fund Trustees shall hold office for life or until his or her successor is elected or the Trust terminates; except that (a) any Fund Trustee may resign by delivering a written resignation; (b) any Fund Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the other Fund Trustees; (c) any Fund Trustee who requests to be retired, or who has become unable to serve, may be retired by a written instrument signed by a majority of the other Fund Trustees; and (d) any Fund Trustee may be removed at any shareholder meeting by a vote of at least two-thirds of the outstanding shares.
|
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
|
*
|
Indicates a Fund Trustee who is an “interested person” within the meaning of the 1940 Act. Mr. Amato and Mr. Conti are interested persons of the Trust by virtue of the fact that each is an officer of NB Management and/or its affiliates.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Andrew B. Allard (1961)
|
Chief Legal Officer since 2013 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) and Anti-Money Laundering Compliance Officer since inception
|
Senior Vice President, Neuberger Berman, since 2006 and Employee since 1999; Deputy General Counsel, Neuberger Berman, since 2004; formerly, Vice President, Neuberger Berman, 2000 to 2005; formerly, Employee, NB Management, 1994 to 1999; Chief Legal Officer since 2013 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) and Anti-Money Laundering Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Claudia A. Brandon (1956)
|
Executive Vice President since 2008 and Secretary since inception
|
Senior Vice President, Neuberger Berman, since 2007 and Employee since 1999; Senior Vice President, NB Management, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly, Vice President-Mutual Fund Board Relations, NB Management, 2000 to 2008; formerly, Vice President, NB Management, 1986 to 1999 and Employee 1984 to 1999; Executive Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008); Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (three since 1985, three since 2002, one since 2003, one since 2005 and one since 2006).
|
Anthony DiBernardo (1979)
|
Assistant Treasurer since 2011
|
Vice President, Neuberger Berman, since 2009; Employee, NB Management, since 2003; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2011).
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Sheila R. James (1965)
|
Assistant Secretary since inception
|
Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Assistant Vice President, Neuberger Berman, 2007; formerly, Employee, NB Management, 1991 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Brian Kerrane (1969)
|
Vice President since 2008
|
Senior Vice President, Neuberger Berman, since 2006; formerly, Vice President, Neuberger Berman, 2002 to 2006; Vice President, NB Management, since 2008 and Employee since 1991; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Kevin Lyons (1955)
|
Assistant Secretary since inception
|
Assistant Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Employee, NB Management, 1993 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (seven since 2003, one since 2005 and one since 2006).
|
Owen F. McEntee, Jr. (1961)
|
Vice President since 2008
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1992; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
John M. McGovern (1970)
|
Treasurer and Principal Financial and Accounting Officer since inception
|
Senior Vice President, Neuberger Berman, since 2007; formerly, Vice President, Neuberger Berman, 2004 to 2006; Employee, NB Management, since 1993; Treasurer and Principal Financial and Accounting Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Assistant Treasurer, eight registered investment companies for which NB Management acts as investment manager and administrator, 2002 to 2005.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Frank Rosato (1971)
|
Assistant Treasurer since inception
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1995; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006).
|
Neil S. Siegel (1967)
|
Vice President since 2008
|
Managing Director, NB Management, since 2008; Managing Director, Neuberger Berman, since 2006; formerly, Senior Vice President, Neuberger Berman, 2004 to 2006; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Chamaine Williams (1971)
|
Chief Compliance Officer since inception
|
Senior Vice President, Neuberger Berman, since 2007; Chief Compliance Officer, NB Management, since 2006; Chief Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Senior Vice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006; formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc., 2003 to 2007; formerly, Chief Compliance Officer, Lehman Brothers Alternative Investment Management LLC, 2003 to 2007.
|
|
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
|
(2)
|
Pursuant to the By-Laws of the Trust, each officer elected by the Fund Trustees shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serve at the pleasure of the Fund Trustees and may be removed at any time with or without cause.
|
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
Name and Position with the Trust
|
Aggregate
Compensation from the Trust |
Total Compensation from
Investment Companies in the Neuberger Berman Fund Complex Paid to Fund Trustees |
Independent Fund Trustees
|
||
John Cannon**
Trustee
|
$6,048
|
$135,978
|
Faith Colish
Trustee
|
$7,441
|
$160,000
|
Martha C. Goss
Trustee
|
$6,989
|
$150,000
|
C. Anne Harvey***
Trustee
|
$6,989
|
$150,000
|
Robert A. Kavesh**
Trustee
|
$6,040
|
$135,625
|
Michael M. Knetter
Trustee
|
$7,441
|
$160,000
|
Howard A. Mileaf
Trustee
|
$7,433
|
$159,647
|
George W. Morriss
Trustee
|
$7,441
|
$160,000
|
Edward I. O’Brien**
Trustee
|
$6,040
|
$135,625
|
Jack L. Rivkin*
Trustee
|
$7,441
|
$160,000
|
Cornelius T. Ryan**
Trustee
|
$6,040
|
$135,625
|
Tom D. Seip
Chairman of the Board and Trustee
|
$8,571
|
$185,000
|
Candace L. Straight
Trustee
|
$7,441
|
$160,000
|
Peter P. Trapp
Trustee
|
$7,893
|
$170,000
|
Fund Trustees who are “Interested Persons”
|
||
Joseph V. Amato
Trustee
|
$0
|
$0
|
Name and Position with the Trust
|
Aggregate
Compensation from the Trust |
Total Compensation from
Investment Companies in the Neuberger Berman Fund Complex Paid to Fund Trustees |
Robert Conti
President, Chief Executive Officer and Trustee |
$0
|
$0
|
Name of Fund Trustee
|
Aggregate Dollar Range of Equity Securities Held in all
Registered Investment Companies Overseen by Fund Trustee in Family of Investment Companies* |
Independent Fund Trustees
|
|
Faith Colish
|
E
|
Martha C. Goss
|
E
|
Michael M. Knetter
|
E
|
Howard A. Mileaf
|
E
|
George W. Morriss
|
E
|
Jack L. Rivkin**
|
E
|
Tom D. Seip
|
E
|
Candace L. Straight
|
E
|
Peter P. Trapp
|
E
|
Fund Trustees who are “Interested Persons”
|
|
Joseph V. Amato
|
E
|
Robert Conti
|
E
|
Management and Administration Fees
Accrued for Fiscal Years Ended October 31,
|
||
Class
|
2012
|
2011*
|
Class A
|
$43,712
|
$612
|
Class C
|
$6,008
|
$338
|
Institutional
|
$107,987
|
$51,165
|
Fund
|
Class
|
Limitation Period
|
Expense Limitation
|
Global Allocation
|
Institutional
|
10/31/2016
|
0.90%
|
A
|
10/31/2016
|
1.26%
|
|
C
|
10/31/2016
|
2.01%
|
Expenses Reimbursed for Fiscal Years
Ended October 31,
|
||
Class
|
2012
|
2011*
|
Class A
|
$125,936
|
$11,162
|
Class C
|
$19,134
|
$6,919
|
Institutional Class
|
$342,304
|
$894,111
|
Portfolio Manager
|
Fund Managed
|
Wai Lee
|
Neuberger Berman
Global Allocation
Fund
|
Bobby T. Pornrojnangkool
|
Neuberger Berman
Global Allocation
Fund
|
Alexandre Da Silva
|
Neuberger Berman
Global Allocation
Fund
|
Ping Zhou
|
Neuberger Berman
Global Allocation
Fund
|
Joseph V. Amato
|
Neuberger Berman
Global Allocation
Fund
|
Bradley Tank
|
Neuberger Berman
Global Allocation
Fund
|
Type of Account
|
Number of
Accounts
Managed
|
Total Assets
Managed
($ millions)
|
Number of Accounts
Managed for which
Advisory Fee is
Performance-Based
|
Assets Managed for
which Advisory Fee is
Performance-Based
($ millions)
|
Wai Lee
|
||||
Registered Investment Companies*
|
1
|
$5
|
0
|
N/A
|
Other Pooled Investment Vehicles
|
4
|
$212
|
3
|
$168
|
Other Accounts**
|
31
|
$2,842
|
12
|
$2,149
|
Bobby T. Pornrojnangkool
|
||||
Registered Investment Companies*
|
1
|
$5
|
0
|
N/A
|
Other Pooled Investment Vehicles
|
3
|
$168
|
3
|
$168
|
Other Accounts**
|
16
|
$2,397
|
6
|
$1,811
|
Alexandre Da Silva
|
||||
Registered Investment Companies*
|
1
|
$5
|
0
|
N/A
|
Other Pooled Investment Vehicles
|
0
|
N/A
|
0
|
N/A
|
Other Accounts**
|
19
|
$526
|
6
|
$337
|
Ping Zhou
|
||||
Registered Investment Companies*
|
1
|
$5
|
0
|
N/A
|
Other Pooled Investment Vehicles
|
0
|
N/A
|
0
|
N/A
|
Other Accounts**
|
7
|
$357
|
6
|
$337
|
Joseph V. Amato
|
||||
Registered Investment Companies*
|
-
|
-
|
-
|
-
|
Other Pooled Investment Vehicles
|
-
|
-
|
-
|
-
|
Other Accounts**
|
-
|
-
|
-
|
-
|
Bradley Tank
|
||||
Registered Investment Companies*
|
3
|
1,468
|
-
|
-
|
Other Pooled Investment Vehicles
|
1
|
364
|
-
|
-
|
Other Accounts**
|
6
|
1,803
|
2
|
$1,336
|
Portfolio Manager
|
Dollar Range of
Equity Securities Owned in the Fund |
Wai Lee
|
F
|
Bobby T. Pornrojnangkool
|
C
|
Alexandre Da Silva
|
C
|
Ping Zhou
|
B
|
Joseph V. Amato
|
C
|
Bradley Tank
|
A
|
A = None
|
E = $100,001-$500,000
|
B = $1-$10,000
|
F = $500,001-$1,000,000
|
C = $10,001 - $50,000
|
G = Over $1,000,001
|
D =$50,001-$100,000
|
Sales Charge Revenue
|
Deferred Sales Charge Revenue
|
||||
Fund
|
Fiscal
Year ended Oct. 31, |
Amount Paid
to Distributor |
Amount
Retained by Distributor |
Amount Paid
to Distributor |
Amount
Retained by Distributor |
Global Allocation
– Class A |
2012
|
$30,718
|
$5,588
|
-
|
-
|
2011*
|
-
|
-
|
-
|
-
|
|
Global Allocation
– Class C |
2012
|
-
|
-
|
$86
|
-
|
2011*
|
-
|
-
|
-
|
-
|
Fiscal Year Ended
October 31,
|
||
2012
|
2011*
|
|
Class A
|
$9,421
|
$132
|
Fiscal Year Ended
October 31,
|
||
2012
|
2011*
|
|
Class C
|
$5,178
|
$291
|
|
1.
|
current or retired directors, trustees, and officers of the Neuberger Berman Funds, current or retired employees and partners of NB Management or Neuberger Berman and its affiliated companies, certain family members and employees of the above persons, and trusts or plans primarily for such persons;
|
|
2.
|
currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in- law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with the Distributor (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
|
|
3.
|
currently registered investment advisers (“RIAs”) and assistants directly employed by such RIAs, retired RIAs with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the Fund, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
|
|
4.
|
companies exchanging securities with the Fund through a merger, acquisition or exchange offer;
|
|
5.
|
insurance company separate accounts;
|
|
6.
|
accounts managed by NB Management or Neuberger Berman and its affiliated companies;
|
|
7.
|
NB Management or Neuberger Berman and its affiliated companies;
|
|
8.
|
an individual or entity with a substantial business relationship with NB Management or Neuberger Berman and its affiliated companies, or an individual or entity related or relating to such individual or entity that holds its shares directly with the Fund;
|
|
9.
|
wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts of insurance companies that have a participation agreement with NB Management and whose underlying investments are managed by NB Management or Neuberger Berman and its affiliated companies and that hold their shares directly with the Fund;
|
|
10.
|
directors, officers and employees of institutions that have a selling agreement with the Distributor;
|
|
11.
|
banks, broker-dealers and other financial institutions (including registered investment advisors and financial planners) that have entered into an agreement with the Distributor or one of its affiliates, purchasing shares on behalf of clients participating in a fund supermarket or in a wrap program, asset allocation program or other program in which the clients pay an asset-based fee;
|
|
12.
|
clients of authorized dealers purchasing shares in fixed or flat fee brokerage accounts;
|
|
13.
|
Employer-sponsored defined contribution – type plans, including 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans, and individual retirement account (“IRA”) rollovers involving retirement plan assets invested in the Fund and transferred in-kind to an IRA held at a financial intermediary that has an agreement with the Distributor to service such accounts;
|
|
14.
|
Employee benefit and retirement plans for NB Management and its affiliates; and
|
|
15.
|
Certain IRAs that are part of an IRA platform sponsored by a financial intermediary that has an agreement with the Distributor which specifically provides that the Fund's shares are offered at NAV on such IRA platform.
|
|
●
|
redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase Fund shares in an IRA or other individual-type retirement account;
|
|
●
|
required minimum distributions from an IRA or other individual-type retirement account used to purchase Fund shares in a non-retirement account; and
|
|
●
|
death distributions paid to a beneficiary’s account that are used by the beneficiary to purchase Fund shares in a different account.
|
Class
|
Name & Address
|
Percent Owned
|
Class A
|
Raymond James Omnibus
880 Carillion Pkwy
St Petersburg FL 33716
Charles Schwab & Co. Inc
101 Montgomery St
San Francisco, CA 94104
|
51.37%
8.51%
|
Class C
|
Raymond James Omnibus
880 Carillion Pkwy
St Petersburg FL 33716
|
83.30%
|
Institutional Class
|
Charles Schwab & Co. Inc
101 Montgomery St
San Francisco, CA 94104
|
88.68%
|
LPL Financial
9785 Towne Centre Drive
San Diego, CA 92121
|
7.02%
|
|
●
|
individual-type employee benefit plans, such as an IRA, individual 403(b) plan (see exception in “Purchases by certain 403(b) plans” under “Sales Charges”) or single-participant Keogh-type plan;
|
|
●
|
business accounts solely controlled by you or your immediate family (for example, you own the entire business);
|
|
●
|
trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct the Fund’s transfer agent to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s own accounts);
|
|
●
|
endowments or foundations established and controlled by you or your immediate family; or
|
|
●
|
529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).
|
|
●
|
for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;
|
|
●
|
made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;
|
|
●
|
for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating Fund shares;
|
|
●
|
for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations; or
|
|
●
|
for individually established participant accounts of a 403(b) plan that is treated similarly to an employer-sponsored plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales Charges” above), or made for two or more such 403(b) plans that are treated similarly to employer-sponsored plans for sales charge purposes, in each case of a single employer or affiliated employers as defined in the 1940 Act.
|
|
●
|
redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Fund’s transfer agent of the other joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Fund’s transfer agent is notified of the death of a joint tenant will be subject to a CDSC;
|
|
●
|
tax-free returns of excess contributions to IRAs;
|
|
●
|
permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent deferred sales charge would apply to the initial shares purchased;
|
|
●
|
distributions from an IRA upon the shareholder’s attainment of age 59-1/2;
|
|
●
|
IRA rollover from a fund in the fund family held in a employer sponsored retirement plan to Class A shares; and
|
|
●
|
redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document.
|
|
●
|
Required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70-1/2 (required minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a waiver).
|
|
●
|
Redemptions through a systematic withdrawal plan (SWP). For each SWP payment, assets that are not subject to a CDSC, such as appreciation on shares and shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular SWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through a SWP will also count toward the 12% limit. In the case of a SWP, the 12% limit is calculated at the time a systematic redemption is first made, and is recalculated at the time each additional systematic redemption is made. Shareholders who establish a SWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.
|
|
●
|
Purchases where the Distributor pays no commission or transaction fee to authorized dealers.
|
|
●
|
in the case of Class A shares, your investment in Class A shares of all funds in the fund family; and
|
|
●
|
in the case of Class C shares, your investment in Class C shares of the particular fund from which you are making the redemption.
|
Fund
|
Institutional Class
|
Class A
|
Class C
|
Neuberger Berman
Long Short
Fund
|
NLSIX
|
NLSAX
|
NLSCX
|
605 Third Avenue, 2
nd
Floor, New York, NY 10158-0180
Shareholder Services
800-877-9700
Institutional Services
800.366.6264
www.nb.com
|
Page
|
|
INVESTMENT INFORMATION
|
4
|
Investment Policies and Limitations
|
4
|
Cash Management and Temporary Defensive Positions
|
6
|
Additional Investment Information
|
7
|
PERFORMANCE INFORMATION
|
58
|
TRUSTEES AND OFFICERS
|
58
|
Information about the Board of Trustees
|
58
|
Information about the Officers of the Trust
|
64
|
INVESTMENT MANAGEMENT AND ADMINISTRATION SERVICES
|
76
|
Investment Manager and Administrator
|
76
|
Management and Administration Fees
|
77
|
Contractual Expense Limitations
|
78
|
Sub-Adviser
|
79
|
Portfolio Manager Information
|
79
|
Other Investment Companies Managed
|
82
|
Codes of Ethics
|
83
|
Management and Control of NB Management and Neuberger Berman
|
83
|
DISTRIBUTION ARRANGEMENTS
|
84
|
Distributor
|
84
|
Revenue Sharing
|
85
|
Distribution Plan (Class A Only)
|
86
|
Distribution Plan (Class C Only)
|
87
|
Distribution Plan (Class A and Class C)
|
88
|
ADDITIONAL PURCHASE INFORMATION
|
88
|
Share Prices and Net Asset Value
|
88
|
Subscriptions in Kind
|
90
|
Financial Intermediaries
|
90
|
Automatic Investing and Dollar Cost Averaging
|
90
|
Sales Charges
|
91
|
ADDITIONAL EXCHANGE INFORMATION
|
94
|
ADDITIONAL REDEMPTION INFORMATION
|
95
|
Suspension of Redemptions
|
95
|
Redemptions in Kind
|
95
|
Abandoned Property
|
95
|
CONVERSION INFORMATION
|
95
|
DIVIDENDS AND OTHER DISTRIBUTIONS
|
96
|
ADDITIONAL TAX INFORMATION
|
97
|
Name, (Year of
Birth), and Address
(1)
|
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund
Trustee
(3)
|
Independent Fund Trustees
|
||||
Faith Colish (1935)
|
Trustee since
inception
|
Counsel, Carter Ledyard & Milburn LLP (law firm) since October 2002; formerly, Attorney-at-Law and President, Faith Colish, A Professional Corporation, 1980 to 2002.
|
50
|
Formerly, Director, 1997 to 2003, and Advisory Director, 2003 to 2006, ABA Retirement Funds (formerly, American Bar Retirement Association) (not-for-profit membership corporation).
|
Name, (Year of
Birth), and Address
(1)
|
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund Trustee
(3)
|
Martha C. Goss
(1949)
|
Trustee since
2007
|
President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; Chief Operating and Financial Officer, Hopewell Holdings LLC/ Amwell Holdings, LLC (a holding company for investments in the healthcare sector), since 2003; formerly, Consultant, Resources Connection (temporary staffing), 2002 to 2006.
|
50
|
Director, American Water (water utility), since 2003; Director, Channel Reinsurance (financial guaranty reinsurance), 2006 to 2010; Director, Allianz Life of New York (insurance), since 2005; Director, Financial Women’s Association of New York (not-for-profit association), since 2003; Trustee Emerita, Brown University, since 1998; formerly, Director, Ocwen Financial Corporation (mortgage servicing), 2005 to 2010; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Director, Claire’s Stores, Inc. (retailer), 2005 to 2007.
|
Name, (Year of
Birth), and Address
(1)
|
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund Trustee
(3)
|
Michael M. Knetter
(1960)
|
Trustee since
2007
|
President and Chief Executive Officer, University of Wisconsin Foundation, since October 2010; formerly, Dean, School of Business, University of Wisconsin - Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business - Dartmouth College, 1998 to 2002.
|
50
|
Director, American Family Insurance (a mutual company, not publicly traded), since March 2009; formerly, Trustee, Northwestern Mutual Series Fund, Inc., 2007 to 2010; formerly, Director, Wausau Paper, 2005 to 2011; formerly, Director, Great Wolf Resorts, 2004 to 2009.
|
Howard A. Mileaf
(1937)
|
Trustee since
inception
|
Retired; formerly, Vice President and General Counsel, WHX Corporation (holding company), 1993 to 2001.
|
50
|
Formerly, Director, Webfinancial Corporation (holding company), 2002 to 2008; formerly, Director, WHX Corporation (holding company), 2002 to 2005; formerly, Director, State Theatre of New Jersey (not-for-profit theatre), 2000 to 2005.
|
George W. Morriss
(1947)
|
Trustee since
2007
|
Adjunct Faculty Member, Columbia University School of International Policy and Administration, since October 2012; formerly, Executive Vice President and Chief Financial Officer, People’s Bank, Connecticut (a financial services company), 1991 to 2001.
|
50
|
Formerly, Manager, Larch Lane Multi-Strategy Fund complex (which consisted of three funds), 2006 to 2011; formerly, Member, NASDAQ Issuers’ Affairs Committee, 1995 to 2003.
|
Name, (Year of
Birth), and Address
(1)
|
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund Trustee
(3)
|
Jack L. Rivkin
(1940)
|
Trustee since
inception;
President
inception
to 2008
|
Formerly, Executive Vice President and Chief Investment Officer, Neuberger Berman Holdings LLC (holding company), 2002 to August 2008 and 2003 to August 2008, respectively; formerly, Managing Director and Chief Investment Officer, Neuberger Berman, December 2005 to August 2008 and 2003 to August 2008, respectively; formerly, Executive Vice President, Neuberger Berman, December 2002 to 2005; formerly, Director and Chairman, NB Management, December 2002 to August 2008; formerly, Executive Vice President, Citigroup Investments, Inc., September 1995 to February 2002; formerly, Executive Vice President, Citigroup Inc., September 1995 to February 2002.
|
50
|
Director, Idealab (private company), since 2009; Director, Distributed World Power (private company), since 2009; Director, Dale Carnegie and Associates, Inc. (private company), since 1999; Director, Solbright, Inc. (private company), since 1998; Director, SA Agricultural Fund, since 2009; Chairman and Director, Essential Brands (consumer products) since 2008; formerly, Director, New York Society of Security Analysts, 2006 to 2008.
|
Tom D. Seip
(1950)
|
Trustee since
inception;
Chairman of
the Board since
2008; Lead
Independent
Trustee 2006
to 2008
|
General Partner, Ridgefield Farm LLC (a private investment vehicle); formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.
|
50
|
Director, H&R Block, Inc. (financial services company), since May 2001; Chairman, Governance and Nominating Committee, H&R Block, Inc., since 2011; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.
|
Name, (Year of
Birth), and Address
(1)
|
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund Trustee
(3)
|
Candace L. Straight
(1947)
|
Trustee since
inception
|
Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to December 2003.
|
50
|
Public Member, Board of Governors and Board of Trustees, Rutgers University, since 2011; Director, Montpelier Re Holdings Ltd. (reinsurance company), since 2006; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.
|
Peter P. Trapp
(1944)
|
Trustee since
inception
|
Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.
|
50
|
None.
|
Name, (Year of
Birth), and Address
(1)
|
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund Trustee
(3)
|
Fund Trustees who are “Interested Persons”
|
||||
Joseph V. Amato*
(1962)
|
Trustee since
2009
|
President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger Berman and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer, Neuberger Berman, since 2009; Chief Investment Officer (Equities) and Managing Director, NB Management, since 2009; Managing Director, Neuberger Berman Fixed Income LLC (“NBFI”), since 2007; Board member of NBFI since 2006; formerly, Global Head of Asset Management of Lehman Brothers Holdings Inc.’s (“LBHI”) Investment Management Division, 2006 to 2009; formerly, member of LBHI’s Investment Management Division’s Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. (“LBI”), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI’s Equity Sales and a Member of its Equities Division Executive Committee, 2003 to 2005.
|
50
|
Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007.
|
Name, (Year of
Birth), and Address
(1)
|
Position(s) and
Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of
Funds in Fund
Complex
Overseen by
Fund Trustee
|
Other Directorships
Held Outside Fund
Complex by Fund Trustee
(3)
|
Robert Conti*
(1956)
|
Chief
Executive
Officer,
President and
Trustee since
2008; prior
thereto,
Executive Vice
President in
2008 and Vice
President
inception to
2008
|
Managing Director, Neuberger Berman, since 2007; formerly, Senior Vice President, Neuberger Berman, 2003 to 2006; formerly, Vice President, Neuberger Berman, 1999 to 2003; President and Chief Executive Officer, NB Management, since 2008; formerly, Senior Vice President, NB Management, 2000 to 2008; Managing Director, NBFI, since 2009.
|
50
|
Director, Staten Island Mental Health Society, since 1994; formerly, Chairman of the Board, Staten Island Mental Health Society, 2008 to 2011.
|
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
(2)
|
Pursuant to the Trust’s Trust Instrument, each of these Fund Trustees shall hold office for life or until his or her successor is elected or the Trust terminates; except that (a) any Fund Trustee may resign by delivering a written resignation; (b) any Fund Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the other Fund Trustees; (c) any Fund Trustee who requests to be retired, or who has become unable to serve, may be retired by a written instrument signed by a majority of the other Fund Trustees; and (d) any Fund Trustee may be removed at any shareholder meeting by a vote of at least two-thirds of the outstanding shares.
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
*
|
Indicates a Fund Trustee who is an “interested person” within the meaning of the 1940 Act. Mr. Amato and Mr. Conti are interested persons of the Trust by virtue of the fact that each is an officer of NB Management, Neuberger Berman and/or their affiliates.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Andrew B. Allard (1961)
|
Chief Legal Officer since 2013
(only for purposes of sections 307 and 406 of
the Sarbanes-Oxley Act
of 2002) and Anti-Money
Laundering Compliance Officer
since inception
|
Senior Vice President, Neuberger Berman, since 2006 and Employee since 1999; Deputy General Counsel, Neuberger Berman, since 2004; formerly, Vice President, Neuberger Berman, 2000 to 2005; formerly, Employee, NB Management, 1994 to 1999; Chief Legal Officer since 2013 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) and Anti-Money Laundering Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Claudia A. Brandon (1956)
|
Executive Vice President since 2008
and Secretary since inception
|
Senior Vice President, Neuberger Berman, since 2007 and Employee since 1999; Senior Vice President, NB Management, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly, Vice President-Mutual Fund Board Relations, NB Management, 2000 to 2008; ; formerly, Vice President, NB Management, 1986 to 1999 and Employee 1984 to 1999; Executive Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008); Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (three since 1985, three since 2002, one since 2003, one since 2005 and one since 2006).
|
Anthony DiBernardo (1979)
|
Assistant Treasurer since 2011
|
Vice President, Neuberger Berman, since 2009; Employee, NB Management, since 2003; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2011).
|
Sheila R. James (1965)
|
Assistant Secretary since inception
|
Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Assistant Vice President, Neuberger Berman, 2007; formerly, Employee, NB Management, 1991 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Brian Kerrane (1969)
|
Vice President since 2008
|
Senior Vice President, Neuberger Berman, since 2006; formerly, Vice President, Neuberger Berman, 2002 to 2006; Vice President, NB Management, since 2008 and Employee since 1991; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Kevin Lyons (1955)
|
Assistant Secretary since inception
|
Assistant Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Employee, NB Management, 1993 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (seven since 2003, one since 2005 and one since 2006).
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Owen F. McEntee, Jr. (1961)
|
Vice President since 2008
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1992; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
John M. McGovern (1970)
|
Treasurer and Principal Financial and
Accounting Officer since inception
|
Senior Vice President, Neuberger Berman, since 2007; formerly, Vice President, Neuberger Berman, 2004 to 2006; Employee, NB Management, since 1993; Treasurer and Principal Financial and Accounting Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Assistant Treasurer, eight registered investment companies for which NB Management acts as investment manager and administrator, 2002 to 2005.
|
Frank Rosato (1971)
|
Assistant Treasurer since inception
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1995; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006).
|
Neil S. Siegel (1967)
|
Vice President since 2008
|
Managing Director, NB Management, since 2008; Managing Director, Neuberger Berman, since 2006; formerly, Senior Vice President, Neuberger Berman, 2004 to 2006; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Chamaine Williams (1971)
|
Chief Compliance Officer since
inception
|
Senior Vice President, Neuberger Berman, since 2007; Chief Compliance Officer, NB Management, since 2006; Chief Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Senior Vice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006; formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc., 2003 to 2007; formerly, Chief Compliance Officer, Lehman Brothers Alternative Investment Management LLC, 2003 to 2007.
|
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
(2)
|
Pursuant to the By-Laws of the Trust, each officer elected by the Fund Trustees shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serve at the pleasure of the Fund Trustees and may be removed at any time with or without cause.
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
Name and Position with the Trust
|
Aggregate
Compensation
from the Trust
|
Total Compensation from
Investment Companies in the
Neuberger Berman
Fund Complex Paid to Fund
Trustees
|
||||||
Independent Fund Trustees
|
||||||||
John Cannon**
Trustee
|
$ | 6,048 | $ | 135,978 | ||||
Faith Colish
Trustee
|
$ | 7,441 | $ | 160,000 | ||||
Martha C. Goss
Trustee
|
$ | 6,989 | $ | 150,000 |
Name and Position with the Trust
|
Aggregate
Compensation
from the Trust
|
Total Compensation from
Investment Companies in the
Neuberger Berman
Fund Complex Paid to Fund
Trustees
|
||||||
C. Anne Harvey***
Trustee
|
$ | 6,989 | $ | 150,000 | ||||
Robert A. Kavesh**
Trustee
|
$ | 6,040 | $ | 135,625 | ||||
Michael M. Knetter
Trustee
|
$ | 7,441 | $ | 160,000 | ||||
Howard A. Mileaf
Trustee
|
$ | 7,433 | $ | 159,647 | ||||
George W. Morriss
Trustee
|
$ | 7,441 | $ | 160,000 | ||||
Edward I. O’Brien**
Trustee
|
$ | 6,040 | $ | 135,625 | ||||
Jack L. Rivkin*
Trustee
|
$ | 7,441 | $ | 160,000 | ||||
Cornelius T. Ryan**
Trustee
|
$ | 6,040 | $ | 135,625 | ||||
Tom D. Seip
Chairman of the Board and Trustee
|
$ | 8,571 | $ | 185,000 | ||||
Candace L. Straight
Trustee
|
$ | 7,441 | $ | 160,000 | ||||
Peter P. Trapp
Trustee
|
$ | 7,893 | $ | 170,000 | ||||
Fund Trustees who are “Interested Persons”
|
||||||||
Joseph V. Amato
Trustee
|
$ | 0 | $ | 0 | ||||
Robert Conti
President, Chief Executive Officer and Trustee
|
$ | 0 | $ | 0 |
Name of Fund Trustee
|
Aggregate Dollar Range of Equity Securities Held in all
Registered Investment Companies Overseen by Fund
Trustee in Family of Investment Companies*
|
Independent Fund Trustees
|
|
Faith Colish
|
E
|
Martha C. Goss
|
E
|
Michael M. Knetter
|
E
|
Howard A. Mileaf
|
E
|
George W. Morriss
|
E
|
Jack L. Rivkin**
|
E
|
Tom D. Seip
|
E
|
Candace L. Straight
|
E
|
Peter P. Trapp
|
E
|
Fund Trustees who are “Interested Persons”
|
|
Joseph V. Amato
|
E
|
Robert Conti
|
E
|
Management and Administration Fees
Accrued for Fiscal Period Ended October 31,
|
|||||
Fund
|
Class
|
2012 | * | ||
Long Short
|
Class A
|
$ | 58,430 | ||
Class C
|
$ | 11,286 | |||
Institutional
|
$ | 367,692 | |||
Fund
|
Class
|
Limitation Period
|
Expense Limitation
|
Long Short
|
Institutional
|
10/31/2016
|
1.70%
|
A
|
10/31/2016
|
2.06%
|
|
C
|
10/31/2016
|
2.81%
|
Expenses Reimbursed for Fiscal Period
Ended October 31,
|
|||||
Fund
|
Class
|
2012 | * | ||
Long Short
|
Class A
|
$ | 43,517 | ||
Class C
|
$ | 11,051 | |||
Institutional Class
|
$ | 269,112 |
Portfolio Manager
|
Fund Managed
|
Charles Kantor
|
Neuberger Berman
Long Short
Fund
|
Type of Account
|
Number of Accounts Managed
|
Total Assets Managed
($ millions)
|
Number of Accounts Managed for which Advisory Fee is Performance-Based
|
Assets Managed for which Advisory Fee is Performance-Based
($ millions)
|
||||||||||||
Charles Kantor
|
||||||||||||||||
Registered Investment Companies*
|
-
|
-
|
-
|
-
|
||||||||||||
Other Pooled Investment Vehicles
|
1
|
$
|
56
|
-
|
-
|
|||||||||||
Other Accounts**
|
963
|
$
|
1,122
|
-
|
-
|
Portfolio Manager
|
Dollar Range of
Equity Securities
Owned in the Fund
|
Charles Kantor
|
E
|
A = None
B = $1-$10,000
C = $10,001 - $50,000
D =$50,001-$100,000
|
E = $100,001-$500,000
F = $500,001-$1,000,000
G = Over $1,000,001
|
Class A
|
Fiscal Year Ended
|
|||
October 31,
|
||||
2012 | * | |||
Long Short
|
$ | 10,010 |
Class C
|
Fiscal Year Ended
|
|||
October 31,
|
||||
2012 | * | |||
Long Short
|
$ | 7,733 |
1.
|
current or retired directors, trustees, and officers of the Neuberger Berman Funds, current or retired employees and partners of NB Management or Neuberger Berman and its affiliated companies, certain family members and employees of the above persons, and trusts or plans primarily for such persons;
|
|
2.
|
currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in- law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with the Distributor (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
|
|
3.
|
currently registered investment advisers (“RIAs”) and assistants directly employed by such RIAs, retired RIAs with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the Fund, plans for the RIA firms, and
|
plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
|
||
4.
|
companies exchanging securities with the Fund through a merger, acquisition or exchange offer;
|
|
5.
|
insurance company separate accounts;
|
|
6.
|
accounts managed by NB Management or Neuberger Berman and its affiliated companies;
|
|
7.
|
NB Management or Neuberger Berman and its affiliated companies;
|
|
8.
|
an individual or entity with a substantial business relationship with NB Management or Neuberger Berman and its affiliated companies, or an individual or entity related or relating to such individual or entity that holds its shares directly with the Fund;
|
|
9.
|
wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts of insurance companies that have a participation agreement with NB Management and whose underlying investments are managed by NB Management or Neuberger Berman and its affiliated companies and that hold their shares directly with the Fund;
|
|
10.
|
directors, officers and employees of institutions that have a selling agreement with the Distributor;
|
|
11.
|
banks, broker-dealers and other financial institutions (including registered investment advisors and financial planners) that have entered into an agreement with the Distributor or one of its affiliates, purchasing shares on behalf of clients participating in a fund supermarket or in a wrap program, asset allocation program or other program in which the clients pay an asset-based fee;
|
|
12.
|
clients of authorized dealers purchasing shares in fixed or flat fee brokerage accounts;
|
|
13.
|
Employer-sponsored defined contribution–type plans, including 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans, and individual retirement account (“IRA”) rollovers involving retirement plan assets invested in the Fund and transferred in-kind to an IRA held at a financial intermediary that has an agreement with the Distributor to service such accounts;
|
|
14.
|
Employee benefit and retirement plans for NB Management and its affiliates; and
|
|
15.
|
Certain IRAs that are part of an IRA platform sponsored by a financial intermediary that has an agreement with the Distributor, which specifically provides that the Fund’s shares are offered at NAV on such IRA platform.
|
●
|
redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase Fund shares in an IRA or other individual-type retirement account;
|
|
●
|
required minimum distributions from an IRA or other individual-type retirement account used to purchase Fund shares in a non-retirement account; and
|
|
●
|
death distributions paid to a beneficiary’s account that are used by the beneficiary to purchase Fund shares in a different account.
|
Fund and Class
|
Name & Address
|
Percent Owned
|
Neuberger Berman
Long Short
Fund -
Class A
|
UBS WM USA
1000 HARBOR BLVD, 5TH FLOOR
WEEHAWKEN NJ 07086-6761
|
26.33%
|
MLPF&S
4800 DEER LAKE DR E FL 2
JACKSONVILLE FL 32246-6484
|
3.19%
|
|
CHARLES SCHWAB & CO INC
ATTN MUTUAL FUNDS
101 MONTGOMERY ST
SAN FRANCISCO CA 94104-4151
|
7.39%
|
|
Neuberger Berman
Long Short
Fund -
Class C
|
MERRILL LYNCH PIERCE FENNER & SMITH INC FUND ADMINISTRATION
4800 DEER LAKE DR E FL 2
JACKSONVILLE FL 32246-6484
|
26.13%
|
UBS WM USA
OMNI ACCOUNT M/F
1000 HARBOR BLVD, 5TH FLOOR
WEEHAWKEN NJ 07086-6761
|
8.16%
|
|
NFS LLC FEBO
PO BOX 281
ISSAQUAH WA 98027-0012
|
6.93%
|
|
Neuberger Berman
Long Short
Fund –
Institutional Class
|
CHARLES SCHWAB & CO INC
101 MONTGOMERY ST
SAN FRANCISCO CA 94104-4151
|
45.05%
|
LPL FINANCIAL
9785 TOWNE CENTRE DRIVE
SAN DIEGO CA 92121-1968
|
18.85%
|
|
NATIONAL FINANCIAL SERVICES LLC
200 LIBERTY ST ONE WLD FIN CENTER
NEW YORK NY 10281
|
13.08%
|
|
MLPF&S
4800 DEER LAKE DR E FL 2
JACKSONVILLE FL 32246-6484
|
10.95%
|
|
MORGAN STANLEY SMITH BARNEY HARBORSIDE FINANCIAL CENTER
PLAZA 2 3RD FLOOR
JERSEY CITY NJ 07311
|
6.08%
|
●
|
individual-type employee benefit plans, such as an IRA, individual 403(b) plan (see exception in “Purchases by certain 403(b) plans” under “Sales Charges”) or single-participant Keogh-type plan;
|
●
|
business accounts solely controlled by you or your immediate family (for example, you own the entire business);
|
●
|
trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct the Fund’s transfer agent to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s own accounts);
|
●
|
endowments or foundations established and controlled by you or your immediate family; or
|
●
|
529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).
|
●
|
for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;
|
●
|
made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;
|
●
|
for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating Fund shares;
|
●
|
for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations; or
|
●
|
for individually established participant accounts of a 403(b) plan that is treated similarly to an employer-sponsored plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales Charges” above), or made for two or more such 403(b) plans that are treated similarly to employer-sponsored plans for sales charge purposes, in each case of a single employer or affiliated employers as defined in the 1940 Act.
|
purposes, in each case of a single employer or affiliated employers as defined in the 1940 Act.
|
●
|
redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Fund’s transfer agent of the other joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Fund’s transfer agent is notified of the death of a joint tenant will be subject to a CDSC;
|
●
|
tax-free returns of excess contributions to IRAs;
|
●
|
permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent deferred sales charge would apply to the initial shares purchased;
|
●
|
distributions from an IRA upon the shareholder’s attainment of age 59-1/2;
|
●
|
IRA rollover from a fund in the fund family held in a employer sponsored retirement plan to Class A shares; and
|
●
|
redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document.
|
●
|
Required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70-1/2 (required minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a waiver).
|
●
|
Redemptions through a systematic withdrawal plan (SWP). For each SWP payment, assets that are not subject to a CDSC, such as appreciation on shares and shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular SWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through a SWP will also count toward the 12% limit. In the case of a SWP, the 12% limit is calculated at the time a systematic redemption is first made, and is recalculated at the time each additional systematic redemption is made. Shareholders who establish a SWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.
|
●
|
Purchases where the Distributor pays no commission or transaction fee to authorized dealers.
|
●
|
in the case of Class A shares, your investment in Class A shares of all funds in the fund family; and
|
●
|
in the case of Class C shares, your investment in Class C shares of the particular fund from which you are making the redemption.
|
Fund
|
Institutional Class
|
Class A
|
Class C
|
Neuberger Berman
Risk Balanced Commodity Strategy
Fund
|
NRBIX
|
NRBAX
|
NRBCX
|
605 Third Avenue, 2
nd
Floor, New York, NY 10158-0180
Shareholder Services
800-877-9700
Institutional Services
800.366.6264
www.nb.com
|
INVESTMENT INFORMATION
|
4
|
Investment Policies and Limitations
|
4
|
Cash Management and Temporary Defensive Positions
|
6
|
Additional Investment Information
|
7
|
PERFORMANCE INFORMATION
|
58
|
TRUSTEES AND OFFICERS
|
58
|
Information about the Board of Trustees
|
59
|
Information about the Officers of the Trust
|
65
|
INVESTMENT MANAGEMENT AND ADMINISTRATION SERVICES
|
76
|
Investment Manager and Administrator
|
77
|
Management and Administration Fees
|
78
|
Contractual Expense Limitations
|
79
|
Sub-Adviser
|
80
|
Portfolio Manager Information
|
80
|
Other Investment Companies Managed
|
84
|
Codes of Ethics
|
85
|
Management and Control of NB Management and NBFI
|
85
|
DISTRIBUTION ARRANGEMENTS
|
86
|
Distributor
|
86
|
Revenue Sharing
|
87
|
Distribution Plan (Class A Only)
|
89
|
Distribution Plan (Class C Only)
|
89
|
Distribution Plan (Class A and Class C)
|
90
|
ADDITIONAL PURCHASE INFORMATION
|
90
|
Share Prices and Net Asset Value
|
90
|
Subscriptions in Kind
|
92
|
Financial Intermediaries
|
92
|
Automatic Investing and Dollar Cost Averaging
|
92
|
Sales Charges
|
93
|
ADDITIONAL EXCHANGE INFORMATION
|
96
|
ADDITIONAL REDEMPTION INFORMATION
|
97
|
Suspension of Redemptions
|
97
|
Redemptions in Kind
|
97
|
Abandoned Property
|
97
|
CONVERSION INFORMATION
|
97
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of Funds in Fund Complex Overseen by Fund Trustee
|
Other Directorships Held Outside Fund Complex by Fund Trustee
(3)
|
Independent Fund Trustees
|
||||
Faith Colish (1935)
|
Trustee since
inception
|
Counsel, Carter Ledyard & Milburn LLP (law firm) since October 2002; formerly, Attorney-at-Law and President, Faith Colish, A Professional Corporation, 1980 to 2002.
|
50
|
Formerly, Director, 1997 to 2003, and Advisory Director, 2003 to 2006, ABA Retirement Funds (formerly, American Bar Retirement Association) (not-for-profit membership corporation).
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of Funds in Fund Complex Overseen by Fund Trustee
|
Other Directorships Held Outside Fund Complex by Fund Trustee
(3)
|
Martha C. Goss (1949)
|
Trustee since
2007
|
President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; Chief Operating and Financial Officer, Hopewell Holdings LLC/ Amwell Holdings, LLC (a holding company for investments in the healthcare sector), since 2003; formerly, Consultant, Resources Connection (temporary staffing), 2002 to 2006.
|
50
|
Director, American Water (water utility), since 2003; Director, Channel Reinsurance (financial guaranty reinsurance), 2006 to 2010; Director, Allianz Life of New York (insurance), since 2005; Director, Financial Women’s Association of New York (not-for-profit association), since 2003; Trustee Emerita, Brown University, since 1998; formerly, Director, Ocwen Financial Corporation (mortgage servicing), 2005 to 2010; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Director, Claire’s Stores, Inc. (retailer), 2005 to 2007.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of Funds in Fund Complex Overseen by Fund Trustee
|
Other Directorships Held Outside Fund Complex by Fund Trustee
(3)
|
Michael M. Knetter (1960)
|
Trustee since
2007
|
President and Chief Executive Officer, University of Wisconsin Foundation, since October 2010; formerly, Dean, School of Business, University of Wisconsin - Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business - Dartmouth College, 1998 to 2002.
|
50
|
Director, American Family Insurance (a mutual company, not publicly traded), since March 2009; formerly, Trustee, Northwestern Mutual Series Fund, Inc., 2007 to 2010; formerly, Director, Wausau Paper, 2005 to 2011; formerly, Director, Great Wolf Resorts, 2004 to 2009.
|
Howard A. Mileaf (1937)
|
Trustee since
inception
|
Retired; formerly, Vice President and General Counsel, WHX Corporation (holding company), 1993 to 2001.
|
50
|
Formerly, Director, Webfinancial Corporation (holding company), 2002 to 2008; formerly, Director, WHX Corporation (holding company), 2002 to 2005; formerly, Director, State Theatre of New Jersey (not-for-profit theatre), 2000 to 2005.
|
George W. Morriss (1947)
|
Trustee since
2007
|
Adjunct Faculty Member, Columbia University School of International Policy and Administration, since October 2012; formerly, Executive Vice President and Chief Financial Officer, People’s Bank, Connecticut (a financial services company), 1991 to 2001.
|
50
|
Formerly, Manager, Larch Lane Multi-Strategy Fund complex (which consisted of three funds), 2006 to 2011; formerly, Member, NASDAQ Issuers’ Affairs Committee, 1995 to 2003.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of Funds in Fund Complex Overseen by Fund Trustee
|
Other Directorships Held Outside Fund Complex by Fund Trustee
(3)
|
Jack L. Rivkin (1940)
|
Trustee since
inception;
President
inception to
2008
|
Formerly, Executive Vice President and Chief Investment Officer, Neuberger Berman Holdings LLC (holding company), 2002 to August 2008 and 2003 to August 2008, respectively; formerly, Managing Director and Chief Investment Officer, Neuberger Berman, December 2005 to August 2008 and 2003 to August 2008, respectively; formerly, Executive Vice President, Neuberger Berman, December 2002 to 2005; formerly, Director and Chairman, NB Management, December 2002 to August 2008; formerly, Executive Vice President, Citigroup Investments, Inc., September 1995 to February 2002; formerly, Executive Vice President, Citigroup Inc., September 1995 to February 2002.
|
50
|
Director, Idealab (private company), since 2009; Director, Distributed World Power (private company), since 2009; Director, Dale Carnegie and Associates, Inc. (private company), since 1999; Director, Solbright, Inc. (private company), since 1998; Director, SA Agricultural Fund, since 2009; Chairman and Director, Essential Brands (consumer products) since 2008; formerly, Director, New York Society of Security Analysts, 2006 to 2008.
|
Tom D. Seip (1950)
|
Trustee since
inception;
Chairman of
the Board since
2008; Lead
Independent
Trustee 2006
to 2008
|
General Partner, Ridgefield Farm LLC (a private investment vehicle); formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.
|
50
|
Director, H&R Block, Inc. (financial services company), since May 2001; Chairman, Governance and Nominating Committee, H&R Block, Inc., since 2011; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of Funds in Fund Complex Overseen by Fund Trustee
|
Other Directorships Held Outside Fund Complex by Fund Trustee
(3)
|
Candace L. Straight (1947)
|
Trustee since
inception
|
Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to December 2003.
|
50
|
Public Member, Board of Governors and Board of Trustees, Rutgers University, since 2011; Director, Montpelier Re Holdings Ltd. (reinsurance company), since 2006; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.
|
Peter P. Trapp (1944)
|
Trustee since
inception
|
Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.
|
50
|
None.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of Time Served
(2)
|
Principal Occupation(s)
(3)
|
Number of Funds in Fund Complex Overseen by Fund Trustee
|
Other Directorships Held Outside Fund Complex by Fund Trustee
(3)
|
Fund Trustees who are “Interested Persons”
|
||||
Joseph V. Amato*
(1962)
|
Trustee since
2009
|
President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger Berman and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer, Neuberger Berman, since 2009; Chief Investment Officer (Equities) and Managing Director, NB Management, since 2009; Managing Director, NBFI, since 2007; Board member of NBFI since 2006; formerly, Global Head of Asset Management of Lehman Brothers Holdings Inc.’s (“LBHI”) Investment Management Division, 2006 to 2009; formerly, member of LBHI’s Investment Management Division's Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. (“LBI”), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI's Equity Sales and a Member of its Equities Division Executive Committee, 2003 to 2005.
|
50
|
Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007.
|
Robert Conti*
(1956)
|
Chief Executive Officer, President and Trustee since 2008; prior thereto, Executive Vice President in 2008 and Vice President inception to 2008
|
Managing Director, Neuberger Berman, since 2007; formerly, Senior Vice President, Neuberger Berman, 2003 to 2006; formerly, Vice President, Neuberger Berman, 1999 to 2003; President and Chief Executive Officer, NB Management, since 2008; formerly, Senior Vice President, NB Management, 2000 to 2008; Managing Director, NBFI, since 2009.
|
50
|
Director, Staten Island Mental Health Society, since 1994; formerly, Chairman of the Board, Staten Island Mental Health Society, 2008 to 2011.
|
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
(2)
|
Pursuant to the Trust’s Trust Instrument, each of these Fund Trustees shall hold office for life or until his or her successor is elected or the Trust terminates; except that (a) any Fund Trustee may resign by delivering a written resignation; (b) any Fund Trustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds of the other Fund Trustees; (c) any Fund Trustee who requests to be retired, or who has become unable to serve, may be retired by a written instrument signed by a majority of the other Fund Trustees; and (d) any Fund Trustee may be removed at any shareholder meeting by a vote of at least two-thirds of the outstanding shares.
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
*
|
Indicates a Fund Trustee who is an “interested person” within the meaning of the 1940 Act. Mr. Amato and Mr. Conti are interested persons of the Trust by virtue of the fact that each is an officer of NB Management and/or its affiliates.
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Andrew B. Allard (1961)
|
Chief Legal Officer since 2013
(only for purposes of sections 307
and 406 of the Sarbanes-Oxley Act
of 2002) and Anti-Money
Laundering Compliance Officer
since inception
|
Senior Vice President, Neuberger Berman, since 2006 and Employee since 1999; Deputy General Counsel, Neuberger Berman, since 2004; formerly, Vice President, Neuberger Berman, 2000 to 2005; formerly, Employee, NB Management, 1994 to 1999; Chief Legal Officer since 2013 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) and Anti-Money Laundering Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Claudia A. Brandon (1956)
|
Executive Vice President since 2008
and Secretary since inception
|
Senior Vice President, Neuberger Berman, since 2007 and Employee since 1999; Senior Vice President, NB Management, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly, Vice President-Mutual Fund Board Relations, NB Management, 2000 to 2008; ; formerly, Vice President, NB Management, 1986 to 1999 and Employee 1984 to 1999; Executive Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008); Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (three since 1985, three since 2002, one since 2003, one since 2005 and one since 2006).
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
Anthony DiBernardo (1979)
|
Assistant Treasurer since 2011
|
Vice President, Neuberger Berman, since 2009; Employee, NB Management, since 2003; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2011).
|
Sheila R. James (1965)
|
Assistant Secretary since inception
|
Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Assistant Vice President, Neuberger Berman, 2007; formerly, Employee, NB Management, 1991 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
Brian Kerrane (1969)
|
Vice President since 2008
|
Senior Vice President, Neuberger Berman, since 2006; formerly, Vice President, Neuberger Berman, 2002 to 2006; Vice President, NB Management, since 2008 and Employee since 1991; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Kevin Lyons (1955)
|
Assistant Secretary since inception
|
Assistant Vice President, Neuberger Berman, since 2008 and Employee since 1999; formerly, Employee, NB Management, 1993 to 1999; Assistant Secretary, nine registered investment companies for which NB Management acts as investment manager and administrator (seven since 2003, one since 2005 and one since 2006).
|
Owen F. McEntee, Jr. (1961)
|
Vice President since 2008
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1992; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
|
Name, (Year of Birth), and Address
(1)
|
Position(s) and Length of
Time Served
(2)
|
Principal Occupation(s)
(3)
|
John M. McGovern (1970)
|
Treasurer and Principal Financial and
Accounting Officer since inception
|
Senior Vice President, Neuberger Berman, since 2007; formerly, Vice President, Neuberger Berman, 2004 to 2006; Employee, NB Management, since 1993; Treasurer and Principal Financial and Accounting Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Assistant Treasurer, eight registered investment companies for which NB Management acts as investment manager and administrator, 2002 to 2005.
|
Frank Rosato (1971)
|
Assistant Treasurer since inception
|
Vice President, Neuberger Berman, since 2006; Employee, NB Management, since 1995; Assistant Treasurer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006).
|
Neil S. Siegel (1967)
|
Vice President since 2008
|
Managing Director, NB Management, since 2008; Managing Director, Neuberger Berman, since 2006; formerly, Senior Vice President, Neuberger Berman, 2004 to 2006; Vice President, nine registered investment companies for which NB Management acts as investment manager and administrator (nine since 2008).
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Chamaine Williams (1971)
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Chief Compliance Officer since
inception
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Senior Vice President, Neuberger Berman, since 2007; Chief Compliance Officer, NB Management, since 2006; Chief Compliance Officer, nine registered investment companies for which NB Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Senior Vice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006; formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc., 2003 to 2007; formerly, Chief Compliance Officer, Lehman Brothers Alternative Investment Management LLC, 2003 to 2007.
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(1)
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The business address of each listed person is 605 Third Avenue, New York, New York 10158.
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(2)
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Pursuant to the By-Laws of the Trust, each officer elected by the Fund Trustees shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serve at the pleasure of the Fund Trustees and may be removed at any time with or without cause.
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(3)
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Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
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Name and Position with the Trust
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Aggregate
Compensation
from the Trust
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Total Compensation from
Investment Companies in the
Neuberger Berman
Fund Complex Paid to Fund
Trustees
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Independent Fund Trustees
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||
John Cannon**
Trustee
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$6,048
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$135,978
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Faith Colish
Trustee
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$7,441
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$160,000
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Martha C. Goss
Trustee
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$6,989
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$150,000
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Name of Fund Trustee
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Aggregate Dollar Range of Equity Securities Held in all
Registered Investment Companies Overseen by Fund
Trustee in Family of Investment Companies*
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Independent Fund Trustees
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Faith Colish
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E
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Martha C. Goss
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E
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Michael M. Knetter
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E
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Howard A. Mileaf
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E
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George W. Morriss
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E
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Jack L. Rivkin**
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E
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Tom D. Seip
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E
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Candace L. Straight
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E
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Peter P. Trapp
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E
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Fund Trustees who are “Interested Persons”
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Joseph V. Amato
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E
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Robert Conti
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E
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Management and Administration Fees
Accrued for Fiscal Period Ended October 31,
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Class
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2012*
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Class A
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$197
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Class C
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$175
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Institutional
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$7,347
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Fund
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Class
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Limitation Period
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Expense Limitation
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Risk Balanced Commodity Strategy
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Institutional
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10/31/2016
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1.10%
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A
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10/31/2016
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1.46%
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C
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10/31/2016
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2.21%
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Expenses Reimbursed for Fiscal Period
Ended October 31,
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||
Fund
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Class
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2012*
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Risk Balanced Commodity Strategy
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Class A
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$13,769
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Class C
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$12,521
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Institutional Class
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$518,969
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Portfolio Manager
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Fund Managed
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Richard Grau
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Neuberger Berman
Risk Balanced Commodity Strategy
Fund
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Hakan Kaya
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Neuberger Berman
Risk Balanced Commodity Strategy
Fund
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Wai Lee
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Neuberger Berman
Risk Balanced Commodity Strategy
Fund
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Thomas Sontag
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Neuberger Berman
Risk Balanced Commodity Strategy
Fund
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Type of Account
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Number of Accounts Managed
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Total Assets Managed
($ millions)
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Number of Accounts Managed for which Advisory Fee is Performance-Based
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Assets Managed for which Advisory Fee is Performance-Based
($ millions)
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Richard Grau
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||||
Registered Investment Companies*
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2
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$300
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0
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N/A
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Other Pooled Investment Vehicles
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0
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N/A
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0
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N/A
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Other Accounts**
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40
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$2,653
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0
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N/A
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Hakan Kaya
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||||
Registered Investment Companies*
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1
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$5
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0
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N/A
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Other Pooled Investment Vehicles
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1
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$43
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0
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N/A
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Other Accounts**
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1
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$32
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0
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N/A
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Wai Lee
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||||
Registered Investment Companies*
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2
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$25
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0
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N/A
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Other Pooled Investment Vehicles
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4
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$212
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3
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$169
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Other Accounts**
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29
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$2,832
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12
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$2,149
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Thomas Sontag
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||||
Registered Investment Companies*
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2
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$300
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0
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N/A
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Other Pooled Investment Vehicles
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0
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N/A
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0
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N/A
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Portfolio Manager
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Dollar Range of Equity Securities Owned in the Fund
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Richard Grau
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B
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Hakan Kaya
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B
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Wai Lee
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C
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Thomas Sontag
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B
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A = None
B = $1-$10,000
C = $10,001 - $50,000
D =$50,001-$100,000
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E = $100,001-$500,000
F = $500,001-$1,000,000
G = Over $1,000,001
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Class A
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Fiscal Year Ended
October 31,
2012*
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Risk Balanced Commodity Strategy
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$51
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Class C
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Fiscal Year Ended
October 31,
2012*
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Risk Balanced Commodity Strategy
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$183
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1.
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current or retired directors, trustees, and officers of the Neuberger Berman Funds, current or retired employees and partners of NB Management or Neuberger Berman and its affiliated companies, certain family members and employees of the above persons, and trusts or plans primarily for such persons;
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2.
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currently registered representatives and assistants directly employed by such representatives, retired registered representatives with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in- law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with the Distributor (or who clear transactions through such dealers), plans for the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
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3.
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currently registered investment advisers (“RIAs”) and assistants directly employed by such RIAs, retired RIAs with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses or
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equivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (c) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the Fund, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
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4.
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companies exchanging securities with the Fund through a merger, acquisition or exchange offer;
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5.
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insurance company separate accounts;
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6.
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accounts managed by NB Management or Neuberger Berman and its affiliated companies;
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7.
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NB Management or Neuberger Berman and its affiliated companies;
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8.
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an individual or entity with a substantial business relationship with NB Management or Neuberger Berman and its affiliated companies, or an individual or entity related or relating to such individual or entity that holds its shares directly with the Fund;
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9.
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wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts of insurance companies that have a participation agreement with NB Management and whose underlying investments are managed by NB Management or Neuberger Berman and its affiliated companies and that hold their shares directly with the Fund;
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10.
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directors, officers and employees of institutions that have a selling agreement with the Distributor;
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11.
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banks, broker-dealers and other financial institutions (including registered investment advisors and financial planners) that have entered into an agreement with the Distributor or one of its affiliates, purchasing shares on behalf of clients participating in a fund supermarket or in a wrap program, asset allocation program or other program in which the clients pay an asset-based fee;
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12.
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clients of authorized dealers purchasing shares in fixed or flat fee brokerage accounts;
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13.
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Employer-sponsored defined contribution–type plans, including 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans, and individual retirement account (“IRA”) rollovers involving retirement plan assets invested in the Fund and transferred in-kind to an IRA held at a financial intermediary that has an agreement with the Distributor to service such accounts;
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14.
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Employee benefit and retirement plans for NB Management and its affiliates; and
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15.
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Certain IRAs that are part of an IRA platform sponsored by a financial intermediary that has an agreement with the Distributor, which specifically provides that the Fund’s shares are offered at NAV on such IRA platform.
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·
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redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase Fund shares in an IRA or other individual-type retirement account;
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·
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required minimum distributions from an IRA or other individual-type retirement account used to purchase Fund shares in a non-retirement account; and
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·
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death distributions paid to a beneficiary’s account that are used by the beneficiary to purchase Fund shares in a different account.
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Fund and Class
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Name & Address
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Percent Owned
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Neuberger Berman
Risk Balanced Commodity Strategy
Fund -
Class A
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Neuberger Berman LLC*
605 Third Ave Fl 3
New York, NY 10158-3698
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55.10%
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RBC Capital Markets LLC
123 E Northrup Drive
Midwest City, OK 73110-5225
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17.29%
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American Enterprise Inv Svcs
A/C 1427-1850
707 2
nd
Ave S
Minneapolis, MN 55402-2405
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11.08%
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State Street Bank & Trust Co
CUST DCD IRA
505 Greenwood Ave
Glencoe, IL 60022-1601
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8.51%
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Neuberger Berman
Risk Balanced Commodity Strategy
Fund -
Class C
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Neuberger Berman LLC*
605 Third Ave Fl 3
New York, NY 10158-3698
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100.00%
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Neuberger Berman
Risk Balanced Commodity Strategy
Fund -
Institutional Class
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Charles Schwab & Co Inc
Attn Mutual
101 Montgomery
San Francisco, CA94104-4151
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48.02%
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Neuberger Berman LLC*
605 Third Ave Fl 3
New York, NY 10158-3698
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44.56%
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Neuberger Berman Dynamic Real Return Fund*
605 3
rd
Ave Fl 2
New York, NY 10158-0180
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7.01%
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Fund and Class
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Name & Address
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Percent Owned
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Attn Fund Admin
605 3
rd
Ave Fl 2
New York, NY 10158-0180
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·
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individual-type employee benefit plans, such as an IRA, individual 403(b) plan (see exception in “Purchases by certain 403(b) plans” under “Sales Charges”) or single-participant Keogh-type plan;
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·
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business accounts solely controlled by you or your immediate family (for example, you own the entire business);
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·
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trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct the Fund’s transfer agent to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s own accounts);
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·
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endowments or foundations established and controlled by you or your immediate family; or
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·
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529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only be aggregated with an eligible employer plan).
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·
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for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plans described above;
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·
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made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excluding the individual-type employee benefit plans described above;
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·
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for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating Fund shares;
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·
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for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, their endowments, or their foundations; or
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·
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for individually established participant accounts of a 403(b) plan that is treated similarly to an employer-sponsored plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales Charges” above), or made for two or more such 403(b) plans that are treated similarly to employer-sponsored plans for sales charge
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purposes, in each case of a single employer or affiliated employers as defined in the 1940 Act.
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·
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redemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Fund’s transfer agent of the other joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC. Redemptions made after the Fund’s transfer agent is notified of the death of a joint tenant will be subject to a CDSC;
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·
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tax-free returns of excess contributions to IRAs;
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·
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permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent deferred sales charge would apply to the initial shares purchased;
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·
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distributions from an IRA upon the shareholder’s attainment of age 59-1/2;
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·
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IRA rollover from a fund in the fund family held in a employer sponsored retirement plan to Class A shares; and
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·
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redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such termination is specifically provided for in the trust document.
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·
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Required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70-1/2 (required minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a waiver).
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·
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Redemptions through a systematic withdrawal plan (SWP). For each SWP payment, assets that are not subject to a CDSC, such as appreciation on shares and shares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular SWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through a SWP will also count toward the 12% limit. In the case of a SWP, the 12% limit is calculated at the time a systematic redemption is first made, and is recalculated at the time each additional systematic redemption is made. Shareholders who establish a SWP should be aware that the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.
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·
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Purchases where the Distributor pays no commission or transaction fee to authorized dealers.
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·
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in the case of Class A shares, your investment in Class A shares of all funds in the fund family; and
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·
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in the case of Class C shares, your investment in Class C shares of the particular fund from which you are making the redemption.
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