Neuberger Berman Real Estate Fund

This fund generally commits at least 80% of its total assets to equity investments, including shares of real estate investment trusts (REITs), as well as common stocks and other securities from companies primarily involved in the real estate industry. Management defines a real estate company as one that derives at least 50% of its revenue from, or holds at least 50% of its assets in, real estate. Up to 20% of the fund's net assets may also be invested in debt instruments issued by these real estate-focused entities. The fund maintains a non-diversified investment approach.