Neuberger Berman Real Estate Fund

The fund primarily allocates a minimum of 80% of its total net assets to equity securities. These investments encompass real estate investment trusts (REITs), common stocks, and other equity instruments issued by real estate-focused companies. The fund's management considers a real estate company to be any entity that generates at least 50% of its income from real estate activities or has at least 50% of its assets in real estate. Up to 20% of the fund's net assets may also be invested in debt securities from such real estate enterprises. This portfolio is categorized as non-diversified.