This is a marketing communication.
Please refer to the fund prospectus and offering documents, including
the Key Information Document (“KID”) or Key Investor Information Document (“KIID”) as applicable,
before making any final investment decisions. Investors should note that by making an investment they
will own shares in the fund, and not the underlying assets.
Neuberger Berman Strategic Income Fund
USD I Accumulating Class 28 February 2025
MORNINGSTAR RATING™ CUMULATIVE PERFORMANCE Past performance does not predict future returns.
QQQQ 160
MORNINGSTAR Analyst-Driven % 145
MEDALIST RATINGTM 100
Growth
130
Data Coverage %
100 115
100
FUND OBJECTIVE
85
The fund aims to maximise total return through high current
income and long-term growth from investments in fixed and Dec 13 Dec 15 Dec 17 Dec 19 Dec 21 Dec 23
floating rate bonds (debt securities) under varying market Fund
environments and with a focus on downside protection. The This chart shows how an investment of USD 100 in the fund on its inception date would have performed.
fund will invest primarily in debt securities issued by US
corporations or by the US government and its agencies. PERFORMANCE (%)1 1m2 3m2 YTD2 1y2 3y3 5y3 10y3 SI3,4
Investments may be made in investment grade, high yield or
unrated debt securities. Investment grade refers to sovereign Fund 1.84 2.05 2.63 8.83 2.94 3.27 3.23 3.14
and corporate bond issuers with a higher credit rating. High
yield bonds have a lower credit rating because they carry a Benchmark 2.20 1.06 2.74 5.81 -0.44 -0.52 1.51 1.61
greater risk of not being paid back. High yield bonds typically
offer a higher income to make them attractive to investors.
Feb15 Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24
12 MONTH PERIODS (%)1
MANAGEMENT TEAM Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25
Ashok Bhatia Fund -3.91 9.13 3.36 2.20 5.68 8.39 -0.68 -5.75 6.34 8.83
Senior Portfolio Manager
Benchmark 1.50 1.42 0.51 3.17 11.68 1.38 -2.64 -9.72 3.33 5.81
Jon Jonsson^
Senior Portfolio Manager
Thomas Sobanski
CALENDAR (%) 2016 2017 2018 2019 2020 2021 2022 2023 2024 20255
Senior Portfolio Manager
Fund 5.91 6.69 -2.53 10.10 8.04 2.70 -10.24 8.88 5.16 2.63
Robert Dishner
Senior Portfolio Manager Benchmark 2.65 3.54 0.01 8.72 7.51 -1.54 -13.01 5.53 1.25 2.74
^As previously announced, Jon Jonsson will retire on December 31, 2025. Jon's portfolio management responsibilities will continue
FUND FACTS under the guidance of portfolio managers who possess a comprehensive understanding of each portfolio and the distinct objectives
Inception Date (Fund) 26 April 2013 of our clients.
The fund is actively managed, which means that the investments are selected at the discretion of the investment manager. The fund
Inception Date (Share Class) 26 April 2013 is not constrained by its benchmark, which is used for comparison purposes only. The fund gives some consideration to the
Base Currency (Fund) USD benchmark constituents in the selection of securities and may not hold all or many of the benchmark’s components.
Currency (Share Class) USD 1Performance to latest month end. YTD - Year to Date, SI - Since Inception, m – month, y - year. 12 month period based on month
Fund AUM (USD million) 4940.27 end NAVs.
2Returns for these periods are cumulative.
NAV (Share Class Currency) 14.42
3Returns are annualised for periods longer than one year.
Domicile Ireland
4Returns from 26 April 2013 to latest month end.
Vehicle UCITS 5Performance for the current calendar year is the year to date.
Valuation Daily
Fund performance is representative of the USD I Accumulating Class and has been calculated to account for the deduction of fees.
Settlement (Subscription) T+3 Investors who subscribe in a currency other than the base currency of the fund should note that returns may increase or decrease as
Trading Deadline 15:00 (Dublin Time) a result of currency fluctuations. Fund performance does not take account of any commission or costs incurred by
Regulator Central Bank of Ireland investors when subscribing for or redeeming shares.
Management Fee 0.50%
CHARACTERISTICS RISK MEASURES
Ongoing Charge (incl. management fee)* 0.61%
Fund Bmrk 3 years
Initial Sales Charge (Max) 0.00%
Bloomberg NBUSIAC ID Average Credit Quality A AA Sharpe Ratio -0.13
ISIN IE00B8HX1V50
CUSIP G64333571 Yield to Maturity (%) 6.28 4.61 Standard Deviation 8.03
Morningstar Category™ USD Flexible Bond
Yield to Worst (%) 6.14 4.59
Benchmark Bloomberg U.S. Aggregate
Index (Total Return, USD) Current Yield (%) 5.72 3.77
Average Price 95.24 92.51
Duration (years) 4.37 6.13
Number of Issuers 947 2329
Number of Securities 1854 13723
CONTACT
Client Services: +44 (0)20 3214 9096
Email: Clientservices@[Link]
Website: [Link]
*The ongoing charge figure (which includes the management fee) is an annual charge based on expenses for the period
Calls are recorded ending 31 December 2024.
Page 1 of 4 • NOT INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Neuberger Berman Strategic Income Fund
USD I Accumulating Class 28 February 2025
RISK CONSIDERATIONS
Market Risk: The risk of a change in the value of a position as a result of underlying market factors, including among other things, the overall performance of companies and the market perception of the
global economy.
Liquidity Risk: The risk that the fund may be unable to sell an investment readily at its fair market value. In extreme market conditions this can affect the fund’s ability to meet redemption requests upon
demand.
Credit Risk: The risk that bond issuers may fail to meet their interest repayments, or repay debt, resulting in temporary or permanent losses to the fund.
Interest Rate Risk: The risk of interest rate movements affecting the value of fixed-rate bonds.
Derivatives Risk: The fund is permitted to use certain types of financial derivative instruments (including certain complex instruments). This may increase the fund’s leverage significantly which may cause
large variations in the value of your share. Investors should note that the fund may achieve its investment objective by investing principally in Financial Derivative Instruments (FDI). There are certain
investment risks that apply in relation to the use of FDI. The fund’s use of FDI can involve significant risks of loss.
Emerging Markets Risk: Emerging markets are likely to bear higher risk due to a possible lack of adequate financial, legal, social, political and economic structures, protection and stability as well as
uncertain tax positions which may lead to lower liquidity. The NAV of the fund may experience medium to high volatility due to lower liquidity and the availability of reliable information, as
well as due to the fund's investment policies or portfolio management techniques.
Counterparty Risk: The risk that a counterparty will not fulfil its payment obligation for a trade, contract or other transaction, on the due date.
Operational Risk: The risk of direct or indirect loss resulting from inadequate or failed processes, people and systems including those relating to the safekeeping of assets or from external events.
Currency Risk: Investors who subscribe in a currency other than the base currency of the fund are exposed to currency risk. Fluctuations in exchange rates may affect the return on investment. Where
past performance is shown it is based on the share class to which this factsheet relates. If the currency of this share class is different from your local currency, then you should be aware that
due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.
For full information on these and other risks, please refer to the fund prospectus and offering documents, including the KID or KIID, as applicable.
SECTOR ALLOCATIONS % (MV) REGIONAL ALLOCATIONS % (MV)
Fund Bmrk Diff Fund Bmrk Diff
Emerging Market Debt 7.08 1.43 5.65 North America 84.65 94.39 -9.74
Non-IG Credit 21.28 0.00 21.28 Emerging Latin America 7.28 0.71 6.57
IG Credit 13.30 26.00 -12.71 Europe ex-UK 3.35 2.46 0.89
Securitized Credit 20.20 1.95 18.25 UK 1.75 0.95 0.79
Muni 0.28 0.49 -0.22 Emerging Asia + MEA 1.25 0.47 0.78
Agency MBS 45.37 25.00 20.37 Emerging Europe 0.63 0.09 0.55
Global Gov 1.18 0.00 1.18 Japan 0.57 0.58 -0.01
US Gov 4.19 45.12 -40.93 Asia Pacific ex-Japan 0.51 0.33 0.17
Cash 5.44 0.00 5.44
The table does not reflect the derivatives and net unsettled positions and consequently, aggregate
sector allocations may not add up to 100%. Negative cash position on a trade date basis is due to
pending settlement of certain forward mortgage-backed securities purchases. Net unsettled
positions reflect the Fund’s mortgage-backed to-be-announced (TBA) transactions and other
trades pending settlement. Pending settlement means a transaction traded on or before the
reporting date that is anticipated to settle in the following period.
TOP 10 HOLDINGS % (MV) SECURITY CREDIT QUALITY % (MV)
Fund Bmrk Diff Fund Bmrk Diff
UMBS 30YR TBA CASH 6.0 6.21 0.00 6.21 AAA 9.29 3.25 6.03
UMBS 30YR TBA CASH 5.5 2.46 0.00 2.46 AA 49.78 73.20 -23.42
UMBS 30YR TBA CASH 4.0 1.79 0.00 1.79 A 5.97 11.33 -5.36
UMBS 30YR TBA CASH 5.0 1.45 0.00 1.45 BBB 15.87 12.17 3.70
UMBS 30YR TBA CASH 4.5 1.38 0.00 1.38 BB 14.54 0.00 14.54
UMBS 30YR TBA CASH 3.5 1.20 0.00 1.20 B 11.34 0.00 11.34
UMBS 30YR TBA CASH 2.5 1.17 0.00 1.17 CCC Rated and Below 1.87 0.00 1.87
GNMA2 30YR TBA CASH 5.5 1.10 0.00 1.10 Not rated 2.96 0.04 2.92
GNMA2 30YR TBA CASH 5.0 1.07 0.00 1.07 Cash 5.44 0.00 5.44
MEXICO (UNITED MEXICAN STATES) (GO 7.5 0.93 0.00 0.93 Source: Bloomberg Barclays PLC. Bloomberg Barclays credit quality rating is based on the
conservative average of Moody’s, S&P, and Fitch. If Moody's, S&P and Fitch all provide a credit
26-MAY-2033 rating, the rating is the median of the three agency ratings. If only two agencies provide ratings,
the rating is the more conservative rating. If only one agency provides a rating, then the rating
reflects that agency's rating. If none of the agencies provide ratings, the security is considered not
rated and may be assigned an equivalent rating by the investment adviser. The table does not
reflect the derivatives and net unsettled positions and consequently, aggregate allocations may not
add up to 100%. Negative cash position on a trade date basis is due to pending settlement of
certain forward mortgage-backed securities purchases. Net unsettled positions reflect the Fund’s
mortgage-backed to-be-announced (TBA) transactions and other trades pending settlement.
Pending settlement means a transaction traded on or before the reporting date that is anticipated
to settle in the following period.
Page 2 of 4
Neuberger Berman Strategic Income Fund
USD I Accumulating Class 28 February 2025
SHARE CLASS DATA
Inception Date Minimum
Share Class Currency (Share Class) ISIN Bloomberg VALOR CUSIP Annual Yield Investment
USD A (Monthly) Distributing Class USD 31-10-2014 IE00B7BTH691 NBUSDAD ID 21268975 G64333548 6.50% 1,000
USD A Accumulating Class USD 11-02-2015 IE00B87L2R26 NBUSDAA ID 21268973 G64333530 1,000
USD A Distributing Class USD 10-08-2016 IE00BD0PCD21 NBUSADU ID 33354501 G6430L335 4.03% 1,000
USD I Accumulating Class USD 26-04-2013 IE00B8HX1V50 NBUSIAC ID 21268998 G64333571 1,000,000
USD I Distributing Class USD 10-12-2014 IE00B9DN9Q73 NBUSIDI ID 21268999 G64333589 4.52% 1,000,000
USD M Accumulating Class USD 18-02-2016 IE00BD9WHS47 NBUSMAU ID 31342544 G64392429 1,000
USD M Distributing Class USD 25-08-2017 IE00BDFBLR26 NBSIUMD ID 37873250 G64406237 5.26% 1,000
Some share classes listed are subject to restrictions, please refer to the fund's prospectus for further details.
Investors who subscribe in a currency different from their local currency should note that the costs may increase or decrease as a result of currency and exchange rate fluctuations.
The annual yield figure quoted is the distribution yield, calculated by multiplying the dividend by pay periods, dividing by the net asset value (NAV) of the last distribution date and then
multiplying by 100%. It is for reference only and is not indicative of the return of the Fund’s future dividend to be received by investors.
For a full glossary of terms, please refer to [Link]/glossary
Page 3 of 4
Neuberger Berman Strategic Income Fund
USD I Accumulating Class 28 February 2025
ESG DISCLOSURES
The fund complies with the Sustainable Finance Disclosure Regulation (the “SFDR”) and is classified as an Article 8 SFDR fund. Neuberger Berman believes that Environmental, Social
and Governance (“ESG”) factors, like any other factor, should be incorporated in a manner appropriate for the specific asset class, investment objective and style of each investment
strategy.
IMPORTANT INFORMATION
Except for performance, the data shown is for the fund and is not specific to the share class, it has not been adjusted to reflect the different fees and expenses of the share class.
Performance of another share class may vary from the results shown based on differences in fees and expenses, and currency.
Source: Neuberger Berman, Blackrock Aladdin and Morningstar.
This information is directed solely at persons in jurisdictions where the funds and relevant share classes are registered or who may otherwise lawfully receive it. Before investing,
investors should review the fund’s full prospectus, together with the applicable Key Information Document (KID) and the most recent financial statements. The Fund’s securities have
not been registered under the Securities Act of 1933, as amended, and may only be offered or sold to investors that are not deemed U.S. Persons in an offshore transaction in
accordance with Regulation S. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge
from Neuberger Berman Europe Limited, by visiting [Link] or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorized for
distribution. Any entity responsible for forwarding this material to other parties takes responsibility for ensuring compliance with applicable securities laws.
United Kingdom and outside the EEA: This document is a financial promotion and is issued by Neuberger Berman Europe Limited, which is authorised and regulated by the Financial Conduct Authority
and is registered in England and Wales, at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.
Neuberger Berman Europe Limited is also a registered investment adviser with the Securities and Exchange Commission in the US, and the Dubai branch is regulated by the Dubai Financial Services
Authority in the Dubai International Financial Centre.
This fund is a sub-fund of Neuberger Berman Investment Funds PLC, authorised by the Central Bank of Ireland pursuant to the European Communities (Undertaking for Collective Investment in
Transferable Securities) Regulations 2011, as amended. The information in this document does not constitute investment advice or an investment recommendation and is only a brief summary of certain
key aspects of the fund. Investors should read the prospectus along with the relevant prospectus supplements and the key information document (KID) or key investor information
document (KIID), as applicable which are available on our website: [Link]/europe/literature. Further risk information, investment objectives, fees and expenses and other important information
about the fund can be found in the prospectus and prospectus supplements. . The fees and charges paid by the Fund will reduce the return on your investment. Certain costs paid by the Fund will be
charged in USD, EUR, GBP, CHF, CNY, HKD, DKK, SGD or other currencies and exchange rate fluctuations may cause these costs to increase or decrease when converted into your local currency.
The KID may be obtained free of charge in Danish, Dutch, English, Finnish, French, German, Greek, Icelandic, Italian, Norwegian, Portuguese, Spanish and Swedish (depending on where the relevant sub-
fund has been registered for marketing), and the prospectus and prospectus supplements may be obtained free of charge in English, French, German, Italian and Spanish, from [Link]/europe/
literature, from local paying agents (a list of which can be found in Annex III of the prospectus), or by writing to Neuberger Berman Investment Funds plc, c/o Brown Brothers Harriman Fund
Administration Service (Ireland) Ltd, 30 Herbert Street, Dublin 2, Ireland. In the United Kingdom the key investor information document (KIID) may be obtained free of charge in English at the same
address or from Neuberger Berman Europe Limited at their registered address.
Neuberger Berman Asset Management Ireland Limited may decide to terminate the arrangements made for the marketing of its funds in all or a particular country.
A summary of the investors’ rights is available in English on: [Link]/europe/literature
For information on sustainability-related aspects pursuant to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the
financial services sector please visit [Link]/europe/literature. When making the decision to invest in the fund, investors should take into account all the characteristics or objectives of the fund as
described in the legal documents.
This document is presented solely for information purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security.
We do not represent that this information, including any third-party information, is complete and it should not be relied upon as such.
No recommendation or advice is being given as to whether any investment or strategy is appropriate for a particular investor. Each recipient of this document should make such investigations as it deems
necessary to arrive at an independent evaluation of any investment, and should consult its own legal counsel and financial, actuarial, accounting, regulatory and tax advisers to evaluate any such
investment.
It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Investors may not get back the full amount invested.
All information is current as of the date of this material and is subject to change without notice.
The fund described in this document may only be offered for sale or sold in jurisdictions in which or to persons to which such an offer or sale is permitted. The fund can only be promoted if such
promotion is made in compliance with the applicable jurisdictional rules and regulations. This document and the information contained therein may not be distributed in the US.
Indices are unmanaged and not available for direct investment.
An investment in the fund involves risks, with the potential for above average risk, and is only appropriate for people who are in a position to take such risks. For more information please read the
prospectus which can be found on our website at: [Link]/europe/literature.
Past performance is not a reliable indicator of current or future results. The value of investments may go down as well as up and investors may not get back any of the amount invested. The
performance data does not take account of the commissions and costs incurred by investors when subscribing for or redeeming shares.
The value of investments designated in another currency may rise and fall due to exchange rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates can result
in a decrease in return and a loss of capital.
Tax treatment depends on the individual circumstances of each investor and may be subject to change in future.
Investment in the fund should not constitute a substantial proportion of an investor’s portfolio and may not be appropriate for all investors. Diversification and asset class allocation do not guarantee
profit or protect against loss.
Notice to investors in Argentina: This document includes a private invitation to invest in securities. It is addressed only to you on an individual, exclusive, and confidential basis, and its unauthorised
copying, disclosure, or transfer by any means whatsoever is absolutely and strictly forbidden. Neuberger Berman will not provide copies of this document, or provide any kind of advice or clarification, or
accept any offer or commitment to purchase the securities herein referred to from persons other than the intended recipient. The offer herein contained is not a public offering, and as such it is not and
will not be registered with, or authorised by, the applicable enforcement authority. The information contained herein has been compiled by Neuberger Berman, who assumes the sole responsibility for the
accuracy of the data herein disclosed.
Notice to investors in Brazil: The fund may not be offered or sold to the public in Brazil. Accordingly, the fund has not been nor will be registered with the Brazilian Securities Commission - CVM nor
have they been submitted to the foregoing agency for approval. Documents relating to the fund, as well as the information contained therein, may not be supplied to the public in Brazil, as the offering
of fund is not a public offering of securities in Brazil, nor used in connection with any offer for subscription or sale of securities to the public in Brazil.
Notice to investors in Canada: These materials are not, and under no circumstances are to be construed as, an advertisement or a public offering of the securities described herein in Canada or any
province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian
securities regulators in the relevant province or territory of Canada in which such offer or sale is made. These materials are not, and under no circumstances are they to be construed as, a prospectus, an
offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these
materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Upon receipt of these materials, each Canadian recipient
will be deemed to have represented that the investor is an “accredited investor” as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, in section
73.3(1) of the Securities Act (Ontario), as applicable, and a “permitted client” as such term is defined in section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing
Registrant Obligations, respectively.
Notice to investors in Chile: This is not a public offering. These instruments have not been registered with the Superintendence of Securities and Insurance of Chile.
ESTA OFERTA PRIVADA SE ACOGE A LAS DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL Nº 336 DE LA SUPERINTENDENCIA DE VALORES Y SEGUROS; ESTA OFERTA VERSA SOBRE VALORES NO
INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA SUPERINTENDENCIA DE VALORES Y SEGUROS, POR LO QUE TALES VALORES NO ESTÁN SUJETOS
A LA FISCALIZACIÓN DE ÉSTA; POR TRATAR DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE LOS
VALORES SOBRE LOS QUE VERSA ESTA OFERTA; ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.
Notice to investors in Panama: This is not a public offering. This document is only for the exclusive use of institutional investors. The securities mentioned in this document have not been registered
with nor fall under the supervision of the Superintendence of the Securities Market of Panama. The distribution of this document and the offering of shares may be restricted in certain jurisdictions. The
above information is for general guidance only, and it is the responsibility of any person or persons in possession of this document and wishing to make application for shares to inform themselves of, and
to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for shares should inform themselves as to legal requirements also applying and any applicable exchange
control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. This document does not constitute an offer or solicitation to any person in any jurisdiction in
which such offer or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or solicitation.
Notice to investors in Peru: The Superintendencia del Mercado de Valores (SMV) does not exercise any supervision over this Fund and therefore the management of it. The information the Fund
provides to its investors and the other services it provides to them are the sole responsibility of the Fund. This material is only for the exclusive use of institutional investors in Peru and is not for public
distribution.
Notice to investors in Uruguay: The sale of the product qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The product must not be offered or sold to the public in
Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The product is not and will not be registered with the Financial Services
Superintendency of the Central Bank of Uruguay. The product corresponds to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as
amended.
Notice to investors in Colombia: Promotion and offer of products and services of Neuberger Berman Europe Limited, NB Alternative Adviser LLC, Neuberger Berman BD LLC and Neuberger Berman
Investment Advisers LLC, represented in Colombia. This document does not constitute a public offer in the Republic of Colombia. The offer of the fund is addressed to less than one hundred specifically
identified investors. The fund may not be promoted or marketed in Colombia or to Colombian residents, unless such promotion and marketing is made in compliance with Decree 2555 of 2010 and other
applicable rules and regulations related to the promotion of foreign funds in Colombia. The distribution of this document and the offering of shares may be restricted in certain jurisdictions. The
information contained in this document is for general guidance only, and it is the responsibility of any person or persons in possession of this document and wishing to make application for shares to
inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for shares should inform themselves of any applicable legal requirements,
exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.
© 2025 All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate,
complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future [Link]
more detailed information about Morningstar’s Rating, including its category rating methodology, please go to [Link]
[Link].
No part of this document may be reproduced in any manner without prior written permission of Neuberger Berman. The “Neuberger Berman” name and logo are registered service marks of Neuberger
Berman Group LLC. © @2025 Neuberger Berman Group LLC. All rights reserved.
Page 4 of 4