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NeubergerBermanInvestmentAdvisersLLC

ClientBrochureMarch29,2018

1290AvenueoftheAmericasNewYork,NY10104

www.nb.com

This Brochure provides information about the qualifications and business practices ofNeuberger Berman Investment Advisers LLC (“NBIA”). If you have any questions about thecontents of this Brochure, please contact us at 212‐476‐9000 or by email at:[email protected].

NBIAisregisteredasaninvestmentadviserundertheU.S.InvestmentAdvisersActof1940,asamended (the “Advisers Act”). NBIA is subject to the Advisers Act rules and regulationsadoptedbytheU.S.SecuritiesandExchangeCommission(“SEC”).Registrationasaninvestmentadviserdoesnotimplyanyparticularlevelofskillortraining.

Additional information about NBIA is also available on the SEC’s website atwww.adviserinfo.sec.gov.

* * * *

TheinformationinthisBrochurehasnotbeenapprovedorverifiedbytheSECorbyanystatesecuritiesauthority.

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Item2: MaterialChanges

ThisBrochuredatedMarch29,2018hasbeenpreparedinaccordancewithrulesadoptedbytheU.S.SecuritiesandExchangeCommission.ThisBrochurewillbeupdatedatleastannuallyandwe may further provide other ongoing disclosure information about material changes asnecessary.ThisBrochurewaslastupdatedonJuly24,2017.ThisBrochurehasbeenupdatedtoreflectthecurrentstrategiesmanaged,feeschedulesandlistofadvisoryaffiliates. Therehavebeennomaterialchangessincethelastupdate.

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Item3: TableofContents

ITEM1: COVERPAGE.................................................................................................................................i

ITEM2: MATERIALCHANGES...............................................................................................................ii

ITEM3: TABLEOFCONTENTS.............................................................................................................iii

ITEM4: ADVISORYBUSINESS...............................................................................................................1

A. DescriptionoftheFirm............................................................................................................1

B. TypesofAdvisoryServices....................................................................................................2

C. ClientTailoredServicesandClientTailoredRestrictions........................................6

D. WrapandRelatedPrograms.................................................................................................7

E. AssetsunderManagement.....................................................................................................9

ITEM5: FEESANDCOMPENSATION...............................................................................................10

A. FeeSchedule..............................................................................................................................10

B. PaymentMethod.....................................................................................................................31

C. OtherFeesandExpenses.....................................................................................................35

D. PrepaymentofFeesandRefunds.....................................................................................40

E. SalesCompensation...............................................................................................................41

ITEM6: PERFORMANCE‐BASEDFEESANDSIDE‐BY‐SIDEMANAGEMENT..................44

ITEM7: TYPESOFCLIENTS.................................................................................................................46

ITEM8: METHODSOFANALYSIS,INVESTMENTSTRATEGIESANDRISKOFLOSS..49

ITEM9: DISCIPLINARYINFORMATION.......................................................................................108

ITEM10: OTHERFINANCIALINDUSTRYACTIVITIESANDAFFILIATIONS...................109

A. RegistrationasaBroker‐DealerorRegisteredRepresentative.......................109

B. RegistrationasaFuturesCommissionMerchant,CommodityPoolOperator,CommodityTradingAdvisororAssociatedPerson...............................................109

C. MaterialRelationships........................................................................................................109

D. SelectionofOtherInvestmentAdvisers......................................................................114

ITEM11: CODEOFETHICS,PARTICIPATIONORINTERESTINCLIENTTRANSACTIONSANDPERSONALTRADING.............................................................115

A. CodeofEthics.........................................................................................................................115

B. ParticipationorInterestinClientTransactions......................................................115

C. PersonalTrading...................................................................................................................119

D. OtherConflictsofInterest.................................................................................................121

ITEM12: BROKERAGEPRACTICES...................................................................................................127

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A. CriteriaforSelectionofBroker‐Dealers......................................................................127

B. AggregationofOrders/AllocationofTrades.............................................................132

ITEM13: REVIEWOFACCOUNTS......................................................................................................135

A. PeriodicReviews...................................................................................................................135

B. Non‐PeriodicReviews.........................................................................................................136

C. ClientReports.........................................................................................................................136

ITEM14: CLIENTREFERRALSANDOTHERCOMPENSATION.............................................138

A. CompensationbyNon‐Clients.........................................................................................138

B. CompensationforClientReferrals................................................................................138

ITEM15: CUSTODY..................................................................................................................................139

ITEM16: INVESTMENTDISCRETION..............................................................................................141

ITEM17: VOTINGCLIENTSECURITIES..........................................................................................143

ITEM18: FINANCIALINFORMATION..............................................................................................145

A. PrepaymentofFees(Sixormoremonthsinadvance).........................................145

B. ImpairmentofContractualCommitments.................................................................145

C. BankruptcyPetitions...........................................................................................................145

Item4: AdvisoryBusiness

A. DescriptionoftheFirm

NeubergerBermanInvestmentAdvisersLLC(“NBIA”) isaDelaware limited liabilitycompany,formed in November2002 and registeredwith the U.S. Securities and Exchange Commission(the “SEC”) in January2003. Previously known asNeuberger Berman Fixed Income LLC, thefirm adopted its present name on January 1, 2016, concurrent with the transfer of certainbusinesses from its affiliates Neuberger Berman BD LLC (formerly Neuberger Berman LLC)(“NBBD”), NB Alternative Investment Management LLC (“NBAIM”) and Neuberger BermanManagement LLC. On January 1, 2017, NBBD andNBAIM transferred the remainder of theiradvisory businesses to NBIA. The combined firms’ antecedents date to the founding ofNeuberger&Bermanin1939.NBIA’sprincipalofficeislocatedinNewYork,NewYork.NBIAisdirectlyownedbyNeubergerBermanInvestmentAdvisersHoldingsLLCandNeubergerBermanAALLC,whicharesubsidiariesofNeubergerBermanGroupLLC(“NBG”).

NBIA is registered with the U.S. Commodity Futures Trading Commission as a CommodityTradingAdvisor(“CTA”)andaCommodityPoolOperator(“CPO”),andisamemberoftheU.S.NationalFuturesAssociation.

NBIAprovides awide range of discretionary investmentmanagement services to a variety ofclients,includingindividuals,institutions,registeredinvestmentcompanies,non‐U.S.registeredfunds, collective investment trusts and private investment funds. The firm also providesdiscretionary investment management services and non‐discretionary securitiesrecommendationsthroughwrapfeeandsimilarprograms,andactsassub‐advisertoavarietyofproducts, including registered investment companies, separately managed accounts, non‐U.S.registeredfunds,andprivateinvestmentvehicles.IndirectOwnershipBackground–NeubergerBermanGroup

NBGisaholdingcompanythesubsidiariesofwhich(collectivelyreferredtohereinasthe“Firm”or“NeubergerBerman”)provideabroadrangeofglobal investmentsolutions–equity, fixedincome, multi‐asset class and alternatives – to institutions and individuals through productsincluding separatelymanaged accounts,mutual funds and private investment vehicles. As ofDecember31,2017,NeubergerBermanhadapproximately$295billionundermanagement.1

NBG’svotingequity iswhollyownedbyNBSHAcquisition,LLC (“NBSH”). NBSH isownedbycurrentandformeremployees,directors,consultantsand, incertaininstances,theirpermittedtransferees. Each employee who owns an equity stake has entered into an agreement thatprovides strong incentives to continuewith the organization, andhas a number of restrictivecovenantsintheeventtheemployeeleavestheFirm.

1 Firm assets undermanagement figures reflect the collective assets for the various affiliatedinvestmentadvisersthataresubsidiariesofNBG.

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Neuberger Berman is headquartered in New York, New York. As of December 31, 2017,NeubergerBermanhadapproximately1960employeesin31citiesaroundtheworld.

NBIA’sinvestmentmanagementservicesarefurtherdiscussedbelow.

B. TypesofAdvisoryServices

NBIAcurrentlyprovidesthefollowingtypesofadvisoryservices:

SeparatelyManagedAccounts

NBIA provides ongoing discretionary investment management services to individual andinstitutionalclientsbasedontheindividualinvestmentgoals,objectives,timehorizon,andrisktolerance of each client. NBIA provides its advisory services through (i) separatelymanagedaccounts for individualand institutionalclients(“PrivateAssetManagementAccounts”) thatare servicedby thePrivateAssetManagement segment ofNBIA’sbusiness and (ii) separatelymanagedaccounts forclients thatareservicedby the institutionalsegmentofNBIA’sbusiness(“InstitutionalAccounts”,andcollectivelywithPrivateAssetManagementAccounts,“SeparateAccounts”).PrivateAssetManagementAccountsincludeaccountsmanagedunderdiscretionaryassetallocationprogram(s), suchas theGuidedPortfolioSolutionsProgram(“GPSProgram”),throughwhichNBIAprovidesassetallocationsandinvestmentmanagementbyallocatingassetsamong a portfolio ofNBRegistered Funds (as defined below). From time to time,NBIAmayprovide investmentmanagement services to SeparateAccounts forwhich it helps to establishinvestmentobjectivesandmonitor theachievementof suchobjectives through investments inpooledinvestmentvehiclesforwhichathirdpartyactsasgeneralpartner,managingmemberoradviser(“PortfolioFunds”)andpursuanttoagreementstobecomeseparateaccountclientsofthird‐party advisers (“Third‐Party Separate Accounts”). The general partner, managingmemberoradvisertothePortfolioFundsandtheThird‐PartySeparateAccountsarecollectivelyreferredtoas“Third‐PartyPortfolioManagers”.From time to time existing Private Asset Management Account clients may direct NBIA topurchase or sell securities on their behalf (“Client‐DirectedTransactions”). Such securitiespurchasedbyNBIAwill,unlessotherwiseagreed,generallybeheld inasegregatedportionofthe client’s account as unsupervised holdings; however, such holdings may or may not bereflected in the custodian’s books and records by a specific mark, designation, or otherindication.NBIAwillnotprovideportfoliomanagementservicestosuchsegregatedportionoftheaccountandwillnotreceiveadvisoryfeeswithrespecttothisportionoftheaccount. Anydecisions concerning the retention,disposition,orother changewith respect to suchholdingsremainsolelywiththeclient.

For Private AssetManagement Account clients, NBIA utilizes a prime brokerage arrangementwithNationalFinancialServicesLLCtofacilitatethetransferofsharesforinitialpublicofferings(“IPOs”). Under SEC guidance, an advisory client is not permitted to participate in a primebrokeragearrangementunless the clientmaintains at least $100,000 in assetswith theprimebroker.Therefore,clientsthatmaintainlessthan$100,000withNationalFinancialServicesLLCwill be excluded from receiving shares of IPOs as they are not eligible for utilizing the primebrokeragearrangementneededtodeliverthesharestotheiraccounts.

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ProprietaryRegisteredInvestmentCompanies

NBIAservesas investmentadviser tocertain investmentcompanies thatareregisteredunderthe U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”),including open‐end investment companies that are distributed by one or more of NBIA’saffiliates(the“NBMutualFunds”)andclosed‐endfunds(“NBClosed‐EndFunds”,andtogetherwithNBMutualFunds,“NBRegisteredFunds”).TheNBClosed‐EndFundsincludefundsthatissue limited liability company interests in private placement transactions only to persons orentitiesthatareboth“accreditedinvestors”asdefinedinSection501(a)ofRegulationDunderthe U.S. Securities Act of 1933, as amended (the “SecuritiesAct”), and “qualified clients” asdefinedinRule205‐3undertheAdvisersAct(the“NBPEClosed‐EndFunds”).

NBIA typically provides investment services that may include, among other things,determinationasto:(a)whichsecuritiestobuyorsell;(b)thetotalamountofsecuritiestobuyorsell;(c)thebrokerordealerthroughwhichsecuritiesareboughtorsold;(d)thecommissionratesatwhichsecuritiestransactionsareeffected;and(e)thepricesatwhichsecuritiesaretobeboughtorsold,whichmayincludedealerspreadsormark‐upsandtransactioncosts. NBIAalso selects and oversees sub‐advisers for certain of the NB Registered Funds. The advisoryservices providedbyNBIA to theNBRegisteredFunds cover a broad range of strategies andinvestments.NBIAcarriesoutitsdutiessubjecttothegeneraloversightofeachNBRegisteredFund’s Board of Trustees/Directors. NBIA has entered into sub‐advisory agreements withcertainofitsaffiliates,includingNeubergerBermanAsiaLimitedandNeubergerBermanEuropeLimited,whereby those affiliates provide investment advisory services to certain of the NBMutualFunds.NBIAhasalsoenteredintosub‐advisoryagreementswithcertainofitsaffiliates,includingNBAlternativesAdvisers LLC,whereby those affiliates provide investment advisoryservices to the NB PE Closed‐End Funds. Clients should refer to each NB Registered Fund’ssummary prospectus, prospectus, Statement of Additional Information, offering/placementmemorandum and constitutional documents (the “Offering Documents”) for additionalinformation.

PrivateInvestmentVehicles

NBIAactsastheinvestmentmanager,providingdiscretionaryinvestmentmanagementservicestoaffiliatedandunaffiliatedprivatelyofferedinvestmentvehicles(“PrivateFunds”).

ThePrivateFundsaregenerallyorganizedor“sponsored”byNBIAoranaffiliateofNBIA,andNBIAoranaffiliateofNBIAwilltypicallyactasthemanagingmemberorgeneralpartnerofthePrivate Funds. For certain Private Funds, affiliates of the Firm may also serve as officers,directorsorotherpersonsauthorizedtofacilitatetheoperationofthePrivateFunds. Insomecases, NBIA may serve as an adviser or sub‐adviser to Private Funds that are organized,managedorsponsoredbyentitiesthatarenotaffiliatedwithNBIA.

ThePrivateFundsarenot registeredunder the InvestmentCompanyAct, and their sharesorinterests, as applicable, are not registered under the Securities Act, and are instead sold toqualifiedinvestorswhomeetcertaincriteriaonaprivateplacementbasis. MostofthePrivateFundsmanagedbyNBIArequirethatinvestorsbe(1)(a)“accreditedinvestors”asdefinedunderRegulation D under the Securities Act (“Regulation D”) and (b) “qualified purchasers” asdefined inSection2(a)(51)(A)of the InvestmentCompanyActor “knowledgeableemployees”

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under Rule 3c‐5 of the Investment Company Act or (2) not “U.S. Persons” as defined underRegulationSoftheSecuritiesAct.Accordingly,thePrivateFundsarenotpubliclyofferedintheUnitedStates.PrivateFundsmayormaynotbecontinuouslyoffered.

Certainof thePrivateFundswill invest inPortfolioFunds,aswellasenter intoagreements tobecome separate account clients of Third‐Party SeparateAccounts,whichPortfolio Funds andThird‐Party Separate Accounts are advised by Third‐Party PortfolioManagers. NBIA has theoverallresponsibilityfor implementingtheinvestmentstrategiesofeachPrivateFundandhasthe authority to select Portfolio Funds or Third‐Party Separate Accounts within the statedinvestmentstrategiesandobjectivesofeachPrivateFund.ForalistofcertainofthePrivateFunds,pleaserefertoSection7.B.(1)and(2)ofScheduleDofPart1AofNBIA’sFormADVwhichispubliclyavailableatwww.adviserinfo.sec.gov.Sub‐AdvisoryServices

NBIAactsassub‐advisertoavarietyofproducts,includingthefollowing(collectively,the“Sub‐AdvisedAccounts”):

unaffiliated open‐end investment companies registered under the Investment CompanyAct(“Third‐PartyMutualFunds”);

affiliatedandunaffiliatednon‐U.S. fundsregisteredunder thesecurities lawsofoffshorejurisdictions (“Non‐U.S. Registered Funds”), including Undertakings for CollectiveInvestmentsinTransferableSecurities(“UCITS”);

SeparateAccounts;and

PrivateFunds.

WrapandRelatedProgramAccounts

SeeItem4.Dforadescriptionofwrapandrelatedprograms.

The Separate Accounts, NB Registered Funds, Private Funds, Sub‐Advised Accounts, WrapProgram accounts, Unbundled Program accounts, and Dual Contract Program accounts (asdefinedbelow)arecollectivelyreferredtohereinasthe“ClientAccounts.”

Non‐DiscretionaryandConsultingServices

NBIA provides non‐discretionary investment management services to institutional andindividualclientswherebyitisrequiredtoconsultwithaclientbeforeeffectinganytransactionsfortheclient’saccount(“Non‐DiscretionaryAccounts”).Forthoseaccounts,NBIAservicesmayinclude(i)onetime,periodicorongoingresponsibilitytomakerecommendationstoaclientasto investmentpolicy statementdesignandspecific securities, strategies,managers,vehiclesorother investments to be purchased, sold or held for a client’s account, and, if NBIA’srecommendationsareacceptedbytheclient,toarrangeoreffecttheimplementationofanysuch

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accepted recommendations, including the purchase or sale of such securities or otherinvestmentsandestablishingor closingaccounts for separateaccount strategies;and (ii)non‐binding investment advice in the form of written investment analyses on specific securities.With respect to the provision of those non‐discretionary services, clients have sole discretionand final responsibility for deciding whether to buy, sell, hold or otherwise transact in anysecurity. NBIA may recommend its own equity, fixed income and alternative products andstrategiesorthoseofanaffiliate.Aspartofitsstructuredproductcapabilities,NBIAalsoprovidesnon‐discretionaryadvisoryandconsultingservices to institutionalclientswithrespect to thevaluationofmortgage loansandmortgage‐backedandotherasset‐backedsecurities(“ConsultingServices”).Inaddition,ithasdevelopedproprietarymortgageloananalyticsoftware(the“NBIASoftware”)usedtoanalyzemortgageloansonanindividualandaggregateloanlevelbasisbyapplicationofvalueandriskmodelsandanalyticalmetricstoloanportfolios.Forcertainclients,NBIAlicensesandsupportstheNBIASoftwarefornon‐exclusiveusebysuchclientsand,inconnectiontherewith,providesinstallationandtrainingontheuseandapplicationoftheNBIASoftware.

WealthAnalysis

Fromtimetotime,NBIAmayprovideaone‐timewealthplanninganalysis(“WealthAnalysis”)tocertaineligibleclients(“WAClient(s)”)freeofcharge.TheWealthAnalysisisintendedsolelyfor informational anddiscussionpurposes to educateWAClients on financial planning topicsandhelpWAClientsbetterunderstandtheirfinancialprofileandevaluatepossibleoptions.Todevelop the Wealth Analysis, each WA Client completes a questionnaire that is designed toobtainkeyfinancialdataandotherrelevantinformationabouttheWAClientandtheWAClient’sinvestmentgoals. Additional informationmaybe requested, ifnecessary, foramore in‐depthanalysis. TheWealth Analysis and any related discussions are subject to a separate writtenagreementanddonotconstituteinvestmentadviceandarenotpartofanyinvestmentadvisoryor fiduciary services offered by NBIA or its affiliates. NBIA does not serve as a fiduciary orinvestment adviser in connectionwith anyWealthAnalysis, and theWealthAnalysis and anyrelated discussions are not intended to serve as a primary basis for any decision or as arecommendationwith respect to any investment, financial, insurance, trust and estate or taxplanningdetermination. Inaddition,NBIAhasdesignatedspecificemployee(s)withoversightresponsibilities for eachWealthAnalysis produced forWAClients (“NBWealthAnalyst(s)”).NBWealthAnalystsmayholdfinancialplanningeducationalorprofessionalcredentials,suchastheCertifiedFinancialPlanner™(CFP®)designation.Holdingaprofessionaldesignationtypicallyindicatesthattheindividualhascompletedcertaincoursesorcontinuingeducation.NBIAdoesnot, however, monitor compliance with any such professional credentials by any NBWealthAnalystandmakesnorepresentationsorwarrantiesregardingtheuseofanysuchprofessionaldesignations or the educational or professional credentials of any NB Wealth Analyst. Inaddition, NBIA does not comply with any industry association standards or requirements inrespectoftheWealthAnalysisandanyrelateddiscussions,andNBIAisnotproviding“financialplanningservices”assuchtermisdefinedbyanyindustryassociations,includingtheCFPBoard.

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Withrespecttotheservicesprovidedabove,inmanycases,NBIAmayengageindiscussionsorprovidematerialsthatarenotindividualizedordirectedtoanyparticularinvestor,whichwouldnotbedeemedtoconstitute“investmentadvice”underapplicablerules.Inothercircumstances,NBIAmayprovide “investment advice” that is individualizedordirected to aparticular clientthatmayrenderitafiduciaryforcertainretailretirementarrangementsgovernedbyERISAorSection4975oftheInternalRevenueCodewithrespecttothatadvice.

C. ClientTailoredServicesandClientTailoredRestrictions

NBIAentersintodiscretionaryandnon‐discretionaryinvestmentmanagementagreementswithits Separate Account clients. See Item 16. Clients may impose restrictions on investing incertainsecuritiesorotherassetsinaccordancewiththeirparticularneeds.However,NBIAmaydecidenot toaccommodate investmentrestrictionsdeemedundulyburdensomeormateriallyincompatible with NBIA’s investment approach. Clients may restrict the ability of portfoliomanagerstoinvestinAffiliatedFunds.Withrespecttodiscretionaryassetallocationprogramsoffered by NBIA that allocate assets among Affiliated Funds, Clients may impose reasonablerestrictions on investing their assets inAffiliated Funds butmay not restrict the securities inwhichtheAffiliatedFundsinvest.Further,NBIAmaydeclinetopermitanyaccountrestrictionthat affectsmore than a stated percentage of the Client Account. Client directed investmentrestrictions could cause the performance of the accountwith restrictions to deviate from theperformanceofotheraccountsfollowingthesameorsimilarstrategies.Fromtimetotime,NBIAmay be engaged to provide limited investment management services such as liquidating aclient’saccount.

ForcertainofNBIA’slargeinstitutionalSeparateAccountclients,NBIAofferscustomizedmulti‐assetormulti‐strategyinvestmentmanagementservicesthatutilizetheservicesofNBIAanditsaffiliates (“Multi‐Asset Mandates”). Certain of those clients may impose restrictions oninvesting incertainsecuritiesorotherassets inaccordancewiththeirparticularneeds. OtherclientsmayallowNBIAtodetermine,andchangefromtimetotime,theassetallocationamongassetclassesandinvestmentstrategiesofNBIAanditsaffiliatesfortheiraccountsbasedontheclients’ investmentobjectives, taxconsiderationsandotherclient specific factors. Clientsmayalso have access to customized educational programs or participate in, or be involved in theselectionof,investmentmanagementresearchprojectsofNBIAanditsaffiliates.NBIA enters into discretionary investment management agreements with Private Funds.Servicesareperformedinaccordancewiththetermsofeachsuchagreement.EachPrivateFundmayimposeinvestmentrestrictionsasitdeemsappropriate. Suchinvestmentrestrictionsaretypically set forth in theofferingprospectusormemorandum(“OfferingMemorandum”) foreachPrivateFund.

NBIAhasenteredintodiscretionaryinvestmentadvisoryormanagementagreementswiththeNBRegisteredFunds. EachNBRegisteredFundmanagedbyNBIA ismanaged in accordancewiththeinvestmentobjectives,policiesandstrategiesoftheNBRegisteredFund,asdescribedin its Offering Documents. Each NB Registered Fund has a Board ofTrustees/Directors/Managers that is responsible forprovidingoversightof theNBRegisteredFund.EachNBRegisteredFundanditsBoardofTrustees/Directors/Managershavetheabilitytoimposerestrictionsoninvestingincertainsecuritiesortypesofsecurities.

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In the caseof theSub‐AdvisedAccounts,NBIAenters into a sub‐advisoryagreementwith therelevant investment adviser. The terms and conditionsof those arrangementsmayvary, andanycontactbetweenNBIAandtheultimateclientwilltypicallytakeplacethroughtherelevantinvestmentadviser. EachSub‐AdvisedAccountismanagedinaccordancewiththeinvestmentobjectives,policiesandrestrictionssetforthinthesub‐advisoryagreementbetweenNBIAandtheinvestmentadviser.

The investment guidelines of the Separate Accounts, Sub‐Advised Accounts, Wrap Programaccounts,UnbundledProgramaccounts, andDualContractProgramaccountsmayrestrict theabilityofNBIAtoinvestinNBRegisteredFundsorPrivateFunds.

SeeItem4.Dforadescriptionofclient‐tailoredservicesandtherestrictionsonWrapPrograms,UnbundledPrograms,andDualContractPrograms.

Imposing account restrictions may adversely affect account performance as compared tounrestrictedaccountsthatNBIAmanageswiththesameinvestmentstrategy.

D. WrapandRelatedPrograms

NBIA participates as an investment manager in discretionary and non‐discretionary wrapprograms (“WrapPrograms”). AWrap Program is an investment programwhere theWrapProgramClientsgenerallypaytotheWrapProgramsponsors(“WrapSponsors”)onebundledor “wrapped” fee thatcovers investmentmanagement, tradeexecution, custodial servicesandother administrative services. In some cases, financial intermediaries, generally banks(“UnbundledProgramSponsors” and, togetherwithWrapSponsors, “ProgramSponsors”),may offer clients programs that function likeWrap Programs (“Unbundled Programs” and,together with Wrap Programs, “Programs”), except that instead of paying a bundled or“wrapped” fee, clients pay fees on an unbundled basis to separate parties, including a fee fortradeexecutiontoadesignatedbrokerotherthantheProgramSponsor.TheclientsoftheWrapProgramsarereferredtohereinas“WrapProgramClients”andtheclientsoftheUnbundledPrograms are referred to herein as “UnbundledProgramClients,” and together withWrapProgram Clients, “Program Clients”. The Program Sponsors are typically broker‐dealers,financial institutions or other investment advisers that establish, operate and administer thePrograms. The Program Sponsors are responsible for reviewing the financial circumstances,investmentobjectives,risktolerancesandinvestmentrestrictionsofeachProgramClient. TheProgram Sponsors are responsible for determining the suitability of the Programs and theinvestmentstrategy(ies)selectedforeachProgramClient.

IndiscretionaryPrograms, theProgramSponsor typically selectsorappointsNBIAas its sub‐advisertomanagedesignatedassetsofitsProgramClientsinoneormoreinvestmentstrategies.InthosediscretionaryPrograms,NBIAhasnodirectcontractualrelationshipwiththeProgramClients,buthasinvestmentdiscretionoverthedesignatedassetsintheaccountsoftheProgramClients. NBIAmanages the accounts in accordancewith the selected investment strategyandreasonableclient‐directedrestrictions.

Insomecases,aProgramSponsormaymakeNBIA’sadvisoryservicesavailabletotheirclientsin a “dual contract” capacity,where the clients (“DualContractClients”) contract separately

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with the Program Sponsor or a designated broker for brokerage and other services andwithNBIA for advisory services (“Dual ContractProgram”). Certain of the Dual Contract ClientaccountsaremanagedintheinvestmentstrategiesthatarealsoavailabletoProgramClients.Inothercases,DualContractClientaccountsaremanagedincertainof the investmentstrategiesthatareotherwiseavailabletoPrivateAssetManagementAccountclients.

Subjecttoitsobligationtoseekbestexecution,NBIAwillseektoexecuteequitytransactionsforWrap Program Client accounts, Unbundled Program Client accounts and Dual Contract Clientaccounts, and anticipates that the majority of equity transactions for the accounts will beexecuted, throughtheProgramSponsorsordesignatedbrokers. However,dependingon theircapabilities or the types of securities traded, such as securities with smaller marketcapitalizations, foreign securities, or thinly traded securities, NBIA may trade certain equitystrategies away from themmore frequently, which could result in a significant percentage ofequitytransactionsbeingexecutedwithbrokersotherthantheProgramSponsorsordesignatedbrokers. With respect to fixed income transactions, NBIA may and frequently does executetransactionswithbroker‐dealersotherthantheProgramSponsorsordesignatedbrokers.WhentradesareexecutedthroughtheProgramSponsorsordesignatedbrokers,thebundledfeepaidbyeachWrapProgramClient,orbrokeragefeeagreedtobytheUnbundledProgramClientorDual Contract Client and the Program Sponsor or the designated broker, as the casemay be,typically covers all brokerage commissions and execution costs on the trades. When NBIAchooses to trade away from the Program Sponsors or designated brokers and execute tradesthrough broker‐dealers other than the Program Sponsors or designated brokers, the ProgramClients or Dual Contract Clients will generally incur incremental commission rates and othertransactionrelatedcharges,suchastrade‐awayfeesandfeesassociatedwithforeignsecuritiestransactions, that are in addition to the bundled fee or the Program Sponsor’s or designatedbroker’sbrokeragefeepaidbyeachProgramClientorDualContractClient.PleaserefertoItem5.C for a further description of additional execution costs that may be incurred by ProgramClientsorDualContractClients.ClientsthatenrollinWrapPrograms,UnbundledPrograms,orDual Contract Programs should satisfy themselves that the Program Sponsors or designatedbrokersareabletoprovidebestexecutionoftransactions.NBIAalsoparticipates innon‐discretionaryWrapProgramsorUnbundledPrograms. InthosePrograms,NBIAfurnishesinvestmentadviceandrecommendationstotheProgramSponsorsortheirdesignee through theprovisionofmodelportfolios (“ModelPortfolioPrograms”). TheProgramSponsorsmayuseNBIA’smodelportfoliosandupdates,eitheraloneortogetherwithothermodelportfolios, tomanage theaccountsof theProgramClients, although theProgramSponsors retain investment discretion over the accounts. NBIA is responsible solely forproviding itsmodel portfolios to the Program Sponsors ofModel Portfolio Programs or theirdesignees.ExceptincertaincaseswhereNBIAretainsdiscretionovertheexecutionofportfoliotransactions based on themodel portfolio, the Program Sponsor is responsible for executingportfoliotransactionsfortheaccountsoftheProgramClients.

TheservicesprovidedbyeachofNBIAandtheProgramSponsorsaredescribedintheProgramSponsors’ disclosurematerials and the contracts Program Sponsors havewith their ProgramClients.

NBIAdoesnotgenerallycommunicatedirectlywithProgramClients(includingcommunicationswithrespecttochangesinaProgramClient’sinvestmentobjectivesorrestrictions),andallsuch

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communicationsgenerallymustbedirectedthroughtheProgramSponsor.Also,NBIAdoesnotprovideoverallinvestmentsupervisoryservicestoProgramClients.NBIAisnotinapositiontodetermine and is not responsible for determining the suitability of any Program or anyinvestmentstrategiesavailableundertheProgramwithrespecttoProgramClients.

PleaserefertoSection5.I.(2)ofScheduleDofPart1AofNBIA’sFormADVforafull listoftheWrapProgramsinwhichNBIAparticipates.

E. AssetsunderManagement

DiscretionaryAmounts: Non‐DiscretionaryAmounts: DateCalculated:

$245,246,647,261 $3,176,600,969 12/31/2017

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Item5: FeesandCompensation

A. FeeSchedule

I.SeparateAccounts

NBIA’s standard fee schedules for SeparateAccounts are set forthbelow. See also Item7 forminimum account size requirements. Management fees for Separate Accounts are generallybasedonapercentageofthemarketvalueoftheassetsheldintheSeparateAccount.SeparateAccountsmaybesubjecttominimumannualfees.ForSeparateAccountsthatemploytheuseofderivatives,managementfeesmaybebaseduponnotionalexposurewhichmaybesignificantlyhigherthatthemarketvalueofthederivativescontractsheldintheSeparateAccount.Inlimitedcircumstances,NBIAmayprovideinvestmentmanagementservicestoaSeparateAccountforafixedfee.NBIAmaynegotiatetheSeparateAccountstandardfeeschedulesfromtimetotimeforcertainaccountsbasedonavarietyoffactorsincludingtheaccountsize,investmentobjectives,whetherornottheSeparateAccountinvolvesaMulti‐AssetMandateandthetypeandnumberofotheraccountsaclienthaswithNBIA,includingotheraccountswithaffiliatesofNBIA.Also,certainstrategiesmaynothavestandardfeeschedulesbutareindividuallynegotiatedbasedona variety of factors including the identity of the portfolio manager or group managing theaccount,accountsizeandinvestmentobjectives. Theremayalsobedifferencesinfeespaidbycertain clients based on account inception dates, including clientswho became clients as theresult of an acquisition or “lift‐out” of a firm or investment personnel by NBIA, or whoseaccountsaremanagedorservicedbyindividualsorteamswhohavejoinedNBIAthroughsuchan acquisition or lift‐out. Additionally, some Separate Account clients may be billed on feeschedules that are no longer offered. These schedules are not otherwise available to new orother existing clients of NBIA. In certain limited circumstances, Institutional Account feeschedules may also be offered to non‐Institutional Account clients. Further, Private AssetManagementAccountclientswhohaveassetsmanagedbytheportfoliomanagementgroupsforInstitutional Accounts will generally be subject to Private Asset Management Account feeschedules, and vice versa. Moreover, certain Private Asset Management Accounts that areservicedby,introducedtoorthatobtainaccesstoNBIAorNBIAproductsbyorthroughotherentities, such as third‐party broker‐dealers and investment advisers, are generally subject tovarying types anddegreesof client servicesdirectly from such other entity and consequentlymaybe subject toaNBIA fee schedule thatprovides for lower fees thanNBIA’spublished feeschedulesforthesameproductsserviceddirectlybyNBIA.

In some instances, based upon particular facts and circumstances and, as permitted byapplicable law, NBIA as a courtesy may, in its sole discretion, permit “family billing”arrangements,wheretheaccountvaluesoftwoormorerelatedaccountsarecombinedforthepurpose of reducing the overall fees paid by the account. For Private Asset ManagementAccounts,sucharrangementsarenon‐contractualandNBIAmayterminatesucharrangementatanytime.

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NBIAmay,initssolediscretion,reduceorwaivefees(includingminimumannualfees)orapplyadifferentfeescheduleforanyofitsSeparateAccountclients,includingemployeesandaffiliatesoftheFirmandclientswhoinvestinnewstrategiesorproductsattheinitiallaunch.

UnlessotherwiseagreedwiththeSeparateAccountclient,forSeparateAccountsthatarebilledquarterly inadvance, feesare typicallynotadjusted to reflect client‐directedcontributions to,andwithdrawals from, theClientAccount. Aportionof aPrivateAssetManagementAccountmayconsistofClient‐DirectedTransactionsandsuchtransactionsaregenerallynotincludedinthevaluationoftheClientAccountforpurposesofcalculatingtheadvisoryfeepayabletoNBIA.

ForitsPrivateAssetManagementAccounts,clientsgenerallyenterintoaccountagreementsthatprovidefortheprovisionofadvisoryservicesbyNBIAandbrokerageservicesbyNBBD.Certainof the fee schedules below assume that the clients have entered into such agreements andconsented to the use of NBBD as broker for the account. These accounts are billed an “all‐inclusive” fee that captures NBIA’s investment management and NBBD’s brokerage fees. Noseparate fees are chargedbyNBIA for brokerage transactions in the account. Clients bear allothertransactionandtransfer‐relatedcostsandexpenses,asapplicable.SeeItem5.C.Alternatively,clientswhohavePrivateAssetManagementAccountsmaysolelyengageNBIAfortheprovisionofinvestmentadvisoryservices.Insuchinstancestheaccountswillpayseparatebrokerage commissions and other execution and transaction‐related costs. Similarly,Institutional Accounts generally engage NBIA solely for the provision of investment advisoryservicesandpayseparatebrokeragecommissionsandotherexecutionandtransaction‐relatedcosts.CertainfeeschedulesforPrivateAssetManagementAccountshavedifferentfeeratesforequityand fixed income securities. Please note that for accounts subject to such fee schedules, onlyassets that have beendesignated for permanent investment in fixed income securitieswill besubjecttothefixedincomefeerate.Accordingly,cashandcashequivalentsthatarenotheldforpermanentinvestmentinfixedincomesecuritieswillbesubjecttotheequityfeerate.NBIAmayalso chargeperformance‐based fees (“PerformanceFees”)on someof its SeparateAccounts, subject toeligibility requirementsunder theAdvisersActandotherapplicable laws.Suchfeearrangementsarenegotiatedwiththeclient. Generally,thosearrangementsincludeabase feebasedonapercentageof themarketvalueof theassetsheld in theSeparateAccountplus aPerformanceFeebasedon theaccount’sperformanceover a specified timeperiod (seeItem6).ThespecificstructureofthePerformanceFeemayvary.Pursuant to, and in accordance with, the relevant investment advisory agreement, NBIA’sinvestmentadvisoryfeesforcertainPrivateAssetManagementAccountsmaybemodifieduponadvancewrittennoticetotheClient.TheannualinvestmentadvisoryfeeratesfortheSeparateAccountsaresetforthbelow:

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a.PRIVATEASSETMANAGEMENTACCOUNTSScheduleETypeofassetintheaccount AdvisoryFeeFor common stocks, convertible bonds,convertible preferred shares, cash, cashequivalent mutual funds, and all othermanaged assets of the account not being heldfor permanent investment in fixed incomesecurities

For accountswith amarket valueof less than$10million 1.500% of the first $2.5million ofmarket

value; 1.400%ofthenext$2.5million; 1.300%ofthenext$2.5million;and 1.200%ofthenext$2,499,999

For accountswith amarket value equal to orgreaterthan$10million 1.250% of the first $10 million of market

value;and 0.900%ofthebalance

Forcashequivalentsandmanagedassetsheldfor permanent investment in fixed incomesecurities

0.375%ofthemarketvalue

Theminimumquarterlyfeefortheaboveaccountsis$1,875

ScheduleEP2Typeofassetintheaccount AdvisoryFeeAll assets in the account including cash andcashequivalents


ScheduleFTypeofassetintheaccount AdvisoryFeeFor common stocks, convertible bonds,convertible preferred shares, cash, cashequivalent mutual funds, and all othermanaged assets of the account not being heldfor permanent investment in fixed incomesecurities

For accountswith amarket valueof less than$10million 1.750% of the first $5 million of market

value;and 1.500%ofthenext$4,999,999

For accountswith amarket value equal to orgreaterthan$10million 1.600% of the first $10 million of market


Forcashequivalentsandmanagedassetsheldfor permanent investment in fixed incomesecurities


Theminimumquarterlyfeefortheaboveaccountsis$2,500

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Schedule083Typeofassetintheaccount AdvisoryFeeAll assets in the account including cash andcashequivalents


Schedule716Typeofassetintheaccount AdvisoryFeeCash, cash equivalents and managed assetsheldforpermanentinvestmentinfixedincomesecurities

0.400% of the first $5 million of marketvalue,

0.300%ofthenext$15million; 0.275%ofthenext$30million; 0.250%ofthenext$100million; 0.150%ofthenext$250million;and 0.120%ofthebalance

Theminimumquarterlyfeefortheaboveaccountsis$1,000Schedule803Typeofassetintheaccount AdvisoryFeeAll assets in the account including cash andcashequivalents


ScheduleA74/A75‐S&PHedgedOptionPremiumOverlayFeeScheduleAdvisoryFee Foraccountswithatargetnotionalvalueoflessthan$3million,0.80%ofthetargetnotional

value;or for accountswith a targetnotional valueequal toor greater than$3million, 0.70%of the

targetnotionalvalueScheduleA76/A77‐S&PPutwriteOverlayFeeScheduleAdvisoryFee Foraccountswithatargetnotionalvalueoflessthan$3million,0.70%ofthetargetnotional

value;or for accountswith a targetnotional valueequal toor greater than$3million, 0.60%of the

targetnotionalvalue

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GPS–TotalPortfolioSolutions(TPS)FeeScheduleTypeofassetintheaccount AdvisoryFeeAll assets in the account including NBRegisteredFunds,cashandcashequivalents

1.400% if the market value is less than$500,000;

1.300% if themarketvalue is $500,000orgreaterbutlessthan$1million;

1.200%ifthemarketvalueis$1millionorgreaterbutlessthan$5million;

1.100%ifthemarketvalueis$5millionorgreaterbutlessthan$10million;and

1.000%ifthemarketvalueis$10millionorgreater

GPS–EquityCompletionFeeScheduleTypeofassetintheaccount AdvisoryFeeAll assets in the account including NBRegisteredFunds,cashandcashequivalents


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b.INSTITUTIONALACCOUNTSStrategy AdvisoryFeeAllCapCore 0.80%ofthefirst$25millionofmarket

value; 0.65%ofthenext$25million; 0.60%ofthenext$50million;and 0.50%ofthebalance

AllCapIntrinsicValue 1.00%ofthefirst$1millionofmarketvalue;

0.75%ofthenext$4million; 0.625%ofthenext$10million;and 0.50%ofthebalance

AsianEquityOpportunities 0.85%ofthemarketvalueofallassetsChinaEquity 1.15%ofthefirst$100millionofmarket

value; 0.85%ofthenext$100million;and 0.40%ofthebalance

Commodities 0.85%ofthefirst$50millionofmarketvalue;

0.45%ofthenext$50million;and 0.35%ofthebalance

CoreBond 0.30%ofthefirst$50millionofmarketvalue;

0.25%ofthenext$100million; 0.20%ofthenext$100million; 0.15%ofthenext$250million;and 0.12%ofthebalance

CorePlus 0.35%ofthefirst$50millionofmarketvalue;


CorporateHybrid 0.60%ofthemarketvalueofallassetsCrossoverCredit 0.45%ofthefirst$100millionofmarket


DiversifiedCurrency 0.50%ofthefirst$25millionofmarketvalue;


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Strategy AdvisoryFeeDiversifiedCurrencyHighAlpha 0.70%ofthefirst$25millionofmarket


DynamicBetaNavigator 0.45%ofthefirst$100millionofmarketvalue;and

0.35%ofthebalanceEquityIncome 1.00%ofthefirst$10millionofmarket


EmergingMarketDebt–AsianBond 0.50%ofthefirst$100millionofmarketvalue;


EmergingMarketDebt–Corporate/EmergingMarketDebt‐Blend

0.65%ofthefirst$100millionofmarketvalue;


EmergingMarketDebt‐HardCurrency 0.55%ofthefirst$100millionofmarketvalue;


EmergingMarketDebt‐LocalCurrency 0.60%ofthefirst$100millionofmarketvalue;


EmergingMarketDebt‐ShortDuration 0.45%ofthefirst$100millionofmarketvalue;


EmergingMarketsEquity 1.00%ofthefirst$25millionofmarketvalue;


EmergingMarketsEquitySelect 0.85%ofthefirst$50millionofmarketvalue;


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Strategy AdvisoryFeeEmergingMarketsPutWrite(ATM) 0.65%ofthefirst$50millionofmarket


EnhancedCash 0.175%ofthefirst$50millionofmarketvalue;


EnhancedIndex/EnhancedMortgages/PassiveCorporate


0.08%ofthenext$100million; 0.04%ofthenext$350million; 0.03%ofthenext$500million; 0.0225%ofthenext$1billion; 0.02%ofthenext$500million;and 0.0175%ofthebalance

EuropeanHighYield 0.55%ofthefirst$50millionofmarketvalue;


EuropeanInvestmentGradeCredit 0.35%ofthefirst$50millionofmarketvalue;


GlobalBondAbsoluteReturn(Unconstrained) 0.55%ofthefirst$50millionofmarketvalue;


GlobalEquity 0.75%ofthefirst$25millionofmarketvalue;


GlobalFixedIncome 0.30%ofthefirst$50millionofmarketvalue;


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Strategy AdvisoryFeeGlobalInvestmentGradeCredit 0.40%ofthefirst$50millionofmarket


GlobalPutWrite(OTM)/GlobalPutWrite(ATM)



GlobalOpportunisticFixedIncome 0.40%ofthefirst$50millionofmarketvalue;


GlobalREIT 0.80%ofthefirst$25millionofmarketvalue;


InternationalACWex‐US 0.80%ofthefirst$25millionofmarketvalue;


InternationalAllCap 0.85%ofthefirst$25millionofmarketvalue;


InternationalSelect 0.80%ofthefirst$25millionofmarketvalue;


InternationalSmallCap 0.95%ofthefirst$25millionofmarketvalue;


InvestmentGradeCredit 0.35%ofthefirst$50millionofmarketvalue;


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Strategy AdvisoryFeeLargeCapCore 0.65%ofthefirst$25millionofmarket

value; 0.50%ofthenext$25million; 0.40%ofthenext$50million; 0.30%ofthenext$100million;and 0.25%ofthebalance

LargeCapDisciplinedGrowth 0.65%ofthefirst$35millionofmarketvalue;


LargeCapValue/SystematicLargeCapValue/CoreEquity



LiabilityDrivenInvesting/LongDuration/LongGovernmentCredit



MidCapGrowth 0.80%ofthefirst$25millionofmarketvalue;


MidCapIntrinsicValue 0.75%ofthefirst$25millionofmarketvalue;


MLP 0.75%ofthefirst$50millionofmarketvalue;


Multi‐AssetClassGlobalAbsoluteReturn/Multi‐AssetClassGlobalRelativeReturn



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Strategy AdvisoryFeeMulti‐AssetClassIncome/Multi‐AssetClassGrowth



Multi‐StylePremia 0.90%ofthemarketvalueofallassetsMunicipal–Cash/ShortDuration 0.25%ofthefirst$25millionofmarket


Municipal–Intermediate/LongDuration 0.30%ofthefirst$50millionofmarketvalue;


OpportunisticCredit 0.55%ofthefirst$50millionofmarketvalue;


OpportunisticFixedIncome 0.50%ofthefirst$50millionofmarketvalue;


PassiveIndex/PassiveGovernment 0.08%ofthefirst$50millionofmarketvalue;

0.065%ofthenext$100million; 0.032%ofthenext$350million; 0.025%ofthenext$500million; 0.018%ofthenext$1billion; 0.016%ofthenext$500million;and 0.014%ofthebalance

Preferred&CapitalSecuritiesStrategy(FinancialHybrids)



REIT 0.75%ofthefirst$25millionofmarketvalue;


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Strategy AdvisoryFeeResearchOpportunity 0.25%ofthefirst$25millionofmarket


RiskBalancedGlobalEquity 0.55%ofthefirst$25millionofmarketvalue;


RiskPremia–5%Volatility 0.40%ofthemarketvalueofallassetsRiskPremia–10%Volatility 0.75%ofthemarketvalueofallassetsRussell2000Strangle/S&P500Strangle 0.60%ofthefirst$100millionofmarket


S&P500IronCondor 0.50%ofthefirst$100millionofmarketvalue;and

0.45%ofthebalanceS&P500PutWrite(OTM)/S&P500PutWrite(ATM)



SeniorFloatingRateLoans 0.55%ofthefirst$50millionofmarketvalue;


ShortDuration 0.20%ofthefirst$50millionofmarketvalue;


ShortDurationHighYield/GlobalHighYield 0.55%ofthefirst$50millionofmarketvalue;


SmallCapGrowth 1.00%ofthefirst$25millionofmarketvalue;


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Strategy AdvisoryFeeSmallCapIntrinsicValue 1.00%ofthefirst$20millionofmarket


SmallCap 1.00%ofthemarketvalueofallassetsSociallyResponsibleInvesting 1.00%ofthefirst$10millionofmarket


SystematicEmergingMarketsEquity 0.80%ofthefirst$25millionofmarketvalue;


SystematicGlobalEquity 0.55%ofthefirst$25millionofmarketvalue;


TIPS 0.15%ofthefirst$100millionofmarketvalue;


U.S.HighYield 0.55%ofthefirst$50millionofmarketvalue;


U.S.InvestmentGradeCredit/LongCredit 0.35%ofthefirst$50millionofmarketvalue;


U.S.PutWrite(ATM) 0.45%ofthefirst$50millionofmarketvalue;


Velocity 0.75%ofthemarketvalueofallassetsII.PRIVATEFUNDS

Pursuant to NBIA’s investment management agreement with each Private Fund, NBIA willreceive a management fee that generally is based on the net asset value (“NAV”) of eachinvestor’s account in the Private Fund, each investor’s net investment amount (which is

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generallycalculatedbasedonaninvestor’scontributions,withdrawalsanddistributionsandisnotbasedoncapitalappreciationordepreciationinanaccount)oreachinvestor’sinvestedandreinvestedcapital. In some instances,NBIAor itsaffiliate (generally in its capacityasgeneralpartnerormanagingmemberof thePrivateFund)will alsoreceiveaPerformanceFee(whichmaybeintheformofanincentivefee/allocation).ThePerformanceFeeisgenerallychargedifaspecifiedpreferredreturntoinvestorsisachievedsubjecttoa“catch‐up”;orwherethePrivateFundexceedstheperformanceofacertainbenchmarkorindex(“hurdle”).The management fee for Private Funds generally ranges from 0.00%‐1.50% annually. ForPrivateFundswhose investorsareeligible toenter intoaperformance feearrangementundertheAdvisersAct,PerformanceFeesaregenerallyupto20%of(realizedorunrealized)capitalgainsorcapitalappreciation.ManagementfeesandPerformanceFeesforPrivateFundsmaybenegotiableundercertaincircumstances.NBIAoraPrivateFund’sgeneralpartnerormanagingmembercustomarilyretainsdiscretiontowaive,rebateorcalculatedifferentlythemanagementfeesandPerformanceFeesastoalloranyoftheinvestorsinaPrivateFund,includingaffiliatesandemployeesoftheFirm.Investors should refer to the OfferingMemorandum for the relevant Private Fund for furtherinformationwithrespecttofees.III.NBRegisteredFunds

a. NBMutualFunds

Each NB Mutual Fund has entered into an investment management agreement with NBIA.Pursuant to each investment management agreement, NBIA receives an advisory fee at aspecifiedrateequaltoapercentageofthefund’saveragedailynetassets.Inaddition,NBIAhasentered intoanadministrationagreementwitheachNBMutualFund. Administrationfeesarebasedonapercentageofeachfund’saveragedailynetassets.TheannualadvisoryfeerateforeachNBMutualFundisnegotiatedwithandapprovedbyeachfund’sBoardofTrusteesandissetforthbelow:

Pleasenote the fullnameof each fund listedbelow (except for theAMTFunds)beginswith theprefix“NeubergerBerman”EquityFunds

AdvisoryFee(basedonaveragedailynetassets)

GenesisFund 0.850%ofthefirst$250million; 0.800%ofthenext$250million; 0.750%ofthenext$250million; 0.700%ofthenext$250million; 0.650%ofthenext$13billion;and 0.600%inexcessof$14billion

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IntrinsicValueFundSmallCapGrowthFund

0.850%ofthefirst$250million; 0.800%ofthenext$250million; 0.750%ofthenext$250million; 0.700%ofthenext$250million;and 0.650%inexcessof$1billion

EquityIncomeFundFocusFundGuardianFundInternationalSelectFundLargeCapValueFundMidCapGrowthFundMidCapIntrinsicValueFundSociallyResponsiveFundValueFund

0.550%ofthefirst$250million; 0.525%ofthenext$250million; 0.500%ofthenext$250million; 0.475%ofthenext$250million; 0.450%ofthenext$500million; 0.425%ofthenext$2.5billion;and 0.400%inexcessof$4billion

GreaterChinaEquityFund 1.100%ofthefirst$1billion;and 0.950%inexcessof$1billion

DividendGrowthFund 0.500%ofthefirst$1.5billion; 0.475%ofthenext$2.5billion;and 0.450%inexcessof$4billion

EmergingMarketsEquityFund 1.000%ofthefirst$250million; 0.975%ofthenext$250million; 0.950%ofthenext$250million; 0.925%ofthenext$250million; 0.900%ofthenext$500million; 0.875%ofthenext$2.5billion;and 0.850%inexcessof$4billion

GlobalEquityFund 0.550%

Multi‐CapOpportunitiesFund 0.600%ofthefirst$250million; 0.575%ofthenext$250million; 0.550%ofthenext$250million; 0.525%ofthenext$250million; 0.500%ofthenext$500million; 0.475%ofthenext$2.5billion;and 0.450%inexcessof$4billion

InternationalEquityFund 0.850%ofthefirst$250million; 0.825%ofthenext$250million; 0.800%ofthenext$250million; 0.775%ofthenext$250million; 0.750%ofthenext$500million; 0.725%ofthenext$1billion;and 0.700%inexcessof$2.5billion

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InternationalSmallCapFund 0.850%ofthefirst$250million; 0.825%ofthenext$250million; 0.800%ofthenext$250million; 0.775%ofthenext$250million; 0.750%ofthenext$500million; 0.725%ofthenext$2.5billion;and 0.700%inexcessof$4billion

GlobalRealEstateFundRealEstateFund

0.800%

AMTFunds AdvisoryFee(basedonaveragedailynet

assets)

GuardianPortfolioLargeCapValuePortfolioMidCapGrowthPortfolioMidCapIntrinsicValuePortfolioSociallyResponsivePortfolio

0.550%ofthefirst$250million; 0.525%ofthenext$250million; 0.500%ofthenext$250million; 0.475%ofthenext$250million; 0.450%ofthenext$500million; 0.425%ofthenext$2.5billion;and 0.400%inexcessof$4billion

InternationalEquityPortfolio 0.850%ofthefirst$250million; 0.825%ofthenext$250million; 0.800%ofthenext$250million; 0.775%ofthenext$250million; 0.750%ofthenext$500million; 0.725%ofthenext$1billion;and 0.700%inexcessof$2.5billion

RealEstatePortfolio 0.850%

ShortDurationBondPortfolio 0.250%ofthefirst$500million; 0.225%ofthenext$500million; 0.200%ofthenext$500million; 0.175%ofthenext$500million;

and 0.150%inexcessof$2billion

U.S.EquityIndexPutWriteStrategyPortfolio(formerlyAbsoluteReturnMulti‐ManagerPortfolio)

0.450%

FixedIncomeFunds AdvisoryFee(basedonaveragedailynet

assets)

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CoreBondFundNewYorkMunicipalIncomeFund

0.250%ofthefirst$500million; 0.225%ofthenext$500million; 0.200%ofthenext$500million; 0.175%ofthenext$500million;and 0.150%inexcessof$2billion

CorePlusFund 0.250%EmergingMarketsDebtFund 0.550%FloatingRateIncomeFund 0.500%HighIncomeBondFund 0.480%MunicipalHighIncomeFund 0.400%ofthefirst$500million;

0.375%ofthenext$500million; 0.350%ofthenext$500million; 0.325%ofthenext$500million;and 0.300%inexcessof$2billion

MunicipalIntermediateBondFund 0.230%ofthefirst$500million; 0.225%ofthenext$500million; 0.200%ofthenext$500million; 0.175%ofthenext$500million;and 0.150%inexcessof$2billion

ShortDurationBondFund 0.200%ofthefirst$1.5billion; 0.175%ofthenext$500million;and 0.150%inexcessof$2billion

ShortDurationHighIncomeFund 0.450%StrategicIncomeFund 0.400%UnconstrainedBondFund 0.450%

AlternativeFunds AdvisoryFee(basedonaveragedailynet

assets)

AbsoluteReturnMulti‐ManagerFund 1.700%ofthefirst$250million; 1.675%ofthenext$250million; 1.650%ofthenext$250million; 1.625%ofthenext$250million; 1.600%ofthenext$500million; 1.575%ofthenext$2.5billion;and 1.550%inexcessof$4billion

GlobalAllocationFund 0.550%ofthefirst$1billion; 0.525%ofthenext$1billion;and 0.500%inexcessof$2billion

HedgedOptionPremiumStrategyFundU.S.EquityIndexPutWriteStrategyFund

0.450%

LongShortCreditFund 0.550%

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Fromtimetotime,NBIAmaydeterminetowaivealloraportionofitsfeeorreimburseanNBMutualFundforcertainexpenses.Theratesofthosewaiversorreimbursementsaresetforthineachfund’sOfferingDocuments.

b. NBClosed‐EndFunds(exceptNBPEClosed‐EndFunds)

EachNBClosed‐EndFundhasentered intoamanagementagreementwithNBIA. Pursuant toeachmanagementagreement,NBIAreceivesafeeataspecifiedrateequaltoapercentageoftheNB Closed‐End Fund’s average daily total assets, minus liabilities other than the aggregateindebtedness entered into for purposes of leverage (for purposes of this calculation, theliquidationpreferenceontheNBClosed‐EndFund’spreferredshares,ifany,isnotaliability).Inaddition,NBIA has entered into an administration agreementwith eachNB Closed‐End Fund.Administration fees are based on a percentage of average daily total assets, minus liabilitiesotherthantheaggregateindebtednessenteredintoforpurposesofleverage(forpurposesofthiscalculation, the liquidationpreferenceon theNBClosed‐EndFund’spreferredshares, ifany, isnotaliability).

The advisory fee rate for each NB Closed‐End Fund is negotiated with the fund’s Board ofDirectorsandissetforthbelow:

LongShortFund 1.200%ofthefirst$250million; 1.175%ofthenext$250million; 1.150%ofthenext$250million; 1.125%ofthenext$250million; 1.100%ofthenext$500million; 1.075%ofthenext$2.5billion;and 1.050%inexcessof$4billion

Multi‐AssetIncomeFund 0.450%ofthefirst$250million; 0.425%ofthenext$250million; 0.400%ofthenext$250million; 0.375%ofthenext$250million; 0.350%ofthenext$500million; 0.325%ofthenext$2.5billion;and 0.300%inexcessof$4billion

RiskBalancedCommodityStrategyFund 0.500%ofthefirst$250million; 0.475%ofthenext$250million; 0.450%ofthenext$250million; 0.425%ofthenext$250million; 0.400%ofthenext$500million; 0.375%ofthenext$2.5billion;and 0.350%inexcessof$4billion

Funds AdvisoryFee(basedonaveragedailynetassets)

CaliforniaIntermediateMunicipalFund 0.25%IntermediateMunicipalFund 0.25%

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c. NBPEClosed‐EndFunds

EachNBPEClosed‐EndFundhasenteredintoaninvestmentmanagementagreementwithNBIA.Pursuanttoeachinvestmentmanagementagreement,eachNBPEClosed‐EndFundpaysNBIAafee at a specified rate. NBIA or an affiliate ofNBIAmay also be apportioned carried interestdistributions from eachNB PE Closed‐End Fund (“Carried Interest”),which generally rangesfrom5‐10%ofdistributionsafter investorsreceiveaspecifiedamountofdrawncommitmentsfromtheNBPEClosed‐EndFund.AsdescribedintheOfferingDocumentsfortherelevantNBPEClosed‐End Fund, Carried Interest, to the extent applicable, may be subject to a “clawback,”which means that NBIA (or its affiliate) may be required to return to the investors all or aportionof theCarried Interest if the investors in theNBPEClosed‐EndFunddonot receiveareturnoftheircapitalcontributionsmadetosuchNBPEClosed‐EndFundplusacertainstatedreturnon their investment from the fund, in each case in accordancewith the fund’sOfferingDocuments.TheadvisoryfeerateforeachNBPEClosed‐EndFundisnegotiatedwithandapprovedbythefund’sBoardofManagersandissetforthbelow:

MLPIncomeFundInc. 0.75%NewYorkIntermediateMunicipalFund 0.25%RealEstateSecuritiesIncomeFund 0.60%HighYieldStrategiesFund 0.60%

Funds AdvisoryFee(basedontotalinvestorcommitments,unlessotherwisespecified)

ExcelsiorVenturePartnersIII,LLC 1.00%(basedonaveragequarterlynetassets)

USTGlobalPrivateMarketsFund,LLC 1.50%,withanannual10%step‐downstartingonthethirdanniversaryofthefinalclosingofthesubscriptionofunitsandcontinuinguntiltheadvisoryfeereaches0.25%

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ExcelsiorPrivateMarketsFundII(Master),LLC

1.00%asfollows:(i)duringtheperiodfromtheinitialclosinguntilthefifthanniversaryofthefinalclosing,basedonthetotalcommitmentsenteredintobythefundwithrespectto:(a)investmentsinunregisteredinvestmentfundsorotherinvestmentvehicles(“UnderlyingFunds”)and(b)directprivateequityinvestmentsinportfoliocompanies;and(ii)beginningonthefifthanniversaryofthefinalclosingandthereafter,basedonthenetassetvalue(exclusiveofassetsheldincashandcashequivalents)ofthecompanyasofthelastdayoftheapplicablequarter

ExcelsiorPrivateMarketsFundII(TE),LLC Managementfeeof0.50%*ExcelsiorPrivateMarketsFundII(TI),LLC Managementfeeof0.50%*ExcelsiorPrivateMarketsFundIII(Master),LLC

1.00%asfollows:(i)duringtheperiodfromtheinitialclosinguntilthefifthanniversaryofthefinalclosing,basedonthetotalcommitmentsenteredintobythecompanywithrespectto:(a)investmentsinUnderlyingFundsand(b)directprivateequityinvestmentsinportfoliocompanies;and(ii)beginningonthefifthanniversaryofthefinalclosingandthereafter,basedonthenetassetvalue(exclusiveofassetsheldincashandcashequivalents)ofthecompanyasofthelastdayoftheapplicablequarter

ExcelsiorPrivateMarketsFundIII(TE),LLC Managementfeeof0.50%*ExcelsiorPrivateMarketsFundIII(TI),LLC Managementfeeof0.50%*NBCrossroadsPrivateMarketsFundIV(TE)‐ClientLLC

0.10%inyear1 0.55%inyears2through8 0.30%thereafter

NBCrossroadsPrivateMarketsFundIV(TI)‐ClientLLC


NBCrossroadsPrivateMarketsFundIVHoldingsLLC


30

*Payments formanagementandadministrativeservices,not for investmentadvisoryservices.Management fees are calculated based on a pro‐rata allocation of underlying investmentcommitmentsduringtheinvestmentperiod,andaftertheinvestmentperiod,basedonapro‐rataallocationoftheNBPEClosed‐EndFund’snetassetsexclusiveofcash.IV.SUB‐ADVISEDACCOUNTS

a. Third‐PartyMutualFundsandNonU.S.RegisteredFunds

NBIA’sfeeswithrespecttoitsservicesassub‐advisertoeachThird‐PartyMutualFundandNon‐U.S.RegisteredFundareindividuallynegotiated(and,assuch,willvary),andaresetforthinitssub‐advisoryagreementwitheachfund/investmentadviser.

b. OtherSub‐AdvisedAccounts

Sub‐advisory fees for other Sub‐Advised Accounts are individually negotiated and varydepending on the account. NBIA’s sub‐advisory fees may be consistent with the basic feeinformation and termsdescribed above for the type of client (e.g., SeparateAccounts, PrivateFunds),providedthatSub‐AdvisedAccountsmaybesubjecttoaNBIAfeeschedulethatprovidesfor lower fees thanNBIA’spublished feeschedules for thesameproductsserviceddirectlybyNBIA. NBIA’smanagement fees andPerformanceFees (if any)with respect to its services assub‐adviseraresetforthinitssub‐advisoryagreementwitheachfund/investmentadviser.

V.WRAPANDRELATEDPROGRAMACCOUNTS

Wrap Program Clients payWrap Sponsors a bundled or “wrapped” fee that typically coversinvestmentmanagement,tradeexecution,custodialservicesandotheradministrativeservices.Of that fee, theProgramSponsors, in turn,payadvisory feesto thesub‐adviser,suchasNBIA,that they select to provide advisory services to theirWrap Program Clients. In some cases,UnbundledProgramSponsorsmayofferclientsUnbundledProgramswhereinsteadofpayingabundledor“wrapped”fee,clientspayfeesonanunbundledbasistoseparateparties,includingafee for investmentadvisoryservices,which, in turn, ispaid to thesub‐adviserselectedby theUnbundled Program Sponsor, such as NBIA. NBIA generally negotiates its fees with eachProgramSponsor,subjecttovaryingfactors,includingtheProgramSponsor’sprogramsizeandstyle, the services performed by the Program Sponsor, and other factors. Subject to those

NBCrossroadsPrivateMarketsFundV(TE)LP

0.85%inyears1through8 0.30%thereafter

NBCrossroadsPrivateMarketsFundV(TI)LP


NBCrossroadsPrivateMarketsFundV(TE)AdvisoryLP


NBCrossroadsPrivateMarketsFundV(TI)AdvisoryLP


NBCrossroadsPrivateMarketsFundVHoldingsLP


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factors,NBIA’sbasicannualizedfeescheduleforadiscretionaryProgramrangesbetween0.34%and0.70%annuallywithrespecttoequityinvestmentstrategiesand0.25%and0.35%annuallywith respect to fixed income assets. In a non‐discretionaryModel Portfolio Program, NBIA’sbasic annualized fee schedule ranges between 0.28% and 0.50% annually with respect toequitiesand0.22%and0.25%annuallywithrespecttofixedincomeinvestmentstrategies.

TotheextentaProgramClienthasauthorizedtheProgramSponsortoarrangeforpaymentofthe advisory fees owed to NBIA, such Program Client is subject to the billing policies andprocedures of the Program Sponsor. As a result of such policies, the Program Clientmay besubjecttofeesthatmayvaryfromasimilarlysituatedclientthat isbilleddirectlybyNBIAforthe same services. Program Clients should carefully review the Program Sponsor’s billingpoliciesandprocedures.

Dual Contract Clients are generally subject to the billing policies and procedures that NBIAfollowswithrespecttoPrivateAssetManagementAccounts,butshouldreviewtheircontractswithNBIAandtheProgramSponsorordesignatedbrokerandavailabledisclosurestoconfirmthatthebillingarrangementsdisclosedbytheProgramSponsorordesignatedbrokerfortheiraccountsdonotvaryfromNBIA’sbillingpoliciesandproceduresforPrivateAssetManagementAccounts.IftheProgramSponsor’sordesignatedbroker’sbillingpoliciesandproceduresapply,theProgramClientmaybesubjecttofeesthatmayvaryfromasimilarlysituatedclientthatisbilleddirectlybyNBIAforthesameservices.

VI.NON‐DISCRETIONARYANDCONSULTINGSERVICES

ForNon‐DiscretionaryAccounts,NBIAreceiveseitherafeebasedonapercentageofthemarketvalue of assets held in the account (which, in general, are consistent with the standard feeschedulesdescribedaboveforSeparateAccounts)orafixedfee.

NBIA generally charges a fixed fee for its Consulting Services. Those fees are individuallynegotiated. NBIAalsocharges licenseandsupport fees for the licensingof itsNBIASoftware.Suchfeesvarybasedonthescopeandextentoftheanalysisandmodelingdesiredbytheclient,enhancementstotheNBIASoftwaretomeettheneedsoftheclient,thetypeofassetssubjecttoanalysisandthetrainingandsupportrequired.

VII.WEALTHANALYSISNBIAdoesnotchargeanyfeesforitsWealthAnalyses.

B. PaymentMethod

CalculationandPaymentofFees:

SeparateAccounts—ForPrivateAssetManagementAccounts,advisoryfeesaretypicallychargedquarterly,inadvance,atthebeginningofeachcalendarquarter,basedonthemarketvalueoftheclient’s account on the last business day of the previous calendar quarter. For Institutional

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Accounts,feesaregenerallyaccruedandpaideitherinarrearsorinadvanceonaquarterlybasis,asprovidedinthecontractbetweenNBIAandtheInstitutionalAccountclient.PerformanceFeesandminimumannualfees,ifany,aregenerallychargedonanannualbasis.

PaymentoffeesforSeparateAccountsareeithermadethroughadebittotheclient’saccountatthe custodianbankor broker‐dealer or aremadeupon invoice,which fees are duewithin 30days of the date of the invoice. In general, Private Asset Management Account clientscontractuallyagreetoallowNBIAtodebitanyfeesfromtheiraccounts.Attheclient’srequest,NBIA will send the client an informational statement of the fees due each quarter. NBIAgenerallyinvoicesInstitutionalAccountclientsforfeesincurred.

During a quarter or other fee calculation period, if NBIA begins managing an account, or anaccountisterminated,thefeechargedforthatperiodwillbepro‐ratedbasedontheportionoftheperiodthatNBIAactuallymanagedtheaccount.Ifmanagementfeesarechargedinadvance,theSeparateAccountclientwillreceiveapro‐ratedrefundofanypre‐paidfeesiftheinvestmentmanagementagreementisterminatedbeforetheendofthebillingperiod.

PrivateFunds—Generally,managementfeesarechargedmonthlyorquarterlyandPerformanceFeesarechargedattheendofeachPrivateFund’sfiscalyearoruponwithdrawalbyaninvestorfrom a Private Fund. The management fees and Performances Fees are generally deducteddirectlyfromeachPrivateFundinvestor’saccount.However,certainPrivateFundsprovidethatan investormaybebilledoutsideof thePrivateFundat theoptionof the investor. Investorsshould refer to the applicable Offering Memorandum with respect to the calculation andpaymentoffees.

NBRegisteredFunds—NBIA’s advisory fees are paid toNBIA by eachNBRegistered Fund inaccordancewiththeinvestmentmanagementagreemententeredintobyNBIAandsuchfund,asnegotiatedwiththefund’sBoardofTrustees/Directors/Managers.ForallNBRegisteredFundsexcept the NB PE Closed‐End Funds, the fees are accrued daily and deducted monthly orquarterly,asapplicable,directly fromtheNBRegisteredFunds’custodialaccount. FortheNBPEClosed‐EndFunds, theadvisory feesand themanagement feesarecalculatedasof the lastbusiness day of the prior quarter and are due and payable in arrears after the end of thatquarter.CarriedInterestwithrespecttotheNBPEClosed‐EndFunds,ifany,willgenerallynotbe paid until after certain anniversary dates, as discussed in the relevant fund’s OfferingDocuments.

Sub‐AdvisedAccounts—

Third‐PartyMutualFundsandNon‐U.S.RegisteredFunds—NBIA’ssub‐advisoryfeesarepaidbyeachinvestmentadvisertoNBIAinaccordancewiththeinvestmentsub‐advisoryagreement entered into by NBIA and such adviser. NBIA’s sub‐advisory fees arenegotiatedwiththeThird‐PartyMutualFund’sorNon‐U.S.RegisteredFund’sinvestmentadviserorBoardofTrustees/Directors/Managers.

OtherSub‐AdvisedAccounts–Paymentoffeesvariesdependingonthetypeofaccountbutingeneralisconsistentwiththebasicfeeinformationandtermsdescribedaboveforthetypeofclient(e.g.,SeparateAccounts,PrivateFunds).

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Wrap and Related Program Accounts—Each Program Sponsor generally pays NBIA on aquarterlybasis,eitherinarrearsor inadvance,asprovidedinthecontractbetweenNBIAandtheProgramSponsor.NBIAdoesnotinvoiceProgramClients.EachProgramSponsorcalculatesandpaysNBIA its fees fromthe fees theProgramSponsor receives fromtheProgramClients.NBIA does not establish the value of securities held in these accounts, which is a functionprovidedbytheProgramSponsors.DualContractClientsaregenerallysubjecttothebillingandvaluationpracticesandproceduresthatNBIAfollowswithrespecttoPrivateAssetManagementAccounts, but should review their contracts with NBIA and with the Program Sponsors ordesignatedbrokersandavailabledisclosurestoconfirmthatthebillingandvaluationpracticesandproceduresoftheProgramSponsorsordesignatedbrokersfortheiraccountsdonotvaryfrom NBIA’s billing and valuation practices and procedures for Private Asset ManagementAccounts.

Dual Contract Clients are subject to the valuation practices and procedures thatNBIA followswith respect toPrivateAssetManagementAccounts,unless it isdisclosed thatotherpracticesandprocedures,suchasthoseoftheProgramSponsorordesignatedbroker,willapply.

Non‐Discretionary and Consulting—Payment of Non‐Discretionary Account fees varies but ingeneral is consistent with the basic fee information and terms described above for SeparateAccounts. Themanner of payment for Consulting Services andNBIA Software is individuallynegotiated.

ValuationforFeeCalculationPurposes:

Separate Accounts, Non‐Discretionary Accounts and Sub‐Advisory Accounts (excluding PrivateFunds, NB Registered Funds, Non‐U.S. Registered Funds and Third‐Party Mutual Funds)— Ingeneral,managementfeesforSeparateAccounts,Non‐DiscretionaryAccountsandSub‐AdvisoryAccounts(excludingPrivateFunds,NBRegisteredFunds,Non‐U.S.RegisteredFundsandThird‐PartyMutualFunds)arebasedonavaluationofassetsbyNBIAortheclient’scustodian.WhentheclientandNBIAagreetouseNBIA’svaluationoftheassetsforfeepurposes,NBIAmayuseindependent third‐partypricingservicesorbrokerquotes (including thoseof thecustodianorclearingagent forClientAccounts) tovalueassets.Whena third‐partyprice isnotobtainable,NBIAwilluseitsfairvaluationprocedurestoobtainaninternallygeneratedvaluation,subjecttoapplicablelaw.AsNBIA’scompensationisgenerallybasedonthenetassetvalueofanaccount,aconflictariseswhenNBIAratherthanathird‐partyisvaluingtheassetsheldinanaccount.Tomitigate that conflict, NBIA has adopted methodologies designed to result in securitiesvaluationsthatinitsjudgmentreflectthemarketpricesofthesecuritiesatsuchtime.Inthoseinstances,thereisnoguaranteethatthemarketpriceswillbeobtained.Managementfeesmaybebasedonthemarketvalueoftheassetsasofthetradedateorthesettlementdate.Totalvalueof Client Accounts does not include unpriced securities. In determining the market value ofassets,thetotalmarketvalueofsecuritiespurchasedonmarginisincluded.Thismayresultinhigheradvisoryfeesthanwouldotherwisebechargedtotheclientifnomargindebitexistedinthe account. Accounts are also charged interest on debit balances at NBIA’s posted rate. Inaddition, in determining themarket value of assets, accrued dividendsmay be included. Themarketvalueofassetsheld inSeparateAccounts that invest inPortfolioFundsorThird‐PartySeparateAccountsisprimarilybasedonnetassetvalueasreportedbytherelevantThird‐Party

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Portfolio Manager. With respect to Private Asset Management Accounts, Client‐DirectedTransactions are generallynot included in the valuationof theClientAccount forpurposesofcalculatingtheadvisoryfeepayabletoNBIA.

Private Funds—With respect to Private Funds that invest in Portfolio Funds or Third‐PartySeparateAccounts,themarketvalueofassetsinClientAccountsisprimarilybasedonnetassetvalueasreportedbytherelevantThird‐PartyPortfolioManager.WithrespecttoPrivateFundsthatdonotinvestinPortfolioFundsorThird‐PartySeparateAccounts,themarketvaluesoftheassetsofthePrivateFundsaregenerallyobtainedfromvariousthird‐partyquotationservices,orwheresuchquotationservicesarenotavailable,arebaseduponfair‐valueasdeterminedbythegeneralpartnerormanagingmember,oritsdelegate,whichcouldbeNBIA.MostPrivateFundsretain a third‐party administrator to provide various administrative services to the PrivateFunds. That includes assisting NBIA in calculating each Private Fund’s NAV, as well asperformingotheradministrativeservicesonbehalfofthePrivateFund.Investorsshouldrefertothe applicable Offering Memorandum for more information with respect to the valuation ofPrivateFundassets.NBRegisteredFunds(otherthanNBPEClosed‐EndFunds),Third‐PartyMutualFundsandNon‐U.S.RegisteredFunds—Feesarecalculatedasapercentageofthenetassetsofeachfund.Thevalueof each fund’s net assets is determined in accordancewith each fund’s valuation policies andprocedures adopted by the fund’s Board of Trustees/Directors. Those policies are generallydescribedintherelevantfunds’OfferingDocuments.NB PE Closed‐End Funds— Generally, advisory fees are calculated as a percentage of theinvestors’totalcommitments.Managementfeesarecalculatedbasedonapro‐rataallocationofunderlying investment commitments during the investment period, and after the investmentperiod, based on a pro‐rata allocation of theNBPEClosed‐End Fund’s net assets exclusive ofcash. Each NB PE Closed‐End Fund’s assets will be valued at their fair market value asdeterminedbyNBIAingoodfaith,takingintoconsiderationallavailableinformationandotherfactors that NBIA deems pertinent. NBIAmay rely on the most recent valuations and otherinformation provided by the underlying portfolio fund managers, except where NBIA mayreasonablydetermineadditionalfactorsshouldbeconsideredandreflected.PleaserefertotheNBPEClosed‐EndFunds’OfferingDocumentsforadditionalinformationonvaluation.WrapandRelatedProgramAccounts—NBIAdoesnot establish the value of securities held inWrapProgramaccountsorUnbundledProgramaccounts. Valuation isa functionprovidedbytheProgramSponsors.DualContractClientsaregenerallysubjecttothevaluationpracticesandprocedures thatNBIA followswith respect toPrivateAssetManagementAccounts, but shouldreview their contracts with NBIA andwith the Program Sponsors or designated brokers andavailable disclosures to confirm that the valuation practices and procedures of the ProgramSponsorsordesignatedbrokersfortheiraccountsdonotvaryfromNBIA’svaluationpracticesandproceduresforPrivateAssetManagementAccounts.

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C. OtherFeesandExpenses

InadditiontothemanagementfeeandPerformanceFee,ifany,paidtoNBIA,clientspayotherfeesandexpensesassociatedwiththeiraccountsandinvestments.Suchfeesandexpensesmayincludethefollowing:

CustodialFeesandExpenses—Separate Account, Sub‐AdvisoryAccount andNon‐DiscretionaryAccountclientswhoelecttohaveaccountassetsheldinthecustodyofabank,trustcompany,broker‐dealer or otherqualified custodian (“QualifiedCustodian”) selectedby the clientwillbearanycustodialfeesandexpensesassociatedwithitsaccount.PhysicalcustodyoftheassetsofaPrivateFundwillbemaintainedwithaQualifiedCustodianselectedbyNBIAoranaffiliate,in itsexclusivediscretion. EachPrivateFundordinarilybears itscustodial feesandexpenses.TotheextentthatcashisheldinthoseaccountsandfeesarechargedbytheQualifiedCustodian,includingany feeschargeable forshort‐termreinvestmentofcash, the feesso incurredby theclientwillbeinadditiontothefeepayabletoNBIAontheoverallvalueoftheaccount.SeeItem15.

Transaction‐related Fees and Expenses— Client Accounts generally must bear all transaction‐relatedfeesandexpenses,includingbrokeragecommissions,concessions,dealermark‐upsandspreadsfortransactionseffectedfortheaccountSeealsoItem5.E,Item11.B.3andItem12.A.

Themajority of Private Asset Management Accounts consent to the use of NBIA’s registeredbroker‐dealer affiliate, NBBD, as broker‐dealer for securities transactions for their account.TheseaccountspayNBIAoneall‐inclusivefeewhichcoversinvestmentmanagementfees,tradeexecution,custodialservicesandotheradministrativefees.PrivateAssetManagementAccountswho do not consent to the use of NBBD as broker‐dealer and the majority of InstitutionalAccountsgenerallymustpayaseparatebrokeragefeetoathirdpartybrokerforallsecuritiestransactionseffectedfortheaccount.SeealsoItem5.E,Item11.B.3andItem12.A.

With respect toWrap Program Client accounts, Unbundled Program Client accounts, or DualContract Client accounts, or Separate Account clients where the client has entered into anarrangementwithathird‐partyintermediarywherebytheclientisassessedspecificcommissionratesortransactionrelatedchargesbyadesignatedbrokerforalltransactions,NBIAwillseektoexecuteequitytransactionsthroughtheProgramSponsoror thedesignatedbroker,subject toitsobligationtoseekbestexecution. NBIAanticipatesthatthemajorityofequitytransactionswillbeexecutedthroughtheProgramSponsorordesignatedbroker.However,dependingonthecapabilitiesoftheProgramSponsorordesignatedbrokerorthetypesofsecuritiestraded,suchassecuritieswithsmallermarketcapitalizations, foreignsecurities,or thinly tradedsecurities,certain equity strategiesmay trade awaymore frequently which could result in a significantpercentageofequitytransactionsbeingexecutedwithbrokersotherthantheProgramSponsorordesignatedbroker.Withrespecttofixedincometransactions,NBIAmayandfrequentlydoesexecutetransactionswithabrokerotherthantheProgramSponsorordesignatedbroker.WhenNBIAchoosestotradeawayfromtheProgramSponsorordesignatedbrokerandexecutetradesthrough broker‐dealers other than the Program Sponsor or designated broker, the clientwillgenerally incur incremental commission rates and other transaction related charges, such astrade‐awayfeesandfeesassociatedwithforeignsecuritiestransactions,thatareinadditionto

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thebundledpaidbyeachWrapProgramClientor,withrespecttoUnbundledProgramClientsorDualContractClients,thecommissionratesandtransactionrelatedchargesthatareassessedbythe designated broker. Please refer to Item 4.D and subsection “Other Fees and Expenses(General)” in this Item5.C for a further description of additional execution costs thatmay beincurredbyWrapProgramClients,UnbundledProgramClients,orDualContractClients.

Additional Fees and Expenses Related to Separate Account Investments and Private FundsInvestments in Private Funds,NBRegistered Funds,Non‐U.S.Registered Funds and Third‐PartySeparate Accounts— Subject to the investment guidelines of a Separate Account and PrivateFund, NBIA may invest the Separate Account or Private Fund in unaffiliated investmentcompanies and other pooled investment vehicles (collectively, “Non‐Affiliated Funds”),including unaffiliated Private Funds (including Portfolio Funds) and unaffiliated Non‐U.S.RegisteredFunds,orThird‐PartySeparateAccounts. SubjecttotheinvestmentguidelinesofaSeparate Account and applicable law, NBIA may invest the Separate Account in the NBRegisteredFunds,affiliatedNon‐U.S.RegisteredFundsoraffiliatedPrivateFunds(collectively,“AffiliatedFunds”).

SeparateAccountassetsthatareinvestedinAffiliatedFundswillnotbesubjecttotwolevelsofadvisory fees. Either the advisory fee associated with the underlying Client Account will bewaivedor reimbursedorNBIAwill credit theClientAccountanamountequal to thepro‐rataportionofthemanagement/advisoryfeeNBIA(oritsaffiliates)earnsfromtheAffiliatedFunds.However, where permitted by applicable law, Separate Account assets that are invested inAffiliated Fundswill incur other fees and expenses associatedwith their investments in suchfunds.

With respect to Private Funds and Separate Accounts that invest in Non‐Affiliated Funds orThird‐Party Separate Accounts, in addition to the fees payable to NBIA, investments in Non‐Affiliated Funds or Third‐Party SeparateAccountswill result in ClientAccounts paying asset‐based and potentially performance‐based fees to a third‐party. All fees paid to NBIA forinvestmentmanagementservicesare separateanddistinct fromthe feeschargedby theNon‐Affiliated Funds or Third‐Party Separate Accounts. Consequently, for any Client Accountinvestment in aNon‐AffiliatedFundor aThird‐Party SeparateAccount, a clientwill generallypay two levels of fees; one layer of fees at the Non‐Affiliated Fund or Third‐Party SeparateAccountlevelandonelayeroffeestoNBIA.Inaddition,investmentsinNon‐AffiliatedFundsorThird‐Party Separate Accounts will result in other fees and expenses associated with suchinvestments. These expenses will generally include brokerage and other transaction relatedcosts,andthefeesandexpensesofserviceproviderstothesefunds,suchascustodians,transferagents, administrators, valuation agents, auditors and counsel. Moreover, the Non‐AffiliatedFundsmaythemselvesinvestinotherfundsasdescribedineachNon‐AffiliatedFund’sofferingdocuments.TotheextentaNon‐AffiliatedFundinvestsinanotherunderlyingfund,itwillbearthe costs and expenses associatedwith an investment in that underlying fund. Expenses forNon‐AffiliatedFundsaredescribedineachNon‐AffiliatedFund’sofferingdocuments.

ExpensesforNBRegisteredFunds,Third‐PartyMutualFundsandNon‐U.S.RegisteredFundsaregenerallydescribedineachfund’sOfferingDocumentsandincludethosesummarizedundertheheading “OtherFeesandExpenses forNBRegisteredFunds,Third‐PartyMutualFundsandNon‐

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U.S.Registered Funds” in this Item 5.C. Private Fund expenses are described in each PrivateFund’sOfferingMemorandumandincludethosesummarizedundertheheading“OtherFeesandExpensesforPrivateFunds”inthisItem5.C.

OtherFeesandExpensesforClientsInvestedintheGPSProgram.WithrespecttotheinvestmentbyGPSProgramClientAccounts inNBRegisteredFunds,generally,NBIAwillcredit theClientAccountanamountequaltothepro‐ratedportionoftheadvisoryfeeNBIAoritsaffiliateearnsfrom an NB Registered Fund. However, clients invested in the GPS Program will bear otherexpenses described in the applicableNBRegisteredFund’sOfferingDocuments, including theadministrationfeepaidtoNBIA,whichexpensesareinadditiontoanyinvestmentadvisoryfeechargedtotheGPSProgramClientAccount.

AdditionalFeesforOtherServices—CertainNBIAclientsmayalsobeclientsofNBIA’saffiliates.Thoseclientsmayreceive investmentmanagementservices fromNBIAandmayreceiveotherservicesfromaffiliates.NBIAandtheaffiliatewilleachchargetheirusualandcustomaryfeestotheclient.ThismayresultintotalcoststotheclientthatarehigherthantheclientwouldhavepaidhaditobtainedallservicesfromeitherNBIAoritsaffiliatealoneorfromotherunrelatedbrokersandinvestmentadvisers.

Other Fees and Expenses for NB Registered Funds, Third‐Party Mutual Funds and Non‐U.S.Registered Funds— In addition to the advisory fees described in this Item 5 above andadministrationfeesdescribedbelow,investorsintheNBRegisteredFunds,Third‐PartyMutualFundsandNon‐U.S.RegisteredFundswill incurother feesandexpensesassociatedwith theirinvestments in the funds. Those expenses will generally include brokerage and othertransaction‐related costs and the fees and expenses of other service providers to these fundssuch as custodians, transfer agents, administrators, valuation agents, directors, auditors andcounsel.

Inaddition,thefundsmaythemselvesinvestinotherfundsasdescribedineachfund’sOfferingDocuments. To the extent a fund invests in another fund, itwill bear the costs and expensesassociatedwithaninvestmentinthatfund.Pleasealsoseesectionentitled“FeestoAffiliatesinthe NB Registered Funds” in this Item 5.C, Item 11.B.3 and Item 12 for further discussionregardingNBIA’sbrokeragepractices.

TheNBPEClosed‐EndFundsgenerallyinvest,directlyandindirectlythroughUnderlyingFunds,inprivateequitysecurities,suchasventurecapitalpartnerships,specialsituationspartnerships,buyout private equity partnerships, international private equity partnerships, as well asdirect/co‐investmentsinprivatelyheldoperatingcompanies,mezzanineinvestments,minorityinterests inhedge fundmanagers(the“PrivateEquitySecurities”). IssuersofPrivateEquitySecuritiesaretypicallystructuredaspartnershipsorlimitedliabilitycompanies.Assuch,theseentities typically incur fees and expenses that are charged to investors in those entities.Similarly, Underlying Funds inwhich the NB PE Closed‐End Funds investwill incur fees andexpenses,whichwillbeborneby theapplicableNBPEClosed‐EndFundasan investor in theUnderlyingFund.These“portfolio‐levelfees”andUnderlyingFund‐levelfeeswillbeincurredbytheNBPEClosed‐EndFundsandareinadditiontothefeesandexpensesotherwisechargedbythe NB PE Closed‐End Fund. In addition, for NB PE Closed‐End Funds structured as master‐

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feederfunds,investmentsinafeederfundwillincludethefeederfund’sprorataportionoftheadvisory feepayableby themaster fund toNBIAor itsaffiliates, in its capacityas investmentadvisertothemasterfund,andexpensesbornebythemasterfund.

OtherFeesandExpensesforPrivateFunds—InadditiontotheotherfeesandexpensesdescribedinthisItem5.C,PrivateFundsordinarilybearallorganizationalandoperatingexpensesandinsome cases, offering expenses. Those expensesmay entail administrative fees and expenses;reportingexpensesofthePrivateFundorNBIAoritsaffiliatesinconnectionwithitsoperationof the Fund; insurance expenses; audit and tax preparation and other tax‐related fees andexpenses; legal and accounting fees; consulting fees; due diligence expenses; expensesassociatedwithmailingandreproducing theOfferingMemorandum,anyamendments theretoand other communicationswith investors; and expenses relating to the organization, and theoperationandwinding‐upofanyspecialpurposevehicles.PrivateFundsalsowillgenerallypayanyextraordinary andnon‐recurring expenses (including any extraordinary legal or litigationexpensesandindemnificationcosts)andtaxes, ifany. InvestorsshouldrefertotheapplicableOffering Memorandum for more information with respect to the specific fees and expensespayable by a Private Fund. In certain instances, NBIA may reimburse the Private Fund forcertainexpenses.

FeestoAffiliatesintheNBRegisteredFunds—Inadditiontotheadvisory/managementfeepaidtoNBIA,NBIAalsoreceivesfeesforitsservicesasadministratorforcertainoftheNBRegisteredFunds. Asadministrator,NBIAprovides,amongotherthings, facilities,services,andpersonnelaswell as accounting, record keeping and other services toNBRegistered Funds pursuant toadministrationagreements. Undereachadministrationagreement,NBIAalsoprovidescertainshareholder,shareholder‐related,andotherservicesthatarenotfurnishedbytheNBRegisteredFund’s shareholder servicing agent or third party investment providers. Certain affiliatedcompanies of NBIA may also serve as sub‐adviser to certain NB Registered Funds. As sub‐advisers, theseentitiesmayprovide, inaddition to investmentadvisoryservices, researchandother services to NB Registered Funds. NBIA may also use certain affiliated companies inconnection with the execution of transactions for the NB Registered Funds. Please see Item11.B.3andItem12forafurtherdiscussionregardingNBIA’sbrokeragepractices.NBIAandcertainoftheNBRegisteredFundshavebeengrantedexemptivereliefbytheSECto(a)permitcertainregisteredopen‐endmanagementinvestmentcompaniesadvisedbyNBIAandthatoperateas“fund‐of‐funds”toacquiresharesofcertainaffiliatedandunaffiliatedregisteredopen‐endmanagement investment companies and unit investment trusts that arewithin andoutsidethesamegroupofinvestmentcompaniesastheacquiringinvestmentcompanies,and(b)topermitfundsoffundsrelyingonrule12d1‐2undertheInvestmentCompanyActtoinvestincertain financial instruments. In addition, certain of the NB Registered Funds may invest incertain affiliated and unaffiliated registered open‐end management investment companies,exchange‐tradedfundsandunitinvestmenttrusts.Assuch,inadditiontothefeesandexpensesdirectlyassociatedwiththeNBRegisteredFunds,aninvestorinanNBRegisteredFundthat isstructured as a fund‐of‐funds or that invests in affiliated and unaffiliated registered open‐endmanagement investment companies, exchange‐traded funds and unit investment trusts, alsoindirectlybears the feesof theunderlyingunit investment trusts inwhichsuchNBRegisteredFunds invests,whichmay includeadvisoryandadministrative feespaidby theNBRegistered

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Funds to NBIA or its affiliates. The advisory fees charged by NBIA to those investmentcompanies that are part of the same group of investment companies will be reviewedperiodicallybytheBoardofTrustees/Directors/ManagersofeachsuchNBRegisteredFundtoensurethattheyarebasedonservicesprovidedthatareinadditionto,ratherthanduplicativeof,servicesprovidedpursuanttotheadvisoryagreementofanyunderlyingNBRegisteredFundinwhichsuchfundinvests.OtherFeesandExpenses(General)—Clientswillbearallothertransactionandtransferrelatedfees and expenses. Each of these additional costsmay be charged to the client’s account orreflectedinthepricepaidorreceivedforagivensecurityorotherasset.Thosechargesinclude(i)transfertaxesandanyotherapplicabletaxes;(ii)auctionfees;(iii)exchangeorsimilarfees(suchasforAmericanDepositaryReceipts(“ADRs”))chargedbythirdparties,includingissuersordepositories;(iv)feeschargedinconnectionwithshortsaletransactions;(v)margininterestand fees for any securities that are deemed hard to borrow in connection with long/shortstrategies; (vi) mutual fund sales charges, including front‐end and contingent deferred salescharges; (vii)electronic fund,wire, andotheraccount transfer fees; (viii) commissionchargesfor transactions in ordinary securities; (ix) dealer spreads, mark‐ups or other charges byexecuting broker‐dealers (including on fixed‐income, non‐U.S. securities, ADRs or other over‐the‐counter transactions) or spreads; (x) odd‐lot differentials fees/expenses; (xi)mutual funddistributionandshareholderservicingfeespursuanttoRule12b‐1Plans,asdescribedinItem5.Ebelow;and(xii)anyfeesorotherchargesimposedormandatedbylaw.

Clients who elect to trade on margin will enter into a separate agreement directly with theclearingagent.Clientsshouldrefertotheagreementwiththeirclearingagentforalltermsandconditionsofthemarginarrangement,includingallrelatedfeesandexpenses.Comparable Services— NBIA believes that the charges and fees offered for its investmentmanagement services are competitive with those of alternative programs available throughother firms offering a similar range of services; however, lower fees for comparable servicesmaybeavailablefromothersources.

WrapProgramClientsshouldbeawarethatservicessimilarorcomparabletothoseprovidedtothem as participants inWrapProgramsmay be available at a higher or lower aggregate costelsewhere either separately or on an unbundled basis. The overall cost to aWrap ProgramClient that participates in aWrap Programmay be higher than the aggregate cost of payingNBIA’sstandardadvisory fee forSeparateAccounts,negotiatingcustody feeswithacustodianand negotiating transaction chargeswith a broker‐dealer payable on a per transaction basis,dependinguponthelevelofcustodyfeesandthenumberofsecuritiestransactionsintheWrapProgramClient’saccount. However,mostWrapProgramClientswouldnotbeeligible(duetothe size of their accounts) for NBIA’s Separate Accountmanagement services and, therefore,couldnototherwisehavetheirassetsseparatelymanagedbyNBIA. NBIAdoesnotundertakeany ongoing responsibility to assess for any Wrap Program Client the value of the servicesprovidedbytheWrapSponsor.

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D. PrepaymentofFeesandRefunds

SeparateAccounts—AsdescribedinItem5.B,managementfeesforPrivateAssetManagementAccounts are paid in advance. Management fees for Institutional Accounts are paid either inarrearsorinadvance,asprovidedinthecontractbetweenNBIAandtheInstitutionalAccountclient.SeparateAccountclientswhopayfeesinadvanceareentitledtopro‐ratareimbursementof that portion of the quarterly (or other fee calculation period) investmentmanagement feepaidforanyportionofthequarter(orotherfeecalculationperiod)remainingasofthedatetheinvestmentadvisoryrelationshipterminates;provided,howeverthatclientsmayberesponsibleforanytransactioncosts,asapplicable,relatedtotheunwindingoftransactions inconnectionwiththeterminationoftheSeparateAccount.

PrivateFunds—InvestorsshouldrefertotheapplicableOfferingMemorandumforinformationregardingpaymentoffees,withdrawalandrefundoffees(ifapplicable).

Sub‐AdvisedAccounts— IntheeventNBIAisterminatedassub‐adviser,anyprepaidfeeswillberefundedaccordingtothetypeofaccountandsub‐advisoryagreement.

Wrap and Related Program Accounts – Each Program Sponsor generally pays NBIA on aquarterlybasis,eitherinarrearsor inadvance,asprovidedinthecontractbetweenNBIAandtheProgramSponsor.Ifpaidinadvance,thefeeswouldberefundedonapro‐ratabasisintheeventNBIAisterminatedfrommanagingaProgramClient’saccount.

NBIA’sparticipationasamanagerindiscretionaryWrapProgramsorUnbundledPrograms,orengagementtoprovideadvisoryserviceswithrespecttoparticularProgramaccounts,typicallymay be terminated by the Program Sponsors or by NBIA either at any time or after apredeterminednoticeperiod.Inaddition,ProgramClientsmayindirectlyterminateNBIAastheinvestmentmanageroftheirassetsbyterminatingtheirrelationshipwiththeProgramSponsors,ending their participation in the Programs, or requesting that their assets be managed byanother Program investment manager. NBIA’s participation in non‐discretionary Programstypicallymaybeterminatedeitheratanytime,orafterapredeterminednoticeperiod,byNBIAortheProgramSponsors.Ineachcase,however,terminationrightsvary,soProgramClientsandProgramSponsorsshouldrefertotheagreementsgoverningtheirprograms.

DualContractClientsaregenerallysubjecttothebillingandvaluationpracticesandproceduresthatNBIAfollowswithrespecttoPrivateAssetManagementAccounts,butshouldreviewtheircontracts with NBIA and with the Program Sponsors or designated brokers and availabledisclosures to confirm that the billing and valuation practices and procedures of the ProgramSponsorsordesignatedbrokersfortheiraccountsdonotvaryfromNBIA’sbillingandvaluationpracticesandproceduresforPrivateAssetManagementAccounts.ForterminatedDualContractProgram accounts, the procedures for reimbursement for prepaid fees and transactions costsrelated to the unwinding of the accounts that NBIA follows with respect to Private AssetManagement Accounts would generally apply, but Dual Contract Clients should review theircontracts with NBIA and with the Program Sponsors or designated brokers and availabledisclosurestoconfirm.

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Non‐DiscretionaryAccountsandConsultingServices—PaymentofNon‐DiscretionaryAccountfees varies but, in general, is consistent with the basic fee information and terms describedabove for Separate Accounts. The manner of payment for Consulting Services and NBIASoftwareisindividuallynegotiated.

WithrespecttootherproductsofferedbyNBIA,investorsshouldrefertotheapplicableOfferingDocuments for information regarding payment of fees, withdrawal and refund of fees (ifapplicable).

E. SalesCompensation

NBIA’s products and strategies are marketed by the Firm’s central salesforce, which alsomarkets the products and strategies of NBIA’s affiliates. Certain members of the centralsalesforce are registered representatives of NBBD, an affiliate of NBIA and a registeredinvestment adviser and broker‐dealer and member of the Financial Industry RegulatoryAuthority(“FINRA”).Subjecttoapplicablelaw,certainmembersofthesalesforceareentitledtoa sales commission if NBIA is engaged to provide investment management services for aSeparateAccountorSub‐AdvisedAccountclienttheyhaveintroducedtoNBIA.NBIAmayalsoutilizeunaffiliatedsolicitorstoassistinintroducingSeparateAccountandSub‐AdvisedAccountClients. Subject to applicable law, NBIA would pay such solicitors a commission. ThecommissionpayabletotheFirm’ssalesforceandunaffiliatedsolicitorsisgenerallyapercentageofthemanagementfeepaidtoNBIAforaspecifiednumberofyears,payabletothesalespersonorthird‐partysolicitor,asapplicable,onthesamebasisasNBIAispaid,and,inthecaseoftheFirm’ssalesforce,subjecttothetermsandconditionsoftheapplicableFirmsalescompensationplanandcontingentcompensationprogram.

Given that the salespersons may market a wide range of products offered by NBIA and itsaffiliateswithdifferingsalescompensation,thesalespersonsmayhaveanincentivetopromoteorrecommendcertainproductsoverothersbasedonthecompensationtobereceivedandnotonthespecificrequirementsorinvestmentobjectivesoftheclient.NBIAoritsaffiliatestrainitsemployees, includingmembers of this salesforce, regarding suitability and sales of securitiesproducts to investors,whichNBIAbelievesmitigates this potential conflict. Salespersons arealsogenerally required toundergoproduct specific training forallproducts that theymarket.See Item 11.D.7. for additional discussion regarding potential conflicts of interest relating tocompensationarrangements.

TheFirm’scentralsalesforcealsomarketstheadvisoryproductsandservicesofNBIAforwhichcertainmembersmaynotreceiveanydirectcompensation.CertainFirmemployeeswhoarenotmembersofthecentralsalesforcemaybeeligibletoearnanaccountreferralbonusforreferringaclienttoNBIA.

NBIAmayutilizeaffiliatedandunaffiliatedplacementagents inofferingPrivateFundsandNBPEClosed‐EndFundstoinvestors. TheU.S.placementagents,includingNBIA’saffiliate,NBBD,areregisteredasbroker‐dealerswiththeSECandareFINRAmembers. EachplacementagentmayreceiveaportionofNBIA’smanagementfeeorPerformanceFeewithrespecttosharesor

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interests placed by such placement agent. See Item 10.C.1 and Item 14.B. Certain affiliatedPrivateFundsmayofferclassesofintereststhatdonotpayacommission.

Eachplacementagentmayenterintosub‐placementagreementswithaffiliatesandunaffiliatedthirdpartiesthatmaychargeaninvestor,onafullydisclosedbasis,afeeinconnectionwiththepurchase of shares in the Private Fund or NB PE Closed‐End Fund. In the discretion of aplacementagent, alloraportionof itsplacement feemaybeallocated to suchsub‐placementagents.Eachplacementagent,initssolediscretion,maywaiveorreducetheplacementfeeforanyinvestor,includinganyaffiliateofsuchplacementagent.

Certain of the NB Registered Funds have adopted Rule 12b‐1 plans under the InvestmentCompanyAct (“Rule12b‐1Plans”) for certainof their share classes. Pursuant to thoseRule12b‐1Plans,NBBD receives fees thatmaybeused todefray the cost of expenses incurredorservicesrenderedinconnectionwiththesaleandmarketingofNBRegisteredFundsharesortocompensateaffiliatedor third‐party financial intermediaries forprovidingdistribution‐relatedservicesoradministrativeservicestoeachfundoritsshareholders. NBBDservesasprincipalunderwriter and distributor for the NB Registered Funds. For Class A shares, NBBD receivescommissionrevenueconsistingof theportionof theClassAsaleschargesremainingafter theallowancesbyNBBDarepaidtofinancialintermediaries.ForClassCshares,NBBDreceivesanycontingent deferred sales charges that apply during the first year after purchase. An NBRegisteredFundpaysNBBDforadvancingtheimmediateservicefeesandcommissionspaidtoqualifiedfinancialintermediariesinconnectionwithClassCshares. Fromtimetotime,NBBD,NBIA,ortheiraffiliatesmaypayadditionalcompensationorprovideincentives(outoftheirownresources and not as an expense of the NB Registered Funds) to certain brokers, dealers, orotherfinancialintermediariesinconnectionwiththesale,distribution,retentionorservicingofNBRegisteredFundshares.Suchpayments(oftenreferredtoasrevenuesharingpayments)areintended to provide additional compensation to financial intermediaries for various services,includingparticipatinginjointadvertisingwithafinancialintermediary,grantingthepersonnelof NBBD, NBIA or their affiliates reasonable access to a financial intermediary’s financialadvisers and consultants, placement on a recommended or preferred fund list, training, duediligence, and allowing such personnel to attend conferences. NBBD,NBIA, or their affiliatesmaymakeotherpaymentsorallowotherpromotionalincentivestofinancialintermediariestotheextentpermittedbySECandFINRArulesandbyotherapplicablelawsandregulations.Theamountof thesepayments,whichmaybe fixedor variable, isdeterminedat thediscretionofNBBD,NBIA,ortheiraffiliatesfromtimetotime,maybesubstantial,andmaybedifferent fordifferentfinancialintermediariesbasedon,forexample,thenatureoftheservicesprovidedbythefinancialintermediary.

Incertain instances,NBIAhas theability toselectandsubstituteaffiliatedunderlying funds inwhichanNBRegisteredFundinvests. NBIAmay, therefore,besubjecttopotentialconflictsofinterest in selecting the underlying funds because its profitability with respect to certainaffiliated underlying funds may be higher than others; however, as a fiduciary to each NBRegistered Fund, NBIA is required to act in each NB Registered Fund’s best interest whenselectingtheunderlyinginvestments.Tothisend,withrespecttocertainNBRegisteredFunds,NBIA has typically undertaken to waive a portion of the underlying affiliated NB Registered

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Fund’s advisory fee equal to the advisory fee it receives from such affiliated underlying NBRegisteredFundonthoseassets,asdescribedintheapplicableNBRegisteredFund’sprospectus.Certain NBIA strategies utilize a central trading desk to execute transactions (includingexchange traded funds (“ETFs”)) with third‐party brokers for certain Client Accounts. Withrespect to the NB Registered Funds, such transactions are performed in accordancewith therequirements of Rule 17e‐1 under the Investment Company Act. NBIA does not offset itsadvisoryorsub‐advisory fee forthecommissions itsaffiliatesreceive inconnectionwithsuchtransactions(note,however,thattheadvisoryfeepaidbyPrivateAssetManagementAccountsthat have consented to the use of NBBD as broker is an all‐inclusive fee for brokerage andadvisoryservices;suchClientAccountswillnotbechargedaseparatebrokeragecommission).Please see Item 11.B.3 and Item 12 for a further discussion regarding NBIA’s brokeragepractices.

CertainaffiliatesofThird‐PartyMutualFunds,suchas the investmentadviser toaThird‐PartyMutualFund,mayalsobeclientsofaffiliatesofNBIAormaybereferredtoNBIAbyitsaffiliates.The affiliates of Third‐PartyMutual Fundsmay receive investment advisory or other servicesfromNBIAoritsaffiliates.Aclientcan invest inmutual funds, including theNBRegisteredFundswithout theservicesofNBIAoritsaffiliates.WithrespecttoSeparateAccounts,clientsmayelecttouseanunaffiliatedbroker for their account at any time. With respect to Non‐Discretionary Accounts, theinvestmentproductsrecommendedbyNBIAcanbepurchasedbyclientsthroughbroker‐dealersorotherinvestmentfirmsnotaffiliatedNBIA.

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Item6: Performance‐BasedFeesandSide‐By‐SideManagement

PerformanceFeesarefeesthatarebasedonashareofthecapitalgainsorcapitalappreciationoftheassetsofanaccount.Examplesofperformancefeestructuresinclude:

an incentive feewhere the fee is calculated as a percentage of a fund’s profits,usuallytakingintoconsiderationbothrealizedandunrealizedprofits(sometimesreferredtoasincentiveallocationorcarriedinterest);

anallocationbasedonthenetcashproceedsattributabletotheinvestments;

a high water mark where the manager receives a Performance Fee only onincreases in net asset value of a fund in excess of the highest net asset valuepreviouslyachieved;and

hurdle rates where the manager does not charge a Performance Fee until thefund’s annualized performance or distributions made to investors exceeds abenchmarkrate,suchasT‐billyield,LondonInterbankOfferedRate(“LIBOR”)orafixedpercentage.

NBIA charges Performance Fees in connection with certain of its Separate Accounts, PrivateFunds, NB PE Closed‐End Funds and Sub‐Advised Accounts. It does not charge PerformanceFees with respect to its Non‐Discretionary Accounts, Wrap Program accounts, UnbundledProgramaccounts,DualContractProgramaccounts,NBMutualFunds,NBClosed‐EndFundsorThird‐PartyMutualFunds.

In addition, some of NBIA’s portfoliomanagers are investment advisory personnel of one ormoreofNBIA’saffiliatedinvestmentadvisers.SeeItem10.C.3foralistofsuchaffiliates.Insuchcapacity, they may manage accounts for which the affiliated investment adviser receivesPerformanceFees.

To the extent that NBIA and its portfolio managers manage accounts that charge onlymanagementfeesaswellasaccountsthatchargebothmanagementfeesandPerformanceFees,NBIAoritsportfoliomanagersorsalespersonsmayhaveaconflictofinterestinthatanaccountwith a Performance Feewill offer the potential for higher profitabilitywhen compared to anaccountwithonlyamanagementfee. PerformanceFeearrangementsmaycreateanincentivefor NBIA or its portfolio managers or salespersons to recommend investments that may beriskier or more speculative than those that would be recommended under a different feearrangement.PerformanceFeearrangementsmayalsocreateanincentivetofavorhigherfee‐paying accounts over other accounts in the devotion of time, resources and allocation ofinvestmentopportunities.

Tomanage those potential conflicts, NBIA has adopted a number of compliance policies andprocedures. These policies and procedures include (i)the Neuberger Berman Code of Ethics(see Item11), (ii)theNBIAComplianceManual, (iii)trade allocation and aggregation policiesthat seek to ensure that investment opportunities are allocated fairly among clients and thataccountsaremanagedinaccordancewiththeirinvestmentmandate,and(iv)allocationreview

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proceduresreasonablydesignedtoidentifyunfairorunequaltreatmentofaccounts.NBIAdoesnotconsiderfeestructuresinallocatinginvestmentopportunities.SeealsoItem11.D.6.

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Item7: TypesofClients

NBIAprovides investment advisory and sub‐advisory services to individuals and institutionalclients, including registered investment companies, pension plans, trusts, charitableorganizations,foundations,endowmentfunds,corporations,insurancecompanies,banks,otherfinancial institutions, other business entities, unregistered investment vehicles, collateralizedloanobligationvehicles,collateralizeddebtobligationvehiclesandstateandmunicipalentitiesand other governmental entities, as well as individuals. NBIA also serves as an investmentadviser or sub‐adviser to non‐U.S.‐domiciled clients, includingnon‐U.S. investment companiesnotsubjecttotheInvestmentCompanyAct.

SetforthbelowaretheminimumaccountrequirementsforNBIA’saccounts:

InstitutionalAccounts—Generally,thereisaminimumaccountsizeof$25millionforallEquityInstitutionalAccountsand$50millionforallFixedIncomeInstitutionalAccounts,exceptforthefollowing:

Equity

Equity Income, Mid Cap Intrinsic Value, REIT, Small Cap Intrinsic Value, SociallyResponsibleInvesting,ChinaEquity,LargeCapCore,AllCapCore,AllCapIntrinsicValueandGlobalREITmandates:$10million

SmallCapmandate:$100million

FixedIncome

EmergingMarketDebt—Blendmandate:$150million

U.S.HighYield,ShortDurationHighYield,SeniorFloatingRateLoans,GlobalHighYield,EuropeanHighYield,CrossoverCredit,OpportunisticFixedIncome,GlobalOpportunisticFixedIncome,OpportunisticCredit,GlobalBondAbsoluteReturn,EmergingMarketDebt– Asian Bond, Emerging Market Debt—Hard Currency, Emerging Market Debt—LocalCurrency, Emerging Market Debt—Corporate, and Emerging Market Debt—ShortDurationmandates:$100million

Municipal–Intermediate/LongDuration,Municipal–Cash/ShortDuration,DiversifiedCurrencyandDiversifiedCurrencyHighAlphamandates:$25million

TheminimumaccountsizefortheAlternativesandMulti‐AssetClassInstitutionalAccountsareasfollows:

S&P 500 PutWrite (OTM), Global PutWrite (OTM), and Emerging Markets PutWrite(ATM), Russell 2000 Strangle, S&P 500 Strangle, and S&P 500 Iron Condormandates:$10million

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S&P 500 PutWrite (ATM), U.S. PutWrite (ATM), andGlobal PutWrite (ATM)mandates:$25million

Commodities, Multi‐Asset Class Growth and Multi‐Asset Class Income mandates: $50million

DynamicBetaNavigator,RiskPremia–5%Volatility,RiskPremia–10%Volatility,Multi‐AssetClassGlobalAbsoluteReturn,Multi‐AssetClassGlobalRelativeReturn,Multi‐StylePremiaandVelocitymandates:$100million

NBIAmaymanagecustomizedInstitutionalAccountsthataredesignedtomeet the specific riskand return goals, liquidity restraints, factor sensitivity targets andotherrequirementsofitsclients.TheseInstitutionalAccountsgenerallyhaveaminimumaccountsizeof$100million.NBIAmay lower anaccountminimumat its discretion. NBIAmaynegotiatehigherminimumaccountsizesforMulti‐AssetMandates.PrivateAssetManagementAccounts—Generally, there is aminimum size of $1million forPrivateAssetManagementAccountswhileGPSProgramaccountsrequireaminimum$100,000initial investment with an additional $5,000 minimum for subsequent investments. Theseminimumsmaybechangedorwaivedforparticularclients,includingemployeesofNBIAoritsaffiliates.

Private Funds— In general, investors in Private Funds must be (1)(a)“accredited investors”under Regulation D under the Securities Act, and (b) “qualified purchasers” under Section2(a)(51)(A)oftheInvestmentCompanyActor“knowledgeableemployees”underRule3c‐5ofthe Investment Company Act or (2) not “U.S. Persons” as defined under Regulation S of theSecurities Act. For those funds that charge a Performance Fee, investorsmust be eligible toenterintoaperformancefeearrangementundertheAdvisersAct.

TheminimuminvestmentrequiredbyaninvestorvariesdependingonthePrivateFundandineachcaseissubjecttowaiverbyNBIAorthePrivateFund’sgeneralpartner,managingmemberor equivalent entity. Investors should review the OfferingMemorandum for each applicablePrivateFundforfurtherinformationwithrespecttominimumrequirementsforinvestment.

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NB Registered Funds— NBIA serves as investment adviser and administrator to the NBRegisteredFunds,whichareopen‐endandclosed‐endinvestmentcompaniesthatareregisteredunder the Investment CompanyAct. Certain of theNBRegisteredFundsmay only be sold toinsurancecompanyseparateaccounts inconnectionwithvariable life insurancecontractsandvariableannuitycertificatesandcontractsissuedbyunaffiliatedinsurancecompaniesandotherqualifiedplans,accounts,fundsandinvestors.CertainoftheNBRegisteredFunds,includingtheNBPEClosed‐EndFunds,mayonlybesoldtoinvestorsthatareboth(a)“accreditedinvestors”underRegulationDundertheSecuritiesAct,and(b)“qualifiedclients”asdefinedinRule205‐3under the InvestmentAdvisersAct. Theeligibilityandminimuminvestmentrequirements fortheNBRegisteredFundsaredescribedineachNBRegisteredFund’sOfferingDocuments.

Sub‐Advised Accounts— Minimum account requirements for Sub‐Advised Accounts aregenerallyestablishedbytheintermediaryinvestmentadviser.

WrapandRelatedProgramAccounts—TheminimumaccountsizemayvarybyProgram,assetupbytheProgramSponsorforitsProgramClients,butistypically$250,000forfixedincomeaccounts and $100,000 for equity accounts. In Dual Contract Programs, NBIA enters into aninvestmentadvisoryagreementdirectlywitheachclient.ForsuchClientAccounts,thestandardminimumaccountsizeistypically$1millionforequitystrategiesand$2millionforfixedincomestrategies, each subject to negotiation based on various factors, including NBIA’s relationshipwiththeclient’sdesignatedbroker.Non‐DiscretionaryandConsultingServices—TheminimumaccountsizeforNon‐DiscretionaryAccounts generally is consistentwith the information described above for Separate Accounts.ForcertainNon‐DiscretionaryAccountsaccount,sizemaybeinapplicable.ThereisnominimumamountrequiredinconnectionwithConsultingServices.

WealthAnalysis—Wealth analyses are available to certain clients and prospective clients ofNBIA.

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Item8: MethodsofAnalysis,InvestmentStrategiesandRiskofLoss

A. MethodsofAnalyses

InvestmentAnalysis

NBIA’s investment teams employ distinct investment processes that incorporate variousmethods of securities analysis, including one or more of the following: charting, cyclical,fundamental, macroeconomic, environmental, social and corporate governance (“ESG”),statistical,technical,qualitative,andquantitative/investmentmodeling.

Chartinganalysis—involves theuseofpatterns inperformancecharts. NBIAuses thistechniquetosearchforpatternsusedtohelppredictfavorableconditionsforbuyingorsellingasecurity.

Cyclicalanalysis—involvestheanalysisofbusinesscyclestofindfavorableconditionsforbuyingorsellingasecurity.

Fundamental analysis— involves the analysis of financial statements, the generalfinancialhealthofcompanies,ortheanalysisofmanagementorcompetitiveadvantages.

Macroeconomic— involves reviewing the domestic or international economies as awhole, potentially including factors such as historical, present and estimated GDP,securities markets activity and valuations, and other economic data such asunemployment, labor force participation, productivity levels, geopolitical issues anddomesticpoliticalissues.

ESGanalysis—involves theanalysisofESG factorsand their implicationsonvaluation,riskandsustainablegrowth,withaviewtowardssociallyresponsiveinvesting.

Statistical analysis— involves the examination of data to draw conclusions or insights,anddeterminecause‐and‐effectpatternsbetweenevents.

Technical analysis— involves the analysis of past market data, primarily price andvolume.

Qualitativeanalysis—involvesthesubjectiveevaluationofnon‐quantifiablefactorssuchasthequalityofmanagement,laborrelations,andstrengthofresearchanddevelopment,factors not readily subject tomeasurement, in an attempt to predict changes to sharepricebasedonthatdata.

Quantitativeanalysis—usescomputer,mathematical,orothertypesofmodelstocaptureand process data, including market data, industry information, and financial data forcompanies,inanattempttoforecastpriceactivityorothermarketactivitythatisaffectedbythatdata.

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Nomethodof securitiesanalysis canguaranteeaparticular investment resultoroutcomeandthe use of investment tools cannot and does not guarantee investment performance. Themethods of analysis utilized by NBIA involve the inherent risk that any valuations, pricinginefficiencies, or other opportunities identified may not materialize or have the anticipatedimpact on the price of a security. Prices of securities may rise, decline, underperform oroutperform regardless of themethod of analysis used to identify securities. Eachmethod ofanalysis relies in varying degrees on information furnished from third‐party and publicallyavailable sources. This presents the risk that methods of analysis may be compromised byinaccurate,incomplete,false,biasedormisleadinginformation.Securitypricesmaybeimpactedby various factors independent of themethodology used to select securities. For example, asecuritypricemaybeinfluencedbytheoverallmovementofthemarket,ratherthananyspecificcompany or economic factors. In addition, certain methods of analysis, such as the use ofquantitative/investmentmodels, involve the use ofmathematicalmodels that are based uponvarious assumptions. Assumptions used for modeling purposes may prove incorrect,unreasonableorincomplete.Proprietaryresearch isacrucialelementofNBIA’s investmentprocess,and isgenerallyakeycomponent for its investment decisions. NBIA’s research discipline incorporates three broadsteps:(1)understandingmarketexpectationsastheyarepriced,(2)developingitsownoutlookagainstwhichtoevaluatemarketexpectations,and(3)establishingaconfidencelevelinitsviewthatissupportedbythoroughfundamentalanalysis.

ForcertainPrivateFundsandSeparateAccounts,NBIAinveststheassetsofthePrivateFundsorSeparateAccountsinPortfolioFundsorThird‐PartySeparateAccounts.Inreviewinginvestmentopportunities,NBIAconductsduediligenceandresearchontheThird‐PartyPortfolioManagers,thePortfolioFundsandtheThird‐PartySeparateAccountstosatisfyitselfastothesuitabilityoftheThird‐PartyPortfolioManagerandthetermsandconditionsofthePortfolioFundsandtheThird‐Party SeparateAccounts. NBIA allocates and reallocates thePrivate Funds’ or SeparateAccounts’assetsamongThird‐PartyPortfolioManagersusing itsknowledgeandexperience toassessthecapabilitiesoftheThird‐PartyPortfolioManagersandtodeterminetheoptimalmixofinvestmentsectorsandstylesgiventheeconomicandinvestmentenvironment.

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SourcesofInformation

Inconductingitsinvestmentanalysis,NBIAutilizesabroadspectrumofinformation,including:

annualreports,prospectusesandfilingswiththeSECorwithnon‐U.S.regulators

charts,statisticalmaterialandanalyses contactwithaffiliatedandoutside

analystsandconsultants discussionsandmeetingswith

companymanagementandThird‐PartyPortfolioManagers

reviewsofprivatecorporatedocuments(includingbusinessplans,financialrecordsandprojections)andthePortfolioFunds’legaldocumentation

discussionsandmeetingswithNBIAorthirdpartyresearchanalysts

discussionsandmeetingswithindustrycontacts,includingexistingrelationshipsandexternalcontactsestablishedthroughindustryeventsandconferences

financialpublications,andindustryandtradejournals

issuerpressreleases,presentationsandinterviews(inpersonorbytelephone)

newspapers,magazinesandwebsites personalassessmentofthefinancial

consequencesofworldeventsderivedfromgeneralinformation

ratingservices researchmaterialspreparedbyNBIA’s

internalstafforthirdparties timingservices suchothermaterialasisappropriate

undertheparticularcircumstances inspectionsofissueractivities reviewsofthePortfolioFunds’

operations(e.g.,thePortfolioFunds’controlenvironment,segregationofduties,tradesettlementprocess,reporting,cashmanagement,anddisasterrecoveryplans)andthePortfolioFunds’serviceproviders

NBIA may also rely on the research and portfolio management of its affiliated investmentadvisers.SeeItem10.C.3.

In addition, for certain investment strategies, NBIA has developed or purchased quantitative‐basedtoolsandframeworksthatitintegratesdirectlyintoitsinvestmentmanagementprocess.Thosetoolsandframeworksarebasedonfundamental investmentconceptsandrelationshipsthatareconsistentwithNBIA’sphilosophy.

With respect to Private Funds,NBIA evaluates investments basedon someof the informationlistedaboveandavarietyofother factors asdescribed in theOfferingMemorandum for eachPrivateFund.InvestmentsforeachNBRegisteredFundareidentifiedandselectedbyNBIA,eitherdirectlyorthrough a sub‐adviser. NBIA evaluates investments based on some of the information listedabove and a variety of other factors as described in the Offering Documents for each NBRegisteredFund. ForcertainNBRegisteredFunds, investmentsare identifiedandselectedbythirdpartysub‐advisersthathavebeenselectedbyNBIAandwhichmaymanageoneormore

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sub‐portfolios of the overall fund. The investment methods used by each sub‐adviser aremonitoredbyNBIA.

ForeachSub‐AdvisedAccount,NBIAidentifiesandselects investments inaccordancewiththeinvestment objectives, policies and restrictions set forth in the applicable sub‐advisoryagreement.

With respect to its Consulting Services aswell as generally for certain investment strategies,NBIA utilizes the NBIA Software, which uses proprietary models and provides tools for theanalysisofmortgageloanportfolios.TheNBIASoftwarealsoprovidesprojectionsofvariations,losses, prepayments and cash flows and facilitates the development of scenarios that explorealternativeoutcomehorizons.

Inresearchingpotential investments forclients,NBIAmaycollectpubliclyavailabledata fromwebsites, purchase consumer transaction data from third party vendors or otherwise obtaindata from outside sources. Certainwebsites contain terms of service that prohibit collectingdatafromthatsite. Collectingdata fromawebsitethatprohibitsdatacollectioncould leadtocivilliabilitytotheownerofthesiteforcopyrightinfringementorasimilarlegaltheoryofaction(e.g., misappropriation) as well as possible criminal law actions. NBIA has adopted DataCollectionPoliciesandProceduresthataredesignedtopreventNBIAfromcollectingdatafromawebsiteinamannerthatwouldexposeNBIAtoliability.Additionally,thedataprovidedtoNBIAbyavendor includedatathat thevendordidnothavetherighttoprovidetoNBIAormaybeinconsistentwithprivacylaws.IfNBIAwereprovidedwithsuchdata,NBIAcouldfaceliabilityforitsuseofthedatainitsresearch. Tomitigatethisrisk,NBIAhasobtainedrepresentationsfromitsdatavendorsthatthevendorhastherighttotransmitthedatabeingprovidedtoNBIAandthatNBIA’sreceiptofsuchdatadoesnotviolateanylawsincludingprivacylaws.

B. InvestmentStrategies

Below is a summary of NBIA’s investment strategies. Certain client portfolios may includecustomized investment featuresthatmay impact thespecific investmentstrategyorstrategiesimplementedforaparticularclient,includingtheallocationwithinaportfoliotoequityorfixedincomesecurities.Asfinancialmarketsandproductsevolve,NBIAmayinvestinothersecuritiesor instruments, whether currently existing or developed in the future, when consistent withclientguidelines,objectivesandpoliciesandapplicablelaw.

Subject to firm‐wide policies on suitability and conflicts of interest and compliance withsecurities laws and regulations, the purchase and sale of securities and other financialinstrumentsforClientAccountsisbaseduponthejudgmentoftheindividualportfoliomanagerorgroupsupervisingtheparticularaccount.

Certain material risks associated with these strategies are set forth in Item 8.C. This is asummaryonly.Clientsshouldnotrelysolelyonthedescriptionsprovidedbelow.TheprincipalinvestmentstrategyforeachPrivateFundismoreparticularlydescribedinthePrivateFund’sOfferingMemorandumandtheprincipalinvestmentstrategyforeachNBRegisteredFund,Non‐

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U.S.RegisteredFundandThird‐PartyMutualFundismoreparticularlydescribedinthefund’sOffering Documents. Prospective investors should carefully read the applicable OfferingMemorandumorOfferingDocumentandconsultwiththeirowncounselandadvisersas toallmattersconcerninganinvestmentinanyfund.

FixedIncomeStrategiesNBIAoffers adviceonawide rangeof fixed income securities andother financial instrumentsincluding:

Corporatedebtsecurities Preferredsecurities Asset‐backedsecurities,including

mortgage‐backedsecurities Loanassets,includingdistressed

debt Rule144Asecurities Convertiblebonds Commercialpaper Certificatesofdeposit Moneymarketinstruments Municipalsecurities U.S.governmentsecurities Securitiesofnon‐U.S.issuers

(includingADRs,EDRsandGDRs) Sovereign,quasi‐sovereignandsub‐

sovereignsecurities Supranationalsecurities Warrants GDPperformancelinkedsecurities

(alsoknownasGDPwarrants) Putandcalloptions Swaptions Inflation‐linkedsecurities ETFs Securitiestradedover‐the‐counter Futurescontractsontangiblesand

intangiblesandoptionsthereon Credit‐linkednotes(“CLNs”)

Listedandover‐the‐counterderivatives,includingcreditdefaultswaps,interestrateswaps,currencyswaps,totalreturnswaps,commodityswaps,forwardcontractsandothersyntheticexposureinstruments

Optioncontractsonsecurities,futuresandcommoditiesfutures

Collateralizedloanobligations(“CLOs”)andcollateralizeddebtobligations(“CDOs”)

Residentialmortgageloans Tradeclaims Realestateinvestmenttrusts

(“REITs”) Exchangelistedandoverthe

counterequitysecuritiesofU.S.andNon‐U.S.issuers

Currencies Forwardcurrencycontracts‐both

deliverableandnon‐deliverable(“NDFs”)

Investmentsinregisteredandunregisteredinvestmentcompanies

Vendorfinancing ShortSales Contractsfordifferences Sukuk(Islamicbonds) Otheralternativeinvestments

NBIAfixedincomestrategiesmayalsoholdcashandcashequivalents.

NBIA’sinvestmentsmaybedenominatedincurrenciesotherthantheU.S.dollar. Thoseassetsmaybeissuedbysovereignentitiesandcorporations.NBIAmayuseinvestmentsinderivative

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instruments for hedging and non‐hedging purposes. Derivative investments may only beenteredintoinaccordancewithaclient’sinvestmentguidelinesandapplicablelaws.

NBIAprovides investmentmanagementservicesbasedonavarietyof fixedincomestrategies.Eachhasaspecialtyinvestmentteamdevotedtoit. ClientAccountsaremanagedwithinthesestrategies and, when the client’s portfolio can benefit by including additional resources inseeking to meet its investment objectives and the client agrees, across strategies. Theinvestment teamswork closely together tomanage strategies that overlapdifferent products.NBIAgenerallymanagesClientAccountsagainstpublishedbondand loanmarketbenchmarksaswellascustombondand loanmarketbenchmarks instrategiesdesignedtoachieveuniqueobjectives.Withineachstrategy,NBIAincorporatesdifferinglevelsofriskmanagementtomeetclient‐specificneeds.Thestrategiesinclude:

Investment Grade Strategies: NBIA manages fixed income strategies that focusprimarily on a universe of investment grade issuers. NBIA’s investment grade fixedincomestrategiesspanavarietyofcategories,includingbroadmarket,opportunistic,longduration,specialty,shortdurationandcash.Certainstrategiesmayalsoincludeexposuretonon‐investmentgradeissuesandotherinvestments.ThefollowingaresomeofNBIA’ssignificantinvestmentgradefixedincomestrategies:

BroadMarket CoreBond EuropeanFixedIncome CorePlus GlobalFixedIncome EnhancedBondIndex PassiveBondIndex

Opportunistic

OpportunisticFixedIncome GlobalOpportunisticFixedIncome OpportunisticCreditFixedIncome GlobalBondAbsoluteReturn

LongDuration

LiabilityDrivenInvesting LongCredit LongGovernmentCredit

ShortDurationandCash EnhancedCash ShortDuration Tax‐AdvantagedCashManagement

Specialty TIPS InvestmentGradeCredit CrossoverCredit DiversifiedCurrency MortgageConstrained MortgageUnconstrained GlobalCreditFixedIncome Index/ETFOptions

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Municipal Strategies: NBIA manages municipal fixed income strategies that focusprimarilyontax‐exemptmunicipalsecurities,bothstatespecificandgeneralmarket.Thecreditqualityanddurationofthestrategiesmayvary.ThefollowingaresomeofNBIA’ssignificantmunicipalfixedincomestrategies:

MunicipalExtendedCore MunicipalCore MunicipalShortCore MunicipalShortDuration HighYieldMunicipals

MunicipalUltraShortDuration MunicipalEnhancedCash MunicipalCashManagement Tax‐AdvantagedCashManagement

Non–InvestmentGradeCredit Strategies: NBIAmanages a variety of strategies thatfocusprimarilyonnon‐investmentgrade issuers, includinghighyield, floatingrate loanand distressed debt strategies. The high yield strategies include both U.S. and Globalstrategiesaswellasstrategieswithaspecificcreditqualityordurationbias.ThefloatingrateloanstrategyisutilizedinvariousClientAccounts,includingstructuredvehicles(e.g.,CLOs). NBIA’s distressed debt strategies may include duration biased, opportunisticstressed, distressed and special situation investments in credit‐related products.Distresseddebtstrategiesmayalsoinvestwiththeintentionoftakingacontrolpositioninacompanyorasanon‐controlparticipant.ThefollowingaresomeofNBIA’ssignificantnon‐investmentgradefixedincomestrategies:

HighYield U.S.HighYield ShortDurationHighYield EuropeanHighYield QualityBiasHighYield GlobalHighYield

DistressedDebt(SpecialSituations)FloatingRateLoans

EmergingMarketDebtStrategies:NBIAmanagesfixedincomestrategiesthatfocuson

emerging market debt, including hard currency, local currency, short duration andcorporate debt strategies. The denomination of the strategiesmay vary and strategiesmay be permitted to invest in derivative instruments. NBIA also manages emergingmarketdebtstrategiesthatcombinetheportfoliomanagementteam’shighestconvictioninvestment ideas amongst the four individual emerging market debt strategies (hardcurrency, local currency, short duration and corporate debt) and such strategies mayinclude a tactical asset overlay. NBIA’s emerging market debt strategies may includestrategiesthatfocusonregionalsub‐sets(e.g.,Asiancurrency,Chinabonds,etc.).

Residential Mortgage Loan Strategy: Through structured vehicles and separatelymanagedaccounts,NBIAprovidesexposuretotheresidentialloanmarket.Thisstrategyprimarilyfocusesonproductsrelatedtomortgagelending,residential,commercial,multi‐family residential rental,mixedresidential/commercialand investmentmortgage loans,openand closedendhomeequity linesof credit and loans securedby realpropertyorland (“Mortgage Loans”), real property, mortgage‐backed and other asset‐backed

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securities, mortgage loan servicing rights, excess servicing spread, servicer advances,equityinterestsinrelatedoperatingcompanies,andvarioustypesofintereststhereinorsyntheticexposuretheretoorothermortgageorrealestateinvestments.InherentinthepurchaseofMortgageLoansmayberealestatethatmustbeheldforresaleorleasedforaperiod of time. This strategy involves the retention and supervision ofmortgage loanservicers who work with borrowers on an individual level to achieve favorable loanoutcomesandmayentailleverage.

EquityStrategies

NBIA’s equity strategies aremanaged by teams comprised of experienced portfoliomanagersandinvestmentanalyststhataresupportedbythefirm’sGlobalEquityResearchDepartment.NBIAoffersadviceonawiderangeofequitysecuritiesincluding:

commonstocks preferredstocks securitiesconvertibleintostocks REITs mutualfundsandotherinvestment

companies

ETFs participation/participatorynotes(P‐

notes) options depositaryreceipts

NBIAequitystrategiesmayalsoholdcashandcashequivalents.NBIA’sinvestmentsmaybedenominatedincurrenciesotherthantheU.S.dollar.NBIAmayuseinvestments in derivative instruments for hedging and non‐hedging purposes. Derivativeinvestmentsmayonlybeentered into inaccordancewithaclient’s investmentguidelinesandapplicablelaws.

NBIAmanagesawidevarietyoftraditionalandnon‐traditionalequitystrategies:

TraditionalEquityStrategies:NBIAmanagestraditionalequityinvestmentapproachesthataredefinedbyorbaseduponavarietyoffactorsincludinginvestmentstyles,marketcapitalization, geography or some combination thereof. Equity investment styles mayincludegrowth,astyle that focusesongrowthcompanies,value,astyle that focusesonundervaluedcompanies,core/blend,astylethatisacombinationofgrowthandvalue,aswellasneutralstyle,whichdoesnothaveaspecificstyleapproach.Marketcapitalizationfactorsmayincludeafocusonissuerswithlargemarketcapitalization(“large‐cap”),mid‐size market capitalization (“mid‐cap”) or small market capitalization (“small‐cap”), acombination thereof or allmarket capitalization range focus, or amarket capitalizationneutral approach. Geographic focusmay include a global ormulti‐national approach, aspecificgeographicregionorcountyfocus,orapproachesthataregeographicallyneutral.Sometraditionalequitystrategiesmaybediversifiedintermsofthenumberofholdingswhileothersmaybemoreconcentratedand includea smallernumberofholdings.ThefollowingaresomeofNBIA’ssignificanttraditionalequitystrategies:

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LargeCapDisciplinedGrowth MidCapGrowth SmallCapGrowth CoreEquity FlexibleAllCapEquity Multi‐CapOpportunities AllCapIntrinsicValue LargeCapValue LargeCapCore MidCapIntrinsicValue

AllCapCore SmallCapValue SmallCapIntrinsicValue Small/MidCapIntrinsicValue GlobalEquity EmergingMarketsEquity InternationalEquity InternationalSelect InternationalSmallCap GreaterChinaEquity

Non‐Traditional Equity Strategies: NBIA manages non‐traditional equity investmentstrategiesthatarespecializedornotdefinedbyorfocusedonaspecificinvestmentstyle,market capitalization, geography or some combination thereof. That includes equitystrategies that are defined or focused on (i) specific market sectors, such as energy,master limitedpartnerships, infrastructure,orrealestate investmenttrusts, (ii)specificobjectives,suchasequity income,or (iii)uniqueapproachessuchasstrategies thatarebaseduponquantitativeinvestmenttools,strategiesthatincorporatesociallyresponsibleinvestingprinciplesorstrategiesthatarebasedprimaryontheratingsofthefirm’sGlobalEquityResearchDepartment.Somenon‐traditionalequitystrategiesmaybediversifiedintermsof thenumberofholdingswhileothersmaybemoreconcentratedand includeasmallernumberofholdings.ThefollowingaresomeofNBIA’ssignificantnon‐traditionalequitystrategies:

MLPs Energy Infrastructure RealEstateSecurities GlobalRealEstateSecurities EquityIncome AutonomousVehicles

SociallyResponsiveEquity SystematicLargeCapValue SystematicGlobalEquity SystematicEmergingMarketsEquity RiskBalancedGlobalEquity ResearchOpportunity DividendGrowth

AlternativeStrategiesNBIAalsooffersalternativestrategiesthataremanagedbyteamsthatspecialize inalternativeinvesting. Those strategies may invest in a wide variety of equity, fixed income, and otherinstruments and may incorporate NBIA’s elements of equity and fixed income strategies orleveragetheresearchfromthesestrategies.Thesestrategiesmayinvolvelong‐onlyinvestingora combination of long and short investment, which may involve the use of derivatives andleverage.ThefollowingaresomeofNBIA’ssignificantalternativestrategies:

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AbsoluteReturnMulti‐Manager UncorrelatedMulti‐Manager GlobalEquityLong/Short GlobalCreditLong/Short GreaterChinaLong/Short PrivateEquity AlphaCapture Options(includingPutWrite)

EquityLong/Short CreditLong/Short All‐CapAlpha Commodities DiversifiedArbitrage DistressedCredit HedgedOptionPremium EventDriven

Multi‐AssetMandatesNBIA also manages Multi‐Asset Mandates that may combine certain of the fixed income andequity strategies described above and may also utilize certain strategies of NBIA‐affiliatedinvestment advisers. The Multi‐Asset Mandates may include investment processes thatincorporate quantitative–based investing principles and quantitative–based strategic andtactical asset allocations models. The following are some of NBIA’s significant Multi‐AssetMandates:

Multi‐AssetClass GlobalTacticalAssetAllocation DynamicBetaNavigator RiskPremia

Multi‐AssetIncome InflationManaged Multi‐AssetGrowth

C. MaterialRisks

Investmentsinsecuritiesandotherfinancialinstrumentsinvolveriskoflossthatinvestorsmustbepreparedtobear.

The following is a summary of the principal risks associated with the investment strategiesemployedbyNBIA,asdiscussedinItem8.B.Thisisasummaryonlyandnoteverystrategymayinvestineachtypeofsecurityorotherassetdiscussedbelownorwillallaccountsbesubjecttoall the risks below. Each client should review the investment strategy associated with itsparticularaccountandshouldcontact itsclientrepresentative formore informationabout thestrategiesandriskspresentintheaccount.PrivateFundinvestorsshouldreviewtheapplicableOffering Memorandum and other offering documents for further information relating to thestrategiesandrisksassociatedwiththeparticularfund.InvestorsinNBRegisteredFunds,Non‐U.S.RegisteredFundsandThird‐PartyMutualFunds shouldalso look to theapplicable fund’sOfferingDocumentsandotherfundofferingdocumentationforfurtherinformationontherisksassociated with the particular fund. Program Clients and Dual Contract Clients should alsoreviewtheProgramSponsors’regulatoryfilings,includingtheirWrapFeeBrochures.

GeneralRisksAcrossAllStrategies

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The following is a summary of material risks that may apply to NBIA’s various investmentstrategies. Please note that certain risks, other thanRisk of Loss, may not apply to all NBIAstrategiesorapplytoamaterialdegree.

RiskofLoss.Clientsshouldunderstandthatallinvestmentstrategiesandtheinvestmentsmadepursuant to such strategies involve risk of loss, including the potential loss of the entireinvestment in theClientAccounts,which clients should be prepared to bear. The investmentperformanceandthesuccessofanyinvestmentstrategyorparticular investmentcanneverbepredicted or guaranteed, and the value of a client’s investments will fluctuate due tomarketconditions and other factors. The investment decisionsmade and the actions taken for ClientAccounts will be subject to various market, liquidity, currency, economic, political and otherrisks, and will not necessarily be profitable and may lose value. Past performance of ClientAccountsisnotindicativeoffutureperformance.In addition to the risks listedhere, theremaybeadditionalmaterial risksassociatedwith thetypesofproducts inwhichaClientAccount invests. Clients should refer to theprospectusorotherapplicableofferingdocumentsof thoseparticularproducts foradiscussionofapplicableriskfactorsforthatparticularinvestment.

AbsenceofRegulatoryOversightforPrivateFunds.PrivateFunds,thePortfolioFunds

inwhichthePrivateFundsinvestandtheUnderlyingFundsinwhichtheNBPEClosed‐EndFundsinvestmaynotberegisteredasinvestmentcompaniesundertheInvestmentCompanyAct.Totheextenttheyarenotregistered,investorsinsuchfundswillnothavethe benefit of the protection afforded by the Investment Company Act to investors inregistered investment companies (which, among other protections, require investmentcompaniestohaveamajorityofdisinteresteddirectors,requiresecuritiesheldincustodyat all times to be individually segregated from the securities of any other person andmarked to clearly identify such securitiesas thepropertyof such investmentcompany,andregulatetherelationshipbetweentheadviserandtheinvestmentcompany).

Asset Allocation Risk. The asset classes in which a Client Account seeks investmentexposurecanperformdifferentlyfromeachotheratanygiventime(aswellasoverthelongterm),soaClientAccountwillbeaffectedbyitsallocationamongequitysecurities,debt securitiesandcashequivalent securities. If aClientAccount favorsexposure toanasset class during a period when that asset class underperforms other asset classes,performancemaysuffer.

BankruptcyofaCustodianorBroker.AssetsofaClientAccountheldbyacustodianorbrokermay be held in the name of the custodian or broker in a securities depository,clearingagencyoromnibuscustomeraccountofsuchcustodianorbroker.Totheextentthatassetsareheld in theUnitedStatesbyacustodian inasegregatedaccountorbyabrokerinacustomeraccount,suchassetsmaybeentitledtocertainprotectionsfromtheclaimsofcreditorsofthecustodianorbroker.However,aClientAccountwithassetsheldinasegregatedaccountbyacustodianmayexperiencedelaysandexpenseinreceivingadistributionofsuchassets in thecaseofabankruptcy,receivershiporother insolvencyproceedingofsuchcustodian.Assetsheldbybrokersinacustomeraccountareentitled

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to certain protections from the claims of creditors of the broker butmay not have thesamelevelofprotectionapplicabletosegregatedaccountsheldbyanon‐brokercustodianandthusmaynotbesufficienttosatisfythefullamountofcustomerclaims.Assetsheldbynon‐U.S.brokersorcustodiansmaynotbesubjecttothesameregulationsregardingthe segregation of customer assets from the assets of the broker or custodian, or fromassets held on behalf of other customers of the broker or custodian, and accordinglyassets held by a non‐U.S. broker or custodianmaynot be protected from the claims ofcreditorsofthebrokerorcustodiantothesameextentasassetsheldbyaU.S.brokerorcustodian.

CapitalContributions.Aninvestor’sfullcommitmentinanNBPEClosed‐EndFundoraPrivateFund thatutilizes investorcapital callswillnotbe immediately invested. Itmaytakeasignificantamountoftimetofullydrawdownthecommitments.Forexample,anNB PE Closed‐End Fundmay invest directly and indirectly inUnderlying Funds,whichmaydrawdowncommitmentsovertime.AnNBPEClosed‐EndFund’sperformancewillbecalculatedtakingintoaccountonlythecommitmentsthathavebeendrawn‐down;thusan investor’s performance that takes into account the investor’s total commitment(including any undrawn amount) may be lower than the performance of the NB PEClosed‐EndFund.

Commodity Risk. A Client Account with investments in physical commodity‐linkedderivative instruments may be subject to greater volatility than an account withinvestmentsintraditionalsecurities. Thevalueofphysicalcommodity‐linkedderivativeinstrumentsmaybeaffectedbychangesinoverallmarketmovements,commodityindexvolatility, changes in interest rates, or factors affecting a particular industry orcommodity, such as drought, floods, weather, livestock disease, embargoes, tariffs andinternationaleconomic,politicalandregulatorydevelopments.TotheextentthataClientAccountmayconcentrateassetsinaparticularsectorofthecommoditiesmarket(suchasoil,metaloragriculturalproducts), itmaybemore susceptible to risksassociatedwiththosesectors.

Complex Tax Structures of Private Funds. Private Funds and Portfolio Funds mayinvolve complex tax structures and there may be delays in distributing important taxinformationtoitsinvestors.

ConcentrationRisk.Astrategythatconcentratesitsinvestmentsinaparticularsectorofthemarket(suchastheutilitiesorfinancialservicessectors)oraspecificgeographicarea(suchasacountryorstate)maybeaffectedbyeventsthatadverselyaffectthatsectororarea,andthevalueofaClientAccountusingsuchastrategymayfluctuatemorethanthatofalessconcentratedClientAccount.

Control Situations. From time to time with respect to distressed debt investments,subjecttoapplicableinvestmentguidelines,NBIAonbehalfofaClientAccountwilltakecontrol positions in an issuer in an effort to maximize value. Not only can controlinvestmentstakeaninordinatelylongperiodtoexit,buttheyalsocanbehighlyresource‐intensiveandcontentious.NBIAandtheClientAccountmaybeparticularlyvulnerableto

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being named as defendants in litigation relating to their actionswhile in control of anissuer and may, from time to time, come into possession of material non‐publicinformation concerning specific issuers. If the issuer is a public company, until suchmaterialnon‐publicinformationismadepublic,NBIAmaybeprohibitedfromtradingtheissuer’ssecurityforClientAccountsunderapplicablesecuritieslaws.Internalstructuresareinplacetopreventmisuseofsuchinformation.SeeItem11.D.1.

CounterpartyRisk. To the extent that a Client Account enters into transactions on aprincipal‐to‐principalbasis,theClientAccountissubjecttoarangeofcounterpartyrisks,including the credit risk of its counterparty (i.e., counterparty default), the risk of thecounterpartydelayingthereturnoforlosingcollateralrelatingtothetransaction,orthebankruptcyofthecounterparty.

CurrencyRisk.Currencyfluctuationscouldnegativelyimpactinvestmentgainsoraddtoinvestmentlosses. ThevalueofClientAccountsinvestedincurrenciesmayriseandfalldue to exchange rate fluctuations in respect of the relevant currencies. Adversemovements in currency exchange rates can result in adecrease in return and a loss ofcapital. The investments may be hedged utilizing foreign currency forwards, foreigncurrencyswaps,foreigncurrencyfutures,optionsonforeigncurrencyandothercurrencyrelatedinstruments.However,currencyhedgingtransactions,whilepotentiallyreducingthecurrencyriskstowhichaClientAccountwouldotherwisebeexposed,involvecertainother risks, including the risk of a default by a counterparty. Where a Client Accountengages in foreign exchange transactions which alter the currency exposurecharacteristicsofitsinvestments,theperformanceofsuchClientAccountmaybestronglyinfluenced by movements in exchange rates as currency positions held by the ClientAccountmaynotcorrespondwiththesecuritiespositionsheld. WhereaClientAccountenters into “cross hedging” transactions (e.g., utilizing currency different than thecurrencyinwhichthesecuritybeinghedgedisdenominated),theClientAccountwillbeexposed to the risk that changes in the value of the currency used to hedge may notcorrelate with changes in the value of the currency in which the securities aredenominated,whichcouldresultinlossesinboththehedgingtransactionandtheClientAccountsecurities.

DependenceonNBIA.TheperformanceofaClientAccountdependsontheskillofNBIAand its portfolio manager(s) in making appropriate investment decisions. Any ClientAccount’s success depends upon NBIA’s ability to develop and implement investmentstrategiesandtoapplyinvestmenttechniquesandriskanalysesthatachievetheaccount’sinvestmentobjectives.SubjectivedecisionsmadebyNBIAmaycausetheaccounttoincurlossesor tomissprofit opportunitiesonwhich itmayotherwisehave capitalized. Theuse of a singleadvisorapplyinggenerallysimilartradingprogramscouldmeanthelackofdiversificationandconsequently,higherrisk.

Derivatives Risk. Derivatives are financial contracts whose value depend on, or arederived from, the value of an underlying asset, reference or index. In implementingcertainofitsinvestmentstrategies,NBIAmayusederivatives,suchasfutures,optionsonfutures,forwardcontractsandswaps,aspartofastrategydesignedtoreduceexposureto

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other risks or to take a position in an underlying asset. Derivatives may involve risksdifferent from, or greater than, those associated with more traditional investments.Derivatives can be highly complex, can create investment leverage and may be highlyvolatile, which could result in the strategy losing more than the amount it invests.Derivativesmaybedifficulttovalueandhighlyilliquid,andNBIAmaynotbeabletocloseoutorselladerivativepositionataparticulartimeoratananticipatedprice.NBIAisnotrequiredtoengageinderivativetransactions,evenwhendoingsowouldbebeneficialtotheClientAccount.

TitleVIIoftheDodd‐FrankWallStreetReformandConsumerProtectionAct(the“Dodd‐FrankAct”)provided fora sweepingoverhaulof the regulationofprivatelynegotiatedderivatives.TheU.S.CommodityFuturesTradingCommission(“CFTC”)hasbeengrantedbroadregulatoryauthorityover“swaps,”whichtermhasbeendefinedintheDodd‐FrankAct and related CFTC rules to include certain derivatives. Title VII may affect a ClientAccount’s ability toenter into certainderivative transactions,may increase the costsofentering into such transactions, or may result in Client Accounts entering into suchtransactionsonlessfavorabletermsthanpriortotheeffectivenessoftheDodd‐FrankAct.

In addition, NBIA may take advantage of opportunities with respect to derivativeinstruments that are not currently contemplated or available for use, but thatmay bedeveloped,totheextentsuchopportunitiesarebothconsistentwiththeClientAccount’sinvestmentobjectivesandguidelinesandlegallypermissible. Specialrisksmayapplytosuch instruments that cannot be determined until such instruments are developed orinvestedinbytheClientAccount.

DerivativeCounterpartyRisk. Derivatives are subject to counterparty risk,which is theriskthattheotherpartytothederivativecontractwillfailtomakerequiredpaymentsorotherwise to complywith the termsof the contract. This risk is generally regarded asgreater in privately negotiated, over the counter (“OTC”) transactions, in which thecounterpartyisasinglebankorbroker‐dealer,thaninclearedtransaction, inwhichthecounterparty is a clearing organization comprised of many bank and broker‐dealermembers,butsomelevelofcounterpartyriskexistsinallderivativetransactions.

Ifacounterpartybecomesbankruptorotherwisefailstoperformitsobligationsunderaderivative contract due to financial difficulties, the Client Account could lose any gainsthathaveaccruedtoitinthetransactionandcouldmissinvestmentopportunitiesorberequired to hold investments it would prefer to sell, resulting in losses for the ClientAccount.Ifthecounterpartydefaults,aClientAccountwillhavecontractualremedies,butthere can be no assurance that the counterparty will be able to meet its contractualobligationsorthattheClientAccountwillbeabletoenforce itsrights.Forexample, theClient Accountmay be delayed or limited in enforcing its rights against anymargin orcollateral posted by the counterparty, which may result in the value of that collateralbecoming insufficient. Also, because OTC derivatives transactions are individuallynegotiated with a specific counterparty, a Client Account is subject to the risk that acounterpartymayinterpretcontractualterms(e.g.,theamountpayabletoorbytheClientAccount upon a default or other early termination) in a manner adverse to the Client

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Account. The cost and unpredictability of the legal proceedings required to enforce aClientAccount’scontractualrightsmayleadtheClientAccounttodecidenottopursueitsclaimsagainstthecounterparty.

Counterparty riskmay be greater for derivatives with longermaturities where eventsmayintervenethatpreventrequiredpaymentsfrombeingmade.CounterpartyriskalsomaybegreaterwhenaClientAccounthas concentrated itsderivativeswitha singleorsmallgroupofcounterparties.TotheextentaClientAccounthassignificantexposuretoasinglecounterparty,thisriskmaybeparticularlypronouncedfortheClientAccount.TheClientAccount,therefore,assumestheriskthatitmaybeunabletoobtainpaymentsthatNBIAbelievesareowedunderanOTCderivativescontractorthatthosepaymentsmaybedelayed or made only after the Client Account has incurred the costs of litigation. Inaddition, counterparty risk is pronounced during unusually adversemarket conditionsandisparticularlyacuteinenvironmentsinwhichfinancialservicesfirmsareexposedtosystemic risks. A Client Accountmay obtain only a limited recovery ormay obtain norecoveryuponacounterpartydefault.

Bankruptcy of a Clearing Organization or Clearing Member. A party to a clearedderivatives transaction is subject to the credit risk of the clearing organization thatbecomes the counterparty to the transaction and that of the clearingmember throughwhichitholdsitsclearedposition,ratherthanthecreditriskofitsoriginalcounterpartyto the derivatives transaction. Credit risk of market participants with respect toderivativesthatarecentrallyclearedisconcentratedinafewclearingorganizations.Itisnotclearhowaninsolvencyproceedingofaclearingorganizationwouldbeconductedorwhatimpactaninsolvencyofaclearingorganizationwouldhaveonthefinancialsystem.

Aclearingmemberisobligatedbycontractandbyapplicableregulationtosegregateallfunds received from customers with respect to cleared derivatives positions from theclearingmember’sproprietaryassets.However,allfundsandotherpropertyreceivedbya clearingmember from its customerswith respect to clearedderivativesaregenerallyheld by the clearing member on a commingled basis in an omnibus account, and theclearingmembermay invest those funds in instrumentspermittedundertheapplicableregulations.Therefore,aClientAccountmightnotbe fullyprotected in theeventof thebankruptcyofaClientAccount’s clearingmemberbecause theClientAccountwouldbelimitedtorecoveringonlyaproratashareofthefundsheldintheomnibusaccountfortherelevantaccountclass.

Risk ofFailure ofaClearingBroker toComplywithMarginRequirements. The clearingmember is required to transfer to the clearing organization the amount of marginrequired by the clearing organization for the cleared derivatives. Such amounts aregenerallyheldinanomnibusaccountattheclearingorganizationforallcustomersoftheclearingmember.RegulationspromulgatedbytheCFTCrequirethattheclearingmembernotifytheclearingorganizationoftheportionoftheaggregateinitialmarginprovidedbythe clearingmember to the clearing organization that is attributable to each customer.However, if the clearing member does not accurately report a Client Account’s initialmargin,theClientAccountwouldbesubjecttotheriskthattheclearingorganizationwill

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use Client Account’s assets held in an omnibus account at the clearing organization tosatisfy payment obligations of a defaulting customer of the clearing member to theclearing organization. In addition, clearing members generally provide the clearingorganizationthenetamountofvariationmarginrequiredforclearedswapsforallofitscustomers in the aggregate, rather than individually for each customer. The ClientAccounts are therefore subject to the risk that a clearing organization will not makevariationmarginpaymentsowedtothemifanothercustomeroftheclearingmemberhassuffered a loss or is in default, and the risk that Client Accounts will be required toprovide additional variation margin to the clearing organization before the clearingorganization will move the Client Account’s cleared derivatives positions to anotherclearingmember.Inaddition,ifaclearingmemberdoesnotcomplywiththeapplicableregulations or its agreement with the Client Accounts, or in the event of fraud ormisappropriationof customer assets by a clearingmember, ClientAccounts couldhaveonlyanunsecuredcreditorclaiminaninsolvencyoftheclearingmemberwithrespecttothe margin held by the clearing member. Client Accounts also would have only anunsecured claim for the return of any margin held by the clearing member that is inexcessoftheamountsowedtotheClientAccountsontheirderivativecontractsclearedthroughthatclearingmember.

DailyTradingLimits Imposedby theExchanges andPositionLimits. The CFTC andU.S.commodities exchanges limit the amount of fluctuation permitted in futures contractprices during a single trading day by regulations referred to as “daily price fluctuationlimits” or “daily trading limits.” Once the daily trading limit has been reached in aparticularfuturescontract,notradesmaybemadethatdayatapricebeyondthatlimitortradingmaybesuspendedforspecifiedperiodsduringthetradingday.Futurescontractprices could move to the limit for several consecutive trading days with little or notrading, thereby preventing prompt liquidation of futures positions and potentiallydisguisingsubstantiallossestheclientmayultimatelyincur.

A Client Account’s investment performance depends upon how its assets are allocatedand reallocated, and a client could lose money on its investment as a result of theseallocation decisions and related constraints. The CFTC and the exchanges on whichcommodity interests (futures, options on futures and swaps) are traded may imposelimitationsgoverningthemaximumnumberofpositionsonthesamesideofthemarketand involving the sameunderlying instrument thatmaybeheldbya single investororgroupofrelatedinvestors,whetheractingaloneorinconcertwithothers(regardlessofwhethersuchcontractsareheldonthesameordifferentexchangesorheldorwritteninone or more accounts or through one or more brokers). NBIA currently trades formultipleaccountsand funds,andtherefore thecommodity interestpositionsofall suchaccounts and funds will generally be required to be aggregated for purposes ofdetermining compliance with position limits, position reporting and position“accountability”rulesimposedbytheCFTCorthevariousexchanges.Swapspositionsinphysicalcommodityswapsthatare“economicallyequivalent”tofuturesandoptionsonfuturesheldbyaClientAccountandtheseotherfundsandaccountsmayalsobeincludedin determining compliancewith federal position rules, and the exchangesmay imposetheir own rules covering these and other types of swaps. These trading and position

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limits, and any aggregation requirement, couldmaterially limit the commodity interestpositionsNBIAmay take foraClientAccountandmaycauseNBIA tocloseoutaClientAccount’spositionsearlierthanitmightotherwisechoosetodoso.AdditionalRiskFactorsinClearedDerivativesTransactions.Transactionsinsometypesofswaps(includingcertaininterestrateswapsandcreditdefaultswapsonNorthAmericanand European indices) are required to be centrally cleared. In a transaction involvingthoseswaps,aClientAccount’scounterpartyisaclearingorganization,ratherthanabankorbroker.SincetheClientAccountsarenotmembersofclearingorganizationsandonlymembersofaclearingorganizationcanparticipatedirectly intheclearingorganization,theClientAccountswillholdclearedderivativesthroughaccountsatclearingmembers.In cleared derivatives positions, the Client Accounts will make payments (includingmargin payments) to and receive payments from a clearing organization through theiraccountsatclearingmembers.Clearingmembersguaranteeperformanceoftheirclients’obligationstotheclearingorganization.

Inmanyways,clearedderivativearrangementsarelessfavorabletoClientAccountsthanbilateral arrangements. For example, the Client Accounts may be required to providemoremarginforclearedderivativespositionsthanforbilateralderivativespositions.Onthe other hand, given the longer time horizon to be covered, lesser opportunities fornetting, and likely less standardizationof the instruments involved,marginonbilateralpositionsmaybegreater.Also,incontrasttoabilateralderivativesposition,followingaperiodofnoticetoaClientAccount,aclearingmembergenerallycanrequireterminationof an existing cleared derivatives position at any time or an increase in marginrequirementsabovethemarginthattheclearingmemberrequiredatthebeginningofatransaction. Clearing organizations also have broad rights to increase marginrequirements for existing positions or to terminate those positions at any time. AnyincreaseinmarginrequirementsorterminationofexistingclearedderivativespositionsbytheclearingmemberortheclearingorganizationcouldinterferewiththeabilityofaClient Account to pursue its investment strategy. Further, any increase in marginrequirementsbyaclearingmembercouldexposeaClientAccounttogreatercreditrisktoits clearing member because margin for cleared derivatives positions in excess of aclearingorganization’smarginrequirementstypicallyisheldbytheclearingmember.

AClientAccountissubjecttoriskifitentersintoaderivativestransactionthatisrequiredtobecleared(orthatNBIAexpectstobecleared),andnoclearingmemberiswillingorable to submit the transaction for clearing on the Client Account’s behalf. While thedocumentation in place between the Client Accounts and their clearing membersgenerally provides that the clearing members will submit for clearing all clearedderivativestransactionsthatarewithinspecifiedcreditlimitsforeachClientAccount,theClientAccountsarestillsubjecttotheriskthatnoclearingmemberwillbewillingorabletosubmitatransactionforclearing.Inthosecases,thepositionwouldbeterminated,andtheClientAccountcouldlosesomeorallofthebenefitoftheposition,includinglossofanincreaseinthevalueofthepositionorlossofhedgingprotection.

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ThedocumentationgoverningtherelationshipbetweentheClientAccountsandclearingmembersisdraftedbytheclearingmembersandgenerallyislessfavorabletotheClientAccountsthantypicalbilateralderivativesdocumentation. Forexample,documentationrelating to cleared derivatives generally includes a one‐way indemnity by the ClientAccounts in favor of the clearingmember for losses the clearingmember incurs as theClientAccounts’clearingmemberandtypicallydoesnotprovidetheClientAccountsanyremediesiftheclearingmemberdefaultsorbecomesinsolvent.Whilefuturescontractsentailsimilarrisks, therisks likelyaremorepronouncedforclearedswapsduetotheirmorelimitedliquidityandmarkethistory.

DiversificationRisk.ClientAccountsmaynotbediversifiedacrossawiderangeofassetclassesor issuerswhichcould increase theriskof lossandvolatility thanwouldbe thecase if the Client Account were diversified across asset classes or issuers because thevalueofholdingswouldbemoresusceptibletoadverseeventsaffectingthatassetclassesorissuers.

EnergyRisk. Investments in energy are inherently subject to numerous risks arisingfrom theiroperations,whichmayhaveanadverseeffect onClientAccounts. The risksmay include: (i) the risk that technology employed in an energy project will not beeffectiveor efficient; (ii) risksof equipment failures, fuel interruptions, lossof sale andsupply contracts or fuel contracts, decreases or escalations in power contract or fuelcontractprices,reducedavailabilityofnaturalgasorothercommoditiesfortransporting,processingordelivering,slowdownsinnewconstruction,bankruptcyofkeycustomersorsuppliers, tort liability in excess of insurance coverage, inability to obtain desirableamounts of insurance at economic rates, and natural disasters, extremeweather, labordifficulties, threatsoractsof terrorism,wars,embargoesandothercatastrophicevents;(iii) risks that regulations affecting the energy industry will change in a mannerdetrimentaltotheindustry;(iv)environmentalliabilityrisksrelatedtoenergypropertiesandprojects;(v)uncertaintyabouttheextent,qualityandavailabilityofoil,gasandcoalreserves; (vi) the risk of changes in values of companies in the energy sector whoseoperations are affected by changes in prices and supplies of energy fuels (prices andsupplies of energy fuels can fluctuate significantly over a short period of time due tochanges in international politics, energy conservation, the success of explorationsprojects,thetaxandotherregulatorypoliciesofvariousgovernmentsandtheeconomicgrowthofcountriesthatarelargeconsumersofenergy,aswellasotherfactors).

ESGInvestingRisk.NBIAmayconsiderESGfactorswhenmanagingClientAccounts.AClient Account could underperform similar accounts that do not take into account ESGfactors. Specifically,theuseofESGfactorscouldresultinsellingoravoidingstocksthatsubsequentlyperformwellorpurchasingstocksthatsubsequentlyunderperform.NBIAmay take ESG factors into account when voting proxies, which may not always beconsistentwithmaximizingperformanceoftheissuerortheClientAccount.

ETFRisks. InvestinginanETFexposesaClientAccounttoalloftherisksofthatETF’sinvestments and subjects it to apro rata portion of the ETF’s fees and expenses. As aresult,thecostofinvestinginETFsharesmayexceedthecostsofinvestingdirectlyinits

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underlyinginvestments. ETFsharestradeonanexchangeatamarketpricewhichmayvaryfromtheETF’snetassetvalue.ETFsmaybepurchasedatpricesthatexceedthenetasset value of their underlying investments andmay be sold at prices below such netasset value. Because the market price of ETF shares depends on the demand in themarket for them, themarketpriceof anETFmaybemorevolatile than theunderlyingportfolioofsecuritiestheETFisdesignedtotrack,andaClientAccountmaynotbeabletoliquidateETFholdingsatthetimeandpricedesired,whichmayimpactitsperformance.

FailuretoMakeCapitalContributions. WithrespecttoUnderlyingFundsandPrivateFunds thatutilize investor capital calls, the consequencesofdefaultingona capital callnotice generally arematerial and adverse to the defaulting investor. In addition, if aninvestorfailstomakeacapitalcontributionwhendueandthecapitalcontributionsmadeby non‐defaulting investors and short‐term borrowings by the Underlying Fund or thePrivateFundare inadequate tocover thedefaultedcapital contribution, theUnderlyingFundorthePrivateFunditselfmaybeunabletopayitsobligationswhendue.Asaresult,UnderlyingFundsandPrivateFundsmaybesubjectedtosignificantpenaltiesthatcouldmateriallyadverselyaffectthereturnstothenon‐defaultinginvestors.

ForwardContracts.IfClientAccountinvestmentguidelinespermit,NBIAmayenterintoforward contracts and options thereon which are not traded on exchanges and aregenerallynotregulatedonbehalfofsuchaccount.Therearenolimitationsondailypricemovesof forwardcontracts. BanksandotherdealerswithwhichaClientAccountmaymaintainaccountsnormallyrequiretheClientAccounttodepositmarginwithrespecttosuch trading.The counterparties arenot required to continue tomakemarkets in suchcontracts and these contracts can experience periods of illiquidity, sometimes ofsignificantduration.Therehavebeenperiodsduringwhichcertaincounterpartieshaverefusedtocontinuetoquotepricesforforwardcontractsorhavequotedpriceswithanunusuallywidespread(thepriceatwhichthecounterpartyispreparedtobuyandthatatwhichitispreparedtosell).Arrangementstotradeforwardcontractsmaybemadewithonlyoneorafewcounterparties,andliquidityproblemsthereforemightbegreaterthanifsucharrangementsweremadewithnumerouscounterparties.Theimpositionofcreditcontrolsbygovernmentalauthoritiesmight limit such forward trading to less than thatwhichNBIAwouldotherwiserecommend,tothepossibledetrimentofaClientAccount.Market illiquidity or disruption could result in major losses to a Client Account. Inaddition,aClientAccountmaybeexposed tocredit riskswithregard tocounterpartieswithwhichittradesaswellasrisksrelatingtosettlementdefault.SuchriskscouldresultinsubstantiallossestoaClientAccount.

Fraudulent Conveyance Considerations. Various laws enacted for the protection ofcreditors may apply to certain investments that are debt obligations, although theexistence and applicability of such lawswill vary from jurisdiction to jurisdiction. Forexample, if a courtwere to find that theborrowerdidnot receive fair considerationorreasonablyequivalentvalueforincurringindebtednessevidencedbyaninvestmentandthegrantofanysecurityinterestorotherliensecuringsuchinvestment,and,aftergivingeffecttosuchindebtedness,theborrower(i)wasinsolvent,(ii)wasengagedinabusinessforwhichtheassetsremaininginsuchborrowerconstitutedunreasonablysmallcapital

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or(iii)intendedto incur,orbelievedthat itwould incur,debtsbeyond itsability topaysuch debts as they mature, such court could invalidate such indebtedness and suchsecurityinterestorotherlienasafraudulentconveyance,subordinatesuchindebtednesstoexistingorfuturecreditorsoftheborrowerorrecoveramountspreviouslypaidbytheborrower(includingtoaClientAccount)insatisfactionofsuchindebtednessorproceedsof such security interest or other lien previously applied in satisfaction of suchindebtedness. In addition, if an issuer in which a Client Account has an investmentbecomesinsolvent,anypaymentmadeonsuchinvestmentmaybesubjecttoavoidanceasa“preference”ifmadewithinacertainperiodoftime(whichmaybeaslongasoneyear)beforeinsolvency.

In general, if payments on an investment are voidable, whether as fraudulentconveyances or preferences, such payments can be recaptured either from the initialrecipientorfromsubsequenttransfereesofsuchpayments.Totheextentthatanysuchpaymentsare recaptured fromaClientAccount, the resulting losswillbeborneby theClientAccountor,indirectly,byinvestorsinaPrivateFund,asapplicable.

Futures. NBIAmayengage inregulated futures transactions foractivemanagementorriskmanagementorhedgingpurposes.Tradinginfuturesandoptionsonfuturesinvolvessignificantrisks,includingthefollowing:(i)futurescontractsandoptionsonfuturesarevolatile in price; (ii) futures trading is highly leveraged; (iii) futures trading may beilliquid; (iv) the clearingbroker,or “futures commissionmerchant”maymisuseor losecollateral (“margin”) associatedwith the futures contracts; and (v) the clearing brokermaydefault,fileforbankruptcyorbecomeinsolvent.Asdiscussedabove,suchadefaultmay lead to a loss within the Client Account of margin deposits made by the ClientAccountintheeventofbankruptcyofaclearingbrokerwithwhomaClientAccounthasanopenposition ina futurescontractor relatedoption. ClientAccountsmaysustainatotal loss of the futures contracts including the initial margin and any maintenancemarginthatitdepositswithabrokertoestablishormaintainapositioninthecommodityfuturesmarket. If themarketmoves against a position in a ClientAccount, such ClientAccountmayberequiredtodepositasubstantialamountofadditionalmargin,onshortnotice, in order to maintain its position. If the Client Account does not provide therequiredmarginwithintheprescribedtime,itspositionmaybeliquidatedataloss,andtheClientwillbeliableforanyresultingdeficitinitsaccount.ThehighdegreeofleveragethatisoftenobtainableinfuturestradingbecauseofthesmallmarginrequirementscanworkagainstaClientAccount,aswellasforit.Theuseofleveragecanleadtolargelosses.Non‐U.S.futuresmarketsmayhavegreaterriskthanU.S.futuresmarkets.UnliketradingonU.S.commodityexchanges,tradingonnon‐U.S.commodityexchangesisnotregulatedbytheCFTCandmaybesubjecttogreaterrisksthantradingonU.S.exchanges.Futuresmarkets may also be illiquid which could prevent NBIA from promptly liquidatingunfavorablepositionsandadverselyaffecttradingandprofitability.

GeographicRisk.Fromtimetotime,basedonmarketoreconomicconditions,theClientAccountmayinvestasignificantportionofitsassetsinonecountryorgeographicregion.If theClientAccountdoes so, there is a greater risk that economic, political, social andenvironmental conditions in that particular country or geographic region may have a

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significant impact on the Client Account’s performance and that the Client Account’sperformance will be more volatile than the performance of more geographicallydiversifiedaccounts.Theeconomiesandfinancialmarketsofcertainregionscanbehighlyinterdependentandmaydeclineallatthesametime.Inaddition,certainareasareproneto natural disasters such as earthquakes, volcanoes, droughts or tsunamis and areeconomicallysensitivetoenvironmentalevents.Alternatively,thelackofexposuretooneormorecountriesorgeographicregionsmayadverselyaffectperformance.

Hedging. Hedging techniques involveoneormoreof the followingrisks: (i)imperfectcorrelationbetweentheperformanceandvalueofthehedginginstrumentandtheClientAccount’spositionbeinghedged;(ii)possiblelackofasecondarymarketforclosingoutaposition in such instruments; (iii)losses resulting from interest rate, spread or othermarket movements not anticipated by NBIA; (iv)the possible obligation to meetadditionalmarginorotherpayment requirements, all ofwhichcouldworsen theClientAccount’sposition;and(v)defaultorrefusaltoperformonthepartofthecounterpartywith which the Client Account trades. Furthermore, to the extent that any hedgingstrategyinvolvestheuseofderivativeinstruments,suchastrategywillbesubjecttotherisksapplicabletosuchinstruments,asdescribedherein.

High Frequency Trading. Strategies involving frequent trading of securities canadversely affect investmentperformance, particularly through increasedbrokerage andother transaction expenses, including unfavorable tax consequences. NBIA will notgenerally seek to limit portfolio turnoverwhenmaking investment decisions. Portfolioturnover can vary from year to year, as well as within a year. Portfolio turnover andbrokerage and other transactions expenses may exceed those of investments ofcomparablesize.Brokeragecommissions,fees,taxes,andothertransactioncostsmaybesubstantial,regardlessofperformance.

IndependentPortfolioManagers. ThePrivateFundsinvestwithThird‐PartyPortfolioManagers that invest wholly independent of one another and may at times holdeconomically offsetting positions. A Third‐Party Portfolio Manager may receive anincentiveallocationforhis/herportfolioduringacertainperiodeventhoughthePrivateFund’soverallportfoliodepreciatedduringthatsameperiod.

Inflation‐LinkedSecurityRisk.Inflation‐linkeddebtsecuritiesaresubjecttotheeffectsof changes inmarket interest rates causedby factors other than inflation (real interestrates). In general, the price of an inflation‐linked security tends to decreasewhen realinterest rates increase and can increase when real interest rates decrease. Interestpaymentsoninflation‐linkedsecuritiesmayvarywidelyandwillfluctuateastheprincipaland interest are adjusted for inflation. Any increase in the principal amount of aninflation‐linkeddebtsecuritywillbetaxableordinaryincome,eventhoughtheportfoliowillnotreceivetheprincipaluntilmaturity.Therecanbenoassurancethattheinflationindexusedwill accuratelymeasure the real rate of inflation in theprices of goods andservices. A portfolio’s investments in inflation‐linked securities may lose value in theeventthattheactualrateofinflationisdifferentthantherateoftheinflationindex.

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Investment Analyses. From time to time, NBIA may provide non‐discretionaryinvestmentadvisoryservices in the formofnon‐binding investmentadviceoranalyses.Therecanbenoassurancethatitsadviceoranalyseswillresultinprofitableinvestingoravoidanceofloss.Theadviceishighlyreliantontheaccuracyoftheinformationprovidedby the client and by third parties. Any inaccurate information could compromise thequalityoftheadviceprovided.Further,theadviceandanalysesprovidedareoftentimesensitive, especially during times of significant market volatility. With respect to theprovision of such non‐discretionary services, clients have sole discretion and finalresponsibilityfordecidingwhethertobuy,sell,holdorotherwisetransactinanysecurity.Theclientmaybeunabletoexecutetherelatedtransaction,ortherecouldbeadelayinthe amount of time the client takes to execute the related transaction that renders theadviceprovidedmoot,potentiallyreducinganyprofitorcausingamaterialloss.Analysesmaybebasedonassumptionsthatarebaseduponalimitednumberofvariablesthatmaybeextractedfromcomplexfinancialmarketsorinstrumentstheyintendtoreplicate.Anyoneoralloftheseassumptionscouldovertimeprovetobeinaccurate,whichcouldresultinmajorlosses.

Investment Company Risk. To the extent a Client Account invests in ETFs or otherinvestmentcompanies,itsperformancewillbeaffectedbytheperformanceofthoseotherinvestmentcompanies.InvestmentsinETFsandotherinvestmentcompaniesaresubjectto the risks of the investment companies’ investments, as well as to the investmentcompanies’expenses.IfaClientAccountinvestsinotherinvestmentcompanies,theClientAccount may receive distributions of taxable gains from portfolio transactions by thatinvestmentcompanyandmayrecognizetaxablegainsfromtransactionsinsharesofthatinvestmentcompany,whichwouldbetaxablewhendistributed.

InvestmentsinUltra‐LiquidAssets.AClientAccountmayattimeskeepaportionofitsassetsincash,cashequivalentsorotherultra‐liquidassets,including,withoutlimitation,currencies,bankdeposits,certificatesofdeposit,bankersacceptances,oneormoreshortdurationfunds(including,withoutlimitation,moneymarketinstrumentsorinvestmentsinsharesorunitsofmoneymarketfunds)orgovernmentsecurities(bothshort‐termandlong‐term).Suchinvestmentsmaybefinancedbyenteringintorepurchaseagreementsorreverse repurchase agreements with the Client Account’s brokers or by other means.Investors in Client Accounts should be aware that such investments usually produce alower return than most other investments and therefore may impact the overallperformanceofaClientAccount.AninvestorinaClientAccountshouldnotassumethatan investment in such Client Account is less risky due to the levels of cash, cashequivalents,andotherultra‐liquidassetsheldbysuchClientAccount.

InvestmentStrategyandPortfolioManagementRisk.Therecanbenoassurancethataninvestmentstrategywillproduceanintendedresult,orwouldnotresultinlossestoaninvestor, including, potentially, a complete loss of principal. The performance of astrategydependsontheskillofNBIAanditsportfoliomanager(s)inmakingappropriateinvestment decisions. Subjective decisionsmade by NBIA or a portfoliomanagermaycause a Client Account to incur losses or tomiss profit opportunities onwhich itmayotherwisehavecapitalized.

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LackofOperatingHistoryforPrivateFunds.ThePrivateFunds,thePortfolioFundsinwhich the Private Funds invest, NB PE Closed‐End Funds and theUnderlying Funds inwhichtheNBPEClosed‐EndFunds investmaybenewly formedandhavenooperatinghistories. As such, there is no guarantee that the funds will achieve their investmentobjectives.

LeverageRisk. CertainClientAccounts inaccordancewiththeir investmentguidelinesmay seek to enhance returns through the use of leverage, which can be described asexposure to changes in price at a ratio greater than 1:1 in reference to the amountinvested. Additionally, leverage may involve borrowing by a Client Account to buysecuritiesonmarginormakeotherinvestments. LeveragemagnifiesboththefavorableandunfavorableeffectsofpricemovementsintheinvestmentsmadebyaClientAccount,whichmaysubjectittosubstantialriskofloss.Intheeventofasudden,precipitousdropinvalueofaClientAccount’sassetsoccasionedbyasuddenmarketdecline,itmightnotbeable to liquidateassetsquicklyenough tomeet itsmarginorborrowingobligations.Also,becauseacquiringandmaintainingpositionsonmarginallowsaClientAccount tocontrol positions worth significantly more than its investment in those positions, theamountthatitstandstoloseintheeventofadversepricemovementsishigherinrelationtotheamountofitsinvestment.Inaddition,sincemargininterestwillbeoneoftheClientAccount’s expenses and margin interest rates tend to fluctuate with interest ratesgenerally, it isatriskthat interestratesgenerally,andhencemargin interestrates,willincrease,therebyincreasingitsexpenses.

Similarly, investments may be made in companies whose capital structures may havesignificant leverage. To the extent a company in which a Client Account invests isleveraged, its leveraged capital structurewill increase the exposure of the company toadverse economic factors such as rising interest rates, downturns in the economy ordeteriorationsintheconditionofthecompanyoritsindustrysector,whichcouldresultintheaccountexperiencingalossinitsinvestmentinthatcompany.

LiquidityRisk.Illiquidsecuritiesaresecuritiesthatarenotreadilymarketable,and,asaresult,maybemoredifficulttopurchaseorsellatanadvantageouspriceortime.AClientAccountcouldlosemoneyifitcannotsellasecurityatthetimeandpricethatwouldbemostbeneficial to it. Further, the lackofanestablishedsecondarymarketmaymake itmore difficult to value illiquid securities,which could vary from the amount the ClientAccount could realize upondisposition. Judgment plays a greater role in pricing theseinvestmentsthanitdoesinpricinginvestmentshavingmoreactivemarkets,andthereisagreaterriskthattheinvestmentsmaynotbesoldforthepriceatwhichtheyarecarried.The sale of some illiquid securitiesmaybe subject to legal restrictions,which couldbecostlytotheClientAccount.

A Client Account may hold securities that are illiquid and cannot be transferred orredeemedforasubstantialperiodof time,andtheremaybe littleornonear‐termcashflowavailabletoinvestorsintheinterim.Likewise,aClientAccountmaynotreceiveanydistributions representing the return of capital on an illiquid security for an indefiniteperiodoftime.

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Limited Reporting forPrivateFunds.While PrivateFundsandthePortfolioFunds inwhich they invest generally may provide periodic performance reports and annualaudited financial statements, unless otherwise agreed to, they are not otherwiserequiredtoprovideperiodicpricingorvaluationinformationtoinvestors.

Litigation.Foreclosuresandreorganizationsarecontentiousandadversarial.Itisbynomeansunusualformarketparticipantstousethethreatof,aswellasactual,litigationasanegotiating technique. NBIA anticipates that theFirmorClientAccounts that invest indistresseddebtortheresidentialmortgageloanstrategiesmaybenamedasdefendantsin civil proceedings relating to certain of such accounts’ investments. The expense ofdefending against such claims and paying any resulting settlements or judgments willgenerallybebornebytherelevantClientAccount.Anyindemnificationobligationswouldadversely affect such Client Account’s returns. With respect to Private Funds,indemnificationobligationswillgenerallysurvivethedissolutionofthePrivateFund,andmaycauseNBIAtoretainamaterialreservefromthewinding‐upproceedsdistributedtoinvestors.

MarketVolatility.Marketsmay at timesbe volatile and values of individual securitiesandother investmentsmaydecline significantly, and sometimes rapidly, in response toadverse issuer, political, regulatory,market, economic or other developments thatmaycausebroadchangesinmarketvalue,publicperceptionsconcerningthesedevelopments,andadverseinvestorsentiment.Changesinthefinancialconditionofasingleissuermayimpactamarketasawhole.IfaClientAccountsellsaportfoliopositionbeforeitreachesitsmarketpeak,itmaymissoutonopportunitiesforbetterperformance.

MasterLimitedPartnerships (“MLPs”)Risk. MLPs are limitedpartnerships that arepubliclytradedandwhichhavethetaxbenefitsofalimitedpartnershipandtheliquidityofapubliclytradedcompany.Investmentsinsecurities(units)ofMLPsinvolverisksthatdiffer from an investment in common stock. Holders of the units of MLPs havemorelimited control and limited rights to vote on matters affecting the partnership. Forexample, unit holdersmaynot elect thegeneral partner or thedirectors of the generalpartner and they have limited ability to remove anMLP’s general partner. MLPsmayissueadditionalcommonunitswithoutunitholderapproval,whichwoulddiluteexistingunitholders. Inaddition, conflictsof interestmayexistbetweencommonunitholders,subordinatedunitholdersandthegeneralpartnerofanMLP,includingaconflictarisingasaresultofincentivedistributionpayments.Asanincomeproducinginvestment,MLPscouldbeaffectedby increases in interestratesand inflation. Therearealsocertain taxrisksassociatedwithan investment inunitsofMLPs, including the riskofdepreciationrecaptureupondisposition,theriskofadjustmentstoincomeresultingfrompartnership‐leveltaxauditsandtheriskofexposuretoincometaxesinmultiplestates.

MiFID IIRisks. There isarisk thatCertainClientAccountsmaybesubject tonon‐U.S.regulations that are inconsistentwithNBIA’s standard trading practices. For example,recent revisions to the EUMarkets in Financial InstrumentsDirective (“MiFID II”) andrelated regulations limit a manager’s ability to receive Products and Services fromexecutingbrokers(assuchtermsaredefinedtherein).WhileNBIAisnotdirectlysubject

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to these regulations, NBIAmay adjust its standard trading practices on a case‐by‐casebasistoaccommodatecompliancewithMiFIDIIandothernon‐U.S.regulationsbycertainClientAccountsandaffiliates.Theseaccommodationsmayinclude,butarenotlimitedto:expandeduseofclientcommissionarrangements,commissionsharingarrangementsandsimilar arrangements; enhanced reporting on client commissions and the Services andProducts obtained; andnon‐participation in the generationof softdollar credits. NBIAexpectstheeffectivecommissionratesinthesecircumstancestobesubstantiallysimilarto those paid by similarly situated Client Accounts. However, as result of theseaccommodations,investorsinClientAccountsfromcertainjurisdictionsmayaccountforalowerpercentageofsoftdollarcreditsthanotherwisesimilarinvestors(insuchClientAccountsorotherwise)fromotherjurisdictions.

ModelValuationsRisk.CertainofinvestmentsmadebyNBIA,includingthoseinasset‐backedsecuritiesandmortgageloans,willbebased,inpart,oncomplexmodels,includingtheNBIASoftware,thatincorporatearangeofdifferentinputs. Inadequateorincorrectfactualinformation,misstatedassumptions,aswellasunforeseeablechangesineconomicfactors can cause thesemodels to yieldmaterially inaccurate valuations— even if themodelisfundamentallysound.Moreover,therecanbenoassurancethatNBIA’smodelsare fundamentally soundor contain fullyaccuratedata. ThemodelsusedbyNBIAwilltypically require certain market forecasts that are based on analytical models andassumptions. There can be no assurance that such models are accurate or thatassumptions are not oversimplified, which would adversely affect market forecastsleadingtopotentiallossesandcashflowinsufficiencies.

Non‐U.S.andEmergingMarketsRisk. Non‐U.S. securities involve risks inaddition tothoseassociatedwithcomparableU.S.securitiesandcanbemorevolatileandexperiencemore rapid and extreme changes in price thanU.S. securities. Additional risks includeexposuretolessdevelopedorlessefficienttradingmarkets;social,politicaloreconomicinstability;fluctuationsinnon‐U.S.currencies;nationalizationorexpropriationofassets;settlement, custodial or other operational risks; less stringent auditing, accounting,financial reporting and legal standards; excessive taxation; and exchange controlregulations.Adverseconditionsinaparticularregioncouldnegativelyaffectsecuritiesofcountrieswhoseeconomiesappeartobeunrelatedornotinterdependent.ComparedtotheUnitedStates,non‐U.S.governmentsandmarketsoftenhavelessstringentaccounting,disclosure and financial reporting requirements. As a result, non‐U.S. securities canfluctuate more widely in price, and may also be less liquid, than comparable U.S.securities.SecuritiesmarketsofcountriesotherthantheU.S.aregenerallysmallerthanU.S.securitiesmarketswithalimitednumberofissuersrepresentingfewerindustries.Inmany countries, there is less publicly available and lower quality information aboutissuers than is available in the reports and ratings published about issuers in the U.S.Many non‐U.S. securitiesmay be less liquid than U.S. securities, which could affect theinvestments under a strategy that utilizes these types of securities. For example,withrespecttoClientAccountsthatinvestinChinaA‐sharesthroughtheShanghai‐HongKongStockConnectprogram(“ConnectProgram”), theConnectProgram is subject toquotalimitations and an investor cannot purchase and sell the same security on the sametrading day, which may restrict a Client Account’s ability to invest in China A‐shares

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throughtheConnectProgramandtoenterintoorexittradesonatimelybasis.Further,tradeson theConnectProgramare subject to certain requirementsprior to trading. Ifthose requirements are not completed prior to the market opening, a Client Accountcannotsellthesharesonthattradingday.

Emerging markets are those of countries with immature economic and politicalstructures. Investing inemergingmarketsmay involveheightenedandsignificantrisksand special considerations not typically associated with investing in other moreestablishedeconomiesorsecuritiesmarkets. Suchrisksmayinclude:(i)greatersocial,economicandpoliticaluncertaintyincludingwar;(ii)higherdependenceonexportsandthe corresponding importance of international trade; (iii) greater risk of inflation; (iv)increasedlikelihoodofgovernmentalinvolvementinandcontrolovertheeconomies;(v)governmental decisions to cease support of economic reform programs or to imposecentrally planned economies; (vi) the possibility of nationalization, expropriation,confiscatory tax policies and social instability; and (vii) considerations regarding themaintenance of a Client Account’s securities and cash with non‐U.S. brokers andcustodians.

Companiesinemergingmarketsaregenerallysubjectto lessstringentandlessuniformaccounting, auditing and financial reporting standards, practices and disclosurerequirements than those applicable to companies in developed countries. Securitiesmarketsinemergingmarketcountriesmayhavesubstantiallylessvolumeoftradingandare generallymore volatile than securitiesmarkets of developed countries. In certainperiods, theremay be little liquidity in suchmarkets. There is often less governmentregulation of stock exchanges, brokers and listed companies in emerging marketcountries than in developed market countries. Commissions for trading on emergingmarketsstockexchangesaregenerallyhigherthancommissionsfortradingondevelopedmarket exchanges. Settlement of trades in some non‐U.S.markets ismuch slower andmoresubjecttofailurethaninU.S.markets.Inaddition,custodialorsettlementsystemsmay not be fully developed in emerging market countries, thereby exposing a ClientAccounttotheriskofasub‐custodian’sfailurewithnorecourseagainstthecustodian.

Manyofthelawsthatgovernprivateandforeigninvestment,securitiestransactionsandothercontractualrelationshipsinemergingmarketsarenewandlargelyuntested. Asaresult, investing in emerging markets involves a number of unusual risks, includinginadequate investor protection, contradictory legislation, incomplete, unclear andchanging laws, ignorance or breaches of regulations on the part of other marketparticipants, lack of established or effective avenues for legal redress, lack of standardpractices and confidentiality customs characteristic of developed markets and lack ofenforcement of existing regulations. Furthermore, it may be difficult to obtain andenforceajudgmentincertainemergingmarkets.

Emerging market securities also will be affected by general economic and marketconditions, such as exchange rates, interest rates, availability of credit, inflation rates,economic uncertainty, changes in laws, trade barriers, currency exchange controls andnationalandinternationalpoliticalcircumstances.Thesefactorsmayaffecttheleveland

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volatility of securities’ prices and the liquidity of the Client Account’sinvestments.VolatilityorilliquiditycouldimpairaClientAccount’sprofitabilityorresultinlosses.Specifically, investments in thePeople’sRepublicofChina (“PRC”) involve certain risksand special considerations not typically associated with Anglo sphere markets (i.e.,Australia, Canada, New Zealand, the United Kingdom and the U.S.), such as greatergovernmentcontrolover theeconomy,politicaland legaluncertainty, controls imposedby the PRC authorities on foreign exchange andmovements in exchanges rates (whichmayimpactontheoperationsandfinancialresultsofPRCcompanies),risksrelatedtotheRenminbiQualifiedForeign Institutional Investor(RQFII)scheme,confiscatory taxation,theriskthatthePRCgovernmentmaydecidenottocontinuetosupporteconomicreformprograms,theriskofnationalizationorexpropriationofassets, lackofuniformauditingand accounting standards, less publicly available financial and other information,potentialdifficultiesinenforcingcontractualobligationsandlimitationsontheabilitytodistributedividendsduetocurrencyexchangeissues,whichmayresultinriskoflossoffavorabletaxtreatment.

New Fund Risk. A new fund may not be successful in implementing its investmentstrategy, and its investment strategy may not be successful under all future marketconditions,eitherofwhichcouldresultinthefundbeingliquidatedatsomefuturetimewithoutshareholderapproval,whereapplicable,orata time thatmaynotbe favorablefor certain shareholders. New funds may not attract sufficient assets to achieveinvestment,tradingorotherefficiencies.

OperationalRisk.NBIAusesserviceprovidersfromtimetotimeinconnectionwithitsproducts. A ClientAccount’s ability to transactwithNBIAmaybenegatively impacteddue to operational risks arising from, among other problems, systems and technologydisruptions or failures, or cybersecurity incidents. The occurrence of any of theseproblemscouldresult ina lossof information,regulatoryscrutiny,reputationaldamageandotherconsequences,anyofwhichcouldhaveamaterialadverseeffectonNBIAoritsclients.NBIA,throughitsmonitoringandoversightofitsserviceproviders,endeavorstodeterminethatserviceproviderstakeappropriateprecautionstoavoidandmitigaterisksthat could lead to such problems. However, it is not possible for NBIA or its serviceproviders to identify all of the operational risks that may affect NBIA or to developprocessesandcontrolstocompletelyeliminateormitigatetheiroccurrenceoreffects.

Specifically, since the use of technology has become more prevalent in the course ofmanaging Client Accounts, NBIA and the Client Accounts it manages may be moresusceptible to operational risks through breaches in cybersecurity. A cybersecurityincident may refer to either intentional or unintentional events that allow anunauthorized party to gain access to client assets, customer data, or proprietaryinformation,orcauseNBIAtosufferdatacorruptionor loseoperational functionality.Acybersecurity incident could, among other things, result in the loss or theft of ClientAccount data or funds, clients or employees being unable to access electronic systems(“denialofservices”),lossortheftofproprietaryinformationorcorporatedata,physical

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damage toacomputerornetworksystem,orremediationcostsassociatedwithsystemrepairs. Any of these results could have a substantial impact on Client Accounts. Forexample, ifacybersecurityincidentresultsinadenialofservice,serviceprovidersforaparticularClientAccountcouldbeunabletoaccesselectronicsystemstoperformcriticalduties for such Client Account, such as trading, net asset value calculation or otheraccounting functions.Further,ClientAccountscouldalsobeexposed to losses resultingfromunauthorizeduseoftheirpersonalinformation.CybersecurityincidentscouldcauseNBIAoroneof its serviceproviders to incur regulatorypenalties, reputationaldamage,additional compliance costs associated with correctivemeasures, or financial loss of asignificantmagnitude.CybersecurityincidentsmayalsocauseNBIAtoviolateapplicableprivacy and other laws. NBIA has established risk management systems that seek toreducetherisksassociatedwithcybersecurity,andbusinesscontinuityplansintheeventthere is a cybersecurity breach. However, there is no guarantee that such efforts willsucceed, andNBIAdoesnotdirectly control the cybersecurity systemsof the issuersofsecuritiesinwhichClientAccountsinvestorNBIA’sserviceproviders. Inaddition,suchincidentscouldaffectissuersinwhichaClientAccountinvests,andtherebycauseaClientAccount’sportfolioinvestmentstolosevalue.

Options. NBIAmayinvestinoptionsonbehalfofaClientAccount. Purchasingputandcall options, aswell aswriting such options, are highly specialized activities and entailgreaterthanordinaryinvestmentrisks.Althoughanoptionbuyer’sriskislimitedtotheamount of the original investment for the purchase of the option, an investment in anoption may be subject to greater fluctuation than is an investment in the underlyingsecurities.Intheory,thewriter(seller)ofanuncoveredcallissubjecttounlimitedlosses,butasapracticalmatter,theamountofpotentiallossislikelytobelimitedbyreasonoftheoptionhavingonlyalimitedterm.Theriskforawriterofaputoptionisthatthepriceof theunderlyingsecuritiesmayfallbelowtheexerciseprice. Theabilitytotradeinorexerciseoptionsmayberestricted intheevent that trading intheunderlyingsecuritiesinterestbecomesrestricted.

Unlike exchange‐tradedoptions,whichare standardizedwith respect to theunderlyinginstrument, expiration date, contract size, and strike price, the terms of OTC options(optionsnottradedonexchanges)aregenerallyestablishedthroughnegotiationwiththeotherpartytotheoptioncontract.WhilethistypeofarrangementallowsaClientAccountgreater flexibility to tailoranoption to itsneeds,OTCoptionsgenerally involvegreatercredit risk than exchange‐traded options, in which the counterparty is a clearingorganization.

ThemarketpriceofoptionswrittenbyaClientAccountwillbeaffectedbymanyfactors,includingchangesinthemarketpriceordividendratesofunderlyingsecurities(orinthecase of indices, the securities comprising such indices); changes in interest rates orexchangerates;changesintheactualorperceivedvolatilityoftherelevantstockmarketand underlying securities; and the time remaining before an option’s expiration. Themarket price of an option alsomay be adversely affected if themarket for the optionbecomes less liquid. In addition, since an American‐style option allows the holder toexercise its rights any timeprior to the option’s expiration, thewriter of anAmerican‐

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style option has no control overwhen itmay be required to fulfill its obligations as awriteroftheoption.(ThisriskisnotpresentwhenwritingaEuropean‐styleoptionsincetheholdermayonlyexercisetheoptiononitsexpirationdate.)Thereisalsoariskoflossassociatedwith the inability to close out of existing positions if those optionswere tobecome unavailable. In addition, regulatory agencies may impose exercise restrictionsthatmaypreventtheholderofanoptionfromrealizingvalue.

Performance‐Based Fees and Allocations. NBIA and its affiliates, the Third‐PartyPortfolio Managers and the general partners or managers of the Underlying Funds inwhich the NB PE Closed‐End Funds invest may receive performance‐based fees orallocations,includingcertainspecifiedcarriedinterestsorotherspecialallocationsbasedonthereturnsto its investors.Suchperformance‐basedfeesandallocationsmaycreateincentives for NBIA, its affiliates, the Third‐Party Portfolio Managers or the generalpartners or managers of the Underlying Funds to make more risky or speculativeinvestmentsthantheywouldotherwisemake.Inaddition,totheextentanNBPEClosed‐EndFundmakes its investments indirectlythroughoneormoreUnderlyingFunds,oraSeparateAccountorPrivateFundsmakesitsinvestmentsindirectlythroughoneormorePortfolioFundsorThird‐PartySeparateAccounts, an investor in theNBPEClosed‐EndFund,PrivateFundorSeparateAccountmaybesubjecttotwolevelsofsuchperformancefeesorallocations.Consequently,thereturnstoinvestorswillbelowerthanreturnstoadirect investor in the Underlying Fund, the Portfolio Fund or Third‐Party SeparateAccount.

PrivateFunds‐LackofLiquidity.ThereisnopublicmarketforinterestsinthePrivateFunds. Substantial transfer restrictions typically exist with respect to such interests.InvestorscanonlyredeemalloranypermissiblepartoftheirinvestmentsinaccordancewiththegoverningdocumentsofthePrivateFund,andmaybesubjecttosuspensionsandotherrestrictions.

Projections. NBIA will make investments relying, in part, upon projections it hasdevelopedconcerninganissueroritssecuritiesorotherassets’futureperformance,cashflow,recoveryvalueandotherfactors. ProjectionsareinherentlyuncertainandsubjecttofactorsbeyondthecontrolofNBIA.Theinaccuracyofcertainassumptions,thefailureof an issuer to satisfy certain financial requirements and the occurrence of unforeseenevents could cause any such projection to be materially inaccurate. Investors shouldtherefore carefully examine the assumptions behind a particular projection or targetedreturn.

Proxy Contests and Unfriendly Transactions. A Client Account may purchasesecuritiesofacompanythatisthesubjectofaproxycontestintheexpectationthatnewgovernance will be able to improve the company’s performance or effect a sale orliquidationof itsassetssothatthepriceof thecompany’ssecuritieswill increase. Ifanincumbent board of a targeted company is not defeated or if new boardmembers areunable to improve the company’s performance or sell or liquidate the company, themarketpriceofthecompany’ssecurities(orthosethatusethecompanyasareference)may fall, which may cause the Client Account to suffer losses. In addition, where an

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acquisition or restructuring transaction or proxy fight is opposed by the subjectcompany’s management, the transaction may become the subject of litigation. Suchlitigationinvolvessubstantialuncertaintiesandmayimposesubstantialcostandexpenseonthecompanyparticipatinginthetransaction.

Quantitative Trading/Tools Risk. Quantitative investment strategies rely heavily onproprietary quantitative models in seeking to exploit short‐term and long‐termrelationships among securities prices and volatility. Themodels employedmaynot bewell‐suitedtoprevailingmarketconditionsormaybeunreliable,whereunusualeventsspecific toparticularcorporationsormajoreventsexternal to theoperationofmarketsmaycauseextrememarketmovesthatareinconsistentwiththehistoriccorrelationandvolatilitystructureofthemarket. Themodelsmaybeformulatedbasedonpastmarketdata which may not be indicative of future price movements. Models also may havehidden biases or exposure to broad structural or sentiment shifts. In the event actualeventsfailtoconformtotheassumptionsunderlyingthemodels,lossescouldbeincurred.

RecentMarketConditions. Since the financial crisis that started in2008, theU.S. andmany non‐U.S. economies continue to experience its after‐effects, which have resulted,and may continue to result, in an unusually high degree of volatility in the financialmarkets,bothU.S.andnon‐U.S.Reducedliquidityinfixedincomeandcreditmarketsmaynegatively affectmany issuersworldwide,whichmay have an adverse effect on ClientAccounts.

In addition, global economies and financial markets are increasingly interconnected,whichincreasesthepossibilitiesthatconditionsinonecountryorregionmightadverselyimpactissuersinadifferentcountryorregion.Forexample,inthesummerof2015,stockmarkets in China suffered a significant downturn, which reduced the risk appetite formanyinvestorsinChina.StateinvolvementintheeconomyandstockmarketsinChinaissuchthatithasprovendifficulttopredictorgaugethegrowthprospectsforthemarketsor economy, but the official statistics indicate a recent growth rate significantly lowerthanthatintheearlypartofthedecade.Some economists have expressed concern about the potential effects of global climatechangeonpropertyvalues incoastal floodzones. Arise insea levelsorastorm‐drivenincrease in coastal flooding could cause such properties to lose value or becomeunmarketablealtogether.Theselossescouldadverselyaffectmortgagelenders,thevalueofmortgage‐backedsecurities, thebondsofmunicipalities thatdependon taxrevenuesand tourist dollars generated by such properties, and insurers of the property ormunicipalormortgage‐backedsecurities.Sincetheseissuesaredrivenlargelybybuyers’perceptions, it is difficult to know the time period over which they might unfold.Economistswarn that, unlike previous declines in the real estatemarket, properties incoastalfloodzonesmaynoteverrecovertheirvalue.Thesituation in the financialmarkets following the2008 financial crisis resulted in theU.S.andothergovernmentsand theFederalReserveandcertainnon‐U.S. centralbankstakingstepstosupportfinancialmarkets.Insomecountrieswhereeconomicconditions

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havesomewhatrecovered,theyareneverthelessperceivedasstillfragile.Withdrawalofgovernmentsupport,failureofeffortsinresponsetothecrisis,orinvestorperceptionthatsucheffortshavenotsucceededcouldadverselyimpactthevalueandliquidityofcertainsecurities.Theseverityordurationofadverseeconomicconditionsmayalsobeaffectedbypolicychangesmadebygovernmentsorquasi‐governmentalorganizations,includingchangesintaxlaws.Theimpactofnewfinancialregulationlegislationonthemarketsandthepracticalimplicationsformarketparticipantsmaynotbefullyknownforsometime.Regulatorychangesarecausingsome financialservicescompaniestoexit long‐standinglines of business, resulting in dislocations for other market participants. In addition,politicaleventswithintheU.S.andabroadmayaffectinvestorandconsumerconfidenceandmayadverselyimpactfinancialmarketsandthebroadereconomy,perhapssuddenlyand to a significant degree. High public debt in a number of countries creates ongoingsystemic and market risks and policymaking uncertainty. The numerous countriesstruggling under such public debt has brought to the forefront tension within theEuropean economic structure that, if not handled skillfully, could result in economicdisruption in the Eurozone, which could occur abruptly. The precise details and theresulting impact of theUnitedKingdom’s vote to leave theEuropeanUnion (the “EU”),commonlyreferredtoas“Brexit,”areimpossibletoknowforsureatthispoint.OnMarch29, 2017, Prime Minister Theresa May provided formal notification of the UnitedKingdom’s intention to withdraw from the EU pursuant to Article 50 of the Treaty ofLisbon to the European Council. This formal notification begins a two‐year period ofnegotiationsaboutthetermsoftheUnitedKingdom’sexitfromtheEU.TheeffectontheUnitedKingdom’seconomywilllikelydependonthenatureoftraderelationswiththeEUand othermajor economies following its exit, which arematters to be negotiated. Thedecisionmay cause increasedvolatility andhave a significant adverse impactonworldfinancial markets, other international trade agreements, and the United Kingdom andEuropeaneconomies,aswellasthebroaderglobaleconomyforsometime.Politicalandmilitaryevents,includinginNorthKorea,Venezuela,Syria,andotherareasoftheMiddleEast,andnationalistunrestinEurope,alsomaycausemarketdisruptions.These events and the potential for continuingmarket turbulencemay have an adverseeffectonClientAccounts.Becausetheimpactonthemarketshasbeenwidespread,itmaybedifficulttoidentifybothrisksandopportunitiesusingpastmodelsoftheinterplayofmarket forces,ortopredictthedurationofthesemarketconditions.Changesinmarketconditionswill not have the same impact on all types of securities. Interest rates havebeenunusuallylowinrecentyearsintheU.S.andabroad.However,theFederalReservehas recently raised the target range for the federal funds rate several times.These rateincreases, and the possibility that the Federal Reserve may continue with such rateincreases, among other factors, could cause markets to experience continuing highvolatility.TheU.S. is also considering significantnew investments in infrastructure andnationaldefensewhich,coupledwithlowerfederaltaxrevenuesfollowingthepassageofthe Tax Cuts and Jobs Act, could lead to increased government borrowing and higherinterestrates.Asignificantincreaseininterestratesmaycauseadeclineinthemarketforequity securities. Also, regulators have expressed concern that rate increases maycontribute to price volatility. In addition, there is a risk that the prices of goods andservices in the U.S. and many non‐U.S. economies may decline over time, known as

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deflation(theoppositeofinflation).Deflationmayhaveanadverseeffectonstockpricesandcreditworthinessandmaymakedefaultsondebtmorelikely.Ifacountry’seconomyslipsintoadeflationarypattern,itcouldlastforaprolongedperiodandmaybedifficulttoreverse.

Recent Regulatory Events and Government Intervention. The situation in thefinancial markets has resulted in increased regulation, and the need of many financialinstitutionsforgovernmenthelphasgivenlawmakersandregulatorsincreasedleverage.The Dodd‐Frank Act, among other things, granted regulatory authorities broadrulemakingandenforcement authority to implement andoverseevariousprovisionsofthe Dodd‐Frank Act, including comprehensive regulation of the over‐the‐counterderivativesandconsumercreditmarkets. TheDodd‐FrankActcoversabroadrangeoftopics, including(amongmanyothers)areorganizationoffederalfinancialregulators;aprocessintendedtoimprovefinancialsystemicstabilityandtheresolutionofpotentiallyinsolvent financial firms; new rules for derivatives trading; the creation of a consumerfinancial protection watchdog; the registration and additional regulation of hedge andprivate equity fund managers; and new federal requirements for residential mortgageloans. The U.S. government or its agencies may also acquire distressed assets fromfinancial institutions and acquire ownership interests in such institutions. Theimplications of government ownership and disposition of these assets are unclear andsuch a program may have positive or negative effects on liquidity, valuations andperformanceofClientAccounts.InstrumentsinwhichClientAccountsmayinvest,ortheissuersofsuchinstruments,maybeaffectedinwaysthatareunforeseeable.Accordingly,the consequences of the extensive changes to the regulation of various markets andmarket participants contemplated by the Dodd‐Frank Act and increased regulationarisingoutoftherecentfinancialcrisisaredifficulttopredictormeasurewithcertainty.Other G‐20 countries are also in the process of adopting implementing regulations togovern swap transactions, and particular transactionsmay be subject to the laws andregulationsofotherjurisdictionsdependinguponwhethertheclientorthecounterpartyaredeemedtobe“U.S.persons.”

TheresultsoftherecentU.S.presidentialelectionappeartoheraldsignificantchangesincertainpolicies,whichmayresultinlessstringentprudentialregulationofcertainplayersin the financialmarkets. While these proposed policies are going through the politicalprocess, markets may react strongly to expectations, which could increase volatility,especiallyifamarket’sexpectationsforchangesingovernmentpoliciesarenotborneout.

Client Accounts are also subject to the risk of local, national and global economicdisturbancesbasedonunknownconditionsinthemarketinwhichanaccountinvests.Intheeventofsuchdisturbances, issuersofsecuritiesheldbyaClientAccountmaysuffersignificant declines in the value of these assets and even terminate operations. Suchissuers alsomay receive government assistance accompanied by increased control andrestrictions or other government intervention. It is not clear whether the U.S.governmentwill intervene in response to such disturbances and the effect of any suchinterventionisunpredictable.

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RedemptionRisk.AClientAccountmayexperienceperiodsofheavyredemptions thatcouldcauseaClientAccounttosellassetsatinopportunetimesoratalossordepressedvalue. Redemption risk is greater to the extent that one or more investors orintermediariescontrola largepercentageofinvestmentsinaClientAccount,haveshortinvestmenthorizons,orhaveunpredictablecashflowneeds.Inaddition,redemptionriskis heightened during periods of declining or illiquid markets. Heavy redemptions,whetherbyafewlargeinvestorsormanysmallerinvestors,couldhurtaClientAccount’sperformance. Since the financial crisis that started in 2008, the Federal Reserve hasattempted to stabilize the economyand support the economic recoverybykeeping thefederalfundsrate(theinterestrateatwhichdepositoryinstitutionslendreservebalancestootherdepositoryinstitutionsovernight)atornearzeropercent.Inaddition,aspartofits monetary stimulus program known as quantitative easing, the Federal ReservepurchasedontheopenmarketlargequantitiesofsecuritiesissuedorguaranteedbytheU.S.government,itsagenciesorinstrumentalities.TheFederalReserveraisedthefederalfunds rate several times recently and plans to continue to gradually raise the federalfundsrate.TheFederalReservehasalsobeguntheprocessofbalancing itsportfoliobydecreasing the number of securities it holds. A general rise in interest rates has thepotentialtocauseinvestorstomoveoutoffixedincomesecuritiesonalargescale,whichmay increase redemptions frommutual funds that hold large amounts of fixed incomesecurities.Suchamove,coupledwithareductionintheabilityorwillingnessofdealersand other institutional investors to buy or hold fixed income securities may result indecreasedliquidityandincreasedvolatilityinthefixedincomemarkets.

Reliance on Corporate Management and Financial Reporting. NBIA will selectinvestments for Client Accounts in part on the basis of information and data filed byissuers of securities with various government regulators, publicly available or madedirectlyavailabletoNBIAbysuch issuersor thirdparties. AlthoughNBIAwillevaluatethis information and data and seek independent corroboration when it considers itappropriateandreasonablyavailable,NBIAwillnotalwaysbeinapositiontoconfirmthecompleteness,genuinenessoraccuracyofsuchinformationanddata.NBIAisdependentupontheintegrityofthemanagementofsuchissuersandofsuchthirdpartiesaswellasthefinancialreportingprocessingeneral.ClientAccountsmayincurmateriallossesasaresult of corporate mismanagement, fraud and accounting irregularities relating toissuersofsecuritiesorotherassetstheyhold.

Repurchase Agreements and Reverse Repurchase Agreements. In a repurchaseagreement,theClientAccountpurchasessecuritiesfromabankorsecuritiesdealerthatagreestorepurchasethesecuritiesfromtheClientAccountatahigherpriceondemandoronadesignatedfuturedate.Repurchaseagreementsgenerallyareforashortperiodoftime,usuallylessthanaweek.Costs,delaysorlossescouldresultifthesellingpartytoarepurchaseagreementbecomesbankruptorotherwisedefaults.

A reverse repurchase agreement involves the sale of a security, with an agreement torepurchasethesameorsubstantiallysimilarsecuritiesatanagreeduponpriceanddate.Assuch,theyareaformoffinancingandleverage.WhethersuchatransactionproducesagainfortheClientAccountdependsuponthecostoftheagreementandtheincomeand

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gains on the securities purchased with the proceeds received from the sale of therepurchasedsecurity. If the incomeandgainon thesecuritiespurchased fail toexceedthecosts,oriftheClientAccountincursalossonsuchsecurities,theClientAccountwillincuralossontheleveragedtransactions.Asaleveragingtechnique,reverserepurchaseagreements may increase a Client Account’s yield; however, such transactions alsoincreasetheClientAccount’srisksandmayresultinalossofprincipal.

Risks of Investing in Affiliated Underlying Funds. A Client Account may invest inaffiliated underlying funds. The investment performance of such a Client Account isdirectlyrelatedtotheinvestmentperformanceofthoseaffiliatedunderlyingfundsandtotheallocationofitsassetsamongthoseaffiliatedunderlyingfunds.WhenaClientAccountinvests in affiliated underlying funds it is exposed to the same principal risks as theaffiliatedunderlyingfundsaswellastotheaffiliatedunderlyingfunds’expensesindirectproportion to the allocationof its assets to the affiliatedunderlying funds,which couldresult in the duplication of certain fees, including, where applicable, management andadministration fees. In instances where NBIA is the investment manager for both theClientAccountandtheaffiliatedunderlyingfunds,itmaybedeemedtohaveaconflictofinterest in determining the allocation of the Client Account to the affiliated underlyingfunds.

RisksRelatingtoWealthAnalyses. Fromtimeto time,NBIAmayprovideaone‐timewealthplanninganalysis.TherecanbenoassurancethatitsWealthAnalyseswillresultinprofitableinvestingoravoidanceofloss,ortheachievementofanyfinancialgoals.TheWealthAnalysisishighlyreliantontheaccuracyoftheinformationprovidedbytheclientand by third parties. Any inaccurate information could compromise the quality of theadviceprovided. TheWealthAnalysis isoftentimesensitive,especiallyduringtimesofsignificantmarket volatility and theWealth Analysis does not include any on‐going orperiodic review, follow‐up or monitoring. WA Clients have sole discretion and finalresponsibilityfordecidingwhethertobuy,sell,holdorotherwisetransactinanysecurity.Theclientmaybeunabletoexecutetherelatedtransaction,ortherecouldbeadelayinthe amount of time the client takes to execute the related transaction that renders theadvice providedmoot, potentially reducing any profit or causing a material loss. TheWealthAnalysismaybebasedonassumptionsthatarebasedupona limitednumberofvariables that may be extracted from complex financial markets or instruments theyintend to replicate. Any one or all of these assumptions could over time prove to beinaccurate,whichcould result inmajor losses. Before implementingany financialplan,WAClientsshouldconsidercarefullytheramificationsofpurchasingproductsorservicesand seek further advice from the client’s lawyeror accountant, including in connectionwithestateplanning,taxesorsmallbusinessownerplanningissues.Inaddition,NBIAhasdesignatedspecificemployee(s)asNBWealthAnalyst(s)withoversightresponsibilitiesforeachWealthAnalysisproducedforWAClients.NBWealthAnalystsmayholdfinancialplanningeducationalorprofessionalcredentials,suchastheCertifiedFinancialPlanner™(CFP®) designation. Holding a professional designation typically indicates that theindividual has completed certain courses or continuing education. NBIA does not,however,monitorcompliancewithanysuchprofessionalcredentialsbyanyNBWealthAnalyst and makes no representations or warranties regarding the use of any such

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professionaldesignationsortheeducationalorprofessionalcredentialsofanyNBWealthAnalyst. Inaddition,NBIAdoesnot complywithany industryassociation standardsorrequirementsinrespectoftheWealthAnalysisandanyrelateddiscussions,andNBIAisnot providing “financial planning services” as such term is defined by any industryassociations,includingbutnotlimitedtotheCFPBoard.

RisksRelating to theGuidedPortfolio SolutionsProgram. NBIA’s GPS Program ismanagedbyateamofexperiencedportfoliomanagersandinvestmentanalysts.GPSisaninvestment advisory service under which NBIA provides asset allocation anddiscretionary investment management by allocating assets among a portfolio of NBRegisteredFunds.NBIA’sGPSPrograminvolvesvariousmaterialrisks.Thefollowingisasummary of material risks associated with investing in the GPS Program. Investorsshouldalso refer to the risk factordiscussion in theprospectusesof theNBRegisteredFundsthatarepartoftheGPSProgram.

ModelRisk.Totheextentastrategyusesorimplementsinvestmentmodels,suchasassetallocationmodels,performancewillbelargelyinfluenceonthesuccessof implementingandmanaging the investmentmodels that assist in allocating assets.Models that havebeen formulatedon thebasisofpastmarketdatamaynotbepredictiveof futurepricemovements. Models may not be reliable if unusual or disruptive events cause marketmoves the nature or size of which are inconsistent with the historic correlation andvolatility structure of themarket. Models alsomay have hidden biases or exposure tobroadstructuralorsentimentshifts.Intheeventthatactualeventsfailtoconformtotheassumptionsunderlyingsuchmodels,lossescouldbeincurred.

AssetAllocationRisk.Ifastrategy,suchasanassetallocationstrategy,favorsexposuretoanasset classduringaperiodwhen thatasset classunderperformsotherasset classes,performancemaysuffer.

SectorRisk. To the extent aClientAccount investsmoreheavily inparticular sectors,industries, or sub‐sectors of themarket, its performancewill be especially sensitive todevelopments that significantly affect those sectors, industries, or sub‐sectors. Anindividual sector, industry, or sub‐sector of themarketmay bemore volatile, andmayperform differently, than the broadermarket. The several industries that constitute asectormayallreactinthesamewaytoeconomic,politicalorregulatoryevents.AClientAccount’sperformancecouldbeaffectedif thesectors, industries,orsub‐sectorsdonotperform as expected. Alternatively, the lack of exposure to one or more sectors orindustriesmayadverselyaffectperformance.

ShortSaleRisk.Shortsalesaresubjecttospecialrisks.AshortsaleinvolvesthesalebyaClientAccountofasecuritythatitdoesnotownwiththehopeofpurchasingthesamesecurityatalaterdateatalowerprice. Anaccountmayalsoenterintoashortpositionthroughaforwardcommitmentorashortderivativepositionthroughafuturescontractor swapagreement. If thepriceof the security orderivativehas increasedduring thistime,thentheaccountwill incura lossequaltotheincreaseinpricefromthetimethattheshortsalewasentered intoplusanypremiumsand interestpaid to the thirdparty.

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Therefore,shortsalesinvolvetheriskthatlossesmaybeexaggerated,potentiallylosingmoremoneythantheactualcostoftheinvestment. Also,thereistheriskthatthethirdpartytotheshortsalemayfailtohonoritscontractterms,causingalosstotheaccount.

Swaps.NBIAmayutilizeswapswhereitbelievesitwillfurthertheobjectivesofaClientAccount that permits such instruments. Swap agreements historically have been OTC,two‐partycontractsenteredintoprimarilybyinstitutionalinvestorsforperiodstypicallyranging froma fewweeks tomore thanoneyear. Ina standardswap transaction, twoparties agree to exchange the returns (or differentials in rates of return) earned orrealizedonparticularpredeterminedinvestmentsorinstruments,whichmaybeadjustedfor an interest factor. There are various types of swaps, including total return swaps,creditdefaultswapsandinterestrateswaps;alloftheseandotherswapsarederivativesandassuch,eachissubjecttothegeneralrisksrelatingtoderivativesdescribedherein.TheDodd‐FrankActhascreatedanevolvingregulatoryframeworkfortradingswapsintheUnitedStates.Standardizedswapswillberequiredtobeexecutedonorsubjecttotherulesofdesignatedcontractmarketsorswapexecutionfacilitiesandclearedbyacentralcounterparty,aderivativesclearingorganization. Centralclearingis intendedtoreducetheriskofdefaultbythecounterparty.However,centralclearingexposesClientAccountstotheclearingorganizationandclearingbrokerrisksreferencedabove.Centralclearingalso may increase the costs of swap transactions by requiring the posting of largeramounts of initial and variationmargin than are required inOTC transactions. On theotherhand,giventhelongertimehorizontobecovered,lesseropportunitiesfornetting,andlikelylessstandardizationoftheinstrumentsinvolved,marginonbilateralpositionsmaybegreater.Theremayalsoberisksintroducedofapossibledefaultbytheclearingorganizationorbyaclearingmemberorfuturescommissionmerchantthroughwhichaswapissubmittedforclearing.TheregulationstoimplementtheDodd‐FrankActarestillbeing developed so there may be further changes to the rules governing swaptransactions.

InterestRateSwaps,MortgageSwaps,andInterestRate“Caps,”“Floors,”and“Collars.”Inatypicalinterestrateswapagreement,onepartyagreestomakeregularpaymentsequaltoafloatingrateonaspecifiedamountinexchangeforpaymentsequaltoafixedrate,oradifferent floating rate, on the same amount for a specified period. Mortgage swapagreements are similar to interest rate swap agreements, except the notional principalamountistiedtoareferencepoolofmortgages.Inaninterestratecaporfloor,onepartyagrees,usuallyinreturnforafee,tomakepaymentsunderparticularcircumstances.Forexample, thepurchaserof an interest rate caphas the right to receivepayments to theextentaspecifiedinterestrateexceedsanagreedlevel;thepurchaserofaninterestratefloorhastherighttoreceivepaymentstotheextentaspecifiedinterestratefallsbelowanagreed level. An interest rate collar entitles the purchaser to receive payments to theextentaspecifiedinterestratefallsoutsideanagreedrange.

Among other techniques, a Client Account may use interest rate swaps in an effort tooffsetdeclinesinthevalueoffixedincomesecuritiesheldintheClientAccount.Insuchan instance, NBIAmay agree with a counterparty to pay a fixed rate (multiplied by a

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notional amount) and the counterparty to pay a floating rate multiplied by the samenotionalamount.Iflong‐terminterestratesrise,resultinginadiminutioninthevalueoftheClientAccount’sportfolio,theClientAccountwouldreceivepaymentsundertheswapthatwouldoffset, inwholeor inpart,suchdiminutioninvalue; if interestrates fall, theClientAccountwould likely losemoneyon the swap transaction. NBIAmayalso enterinto constant maturity swaps, which are a variation of the typical interest rate swap.Constantmaturityswapsareexposedtochangesinlong‐terminterestratemovements.

TotalReturnSwaps. NBIAmayenterintototalreturnswaps(“TRS”)toobtainexposureto a security ormarketwithout owning or taking physical custody of such security ormarket. Thus, a Client Accountmay be either a total return receiver or a total returnpayer.Generally,thetotalreturnpayersellstothetotalreturnreceiveranamountequaltoallcashflowsandpriceappreciationonadefinedsecurityorassetpayableatperiodictimesduring the swap term(i.e., credit risk) in return foraperiodicpayment from thetotal return receiver based on a designated index (e.g., the London Interbank OfferedRate, known as LIBOR) and spread, plus the amount of any price depreciation on thereferencesecurityorasset. Thetotalreturnpayerdoesnotneedtoowntheunderlyingsecurityorasset toenter intoa total returnswap. The finalpaymentat theendof theswap term includes final settlement of the current market price of the underlyingreferencesecurityorasset,andpaymentbytheapplicablepartyforanyappreciationordepreciation invalue. Usually, collateralmustbepostedby the total returnreceiver tosecuretheperiodicinterest‐basedandmarketpricedepreciationpaymentsdependingonthecreditqualityof theunderlying referencesecurityandcreditworthinessof the totalreturnreceiver,andthecollateralamountismarked‐to‐marketdailyequaltothemarketpriceoftheunderlyingreferencesecurityorassetbetweenperiodicpaymentdates.

TRSagreementsmaybeusedtoobtainexposuretoasecurityormarketwithoutowningortakingphysicalcustodyofsuchsecurityormarket.TRSmayeffectivelyaddleveragetoa ClientAccount because, in addition to the net assets of the ClientAccount, the ClientAccountwouldbesubjecttoinvestmentexposureonthenotionalamountoftheswap.IfaClientAccountisthetotalreturnreceiverinaTRS,thenthecreditriskforanunderlyingasset is transferred to the Client Account in exchange for its receipt of the return(appreciation)onthatasset.IfaClientAccountisthetotalreturnpayer,itishedgingthedownside risk of an underlying asset but it is obligated to pay the amount of anyappreciationonthatasset.

Contracts forDifferences. Certainnon‐U.S. ClientAccountsmay enter into contracts fordifferences. In these transactions, the Client Account and another party assume pricepositions in reference to an underlying security or other financial instrument. The“difference” is determinedby comparing eachparty’s original positionwith themarketpriceof suchsecuritiesor financial instrumentsatapre‐determinedclosingdate.Eachparty will then either receive or pay the difference, depending on the success of itsinvestment.

Financialmarketsforthesecuritiesorinstrumentsthatformthesubjectofacontractfordifferencescanfluctuatesignificantly.Partiestoacontractfordifferencesassumetherisk

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thatthemarketsfortheunderlyingsecuritieswillmoveinadirectionunfavorabletotheiroriginal positions. In addition, these contracts often involve considerable economicleverage.Asaresult,suchcontractscanleadtodisproportionatelylargelossesaswellasgainsandrelativelysmallmarketmovementscanhavelargeimpactsonthevalueoftheinvestment.

CreditDefaultSwaps. Inacreditdefaultswap,thecreditdefaultprotectionbuyermakesperiodicpayments,knownaspremiums,tothecreditdefaultprotectionseller.Inreturn,thecreditdefaultprotectionsellerwillmakeapayment to thecreditdefaultprotectionbuyerupontheoccurrenceofaspecifiedcreditevent.Acreditdefaultswapcanrefertoasingleissuerorasset,abasketofissuersorassetsorindexofassets,eachknownasthereferenceentityorunderlyingasset.AClientAccountmayactaseitherthebuyerorthesellerofacreditdefaultswap.AClientAccountmaybuyorsellcreditdefaultprotectiononabasketof issuersorassets,evenifanumberoftheunderlyingassetsreferencedinthebasketarelower‐qualitydebtsecurities.Inanunhedgedcreditdefaultswap,aClientAccountbuyscreditdefaultprotectiononasingle issuerorasset,abasketof issuersorassets or index of assets without owning the underlying asset or debt issued by thereferenceentity. Creditdefaultswaps involvegreateranddifferentrisksthaninvestingdirectlyinthereferencedasset,because,inadditiontomarketrisk,creditdefaultswapsincludeliquidity,counterpartyandoperationalrisk.

Credit default swaps allow Client Accounts to acquire or reduce credit exposure to aparticularissuer,assetorbasketofassets. IfaswapagreementcallsforpaymentsbyaClientAccount,theClientAccountmustbepreparedtomakesuchpaymentswhendue.IfaClientAccountisthecreditdefaultprotectionseller,theClientAccountwillexperiencealossifacrediteventoccursandthecreditofthereferenceentityorunderlyingassethasdeteriorated.IfaClientAccountisthecreditdefaultprotectionbuyer,theClientAccountwillberequiredtopaypremiumstothecreditdefaultprotectionseller. Inthecaseofaphysically settled creditdefault swap inwhichaClientAccount is theprotection seller,theClientAccountmustbepreparedtopayparforandtakepossessionofthedebtofadefaulted issuer delivered to the Client Account by the credit default protection buyer.AnylosswouldbepartiallyoffsetbythepremiumpaymentstheClientAccountreceivesasthesellerofcreditdefaultprotection.IfaClientAccountsells(writes)acreditdefaultswap, it currently intends to segregate the fullnotionalvalueof the swap, except if theClientAccountsellsacreditdefaultswaponanindexwithcertaincharacteristics(i.e.,onabroadbasedindexandcashsettled)whereNBIAbelievessegregatingonlytheamountoutofthemoneymoreappropriatelyrepresentstheexposureoftheClientAccount.

Credit LinkedNotes. A Client Accountmay invest in structured instruments known ascredit linked securities or credit linked notes (“CLNs”). CLNs are typically issued by alimited purpose trust or other vehicle (the “CLN trust”) that, in turn, invests in aderivativeorbasketofderivativesinstruments,suchascreditdefaultswaps,interestrateswapsorother securities, inorder toprovideexposure to certainhighyield, sovereigndebt,emergingmarkets,orotherfixedincomemarkets. Generally, investmentsinCLNsrepresenttherighttoreceiveperiodicincomepayments(intheformofdistributions)andpayment of principal at the endof the termof theCLN. However, thesepayments are

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conditioned on the CLN trust’s receipt of payments from, and theCLN trust’s potentialobligations to, the counterparties to the derivative instruments and other securities inwhich the CLN trust invests. For example, the CLN trustmay sell one ormore creditdefaultswaps,underwhichtheCLNtrustwouldreceiveastreamofpaymentsover thetermoftheswapagreementsprovidedthatnoeventofdefaulthasoccurredwithrespectto the referenced debt obligation upon which the swap is based. If a default were tooccur,thestreamofpaymentsmaystopandtheCLNtrustwouldbeobligatedtopaythecounterpartythepar(orotheragreeduponvalue)ofthereferenceddebtobligation.This,in turn,would reduce the amountof incomeandprincipal that aClientAccountwouldreceiveasaninvestorintheCLNtrust.

AClientAccountmayenter intoCLNstogainaccesstosovereigndebtandsecurities inemerging markets, particularly in markets where the Client Account is not able topurchasesecuritiesdirectlyduetodomicilerestrictionsor taxrestrictionsor tariffs. Insuchan instance, the issuerof theCLNmaypurchase the reference securitydirectlyorgainexposurethroughacreditdefaultswaporotherderivative.InvestmentsinCLNsaresubject to the risks associatedwith theunderlying referenceobligations andderivativeinstruments,including,amongothers,creditrisk,defaultrisk,counterpartyrisk,interestraterisk,leverageriskandmanagementrisk.

OptionsonSwaps(Swaptions). Aswaption isanoptiontoenter intoaswapagreement.Thepurchaserofaswaptionpaysapremiumfortheoptionandobtainstheright,butnottheobligation, toenter intoanunderlying swaponagreed‐upon terms. The sellerof aswaption,inexchangeforthepremium,becomesobligated(iftheoptionisexercised)toenter into an underlying swap on agreed‐upon terms. Depending on the terms of theparticularoptionagreement,aClientAccountgenerallywillincuragreaterdegreeofriskwhen itwrites a swaption thanwhen it purchases a swaption. When a ClientAccountpurchasesaswaption,itriskslosingonlytheamountofthepremiumithaspaidshoulditdecidetolettheoptionexpireunexercised.

SystemicRiskGeneral.Credit riskmayarise throughadefaultbyoneof several largeinstitutions that are dependent on one another to meet their liquidity or operationalneeds, so that a default by one institution causes a series of defaults by the otherinstitutions.This issometimesreferredtoasa“systemicrisk”andmayadverselyaffectfinancialintermediaries,suchasclearingagencies,clearinghouses,banks,securitiesfirmsandexchanges,withwhichNBIAinteractsonadailybasis.

SystemicRisk – European SovereignDebt Crisis. The ongoing European sovereigndebt crisis has raised questions concerning the financial stability of certain EuropeanUnionandEurozonemembers,includingthecontinuedviabilityoftheEurozone’ssinglecurrencyandincreasedtheriskofapossiblefailureoftheeuroortheexitofoneormorecountriesfromtheEurozone(see“RecentMarketConditions”inthisItem12.A).Europeisexperiencing continuing challenges as a result of certain member‐countries’ financialdifficultiesandtheuncertaintyaroundtheirfiscalandmonetarypolicydirection. Thesedevelopments may exacerbate the risks resulting from a Client Account’s exposure toeuro‐related currency fluctuations. Investments that are denominated in a foreign

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currency,suchaseuros,willbesubjecttotheriskthatthevalueofaparticularcurrencywillchangeinrelationtooneormoreothercurrencies.Volatilityinthecurrencymarketsmay result in a Client Account’s investment portfolio incurring higher costs and mayadversely impact the profitability and cash flows from operations of its portfoliocompanies.Asaresult,adeclineinthevalueoftheeuromayreduceaClientAccount’sreturnsfromexitsofeuro‐dominatedinvestments.Thepotentialadversefluctuationsinforeigncurrencyexchangeratesandthecostsassociatedwithconversionof investmentprincipal and income from one currency into another may adversely impact a ClientAccount’sreturns.AlthoughitisdifficulttoforecastalloftheconsequencesofafailureoftheeuroortheexitofoneormorecountriesfromtheEurozone,onepossibleoutcomeisariseininterestratesonthesovereigndebtofoneormoretroubledEuropeannations,whichcouldleadtoafailureorseriesoffailuresinperformanceofsovereigndebt.Giventhe high degree of exposure to European sovereign debt by European financialinstitutions, thismay increase the risk of a failure by one ormore European financialinstitutions.Any such failure couldhaveamaterial adverse effect ononeormoreof aClientAccount’sportfolioinvestmentsortheClientAccountitself.AClientAccountmayhave exposure, directly or indirectly (including through portfolio investments) tocounterparties that have significant exposure to, or themselves are, European financialinstitutions.

TaxReformRisks.OnDecember22,2017,thePresidentoftheUnitedStatessignedintolaw new tax legislation, commonly referred to as the Tax Cuts and Jobs Act. Manyprovisions of the Tax Cuts and Jobs Act are complex and, in certain cases, additionalguidancewillbenecessarytointerpretcertainoftheprovisions.Althoughitisexpectedthat U.S. Treasury Regulations or other guidance will be issued to provide additionalclarification,thetimingofanysuchguidanceisnotknown.Asaresult,theeffectsthattheTaxCutsandJobsActwillhaveoninvestmentsinClientAccounts,andontheinvestmentactivitiesofClientAccounts,remainuncertain.

TaxRisk.TaxlawsandregulationsapplicabletoaClientAccountaresubjecttochange,andunanticipatedtaxliabilitiescouldbeincurredbyinvestorsasaresultofsuchchanges.A strategy’s U.S. federal income tax liability with respect to income and gains on aninvestmentmayexceed its overall return for sucha year. Further, a strategymay facelimitationswith respect to its ability touse its allocable shareofdeductionsand lossesfrom its investments in certain securities. The tax treatment of some strategies isuncertain.Investorsshouldconsulttheirowntaxadvisorstodeterminethepotentialtax‐relatedconsequencesofinvestinginaClientAccount.

TerrorismRisk. Terrorist attacksmay lead to increased short‐termmarket volatilityand may have long‐term effects on United States and world economies and markets.Terrorist attacks alsomay adversely impact interest rates, auctions, secondary trading,ratings,creditrisk,inflationandotherfactorsrelatingtoaClientAccount’ssecuritiesandadverselyaffectsuchaccount’sserviceprovidersandoperations.

TrackingErrorRisk. Tracking error risk refers to the risk that the performance of aClientAccountmaynotmatchorcorrelatetothatoftheindexitattemptstotrack,either

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on a daily or aggregate basis. Factors such as fees and trading expenses, imperfectcorrelation between the Client Account’s investments and the index, changes to thecompositionoftheindex,regulatorypolicies,highportfolioturnoverrateandtheuseofleverageallcontributetotrackingerror.TrackingerrorriskmaycausetheperformanceofaClientAccounttobelessormorethanexpected.

ValuationRisk.ThepriceatwhichaClientAccountcouldsellanyparticularinvestmentmaydifferfromtheClientAccount’svaluationoftheinvestment.Suchdifferencescouldbesignificant,particularlyforilliquidsecuritiesandsecuritiesthattradeinrelativelythinmarketsormarketsthatexperienceextremevolatility.Ifmarketorotherconditionsmakeit difficult to value some investments, the Client Accountmay value these investmentsusingmoresubjectivemethods,suchasfairvaluemethodologies.ForClientAccountsthatgenerateadailynetassetvalue,suchasNBRegisteredFunds,investorswhopurchaseorredeem shares on days when the NB Registered Fund is holding fair‐valued securitiesmay receive fewer ormore shares, or lower or higher redemption proceeds, than theywouldhavereceivediftheNBRegisteredFundhadnotfair‐valuedthesecuritiesorhadusedadifferentvaluationmethodology.Thevalueofnon‐U.S.securities,certain futuresandfixedincomesecurities,andcurrencies,asapplicable,maybemateriallyaffectedbyevents after the close of the markets on which they are traded but before the ClientAccountdeterminesitsnetassetvalue.AClientAccount’sabilitytovalueitsinvestmentsinanaccurateandtimelymannermaybeimpactedbytechnological issuesorerrorsbythirdpartyserviceproviders,suchaspricingservicesoraccountingagents.

When‐Issued andDelayedDelivery Transactions Risk. When‐issued and delayed‐delivery transactions occurwhen securities are purchased or sold by a Client Accountwithpaymentanddeliverytakingplaceinthefuturetosecureanadvantageousyieldorprice.ThesetransactionsmayexposetheClientAccounttocounterpartyriskofdefaultaswellastheriskthatsecuritiesmayexperiencefluctuationsinvaluepriortotheiractualdelivery. Purchasingsecuritiesonawhen‐issuedordelayed‐deliverybasis involvestheadditionalriskthatthepriceavailable inthemarketwhenthedeliverytakesplacemaynot be as favorable as (or the yieldmay bemore favorable than) that obtained in thetransaction.

AdditionalRisksforFixedIncomeStrategies

ThefollowingisasummaryofmaterialrisksspecifictoNBIAfixedincomestrategiesthatshouldbe considered along with the general risks listed above. These risks may also apply toalternativeandMulti‐AssetMandatestrategiesthatincorporatefixedincomestrategies.PleasenotethatcertainrisksmaynotapplytoallNBIAfixedincomestrategiesorapplytoamaterialdegree.

Asset‐Backed Securities. Asset‐backed securities represent direct or indirectparticipationsin,oraresecuredbyandpayablefrom,poolsofassetssuchas,amongotherthings, motor vehicle installment sales contracts, installment loan contracts, leases ofvarioustypesofrealandpersonalproperty,andreceivablesfromrevolvingcredit(creditcard)agreements,oracombinationoftheforegoing.Theseassetsaresecuritizedthrough

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the use of trusts and special purpose vehicles. Credit enhancements, such as variousformsofcashcollateralaccountsor lettersofcredit,maysupportpaymentsofprincipalandinterestonasset‐backedsecurities. Althoughthesesecuritiesmaybesupportedbyletters of credit or other credit enhancements, payment of interest and principalultimately depends upon individuals or other borrowers paying the underlying loans,whichmay be affected adversely by general downturns in the economy. Asset‐backedsecuritiesare subject to the sameriskofprepaymentassociatedwithmortgage‐backedsecurities.

BankLoanAgents.Bankloansaretypicallyadministeredbyabank,insurancecompany,finance company or other financial institution (the “agent”) for a lending syndicate offinancialinstitutions. Inatypicalbankloan,theagentadministersthetermsoftheloanagreementandisresponsibleforthecollectionofprincipalandinterestandfeepaymentsfrom the borrower and the apportionment of these payments to all lenders that areparties to the loanagreement. Inaddition,an institution(whichmaybe theagent)mayhold collateral onbehalf of the lenders. Typically, under loan agreements, the agent isgivenbroadauthorityinmonitoringtheborrower’sperformanceandisobligatedtousethesamecare itwoulduse in themanagementof itsownproperty. Inassertingrightsagainstaborrower,theClientAccountnormallywouldbedependentonthewillingnessof the lead bank to assert these rights, or upon a vote of the lenders to authorize theaction.

Ifanagentbecomesinsolvent,orhasareceiver,conservator,orsimilarofficialappointedfor it by the appropriate bankor other regulatory authority, or becomes a debtor in abankruptcy proceeding, the agent’s appointment may be terminated and a successoragentmaybeappointed.Ifanappropriateregulatororcourtdeterminesthatassetsheldbytheagent forthebenefitof thepurchasersofbankloansaresubjecttotheclaimsofthe agent’s general or secured creditors, the purchasersmight incur certain costs anddelaysinrealizingpaymentonabankloanorsufferalossofprincipalorinterest.

CallRisk.Wheninterestratesarelow,issuerswilloftenrepaytheobligationunderlyinga“callablesecurity”earlierthanexpected,therebyaffectingtheinvestment’saveragelifeand perhaps its yield. Furthermore, the Client Accountwill likely have to reinvest theproceedsfromthecalledsecurityatthecurrent,lowerrates.

Collateralized Loan Obligations (“CLOs”) and Collateralized Debt Obligations(“CDOs”).CertainClientAccountsinvestinCLOsandCDOs.CLOsandCDOsissueclassesor “tranches” that vary in risk and yield. The value of CLOs and CDOs generally willfluctuatewith,amongotherthings,thefinancialconditionoftheobligorsorissuersoftheunderlyingportfolioofassetsoftherelatedCLOorCDO,generaleconomicconditions,thecondition of certain financial markets, political events, developments or trends in anyparticularindustryandchangesinprevailinginterestrates.ClientAccountsthatinvestinCLOs and CDOs may experience substantial losses due to actual defaults, decrease ofmarket value due to collateral defaults and disappearance of subordinate tranches,market anticipation of defaults, and investor aversion to CLO and CDO securities as aclass. The risks of investing in CLOs and CDOs depend largely on the type of the

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underlyingcollateral.HoldersofCLOsorCDOsrelyondistributionsfromtheunderlyingcollateral or proceeds thereof for payment in respect of the applicable CLO or CDO. IfdistributionsontheunderlyingcollateralareinsufficienttomakepaymentsontheCLOsor CDOs, generally, no other assets are available for payment of the deficiency, andfollowing realization of the CLOs or CDOs, the obligations of the issuer to pay suchdeficiencywillgenerallybeextinguished.

CreditRisk. AClientAccountcould losemoney if the issuerorguarantorofasecurity(includingasecuritypurchasedwithsecuritieslendingcollateral),orthecounterpartytoaderivativescontract,repurchaseagreementoraloanofportfoliosecurities,isunableorunwilling, or is perceived (whether by market participants, rating agencies, pricingservicesorotherwise)asunableorunwilling,tohonoritsobligations.Thedowngradeofthe credit of a security or of the issuer of the security held by the Client Accountmaylessenitsvalue. Securitiesaresubjecttovaryingdegreesofcreditrisk,whichareoftenreflectedincreditratings.

Dilution. A Private Fund may invest in Portfolio Funds that limit the amount ofadditionalcapitalwhichtheywillacceptfromaninvestor.Insuchcases,continuedsalesof interests inthePortfolioFundwilldilutetheparticipationofexistinginvestorsinthePortfolioFunds.

Distressed Securities. A Client Account where the strategy invests in distressedsecuritiesmaybe exposed to greater risks than if the strategy invested only in higher‐gradesecurities.Distressedsecuritiesarethoseissuedbycompaniesthatare,ormightbe,involved in reorganizations or financial restructurings, either out of court or inbankruptcy.Asaresult,itisoftendifficulttoobtaininformationastothetrueconditionoffinanciallydistressedsecurities. Incertainperiods,theremaybelittleornoliquidityinthemarketsfordistressedsecuritiesorinstruments.Thepricesofsuchsecuritiesmaybesubject to periods of abrupt and erratic market movements and above‐average pricevolatilityand itmaybemoredifficult tovaluesuchsecurities. TheClientAccountmaylose a substantial portion or all of its investment in distressed securities or itmay berequiredtoacceptcashorsecuritieswithavalue lessthantheClientAccount’soriginalinvestment.

Fixed‐Income Securities. Fixed‐income securities include traditional debt securities

issued by corporations, such as bonds and debentures and debt securities that areconvertibleintocommonstockandinterests.Themarketvalueoffixed‐incomesecuritiesis sensitive to changes in interest rates. In general, when interest rates rise, a fixed‐incomesecurity’smarketvaluedeclinesandwhen interest ratesdecline, itsvaluerises.Normally,thelongertheremainingmaturityofasecurity,thegreatertheeffectofinterestratechangesonthemarketvalueofthesecurity.Inaddition,changesintheabilityofanissuer tomakepaymentsof interestandprincipal and in themarket’sperceptionof anissuer’screditworthinessaffectthemarketvalueoffixed‐incomesecuritiesofthatissuer.Fixed‐income securitiesmay also be subject to yield curve risk. When the yield curveshifts, thepriceofabondwhichwasinitiallypricedbasedontheinitialyieldcurvewill

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change. Yield curve risk is reduced by keeping the duration of the bond portfoliorelativelyshort.Additionally, fixed‐income securities are subject to inflation risk, liquidity risk andreinvestmentrisk.Inflationriskistheriskthatinflationwillerodethepurchasingpowerof the cash flows generated by debt securities. Fixed‐rate debt securities are moresusceptible to this risk than floating rate debt securities. Liquidity risk is the risk thatcertain fixed income securitiesmay be difficult to sell at the time and at the price theClientaccountwouldlike,whichmaycausetheClientAccounttoholdthesesecuritiesforlongerthanitwouldlikeortoforegootherinvestmentopportunities.Reinvestmentriskistheriskthatcashflowfromdebtsecuritieswillbereinvestedatalowerinterestrate.AdeclineinincomecouldaffectaClientAccount’soverallreturn.

ForeclosureProcessinDistressedDebtandMortgageLoans. WithrespecttoClientAccounts that invest in distressed debt, NBIA generally concentrates on acquiring debtthatissecuredbyassetsthatNBIAbelieveshaveavalueadequatetoensurepaymentofsuchdebt.However,ifitbecomesnecessarytoforecloseontheassetsunderlyingaloanacquiredbyaClientAccount,significantuncertaintymayariseas to theoutcomeof theproceeding.Bankruptcyjudgeshavebroaddiscretionastohowtheydealwiththeclaimsofdifferentcreditors,andtheclaimsofsecuredcreditorsmaynot—despitetheir legalentitlement— always be respected as a matter of policy. These Client Accounts maymake investments in restructurings and workouts that involve companies that areexperiencing,orareexpectedtoexperience,severefinancialdifficulties,whichmayneverbeovercomeandmay lead touncertainoutcomes. TheBankruptcyCourtshavebroaddiscretion to control the terms of a reorganization, and political factors may be ofsignificantimportanceinthemorehighprofilebankruptcies.Theforeclosureprocesswithrespecttotheresidentialmortgageloanstrategymayresultinproceduraldelaysanduncertaintiesinmanyjurisdictions.Federal,stateandlocallawsandordinanceshaveconsideredorareconsidering,legislationorregulationsthatwouldhinderordelayforeclosureproceedingsagainstdefaultedmortgageborrowers,orlimitaresidential mortgage loan servicer’s ability to take actions that are necessary orappropriate to preserve mortgage loan value. Judicial decisions also have imposedsignificantrequirementsandburdenson lenders thatcouldresult indelaysand furtherexpense.Theinabilitytoforecloseondefaultedborrowerswhenorasanticipated,oranincreaseofexpensesforforeclosureproceedings,couldresultinincreasedcosts,reducedcollections and lower returns. In addition, any limitations on foreclosure are likely tocausedelayedorreducedcollectionsfrommortgagorsandgenerallyincreasedservicingcosts.

Interest Rate Risk. Interest rates may rise and reduce the market value of aninvestment.Long‐termfixedincomesecuritiessuchasbonds,subjecttheirownerstothegreatestamountofinterestraterisk.Shorttermssecurities,suchasTreasurybillstendtobelessinfluencedbyinterestratemovements.

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Junior Loans. NBIA’s loan strategy may utilize secured and unsecured subordinatedloansandsecondlienloans(collectively,“JuniorLoans”).Securedsecondlienloansaregenerallysecondinlineintermsofrepaymentpriority.Asecuredsecondlienloanmayhaveaclaimonthesamecollateralpoolasthefirstlienormaybesecuredbyaseparateset of assets, such as property, plants, or equipment. Second lien loans generally giveinvestorspriorityovergeneralunsecuredcreditorsintheeventofanassetsale.

Junior Loans are subject to the same general risks inherent to any loan investment,includingcreditrisk,marketandliquidityrisk,andinterestraterisk.Duetotheirlowerplaceintheborrower’scapitalstructure,JuniorLoansinvolveahigherdegreeofoverallriskthanseniorloansofthesameborrower.

LenderLiabilityRisk. In recentyears, anumberof judicialdecisionshaveupheld theright of borrowers to sue lending institutions on the basis of various evolving legaltheories,collectivelyreferredtoas“lenderliability.”Generally,lenderliabilityisfoundedonthepremisethatalenderhaseitherviolatedaduty,whetherimpliedorcontractual,ofgoodfaithandfairdealingowedtotheborrowerorhasassumedadegreeofcontroloverthe borrower resulting in the creation of a fiduciary duty owed to the borrower or itsother creditors or shareholders. Client Accounts that invest in loans, particularlydistresseddebt,maybecomesubjecttoallegationsoflenderliabilityandmaybesubjecttosignificantliabilityifaclaimofthistypearises.

In addition, under common lawprinciples that in somecases form thebasis for lenderliability claims, if a lender: (i)intentionally takes an action that results in theundercapitalizationofaborrowertothedetrimentofothercreditorsofsuchborrower;(ii)engages in other inequitable conduct to the detriment of such other creditors;(iii)engages in fraud with respect to, or makes misrepresentations to, such othercreditors;or(iv)usesitsinfluenceasastockholdertodominateorcontrolaborrowertothedetrimentofothercreditorsofsuchborrower,acourtmayelect tosubordinate theclaimof theoffending lender to theclaimsof thedisadvantagedcreditororcreditors,aremedycalled“equitablesubordination.”IfaClientAccountthatinvestsinloansbecamesubject to equitable subordination, it could result in substantial losses for the ClientAccount.

LoanInterests.Loansgenerallyaresubjecttorestrictionsontransfer,andNBIAmaybeunabletosellloansatatimewhenitmayotherwisebedesirabletodosoormaybeableto sell themonly at prices that are less than their fairmarket value. NBIAmay find itdifficulttoestablishafairvalueforloansheldbytheClientAccount.LoansnormallyarenotregisteredwiththeSECoranystatesecuritiescommissionorlistedonanysecuritiesexchange. As a result, the amountof public information available about a specific loanhistoricallyhasbeenlessextensivethanif the loanwereregisteredorexchangetraded.Bank loan interestsmay also not be rated by independent rating agencies. Therefore,investmentsinaparticularloanmaydependalmostexclusivelyonthecreditanalysisofthe borrower performed by NBIA. Also, there is a risk that the value of the collateralsecuringaloan(ifany)maydeclineaftertheClientAccountinvestsorthatthecollateral(ifany)maynotbesufficienttocovertheamountowedtotheClientAccount.NBIAmay

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investinunsecuredbankloansforcertainClientAccounts.Loansarealsosubjecttotheriskofaborrowerdefaulting,whichmaylimitordelaytheClientAccount’saccesstothecollateral under bankruptcy or other insolvency laws. If the borrower defaults on anunsecuredbankloan, therelevantClientAccountwillbeageneralcreditorandwillnothave rights to any specific assets of the borrower. Additionally, if the Client Accountacquiresaparticipationinterestinaloan,itmaynotbeabletocontroltheexerciseofanyremediesthatthelenderwouldhaveundertheloanandlikelywouldnothaveanyrightsagainst the borrower directly. Loans purchased by a Client Account may representinterests in loans made to finance highly leveraged corporate acquisitions, known as“leveraged buy‐out” transactions, leveraged recapitalization loans and other types ofacquisition financing. The highly leveraged capital structure of the borrowers in suchtransactionsmaymakesuchloansespeciallyvulnerabletoadversechangesineconomicormarketconditions.Inaddition,loaninterestsmaynotbeconsidered“securities,”andpurchasers,suchasaClientAccount,thereforemaynotbeentitledtorelyonthestronganti‐fraudprotectionsofthefederalsecuritieslaws.

Lower‐Rated Debt Securities. Fixed income securities receiving below investmentgrade ratings may have speculative characteristics, and, compared to higher‐gradesecurities, may have a weakened capacity to make principal and interest payments inadverse economic conditions or other circumstances. High‐yield, high‐risk, and lower‐rated securities are subject to additional risk factors, such as increased possibility ofdefault,decreasedliquidityandfluctuationsinvalueduetopublicperceptionoftheissuerofsuchsecurities. Inaddition,both individualhigh‐yieldsecuritiesandtheentirehigh‐yieldbondmarketcanexperiencesharppriceswingsduetoavarietyoffactors,includingchanges in economic forecasts, stock market activity, large sustained sales by majorinvestorsorahighprofiledefault.

Managed Account Allocations. A Private Fund may place assets with Third‐PartyPortfolioManagersbyopeningdiscretionarymanagedaccountsrather than investing infunds and other private investment companies. Managed accounts expose theunderlying portfolioto theoretically unlimited liability, and it is possible that a fundcould lose more in amanaged account managed by a particular Third‐PartyPortfolioManager than the PrivateFund had allocated tosuchThird‐PartyPortfolioManager toinvest.

Mortgage‐Backed Securities. Mortgage‐backed securities represent “pools” ofmortgages and other assets, including consumer loans or receivables held in trust.Investment in mortgage‐backed securities poses several risks, including market andcredit risk. Generally, rising interest rates tend to extend the duration of fixed ratemortgage‐backedsecurities,makingthemmoresensitivetointerestratechanges.Wheninterestratesdecline,borrowersmaypayofftheirmortgagessoonerthanexpected.ThiscanreducethereturninaClientAccountbecausetheClientAccountmayhavetoreinvestthosefundsatlowerprevailinginterestrates.Marketriskreflectstheriskthatthepriceofasecuritymayfluctuateovertime. Creditriskreflectstheriskthatthestrategymaynot receive all or part of its principal or posted collateral, if any because the issuer orcredit enhancer has defaulted on its obligations. In addition to these risks, the recent

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eventsrelatedtotheUnitedStateshousingmarketcontinuetohaveanegativeimpactonthe value of some mortgage‐backed securities and result in limited liquidity in thesecondarymarketformortgage‐relatedsecurities.

NBIAmaysellto‐be‐announcedmortgage‐backedsecurities(“TBAs”)ithascommittedtopurchaseonbehalfofClientAccountsbeforethosesecuritiesaredeliveredtotheaccountonthesettlementdate.TheaccountmayalsoenterintoaTBAagreementand“rollover”such agreement prior to the settlement date by selling the obligation to purchase thepools set forth in the agreement and entering into a new TBA agreement for futuredelivery ofmortgage‐backed securities. TBAmortgage‐backed securitiesmay increaseprepayment risks because the underlying mortgages may be less favorable thananticipatedbyNBIA.

Mortgage Loan Modification Risk. Modification of troubled loans and real estateacquired with loan pools involves substantial risks including declines in the value ofresidential real estate, general economic conditions that contribute to declining homeprices,deteriorationofaborrower’sabilitytokeeppaymentscurrentonamodifiedloanortorefinancealoan,increasesinthecostofpropertymaintenance,taxesandinsurance,natural disasters and casualty losses, borrower bankruptcies, moratoriums onforeclosures, zoning changes, incomplete or defective loan documentation, andfluctuations in interest rates. In addition, active federal and state government scrutinyand enforcement actions against mortgage loan holders and new legislation couldadversely affect the ability to foreclose on a timely basis and impose conditions,restrictionsandadditionalcostsonloanmodifications.Thesuccessofaloanmodificationprogramdependssignificantlyontheabilityofthirdparty,unaffiliatedservicerstofollowmodification guidelines, negotiate acceptable workout terms, provide delinquencynotices, initiate foreclosureproceedings,monitorre‐performing loansand liquidaterealestate.Someservicingagreementswiththirdpartiesprovideforincentivecompensationasapercentageofcashflowsorprofitsfromamodifiedloan.Thesearrangementscouldlead to more aggressive and riskier servicing practices by the servicer that adverselyaffecttheresultsofaloanmodificationandmayleadtolegalorregulatoryactions.

Municipal Securities. Municipal securities rely on the creditworthiness or revenueproduction of their issuers. Municipal securitiesmay be difficult to obtain because oflimited supply,whichmay increase the cost of such securities and effectively reduce astrategy’syield. Typically, less information isavailableaboutamunicipal issuerthan isavailable forother typesof securities issuers. Additionally,because interest incomeonmunicipal obligations is normally not subject to regular federal income taxation, theattractiveness of municipal obligations in relation to other investment alternatives isaffected by changes in federal income tax rates applicable to, or the continuing tax‐exemptstatusof,suchinterestincome.Inaddition,aClientAccountthatconcentratesitsinvestments in a particular state’s municipal bonds may be affected significantly byeconomic,regulatoryorpoliticaldevelopmentsaffectingtheabilityofthatstate’sissuerstopayinterestorrepayprincipal.Anyprovisionsofthestate’sconstitutionandstatuteswhich limit the taxing and spending authority of the state governmental entities mayimpair the abilityof the state’s issuers topayprincipal or intereston theirobligations.

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Each state’s economy may be sensitive to economic problems affecting particularindustries. Future state or local political and economic developments, constitutionalamendments,legislativemeasures,executiveorders,administrativeregulations,litigationand voter initiatives could have an adverse effect on the debt obligations of the state’sissuers.

Certainmunicipal bondsmayhave restrictions in their offeringdocuments that set thelowest denomination of an issue that can be purchased or sold subject to certainexceptions (“minimum denomination”). NBIA may make an allocation to a particularclientfromamunicipalbondtradethatis lessthantheminimumdenominationforthatmunicipal bond depending on several factors including the amount of assets in theaccount. If a client who was allocated an amount that was less than the minimumdenominationsellstheposition,thefactthattheclient’spositionisbelowtheminimumdenominationmayadverselyaffecttheliquidityofthepositionunlesstheclienthasothersecuritiesfromtheissuethatcanbecombinedtoreachtheminimumdenomination.

RiskofPrincipalOnly Investments. Principal only investments aremunicipal obligationswhichentitletheholdertoreceiveparvalueofsuchinvestmentifheldtomaturity.Thevalues of principal only investments are subject to greater fluctuation in response tochangesinmarketinterestratesthanbondswhichpayinterestcurrently.Clientportfoliosthatarerequiredtomakeannualdistributionswillaccrueincomeontheseinvestmentsandmayberequiredtosellsecuritiestoobtaincashtomeetsuchdistributionobligations.

PhysicalAssets.Fromtimetotime,particularlywithrespecttothedistresseddebtandresidential mortgage loan strategies, a Client Account may be involved in transactionswhichresultintheClientAccountowningphysicalassets(typicallycollateralforsecuredloansacquiredby theClientAccount)directly. In suchcases, theClientAccountwillbesubjecttoalltherisksinherentinowningphysicalassetssuchasrealestate.Theserisksmay include: general and local economic and social conditions; fluctuations in assetvalues;over‐concentrationinthephysicalasset,declinesinthefinancialresourcesoftheprospectivepurchasersorlesseesforsuchassets;adropindemandoranincreaseinthecompetitionforsuchassets;storage,insuranceandothermaintenancecosts;destruction,spoilage, impairment, damage, depreciation and obsolescence; changes in tax,environmental and other applicable laws and regulations, increasing the costs orrestricting the use of such assets; environmental protection penalties and liabilities(includingthoseattributabletotheconductofpriorownersofsuchassets);increasesininterest rates and, accordingly, of the cost of inventory aswell as of the availability offinancing in order to maintain such assets or to finance purchases of such assets; ashortageof financing(irrespectiveof interestrates);or increases inoperatingexpenseswhichcouldadverselyaffect thevalueofsuchassets toapotentialpurchaseror lessee.Therecanbenoassuranceoftheprofitableownershiporoperationofanyphysicalasset.Thecostofoperatingormaintaininganassetmaymateriallyexceedthe incomeorsaleproceeds generated by such asset, while such asset itself — as opposed to the loansformerlysecuredbysuchasset—maynotgenerateanycashflow.

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PrepaymentandExtensionRisk.A Client Account’s performance could be affected ifborrowers pay back principal on certain debt securities, such as mortgage‐ or asset‐backed securities, before or after themarket anticipates such payments, shortening orlengtheningtheirduration.Duetoadeclineininterestratesoranexcessincashflow,adebt security might be called or otherwise converted, prepaid or redeemed beforematurity.Asaresult,aClientAccountmayhavetoreinvesttheproceedsinaninvestmentofferinga loweryield,maynotbenefit fromany increase invalue thatmightotherwiseresult from declining interest rates and may lose any premium it paid to acquire thesecurity. Higher interest rates generally result in slower payoffs, which effectivelyincreaseduration,heighteninterestraterisk,andincreasethepotentialforpricedeclines.Thepricesofvariableandfloatingratesecurities(includingloans)canbelesssensitivetoprepaymentrisk.

RatingAgencyRisk.NBIAmaypurchasesecuritiesforClientAccountsratedbyaratingagency. NBIAmay use these ratings to determinewhether to purchase, sell or hold asecurity.Ratingsarenotabsolutestandardsofquality.Securitieswiththesamematurity,interest rate and rating may have different market prices. Credit ratings attempt toevaluate the safety of principal and interest payments and do not evaluate the risks offluctuationsinmarketvalue.Inaddition,ratingagenciesmayfailtomaketimelychangesincredit ratings. An issuer’s current financial conditionmaybebetterorworse thanaratingindicates.

Residential Mortgage and Real Estate Related Investment Risks. Certain ClientAccountsinvestinmortgageloans.Thisstrategyinvolvesrisks,including,amongothers:(a)declines in thevalueof residential real estate, (b) risks related to general and localeconomicconditions,(c)possiblelackofavailabilityofmortgagefundsforborrowerstorefinance or sell their homes, (d) overbuilding, (e) the general deterioration of theborrower’sabilitytokeepamodifiedorrehabilitatedtroubledmortgageloancurrent,(f)increases in competition, property taxes andoperating expenses, (g) changes in zoningandotherapplicable laws, (h)costsresulting fromtheclean‐upof,and liability to thirdparties for damages resulting from, environmental problems, (i) casualty orcondemnation losses, (j) uninsured damages from floods, earthquakes or other naturaldisasters,(k)limitationsonandvariationsinrents,(l)fluctuationsininterestrates,(m)foreclosuremoratoriumsandotherrequirementsorrestrictionsonforeclosuresthatmayextendthetimeneededtoforeclose,(n)thecreationofnew,ortheextensionofexisting,homebuyer incentiveprograms, and (o) new servicing or lossmitigation requirements.To the extent that assets underlying a Client Account’s investments are concentratedgeographically,bypropertytypeor incertainotherrespects,theClientAccountmaybesubjecttocertainoftheforegoingriskstoagreaterextent.Inaddition,thisstrategyrelieson the motivation of banks, thrifts, mortgage companies, residential real estatedevelopers, certain government agencies, and other participants in the residentialmortgagemarket tooriginateor sellmortgage loansandother real estateassets. Newlawsorregulationsmaybeadoptedthatmitigatenegativeimpactsofholdingsuchassets.

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RisksofZero‐CouponandDeepDiscountBondsandPIKSecurities.Zero‐couponanddeepdiscountbondsmayexperiencevolatilityinmarketvalueduetochangesininterestrates.Securitiespurchasedonawhen‐issuedorforwardcommitmentbasisaresubjecttotheriskthatwhendeliveredtheywillbeworthlessthantheagreeduponpaymentprice.Bondsandpreferredstocks thatmake“in‐kind”payments(“PIKSecurities”)andothersecuritiesthatdonotpayregularincomedistributionsmayexperiencegreatervolatilityin response to interest ratechangesand issuerdevelopments. ClientAccounts thatarerequiredtomakeannualincomedistributionsundertheInternalRevenueCodeof1986,as amended (the “Internal Revenue Code”) will accrue income on certain of theseinstruments and may be required to sell securities to obtain cash to meet suchrequirement.PIKSecuritiesgenerallycarryhigherinterestratescomparedtobondsthatmakecashpaymentsofinteresttoreflecttheincreasedrisksassociatedwiththedeferralof interest payments. PIK Securities may involve additional risk because the ClientAccount receives no cash payments until thematurity date or specified cash paymentdate. If the issuer of a PIK Security defaults, the Client Account may lose its entireinvestment.

Sovereign Debt Risk. Sovereign debt securities are subject to the risk that agovernmental entity may delay or refuse to pay interest or repay principal on itssovereign debt, due, for example, to cash flow problems, insufficient foreign currencyreserves, political considerations, the relative size of the governmental entity’s debtpositioninrelationtotheeconomy,itspolicytowardinternationallendersorthefailureto put in place economic reforms required bymultilateral agencies. If a governmentalentitydefaults,itmayaskformoretimeinwhichtopayorforfurtherloans.Thereisnolegalprocessforcollectingsovereigndebtthatagovernmentdoesnotpaynoraretherebankruptcy proceedings through which all or part of the sovereign debt that agovernmentalentityhasnotrepaidmaybecollected.Sovereigndebtriskisincreasedforemergingmarketissuers.Certainemergingmarketordeveloping countries are among the largest debtors to commercial banks and non‐U.S.governments. At times, certainemergingmarket countrieshavedeclaredmoratoriaonthe payment of principal and interest on external debt. Certain emerging marketcountrieshaveexperienceddifficulty inservicing theirsovereigndebtona timelybasisthatledtodefaultsandtherestructuringofcertainindebtedness.

Stripped Mortgage‐Backed Securities Risk. Stripped mortgage‐backed securities(“SBMS”) are derivative multi‐class mortgage securities issued by agencies andinstrumentalities of the U.S. Government or by private originators of, or investors in,mortgage loans. They are typically structured with two classes that receive differentproportionsof the interestandprincipaldistributionsonapoolofmortgageassets. Assuch, these classes can be very sensitive to changes in interest rates and the rate ofprepayments.

Stripped Securities Risk. Stripped securities are the separate income or principalcomponentsofdebt securities. Thesesecuritiesareparticularly sensitive tochanges in

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interest rates, resulting in greater fluctuations in price than other debt securities andtraditionalgovernmentsecuritieswithidenticalcreditratings.

SukukRisk.Sukukarefixed‐incomeinvestmentsconformingtoIslamicprinciples,whichprohibit charging interest (i.e.,moneypaid simply for theuseof the investor'smoney).Sukuk may be thought of as a combination of asset‐backed securities and repurchaseagreements. The issuer, oftena specialpurposevehicle established to issue the sukuk,holdstitletoanassetorpoolofassets.Thesukukrepresentsaninterestinthatasset,sothe incometothe investorcomes fromownershipof theasset,not frominterestontheinvestor’smoney. The issuer of the sukuk agrees in advance to repurchase the sukukfromtheinvestoronacertaindateatacertainprice.

As unsecured investments, sukuk are backed only by the credit of the issuing entity,whichmaybeaspecialpurposevehiclethatholdsnootherassets.Theyarethussubjectto the risk that the issuermay not be able to repurchase the instrument at the agreedupondatefortheagreeduponprice,ifatall.Furthermore,sincethepurchasersofsukukareinvestors intheunderlyingasset, theyaresubjecttotheriskthattheassetmaynotperformasexpected,and the flowof income fromthe investmentsmaybeslower thanexpectedormayceasealtogether.Intheeventofdefaulttheprocessmaytakelongertoresolve than conventional bonds. Evolving interpretations of Islamic law by courts orprominentscholarsmayaffectthefreetransferabilityofsukukinwaysthatcannotnowbeforeseen.Inthatevent,aClientAccountmayberequiredtoholditssukukforlongerthanintended,evenifthesukuk’sconditionisdeteriorating.

TradeClaims. CertainClientAccountsthat invest indistresseddebtmayacquiretradeclaims — i.e., amounts due from a company to its suppliers. Trade claims are not“securities”forregulatorypurposes,andaClientAccount,ininvestingintradeclaims,willnothave theprotectionof thesecurities laws. Tradeclaimsare typicallyhighly illiquidandmayhavearelativelyjuniorpositionascomparedtosecuritiesandotherdebtowedby the issuer. Theremay be defenses to trade claims— for example, the services orproductsfurnishednotmeetingspecifications—ofwhichNBIAmaynotbeawareatthetimeofaClientAccount’sacquisitionofsuchclaims.

TransparencyRisk:AlthoughNBIAreceivesdetailedinformationfromeachThird‐PartyPortfolio Manager with which the Private Funds invest regarding its investmentperformance and investment strategy, NBIA may have little or no means ofindependently verifying this information. A Third‐Party Portfolio Manager may useproprietary investment strategies that are not fully disclosed to NBIA, which mayinvolverisksthatarenotanticipatedbyNBIA.

U.S.Government/AgencyRisk. U.S. Government/AgencyRisk is the risk that theU.S.Government will not provide financial support to U.S. Government agencies,instrumentalitiesorsponsoredenterprises if it isnotobligatedtodosoby law. NotallU.S.GovernmentsecuritiesarebackedorguaranteedbytheU.S.Government.SomeU.S.Government securities are supported only by the credit of the issuing agency, whichdepends entirely on its own resources to repay thedebt, and are subject to the riskof

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default.Forexample,U.S.GovernmentsecuritiesissuedbytheFederalNationalMortgageAssociation(“FannieMae”),FederalHomeLoanMortgageCorporation(“FreddieMac”)andFederalHomeLoanBanksmaybecharteredorsponsoredbyActsofCongress,buttheir securities are neither issued nor guaranteed by the United States Treasury.Therefore,thesesecuritiesarenotbackedbythefullfaithandcreditoftheUnitedStates.Themaximumpotential liabilityof the issuers of someU.S.Government securitiesmaygreatlyexceedtheircurrentresources,includingtheirlegalrighttosupportfromtheU.S.Treasury. It ispossiblethattheseissuerswillnothavethefundstomeettheirpaymentobligationsinthefuture. Importantly,thefutureoftheentitiesisinseriousquestionasthe U.S. government continues to consider multiple options, including privatization,consolidation,andabolishmentoftheentities.

ValuationsfromThird‐PartyPortfolioManagers. WithrespecttoPrivateFundsthatinvest inPortfolioFundsandThird‐PartySeparateAccounts, in most cases, NBIA willhave limited ability to assess the accuracy of thevaluations received from a Third‐PartyPortfolioManager. The net asset values received by NBIA from the Third‐PartyPortfolio Managers typically will be estimates only, and will be subject to revisionthrough the end of each Portfolio Fund’s annual audit. Net capital appreciation ordepreciationfigurescannotbeconsideredfinaluntilthefund’sannualauditiscomplete.

WholeLoansRisk. CertainClientAccountsmayacquirewhole loans—asopposed tocommercial mortgaged‐backed securities whose payment flows are dependent onpaymentsoftheunderlyingloans.WhentheClientAccountholdsawholeloan,NBIAwillberesponsible fordealingdirectlywith the issuer—whichcanbothconsumevaluableinvestment adviser resources which could be more profitably employed in otherinvestmentsaswell as subject theClientAccount toall theuncertainties, expensesandadversaryproceedingswhichsurroundforeclosuresingeneral.

AdditionalRisksforEquityStrategiesNBIA’s equity strategies involve various material risks, including the risks associated withcertainmarketcapscategories(i.e.,mid‐capandsmall‐cap)andcertainspecialtystrategies(i.e.,MasterLimitedPartnershipsandSociallyResponsiveInvesting).ThefollowingisasummaryofmaterialrisksspecifictoNBIAequitystrategiesthatshouldbeconsideredalongwiththegeneralriskslistedabove.TheserisksalsoapplytoalternativeandMulti‐AssetMandatestrategiesthatincorporate equity strategies. Pleasenote that certain risksmaynot apply to allNBIA equitystrategiesorapplytoamaterialdegree.

Brokerage Commissions/Transaction Costs/High Portfolio Turnover Risk. Withrespecttothoseaccountswhichpayseparatecommissions,ahighportfolioturnoverrateincreases a strategy’s transaction costs, including brokerage commissions and dealercosts).Further,higherportfolioturnovermayresultintherealizationofmoreshort‐termcapitalgainsthanifthestrategyhadlowerportfolioturnover.

CorrelationRisk. There canbeno assurance that the underlying equity portfoliowillcorrelate to or track closely the selected benchmark (which may be an index, ETF or

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basket) on which the options positions are based, and as a result, the option strategyperformancemayvarysubstantiallyfromtheperformanceoftheportfolioforanyperiodof time. For example, when writing options on an index, the value of the index mayappreciatewhile the value of the equity portfolio declines in value. Thismay result inlossesonboththeoptionpositionsandtheequityportfolio.

EquityMarketRisk. Investments in equity securities (e.g., common stocks, preferredstocks, convertible securities, rights, warrants and Depositary Receipts (“DRs”)) aresubjecttomarketrisksthatmaycausetheirpricestofluctuateovertime.Historically,theequitymarketshavemovedincyclesandthevalueofastrategy’ssecuritiesmayfluctuatesubstantiallyfromdaytoday.Investmentsinincome‐producingequitysecuritiesarealsosubjecttotheriskthattheissuermayreduceordiscontinuepayingdividends.

Growth Stock Risk. Because the prices of most growth stocks are based on futureexpectations, these stocks tend tobemore sensitive thanvalue stocks tobadeconomicnews and negative earnings surprises. Bad economic news or changing investorperceptions can negatively affect growth stocks across several industries and sectorssimultaneously.

Issuer‐SpecificRisk. Thevalueof an individual securityorparticular typeof securitycan bemore volatile than themarket as awhole and can performdifferently from thevalueofthemarketasawhole.

MarketCapitalizationRisk(Small‐,Mid‐andLarge‐CapStocksRisk).Totheextenta

strategy emphasizes small‐, mid‐, or large‐cap stocks, it takes on the associated risks.Comparedtosmall‐andmid‐capcompanies,large‐capcompaniesmaybelessresponsiveto changes and opportunities. At times, the stocks of larger companiesmay lag othertypesof stocks inperformance. The stocksof small‐ andmid‐cap companies areoftenmore volatile and less liquid than the stocks of larger companies and may be moreaffectedthanothertypesofstocksbytheunderperformanceofasectororduringmarketdownturns.Comparedtolarge‐capcompanies,smallandmid‐capcompaniesmayhaveashorter history of operations, andmay have limited product lines,markets or financialresources.

NewIssues.AClientAccountmayinvestin“newissues.”Therefore,suchClientAccount

may have “new issues” profits or losses. A “new issue” generally is any initial publicofferingofanequitysecurity,asdefinedinSection3(a)(11)oftheSecuritiesExchangeActof1934,asamended.UndertherulesadoptedbyFINRA,certainpersonsengagedinthesecurities, banking or financial services industries (and certain members of theirrespective families) are restricted from having profits and losses attributable toinvestmentsin“newissues”allocatedtothem,subjecttoatenpercent(10%)deminimisexemption.SuchrestrictedpersonsmayhaveaneconomicdisadvantageascomparedtothoseinvestorsinsuchClientAccountwhodoparticipatein“newissues”sincesomeoftheClientAccount’sassetswillbeindirectlyusedtofundthepurchaseof“newissues”astowhichthe“restrictedpersons”willderivenobenefit.

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OwnershipRestrictions. Certain investment strategies pursued by a Client Account,

including control investment strategies, may be affected by applicable U.S. state andfederal laws and regulations, as well as non‐U.S. laws and regulations, governing thebeneficialownershipofpublicsecurities.TheselawsandregulationsmayinhibitaClientAccount’sabilitytofreelyacquireanddisposeofthesecuritiesofaninvestmentthatisthesubjectofsuch investmentstrategies. ShouldaClientAccountbeaffectedbysuch lawsandregulations,itmaynotbeabletotransactinwaysthatwouldfacilitatearealizationofvalueoftheinvestment.Accordingly,suchchanges,ifany,couldhaveanadverseeffectontheabilityofaClientAccounttoachieveitsinvestmentobjective.

Private Investments inPublicCompanies. Private investments in public companies(“PIPES”) present certain risks not associated with open market purchases of equitysecurities. In a typical PIPES transaction, aClientAccountwill acquire, directly fromacompanyseekingtoraisecapital inaprivateplacementpursuanttoRegulationDunderthe SecuritiesAct, common stock or a security convertible into common stock, such asconvertiblenotesorconvertiblepreferredstock.Theissuingcompany’scommonstockisusuallypublicly tradedonaU.S. securitiesexchangeor in theover‐the‐countermarket,butthesecuritiesacquiredbysuchClientAccountwillbesubjecttorestrictionsonresaleimposed by federal securities laws absent an effective registration statement. If thesecuritiescannotberegisteredforpublicresaleinatimelymanneroratall,theymaybesaleableonly inaprivatelynegotiated transactionandpossiblyataprice less thanthatpaidbysuchClientAccount,assumingasuitablebuyercanbefound.Evenifthesharesareregisteredforpublicresale,themarketforthecompany’ssecuritiesmayneverthelessbe “thin” or “illiquid,” making the sale of securities at desired prices or in desiredquantitiesdifficultorimpossible. Asasellerofsecuritiesinaregisteredpublicoffering,the relevant Client Accountmay be deemed to be a statutory ‘‘underwriter” under theSecuritiesAct,and inthatcapacity liable formisstatementsoromissions in theofferingdocumentspreparedbytheissuingcompany. WhiletheClientAccounttypicallywillbeindemnifiedbytheissuingcompanyagainstsuchliabilities,theissuingcompanymaynothavethefinancialresourcestosatisfyitsindemnificationobligations. Furthermore, it isthe position of the SEC staff that indemnification for violations of the Securities Act isagainst public policy and therefore unenforceable. While the price paid by a ClientAccountwillusuallybeatadiscounttothepublictradingpriceatthetimeofpurchase,bythe timesuchClientAccount isable todisposeof its shares inapublic sale themarketprice for the issuing company’s securities may be below the price paid by the ClientAccount, or the sale by the Client Account and other holders with similar registrationrights at or about the same timemay cause themarket price of the issuing company’scommonstocktodeclinesubstantiallybeforetheClientAccountisabletodisposeofanyorallofitsinvestment.Theabilitytosellsharesinanunderwrittenpublicofferingwillbelargelydependentuponvariouseconomicandmarketconditions,overwhichtheissuingcompany,theClientAccount,andNBIAwillhavenocontrol.

REITsandRealEstateRisk. A strategy’s investments in the securities of Real EstateInvestment Trusts (“REITs”) and companies principally engaged in the real estate

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industry may be subject to risks associated with the direct ownership of real estate.These risks include fluctuations in the value of underlying properties, the impact ofeconomic conditions on real estate values, the strength of specific industries rentingproperties and defaults by borrowers or tenants. In addition to these risks, REITs aredependenton specializedmanagement skills and someREITsmayhave investments inrelativelyfewproperties,orinasmallgeographicareaorasingletypeofproperty.ThepropertiesheldbyREITscould fall invalue foravarietyof reasons, suchasdeclines inrental income, poor property management, environmental liabilities, uninsured oruninsurabledamage,increasedcompetition(asaresult,forinstance,ofover‐building),orchanges in real estate tax laws. There is also a risk thatREIT stockprices overallwilldeclineovershortorevenlongperiodsbecauseofrisinginterestrates.REITstendtobesmall‐ and medium‐size companies. Like small‐capitalization stocks in general, REITstocks can be more volatile than, and at times will perform differently from, largecapitalization stocks. These factors may increase the volatility of the strategiesinvestmentsinREITs.InvestmentsinREITswillcausetheinvestorstobeartheirprorataportion of the REITs management fees and other expenses, which may result induplicative expenses. In addition, there are special risks associated with investing inpreferred securities such as preferred REITs. The risksmay include the following: (i)suchpreferredsecuritiesmayincludeprovisionsthatpermittheissuer,initsdiscretion,to defer or omit distributions for a certain period of time or indefinitely and, as such,preferred securities may lose substantial value due to the omission or deferment ofdistribution payments, (ii) preferred securities are often subordinated to the issuer’sseniordebtintermsofliquidationandpayment,andthereforewillbesubjecttogreatercredit risk than the seniordebt, and (iii)preferred securitiesmay trade less frequentlyand in a more limited volume and may be subject to more abrupt or erratic pricemovementsthanmanyothersecurities.

ValueStockRisk. Valuestocksmayremainundervaluedduringagivenperiodormay

not ever realize their full value. Thismay happen, among other reasons, because of afailure to anticipatewhich stocks or industrieswould benefit from changingmarket oreconomicconditions.

AdditionalRisksforAlternativeStrategies

ThefollowingisasummaryofmaterialrisksspecifictoNBIAalternativeinvestmentstrategiesthatshouldbeconsideredalongwiththegeneralriskslistedabove.Inaddition,theriskslistedaboverelatingtofixedincomeandequitystrategiesmayalsoapplytoalternativestrategiesthatinvestinfixedincomeorequityinvestments,respectively.PleasenotethatcertainrisksmaynotapplytoallNBIAalternativeinvestmentstrategiesorapplytoamaterialdegree.

AbsoluteReturnRisk.A Client Account’s returns may deviate from overall marketreturnstoagreaterdegreethanthereturnsofotherClientAccountsthatdonotemployanabsolutereturnfocus. Thus,duringperiodsof strongmarketperformance,aClientAccount invested in an absolute return strategy may underperform other strategies.Investment strategies and investment advisers whose performance has historicallybeennon‐correlatedordemonstratedlowcorrelationstooneanotherortomajorworld

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financial market indices may become correlated at certain times. During thesecircumstances,aClientAccount’sabsolutereturnfocusmaynotfunctionasanticipated.

EUDirective onAlternative Investment FundManagers. Since July 2013, the EU

Directive on Alternative Investment Fund Managers (“AIFMD”) has applied toalternative investment fundmanagers (“AIFMs”) thatmanage and/or activelymarketalternativeinvestmentfunds(“AIFs”)withintheEuropeanUnion.AClientAccountmaybe subject to certain requirements under AIFMD to the extent that interests in suchClient Account are offered in the European Economic Area (“EEA”). AIFMD requirescertain disclosures for prospective Investors that are domiciled or that maintain aregisteredofficeintheEEA.IfaClientAccountbecomessubjecttotheserequirements,itwillprovideAIFMD‐requireddisclosuretoallexistingandprospectiveinvestorsinsuchClientAccount.

MarketDirectionRisk.IfaClientAccounttypicallyholdsbothlongandshortpositions,aninvestmentinsuchaproductwillinvolvemarketrisksassociatedwithdifferenttypesof investment decisions than those made for a typical “long only” fund. A ClientAccount’sreturnscouldsufferwhenthereisageneralmarketadvanceandtheproductholds significant “short” positions, orwhen there is a generalmarket decline and theproductholdssignificant“long”positions.Themarketsmayhaveconsiderablevolatilityfromdaytodayandeveninintra‐daytrading.

Multi‐ManagerRisk.Multi‐managerproductperformanceisdependentuponthesuccessoftheadviserandanysub‐advisersinimplementingtheproduct’sinvestmentstrategiesinpursuitofitsgoal.Toasignificantextent,aClientAccount’sperformancewilldependonthe successof theadviser’smethodologyinallocatingtheClientAccount’sassetstosub‐advisersanditsselectionandoversightofthesub‐advisers.Thesub‐advisers’investmentstylesmaynotalwaysbecomplementary,whichcouldadverselyaffecttheperformanceofa ClientAccount. Asub‐adviser’sstrategymaybeoutof favoratanytime. Inaddition,becauseeachsub‐advisermakesitstradingdecisionsindependently,itispossiblethatthesub‐advisersmaypurchaseorsellthesamesecurityatthesametimewithoutaggregatingtheirtransactionsorholdlongandshortpositionsinthesamesecurityatthesametime.Thismaycauseunnecessarybrokerageandotherexpenses.

SpecialSituationsRisk.AClientAccount’suseofevent‐drivenandarbitragestrategieswillcauseittoinvestinactualoranticipatedspecialsituations–i.e.,acquisitions,spin‐offs,reorganizationsandliquidations,tenderoffersandbankruptcies.Thesetransactionsmaynotbecompletedasanticipatedormaytakeanexcessiveamountoftimetobecompleted.Theymayalsobecompletedondifferenttermsthananticipated.Somespecialsituationsaresufficientlyuncertainthattheproductmayloseitsentireinvestmentinthesituation.A Client Accountmay receive illiquid securities as a result of its investment in certainspecialsituations.Italsomaybedifficulttoobtaincompletefinancialinformationaboutcompanies involved in certain situations andmanagement of such companies may beaddressingasituationwithwhichithaslittleexperience.

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SubsidiaryRisk.CertainNBRegisteredFundsmayinvestinwholly‐ownedsubsidiaries(“Subsidiary”) to seek commodities exposure. By investing in a Subsidiary, the NBRegistered Fund is indirectly exposed to the risks associated with the Subsidiary’sinvestments and operations. A Subsidiary is generally not registered under theInvestmentCompanyAct andmaynotbe subject to all the investorprotectionsof theInvestmentCompanyAct.

RisksofPrivateEquity InvestmentsGenerally. Private equity investments entail ahighdegreeofriskandinmostcasesarehighlyilliquidanddifficulttovalue.Unlessanduntil those investmentsaresoldormature intomarketablesecurities theywill remainilliquid. In addition to the extent a fund focuses on venture capital investments thecompanies in which the fund will invest may be in a conceptual or early stage ofdevelopment,maynothaveaprovenoperatinghistory,mayofferservicesorproductsthatarenotyetdevelopedorreadytobemarketedorthathavenoestablishedmarket,maybeoperatingata lossorhavesignificant fluctuations inoperatingresults,maybeengaged in a rapidly changing business, may require substantial additional capital tosupporttheiroperationstofinanceexpansionortomaintaintheircompetitiveposition,or otherwisemay have aweak financial condition. As a generalmatter, companies inwhich the fund invests may face intense competition, including competition fromcompanieswith fargreater financialresources;moreextensiveresearch,development,technological, marketing and other capabilities; and a larger number of qualifiedmanagerialandtechnicalpersonnel.Generallya fundwillnotobtainorseektoobtainanycontroloverthemanagementofany portfolio company inwhich any fundmay invest. The success of each investmentmadebyafundwilllargelydependontheabilityandsuccessofthemanagementoftheportfoliocompaniesinadditiontoeconomicandmarketfactors.

LimitedLiquidityofUnderlyingInvestments. Generally,thePrivateEquitySecurities,the interests in theUnderlyingFunds inwhichanNBPEClosed‐EndFundmay investand the interests in thePortfolioFund inwhichaPrivateFundmay investare illiquidand cannot be transferred without the consent of the relevant general partner ormanagingmember.Theseinvestmentstypicallycannotbetransferredorredeemedforasubstantialperiodoftime,andtheremaybelittleornonear‐termcashflowavailabletoinvestorsintheinterim.WithrespecttothePortfolioFundsinwhichthePrivateFundsmay invest, the Portfolio Funds may suspend of limit the right of redemption undercertain circumstances. Further, the Private Equity Securities and the interests in theUnderlying Funds and the Portfolio Funds have not been and will not be registeredunder the Securities Act or applicable state securities laws. As such, there is nosecondary market for those interests, and such a market is not expected to develop.Moreover,PrivateFundsandNBPEClosed‐EndFundsmaynotreceiveanydistributionsrepresentingthereturnofcapitalforanindefiniteperiodoftime.

SpecialRisksAssociatedwith Private Equity Investments. An NB PE Closed‐EndFund’s investment portfolio will generally consist of investments in privately held

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companies(eitherdirectlyorthroughUnderlyingFunds),andoperatingresults for theportfolio companies in a specifiedperiodwill be difficult to predict. Such investmentsinvolveahighdegreeofbusinessandfinancialriskthatcanresultinsubstantial lossesandmayincludethefollowingrisks:

o Buyout Funds. Buyout transactions may result in new enterprises that aresubjecttoextremevolatility,requiretimeformaturityandmayrequireadditionalcapital. In addition, they frequently rely on borrowing significant amounts ofcapital,whichcanincreaseprofitpotentialbutatthesametimeincreasetheriskofloss.Leveragedcompaniesmaybesubjecttorestrictivefinancialandoperatingcovenants. The leverage may impair the ability of these companies to financetheir future operations and capital needs. Also, their flexibility to respond tochangingbusinessandeconomicconditionsandtobusinessopportunitiesmaybelimited. A leveraged company’s income and net assets will tend to increase ordecreaseatagreaterratethanifborrowedmoneywasnotused.Althoughtheseinvestments may offer the opportunity for significant gains, such buyoutinvestmentsinvolveahighdegreeofbusinessandfinancialriskthatcanresultinsubstantiallosses,whichrisksgenerallyaregreaterthantherisksofinvestinginpubliccompaniesthatmaynotbeasleveraged.

o InterestDeductibilityRisks. Generallyprivatelyheld companies inwhich theNB PE Closed‐End Funds invest (either directly or through Underlying Funds)rely on significant amounts of borrowed capital, which can increase profitpotential but at the same time increase the risk of loss. However, new taxlegislation, commonly referred to as the Tax Cuts and Jobs Act, caps taxdeductionsof interestexpensesat30percentofearningsbefore interest, taxes,depreciation,andamortization(EBITDA)formanycompaniesbeginningin2018.Additionally,in2022thecapontaxdeductionsofinterestexpenseswillbesetat30 percent of earnings before interest and taxes, but after depreciation andamortization, which will reduce the base earnings figure upon which the 30percentinterestexpensedeductionwillbecalculated.WhiletheultimateimpactoftheTaxCutsandJobsActonNBPEClosed‐EndFundsandtheinvestmentsheldthereby remains unclear, as certain privately held companiesmay benefit fromtheTaxCutsandJobsAct’sreductionofthecorporatetaxrate,thereisariskthattheTaxCutsandJobsAct’scaponinterestdeductionswillreducethereturnsthatNBPEClosed‐EndFundscanachievefromcertaincurrentorfutureinvestmentsinprivatelyheldcompanies,aswellasariskthatthecapmayreducethenumberand/ortypeofprivatelyheldcompaniesthatNBPEClosed‐EndFundscantargetforinvestment.

o VentureFunds.Venturecapitalfundsprimarilyinvestinprivatecompaniesthathave limited operating histories, are attempting to develop or commercializeunproventechnologiesortoimplementnovelbusinessplansorarenototherwisedeveloped sufficiently to be self‐sustaining financially or to become public.Althoughtheseinvestmentsmayoffertheopportunityforsignificantgains,suchinvestmentsinvolveahighdegreeofbusinessandfinancialriskthatcanresultin

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substantiallosses,whichrisksgenerallyaregreaterthantherisksofinvestinginpubliccompaniesthatmaybeatalaterstageofdevelopment.

o Special Situations. The special situations asset class will likely invest asignificantportionof itsassets inportfoliocompaniesthatmaybe intransition,outoffavor,financiallyleveragedortroubled,orpotentiallytroubledandmaybeor have recently been involved in major strategic actions, restructurings,bankruptcy,reorganization,orliquidation.Thesecompaniesmaybeexperiencing,orareexpectedtoexperience, financialdifficultiesthatmayneverbeovercome.The securitiesof such companiesare likely tobeparticularly risky investmentsalthoughtheyalsomayofferthepotentialforcorrespondinglyhighreturns.Suchcompanies’ securities may be considered speculative, and the ability of suchcompanies topay theirdebtson schedule couldbe affectedbyadverse interestrate movements, changes in the general economic climate, economic factorsaffecting aparticular industry or specific developmentswithin such companies.Such investments could, in certain circumstances, subject anNBPEClosed‐EndFundorUnderlyingFund tocertainadditionalpotential liabilities.Forexample,undercertaincircumstances,alenderwhohasinappropriatelyexercisedcontrolofthemanagementandpoliciesofadebtormayhaveitsclaimssubordinated,ordisallowed,ormaybefoundliablefordamagessufferedbypartiesasaresultofsuch actions. In addition, under certain circumstances, payments by suchcompanies to us could be required to be returned if any such payment is laterdetermined to have been a fraudulent conveyance or a preferential payment.Numerous other risks also arise in the workout and bankruptcy contexts. Inaddition, theremaybenominimumcredit standard that isaprerequisite toanNBPEClosed‐EndFundorUnderlyingFund’sinvestmentinanyinstrumentandasignificant portion of the obligations and preferred stock in which an NB PEClosed‐End Fund or Underlying Fundmay invest may be less than investmentgrade.

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Item9: DisciplinaryInformation

Registeredinvestmentadvisersarerequiredtodiscloseallmaterialfactsregardinganylegalordisciplinaryeventsthatwouldbematerialtoaclient’sorpotentialclient’sevaluationofthefirmortheintegrityofthefirm’smanagementinthisitem.NBIAhasnoitemstodisclose.

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Item10: OtherFinancialIndustryActivitiesandAffiliations

A. RegistrationasaBroker‐DealerorRegisteredRepresentative

NBIA is not a registered broker or dealer. Most NBIA advisory personnel are registeredrepresentatives with FINRA through their affiliation with NBIA’s registered broker‐dealeraffiliate,NBBD. SeeItems5.Eand10.C.1.

B. RegistrationasaFuturesCommissionMerchant,CommodityPoolOperator,CommodityTradingAdvisororAssociatedPerson

NBIA is registered as a CTA and CPO with the CFTC. NBIA is not registered as a FuturesCommission Merchant. Certain of NBIA’s management personnel are registered with theNationalFuturesAssociation(the“NFA”)asprincipalsorassociatedpersonsofNBIAoroneormoreaffiliatesofNBIA (includingNBBD,which is registeredasaCTAand introducingbrokerwith the CFTC (“CFTC IntroducingBroker”)). Notwithstanding such registrations,NBIA hasandmay in the future seek to rely on exemptions from registration as a CPO and CTAwithrespecttocertainaccountsandpoolsthatqualifyforsuchexemptions.

C. MaterialRelationships

NBIAcurrentlyhascertainrelationshipsorarrangementswithrelatedpersonsthatarematerialtoitsadvisorybusinessoritsclients.Belowisadiscussionofsuchrelationships/arrangementsandconflictsthatarisefromthem.

1. Broker‐dealer,municipalsecuritiesdealer,orgovernmentsecuritiesdealerorbroker

NBIAisaffiliatedwithNBBD,aU.S.registeredbroker‐dealer. Inaddition,mostNBIAadvisorypersonnel areregistered representativeswith FINRA through their affiliationwithNBBD.SeeItem11.B.8. For themajority of portfolio transactions for SeparateAccounts,Wrap Programaccounts,UnbundledProgramaccounts, andDualContractProgramaccounts,NBBDdoesnotreceiveabrokeragecommissionforeffectingsecuritiestrades.InthosecaseswhereNBBDdoesreceivebrokerage commissions, theyare at anegotiated rate. ForPrivateAssetManagementAccounts, Clients generally pay an “all‐inclusive fee” for advisory and brokerage services.Subject toapplicable law,NBBDmayreceivesalescommissions inconnectionwith thesaleofinterestsinaffiliatedPrivateFundsandNBRegisteredFunds,whichsalescommissionsmaybeaportionofNBIA’smanagementfeeorPerformanceFeewithrespecttosuchsharesorinterests.In addition, in its capacity as a registered broker‐dealer, NBBDmay execute transactions forcertain of the NB Registered Funds and affiliated Private Funds and receive brokeragecommissions in that regard. Further information on these functions and relationship iscontained in the offering materials for such funds. All of these transactions for the NBRegisteredFundsareconducted inaccordancewiththerequirementsofRule17e‐1underthe

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Investment Company Act. NBBD is also registered as aMunicipal Securities Dealer with theMunicipalSecuritiesRulemakingBoard. NBBDistheprincipalunderwriteranddistributorfortheNBRegisteredFunds.Inaddition,registeredrepresentativesofNBBDofferandsellsharesof theNBRegisteredFunds. NBBDmay also act as a distributor for certain affiliatedPrivateFundsandSub‐AdvisedAccounts.SeeItem11.B.3andItem12.A.

Inproviding investmentmanagementservices to itsclients,NBIAmaydrawuponthe trading,research, operational and administrative resources of its affiliated entities. NBIA may usesecurityanalysesandresearchreportspreparedbyitsaffiliatedentities.

NBIAmayutilizeplacementagentsinofferingcertainaffiliatedPrivateFundsandNBPEClosed‐EndFundstoinvestors.TheseplacementagentsmayincludeNBBDoranunaffiliatedregisteredbroker‐dealer.SeeItem5.E.andItem14.B.OfficersofNBBDmayalsosolicitSeparateAccountclientsforNBIA.

TheFirmhasestablishedpoliciesandproceduresreasonablydesignedtopreventthemisusebytheFirmand itspersonnelofmaterial informationregarding issuersofsecurities thathasnotbeenpubliclydisseminated.SeeItem11.D.1.

2. InvestmentCompanyorotherpooledinvestmentvehicles

NBIAactsasadvisertotheNBRegisteredFunds.NBIAalsoactsasanadviserorsub‐advisertothe Private Fundswhere a related partymay be a general partner,managingmember or theadviser.ManagementpersonsofNBIAmayactasofficersanddirectorsofAffiliatedFunds.Inaddition, NBIA serves as a sub‐adviser to Non‐U.S. Registered Funds advised by affiliates ofNBIA.

NBIA also acts as sub‐adviser to Third‐Party Mutual Funds. Certain affiliates of Third‐PartyMutualFundsmayalsobeclientsofaffiliatesofNBIAormaybereferredtoNBIAbyitsaffiliates.These affiliates of Third‐Party Mutual Funds may receive investment advisory services fromNBIA or its affiliates and also may receive other services from certain NBIA affiliates. Asrecipientsofsuchservices,affiliatesofThird‐PartyMutualFundswillgenerallybechargedtheusualandcustomaryfeesbybothNBIAandanyofitsaffiliatesforrenderingsuchservices.Thismay result in total advisory fees that arehigher thanwouldhavebeenpaidhad theaffiliatesobtainedallservicesfromeitherNBIAoritsaffiliatesaloneorfromotherunrelatedbrokersandinvestmentadvisers.

Initscapacityasaregisteredbroker‐dealer,NBIA’saffiliate,NBBD,mayexecutetransactionsforcertain of the Affiliated Funds and receive brokerage commissions in that regard. See Item10.C.1.

Subject to the investment guidelines and applicable law, NBIAmay invest Client Accounts inAffiliated Funds. See Item 5.C regarding additional fees and expenses associated withinvestmentsinAffiliatedFunds.NBIAhasaconflictofinteresttotheextentthatitrecommendsorinvestsClientAccountsinAffiliatedFunds(ratherthaninNon‐AffiliatedFunds)becausetheFirmmay benefit from increased subscriptions to the Affiliated Funds (i.e., larger funds) and

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certain affiliates of NBIA may receive distribution fees, placement fees or other fees fordistributingAffiliatedFunds.

NeitherNBIAnor its related persons are obligated to allocate any specific amount of time orinvestment opportunities to a particular Private Fund orNBRegistered Fund. BecauseNBIAmayreceiveaPerformanceFee inconnectionwith itsmanagementofcertainClientAccounts,NBIAmaybeincentivizedtodevoteadisproportionateamountoftimeandresourcestothoseClientAccountsattheexpenseofotheraccountsthatarechargedonlyamanagementfee.NBIAand its related persons intend to devote as much time as they deem necessary for themanagementofeachaccount,andwillallocateinvestmentopportunitiesbetweenPrivateFunds,NB Registered Funds and other Client Accountsmanaged in a similar strategy in accordancewithNBIA’stradeallocationpolicydescribedinItem12.B.

3. Otherinvestmentadviserorfinancialplanner

NBIA has relationships that are material to its investment management business with thefollowingaffiliatedinvestmentadvisers(the“AdvisoryAffiliates”).

SECRegisteredAdvisers:

NeubergerBermanAsiaLimitedNeubergerBermanEuropeLimitedNeubergerBermanBDLLCNeubergerBermanSingaporePte.LimitedNeubergerBermanLoanAdvisersLLCNBAlternativesAdvisersLLCNeubergerBermanBretonHillULCNeubergerBermanAIFMLimited(ExemptReportingAdviser)BHCMacroInvestmentManagementLLC(ExemptReportingAdviser)Non‐SECRegisteredAdvisers:

NeubergerBermanAustraliaPtyLimitedNeubergerBermanEastAsiaLimitedNeubergerBermanInvestmentManagement(Shanghai)LimitedNeubergerBermanTaiwan(SITE)LimitedWhere required, personnel of non‐SEC‐registered advisers are considered “access persons” ofNBIAandaresubjecttocertainNBIApoliciesandproceduresaswellassupervisionandperiodicmonitoring.Inprovidinginvestmentmanagementservicestoitsclients,NBIAmaydrawupontheportfoliomanagement, trading, research, operational and administrative resources of its affiliates,including using affiliates to execute transactions for Client Accounts. Subject, in certaininstances,tothewrittenconsentoftheclientandtheregulatorystatusoftheaffiliate,NBIAmay

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engage one or more of these affiliates as sub‐adviser to certain Client Accounts, includingSeparate Accounts, NB Registered Funds or Private Funds, or may treat these affiliates as“participatingaffiliates,” the latter inaccordancewiththeapplicableSECNo‐ActionLetters. Inaddition,fromtimetotime,NBIAmaydelegatesomeorallofitsroleasadvisertocertainClientAccounts to Advisory Affiliates. If an affiliate acts as a sub‐adviser or is otherwise delegatedsome portion of NBIA’s advisory role, investment professionals from such affiliate may bedelegateddecision‐makingrolesforsomeorallaspectsofthestrategy,includingtheopeningofbrokerage accounts and the placement of orders to deploy the strategy. As participatingaffiliates, whether or not registered with the SEC, the affiliates may provide designatedinvestment personnel to associate with NBIA and perform specific advisory services to NBIAconsistent with the powers, authority and mandates of NBIA’s clients. The employees of aparticipatingaffiliatearedesignatedtoactforNBIAandaresubjecttocertainNBIApoliciesandproceduresaswellassupervisionandperiodicmonitoringbyNBIA. Theparticipatingaffiliateagrees tomake available certain of its employees to provide investment advisory services toNBIA’sclientsthroughNBIA,tokeepcertainbooksandrecordsinaccordancewiththeAdvisersActandtosubmitthedesignatedpersonneltorequestsforinformationortestimonybeforeSECrepresentatives. Participating affiliates may also be delegated the duty to place orders forcertainsecuritiesandcommodityinteresttransactionspursuanttoanagreementbetweenNBIAandtheparticipatingaffiliate.SeealsoItem10.D.

A number of NBIA personnel involved in portfolio management at NBIA are also officers ofcertain Advisory Affiliates and provide investment management services to clients of suchaffiliates. NeitherNBIAnoritsrelatedpersonsareobligatedtoallocateanyspecificamountoftimeor investmentopportunities toaparticularClientAccount. NBIAand itsrelatedpersonsintend to devote as much time as they deem necessary for the management of each ClientAccountandwillallocate investmentopportunities inaccordancewithNBIA’s tradeallocationpolicy.SeealsoItem6andItem11.D.6withrespecttoside‐by‐sidemanagementissues.

NBIA may act as sub‐adviser to certain Separate Account clients of Advisory Affiliates. Inaddition, NBIA may serve as sub‐adviser to Non‐U.S. Registered Funds and Private FundsadvisedbyAdvisoryAffiliates.

Certain employees of Advisory Affiliates may provide marketing or client‐related services inconnectionwithNBIAproducts.

The views and opinions of NBIA, and those of these Advisory Affiliates and their researchdepartments,maydifferfromoneanother.Asaresult,ClientAccountsmanagedbyNBIAoritsAdvisory Affiliates may hold securities or pursue strategies that reflect differing investmentopinionsoroutlooksatthetimeoftheiracquisitionorsubsequentthereto.SeeItem11.B.8and11.D.6.

4. Futurescommissionmerchant,commoditypooloperator,orcommoditytradingadvisor

NBBDisregisteredasaCTAandCFTCIntroducingBroker.EmployeesofNBBDintheircapacityasassociatedpersonsofNBBDmaysolicitprospective investors to invest inPrivateFundsor

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SeparateAccountsthattradecommodityinterestsandaresponsoredormanagedbyNBIA.SeeItem10.C.1andItem10.C.3foradescriptionofNBIA’srelationshipwithNBBD.

5. Bankingorthriftinstitution

NBIA is affiliated with Neuberger Berman Trust Company N.A. and Neuberger Berman TrustCompany of Delaware N.A. (together, “NBTrustCompanies”). NB Trust Companies providecomprehensivefiduciaryandwealthmanagementservicestohighnetworthindividuals,familiesandtheirrelatedentities,includinginvestmentmanagement,custody,taxplanning,trusteeandexecutor services, planned giving andphilanthropic advisory services. In addition,NeubergerBerman Trust Company N.A. provides investment management, custody, and other fiduciaryservicesto institutionalclients. Forsuchaccounts,NBTrustCompaniesutilize the investmentplatformofequity,fixedincomeandalternativeproductsandstrategiesofitsaffiliates(includingNBIA)asitsprimaryinvestmentoption.Non‐affiliatedproductsandstrategiesarealsoavailableona limitedbasisandgenerallyasa complement toaffiliatedofferings. NBTrustCompanies’preferenceforaffiliatedproductsandstrategiesmayresultinincrementalbenefitstoNBTrustCompanies, its affiliates (includingNBIA) and their respective employees. NeubergerBermanTrust Company N.A. generally acts as the IRA custodian for IRA Private Asset ManagementAccounts forwhich NBBD acts as broker‐dealer. NB Trust Companiesmay appoint NBIA tomanage certain assets of clients of NB Trust Companies. Certain NBIA personnel provideinvestment management support and client relationship management services to NB TrustCompanies, pursuant to an Administrative Services Agreement between NB Trust CompaniesandNeubergerBermanGroupLLC.

Inaddition,certainNBIApersonnelarealsoofficersofNeubergerBermanTrustCompanyN.A.and,intheircapacityasofficersoftheNeubergerBermanTrustCompanyN.A.,provideportfoliomanagement services to private investment vehicles sponsored by Neuberger Berman TrustCompanyN.A. In such cases, NBIA executes securities trades for those vehicles and providesback‐andmiddle‐officesupport.

6. Accountantoraccountingfirm

None.

7. Lawyerorlawfirm

None.

8. Insurancecompanyoragency

None.

9. Pensionconsultant

None.

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10. Realestatebrokerordealer

None.

11. Sponsororsyndicatoroflimitedpartnerships

Affiliates of NBIA act as the general partner with respect to certain Private Fund entitiesmanagedbyNBIA.SeeItem10.C.2.FurtherinformationaboutthepartnershipswhereaffiliatesofNBIAserveasthegeneralpartnerisavailableinSection7.B.(1)and(2)ofScheduleDofPart1AofNBIAanditsaffiliatedSEC‐registeredinvestmentadvisers’FormADVs.SeeItem10.C.3.

12. Administrator

None.

D. SelectionofOtherInvestmentAdvisers

Fromtimetotime,NBIAmayengageotheradvisers,includingitsaffiliates,toactassub‐advisersfor its Separate Accounts and its Affiliated Funds. In addition, from time to time, NBIAmaydelegatesomeorallofitsroleasadvisertocertainClientAccountstootheradvisers,includingitsaffiliates.NBIAmayinvestclientassetsintheAffiliatedFunds,Non‐AffiliatedFundsorThird‐Party SeparateAccounts. In connectionwith these investmentsand the selectionofpotentialsub‐advisersoradvisers,NBIAmakesrecommendationsorselectionsofunderlyinginvestmentmanagersfortheseclients.

NBIA performs detailed due diligence on third party potential sub‐advisers or advisers to itsClient Accounts before selecting them, including but not limited to, analysis of the adviser'sinvestmentprocessandresults, includingthe lengthoftheirtrackrecord,considerationoftheassetsundermanagement, and interviewswithmembersof the adviser's seniormanagementandinvestmentteams. NBIA’sdecisiontoinvestwithanadviserorsub‐adviserdependsuponvariousfactorswhichmayincludetheadviser'sperformancerecord,managementstyle,numberandcontinuityofinvestmentprofessionals,andclientservicingcapabilities.

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Item11: CodeofEthics,ParticipationorInterestinClientTransactionsandPersonalTrading

A. CodeofEthics

In order to address conflicts of interest, NBIA has adopted a Compliance Manual and theNeuberger Berman Code of Ethics and Code of Conduct (the “Conflicts Procedures”). TheConflicts Procedures are applicable to all of NBIA’s officers, members, and employees(collectively,“Employees”). TheConflictsProceduresgenerallysetthestandardofethicalandprofessionalbusinessconductthattheFirmandNBIArequireoftheirEmployees.TheConflictsProcedures consist of certain core principles requiring, among other things, that Employees:(1)at all times place the interests of clients first; (2)ensure that all personal securitiestransactions are conducted in such a manner as to avoid any actual or potential conflicts ofinterest or any abuse of an individual’s position of trust and responsibility; (3)refrain fromtakingadvantageoftheirpositionsinappropriately;and(4)atalltimesconductthemselvesinamannerthatisbeyondreproachandthatcomplieswithallapplicablelawsandregulations.

Asdiscussedbelow,theConflictsProceduresincludeprovisionsrelatingtotheconfidentialityofclientinformation,aprohibitiononinsidertrading,restrictionsontheacceptanceofsignificantgifts, the reporting of certain gifts and business entertainment items, and personal securitiestradingprocedures,amongothertopics.AllEmployeesmustacknowledgethetermsoftheCodeofEthicswhentheybegintheiremployment,annually,andwhentheCodeofEthicsismateriallyamended.

Inaddition,theConflictsProceduresimposecertainadditionalrequirementsonAccessPersons(as defined in the Conflicts Procedures)who are advisory persons. The Conflicts Proceduresalso require Access Persons to report personal securities transactions on at least a quarterlybasisorasotherwiserequiredandprovidetheFirmwithadetailedsummaryofcertainholdings(initially upon becoming an Access Person and annually thereafter) over which such AccessPersonshaveadirectorindirectbeneficialinterest.

Clients andprospective clientsmayobtaina copyof theCodeofEthicsby contactingaClientServiceRepresentative.

B. ParticipationorInterestinClientTransactions

NBIAmayparticipateorhaveaninterestinclienttransactionsasdescribedbelow.NBIAmakesallinvestmentmanagementdecisionsinitsclients’bestinterests.

1. PrincipalandAgencyTransactions

Principaltransactionsaregenerallydefinedastransactionswhereanadviser,actingasprincipalforitsownaccountortheaccountofanaffiliate,buysfrom,orsellsanysecurityto,anadvisory

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client. Forexample,aprincipal transactionwouldoccur ifNBIAboughtsecurities for itsowninventoryfromanNBIAadvisoryclientorsoldsecuritiesfromitsinventorytoanNBIAadvisoryclient.

IfNBIA,itsaffiliatesoritsrespectiveprincipalsownasubstantialequityinterestinanaccountmanaged by the adviser, a transaction involving that account and another client could becharacterizedasaprincipaltransaction.Forexample,ifNBIA,itsaffiliatesorprincipalshaveasubstantial equity interest in anAffiliatedFund, the transferof securities fromsuchAffiliatedFund’saccounttoanNBIA‐managedSeparateAccountcouldbedeemedaprincipaltransaction.

Aprincipal transactionpresentsconflictsof interestwhichmay includetheadviseroraffiliateearningafeeorearning(orlosing)moneyasaresultofthetransaction.

NBIA and its related persons do not generally engage in principal transactions with NBIA’sclients. Subject to applicable rules and regulations, if NBIAwere to engage in such affiliatedprincipaltransactions,NBIAwoulddisclosethetransactiontotheclientandobtaintheclient’sconsentinaccordancewithSection206‐3oftheAdvisersAct.WithrespecttoAffiliatedFunds,NBIAmay engage in such transactions as described in each fund’s OfferingMemorandum orOfferingDocuments. In such instances,NBIAwill complywith applicable law, aswell as anyrequirementsimposedbythefundsthemselves.Thepotentialconflictsofinterestaredisclosedinthefund’sOfferingMemorandumorOfferingDocuments.

An“agencycrosstransaction”isdefinedasatransactionwhereapersonactsasaninvestmentadviserinrelationtoatransactioninwhichtheinvestmentadviser,oranypersoncontrolledbyor under common control with the investment adviser, acts as broker for both the advisoryclientandforanotherpersonontheothersideofthetransaction.NBIAmayinfrequentlycauseclients toengage inagencycross transactionsandwoulddisclose the transaction to theclientandobtaintheclient’sconsentinaccordancewithSection206‐3oftheAdvisersAct.

2. CrossTransactions

Cross trades involve the transfer, sale or purchase of assets fromone client to another clientwithout the use of a broker‐dealer. For equities, NBIA may engage in cross trading wherepermissible, if it determines that such action and the conditions for the transactionwouldbefavorable to both clients and the terms of the transaction are fair to both parties. For fixedincome, generally, it isNBIA’spolicynot toengage inbuyingor sellingof securities fromoneClientAccounttoanotherexceptinlimitedcircumstanceswhenitbelievesthatthecrosstradeisinthebestinterestofbothclients.ThevastmajorityoftradesmadeforClientAccountswillbeexecuted through the openmarket orwith reference to an independently establishedmarketprice.Forbothequityandfixedincomecrosstrades,neitherNBIAnoritsaffiliateswillreceivetransaction‐basedcompensationfromthetrade.Incertainsituations,specificconsentforeachsuchtransactionmayberequiredfrombothpartiestothetransaction.WhereanNBRegisteredFundoraThird‐PartyMutualFundis involved,thetransactionwillbeexecutedinaccordancewiththeprovisionsofRule17a‐7undertheInvestmentCompanyActandanyapplicablepoliciesandproceduresapprovedby theNBRegisteredFund’sorThird‐PartyMutualFund’sBoardofTrustees.

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3. AffiliatedBrokers

NBIAisaffiliatedwithNBBD,aU.S.registeredbroker‐dealer.MostNBIAadvisorypersonnel areregistered representatives with FINRA through their affiliation with NBBD. Certain NBIAstrategiesutilizeacentraltradingdesktoexecutetransactions(includingETFs)withthird‐partybrokersforcertainClientAccounts.IntheeventNBIAweretoexecuteatransactiononbehalfofitsclientswithNBBDasbroker,NBIAwouldgenerallyonlydosoifithadreceivedpriorwrittenauthorization from the client andonly in accordancewith all applicable lawsand regulations,including the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), andRule 17e‐1 under the Investment Company Act. Such transaction would only be executed ifNBBDprovidedbestexecutionunderthecircumstances.SeeItem12.A.

ForthemajorityofPrivateAssetManagementAccounts,NBBDwillprovidebrokerageservices.For those Private Asset Management Accounts which have consented to the use of NBBD asbroker,clientswillbechargedan“all‐inclusive”feeforbrokerageandadvisoryservicesandwillnot be charged a separate brokerage commission. When a client opens a Private AssetManagement Account, NBIA will seek the client's consent to effect brokerage transactionsthrough NBBD, consistent with the requirements of the federal securities laws and otherapplicablelaws. Aclientmaygrantorrevokethisconsentatanytime. ClientswillbeadvisedthattheyarenotrequiredtouseNBBDasbrokerfortheiraccount.PursuanttothetermsoftheGPS Program, clients in the GPS Program are required to use NBBD as broker for their GPSAccounts.NBBD occasionally acts as broker for securities transactions forNBIA’s Institutional AccountsandPrivateFunds.4. FinancialInterestsinSecuritiesorInvestmentProducts

From time to time, employees of NBIA and its related persons who are registeredrepresentatives or associated persons of NBBD, a registered investment adviser and broker‐dealer,CTAandCFTCIntroducingBroker,mayrecommendtoNBIA’sclientsthattheybuyorsellsecurities in which NBIA or a related person has a financial interest. Such financial interestcould include having a business relationship (whether client, broker, vendor or investmentconsultant)orservingasinvestmentadviser,generalpartner,managingmemberordirectorforaparticularinvestmentproduct.Furthermore,NBIAmayinvestClientAccountsinsecuritiesorotherassetsofcompanieswithwhichNBIAoritsaffiliateshasabusinessrelationship,whetherclient, broker, vendor or investment consultant. In such instances the purchase or sale of asecurity either recommended or directed by NBIAmay have an impact on the price of suchsecurity,whichmayindirectlybenefit(oracttothedetrimentof)itsaffiliates.

NBIAand itsAdvisoryAffiliatesact invariouscapacitieswithrespect toAffiliatedFunds fromwhich they receive advisory, distributionor other fees. Whenappropriate and in accordancewithapplicablelaw,includingwithrespecttoclientsintheGPSProgram,NBIAmayinvestclientfunds inNBRegisteredFunds. EmployeesofNBIAand itsrelatedpersonswhoareregisteredrepresentatives or associated persons of NBBD may also recommend an investment in anAffiliatedFund.NBIAhasaconflictofinteresttotheextentthatitrecommendsorinvestsClient

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AccountsinAffiliatedFunds(ratherthaninunaffiliatedmutualfundsorprivatefunds)becausethe Firmmaybenefit from increased subscriptions toAffiliated Funds (i.e., larger funds) and,with respect to investingClientAccounts in theNBRegisteredFundsandNon‐U.S.RegisteredFunds,certainaffiliatesofNBIAmayreceivedistributionfeesorotherfeesfordistributingsuchfunds.SeeItem5.CandItem10.C.2.

NBIA’s policies and procedures together with its investment process seek to ensure that allaccounts are managed in accordance with their investment objectives and guidelines and inaccordancewithNBIA’sfiduciaryobligations.

5. EmployeeInvestmentinNBIAProducts

EmployeesofNBIAoritsaffiliatesmaybeinvestorsinPrivateFunds,NBRegisteredFunds,Non‐U.S.RegisteredFundsorThird‐PartyMutualFundsmanagedbyNBIAoranaffiliate. AnysuchinvestmentsaremadeinconformitywiththeConflictsProcedures(seeItem12.B)thatincludesproceduresgoverningtheuseofconfidentialinformationandpersonalinvesting.NBIAanditsaffiliates also maintain Separate Accounts for employees. The Firm maintains a policy thatprohibits “insider accounts” that do not pay investment advisory fees from receiving amorefavorableexecutionpricethanthatreceivedonthesamedaybyClientAccounts.TheFirmmayreduceorwaivefeesforemployees.SeealsoItem11.C.

6. BuyingandSellingSecuritiesThatAreRecommendedtoClients

NBIA may recommend to clients investments in which Neuberger Berman, its affiliates oremployeesarealsoinvested.SeeItem11.B.5.

NBIAmay also recommend securities to clients inwhich a related person has established aninterest independentofNBIA. NBIAmaypurchaseandsell securities for itsaccounts that theFirm,itsaffiliatesoritsemployeeshaveseeded.

NBIAprovidesinvestmentadvisoryservicestovariousclientswhichmaydifferfromtheadvicegiven, or the timing and nature or action taken, with respect to any one account. NBIA, itsaffiliatesandemployees(totheextentnotprohibitedbytheCodeofEthics),andclientsofNBIAor its affiliates may have, acquire, increase, decrease, or dispose of securities or interests(including interests inAffiliatedFunds) at or about the same time thatNBIA ispurchasingorsellingsecuritiesorinterests(includinginterestsinAffiliatedFunds)foraClientAccountwhichareormaybedeemedtobeinconsistentwiththeactionstakenbysuchpersons.

All such investments are made in conformity with the Conflicts Procedures and NBIA’sAggregationandAllocationProcedures(SeeItem12.B).

7. SecuritiesTradesduringanUnderwritingSyndicate

NBIA and its advisory affiliates do not participate as members of underwriting syndicates.From time to time, theNBRegistered Fundsmay purchase securities from an underwritingsyndicateinwhichanaffiliateofaThird‐PartyMutualFundisaparticipatingmember.TheNBRegisteredFundshaveadoptedproceduresunderRule10f‐3oftheInvestmentCompanyAct

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governing such transactions. In addition, the Third‐Party Mutual Funds may purchasesecurities from an underwriting syndicate fromwhich an affiliate of the Third‐PartyMutualFund is a participatingmember andNBIAwould seek toworkwith the Third‐PartyMutualFund’sadviser toensure thatall suchpurchasesare inaccordancewithapplicablerulesandregulations.

8. OtherInterestsinClientTransactions

NBIAemployees andofficersmayalsobeofficers, employeesor registered representatives ofcertainAdvisoryAffiliates, includingNBBD. Insuchcapacity, theymaysellorprovidesimilarservicesastheservicesofferedbyNBIA.TheviewsandopinionsofNBIAoranyoftheAdvisoryAffiliates and their research departments may differ from one another. As a result, ClientAccountsmayholdsecuritiesorotherinvestmentproductsforwhicheachoftheseentitiesmayhave a different investment opinion or outlook at the time of their acquisition or subsequentthereto.

NBIA provides Consulting Services and licenses and supports the NBIA Software to certainclients(“ConsultingServicesClients”).SeeItem4.B.Duringtheconsultingperiodandforthetermofanylicense,NBIAoritsaffiliatesmayusesimilaroridenticalinformationderivedfromtheir independent use of the NBIA Software to advise Client Accounts with respect toinvestments in mortgage loans or securities backed by or based upon, directly or indirectly(including synthetically), mortgage loans or other asset‐backed securities held or insured byConsulting Services Clients or in which the Consulting Services Clients otherwise have aninterest(an“Interest”).NBIAoritsaffiliatesmayplaceorderstobuyandsellsuchpositionsforClient Accounts, or give advice and recommendations with respect to positions where aConsultingServicesClientmayhavean Interest,basedonNBIA’sor itsaffiliates’ independentuse of the NBIA Software prior to or simultaneouslywith any report or otherwork productgeneratedorprovidedbyNBIAtoanyConsultingServicesClient,orbysuchConsultingServicesClientthroughitsuseoftheNBIASoftware,oranyactionordecisionmadebysuchConsultingServicesClient in relianceuponsuch reportsandotherworkproduct. SuchordersplacedbyNBIA or its affiliates may compete or be inconsistent with orders or actions taken by theConsultingServicesClientsinrelianceonsuchreportsorworkproductgeneratedbyNBIAandtheNBIASoftware,ormayresultinaClientAccountofNBIAoranaffiliatetakingtheoppositesideofaConsultingServicesClientorder.Inaddition,NBIAanditsaffiliatesmaygiveadviceandrecommendationsto,andactasagent,includingwithrespecttoeffortstocommuteexposureonbehalf of, Client Accounts holding positions in which Consulting Services Clients have anInterest,andtakeactionsonbehalfofsuchClientAccountsthatmaydifferfromorbethesameasorsimilarto,anyadviceorrecommendationswhichNBIAoranyofitsaffiliatesmayprovidetoConsultingServicesClients.

C. PersonalTrading

NBIA,oroneormoreofitsaffiliates,includingemployees,fromtimetotime,mayinvestfortheirown account directly or through an Affiliated Fund or a Non‐Affiliated Fund in equity, fixedincome, derivatives or other investments in which NBIA may also invest on behalf of ClientAccounts.Moreover,NBIAanditsaffiliatesandtheirrespectiveemployeesmaybuy,sellorhold

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securitieswhile entering into different investment decisions for one ormoreClientAccounts.AllsuchinvestmentsaremadeinaccordancewiththeConflictsProcedures.

NBIA’semployeesandthoseofitsaffiliatesmayparticipatedirectlyorindirectlyinPrivateFundinvestments to the extent permitted by the terms of the applicable Private Fund’s governingdocuments. SuchparticipationineachinvestmentwillbeonsubstantiallythesametermsandconditionsasprovidedforintheofferingmaterialsofthePrivateFunds.ThesaleordispositionbyNBIA, its affiliatesor their respective employeesmust alsobe consummated in accordancewithinternalpoliciesandapplicablelaw.ItistheFirm’spolicytomonitorandinsomecasesprohibitpersonalsecuritiestransactionsforNBIA,itsaffiliatesandtheirrespectiveemployees. TheConflictsProcedurescontainemployeetrading policies and procedures that are closely monitored by the Legal and ComplianceDepartment.Keyaspectsoftheemployeetradingpoliciesandproceduresinclude:

(a) a requirement for securities accounts to be maintained at NBBD or other approvedentities;

(b) anemployeepricerestitutionpolicy;(c) prohibitionsagainstemployeeparticipationincertainIPOs;(d) prohibitionsagainsttradingonthebasisofmaterialnon‐publicinformation;(e) pre‐approval requirements for certain security transactions such as private placement

offerings;(f) aminimumholdingperiodof30daysformostpersonalsecuritiestransactions;and(g) annuallyaffirminginwritingthat(i)allreportabletransactionsoccurringduringtheyear

were reported to the Firm; (ii) all reportable positions were disclosed; (iii) all newlyopenedsecuritiesaccountsorprivateplacementsweredisclosed;and(iv)theemployeehasread,understoodandcompliedwiththeCodeofEthics.

The price restitution policy attempts to address the potential conflict that could arise fromemployeesowningthesamesecuritiesasclients,orwheretheaccountsofbothenterthemarketatthesametime.Subjecttocertainexclusions,includingcertainaccountsthatarecustodiedandtraded by third parties as part of programs sponsored by financial intermediaries, employeetrades that are executed on the same day and in the same security as a Client Account arereviewed to ensure that the employee does not receive a better price than the client. In theeventthattheemployeedoesreceiveabetterprice,theemployee’spriceis“switched”tothatofthe client’s and the cash difference in the execution price is disgorged from the employeeaccount. Disgorged proceeds are often allocated to Client Accounts in the form of revisedexecution prices. In some instances, however, a revised execution pricemay, for operationalreasonsbeyondNBIA’scontrol,notbefeasibleandtheproceedswilleitherberemittedtoClientAccountsordonatedtocharity.

AsstatedintheConflictsProcedures,itisthepolicyofNeubergerBermanforitsSEC‐registeredadvisers toprohibit insiders, that is, theemployeesof suchadvisersandcertainof theircloserelatives,fromeffectingtransactionsinanticipationoftransactionsinsuchsecuritiesbyClientAccounts.

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D. OtherConflictsofInterest

1. MaterialNonPublicInformation/InsiderTrading

The Firm has implemented policies and procedures, including certain information barrierswithintheFirm(the“MNPIProcedures”),thatarereasonablydesignedtopreventthemisusebytheFirmanditspersonnelofmaterialinformationregardingissuersofsecuritiesthathasnotbeenpubliclydisseminated (“materialnon‐public information”). TheMNPIProcedures aredesigned to be in accordance with the requirements of the Advisers Act and other federalsecuritieslaws.Ingeneral,undertheMNPIProceduresandapplicablelaw,whentheFirmisinpossessionofmaterialnon‐publicinformationrelatedtoapublicly‐tradedsecurityortheissuerof such security, whether acquired unintentionally or otherwise, neither the Firm nor itspersonnelarepermittedtorenderinvestmentadviceasto,orotherwisetradeorrecommendatradein,thesecuritiesofsuchissueruntilsuchtimeastheinformationthattheFirmhasisnolongerdeemedtobematerialnon‐publicinformation.

In the ordinary course of operations, certain businesses within the Firmmay seek access tomaterialnon‐public information. For instance, the loananddistresseddebtbusinesseswithinNBIA may utilize material non‐public information in purchasing loans and other debtinstruments. From time to time,NBIAportfoliomanagersmaybeoffered theopportunityonbehalfofapplicableclientstoparticipateonacreditorsorothersimilarcommitteeinconnectionwith restructuring or other “work‐out” activity, which participation may provide access tomaterialnon‐publicinformation.

TheMNPI Procedures address the process bywhichmaterial non‐public informationmay beacquired intentionally by the Firm and shared between different businesseswithin the Firm.When consideringwhether to acquireor sharematerialnon‐public information, theFirmwillattempt to balance the interests of all clients, taking into consideration relevant factors,includingtheextentoftheprohibitionontradingthatmayoccur,thesizeoftheFirm’sexistingposition in the issuer, if any, and the value of the information as it relates to the investmentdecision‐making process. The intentional acquisition ofmaterial non‐public informationmaygive rise to a potential conflict of interest since NBIA may be prohibited from renderinginvestment advice to clients regarding the public securities of such issuer and therebypotentially limiting the universe of public securities that NBIA may purchase or potentiallylimitingtheabilityofNBIAtosellsuchsecurities. Similarly,wheretheFirmdeclinesaccessto(or otherwise does not receive or share within the Firm) material non‐public informationregardinganissuer,NBIAmaybaseitsinvestmentdecisionswithrespecttoassetsofsuchissuersolely onpublic information, thereby limiting the amount of information available toNBIA inconnectionwithsuch investmentdecisions. Indeterminingwhetherornot toelect toreceivematerial non‐public information, theFirmwill endeavor to act fairly to its clients as awhole.The Firm reserves the right to decline access to material non‐public information, includingdecliningtojoinacreditorsorsimilarcommittee.

InconnectionwithloanassetsheldbyNBIA’sclients,NBIAhasengagedathird‐partyvendortoadministertheloanamendmentprocesswithrespecttoissuersforwhichNBIAwillnotacceptmaterialnon‐publicinformation.

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2. Gifts/Gratuities/Entertainment

Generally, Firm employees,wherever located, are prohibited fromproviding business gifts orentertainment that are excessive or inappropriate or intended to inappropriately influencerecipients.

Subject to applicable law, the Firm allows personnel to provide limited business gifts andentertainment topersonnel/representativesof clientsorprospectiveclientsasdetailed in theFirm’s policies and procedures. However, the Firm prohibits providing business gifts orentertainment that are excessive or inappropriate or intended to cause suchpersonnel/representatives to act against the best interests of their employer, the client theyrepresentorthosetowhomtheyoweafiduciaryduty.

In addition to the above prohibitions, the Firm imposes restrictions on providing gifts andentertainmenttoparticulartypesofclientsorclientrepresentatives,suchaspublicofficialsatall levels and representatives of U.S. Labor Organizations. The Firm’s Global Anti‐CorruptionPolicy and Procedures also sets forth rules governing certain gifts and entertainment andimposespre‐approvalorreportingrequirements.Furthermore,otherpublic,aswellasprivate,institutionsmayhavetheirowninternalrulesregardingtheacceptanceofgiftsorentertainmentbytheirpersonnelandotherrepresentatives.NeubergerBermanpersonnelareremindedtobeawarethatinstitutionswithwhomtheydealmayhavecertainadditionalrestrictions.

Inadditiontotheserequirements,whichapplytoallFirmpersonnel,differentregionsmayhaveregulatoryrulesandrequirementsrelatingtobusinessgiftsandentertainmentspecifictotheirregion. Separate Firm policies and procedures specify how personnel subject to thisrequirementaretocomplywithit.

Acceptinggiftsorentertainmentfromclients,prospectiveclients,employeesoragentsofclients,outsidevendors,suppliers,consultants,andotherpersonsorentitieswithwhomtheFirmdoesbusinessmayalsocreateactualorapparentconflictsofinterest. Subjecttoapplicablelaw,theFirm does not prohibit personnel from accepting all business‐related gifts or entertainment.However, neither Firmpersonnel, immediate familymembers, nor other householdmembersmayacceptanygiftorentertainmentthatissignificantinvalueorimpairs,orappearstoimpair,employeeethics,loyaltytotheFirm,orabilitytoexercisesoundjudgment. Furthermore,Firmpersonnel may not accept gifts or entertainment that are, or may be perceived as being,compensation from someone other than the Firm. Firm personnel may not solicit gifts orentertainment,andmaynotgiveanygiftsorentertainmenttoanyonewhosolicitsthem.

3. PoliticalContributions

Due to thepotential for conflictsof interest, theFirmhasestablishedpoliciesandproceduresrelating to political activitieswhich are designed to complywith applicable federal, state andlocallaw.Eachemployeeisrequiredtoseekpreapprovalbeforetheemployee,theemployee’sspouse, the employee’s dependent children or any other person that the employeemateriallysupports (where any such person is either a U.S. citizen or a green card holder) makes anypolitical contribution or engages in other political activities, including, but not limited to,volunteeringorfundraisingforacampaign.

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4. OutsideBusinessActivities

Certain types of outside affiliations or other activities may pose a conflict of interest orregulatory concern to the Firm. Therefore, the Firmprohibits certain activities, and requiresemployeestodiscloseoutsideactivitiestotheFirminwritingsothatresponsiblepersonnelmayassessthecompatibilityoftheoutsideaffiliationoractivitywiththeirroleattheFirm.“Outsideaffiliations”includerelationshipsinwhichNeubergerBermanpersonnelserveasanemployee,director,officer,partnerortrusteeofapublicorprivateorganizationorcompanyotherthantheFirm(paidorunpaid), including jointventures,portfolio investmentcompanies,ornon‐profit,charitable,civicoreducationalorganizations.Thoserelationshipsmayormaynotberelatedtoemployment with the Firm. Employees registered in the U.S. may also have to update theirregulatory filings to reflect outside affiliations. Generally, Firm employees do not have todiscloseaffiliationsthatinvolvelittleornopersonalresponsibilityorexposureontheirpartandhaveminimalpotentialforadverselyaffectingtheFirm’simageorcreatingconflictsofinterest.Firmpersonnelarenotrequiredtodiscloseaffiliationsoffamilymembersunlesstheyareawarethatan immediate familymember’saffiliationwithacompanyororganizationmayresult inaconflictofinterestbetweentheemployeeandtheFirmortheemployeeandaclientoftheFirm.

Firm personnel are generally prohibited from being employed by another company or fromengaginginotheractivitiesthatcouldinterfereorconflictwiththeirserviceattheFirm.Firmpersonnel are prohibited from being employed by, or serving on a board or in an advisoryposition with, any public company or with other firms in the financial services industry.FurthermoreFirmpersonnel areprohibited fromentering into independentnon‐Firm relatedbusiness relationshipswith clients, vendors, or co‐workers. Exceptions to theseprohibitions,which may include serving in a board or advisory position as a fiduciary to certain ClientAccounts, suchasaPrivateFund,mayonlybemade inwritingonacase‐by‐casebasisby theLegalandComplianceDepartment.

Firm personnel may serve, under certain limited circumstances, as an executor, trustee,guardian or conservator, with prior approval from the Legal and Compliance Department,irrespectiveofwhethersuchserviceispersonalinnature.Brokerageaccountsundercontroloftheemployeeasaresultoftheirserviceasanexecutor,trustee,guardianorconservatormustbedisclosedinaccordancewiththeFirm’sCodeofEthics,eveniftherelationshipispersonal.TheFirm generally permits employees to engage in philanthropic, charitable or other similarpursuits,subjecttocertainlimitationsandwithpriorapprovalfromtheLegalandComplianceDepartment.

5. Outsourcing/ServiceProviders

TheFirmconductsappropriateduediligenceonanyoutsidevendorthatprovidesproductsorservices to the Firm and enters into an appropriate contract. The Firm’s relationships withoutsidevendorsaremanagedsothatappropriatecontrolsandoversightareinplacetoprotectthe Firm’s interests, including safeguarding of private and confidential information regardingtheFirm’sclientsandemployees.

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6. Side‐by‐SideManagementofDifferentTypesofAccounts

NBIA and its personnel may have differing investment or pecuniary interests in differentaccountsmanagedbyNBIA,anditspersonnelmayhavedifferingcompensatory interestswithrespect to different accounts. Similarly, NBIA personnel who are dual employees with anAdvisoryAffiliatemayhavedifferentinterestswithrespecttoaccountsmanagedforNBIAandaccountsmanagedfortheAdvisoryAffiliate.

NBIA facesapotential conflict of interestwhen (i)the actions takenonbehalf of oneaccountmay impactothersimilarordifferentaccounts (e.g.,whereaccountshave thesameorsimilarinvestment strategies or otherwise compete for investment opportunities, have potentiallyconflictinginvestmentstrategiesorinvestments,orhavedifferingabilitytoengageinshortsalesandeconomicallysimilartransactions)or(ii)NBIAanditspersonnelhavedifferinginterestsinsuchaccounts(e.g.,whereNBIAoritsrelatedpersonsareexposedtodifferentpotentialforgainorlossthroughdifferentialownershipinterestsorcompensationstructures)becauseNBIAmayhave an incentive to favor certain accounts over others that may be less profitable. Suchconflictsmaypresentparticularconcernwhen,forexample,NBIAplaces,orallocates,securitiestransactions thatNBIAbelieves couldmore likely result in favorableperformance, engages incrosstradesorexecutespotentiallyconflictingorcompetinginvestments.

NBIA, on behalf of different Client Accounts, may make investments in different parts of anissuer’scapitalstructure(e.g.,equityordebt,ordifferentpositionsinthedebtstructure).Ifanissuer in which one or more Client Accounts (or Affiliate Accounts) hold different classes ofsecurities (or other assets, instruments or obligations issued by the same issuer) encountersfinancialproblems,decisionsoverthetermsofanyworkoutmayraiseconflictsofinterest(e.g.,conflictsoverproposedwaiversandamendmentstodebtcovenantsorstrategiestobepursuedinbankruptcyproceedings).

To mitigate these conflicts, NBIA’s policies and procedures seek to ensure that investmentdecisionsaremadeinaccordancewiththefiduciarydutiesowedtosuchaccountsandwithoutconsiderationofNBIA’s(orsuchpersonnel’s)pecuniary,investmentorotherfinancialinterests.NBIAhas policies andprocedures designed to allocate investment opportunities fairly amongClientAccounts.

In addition, certain side‐by‐side managed accounts or portfolios may acquire both long andshortpositionsinsecuritiesofanissuer(i.e.,“long/short”strategies).Ashortsaleinvolvesthesale of a security that the acquirer does not own in the expectation of purchasing the samesecurity(orasecurityexchangeabletherefore)atalaterdateatalowerprice.Tomakedeliverytothebuyer,theacquirermustborrowthesecurity,andtheacquirerisobligatedtoreturnthesecuritytothelender,whichisaccomplishedbyalaterpurchaseofthesecuritybytheacquirer.Incontrasttotakingalongpositioninasecurity,whenamanagersellsasecurityshort,he/sheistypicallydoingsowiththeexpectationthatthesecuritywilldeclineinvalue.Dependingonanumber of conditions, including the security’s liquidity and general economic conditions,shorting a security may also have the added consequence of adversely impacting its marketprice. Asa result,managerswhomanage long/shortproductsmayhavepotential conflictsofinterestweretheyshortasecurityinwhichtheywerealsolongforanotherclientorinanother

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product.NBIAhasadoptedpoliciesandproceduresthatwouldpermitsuchtransactions,undercertainlimitedcircumstances. Forexample,wheresufficientliquidityexistsinthemarketandwhere certain client’s positions in a particular security have yet to achieve long‐term taxtreatment, but themanager is otherwise pre‐disposed to shorting that security, themanagermaybepermittedtoengageinsuchtransaction.

Notwithstanding the above, the viewsandopinionsofNBIA, its portfoliomanagers andotheremployeesandthoseofitsaffiliatesandresearchdepartmentsmaydifferfromoneanother,aswellas fromtheirrespectiveChief InvestmentOfficersandtheNeubergerBermanInvestmentStrategyGroup. Asaresult,productsmanagedbyNBIAor itsaffiliatesmayholdsecuritiesorpursue strategies that reflect differing investment opinions or outlooks at the time of theiracquisitionorsubsequentthereto.

SeeItem12.Bregardingtradeallocationandaggregationpolicies.

7. PotentialConflictsofInterestRelatingtoEmployeeCompensationArrangements

EmployeesofNBIAmayreceiveaportionofthefeesorothercompensationreceivedbyNBIAorthe Firm. Compensationmethodologymay vary andmay be based upon a variety of factors,including but not limited to, gross or net revenue, asset or sub‐asset class, and the specificinvestmentproductorinvestmentvehicle.Giventhatcompensationmayvary,anemployeemayhaveanincentivetopromote,recommendor allocate assets based on the compensation to be received. For example, NBIA and itsemployeesmayfinanciallybenefitifyouraccountisallocatedinawaythatresultsineitherNBIAor theemployee receivingmore compensation from investing inoneproductor strategy thanfrom investing in other products or strategies. Some strategies that involve comparativelyhigherlevelsofcomplexity(e.g.,portfoliocompositionorriskmanagement)orthatmakeuseofmorecomplicatedfinancialinstrumentsandfinancingtechniques(e.g.,hedgingforeigncurrencyexposure or interest rate volatility) may result in higher fees to NBIA, and, to those NBIAemployeeswhopromote, recommend,allocateormanage thosestrategies. Theexpenses, feesandotherchargesmayvaryamongassetclassesoramongsectorsorsub‐categorieswithinanassetclass.Forexample,theexpenses,feesandotherchargesforequityproductsandservicesaregenerallyhigherincomparisontofixedincomeproductsandservices,andtheexpenses,feesandotherchargesforemergingmarketsequitiesproductsandservicesaregenerallyhigher incomparison to U.S. core equity products and services. In addition, certain strategies may bemanaged in a substantially similar manner across multiple investment vehicles (i.e., SMA,registered fund, private fund) and certain vehiclesmay have higher expenses, fees and othercharges.Forexampleprivatefundsmayhavehigherexpenses,feesandotherchargesthanothervehiclessuchasSMAsorregisteredfunds.NeubergerBerman’sprivatefundsmayalsochargeother fees, including performance fees, as well as provide the Firm and selected personnelopportunitiestoearnreturnsintheprivatefundintheformof incentiveallocationsorsimilararrangements. Inotherinstances,wherepermittedbylaw,theprivatefundmayalsoinvestinportfolioassetsthatutilizetheservicesofNeubergerBermanoritsemployeesforafeeorothercompensation.Inaddition,certainstrategiesmaybeimplementedonan“overlay”basiswhereassets held outside of the assetsmanaged by the portfoliomanager for the strategy serve as

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collateral for the overly strategies and the fees for such strategies are generally based upontarget notional exposures and values. To the extent the collateral assets for such overlaystrategies are invested in investment products and strategies of NBIA, the use of overlaystrategieswill involveincremental feestoNBIAanditsemployees. Accordingly, foralloftheforgoing reasons, differences in the strategies and vehicles that may be included in NBIA’sadvisoryclientaccountsmayresultindifferencesandpotentiallyhigherorincrementalfeestoNBIAoritsemployees.Tomitigate those potential conflicts, NBIA has policies and procedures in place and trains itsemployeestoprovideadvicethatissuitableandappropriateforclientsandtoactintheclients’bestinterests.Forhighnetworthclients,theFirm’sAssetManagementBusinessControlGroupcomparesthetypeofassetsintheclients’accountsagainsttheinvestmentobjectiveprovidedbytheclientandreviewsanypossiblediscrepancieswiththerelevantwealthadvisororportfoliomanager. Additionally,theFirm’sAssetManagementGuidelineOversightgroup(“AMGO”)andthe Firm’s Equity Administration team conduct periodic Client Account Reviews for high networth portfolio managers. At those meetings, the portfolio management team’s holdings,performance,concentratedpositions,accountactivityandmarginexposurearereviewedacrosstheir accounts. NBIA’s policies and procedures are reinforced in the Firm’s annual trainingwhichcoversrelevanttopicsincludingasKnowYourCustomerandSuitabilityrequirements.PleaseseeItem5.EandforafurtherdiscussionregardingSalesCompensationpractices.

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Item12: BrokeragePractices

A. CriteriaforSelectionofBroker‐Dealers

InGeneral—BrokerageSelection

CertainNBIA strategies utilize a central trading desk to execute transactionswith third‐partybrokers for certain Client Accounts. Accordingly, where appropriate, references to NBIA inconnectionwith tradeexecution in this Item12 include theaffiliatesofNBIA that support thecentralequitytradingdesk. SeeItem11.B.3. SeealsoItem4.DwithrespecttoWrapProgramaccounts,UnbundledProgramaccounts,andDualContractProgramaccounts.NBIAisaffiliatedwithNBBD,aU.S.registeredbroker‐dealer.MostNBIAadvisorypersonnel areregistered representativeswith FINRA through their affiliationwithNBBD.NBBDandNBBD’sassociated persons, in their separate capacities as registered representatives, may effectsecurities transactions for clients for which they will receive separate and customarycompensation.EmployeeswithresponsibilitiesforsupervisionofaClientAccountmayreceiveaportionof thecommissionspaid toNBBDby theClientAccount. WhileNBIAand itsportfoliomanagers endeavor at all times to put the interest of NBIA’s advisory clients first as part ofNBIA’sfiduciaryduty,clientsshouldbeawarethatthereceiptofadditionalcompensationitselfcreates a conflict of interest, and may affect the judgment of these individuals whenmakingadvisory/investmentrecommendations.With respect to those Client Accounts for which NBIA has discretion to purchase and sellsecuritiesandtoselectthebroker‐dealer,NBIAlookstotheoverallqualityofserviceprovidedbythebrokerandwillconsidermanyfactorswhenmakingaselectionforexecution.ItisNBIA’spolicy to use its best efforts to obtain the best price on every trade given all the relevantcircumstances. However, in addition to price, traders may also consider the size of thetransaction,liquidityofboththesecurityandthemarket,thebroker’sabilitytoprovideorfindliquidity,timelimitations,andconfidentialityofthetransaction.Inaddition,NBIAmayconsiderresearchandotherservicesinmakingbrokeragedecisions(See“ResearchandOtherSoftDollarBenefits”inthisItem12.A).Accordingly,Clientsmaybeabletoobtainmorefavorablebrokeragecommissionrateselsewhere. NBIAwillalsoutilizeelectronictradingnetworkswhentheycanprovide liquidityandprice improvementover andabovewhat is available through traditionalmethodsforexecution.NBIAmay select one ormore firms to serve as primebroker (“PrimeBroker”) to hold thefundsandsecuritiesofanyPrivateFund,andcertainSeparateAccountsmayestablishaprime‐brokeragerelationship. ThePrimeBrokermayalsoexecutetransactionsonbehalfofPrivateFundsandSeparateAccounts,consistentwiththeprinciplesofbestexecution.Specifictradesmaybe“tradedaway,”wheretradesareexecutedthroughbrokersotherthanthePrimeBrokerinordertogainaccesstogreaterinventoryorbetterpriceorexecution.NBIAmayalsoselectPrimeBrokers itbelieveswillprovidespecific servicesbeneficial toaPrivateFund,allowingthePrivate Fund to operatemore effectively and efficiently by, for example, providingNBIA

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with electronic access to account information and trade confirmations and bulk mailing ofstatementstoinvestors.

Clients who elect to trade on margin may enter into a separate agreement directly with theclearingagent.Clientsshouldrefertotheagreementwiththeirclearingagentforalltermsandconditionsofthemarginarrangement,includingallrelatedfeesandexpenses.SeeItem12.Bforinformationontradeallocationprocedures.ResearchandOtherSoftDollarBenefits

Soft dollars refers to the practice of using a portion of the commissions generated whenexecuting client transactions to acquire research andbrokerage services frombroker‐dealers.Ingeneral,NBIA’ssoftdollaractivityrelatestoitsequitytrading;NBIAdoesnotgenerallydirectsoftdollarcreditsforfixedincometransactionstoindividualbrokersordealersonbehalfofitsclients.

Use of Soft Dollars: NBIA may consider research and other services in making brokeragedecisionsand,as itdeemsappropriate,mayuseaportionof thecommissionsgeneratedwhenexecuting client transactions (commonly referred to as “soft dollars”) to acquire research andbrokerage services (“soft dollar benefits”) in a manner consistent with the “safe harbor”providedbySection28(e)oftheSecuritiesExchangeActof1934,asamended. Underthesafeharbor, as ithasbeen interpretedby theSEC,NBIAmayuse softdollars topay for softdollarbenefits,evenwheresuchbenefitsmayalsobeavailableforcash,totheextentappropriateandpermittedbylawandotherglobaljurisdictionalrequirements,whensuchbenefitsassistNBIAinmeetingclients’investmentobjectivesorinmanagingClientAccounts.Theuseof softdollars to receive researchandservicesbenefitsNBIAbyallowingNBIA, atnocosttoit,to(i)supplementandenhanceitsownresearchandanalysisactivities,(ii)receivetheviewsand informationof individualsandresearchstaffofother securities firms,and (iii)gainaccess to persons having special expertise on certain companies, industries, areas of theeconomyandmarketfactors.SubjecttoNBIA’spoliciesandprocedures,NBIAtakesintoaccountthe value of permissible soft dollar benefits provided by a broker‐dealer, as long as suchconsideration is not inconsistent with the objective of seeking best execution for clienttransactions,andclientsmaypayahighercommissiontoabroker‐dealerinrecognitionofsuchsoftdollarbenefitsthanmightotherwisebeobtainedintheabsenceofsuchconsiderations.When appropriate under its discretionary authority and consistentwith the duty to seekbestexecution,NBIAmayexecutebrokeragetransactionsforClientAccountsthroughbroker‐dealerswho provide NBIA with useful soft dollar benefits and may pay to those broker‐dealers anamountorrateofcommissionthatishigherthanmighthavebeenpaidabsentthereceiptofsoftdollarbenefits.NBIAmayselectbroker‐dealersbasedonitsassessmentofeachbroker‐dealer’sability to provide quality executions and its belief that the research, information and otherservicesprovidedbysuchbroker‐dealermaybenefitClientAccounts.Often,itisnotpossibletoplaceadollarvalueonthequalityofexecutionsoronthesoftdollarbenefitsNBIAreceivesfrombroker‐dealers effecting transactions in portfolio securities. Accordingly, broker‐dealers

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selected by NBIA may be paid commissions for effecting portfolio transactions for ClientAccounts in excess of amounts other broker‐dealerswould have charged for effecting similartransactions,ifNBIAdeterminesingoodfaiththatsuchamountsarereasonableinrelationtothevalueof the softdollarbenefitsprovidedby thosebroker‐dealers, viewedeither in termsof aparticulartransactionorNBIA’soveralldutytodiscretionaryaccounts.NBIAmayuse“stepouts”or“commissionsharingarrangements”toobtainsoftdollarbenefits.AstepoutoccurswhenNBIAdirectsabroker‐dealer,whoexecutesa trade, toallocate (or “stepout”) a portion of the trade to another broker‐dealer for clearance and settlement. NBIAprimarilyusesstepouts forblock tradesandbelieves that thispracticeassists inseekingbestexecution.In commission sharing arrangements,NBIAmay effect transactions, subject to best execution,through a broker and request that the broker allocate a portion of the commission orcommissioncredits toasegregated“researchpool”maintainedbythebroker. NBIAmaythendirectsuchbrokertopayforeligibleproductsandservices.Participatingincommissionsharingarrangements may enable NBIA to (1) strengthen its key brokerage relationships; (2)consolidatepaymentsforeligibleproductsandservices;and(3)continuetoreceiveavarietyofhigh quality eligible products and services while facilitating best execution in the tradingprocess.NBIAalsomay,butisnotobligatedto,paycashforsoftdollaritems.AllocationofSoftDollarResearch:ResearchobtainedwithsoftdollarswillnotalwaysbeutilizedbyNBIAforthespecificClientAccountorAccountsthatgeneratedthesoftdollars.Itshouldbenotedthatthevalueofmanysoftdollarbenefitscannotbemeasuredprecisely,andcommissionspaidforsuchservicescannotalwaysbeallocatedtoclientsindirectproportiontothevalueoftheservicestoeachclient. Because,asdiscussedinItem12.B,NBIAmayaggregateor“bunch”clienttransactions,brokeragecommissionsattributabletooneormoreClientAccountsmaybeallocatedtobrokerswhoprovidestatisticaldataandresearchusedbyNBIAinmanagingotherClientAccounts.AfactorintheallocationofbrokerageisNBIA’sevaluationofthequalityofthebrokers’research,meaning the extent to which such brokerage benefits some or all accounts. For purposes ofevaluating such research, points are awarded in several categories and the allocation tobrokeragebusinessismadebaseduponthenumberofpointseachbrokerreceives.Researchisoften received on an unrequested basis from brokers who are not awarded points. Oftenresearch received from others is not used. Brokers who are not being awarded points forresearcharenonethelesssometimesusedintheinterestofsecuringbestexecution.CommissionspaidbyoneClientAccountmay,ineffect,subsidizeservicesthatbenefitedanotherClientAccount.However,anydistortionsshouldbalanceoutovertimeasNBIAbelievesthatitsvarious sources of research and brokerage services enable NBIA to make better investmentdecisions and execute more effective trades. Therefore, NBIA does not usually attempt toallocatetherelativecostsorbenefitsofresearchorbrokerageservicesamongClientAccounts.

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NBIAbelievesthat, in theaggregate, theservices it receivesbenefitclientsandassistsNBIA infulfillingitsoverallfiduciarydutytoclients.NBIA may receive directives from certain clients to make a “best effort” attempt to transactbusiness with a client‐designated broker in consideration of services received solely by thatclientfromthebroker. Insuchinstances,onlytheparticularclient’sownsoftdollarsareused.Unless contrarywritten instructions are provided by the client, primary consideration is stillgiventoseekingbestexecutionofsuchtransactions.TypesofSoft‐DollarProductsandServices:Researchservicesprovidedbyabroker‐dealercanbeeither proprietary (created and provided by the broker‐dealer, including tangible researchproductsaswellasaccesstoanalystsandtraders)orthirdparty(createdbyathirdpartybutprovidedbythebroker‐dealer).NBIAmayusesoftdollarstoacquireeithertypeofresearchandanypermissiblebrokerage services. NBIAhas received the following soft‐dollarproducts andservicesduringthelastfiscalyear:currentandhistoricaldataconcerningparticularcompanies,industries and the financial economy as awhole, aswell as information and analysis thereof,technical and statistical studies and data dealingwith various investment opportunities, risksandtrends,andanalysisinvolvingspecialsituations.DirectedBrokerage for SoftDollar Services: In limited circumstances, NBIAmay enter into anagreementorunderstandingwithabroker‐dealerthatwouldobligateNBIAtoexclusivelydirecta specificamountofbrokerage transactionsor commissions to thebroker‐dealer in return forresearch (or brokerage) services. In some cases, NBIAmay enter into a commission sharingarrangementpursuanttowhichsoftdollarsgeneratedareheldinanaccountforthebenefitofNBIA,andcreditsfromthataccountmaybeusedtoacquiresoftdollaritems.BrokerageforClientReferrals

NBIA does not enter into agreementswith, ormake commitments to, any broker‐dealer thatwouldbindNBIAtocompensatethatbroker‐dealer,directlyorindirectly,forclientreferrals(orsale of fund interests) through the placement of brokerage transactions. In accordancewithRule12b‐1(h)promulgatedunder the InvestmentCompanyActand theNBRegisteredFunds’Directed Brokerage Policy, the NB Registered Funds may not select a broker to execute atransaction in anNBRegistered Fund, or direct commissions to a broker, in consideration offunddistribution.ThepolicyalsorequiresthatNBIAneverallocatecommissionstoabrokerinreturnfor“shelfspace”fortheNBRegisteredFunds,forexposureofNBRegisteredFundstothebroker’s sales force or clients, or for any other arrangement that is designed to support orpromotethebroker’ssalesofNBRegisteredFunds.

DirectedBrokerage;SelectionofBrokers

Certain clients ofNBIAmay elect to use a specific broker‐dealer for securities transactions intheiraccount.TotheextentNBIAisrequiredtodirectsomeorallofthetradesforsuchaccounttoaspecificbroker‐dealer,NBIAdoesnothaveanyrolein,anddoesnothaveanyresponsibilityfor, client’s selection of this broker‐dealer. NBIAdoesnot have any control over the broker’sservices, including commissions charged by such broker, and the nature and quality of

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executionsprovidedbysuchbroker. Assuch,NBIAcannotensureinanygiventransactionforthese accounts that it will be able to obtain the best price. For example, NBIAmay elect topurchaseasecurityonbehalfofcertainofitsSeparateAccountsatabrokerthatNBIAbelievescan execute the trade faster than thebroker selectedby thedirectedbrokerage account. Thepurchase of the security for the undirected Separate Accounts could raise the price of thesecuritybefore thebroker for thedirectedaccount could execute its purchaseof the security.Thispriceimpactcouldresultinthedirectedbrokerageaccountpayingmorethanitotherwisewould have had the account's order been aggregated with the Separate Account’s order. Inaddition, a client's selection of another broker may result in the client not receiving certainbenefitsaffordedNBIA’sclients forwhomNBIAdoesselectbrokerage. Thosebenefits includepotentialefficienciesinexecution,clearanceandsettlementresultingfrom,amongotherthings,thebunchingofordersforvariousclients(seeItem12.B).To the extent a client elects to use a specific broker‐dealer for securities transactions in itsaccount,butNBIAretainsdiscretioninselectingthebroker‐dealer,NBIAwillendeavortousetheselectedbrokerbutgenerallyhasnoobligationtousethebroker‐dealerif, inNBIA’sjudgment,theuseofthebroker‐dealerwouldnotbeconsistentwithNBIA’sfiduciaryobligationstoobtainbest execution or where NBIA is not confident of the selected broker‐dealer's executioncapabilityforaparticulartransaction.Therefore,NBIAdoesnotacceptanyresponsibilityfornotusingthebrokerselectedbyaclientonanysuchtransactions inwhichNBIAdoesnotallocatethebrokeragetothatbroker.NBIAmayusestepoutsforclientrecapturepurposesinordertomitigatedispersionandachievebestexecution.See Item 5.C for information regarding the execution of transactions through the ProgramSponsorordesignatedbrokerforWrapProgramClients,UnbundledProgramClientsandDualContractClients.

OtherFeesinConnectionwithTrading

In an effort to achieve best execution of portfolio transactions,NBIAmay trade securities forclient accounts by utilizing electronic marketplace or trading platforms. Some of theseelectronicsystemsmayimposeadditionalservicefeesorcommissions.NBIAmaypaythesefeesdirectlytotheprovideroftheserviceorthesefeesmaybeincludedintheexecutionpriceofasecurity.NBIA’sintentionisthatitwillonlyusesuchsystemsandincursuchfeesifitbelievesthatdoingsohelpsittoachievebestexecutionfortheapplicabletransaction,takingintoaccountallrelevantfactorsunderthecircumstances.Forexample,NBIAmayconsiderthespeedofthetransaction, the price of the security, the research it receives and its ability to effect a blocktransaction.

TradeErrorsNBIAhasadoptedpoliciesandproceduresforcorrectingtradeerrors.Errorscanresultfromavariety of situations involving portfoliomanagement (e.g., inadvertent violation of investmentrestrictions) and trading (e.g., miscommunication of information, such as wrong number ofshares, wrong price, wrong account, calling the transaction a buy rather than a sell and viceversa, etc.) (collectively, “Improper Trades”). The policies and procedures require that all

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errorsaffectingaClientAccountberesolvedpromptlyandfairly.Undercertaincircumstances,the policy provides that trades may, where appropriate, be cancelled or modified prior tosettlement. The intentof thepolicy is to restoreaClientAccount to theappropriate financialpositionconsideringallrelevantcircumstancessurroundingtheerror.ThepolicydeemscertainImproper Trades executed by the Principal Strategies Group for the Private Fund and certainSeparateAccountsitmanagesasoutsidethepolicy.

B. AggregationofOrders/AllocationofTrades

Aggregation:TheremaybeoccasionswhenNBIAdecides topurchaseor sell the same securityor financialinstrument for several Clients Accounts at approximately the same time (including SeparateAccountsandcertain fee‐payingemployeeaccounts,PrivateFunds,Non‐U.S.RegisteredFunds,NBRegisteredFundsandSub‐AdvisedAccounts).NBIAmay(butisnotobligatedto)combineor“bunch”suchordersinordertosecurecertainefficienciesandresultswithrespecttoexecution,clearance and settlement of orders. NBIA may elect to combine Client Account orders withordersenteredforthesamesecurityforclientsofitsAdvisoryAffiliates(“AffiliateAccounts”).NBIAisnotobligatedtoincludeanyClientAccountinanaggregatedtrade.TransactionsforanyClientAccountmaynotbeaggregatedforexecutionifthepracticeisprohibitedorinconsistentwiththatclient’sinvestmentadvisoryagreement.While NBIA may effect trades in this manner to reduce the overall level of brokeragecommissionspaidorotherwiseenhancetheproceedsorotherbenefitsofthetradeforitsclients,NBIA may direct transactions to brokers based on both the broker’s ability to provide highqualityexecutionandthenatureandqualityofresearchservices,ifany,suchbrokersprovidetoNBIA. Asa result,NBIAclientsmaynotalwayspay the lowest available commission rates, solongasNBIAbelievesthattheyareobtainingbestexecutionunderthecircumstances,takingintoaccountthesoftdollarbenefitsprovided.The aggregation of orders could lead to a conflict of interest in the event anorder cannot beentirely fulfilled and NBIA is required to determine which accounts should receive executedsharesand inwhatorder. NBIAwillgenerallyendeavor toaggregateandallocateorders inamannerdesignedtoensurethatnoparticularclientoraccountisfavoredandthatparticipatingClientAccountsandAffiliatedAccountsaretreatedinafairandequitablemannerovertime.

NBIAwill receive no additional compensation or remuneration of any kind as a result of theaggregation of client trades; rather, to the limited extent it is applicable, commissionswill bechargedatarateasthoughthetradeshadnotbeenaggregated.NBIAwillactinamanneritbelievesisfairandequitableforitsclientsasagroupwhenbunchingandpriceaveraging.

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AllocationofInvestmentOpportunities:NBIA serves as investment adviser for a number of clients andmay face conflicts of interestwhenallocatinginvestmentopportunitiesamongitsvariousclients(andAffiliateAccounts).Forexample: (i)NBIA receives different management or Performance Fees from different clients;and(ii)NBIAanditsaffiliates,owners,officersandemployeesmayinvestsubstantialamountsoftheirowncapitalincertaincollectivevehicles(includingthePrivateFunds)inwhichclientsalsoinvest. ThemajorityofNBIA’sclientspursuespecificinvestmentstrategies,manyofwhicharesimilar. NBIAexpectsthat,overlongperiodsoftime,mostclientspursuingsimilarinvestmentstrategies may experience similar, but not identical, investment performance. Many factorsaffectinvestmentperformance,including:(i)thetimingofcashdepositsandwithdrawalstoandfromanaccount;(ii)thefactthatNBIAmaynotpurchaseorsellagivensecurityonbehalfofallclients pursuing similar strategies; (iii) price and timing differences when buying or sellingsecurities;and(iv)theclients’owndifferentinvestmentrestrictions.NBIA’stradingpoliciesaredesignedtominimizepossibleconflictsofinterestintradingforitsclients.NBIA considers many factors when allocating securities among clients, including the client’sinvestment objectives, applicable restrictions, the type of investment, the number of sharespurchased or sold, the size of the account, and the amount of available cash or the size of anexisting position in an account. Clients are not assured of participating equally or at all inparticularinvestmentallocations.Thenatureofaclient’sinvestmentstylemayexcludeitfromparticipatinginmanyinvestmentopportunities,eveniftheclientisnotstrictlyprecludedfromparticipationbasedonwritteninvestmentrestrictions.NBIArotatesitsorderentryforequityordersamongdifferentclassesofClientsAccounts(e.g.,Private Asset Management Accounts, Institutional Accounts, NB Registered Funds, or WrapProgramand relatedProgramaccounts) inwhat it deems to be a fair and orderlymanner. Inaddition, within the place in the rotation for order entry with respect toWrap Program andrelated Program accounts, NBIA institutes further rotation among investment styles andProgramSponsorsordesignatedbrokers.Asaconsequenceofthisrotation,differentclassesorgroups of clients are likely to receive different execution prices and consequently wouldexperiencedifferentratesofreturn.AllocationofNewIssues:NBIAattemptstoallocatelimitedinvestmentopportunities,includingnew issues, among clients in a manner that is fair and equitable when viewed over aconsiderable period of time and involving many allocations. NBIA maintains policies andprocedurestoallocatesecuritiesinnewissuesandsecondaryofferings.Thefactorstakenintoaccount in allocating of fixed income new issues include whether the account’s investmentobjectives fall primarily within the market capitalization of the issuer of securities to beallocated,cashavailableandlegalrestrictionsontheaccount.Thefactorstakenintoaccountinallocating shares of equity new issues include investment guidelines or restrictions on theaccount.Oncethoserequirementsaremet,thesecuritiesaregenerallyallocatedonaproratabasisbasedontheassetsundermanagementofeachaccount.

International Equity Strategy Considerations: NBIA manages distinct international equitystrategiesthatpurchasethesecuritiesofnon‐U.S.issuersintwotypesofaccounts:thosethat

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arepermitted topurchaseonlyADRs,and those thatmaypurchasesecurities traded in localmarketsaswellasADRs.Inordertoreducetheprobabilityofmarketplacedisruptionsandatthediscretionof eachportfoliomanager, international equity accounts thatarepermitted topurchaseeithersecuritiesinthelocalmarketorADRsmayreceivepriorityoverthoseaccountsthat are permitted to purchase onlyADRs.We believe that this tradingmethodology shouldresult inbetteroverallexecutionquality forallclients,butcannotassurethisoutcome. Asaresultof receivingpriority, clientswhoseaccountsareable topurchaseboth local securitiesandADRsmay achieve superior performance compared to those clientswhose accounts areabletopurchaseonlyADRs.

The Legal and Compliance Department, in conjunction with the Firm’s Asset ManagementGuideline Oversight group (“AMGO”) is responsible for monitoring and interpreting thesepolicies.AnyexceptionstothesepoliciesrequirethepriorapprovaloftheLegalandComplianceDepartment.

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Item13: ReviewofAccounts

A. PeriodicReviews

NBIA’s portfolio managers review accounts on a periodic basis, consistent with an account’sneeds. Certain accounts may require daily review, while others may require less frequentreview.Inreviewingaccounts,portfoliomanagerstakeintoconsiderationbothclientobjectivesandgoals,andthemanager’s investmentthesis for thetotalportfolio,aswellas forparticularsecuritiesandotherassets.

Portfoliomanagersandtradersareresponsibleforensuringthattheportfolioisincompliancewithinternalguidelines,aswellasguidelinesestablishedbytheclient.Assuch,theinvestmentprofessionals responsible for trading are the first step in maintaining compliance withinvestment guidelines and investment policy. Because portfolio managers can access onlineportfoliodata,whichisupdateddailyforeachportfolio,theyareableto“drilldown”fromsectortoindividualsecurityinordertoassesscompliancewithclientguidelines.

WhileNBIA looks to theportfoliomanagers as the first step in the complianceprocess,NBIArecognizes the need for additional, independent oversight. AMGO serves as an independentsupervisory group responsible for ensuring that portfolios are managed in accordance withinvestment guidelines, and, among other things, reviews daily option trading. In addition,members of Firm’s Asset Management Business Control group (AMBC) review, among otherthings, new account forms for suitability and account update forms including changes toinvestmentobjectives.

ThenumberofClientAccountssupervisedbyeachportfoliomanagervariesdependinguponaparticularmanager’sworkloadandcanchangefromtimetotime.AportfoliomanagermayberesponsibleformanagingSeparateAccounts,PrivateFunds,NBRegisteredFunds,Sub‐AdvisedAccounts, Wrap Program accounts, Unbundled Program accounts, or Dual Contract Programaccounts andNon‐DiscretionaryAccountsofNBIAor anaffiliatedadvisory firm. Theprocessrelating to the reviewof theaccountsofanaffiliatedadvisory firmwouldbegovernedby thepoliciesofsuchaffiliate.

In addition to the practices outlined above, the Firm’s Legal and Compliance Departmentreviewstransactions forpossibleconflictsandadherencetotheCodeofEthicsandregulatoryobligations,onadailybasis. This includesreviewsoftradedataandexceptionreports,whichare generally conductedbyoneof several complianceanalysts. Topics covered in the reviewincludefrontrunningandtradingonthebasisofmaterial,non‐publicinformation.

WithrespecttoWAClients,noneofNBIAoritsaffiliatesareunderanyobligationtoreviewormonitoraWAClient’ssituationonanongoingbasis,orupdateanyadvicegiventoaclientwiththeoriginalplan.

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B. Non‐PeriodicReviews

Other than the periodic review of accounts described above, certain account anomalies maytriggernon‐periodicreviewsofClientAccounts.

C. ClientReports

SeparateAccountsandNon‐DiscretionaryAccounts—NBIAwillprovideperiodic reports toits Separate Account and Non‐Discretionary Account clients regarding the status of theiraccounts based on the needs of the individual client. Such reports may vary among clientaccountsbasedonsizeandtypeofaccountorclient.ClientswillgenerallyalsoreceivereportsfromtheirrespectiveQualifiedCustodiansnolessfrequentlythanquarterly.Whenrequiredbytheclient,confirmationsaresenttosuchclientonthenextbusinessdayfollowingtheexecutionofatransactionintheclient’saccount. Statementsarealsosenteachmonthinwhichthere isactivityintheaccount.Inadditiontothereportsdescribedabove,clientsmayperiodicallymeetwiththeirNBIArepresentative.

Private Funds— Investors in Private Funds receive such reports as described in the PrivateFund’s Offering Memorandum (or as otherwise negotiated with NBIA). Generally, annualaudited financial statements of the Private Fund will be prepared in accordance with U.S.GenerallyAcceptedAccountingPrinciples(“GAAP”)anddistributedtoinvestors.InvestorsmayalsoreceivemonthlyorquarterlyreportscontaininginformationonthePrivateFund’sportfolioholdings,valuationoftheirinterestsinthePrivateFundandcashdistributions. ThesereportsmayincludeorbeaccompaniedbyinformationwithrespecttotheperformanceofthePrivateFund,otherinformationabouttheinvestor’saccountandgeneralmarket information. PrivateFundinvestorswillalsoreceivecertaintax‐reportinginformation(e.g.,FormK‐1).

NBRegisteredFunds—NBRegisteredFundinvestorsreceivesuchreportsasarerequiredbythe Investment Company Act or other applicable laws and regulations. In addition, NBIAprovidesreportstoeachNBRegisteredFund’sBoardofTrustees/Directors/Managers,astheymayrequestandasrequiredbytheInvestmentCompanyAct.

NBIAmayrelyoninformationprovidedbythirdpartiesinpreparingreports,andathirdpartymay assist in preparing or distributing reports. To the extent reports include or rely uponinformationfromasourceotherthanNBIA(e.g.,benchmarkinformationwhenareportincludesacomparisonofanaccount’sperformancetooneormorebenchmarkindices),NBIAattemptstoobtain such information from reliable sources; however, the accuracy of such informationcannotbeguaranteed.ReportsmayalsoincludeorrelyuponfairvaluedeterminationsmadebyNBIAora thirdparty. Whilesuchvaluationsaremade ingood faith, theiractualorempiricalaccuracycannotbeguaranteed. NBIA, in itsdiscretion,mayprovidemorefrequentreportsormoredetailedinformationtoalloranyofitsclients.

Sub‐AdvisedAccounts—NBIAcoordinateswithSub‐AdvisedAccountclientsortheirpermitteddesignees to provide periodic reviews and reporting to the client or investors as required.

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Clientsandinvestorsinasub‐advisedfundreceivesuchreportsasrequiredbytheinvestmentadviserasprovidedintheapplicablesub‐advisoryagreementandasrequiredbyapplicablelaworregulation.

WrapandRelatedProgramAccounts—WrapProgramClientsandUnbundledProgramClientsreceivesuchreportsasmaybeprovidedbytheProgramSponsorsordesignatedbrokers.WrapProgram Clients and Unbundled Program Clients should refer to each Program’s disclosuredocument foradditional informationabout thereportsprovidedtoProgramparticipants.DualContract Clients will receive such reports as NBIA provides to its Private Asset ManagementAccountclients,basedon theneedsof individualDualContractClients,andgenerallywillalsoreceivereportsfromtheProgramSponsorsordesignatedbrokers.

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Item14: ClientReferralsandOtherCompensation

A. CompensationbyNon‐Clients

NotApplicable.

B. CompensationforClientReferrals

Subject to applicable law, certain employees of NBIA and its affiliates are eligible to earn anaccount referral commission for referring a potential client to NBIA that engages NBIA toprovide investmentmanagement services. In addition, from time to time, in accordancewithapplicable law, NBIAmay retain and compensate third parties for introducing new clients toNBIA.SeeItem5.E.

From time to time, in accordance with applicable law, NBIA may enter into referralarrangementswith third parties and other financial intermediaries, including participation inthird‐partyprogramssuchasFidelityWealthAdvisorSolutionsSM,forthepurposeofintroducingnewinvestmentadvisoryclientstoNBIA.UnderthesereferralarrangementsallreferralpartiesareindependentcontractorsandthecompensationpaidtosuchpartiesgenerallyrepresentsapercentageofthemanagementandPerformanceFees(ifany)paidbytheclienttoNBIA.Clientsmaypayahigherfeethantheywouldotherwisepayduetothereferringparty’sinvolvementintheintroduction.Inadditiontoreferralsfromexternalsources,NBIAemployeesmaybeeligible,subjecttoapplicablelaw,toearnanaccountreferralcommissionforreferringapotentialclientthat engages NBIA to provide investmentmanagement services. Referral arrangementsmaygiverisetopotentialconflictsofinterestsgiventhatthereferringpartyhasafinancialincentiveto introduce new investment advisory clients to NBIA. NBIA’s participation in these referralarrangements does not diminish its fiduciary obligations to its clients. Consistent with itsobligations under the Advisers Act, NBIA provides disclosures for the referral parties todistributetopotentialclientsrelatingtotheapplicablereferralarrangement.

Consultants

NBIA sponsors educational events where its representatives meet with consultants, broker‐dealers, and other financial intermediaries (collectively “Financial Intermediaries”, or theirclients. NBIA may charge a participation fee or pay for some of all of the expenses of theparticipants. NBIA may also participate in educational programs sponsored by FinancialIntermediaries. NBIA may pay a fee to participate in such programs. Both of these types ofeventsprovideNBIAwithanopportunitytomeetwithFinancialIntermediariesortheirclients.AnyfeespaidbyNBIAarefromitsownresources,whichincludethemanagementfeesreceivedfromitsclients.ClientsshouldconferwiththeirFinancialIntermediariesregardingthedetailsofthepayments theirFinancial Intermediariesmayreceive fromNBIA. Inaddition,NBIAand itsaffiliates actively seek to educate Financial Intermediaries in connection with the Firm’sregisteredfundbusiness.NBIAmaybenefitfromsuchactivityasitadvisesNBRegisteredFunds.

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Item15: Custody

SeparateAccounts,Non‐DiscretionaryAccounts

Generally, neither NBIA nor its affiliates will maintain physical possession of the funds orsecurities that a client maintains in a Separate Account or Non‐Discretionary Account. Theassets inan InstitutionalAccountorNon‐DiscretionaryAccount typicallyaredepositedwithaQualifiedCustodianselectedbytheclient.Undertheinvestmentmanagementagreement,NBIAgenerallyinvoicestheInstitutionalAccountorNon‐DiscretionaryAccountclientsandtheclientsdirectitsQualifiedCustodiantopayNBIA.PrivateAssetManagementAccountstowhichNBBDservesasbroker‐dealeraretypicallyintroducedbyNBBDtoitsclearingfirm,currentlyNationalFinancial Services LLC, which serves as the client’s Qualified Custodian. In limitedcircumstances,NBIAwillhavecustodyduetocertaincontrolitmayhaveoveraclient’scustodialaccount with a Qualified Custodian. The Qualified Custodian will send quarterly, or morefrequently, account statements directly to the client. Clients should carefully review thosestatements. NBIA provides quarterly (or more frequent) account statements to its clients.ClientsshouldcarefullyreadandcompareanyaccountstatementsreceivedfromNBIAagainstaccountstatementsreceivedfromtheirQualifiedCustodian.

PrivateFunds

With the exception of certain privately offered securities, neither NBIA nor its affiliates willmaintain physical possession of the funds, securities or other assets of any Private Fund.Physicalcustodyof theassetsofaPrivateFundwillbemaintainedwithaQualifiedCustodianselectedbyNBIA,anaffiliateorthethird‐partyadvisertosuchPrivateFunds(asapplicable),inits exclusive discretion, which selectionmay change from time to time generallywithout theconsentofinvestorsinthePrivateFund.

CertainPrivateFundshave“primebrokerage”arrangementswithcertainPrimeBrokers.ForaPrivate Fund with a prime broker arrangement, a substantial amount of the brokeragetransactionsmaybeeffected through thePrimeBroker.Through this arrangement, thePrimeBrokerperformsthefollowingfunctions,amongothers:(1)arrangeforthereceiptanddeliveryofsecuritiesbought,sold,borrowedandlent;(2)makeandreceivepaymentsforsecurities;(3)maintain physical possession and custody of cash and securities; and (4) deliver cash to thePrivateFund’sbankaccounts.ThePrimeBrokerwillgenerallymaintainphysicalpossessionorcustodyofacertainportionofthePrivateFund’sassets.

Although NBIA or its affiliates will generally not have physical possession or custody of anyPrivateFundassets,underRule206(4)‐2oftheAdvisersAct(the“CustodyRule”),anadviserhas“constructive”custodyifithastheauthoritytopossessclientassetsbywithdrawingfundsonaclient’sbehalf. WithrespecttoaffiliatedPrivateFunds,NBIAor itsaffiliates,byvirtueofacting as general partner or managing member of such fund or similar capacity, has theauthoritytowithdrawfundsorsecuritiesfromthePrivateFund.Accordingly,NBIAisdeemedtohave“constructive“custodyovertheassetsinanaffiliatedPrivateFund.

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Inorder tocomplywith theCustodyRule,generally theseaffiliatedPrivateFundsundergoanannual audit performed by an independent accounting firm registered with, and subject toinspectionby,thePublicCompanyAccountingOversightBoard(PCAOB).Theauditedfinancialstatements,preparedinaccordancewithGAAP,aredistributedtoall investors ineachPrivateFundwithin120daysoftheendofthefund’sfiscalyearforitsdirecttradingaccountsand180daysoftheendofthefund’sfiscalyearforitsfund‐of‐fundsaccounts.

NBRegisteredFunds

NeitherNBIAnor itsaffiliatesmaintainphysicalpossessionoftheassetsofanyNBRegisteredFund,includinganysecurities.TheassetsofeachNBRegisteredFundareheldinanaccountofaQualifiedCustodianinaccordancewiththerequirementsoftheInvestmentCompanyAct.

Sub‐AdvisedAccounts

Sub‐Advised Accounts are custodied in accordance with the particular type of client (e.g.,SeparateAccounts,PrivateFunds,Third‐PartyMutualFunds,andNon‐U.S.RegisteredFunds).


NBIA does not maintain physical possession of the funds or securities in Wrap Programaccounts, Unbundled Program accounts, or Dual Contract Program accounts. The assets in aProgramaccount orDualContractProgramaccount are typically custodiedwith theProgramSponsororadesignatedbrokerthatisaQualifiedCustodianselectedbytheProgramSponsor,UnbundledProgramClientorDualContractClient.

In these cases, NBIA’s services do not include participation in the selection of the QualifiedCustodian, thestructuringofcustodyarrangements,orsupervisionof theQualifiedCustodian.NBIAassumesnoliabilitywithrespecttotheacts,omissionsorotherconductoftheQualifiedCustodian of the Program Sponsor or client. If the Qualified Custodian invests otherwiseuninvested cash in a client’s custodial account, NBIA does not participate in such investmentdecisionsandisnotliablewithregardtosuchinvestments.

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Item16: InvestmentDiscretion

Discretionary

Subject to any investment guidelines or instructions as a client may from time to timecommunicate to NBIA, NBIA enters into investment management agreements, sub‐advisoryagreements or contractual agreements with its clients that give NBIA authority, withoutobtainingspecificclientconsent,tobuy,sell,hold,exchange,convertorotherwisetradeinanysecurities(includingequityandfixedincome),loansandotherfinancialinstruments,includingderivatives. NBIA also has discretion to choose the broker‐dealer(s) to be used and thecommissionratespaidunless theclient instructsotherwise. NBIA’sdiscretionaryauthority isderivedfromanexpressgrantofauthorityundereachclient’s investmentadvisoryagreementwith NBIA, each sub‐advisory agreement for a Sub‐Advised Account and contractualarrangementswith thePrivateFunds. With respect toanumberof suchagreements,NBIA isalso given the authority to execute agreements or other documents on behalf of the client toeffectuate NBIA’s duties under the investment management agreement. In addition, NBIA’sdiscretionaryauthoritygenerallyallowsNBIAtoexerciseanyrightincidenttoanysecuritiesorotherassets(e.g., therighttovote)heldintheaccountandtoissueinstructionstotheclient’scustodian for theaccount forsuchpurposes,asNBIAdeemsnecessaryandappropriate in themanagement of the account. From time to time, NBIA may be engaged to provide limitedinvestmentmanagementservicessuchasliquidatingaclientaccount.SeeItem4.C.

Purchasesandsalesmustbesuitablefortheparticularclientandlimitationsmaybeimposedasaresultofinstructionsfromtheclientthroughinvestmentguidelinesorotherwritings.Clientsmay limit NBIA’s authority by prohibiting or limiting the purchasing of certain securities orother assets or industry groups. In addition, clients may further limit NBIA’s authority byrestricting theuseof certainbrokersorby requiring thataportionof client’s transactionsbeexecutedthroughtheclient’sdesignatedbroker. See Item12.A. Ifaclientrestricts theuseofcertainbrokersordirectssomeorallofitstradestoparticularbrokers,theclientmayreceivealessadvantageouspriceorexecutiononitssecuritiestradesthanotherclientsthatdonotplacerestrictionsontheuseofcertainbrokersordirectexecutiontoparticularbrokers.

TheFirm,itself,mayplacerestrictionsontradingincertainsecuritiesorotherassetsinClientAccounts.LegalorregulatoryconsiderationsorFirmriskmanagementpoliciesmaynecessitatethat the Firm restrict trading in certain issuers. Limitationsmay also be imposedwhen thepurchaseofasecurity,whenaggregatedwithpositionsinsuchsecurityheldbyNBIAforitself,byinsiders,andbyotherclients,wouldexceedapplicablelaworNBIA’sself‐imposedruleswithregard to maximum size of positions in a security. NBIA will not be able to trade in anysecuritiesontheFirmrestrictedlistonbehalfofanyclientaccounts,exceptwithapprovalbytheFirm’sLegalandComplianceDepartment.

Forexample,pursuanttotheFirm’spoliciesandproceduresonthehandlingofmaterialnon‐publicinformation,whentheFirmisinpossessionofmaterialnon‐publicinformationrelatedtoapublicly‐tradedsecurityortheissuerofsuchsecurity,whetheracquiredunintentionallyorotherwise, ingeneral,neither theFirmnor itspersonnelarepermitted torender investmentadvice as to, or otherwise tradeor recommenda trade in, the securities of such issueruntil

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suchtimeastheinformationthattheFirmhasisnolongerdeemedtobematerialnon‐publicinformation. Assuch,theremaybecircumstanceswhichwillpreventthepurchaseorsaleofsecuritiesforClientAccountsforaperiodoftime.SeeItem11.D.1.

Non‐Discretionary

Inlimitedcircumstances,NBIAprovidesnon‐discretionaryinvestmentmanagementservicestoinstitutionalandindividualclientswherebyitisrequiredtoconsultwithaclientbeforeeffectingany transactions for the client’s account. Please refer to “Non‐Discretionary and ConsultingServices”inItem4.BforadiscussionofNon‐DiscretionaryAccounts.

WithrespecttocertainSeparateAccountclients,whileNBIAhasongoingresponsibilitytoselectsecurities or other investments thatmay be purchased or sold for the client’s account, at theclient’s request, NBIA may be required to consult with the client before effecting any suchpurchasesorsalesfortheclient’saccount.Inaddition,fromtimetotimeexistingPrivateAssetManagementAccountclientsmaydirectNBIAtopurchaseorsellsecuritiesontheirbehalfinaClient‐Directed Transaction. In each such case, NBIA will not assume investment advisoryresponsibility forsuch transactions. Theclient is the finaldecisionmakeronallbuy, sell andhold decisionswith respect to these transactions. Further,NBIAwill not provide investmentadvisoryserviceswithregardtosuchholdings.


Please refer to Item4.D. for adiscussionofNBIA’sdiscretionary authority forWrapProgramaccounts, Unbundled Program accounts and Dual Contract Program accounts, and for adiscussionofNBIA'snon‐discretionaryinvestmentmanagementservicesunderModelPortfolioPrograms.

WealthAnalysisWith respect toNBIA’sWealthAnalyses,NBIAprovides a point‐in‐time consultation anddoesnotexercisediscretionoverclientassets.

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Item17: VotingClientSecurities

NBIAgenerallyhasvotingpowerwithrespecttosecuritiesinallofitsaccountsotherthanNon‐DiscretionaryAccounts.WithrespecttosomeSeparateAccountsandSub‐AdvisedAccounts,theclient has not delegated voting power toNBIA. NBIA has implementedwritten Proxy VotingPolicies and Procedures (the “ProxyVotingPolicy”) that are designed to reasonably ensurethatNBIAvotesproxiesprudentlyandinthebestinterestofitsadvisoryclientsforwhomNBIAhas voting authority. The Proxy Voting Policy also provides for the process bywhich proxyvotingdecisionsaremade,thehandlingofmaterialconflicts,thedisclosureoftheProxyVotingPolicy to clients, the maintenance of appropriate books and records relating to proxies, andproxyvotingguidelinesforcommonproxyproposals.

NBIAgenerallyvotesproxieswithaviewtoenhancingthevalueofthesharesofstockheldinthe advisory accounts. The financial interest of its clients is the primary consideration indetermininghowproxiesshouldbevoted.Asageneralrule,NBIAwillvoteallproxiesrelatingto a particular proposal the same way for all advisory accounts holding the security inaccordancewiththeproxyvotingguidelinessetforthintheProxyVotingPolicy,unlessaclientspecificallyinstructsNBIAinwritingtovotesuchsecuritiesotherwise.

The Neuberger Berman Proxy Voting Committee (“Proxy Committee”) is responsible fordeveloping, authorizing, implementing and updating the Proxy Voting Policy, overseeing theproxy voting process, and engaging and overseeing any independent third party vendors asvotingdelegatestoreview,monitororvoteproxies.InordertoapplytheProxyVotingPolicyina timely and consistentmanner,NBIA utilizesGlass, Lewis& Co. LLC (“GlassLewis”) to voteproxiesinaccordancewiththeProxyVotingPolicy.

Forsociallyresponsiveclients,NBIAhasadoptedsociallyresponsivevotingguidelines. In theeventtheSociallyResponsivevotingguidelinesdonotaddresshowaproxyshouldbevoted,theproxywillbevotedinaccordancewiththeGlassLewisrecommendations.NBIA’sProxyVotingPolicyprovides that itwillgenerallyadopt thevotingrecommendationsofGlassLewis. NBIAretains final authority and fiduciary responsibility for proxy voting. NBIA believes that thisprocessisreasonablydesignedtoaddressmaterialconflictsofinterestthatmayarisebetweenNBIAandaclientastohowproxiesarevoted.

NBIA has adopted proxy voting policies and procedures for the Principal Strategies Group(“PSG”)thatareintendedtofacilitatetheobjectivesof its investmentstrategies,whichmaybedependentontheoutcomeofstockholders’votes.ThesepoliciesandproceduresprovidethattheProxyCommitteehasamore limitedroleas it relates toPSG’svotingdecisions than ithas forotherNBIA investment teams.ThePSGpoliciesandproceduresgenerallyprovide thatproxieswillbevotedinaccordancewithGlassLewis’srecommendationswithrespecttoroutinematters;however, incertaincircumstances,bothroutineandnon‐routine,aPSGportfoliomanagermaydetermine that it is appropriate to vote in a manner inconsistent with Glass Lewis’srecommendation(s)andwithotherNBIAteamsinanefforttobestfacilitatePSG’sstrategies.

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Conflicts:

NBIA is sensitive to conflicts of interest that may arise in the proxy voting process. It iscommittedtoresolvingallconflictsinitsclients’bestinterestandwillgenerallyvotepursuantto the Proxy Voting Policy guidelineswhen conflicts of interest arise. When there are proxyvotingproposals,however, thatgive rise to conflictsof interest thatarenotaddressedby theProxyVotingPolicy, theProxyCommitteewilldetermine theapproach tobe takentoaddresstheconflict.

IntheeventthataninvestmentprofessionalatNeubergerBermanbelievesthatitisinthebestinterestofaclientorclientstovoteproxiesinamannerinconsistentwithNBIA’sproxyvotingguidelinesorinamannerinconsistentwithGlassLewisrecommendations,theProxyCommitteewillreviewinformationsubmittedbytheinvestmentprofessionaltodeterminethatthereisnomaterialconflictofinterestbetweenNeubergerBermanandtheclientwithrespecttothevotingoftheproxyinthatmanner.

If the Proxy Committee determines that the voting of a proxy as recommended by theinvestment professionalwould not be appropriate, the Proxy Committeewill take no furtheraction, in which case Glass Lewis will vote such proxy in accordance with the proxy votingguidelinesorasGlassLewisrecommends.

Clients may obtain a copy of the Proxy Voting Policy or obtain information about how NBIAvotedtheirspecificproxiesuponrequest.ClassActionLawsuits:

Fromtimetotimeasecurityheldinaclient’saccountmaybecomethesubjectofaclassactionlawsuit.ForcertainPrivateAssetManagementAccounts,athird‐partyvendormaybeengagedtoidentify,assertandfileclaimsinclassactionsandprivateactionsecuritieslitigationonbehalfoftheclient.Unlessaclientoptsoutoftheservice,NBIA(anditsaffiliates)andsuchthird‐partyvendor are each authorized, but not obligated, on client’s behalf and with respect to client’saccount,toreviewclientdatainordertoidentifyclaims,completeclaimforms,interactwiththeadministrator,receivesettlementfundsanddistributesuchfunds,ifany,toclient’saccount.Totheextenta third‐partyvendor isnotprovidingsuchserviceandforotherSeparateAccounts,generally, thecustodian for theaccounthandlesanydecision to fileaclaimtoparticipate inaclassactionsettlement,andunlessotherwiseagreedwiththeclient,NBIAhasnoresponsibilitieswithregardtotheclassactionprocess.

With respect to Third‐Party Mutual Funds and unaffiliated Private Funds, unless otherwiseagreedwithNBIA,typicallythefund’scustodianorotherthird‐partyagentengagedbythefundwillhandletheclassactionprocessandfileclaims.WithrespecttoaffiliatedPrivateFundsandNBRegisteredFunds, typically the fund’scustodianorother third‐partyagentengagedby thePrivate Fund or NB Registered Fund, at the direction of NBIA, will handle the class actionprocessandfileclaims.

Generally,NBIAwillnotactonbehalfofitsclientsasaleadplaintiffinaclassactionlawsuitorasaplaintiffinanypotentialdirectaction.

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Item18: FinancialInformation

A. PrepaymentofFees(Sixormoremonthsinadvance)

WithrespecttoSeparateAccounts,NBIAmayrequiretheprepaymentofmorethan$500infeesperclient.However,thisprepaymentwillgenerallybefor3monthsorlessinadvance.

B. ImpairmentofContractualCommitments

NBIA has no financial commitment that impairs its ability to meet contractual and fiduciarycommitmentstoclients.

C. BankruptcyPetitions

NBIAhasnotbeenthesubjectofabankruptcyproceeding.

Neuberger Berman Investment Advisers LLC 1290 Avenue of the Americas New York, NY 10104 (212) 476-9000

FORM ADV PART 2B BROCHURE SUPPLEMENT

FOR MANAGED ACCOUNT GROUP WRAP FEE AND RELATED PROGRAMS

March 28, 2018

This Form ADV Part 2B for Wrap Fee and Related Programs, also called the “Brochure Supplement,” provides information about each supervised person providing services on behalf of Neuberger Berman Investment Advisers LLC (“NB”) who makes discretionary investment management decisions or non-discretionary securities recommendations with respect to investment strategies (each, a “Program Strategy”) offered by third party broker-dealers or other financial intermediaries (each, a “Sponsor Firm”) to you and their other wrap fee or related program clients.

In general, each Program Strategy is managed by a portfolio management team made up of one or more supervised persons. Because many Sponsor Firms offer multiple Program Strategies in their programs, this Brochure Supplement includes information about all Program Strategies offered by NB and the portfolio management teams responsible for them. Your Sponsor Firm may not offer all NB Program Strategies in its programs. In some cases, a portfolio management team described in this Brochure Supplement may include supervised persons who, while not directly involved in managing Program Strategies, are responsible for managing the same strategies for other NB clients in other business lines.

To help you locate the Program Strategy in which your assets are invested, or the portfolio managers responsible for them (referred to as “supervised persons” in this Brochure Supplement), this Brochure Supplement contains four Tables of Contents. The Table of Contents—Equity Program Strategies, which is located on Page ii to this Brochure Supplement, lists all of NB’s Equity Program Strategies alphabetically, along with the names of the portfolio managers responsible for them. The Table of Contents—Fixed Income Program Strategies, which is located on Page iii to this Brochure Supplement, lists all of NB’s Fixed Income Program Strategies alphabetically, along with the names of the portfolio managers responsible for them. In addition, the Table of Contents—Equity Program Strategy Portfolio Managers, which is located on Page iv to this Brochure Supplement, lists in alphabetical order the individual portfolio managers responsible for the Equity Program Strategies, and the Table of Contents—Fixed Income Program Strategy Portfolio Managers, which is located on Page v to this Brochure Supplement, lists in alphabetical order the individual portfolio managers responsible for the Fixed Income Program Strategies. Accordingly, you may locate information about your investment by looking in the applicable Table of Contents under the name of either the Program Strategy or the name of an individual portfolio manager.

The information in this Brochure Supplement supplements the NB ADV Part 2A Brochure. You should have received a copy of that Brochure. You may also obtain it online at www.nb.com/adv_part_2A_nbia. Please contact us at (212) 476- 9000 if you did not receive the NB ADV Part 2A Brochure or if you have any questions about the contents of this supplement. Please note that you may receive more than one Brochure Supplement.

For the information about each supervised person provided in this Brochure Supplement:

“Educational background” refers to the supervised person’s post-high school formal education.

“Disciplinary information” refers to legal or disciplinary events that may be material to your evaluation of the supervised person, such as civil lawsuits, proceedings before a government or self-regulatory agency relating to investment activity, or criminal proceedings.

“Other business activities” refers to activities where the supervised person is actively engaged in any investment-related business or other occupation other than providing advisory services on behalf of NB.

“Additional compensation” refers to an economic benefit received from someone who is not a client by a supervised person for providing advisory services other than his or her regular salary and regular bonus from NB or its affiliates (collectively, “Neuberger Berman”).

“Supervisor” refers to the person who supervises the supervised person’s investment activities on behalf of the firm.

http://www.nb.com/adv_part_2A_nbia

Page ii

TABLE OF CONTENTS

Equity Program Strategies PAGES

ALL CAP CORE .............................................................................................................................................................. 1-4 Alex Bacu…………………………………………………………………………………………………….1 James Gartland ................................................................................................................................................... 2 Michael J. Kaminsky ......................................................................................................................................... 3 Richard M. Werman ............................................................................................................................................... 4

BOLTON LARGE CAP CORE ........................................................................................................................................... 5–9 James Baker ....................................................................................................................................................... 5 John D. DeStefano ............................................................................................................................................. 6 Darren Fogel ...................................................................................................................................................... 7 David Pedowitz .................................................................................................................................................. 8 Mark D. Sullivan ................................................................................................................................................ 9

DAVID J. GREENE – SMALL CAP INTRINSIC VALUE ................................................................................................. 10-12 James F. McAree ............................................................................................................................................. 10 Benjamin H. Nahum .................................................................................................................................... 11 Amit Solomon .................................................................................................................................................. 12

INTERNATIONAL ADR ............................................................................................................................................... 13-15 Maria Llerena ................................................................................................................................................... 13 Benjamin Segal ................................................................................................................................................ 14 Keith Skinner ................................................................................................................................................... 15

KANTOR ALL CAP CORE ................................................................................................................................................. 16 Charles Kantor ............................................................................................................................................. 16

KSE VALUE ............................................................................................................................................................... 17–19 Michael N. Emmerman .................................................................................................................................... 17 Brooke Johnson ................................................................................................................................................ 18 Michelle B. Stein ............................................................................................................................................. 19

LARGE CAP DISCIPLINED GROWTH .......................................................................................................................... 20-23 John J. Barker .................................................................................................................................................. 20 Rick Bradt .................................................................................................................................................... 21 Scott Dynan ...................................................................................................................................................... 22 Jason Tauber .................................................................................................................................................... 23

LARGE CAP VALUE .......................................................................................................................................................... 24 Eli M. Salzmann ............................................................................................................................. 24

REAL ESTATE SECURITIES .................................................................................................................................... 25–26 Brian C. Jones .................................................................................................................................................. 25 Steve S. Shigekawa .......................................................................................................................................... 26

SELECT EQUITIES ....................................................................................................................................................... 1-4 Alex Bacu…………………………………………………………………………………………………….1 James Gartland ................................................................................................................................................... 2 Michael J. Kaminsky ......................................................................................................................................... 3 Richard M. Werman .......................................................................................................................................... 4

SMALL CAP TEAM ..................................................................................................................................................... 27–30 Robert W. D’Alelio.......................................................................................................................................... 27 Brett S. Reiner .................................................................................................................................................. 28 Gregory G. Spiegel .......................................................................................................................................... 29 Judith M. Vale .............................................................................................................................................. 30

SRI EQUITY ............................................................................................................................................................... 31–32 Ingrid S. Dyott ................................................................................................................................................. 31 Sajjad Ladiwala ................................................................................................................................................ 32

Page iii

TABLE OF CONTENTS

Fixed Income Program Strategies

TAXABLE PAGES

CORE BOND ............................................................................................................................................ 33–36 Michael Foster ................................................................................................................................ 33 Andrew Johnson .......................................................................................................................... 34 Tom Sontag ..................................................................................................................................... 35 Theodore Vogel .............................................................................................................................. 36

INTERMEDIATE MATURITY FIXED INCOME .......................................................................................... 33–36 Michael Foster ................................................................................................................................ 33 Andrew Johnson .......................................................................................................................... 34 Tom Sontag ................................................................................................................................ 35 Theodore Vogel ............................................................................................................................. 36

LIMITED MATURITY FIXED INCOME ..................................................................................................... 33-36 Michael Foster ................................................................................................................................ 33 Andrew Johnson .......................................................................................................................... 34 Tom Sontag ..................................................................................................................................... 35 Theodore Vogel .............................................................................................................................. 36

TAX-EXEMPT

TAX-EXEMPT CORE FIXED INCOME ..................................................................................................... 37–41 Jeffrey W. Hunn .......................................................................................................................... 37 James Iselin ................................................................................................................................. 38 Steve Leone .................................................................................................................................... 39 Peter Moukios ................................................................................................................................ 40 Theodore Vogel .............................................................................................................................. 41

TAX-EXEMPT EXTENDED CORE FIXED INCOME .................................................................................. 37-41 Jeffrey W. Hunn .......................................................................................................................... 37 James Iselin ................................................................................................................................. 38 Steve Leone .................................................................................................................................... 39 Peter Moukios ................................................................................................................................. 40 Theodore Vogel .............................................................................................................................. 41

TAX-EXEMPT INTERMEDIATE MATURITY FIXED INCOME .................................................................. 37-41 Jeffrey W. Hunn .......................................................................................................................... 37 James Iselin ................................................................................................................................. 38 Steve Leone .................................................................................................................................... 39 Peter Moukios ................................................................................................................................. 40 Theodore Vogel .............................................................................................................................. 41

TAX-EXEMPT LIMITED MATURITY FIXED INCOME ............................................................................. 37-41 Jeffrey W. Hunn .......................................................................................................................... 37 James Iselin ................................................................................................................................. 38 Steve Leone .................................................................................................................................... 39 Peter Moukios ................................................................................................................................. 40 Theodore Vogel .............................................................................................................................. 41

TAX-EXEMPT LONG MATURITY FIXED INCOME .................................................................................. 37-41 Jeffrey W. Hunn .......................................................................................................................... 37 James Iselin ................................................................................................................................. 38 Steve Leone .................................................................................................................................... 39 Peter Moukios ................................................................................................................................. 40 Theodore Vogel .............................................................................................................................. 41

Page iv of

TABLE OF CONTENTS

Equity Program Strategy Portfolio Managers

PAGES

Alex Bacu .......................................................................................................................................... 1

James Baker .......................................................................................................................................... 5

John J. Barker ..................................................................................................................................... 20

Rick Bradt........................................................................................................................................ 21

Robert W. D’Alelio ............................................................................................................................ 27

John D. DeStefano ................................................................................................................................ 6

Scott Dynan ........................................................................................................................................ 22

Ingrid S. Dyott .................................................................................................................................... 31

Michael N. Emmerman .................................................................................................................... 17

Darren Fogel ......................................................................................................................................... 7

James Gartland ..................................................................................................................................... 2

Brooke Johnson .................................................................................................................................. 18

Brian C. Jones.................................................................................................................................. 25

Charles Kantor .................................................................................................................................... 16

Michael J. Kaminsky ......................................................................................................................... 3

Sajjad Ladiwala .................................................................................................................................. 32

Maria Llerena ..................................................................................................................................... 13

James F. McAree ................................................................................................................................ 10

Benjamin H. Nahum ........................................................................................................................ 11

David Pedowitz .................................................................................................................................... 8

Brett S. Reiner .................................................................................................................................... 28

Eli M.Salzmann .................................................................................................................................. 24

Benjamin Segal ................................................................................................................................... 14

Steve S. Shigekawa ............................................................................................................................ 26

Keith Skinner ................................................................................................................................... 15

Amit Solomon .................................................................................................................................... 12

Gregory Spiegel .................................................................................................................................. 29

Michelle B. Stein ............................................................................................................................. 19

Mark D. Sullivan .................................................................................................................................. 9

Jason Tauber .................................................................................................................................... 23

Judith M. Vale .................................................................................................................................... 30

Richard M. Werman .......................................................................................................................... 4

Page v

TABLE OF CONTENTS

Fixed Income Program Strategy Portfolio Managers

PAGES

Michael Foster .................................................................................................................................... 33

Jeffrey W. Hunn .............................................................................................................................. 37

James Iselin ..................................................................................................................................... 38

Andrew Johnson .............................................................................................................................. 34

Steve Leone ........................................................................................................................................ 39

Peter Moukios .................................................................................................................................... 40

Tom Sontag ........................................................................................................................................ 35

Theodore Vogel........................................................................................................................................36;41

1

EQUITY PROGRAM STRATEGIES ALL CAP CORE

SELECT EQUITIES Supervised Persons

Educational Background & Business Experience

Name Alex Bacu Senior Vice President

Year of Birth

Educational Background

Business Experience (last five years only)

Professional Designations

1980

Amherst College, BA

January 1, 2017 - Present Neuberger Berman Investment Advisers LLC, Associate Portfolio Manager. Prior to that, Alex Bacu was a Senior Research Analyst within NB’s Private Asset Management division.* Alex Bacu is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.

The Chartered Financial Analyst (CFA) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute - a global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. To learn more about the CFA charter, visit www.cfainstitute.org.

Disciplinary Information None

Other Business Activities Alex Bacu is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Alex Bacu provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.

Neuberger Berman investment professionals are eligible to participate in a compensation pool made available to the portfolio management team with which the investment professional is associated. The amount available in the compensation pool is determined based on a number of factors including the revenue that is generated by that particular portfolio management team, less certain adjustments. The percentage allocated to individual team participants is based on a variety of criteria, including the aggregate investment performance, utilization of central resources, business building to further the longer term sustainable success of the investment team, effective team/people management, and overall contribution to the success of Neuberger Berman. Neuberger Berman has policies and procedures in place to monitor and manage any conflicts of interest that may arise as a result of this structure. For example, an investment professional may have an incentive to increase the size of the bonus pool by promoting a particular product over another or by taking aggressive investment positions in an effort to generate outsized returns. These policies and procedures are designed to ensure that investment product recommendations are made in the best interests of clients and that investment decisions are consistent with the client’s investment mandate and are made in the best interests of the client.

Additional Compensation None

Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Alex Bacu and monitoring the investment advice that he provides to the clients of NB. Alex Bacu is required to comply with NB’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Alex Bacu’s supervisor is available at 212-476-9855.

Requirements for State- Registered Advisors

Not Applicable

http://www.cfainstitute.org/

2

EQUITY PROGRAM STRATEGIES

ALL CAP CORE SELECT EQUITIES


Supervised Persons

Name James Gartland

Senior Vice President

Year of Birth



1979

Loyola College, BA Fordham University, MA

2012-Present Neuberger Berman Investment Advisers LLC, Portfolio Manager1

James Gartland is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.

Disciplinary Information

None

Other Business Activities James Gartland is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, James Gartland provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of James Gartland and monitoring the investment advice that he provides to the clients of NB. James Gartland is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. James Gartland’s supervisor is available at 212-476-9855.


Not Applicable

1 Includes tenure at Neuberger Berman BD LLC (formerly Neuberger Berman LLC), an affiliate of NB.

3




Supervised Persons

Name Michael J. Kaminsky

Managing Director

Year of Birth



1967

Emory University, BA Yeshiva University, JD Columbia University, MBA

2012-Present Neuberger Berman Investment Advisers LLC, Portfolio Manager Michael J. Kaminsky is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Michael J. Kaminsky is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Michael J. Kaminsky provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Michael J. Kaminsky and monitoring the investment advice that he provides to the clients of NB. Michael J. Kaminsky s required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Michael J. Kaminsky’s supervisor is available at 212- 476-9855.


Not Applicable

*Includes tenure at Neuberger Berman BD LLC (formerly Neuberger Berman LLC), an affiliate of NB.

4




Supervised Persons

Name Richard M. Werman

Managing Director

Year of Birth



1963

Ithaca College, BA Fordham University, MBA


Richard M. Werman is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Richard M. Werman is a registered representative of NB BD LLC, a U.S. registered broker dealer. In addition, Richard M. Werman provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Richard M. Werman and monitoring the investment advice that he provides to the clients of NB. Richard M. Werman is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Richard M. Werman’s supervisor is available at 212-476- 9855.

5


Not Applicable

6

EQUITY PROGRAM STRATEGIES BOLTON LARGE CAP CORE

Supervised Persons Educational Background & Business Experience

Name James Baker, CFA

Managing Director

Year of Birth




1957

Yale University, BA Harvard University, JD


James Baker is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.



Other Business Activities James Baker is a registered representative of Neuberger Berman BD LLC, a U.S. registered broker dealer. In addition, James Baker provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of James Baker and monitoring the investment advice that he provides to the clients of NB. James Baker is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. James Baker’s supervisor is available at 212-476-9855.


7


Not Applicable

8


BOLTON LARGE CAP CORE


Supervised Persons

Name John D. DeStefano

Managing Director

Year of Birth



1962

New York Institute of Technology, BS Long Island University, CW Post MS


John D. DeStefano is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


None

Other Business Activities John D. DeStefano is a registered representative of Neuberger Berman BD LLC, a U.S. registered broker dealer. In addition, John D. DeStefano provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of John D. DeStefano and monitoring the investment advice that he provides to the clients of NB. John D. DeStefano is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. John D. DeStefano’s supervisor is available at 212-476-9855.


Not Applicable

9



Supervised Persons

Name Darren Fogel


Year of Birth



1971

University of Pennsylvania - The Wharton School, BA Columbia University, MBA


Darren Fogel is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.


None

Other Business Activities Darren Fogel is a registered representative of NB, a U.S. registered broker dealer. In addition, Darren Fogel provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Darren Fogel and monitoring the investment advice that he provides to the clients of NB. Darren Fogel is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Darren Fogel’s supervisor is available at 212-476-9855.


Not Applicable


10



Supervised Persons

Name David Pedowitz

Managing Director Year of Birth



1957

Union College, BS Cornell University, MBA Cornell University, JD


David Pedowitz is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities David Pedowitz is a registered representative of Neuberger Berman BD LLC, a U.S. registered broker dealer. In addition, David Pedowitz provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to Neuberger Berman’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of David Pedowitz and monitoring the investment advice that he provides to the clients of NB. David Pedowitz is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. David Pedowitz’s supervisor is available at 212-476-9855.


Not Applicable



11


Supervised

Persons Educational Background & Business Experience

Name Mark D. Sullivan Senior Vice President

Year of Birth



1967

Boston College, BS Duke University, MBA


Mark D. Sullivan is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities

Mark D. Sullivan is a registered representative of Neuberger Berman BD LLC, a U.S. registered broker dealer. In addition, Mark D. Sullivan provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Mark D. Sullivan and monitoring the investment advice that Mark D. Sullivan provides to the clients of NB. Mark D. Sullivan is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Mark D. Sullivan’s supervisor is available at 212-476-9855.


12

EQUITY PROGRAM STRATEGIES DAVID J. GREENE – SMALL CAP INTRINSIC VALUE


Supervised Persons

Name James F. McAree Managing Director

Year of Birth



1961

United States Military Academy, BS University of Michigan, MBA

2012-Present Neuberger Berman Investment Advisers LLC, Research Analyst1


Other Business Activities James F. McAree is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, James F. McAree provides advisory services on behalf of affiliates of NB Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of James F. McAree and monitoring the investment advice that he provides to the clients of NB. James F. McAree is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. James F. McAree’s supervisor is available at 212-476-9855.


Not Applicable

13



Supervised Persons

Name Benjamin H. Nahum

Managing Director

Year of Birth



1958

Clark University, BA Brooklyn Law School, JD

2013--Present Neuberger Berman Investment Advisers LLC, Portfolio Manager1

Benjamin H. Nahum is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


None

Other Business Activities Benjamin H. Nahum is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Benjamin H. Nahum provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Benjamin H. Nahum and monitoring the investment advice that he provides to the clients of NB. Benjamin H. Nahum is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Benjamin H. Nahum’s supervisor is available at 212-476- 9855.


Not Applicable


14



Supervised Persons

Name Amit Solomon


Year of Birth



1964

Tel Aviv University, BA Massachusetts Institute of Technology, PhD

2013-Present Neuberger Berman Investment Advisers LLC, Research Analyst1

Amit Solomon is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Amit Solomon is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Amit Solomon provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Amit Solomon and monitoring the investment advice that he provides to the clients of NB. Amit Solomon is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Amit Solomon’s supervisor is available at 212-476-9855.


Not Applicable


15

EQUITY PROGRAM STRATEGIES INTERNATIONAL ADR

Supervised Person Educational Background & Business Experience

Name Maria C. Llerena, CFA Managing Director

Year of Birth




1973

University of Limerick, College of Business, BBS

2013-Present Neuberger Berman Investment Advisers LLC, Associate Portfolio Manager*

Maria C. Llerena is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.



Other Business Activities Maria C. Llerena is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Maria C. Llerena provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph V. Amato as Chief Investment Officer is responsible for supervising the advisory activities of Maria C. Llerena and monitoring the investment advice that he provides to the clients of NB. Maria C. Llerena is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Maria C. Llerena’s supervisor is available at 212-476-9855.


Not Applicable

* Includes tenure at Neuberger Berman BD LLC (formerly Neuberger Berman LLC), an affiliate of NB


16



Supervised Person

Name Benjamin Segal, CFA Managing Director

Year of Birth




1969

Jesus College, BA Cambridge University, BA University of Pennsylvania, MA University of Pennsylvania -The Wharton School, MBA


Benjamin Segal is also a Managing Director at Neuberger Berman BD LLC an affiliate of NB.



Other Business Activities Benjamin Segal is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Benjamin Segal provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.

Neuberger Berman investment professionals are eligible to participate in a compensation pool made available to the portfolio management team with which the investment professional is associated. The amount available in the compensation pool is determined based on a number of factors including the revenue that is generated by that particular portfolio management team, less certain adjustments. The percentage allocated to individual team participants is based on a variety of criteria, including the aggregate investment performance, utilization of central resources, business building to further the longer term sustainable success of the investment team, effective team/people management, and overall contribution to the success of Neuberger Berman. Neuberger Berman has policies and procedures in place to monitor and manage any conflicts of interest that may arise as a result of this structure. For example, an investment professional may have an incentive to increase the size of the bonus pool by promoting a particular product over another or by taking aggressive investment positions in an effort to generate outsized returns. These policies and procedures are designed to ensure that investment product recommendations are made in the best interests of clients and that investment decisions are consistent with the client’s investment mandate and are made in the best interests of clients.


Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Benjamin Segal and monitoring the investment advice that he provides to the clients of NB. Benjamin Segal is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Benjamin Segal’s supervisor is available at 212-476-9855.


Not Applicable

1 Includes tenure at Neuberger Berman BD LLC (formerly Neuberger Berman LLC), an affiliate of NB


17



Supervised Person

Name Keith Skinner


Year of Birth



1975

Keith Skinner holds the U.K. Securities Institute Fund Management designation.

2013-Present Neuberger Berman Investment Advisers LLC, Product Specialist on the Global Equity team. Prior to joining the firm, he worked at Martin Currie, where he managed institutional relationships and sales in the North American market focusing primarily on International and Emerging Market Equities.*

Keith Skinner is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Keith Skinner is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Keith Skinner provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Keith Skinner and monitoring the investment advice that he provides to the clients of NB. Keith Skinner is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Keith Skinner’s supervisor is available at 212-476-9855.


Not Applicable

* Includes tenure at Neuberger Berman BD LLC (formerly Neuberger Berman LLC), an affiliate of NB.

18

EQUITY PROGRAM STRATEGIES KANTOR ALL CAP CORE


Supervised Person

Name Charles Kantor

Managing Director

Year of Birth



1970

University of Cape Town, Bachelor of Commerce Harvard University, MBA


Charles Kantor is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Charles Kantor is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Charles Kantor provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Charles Kantor and monitoring the investment advice that he provides to the clients of NB. Charles Kantor is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Charles Kantor’s supervisor is available at 212-476-9855.


Not Applicable


19

EQUITY PROGRAM STRATEGIES KSE VALUE


Supervised Persons

Name Michael N. Emmerman

Managing Director

Year of Birth



1945

Pace University, BBA Long Island University - C.W. Post School of Management, MBA


Michael N. Emmerman is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Michael N. Emmerman is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Michael N. Emmerman provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Michael N. Emmerman and monitoring the investment advice that he provides to the clients of NB. Michael N. Emmerman is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Michael N. Emmerman’s supervisor is available at 212- 476-9855.


Not Applicable


20



Supervised Persons

Name Brooke Johnson

Vice President

Year of Birth



1977

Northwood University, BBA


Brooke Johnson is also a Vice President at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Brooke Johnson is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Brooke Johnson provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Brooke Johnson and monitoring the investment advice that he provides to the clients of NB. Brooke Johnson is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Brooke Johnson’s supervisor is available at 212-476-9855.


Not Applicable


21



Supervised Persons

Name Michelle B. Stein

Managing Director

Year of Birth



1955

S.U.N.Y. Binghamton, BA New York University, MBA Syracuse University, MSE


Michelle B. Stein is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Michelle B. Stein is a registered representative of Neuberger Berman BD LLC, a U.S. registered broker dealer. In addition, Michelle B. Stein provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Michelle B. Stein and monitoring the investment advice that she provides to the clients of NB. Michelle B. Stein is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Michelle B. Stein’s supervisor is available at 212-476-9855.


Not Applicable



22

EQUITY PROGRAM STRATEGIES LARGE CAP DISCIPLINED GROWTH


Supervised Persons

Name John J. Barker

Managing Director

Year of Birth



1958

Iona College, BBA


John J. Barker is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities John J. Barker is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. John J. Barker also provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph V. Amato as Chief Investment Officer is responsible for supervising the advisory activities of John J. Barker and monitoring the investment advice that he provides to the clients of NB. John J. Barker is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. John J. Barker’s supervisor is available at 212-476-9855.


Not Applicable


23



Supervised Persons

Name Richard N. Bradt Managing Director

Year of Birth



1961

Cornell University, BA Graduate School of Business, Stanford University, MBA


Richard N. Bradt is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Richard N. Bradt is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. Richard N. Bradt also provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph V. Amato as Chief Investment Officer is responsible for supervising the advisory activities of Richard N. Bradt and monitoring the investment advice that he provides to the clients of NB. Richard N. Bradt is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Richard N. Bradt’s supervisor is available at 212-476-9855.


Not Applicable

24



Supervised Persons

Name Scott L. Dynan

Vice President

Year of Birth



1976

Washington & Lee University, BA

2013-Present Neuberger Berman Investment Advisers LLC, Portfolio Specialist*

Scott L. Dynan is also a Vice President at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Scott L. Dynan is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Scott L. Dynan provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph V. Amato as Chief Investment Officer is responsible for supervising the advisory activities of Scott L. Dynan and monitoring the investment advice that he provides to the clients of NB. Scott L. Dynan is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Scott L. Dynan’s supervisor is available at 212-476-9855.


Not Applicable

* Includes tenure at Neuberger Berman BD LLC (formerly Neuberger Berman LLC), an affiliate of NB.


25



Name Jason A. Tauber, CFA Managing Director

Year of Birth




1975

Haverford University, BS Cornell University, MBA


Jason A. Tauber is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.



Other Business Activities Jason A. Tauber is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. Jason A. Tauber also provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph V. Amato as Chief Investment Officer is responsible for supervising the advisory activities Jason A. Tauber and monitoring the investment advice that he provides to the clients of NB. Jason A. Tauber is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Jason A. Tauber’s supervisor is available at 212-476-9855.


Not Applicable



26

EQUITY PROGRAM STRATEGIES LARGE CAP VALUE


Supervised Persons

Name Eli M. Salzmann Managing Director

Year of Birth



1964

Princeton University, BA New York University, MBA


Eli M. Salzmann is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Eli M. Salzmann is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Eli M. Salzmann provides advisory services on behalf of affiliates of NB Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Eli M. Salzmann and monitoring the investment advice that he provides to the clients of NB. Eli M. Salzmann is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Eli M. Salzmann’s supervisor is available at 212-476-9855.


Not Applicable

27

EQUITY PROGRAM STRATEGIES REAL ESTATE SECURITIES


Name Brian C. Jones, CFA Senior Vice President

Year of Birth




1971

Harvard University, BA


Brian C. Jones is also a Senior Vice President at Neuberger Berman BD LLC, an affiliate of NB.



Other Business Activities Brian C. Jones is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Brian C. Jones provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Brian C. Jones and monitoring the investment advice that he provides to the clients of NB. Brian C. Jones is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Brian C. Jones’s supervisor is available at 212-476-9855.


Not Applicable



28

EQUITY PROGRAM STRATEGIES REAL ESTATE SECURITIES


Supervised Persons

Name Steve Shigekawa

Managing Director

Year of Birth



1970

University of California, BA New York University, MBA


Steve Shigekawa is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Steve Shikegawa is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Steve Shikegawa provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Steve Shigekawa and monitoring the investment advice that he provides to the clients of NB. Steve Shigekawa is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Steve Shigekawa’s supervisor is available at 212-476-9855.


Not Applicable



29

EQUITY PROGRAM STRATEGIES SMALL CAP TEAM


Supervised Persons

Name Robert W. D'Alelio

Managing Director

Year of Birth



1957

University of Massachusetts, BA Babson College, MBA


Robert W. D’Alelio is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Robert W. D'Alelio is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Robert W. Alelio provides advisory services on behalf of affiliates of NB Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to Neuberger Berman’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Robert W. D'Alelio and monitoring the investment advice that he provides to the clients of NB. Robert W. D'Alelio is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Robert W. D'Alelio’s supervisor is available at 212-476-9855.


Not Applicable


30



Supervised Persons

Name Brett S. Reiner

Managing Director

Year of Birth



1967

University of Pennsylvania- The Wharton School, BSE


Brett S. Reiner is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


None

Other Business Activities Brett S. Reiner is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Brett S. Reiner provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to Neuberger Berman’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Brett S. Reiner and monitoring the investment advice that he provides to the clients of NB. Brett S. Reiner is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Brett S. Reiner’s supervisor is available at 212-476-9855.


Not Applicable


31



Supervised Persons

Name Gregory G. Spiegel

Managing Director

Year of Birth



1972

Boston University, BS Columbia University, MBA

2013-Present Neuberger Berman Investment Advisers LLC, Associate Portfolio Manager1

Gregory G. Spiegel is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Gregory G. Spiegel is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Gregory G. Spiegel provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph V. Amato as Chief Investment Officer is responsible for supervising the advisory activities of Gregory G. Spiegel and monitoring the investment advice that he provides to the clients of NB. Gregory G. Spiegel is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Gregory G. Spiegel’s supervisor is available at 212-476-9855.


Not Applicable


32



Supervised Persons

Name Judith M. Vale, CFA

Managing Director

Year of Birth




1953

Yale University, BA


Judith M. Vale is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.



Other Business Activities Judith M. Vale is a registered representative of Neuberger Berman BD LL, an affiliate of NB and a U.S. registered broker dealer. In addition, Judith M. Vale provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to Neuberger Berman Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Judith M. Vale and monitoring the investment advice that she provides to the clients of NB. Judith M. Vale is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Judith M. Vale’s supervisor is available at 212-476-9855.



33

EQUITY PROGRAM STRATEGIES SRI EQUITY


Supervised Persons

Name Ingrid S. Dyott

Managing Director

Year of Birth



1973

Bowdoin College, BA Columbia University, MBA


Ingrid S. Dyott is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Ingrid S. Dyott is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer.. In addition, Ingrid S. Dyott provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to Neuberger Berman’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Ingrid S. Dyott and monitoring the investment advice that she provides to the clients of NB. Ingrid S. Dyott is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Ingrid S. Dyott’s supervisor is available at 212-476-9855.


Not Applicable

34


EQUITY PROGRAM STRATEGIES SRI EQUITY

Supervised Persons

Name Sajjad S. Ladiwala, CFA

Managing Director

Year of Birth




1966

University of Michigan, MBA University of Bombay, Bachelor of Commerce

2013-Present Neuberger Berman Investment Advisers LLC, Associate Portfolio Manager1

Sajjad S. Ladiwala is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.



Other Business Activities Sajjad S. Ladiwala is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Sajjad S. Ladiwala provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Joseph V. Amato as Chief Investment Officer is responsible for supervising the advisory activities of Sajjad S. Ladiwala and monitoring the investment advice that he provides to the clients of NB. Sajjad S. Ladiwala is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Sajjad S. Ladiwala’s supervisor is available at 212-476-9855.


Not Applicable



35

TAXABLE FIXED INCOME PROGRAM STRATEGIES


CORE BOND INTERMEDIATE MATURITY FIXED INCOME

LIMITED MATURITY FIXED INCOME Supervised Persons

Name Michael Foster Senior Vice President

Year of Birth



1970

University of Rochester, William E. Simon Graduate School of Business Administration (Rochester, NY), MBA Lehigh University (Bethlehem, PA), BA

January 2013 Present Neuberger Berman Investment Advisers LLC, Portfolio Manager

Michael Foster is also a Senior Vice President of Neuberger Berman BD LLC, an affiliate of NB.


None

Other Business Activities Michael Foster is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. Michael Foster is also an Associated Person of Neuberger Berman BD LLC in connection with Neuberger Berman BD LLC’s registration as a Commodity Trading Advisor, Commodity Pool Operator and Introducing Broker. In addition, Michael Foster provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Michael Foster and monitoring the investment advice that he provides to the clients of NB. Michael Foster is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Michael Foster’s supervisor is available at 312-627-4301 or [email protected].


Not Applicable

mailto:[email protected]

36




LIMITED MATURITY FIXED INCOME Supervised Persons

Name Andrew Johnson Managing Director

Year of Birth




1962

University of Chicago (Chicago, IL), MBA Illinois Institute of Technology (Chicago, IL), MS Illinois Institute of Technology (Chicago, IL), BS

January 2013 – Present Neuberger Berman Investment Advisers LLC, Board Member, Portfolio Manager

Andrew Johnson is also a Managing Director at Neuberger Berman BD LLC as well as a Portfolio Manager at Neuberger Berman Trust Company N.A., each of which is an affiliate of NB.

None


Other Business Activities Andrew Johnson is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer.. Andrew Johnson is also a Principal, an Associated Person, and a Swap Associated Person of NB in connection with its registration as a Commodity Trading Advisor and Commodity Pool Operator. In addition, Andrew Johnson is an Associated Person and a Swap Associated Person of Neuberger Berman BD LLC in connection with Neuberger Berman BD LLC’s registration as a Commodity Trading Advisor, Commodity Pool Operator and Introducing Broker. Furthermore, Andrew Johnson provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Andrew Johnson and monitoring the investment advice that he provides to the clients of NB. Andrew Johnson is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Andrew Johnson’s supervisor is available at 312-627-4301 or [email protected].


Not Applicable


37



LIMITED MATURITY FIXED INCOME

Supervised Persons


Name Thomas Sontag Managing Director

Year of Birth




1959

University of Wisconsin (Madison, WI), MBA University of Wisconsin (Madison, WI), BBA

January 2013 – Present Neuberger Berman Investment Advisers LLC, Portfolio Manager

Thomas Sontag is also a Managing Director at Neuberger Berman BD LLC as well as a Portfolio Manager at Neuberger Berman Trust Company N.A., each of which is an affiliate of NB.

None


Other Business Activities Thomas Sontag is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. Thomas Sontag is also an Associated Person and a Swap Associated Person of Neuberger Berman BD LLC in connection with Neuberger Berman BD LLC’s registration as a Commodity Trading Advisor, Commodity Pool Operator, and Introducing Broker In addition, Thomas Sontag provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Thomas Sontag and monitoring the investment advice that he provides to the clients of NB. Thomas Sontag is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Thomas Sontag’s supervisor is available at 312-627-4301 or [email protected].


Not Applicable


38



LIMITED MATURITY FIXED INCOME

Supervised Persons


Name Theodore Vogel Senior Vice President

Year of Birth




1958

Seton Hall University (South Orange, NJ), MA Boston University (Boston, MA), BS, BA

January 2013 – Present Neuberger Berman Investment Advisers LLC, Product Specialist

Theodore Vogel is also a Senior Vice President at Neuberger Berman BD LLC, which is an affiliate of NBIA.

None


Other Business Activities Theodore Vogel is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Theodore Vogel provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Theodore Vogel and monitoring the investment advice that he provides to the clients of NB. Theodore Vogel is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Theodore Vogel’s supervisor is available at 312-627-4301 or [email protected].


Not Applicable


39

TAX-EXEMPT FIXED INCOME PROGRAM STRATEGIES:

TAX-EXEMPT CORE TAX-EXEMPT EXTENDED CORE

TAX-EXEMPT INTERMEDIATE MATURITY FIXED INCOME TAX-EXEMPT LIMITED MATURITY FIXED INCOME

TAX-EXEMPT LONG MATURITY FIXED INCOME


Supervised Persons

Name Jeffrey W. Hunn

Vice President

Year of Birth



1981

Wheaton College, BS Stern School of Business, New York University, MBA

2013-Present Neuberger Berman Investment Advisers LLC, Portfolio Manager, Municipal Fixed Income team.

Jeffrey W. Hunn is also a Vice President at Neuberger Berman BD LLC, an affiliate of NB.


Other Business Activities Jeffrey W. Hunn is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Jeffrey W. Hunn provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with NB's Code of Ethics and other compliance policies and procedures. Please refer to NB's Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Jeffrey W. Hunn and monitoring the investment advice that he provides to the clients of NB. Jeffrey W. Hunn is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Jeffrey W. Hunn’s supervisor is available at 312-627- 4301 or [email protected].


Not Applicable


40





Supervised Persons


Name James Iselin Managing Director

Year of Birth




1970

Denison University (Granville, OH), BA

July 2013 – Present Neuberger Berman Investment Advisers LLC, Portfolio Manager

James Iselin is also a Managing Director at Neuberger Berman BD LLC, an affiliate of NB.

None


Other Business Activities James Iselin is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, James Iselin provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of James Iselin and monitoring the investment advice that he provides to the clients of NB. James Iselin is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. James Iselin’s supervisor is available at 312-627-4301 or [email protected].


Not Applicable


41





Supervised Persons


Name Stephen Leone Senior Vice President

Year of Birth




1967

State University of New York at Oswego (Oswego, NY), BS


Stephen Leone is also a Senior Vice President at Neuberger Berman BD LLC, which is an affiliate of NB.

None


Other Business Activities Stephen Leone is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Stephen Leone provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Stephen Leone and monitoring the investment advice that he provides to the clients of NB. Stephen Leone is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Stephen Leone’s supervisor is available at 312- 627-4301 or [email protected].


Not Applicable


42





Supervised Persons


Name Peter Moukios Senior Vice President

Year of Birth




1966

St. John’s University (New York, NY), BS


Peter Moukios is also a Senior Vice President at Neuberger Berman BD LLC, which is an affiliate of NBIA.

None


Other Business Activities Peter Moukios is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Peter Moukios provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Peter Moukios and monitoring the investment advice that he provides to the clients of NB. Peter Moukios is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by NB from time to time. Peter Moukios’ supervisor is available at 312-627-4301 or [email protected].


Not Applicable


43

TAX-EXEMPT FIXED INCOME PROGRAM STRATEGIES





Supervised Persons

Name Theodore Vogel


Year of Birth




1958

Seton Hall University (South Orange, NJ), MA Boston University (Boston, MA), BS, BA

January 2013 – Present Neuberger Berman Investment Advisers LLC, Product Specialist

Theodore Vogel is also a Senior Vice President at Neuberger Berman BD LLC, which is an affiliate of NB.

None


Other Business Activities Theodore Vogel is a registered representative of Neuberger Berman BD LLC, an affiliate of NB and a U.S. registered broker dealer. In addition, Theodore Vogel provides advisory services on behalf of affiliates of NB. Those other business relationships may result in certain actual or perceived conflicts from time to time. These conflicts may relate to, among other things, the advice given to clients and the time and resources devoted to clients by supervised persons. These conflicts are managed through compliance with Neuberger Berman’s Code of Ethics and other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts and how they are managed.



Supervision Brad Tank as Chief Investment Officer of Fixed Income is responsible for supervising the advisory activities of Theodore Vogel and monitoring the investment advice that he provides to the clients of NB. Theodore Vogel is required to comply with Neuberger Berman’s Code of Ethics, its compliance policies and procedures and any other policies and procedures adopted by Neuberger Berman from time to time. Theodore Vogel’s supervisor is available at 312-627-4301 or [email protected].


Not Applicable


. Rev

FACTS WHAT DOES DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:

� Social Security number and � and � and

When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to shar e personal information to run their everyday business. In the section below, we list the reasons financial companies can share their

personal information; the reasons chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information Does share?

Can you limit this sharing?

For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

For our marketing purposes— to offer our products and services to you

For joint marketing with other fi nancial companies

For our affiliates’ everyday business purposes— information about your transactions and experiences

For our affiliates’ everyday business purposes— information about your creditworthiness

For nonaffiliates to market to you

Questions? Call

http://www.gpo.gov/fdsys/pkg/FR-2009-12-01/html/E9-27882.htm

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Who we are

Who is providing this notice?

What we do How does protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured fi les and buildings.

How does collect my personal information?

We collect your personal information, for example, when you

or

Why can’t I limit all sharing? Federal law gives you the right to limit only

sharing for affiliates’ everyday business purposes—information about your creditworthiness

affiliates from using your information to market to you sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Defi nitions Affi liates Companies related by common ownership or control. They can be

financial and nonfi nancial companies.

Nonaffi liates Companies not related by common ownership or control. They can be financial and nonfi nancial companies.

Joint marketing A formal agreement between nonaffi liated financial companies that together market financial products or services to you.

aprasad

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Neuberger Berman Investment Advisers LLC 1290 Avenue of the Americas New York, NY 10104 Tel. 212.476.9000

PROXY INSTRUCTIONS Please send all proxies, proxy cards and annual reports to Glass Lewis at the following address: Glass, Lewis & Co. PVA – Neuberger Berman/NEU126 One Sansome Street, Suite 3300 San Francisco, CA 94104 Please note that a member of Glass Lewis staff will call to verify implementation of this procedure. In the interim, if you have any questions regarding this request, please contact : Suzanne Johnson Glass, Lewis & Co, LLC (703)652-4399 [email protected] If you need to contact Neuberger Berman, please e-mail [email protected] or [email protected] Thank you, Kevin B Clifford Vice President

