Client Brochure January 1, 2016 - Morgan Stanley...This Brochure dated January 1, 2016 has been prepared in accordance with rules adopted by the SEC. This Brochure will be updated

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NeubergerBermanLLCClientBrochureJanuary1,2016

605ThirdAvenueNewYork,NY10158

www.nb.com

January1,2016

This Brochure provides information about the qualifications and business practices ofNeuberger Berman LLC (“NB LLC”). If you have any questions about the contents of thisBrochure,pleasecontactusat212‐476‐9000orbyemailat:[email protected].

NBLLC is registeredas an investment adviserunder the InvestmentAdvisersActof1940, asamended (the “AdvisersAct”). NB LLC is subject to the Advisers Act rules and regulationsadopted by the Securities and Exchange Commission (“SEC”). Registration as an investmentadviserdoesnotimplyanyparticularlevelofskillortraining.

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

* * * *

The information in this Brochure has not been approved or verified by the United StatesSecuritiesandExchangeCommissionorbyanystatesecuritiesauthority.

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Item2: MaterialChanges

ThisBrochuredatedJanuary1,2016hasbeenpreparedinaccordancewithrulesadoptedbytheSEC. This Brochure will be updated at least annually. We may further provide ongoingdisclosureinformationaboutmaterialchangesasnecessary.ThefollowingisasummaryofthematerialchangessetforthhereinthathavebeenmadetothisBrochuresinceMarch30,2015.

ItemNo. DescriptionofMaterialChanges4 RevisedownershiptoreflectownershipbyNBIAandthetransferof

certainofNBLLC’sbusinessestoNBIA.

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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........................................5

D. WrapPrograms...........................................................................................................................5

E. AssetsUnderManagement....................................................................................................7

ITEM5: FEESANDCOMPENSATION..................................................................................................8

A. FeeSchedule.................................................................................................................................8

B. PaymentMethod.....................................................................................................................17

C. OtherFeesandExpenses.....................................................................................................19

D. PrepaymentofFeesandRefunds.....................................................................................21

E. SalesCompensation...............................................................................................................22

ITEM6: PERFORMANCE‐BASEDFEESANDSIDE‐BY‐SIDEMANAGEMENT..................24

ITEM7: TYPESOFCLIENTS.................................................................................................................25

ITEM8: METHODSOFANALYSIS,INVESTMENTSTRATEGIESANDRISKOFLOSS..27

ITEM9: DISCIPLINARYINFORMATION.........................................................................................42

ITEM10: OTHERFINANCIALINDUSTRYACTIVITIESANDAFFILIATIONS.....................43

A. RegistrationasaBroker‐DealerorRegisteredRepresentative.........................43

B. RegistrationasaFuturesCommissionMerchant,CommodityPoolOperator,CommodityTradingAdvisororAssociatedPerson.................................................43

C. RegistrationasaMunicipalSecuritiesDealer............................................................43

D. MaterialRelationships..........................................................................................................43

E. SelectionofOtherInvestmentAdvisers........................................................................47

ITEM11: CODEOFETHICS,PARTICIPATIONORINTERESTINCLIENTTRANSACTIONSANDPERSONALTRADING...............................................................49

A. CodeofEthics...........................................................................................................................49

B. ParticipationorInterestinClientTransactions........................................................49

C. PersonalTrading.....................................................................................................................52

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D. OtherConflictsofInterest...................................................................................................53

ITEM12: BROKERAGEPRACTICES.....................................................................................................58

A. CriteriaforSelectionofBroker‐Dealers........................................................................58

B. AggregationofOrders/AllocationofTrades...............................................................63

ITEM13: REVIEWOFACCOUNTS........................................................................................................66

A. PeriodicReviews.....................................................................................................................66

B. Non‐PeriodicReviews...........................................................................................................67

C. ClientReports...........................................................................................................................67

ITEM14: CLIENTREFERRALSANDOTHERCOMPENSATION...............................................68

A. CompensationbyNon‐Clients...........................................................................................68

B. CompensationforClientReferrals..................................................................................68

ITEM15: CUSTODY....................................................................................................................................69

ITEM16: INVESTMENTDISCRETION................................................................................................71

ITEM17: VOTINGCLIENTSECURITIES............................................................................................72

ITEM18: FINANCIALINFORMATION................................................................................................74

A. PrepaymentofFees(Sixormoremonthsinadvance)...........................................74

B. ImpairmentofContractualCommitments...................................................................74

C. BankruptcyPetitions.............................................................................................................74

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Item4: AdvisoryBusiness

A. DescriptionoftheFirm

NeubergerBermanLLC(“NBLLC”)isaDelawarelimitedliabilitycompanywithalegacydatingtothe1939foundingofNeuberger&Berman,itspredecessorfirm.AsofJanuary1,2016,NBLLCisdirectlyownedbyNeubergerBermanInvestmentAdvisersLLC(“NBIA”), which is an indirect, wholly‐owned subsidiary of Neuberger Berman Group LLC(“NBG”).AsofJanuary1,2016,certainofNBLLC’saccountsweretransferredtoNBIA,includingall or substantially all of the Institutional Accounts, the Private Funds and theNBRegisteredFunds(each,asdefinedbelow),totaling,intheaggregate,approximately$49,804,763,810undermanagement (calculated as of October 31, 2015). The transferred accounts and remainingaccountswill continue to bemanaged by the same individuals, some ofwhomwill now alsomanageaccountsonbehalfofNBIA.NBLLCprovidesawiderangeofdiscretionaryinvestmentmanagementservicestoavarietyofclients, including, high net worth individuals, institutions and private investment funds. Thefirm also provides discretionary investment management services and non‐discretionarysecuritiesrecommendationsthroughwrap‐feeprograms,andactsassub‐advisertoanumberofproprietarySEC(asdefinedbelow)registeredopen‐endinvestmentandclosed‐endinvestmentcompanies and to separate accounts, non‐U.S. funds, unaffiliated commingled investmentvehicles and private investment vehicles managed by affiliated and unaffiliated investmentadvisers.Fromtimetotime,NBLLCmayalsoprovidefinancialplanninganalysestoitsclients.NBLLCholdsthefollowingadditionalregistrationsandmemberships:

registeredbrokerdealerwiththeSECandamemberoftheFinancialIndustryRegulatoryAuthority(“FINRA”);

registeredCommodityPoolOperator(“CPO”),CommodityTradingAdvisor(“CTA”)andFutures Commission Merchant (“FCM”) with the Commodities Futures TradeCommission(“CFTC”)andamemberoftheNationalFuturesAssociation;and

registeredmunicipal securitiesdealerwith theMunicipal SecuritiesRulemakingBoard(“MSRB”).

IndirectOwnershipBackground—NeubergerBermanGroupNBG is a holding company the subsidiaries of which (collectively referred to herein as the“Firm”or“NeubergerBerman”)provideabroadrangeofglobalinvestmentsolutions–equity,fixed income and alternatives – to institutions and individuals through customized separately

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managedaccounts,mutual fundsandalternative investment funds. AsofDecember31,2014,NeubergerBermanhadapproximately$250billionundermanagement.1OnMay4,2009,NeubergerBermanbecameanindependent,employeemajority‐controlledassetmanagement firm resulting from amanagement buyout from Lehman Brothers Holdings Inc.(“LBHI”),thethen‐ownerofthebusinessesthatnowcompriseNeubergerBerman.Atthetimeofthemanagementbuyout,LBHIretaineda49%interestinNeubergerBerman.Effective December 19, 2014, NBG’s voting equity is owned 100% by NBSH Acquisition, LLC(“NBSH”). NBSH is owned by current and former employees and their permitted transferees(the“ManagementMembers”).AsofJanuary1,2015,NBG’sBoardofDirectorsiscomprisedoffivemembers, includingNBG’sChiefExecutiveOfficer,who is required tobeamemberof theBoard and serves as its Chairman. In addition, the Management Members have the right toappointfourDirectors,twoofwhomarerequiredtobeindependentasdefinedintheNewYorkStockExchangeListedCompanyStandards.NeubergerBerman is headquartered inNewYork City. As of December 31, 2014,NeubergerBermanhadapproximately2100employeesacross31officesin17countriesaroundtheworld.AsofDecember31,2014,approximately400employeesownedanequitystakeintheFirm.Alloftheseemployeeshaveenteredintoagreementsthatprovidestrongincentivestocontinuewiththeorganization,andhaveanumberofrestrictivecovenants in theevent theemployee leavestheFirm.NBLLC’sinvestmentmanagementservicesarefurtherdiscussedbelow.

B. TypesofAdvisoryServices

NBLLCcurrentlyprovidesthefollowingtypesofwealthmanagementservices:

SeparatelyManagedAccounts‐PrivateAssetManagementandInstitutionalAccounts

NB LLC offers discretionary investment management services to individual and institutionalclientsbasedontheindividualinvestmentgoals,objectives,timehorizon,andrisktoleranceofeachclient. NBLLCprovides itsadvisoryservices through (i) separatemanagedaccounts forindividualandinstitutionalclients(“PrivateAssetManagementAccounts”)thatareservicedby the Private Asset Management segment of NB LLC’s business and (ii) separate managedaccountsforclientsthatpayNBLLCaninvestmentadvisoryfeebasedonNBLLC’sinstitutionalfee schedule or that are serviced by the institutional segment of NB LLC’s business(“Institutional Accounts”), collectively, (“Separate Accounts”). Private Asset Management

1FirmassetsundermanagementfiguresreflectthecollectiveassetsforthevariousaffiliatedinvestmentadvisersthataresubsidiariesofNBG.

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Accountsincludeaccountsmanagedunderdiscretionaryassetallocationprogram(s),suchastheGuided Portfolio Solutions Program (“GPSProgram”), throughwhich NB LLC provides assetallocationsandinvestmentmanagementbyallocatingassetsamongaportfolioofNBRegisteredFunds(asdefinedbelow). From time to time existing Separate Account clients may direct NB LLC to purchase or sellsecurities on their behalf (“Client‐Directed Transactions”). NB LLC will purchase suchsecurities,whichwill,unlessotherwiseagreed,generallybeheldinasegregatedportionoftheclient’saccountasunsupervisedholdings;however,suchholdingsmayormaynotbereflectedinthecustodian’sbooksandrecordsbyanyspecificmark,designation,orotherindication.NBLLCwillnotprovideportfoliomanagementservicestosuchsegregatedportionof theaccountandwill not receive advisory feeswith respect to this portion of the account. Any decisionsconcerningtheretention,disposition,orotherchangewithrespecttosuchholdingsshallremainsolelywith the client. In addition, from time to time,NB LLCmay provide non‐discretionaryinvestmentadvisory services in the formofnon‐binding investmentadviceoranalyses. Withrespecttotheprovisionofsuchnon‐discretionaryservices,clientshavesolediscretionandfinalresponsibilityfordecidingwhethertobuy,sell,holdorotherwisetransactinanysecurity. NBLLCgenerallydoesnototherwiseofferorprovidenon‐discretionaryadvisoryservices.SeeItem16.

PrivateInvestmentVehicles

NB LLC acts as the investment manager providing discretionary investment managementservices to privately offered investment vehicles (“Private Funds”). The Private Funds aregenerallyorganizedor“sponsored”byanaffiliateofNBLLCandanaffiliateofNBLLCactsasthemanagingmemberorgeneralpartnerofthePrivateFunds.ForcertainPrivateFunds,affiliatesof the firmmay also serve as officers, directors or other persons authorized to facilitate theoperationofthePrivateFunds.Insomecases,NBLLCmayserveasanadviserorsub‐advisertoPrivateFundsthatareorganized,managedorsponsoredbyentitiesthatarenotaffiliatedwithNBLLC. Unlikeopenandclosed‐endmutualfundsthatareregisteredwiththeSECundertheInvestmentCompanyAct of 1940, as amended (the “InvestmentCompanyAct”), thePrivateFundsarenotregisteredasinvestmentcompanieswiththeSECandarethereforenotsubjecttovariousprovisionsoftheInvestmentCompanyAct. Also,unlikemostNBRegisteredFunds(asdefinedbelow), shares or interests in thePrivate Funds arenot registered for sale under theSecuritiesActof1933andareinsteadsoldtoqualifiedinvestorswhomeetcertaincriteriaonaprivateplacementbasis,bothin“closed”offeringsandthroughcontinuousperiodicofferings.ForalistofcertainofthePrivateFundsforwhichanaffiliateofNBLLCactsasgeneralpartnerormanagingmember, please reference Section 7.B.(1) and (2) of ScheduleD of Part 1 toNBLLC’sFormADVwhichispubliclyavailableatwww.adviserinfo.sec.gov.WrapProgramAccounts

NBLLCprovidesadvisoryorsub‐advisoryservices tosponsorsofwrap feeprograms (“WrapPrograms”)with respect to the sponsors’ clients, through its participation in such programs.SeeItem4.D.

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Sub‐AdvisedAccounts

NBLLCactsassub‐advisertoanumberofproprietarySECregisteredopen‐endinvestmentandclosed‐endinvestmentcompanies(the“NBRegisteredFunds”)andtoseparateaccounts,non‐U.S. funds, including funds registered under the securities laws of offshore jurisdictions,unaffiliated commingled investment vehicles and private investment vehicles managed byaffiliatedandunaffiliatedinvestmentadvisers(collectively,the“Sub‐AdvisedAccounts”).Withrespect to the NB Registered Funds, NB LLC’s role as sub‐adviser is limited to providinginvestment research and related services from and consultations with members of NB LLC’sresearch department. Clients should refer to each fund’s prospectus, offeringmemorandum,constitutional documents, subscription agreement and other private offering materials (the“Offering Documents”) or other specific Private Fund documentation for additionalinformation.

The Separate Accounts, Private Funds,Wrap FeeAccounts and the Sub‐AdvisedAccounts arecollectivelyreferredtohereinas“ClientAccounts.”

FinancialPlanningAnalysis

Fromtimetotime,NBLLCmayprovideaone‐timefinancialplanninganalysis(“FPAnalysis”)tocertaineligibleclients(“FPAClient(s)”)freeofcharge.TheFPAnalysisisintendedsolelyforinformationalanddiscussionpurposestoeducateFPAClientsonfinancialplanningtopicsandhelp FPA Clients better understand their financial profile and evaluate possible options. Todevelop the FPAnalysis, FPA Clients complete a questionnaire that is designed to obtain keyfinancial data and other relevant information about the FPA Client and her investment goals.Additional informationmay be requested, if necessary, for amore in‐depth analysis. The FPAnalysis and any related discussions are subject to a separatewritten agreement and do notconstituteinvestmentadviceandarenotpartofanyinvestmentadvisoryorfiduciaryservicesofferedbyNBLLCoritsaffiliates.Neubergerdoesnotserveasafiduciaryorinvestmentadvisorin connectionwith any FP Analysis, and the FP Analysis and any related discussions are notintendedtoserveasaprimarybasis foranydecisionorasarecommendationwithrespect toanyinvestment,financial,insurance,trustandestateortaxplanningdetermination.Inaddition,NBLLChasdesignatedspecificemployee(s)withoversightresponsibilitiesforeachFPAnalysisproduced for FPAClients (“NBFPAConsultant(s)”). NB FPAConsultantsmay hold financialplanningeducationalorprofessionalcredentials,suchastheCertifiedFinancialPlanner™(CFP®)designation. Holding a professional designation typically indicates that the individual hascompleted certain courses or continuing education. NB LLC does not, however, monitorcompliance with any such professional credentials by any NB FPA Consultant andmakes norepresentations orwarranties regarding the use of any such professional designations or theeducationalorprofessionalcredentialsofanyNBFPAConsultant.Inaddition,NBLLCdoesnotcomplywithany industryassociationstandardsorrequirements inrespectof theFPAnalysisandanyrelateddiscussions,andNBLLC isnotproviding“financialplanningservices”assuchtermisdefinedbyanyindustryassociations,includingbutnotlimitedtotheCFPBoard.

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C. ClientTailoredServicesandClientTailoredRestrictions

NBLLCentersintodiscretionaryinvestmentmanagementagreementswithitsSeparateAccountclients. See Item 16. Clients may impose reasonable restrictions, such as restrictions oninvesting in certain securities or types of securities in accordance with their particularinvestmentobjectivesorneeds.NBLLCmaydecidenottoaccommodateinvestmentrestrictionsdeemed unduly burdensome or materially incompatible with NB LLC’s investment approach.Withrespect todiscretionaryassetallocationprogramsofferedbyNBLLCthatallocateassetsamongmutualfunds,Clientsmayimposereasonablerestrictionsonthemutualfundsincludedintheprogrambutmaynotrestrictthesecuritiesinwhichthemutualfundsinvest.Further,NBLLCmaydeclinetopermitanyaccountrestrictionthataffectsmorethanastatedpercentageofthe account. Imposing account restrictions may adversely affect account performance ascomparedwith other, unrestricted accounts that NB LLCmanageswith the same investmentstrategy.

NBLLCentersintodiscretionaryinvestmentmanagementagreementswitheachPrivateFund.Services are performed in accordance with the terms of each investment managementagreement.EachPrivateFundmayimposeadditionalinvestmentrestrictionsorguidelinesthatcorrespond to the Private Fund’s particular investment objective, goal and strategy. Suchinvestmentrestrictionsand/orguidelinesaretypicallydescribedintheOfferingDocumentsforeachPrivateFund.

InthecaseoftheSub‐AdvisedAccounts,NBLLCentersintoasub‐advisoryagreementwiththedirectinvestmentadviser(the“IntermediaryAdviser”)totheSub‐AdvisedAccount.Thetermsandconditionsofthesearrangementsmayvary,andcontactbetweenNBLLCandtheendclientwill typically take place through the Intermediary Adviser. Each Sub‐Advised Account ismanagedinaccordancewiththeinvestmentobjectives,policiesandrestrictionssetforthintheinvestment management agreement between the Sub‐Advised Account and the IntermediaryAdviser.

Separate Account andWrap Program clientsmay restrict the ability of portfoliomanagers toinvestinNBRegisteredFundsorPrivateFunds.

See Item 4.D for a description of client tailored services and restrictions on Wrap ProgramAccounts.

D. WrapPrograms

NB LLC participates as an investment manager in discretionary and non‐discretionaryWrapPrograms. AWrapProgramisaninvestmentprogramwheretheclientsoftheWrapProgramsponsors(each,a “WrapProgramClient”)generallypaytothesponsorsoneall‐inclusive feethat covers investment management, trade execution, custodial services and otheradministrative fees. The sponsors of a Wrap Program (the “Wrap Sponsors”) are typicallybroker‐dealers, financial institutions or other investment advisers that establish, operate andadminister the Wrap Programs. The Wrap Sponsors are responsible for determining the

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financial circumstances, investment objectives, risk tolerances and investment restrictions ofeachWrapProgramClient.

IndiscretionaryWrapPrograms, theWrapSponsor typically selectsorappointsNBLLCas itssub‐advisortomanagedesignatedassetsofitsWrapProgramClientsinoneormoreinvestmentstrategies. In thesediscretionaryWrapPrograms,NBLLChas investmentdiscretionover thedesignatedassetsintheaccountsoftheWrapProgramClients.NBLLCmanagestheaccountsinaccordancewiththeselectedinvestmentstrategyandreasonableclient‐directedrestrictions.Subject to its obligation to seek best execution, NB LLC generally executes trades for WrapProgramClient accounts through theWrap Sponsors. When trades are executed through theWrap Sponsors, the all‐inclusive fee paid by each Wrap Program Client typically covers allbrokeragecommissionsandexecutioncostsonthetrades.WhenNBLLCchoosestotradeawayfrom the Wrap Sponsors and execute trades through broker‐dealers other than the WrapSponsors,theWrapProgramClientsmayincurexecutioncostsinadditiontothewrapfeestheypay to theWrap Sponsors. Please refer to Item 5.C and Item 12 for a further description ofadditionalexecutioncoststhatmaybeincurredbyWrapProgramClients.ClientsthatenrollinWrap Programs should satisfy themselves that the Wrap Sponsors are able to provide bestexecutionoftransactions.NBLLCalsoparticipatesinnon‐discretionaryWrapPrograms.IntheseWrapPrograms,NBLLCfurnishes investmentadviceandrecommendations toWrapSponsors throughtheprovisionofmodelportfolios(“ModelPortfolioWrapPrograms”). TheWrapSponsorsmayuseNBLLC’smodelportfoliosandupdates,eitheraloneor togetherwithothermodelportfolios, tomanagethe accounts of the Wrap Program Clients, although the Wrap Sponsors retain investmentdiscretionovertheaccounts.NBLLCissolelyresponsibleformanagingitsmodelportfolios.The services provided by each of NB LLC and theWrap Sponsors are described in theWrapSponsors’disclosurematerialsandthecontractsWrapSponsorshavewiththeirWrapProgramclients.NB LLC does not generally communicate directly with Wrap Program Clients (includingcommunicationswith respect to changes in aWrapProgramClient’s investment objectives orrestrictions), and all such communications generally must be directed through the WrapSponsor. Also, NB LLC does not provide overall investment supervisory services to WrapProgramClients.NBLLCisnotinapositiontorecommendthesuitabilityofanyWrapProgramtoWrapProgramClients.PleaserefertoSection5.I.(2)ofScheduleDtoPart1toNBLLC’sFormADVforafulllistoftheWrapProgramsinwhichNBLLCparticipates.

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E. AssetsUnderManagement

DiscretionaryAmounts: Non‐DiscretionaryAmounts: DateCalculated:

$55,820,687,512 $0 10/31/2015*

*TakesintoaccountthetransferofcertainofNBLLC’saccountstoNBIAasofJanuary1,2016,asdescribedabove.

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Item5: FeesandCompensation

A. FeeSchedule

1.SEPARATEACCOUNTSNBLLC’sstandardfeeschedulesaresetforthbelow.ManagementfeesforSeparateAccountsaretypicallyapercentageofthemarketvalueofassetsheld in the Separate Account. In limited circumstances, NB LLC may provide investmentmanagementservicestoaSeparateAccountforafixedfee. Aportionofaclient’saccountmayconsistofClient‐DirectedTransactionsandsuch transactionsaregenerallynot included in thevaluationoftheaccountforpurposesofcalculatingtheadvisoryfeepayabletoNBLLC.SeeItem16.Management feesmayvarydependingonavarietyof factors including,butnot limited to, theinvestment strategy, the identity of the portfolio manager or group managing the account,accountsize,investmentobjectivesandthetypeandnumberofclientaccountsandthelevelofcustomizationwithNBLLC, includingother accountswith affiliatesofNBLLC. Theremaybedifferencesinfeespaidbycertainclientsbasedonaccountinceptiondatesoramountofclientassetsundermanagement. AffiliatesofNBLLCanditsemployeesaregenerallyeligibleforfeewaiversordiscountsonNBLLC’sproducts.Insomeinstances,baseduponparticularfactsandcircumstances and, as permitted by applicable law, NB LLC as a courtesy may, in its solediscretionpermit“familybilling”arrangements,wheretheaccountvaluesoftwoormorerelatedaccountsarecombinedforthepurposeofreducingtheoverallfeespaidbytheaccounts. Sucharrangementsarenon‐contractualandNBLLCmayterminatesucharrangementatanytime.For itsPrivateAssetManagementAccounts,NBLLCgenerallyenters into investmentadvisoryagreementsthatprovidefortheprovisionofadvisoryandbrokerageservicesbyNBLLC.Certainof the Fee Schedules below assume that the clients have entered into such agreements andconsented to the use ofNB LLC as broker for the account. These accounts are billed an “all‐inclusive”feethatcapturesNBLLC’sinvestmentmanagementandbrokeragefees.NoseparatefeesarechargedbyNBLLCforbrokeragetransactionsintheaccount.Clientsshallbearallothertransactionandtransfer‐relatedcostsandexpenses,asapplicable.SeeItem5.Cbelow.Alternatively,clientswhohavePrivateAssetManagementAccountsmayengageNBLLCsolelyfor theprovisionof investmentadvisoryservices. Insuch instancestheaccountwillgenerallypay separate commission fees to third‐partybrokers forbrokerage transactions. In addition,InstitutionalAccountsgenerallyengageNBLLCsolelyfortheprovisionof investmentadvisoryservices and generally pay separate commission fees to third party brokers for brokeragetransactions.

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CertainfeeschedulesforPrivateAssetManagementAccountshavedifferentfeeratesforequityand fixed income securities. Please note that for accounts subject to such fee schedules, onlyassets that have been designed for permanent investment in fixed income securities will besubjecttothefixedincomefeerate.Accordingly,cashandcashequivalentsthatarenotheldforpermanentinvestmentinfixedincomesecuritieswillbesubjecttotheequityfeerate.TheremaybefeeschedulesusedbycertainSeparateAccountclientswhobecameclientsastheresult of an acquisition or “lift‐out” of a firm or investment personnel by NB LLC, or whoseaccountsaremanagedorservicedbyindividualsorteamswhohavejoinedNBLLCthroughsuchan acquisition or lift‐out. Additionally, some Separate Account clients may be billed on feeschedulesthatarenolongeroffered.TheseschedulesarenototherwiseavailabletoneworotherexistingclientsofNBLLC.Incertainlimitedcircumstances,InstitutionalAccountfeeschedulesmayalsobeofferedtonon‐InstitutionalAccountclients.Additionally,PrivateAssetManagementAccountclientswhohaveassetsmanagedbytheportfoliomanagementgroupsforInstitutionalAccountswillgenerallybesubjecttoPrivateAssetManagementAccountfeeschedules,andviceversa. CertainPrivateAssetManagementAccounts thatare servicedby, introduced toor thatobtain access toNBLLCorNBLLCproductsbyor throughother entities, such as thirdpartybrokerdealers and investment advisers, aregenerally subject to varying types anddegreesofclientservicesdirectlyfromsuchotherentityandconsequentlymaybesubjecttoaNBLLCfeeschedule that provides for lower fees than NB LLC’s published fee schedules for the sameproductsserviceddirectlybyNBLLC.TheminimumfeeforPrivateAssetManagementAccountclientsmaybechangedorwaivedforsomeclients, includingbutnot limitedtoemployeesofNBLLCor itsaffiliatesandclientswhoinvestinnewstrategiesattheinitiallaunch. Employeesmaybechargedalowerfeethannon‐employeeclients.Inaddition,thecriteriausedtodetermineeligibilityforbreakpointdiscountsmayvarybaseduponthefactsandcircumstancesuniquetoaclientrelationship.InaccordancewithNBLLC'sstandardagreementswithclients,itsinvestmentadvisoryfeesandcommissionratescanbemodifieduponadvancewrittennoticetoclients.

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A.PRIVATEASSETMANAGEMENTACCOUNTS‐‐SCHEDULEEPrivateAssetManagementAccounts–ScheduleETypeofassetintheaccount 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, the annual charge (payablequarterly)

For accountswith amarket valueof less than$10million 1.500% of the first $2,500,000 of market

value, 1.400% of the next $2,500,000 of market

value, 1.300% of the next $2,500,000 of market

value,and 1.200% of the next $2,499,999 of market

value. For accountswith amarket value equal to or

greaterthan$10million 1.250%ofthefirst$10 ,000,000ofmarket

value,and 0.900%oftheremainingbalanceofmarket

value.

Forcashequivalentsandmanagedassetsheldfor permanent investment in fixed incomesecurities, the annual charge (payablequarterly)

0.375%ofthemarketvalue.

Minimumquarterlyfeefortheaboveaccountsis$1,875B.PRIVATEASSETMANAGEMENTACCOUNTS—SCHEDULEEP1PrivateAssetManagementAccounts–ScheduleEP1Typeofassetintheaccount AdvisoryFeeAll assets in the account including NBRegisteredFunds,cashandcashequivalents


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C.PRIVATEASSETMANAGEMENTACCOUNTS—SCHEDULEFPrivateAssetManagementAccounts–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, the annual charge (payablequarterly)

For accountswith amarket valueof less than$10million 1.750% of the first $5,000,000 of market

value,and 1.500% of the next $4,999,999 of market

value.

For accountswith amarket value equal to orgreaterthan$10million 1.600%of the first $10,000,000 ofmarket

value,and 1.250%oftheremainingbalanceofmarket

value.

Forcashequivalentsandmanagedassetsheldfor permanent investment in fixed incomesecurities, the annual charge (payablequarterly)


Minimumquarterlyfeefortheaboveaccountsis$2,500D.PRIVATEASSETMANAGEMENTACCOUNTS—SCHEDULE716Typeofassetintheaccount AdvisoryFeeCash, cash equivalents and managed assetsheldforpermanentinvestmentinfixedincomesecurities

0.400% of the first $5,000,000 of marketvalue,

0.300%of thenext $15,000,000ofmarketvalue,

0.275%of thenext $30,000,000ofmarketvalue,

0.250%ofthenext$100,000,000ofmarketvalue,

0.150%ofthenext$250,000,000ofmarketvalue,and

0.120%oftheremainingbalanceofmarketvalue.

Theminimumquarterlyfeefortheaboveaccountsis$1,000

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E. PRIVATE ASSET MANAGEMENT ACCOUNTS—GPS – TOTAL PORTFOLIO SOLUTIONS(TPS)FEESCHEDULEPrivateAssetManagementAccounts‐GPS–TPSFeeScheduleTypeofassetintheaccount AdvisoryFeeAll assets in the account including NBRegisteredFunds,cashandcashequivalents

1.400% if the market value of the totalfamilyrelationshipislessthan$500,000,

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

1.200%ifthemarketvalueis$1,000,000orgreaterbutlessthan$5,000,000,

1.100%ifthemarketvalueis$5,000,000orgreaterbutlessthan$10,000,000,and

1.000% if themarketvalue is$10,000,000orgreater.

F. PRIVATE ASSET MANAGEMENT ACCOUNTS—GPS – EQUITY COMPLETION FEESCHEDULEPrivateAssetManagementAccounts‐GPS–EquityCompletionFeeScheduleTypeofassetintheaccount AdvisoryFeeAll assets in the account including NBRegisteredFunds,cashandcashequivalents


G.INSTITUTIONALACCOUNTSNBLLCPortfolioAccountFeesTypeofAdvisoryAccount AdvisoryFeeLarge Cap Disciplined Growth – InstitutionalAccounts

.65% of the first $35 million of marketvalue,

.40%ofthenext$65million, .30%ofthenext$100million,and .25%ofthebalance.

MidCapGrowth–InstitutionalAccounts .80% of the first $25 million of marketvalue,


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NBLLCPortfolioAccountFeesTypeofAdvisoryAccount AdvisoryFeeSmallCapGrowth–InstitutionalAccounts 1.00% of the first $25 million of market

value, .80%ofthenext$25million, .70%ofthe‐balance.

LargeCapValue–InstitutionalAccounts .65% of the first $25 million of marketvalue,

.50%ofthenext$25million, .40%ofthenext$50million,and .30%ofthenext$100million,and .25%ofthebalance.

Systemic Large Cap Value – InstitutionalAccounts


.50%ofthenext$25million, .40%ofthenext$50million,and .30%ofthenext$100million,and .25%ofthebalance.

Mid Cap Intrinsic Value – InstitutionalAccounts



SmallCapValue–InstitutionalAccounts 1.00%ofmarketvalueofallassets.Small Cap Intrinsic Value – InstitutionalAccounts

1.00% of the first $20 million of marketvalue,


Socially Responsible Investing – InstitutionalAccounts


.65%ofthenext$25million,and .40%ofthebalance.

RealEstateSecurities–InstitutionalAccounts .75% of the first $25 million of marketvalue,


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NBLLCPortfolioAccountFeesTypeofAdvisoryAccount AdvisoryFeeInternationalSelect–InstitutionalAccounts .85% of the first $25 million of market

value, .60%ofthenext$25million, .50%ofthenext$150million,and .40%ofthebalance.

CoreEquity–InstitutionalAccounts .65% of the first $25 million of marketvalue,

.50%ofthenext$25million, .40%ofthenext$50million, .30%ofthenext$100millionand .25%ofthebalance.

EquityIncome–InstitutionalAccounts 1.00% of the first $10 million of marketvalue,

.80%ofthenext$15million, .60%ofthenext$75million, .50%ofthebalance.

Global Thematic Opportunities – InstitutionalAccounts


.80%ofthenext$15million, .60%ofthenext$75million, .50%ofthebalance.

InternationalAllCap–InstitutionalAccounts 1.00% of the first $10 million of marketvalue,


Emerging Markets Equity – InstitutionalAccounts



MLPs–InstitutionalAccounts .75% of the first $50 million of marketvalue,


GlobalEquity–InstitutionalAccounts .75% of the first $25 million of marketvalue,


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NBLLCPortfolioAccountFeesTypeofAdvisoryAccount AdvisoryFeeFlexEquity–InstitutionalAccounts .85% of the first $50 million of market

value, .80%ofthenext$50million, .75%ofthenext$400million, .70%ofthenext$500million,and .65%ofthebalance.

Risk Balanced Global Equity – InstitutionalAccounts



Systematic Global Equity‐ InstitutionalAccounts



International ACWI ex‐US – InstitutionalAccounts



GlobalREIT–InstitutionalAccounts .80% of the first $25 million of marketvalue,


2.PRIVATEFUNDSPursuanttoNBLLC’sinvestmentmanagementagreementwitheachPrivateFund,NBLLCoritsdesignatedaffiliatewillreceiveanannualmanagementfeethatcustomarilyisbasedonthenetassetvalueofeachinvestor’saccountinthePrivateFund.ForsomePrivateFunds,NBLLCoritsaffiliatemay receive sucha feewhere thePrivateFundachieves a certainpreferred returnorexceeds a specified performance benchmark. Such feesmay be paidmonthly or quarterly, inarrears, or in advance, depending on the particular requirements of each Private Fund.ManagementfeesmayalsobecalculatedbasedonaggregatenetassetsofcertaininvestorsinaPrivateFund. CertainPrivateFundsalsooffer “breakpoints” for feesbasedonnet investmentamounts held in an investor’s capital account; such breakpoints generally permit NB LLC tocharge lowerfeesforhighernet investmentamountsheld inacapitalaccount,andhigherfeesforsmalleraccounts.Forthesepurposes,anetinvestmentamountisgenerallycalculatedbasedon an investor's contributions, withdrawals and distributions and is not based on capitalappreciationordepreciationinanaccount.

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ManagementfeesforthePrivateFundsgenerallyrangebetween.55%and1.50%annuallyandmay be negotiable under certain circumstances, including for affiliates of NB LLC. Higher orlowermanagementfeeratesmayapply.NBLLCoraPrivateFund’sgeneralpartnerormanagingmemberordirectors, eachasapplicable,will customarily retaindiscretion towaive, rebateorcalculatedifferently themanagementfeesastoalloranyof the investors inaPrivateFundoragreewithaninvestortowaiveoralterthemanagementfeesastothatinvestor.CertainPrivateFundsmayelecttowaivefeesforemployeesoftheFirmwhoinvestinthePrivateFundpursuanttotheFirm’semployeeinvestmentprogram.SeeItem11.B.In addition to management fees, certain Private Fundsmay permit NB LLC or its designatedaffiliatestoreceiveperformance‐basedfeesorallocationsbasedonthenetcapitalappreciation(i.e.,capitalappreciationlesscapitaldepreciation)ofeachinvestor’saccountinsuchfunds.Forcertain Private Funds the performance‐based fee or allocation is payable only if, and to theextent that, the net capital appreciation of the investor’s account exceeds any net capitaldepreciation accumulated in the prior performance period (as adjusted for withdrawals ofcapital).ThecapitalaccountofNBLLCoritsaffiliate,asgeneralpartnerormanagingmemberofeachPrivateFund,isnotincludedwhencalculatinganysuchfeesorcompensation.Performancefees may be up to 20% of (realized or unrealized) capital gains though a Private Fund mayrequireahigherorlowerfeeallocation.DependingonthetermsofthePrivateFund,NBLLCorthe Private Fund’s general partner, managing member or, directors, each as applicable, mayretaindiscretionto,waive,rebateorcalculatedifferentlytheperformancebasedfeeastoalloranyoftheinvestorsinaPrivateFundoragreewithaninvestortowaiveoraltertheperformancefeedistributionastothatinvestor.Investors should refer to the applicable Private Fund’s Offering Documents for more detailsrelatedtocalculationandpaymentoffees.3.WRAPPROGRAMACCOUNTSWrapProgramClientstypicallypayWrapSponsorsoneall‐inclusivefeethatcoversinvestmentmanagement,tradeexecution,custodialservicesandotheradministrativefees. Ofthatfee,theWrapSponsors, inturn,payinvestmentmanagementfeestothesub‐advisors,suchasNBLLC,thattheyselecttoprovideinvestmentmanagementservicestotheirWrapProgramClients.NBLLCgenerallynegotiates its feeswitheachWrapSponsor, subject tovarying factors including,but not limited to, theWrap Sponsor’s program size and style, the services performedby theWrap Sponsor, and other factors. Subject to these factors, NB LLC’s basic annualized feeschedule for a discretionaryWrap Program ranges between 0.34% and 0.70% annually. In anon‐discretionaryModelPortfolioWrapProgram,NBLLC’sbasicannualizedfeeschedulerangesbetween0.28%and0.50%annually.4.SUB‐ADVISEDACCOUNTSSub‐advisoryfeesforthesub‐advisedaccountsareindividuallynegotiatedandvarydependingon the account. NB LLC’s fees may be consistent with the basic fee information and terms

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describedaboveforthetypeofclient(e.g.,SeparateAccounts,PrivateFunds).NBLLCreceivesmanagement fees and may receive performance fees in its role as sub‐adviser to certainAffiliatedFunds(asdefinedbelow).

5.FINANCIALPLANNINGANALYSISNBLLCdoesnotchargeanyfeesforitsFPAnalysis.However,theFPAnalysisthatisprovidedmayincluderecommendationstosell,holdorpurchaseAffiliatedFunds(asdefinedbelow).FPAClientswhoinvestinAffiliatedFundsaresubjecttoanyapplicablepurchaseandredemptionfeesandtheclient’sshareofanyadvisoryfee,administrativefeeorotherfeeorexpenseincurredbytheAffiliatedFund. (Clientsshouldreferto theapplicableOfferingDocumentswithrespect tocalculation and payment of fees and expenses.). Accordingly, while a purchase or sale ofAffiliatedFundsharesisnotsubjecttoaload,saleschargeorcommission,actinginaccordancewithsuchadvicewillresultinthedirectandindirectpaymentoffeestotheAffiliatedFundsandtoNBLLCoritsaffiliates.Inaddition,FPAClientswillbearanyandallapplicablecustodialfeesandbrokeragefees.

B. PaymentMethod

CalculationandPaymentofFees:

PrivateAssetManagementAccounts—Advisory feesare typically chargedquarterly, inadvance, at the beginning of each calendar quarter, based on themarket value of theclient’saccountonthelastbusinessdayofthepreviouscalendarquarter.Newaccountsarechargedapro‐ratafeeforthequarterbasedonthemarketvalueoftheaccountonthedatetheaccountisestablished.

InstitutionalAccounts—FeesforInstitutionalAccountsaregenerallypaidtoNBLLConaquarterlybasis,eitherinarrearsorinadvance,asprovidedinthecontractbetweenNBLLCandtheInstitutionalAccountclient.

Paymentof fees forSeparateAccountswilleitherbemadethroughaquarterlydebit totheclient’saccountatthecustodianbankorbroker/dealerorwillbemadeuponinvoice,whichwillbeduewithin30daysofthedateoftheinvoice.Ingeneral,SeparateAccountclientscontractuallyagreetoallowNBLLCtodebitanyfeesfromtheiraccounts.Attheclient’s request,NBLLCwill send the clientan informational statementof the feesdueeachquarter.

PrivateFunds—ManagementfeesgenerallywillbepaidbyeachPrivateFundquarterlyormonthly, in advanceor in arrears, or in suchmanner as set forth in the applicableOfferingDocuments..WhereaPrivateFundappliesaperformancefeeorallocation,suchfeeorallocationmaybechargedattheendoftherelevantPrivateFund’sfiscalyear,uponwithdrawalbyaninvestorfromaPrivateFundoratsuchothertimesasdisclosedintheapplicable Offering Documents. Investors should refer to the applicable OfferingDocumentswithrespecttocalculationandpaymentoffees.

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WrapFeeAccounts—EachWrapSponsor generallypaysNBLLCon aquarterlybasis,eitherinarrearsorinadvance,asprovidedinthecontractbetweenNBLLCandtheWrapSponsor.NBLLCdoesnotinvoiceWrapProgramClients.EachWrapSponsorcalculatesandremitsNBLLC’sfees.NBLLCdoesnotestablishthevalueofsecuritiesheldintheseaccounts,whichisafunctionprovidedbytheWrapSponsors.

Sub‐Advised Accounts — Payment of fees may vary depending on the sub‐advisoryagreement in place. Payment method is generally set forth in the sub‐advisoryagreement.

ValuationforFeeCalculationPurposes

SeparateAccounts—Indeterminingthemarketvalueofassets,thetotalmarketvalueofsecuritiespurchasedonmarginisincluded.Thismayresultinhigheradvisoryfeesthanwouldotherwisebechargedtheclientifnomargindebitexistedintheaccount.AccountsarealsochargedinterestondebitbalancesatNBLLC’spostedrate.Themarketvalueofsecurities may be valued by unaffiliated third‐party service providers whichmay alsoserve as custodian and clearing agent for NB LLC accounts. The market values ofsecuritiesaregenerallyobtainedfromvariousquotationservices.Inrarecircumstances,securities may be valued in whole or in part based upon internally generated valuesfurnishedbyagroupwithinNBLLCasmaybedesignatedfromtimetotime.AsNBLLC’scompensation is generally based on the net asset value of an account, a conflict ariseswhenNBLLCisvaluingtheassetsheldinanaccountratherthanathird‐partyvaluationfirm.Tomitigatethatconflict,NBLLChasadoptedmethodologiesdesignedtoresultinsecurities valuations that in its judgment reflect themarket prices of the securities atsuch time. In such instances, there is no guarantee that such price will be obtained.Prices are provided only as a general guide to portfolio value. Total value of clientaccountsdoesnotincludeunpricedsecurities.PrivateFunds—PrivateFundassetsarevaluedaccordingtovaluationpoliciessetforthin the relevant Private Fund’s confidential private offering memorandum and otherOfferingDocuments.Generally,aPrivateFundwillretainathird‐partyadministratortoprovidevariousadministrativeservicestothefunds.TheseservicesincludeassistingNBLLC in calculating each Private Fund’s net asset value (“NAV”) as well as otheradministrative servicesonbehalfof the funds. Investors should refer to theapplicableOfferingDocuments formore informationwithrespect to thevaluationofPrivateFundassets.

ThemarketvaluesoftheassetsofthePrivateFundsaregenerallyobtainedfromvariousthird‐partyquotationservices.ForpositionsheldbyPrivateFunds inwhichthereisnoreadilyavailablethirdpartypricingorastowhichNBLLCorthefund’sgeneralpartner,managingmemberortrusteebelievesthird‐partypricingdoesnotaccuratelyreflectthefairvalueofthesepositions,fairvaluemaybedeterminedforthePrivateFundinrelianceon the Firm’s policies governing fair valuation and as permitted by the Private Fund’sOfferingDocumentsandapplicablelaw.

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C. OtherFeesandExpenses

InadditiontotheinvestmentmanagementfeepaidtoNBLLC,clientspayotherfeesassociatedwiththeiraccountsandinvestments.Suchfeesmayincludethefollowing:

CustodialFees—SeparateAccountclientswhoelecttohaveaccountassetsheldinthecustodyof a bank, trust company, broker‐dealer or other entity selected by the client will bear anycustodialfeesassociatedwithsuchaccount.Totheextentthatcashisheldinsuchaccountsandfees are charged by the provider of such service, including any chargeable for short‐termreinvestmentofcash,thefeessoincurredbytheclientwillbeinadditiontothefeepayabletoNBLLContheoverallvalueoftheaccount.SeeItem15.

BrokerageFees—ThemajorityofPrivateAssetManagementAccountsconsenttotheuseofNBLLCasbroker‐dealer forsecuritiestransactionsfortheiraccount. TheseaccountspayNBLLCone all‐inclusive fee which covers investment management fees, trade execution, custodialservicesandotheradministrativefees.PrivateAssetManagementAccountswhodonotconsenttotheuseofNBLLCasbroker‐dealerandthemajorityofInstitutionalAccountsgenerallymustpayaseparatebrokerage feetoathirdpartybroker forallsecurities transactionseffectedfortheaccount.SeeItem5.EandItem12.A.WithrespecttoWrapProgramClients,theall‐inclusivefeethat theypayWrapSponsorscoversbrokerage feeswhenNBLLCexecutestradesthroughtheWrapSponsors.WhenNBLLCchoosestotradeawayfromtheWrapSponsorsandexecutetrades through broker‐dealers other than theWrap Sponsors, theWrapProgramClientsmayincurexecutioncostsinadditiontothewrapfeestheypaytotheWrapSponsors.Pleaserefertosubsection“OtherFees” in this Item5.C fora furtherdescriptionofadditionalexecutioncoststhatmaybeincurredbyWrapProgramClients.

AdditionalFeesRelatedtoInvestmentsinPooledInvestmentVehicles—SubjecttotheinvestmentguidelinesofaClientAccount,NBLLCmayinvestClientAccountsintheNBRegisteredFunds,affiliated Private Funds or other affiliated commingled investment vehicles (collectively, the“AffiliatedFunds”).OnoccasionandsubjecttotheinvestmentguidelinesoftheClientAccount,NB LLC may invest Client Accounts in non‐affiliated investment companies, non‐affiliatedPrivate Funds and other pooled investment vehicles (“Non‐AffiliatedFunds”). Similarly, NBLLCmayadviseFPAClientstoinvestinAffiliatedFundsorNon‐AffiliatedFunds.

Forcertainaccounts,includingcertainretirementaccountssubjecttotheEmployeeRetirementIncomeSecurityActof1974,asamended(“ERISA”)andSection4975of theInternalRevenueCode, client assets that are invested in Affiliated Funds will not be subject to two levels ofadvisory fees. Either the advisory fee associated with the underlying Client Account will bewaived or reimbursed or the advisory fee charged by theAffiliated Fundwill be reimbursed.However,where permitted by applicable law, client assets that are invested in Affiliated andNon‐Affiliated Funds will incur other fees and expenses associatedwith their investments insuchfunds.Mutualfundexpensesaregenerallydescribedineachfund’sprospectusandPrivateFund expenses are described in the Private Fund’s OfferingDocuments. These expenseswillgenerally include brokerage and other transaction‐related costs and the fees and expenses ofother service providers to these funds such as custodians, transfer agents, administrators,valuationagents,auditorsandcounsel.

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Inaddition,theAffiliatedFundsandNon‐AffiliatedFundsmaythemselvesinvestinotherfundsasdescribedineachfund’sOfferingDocuments,prospectusorotherofferingdocumentation.TotheextentanAffiliatedFundorNon‐AffiliatedFund invests inanotherunderlying fund, itwillbear the costsandexpensesassociatedwithan investment in thatunderlying fund. See Item10.C.2.

OtherProductAdditionalFees—CertainNBLLCclientsmayalsobeclientsofNBLLC’saffiliates.TheseclientsmayreceiveinvestmentmanagementservicesfromNBLLCandmayreceiveotherservicesfromaffiliates.NBLLCandtheaffiliatewilleachchargetheirusualandcustomaryfeestotheclient.Thismayresultintotalcoststotheclientwhicharehigherthantheclientwouldhave paid had it obtained all services from either NB LLC or its affiliate alone or from otherunrelatedbrokersandinvestmentadvisers.

OtherFees—Clientsshallbearallothertransactionandtransferrelatedcostsandexpenses,asapplicable.EachoftheseadditionalchargesmaybechargedtotheClient’sAccountorreflectedin thepricepaidorreceived foragivensecurity. Suchcharges include,butarenot limited to(i)dealer mark‐ups or mark‐downs by executing broker‐dealers (including on fixed‐income,non‐U.S. securities, American Depositary Receipts (“ADRs”) or other over‐the countertransactions) or spreads; (ii)transfer taxes and any other applicable taxes; (iii)auction fees;(iv)odd‐lotdifferentialsfees/expense;(v)exchangeorsimilarfees(suchasforADRs)chargedbythirdparties,includingissuersordepositories;(vi)feeschargedinconnectionwithshortsaletransactions;(vii)margininterestandfeesforanysecuritiesthataredeemedhardtoborrowinconnection with long/short strategies; (viii)mutual fund redemption fees and contingentdeferred sales charges; (ix)commission charges for transactions in ordinary securities anddealer spreads or mark‐ups in connection with a foreign currency conversion, including inconnectionwithADRs; (x)electronic fund,wire, and other account transfer fees; and (xi)anyfeesorotherchargesimposedormandatedbylaw.

ComparableServices—NBLLCbelievesthatthechargesandfeesofferedwithinitsinvestmentmanagement and brokerage services are competitive with alternative programs availablethroughother firmsthatofferasimilarrangeofservices;however, lower fees forcomparableservicesmayormaynotbeavailablefromothersources.Aclientcouldinvestinmutualfundsdirectly,without the services ofNBLLC. The expenses of a Private Fund, includingNBLLC’smanagementfeeandperformance‐basedfeeorallocation,mayconstituteahigherpercentageofaveragenetassetsthanwouldbefoundinotherinvestmentvehiclesnotmanagedbyNBLLCoritsaffiliates.

Investors that participate in Wrap Programs should be aware that services similar orcomparabletothoseprovidedtothemasaparticipantinaWrapProgrammaybeavailableatahigher or lower aggregate cost elsewhere either separately or on an unbundled basis. TheoverallcosttoaWrapProgramClientthatparticipatesinaWrapProgrammaybehigherthantheaggregatecostofpayingNBLLC’sstandardadvisoryfeeforSeparateAccounts,negotiatingcustodyfeeswithacustodianandnegotiatingtransactionchargeswithabroker‐dealerpayableon a per‐transaction basis, depending upon the level of custody fees and the number ofsecurities transactions in theWrap Program Client’s account. However,mostWrap ProgramClientswouldnotbeeligible(duetothesizeof theiraccounts) forNBLLC’sSeparateAccount

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managementservicesand,therefore,couldnototherwisehavetheirassetsmanagedbyNBLLC.NBLLCdoesnotundertakeanyongoingresponsibility toassess foranyWrapProgramClientthevalueoftheservicesprovidedbytheWrapSponsor.

D. PrepaymentofFeesandRefunds

SeparateAccounts—AsdescribedinItem5.B,managementfeesforPrivateAssetManagementAccounts are paid in advance. Management fees for Institutional Accounts are paid either inarrearsorinadvance.IntheeventaSeparateAccountclientterminatesaninvestmentadvisoryagreement,theclientwillbeentitledtopro‐ratareimbursementofthatportionofthequarterlyormonthly(asapplicable)investmentadvisoryfeepaidforanyportionofthequarterormonthremaining as of the date the investment advisory relationship terminates; provided howeverthatclientsmayberesponsibleforanytransactioncosts,asapplicable,relatedtotheunwindingoftransactionsinconnectionwiththeterminationoftheaccount.

PrivateFunds—AsdescribedinItem5.B,managementfeesmaybepaidmonthlyorquarterly,in arrears, or in advance, depending on the particular requirements of each Private Fund.CertainPrivateFundschargeperformancefeesorallocationsattheendoftheirfiscalyear,uponwithdrawal by an investor or on such other terms described by the Private Fund’s OfferingDocuments or investment management agreement. In addition, Private Fund investors aregenerallyonlypermittedtowithdraworredeemfromaPrivateFundonalimitedbasisontermsdescribed in each fund’s Offering Documents. If an investor in a Private Fundwithdraws orredeemstheinvestor’sfullsharesorinterestsheldinaPrivateFundinamannerotherthanasprescribedbythePrivateFund,andifsuchwithdrawalorredemptiondoesnotpermitthefullcalculationofmanagementfeesapplicabletothewithdrawingorredeeminginvestor,NBLLCorthemanagingmember/general partner of the Private Fundmay reserve the right, subject tosuch terms, to imposeaproratedmanagement feeagainst thewithdrawnor redeemed funds.Notwithstanding anything to the contrary above, certain Private Funds may include termspermitting the general partner,managingmember or other designees to effect a compulsorywithdrawalorredemptionsofinvestorsinfundsforanyreasonornoreason,subjecttocertainconditions.

Wrap Program Accounts— EachWrap Sponsor generally pays NB LLC on a quarterly basis,either in arrears or in advance, as provided in the contract between NB LLC and the WrapSponsor.Ifpaidinadvance,thefeeswouldberefundedonapro‐ratabasisintheeventNBLLCisterminatedfrommanagingaWrapProgramClient’saccount.

NBLLC’sparticipationasmanager indiscretionaryWrapPrograms,orengagementtoprovideinvestmentmanagement serviceswith respect to particularWrap Accounts, typicallymay beterminated byWrap Sponsors or NB LLC either at any time or after a predetermined noticeperiod. Inaddition,WrapProgramClientsmayindirectlyterminateNBLLCastheinvestmentmanagerof theirassetsby terminating theirrelationshipwiththeWrapSponsor,ending theirparticipation in the Wrap Programs, or requesting that their assets be managed by anotherWrap Program investment manager. NB LLC’s participation in non‐discretionary WrapProgramstypicallymaybeterminatedeitheratanytime,orafterapredeterminednoticeperiod,

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by NB LLC or theWrap Sponsors. In each case, however, termination rights vary, soWrapProgramClientsandWrapSponsorsshouldrefertotheagreementsgoverningtheirprograms.

Sub‐AdvisedAccounts—Intheeventofterminationofasub‐advisoryagreement,NBLLCwillbepaid its pro rata portion of the sub‐advisory fee and performance fee, as applicable, inaccordancewiththesub‐advisoryagreement.

E. SalesCompensation

NBLLC’sadvisoryproductsandstrategiesaremarketedbytheFirm’scentralsalesforcewhichalsomarketstheproductsandstrategiesofNBLLC’saffiliates.CertainmembersofthecentralsalesforceareregisteredrepresentativesofNBLLC. Subjecttoapplicablelaw,certainofthosemembers are entitled to a sales commission if NB LLC is engaged to provide investmentmanagementservicesforaSeparateAccount. ThecommissionisgenerallyapercentageofthemanagementfeepaidtoNBLLCforaspecifiednumberofyears,payabletothesalespersononthe same basis asNB LLC is paid, subject to the terms and conditions of the applicable salescompensationplanandcontingentcompensationprogram.

CertainAffiliatedFundsmayofferclassesofintereststhatdonotpayasalescommissiontoNBLLC.Certain registered representatives of NB LLC may receive compensation related to AffiliatedFundsandunaffiliatedinvestmentcompanies.Forexample,NBLLCactsasplacementagentinofferingcertainoftheAffiliatedFundstoinvestors.Asplacementagent,NBLLCisentitledtoasales commission or fee (“Placement Fee”) which is based on the class of limited partnerinterest or, if applicable, tranche an investor selects. In addition, certain affiliates of NB LLCprovide marketing and distribution services to unaffiliated investment companies. In suchsituation,theseaffiliatesmayreceivefeesfromsuchinvestmentcompaniesrelatedtomarketing,distribution and servicing of the funds. These fees may include fees from such investmentcompanies’Rule12b‐1Plans.Given that the salespersonsmaymarket awide range of products offered byNB LLC and itsaffiliates,withdifferingsalescompensation,thesalespersonsmayhaveanincentivetopromoteorrecommendcertainproductsoverothersbasedonthecompensationtobereceivedandnotonthespecificrequirementsorinvestmentobjectivesoftheclient.NBLLCtrainsitsemployeesonaregularbasisregardingthesuitabilityandsaleofsecuritiesproductstoinvestorswhichitbelievesmitigatesthispotentialconflict.Unaffiliatedpartiesmayalsoserveasplacementagentsorsub‐placementagents forNon‐AffiliatedFunds,AffiliatedFundsorotheraccountsmanagedorsub‐advisedbyNBLLCoritsaffiliates.

In its capacity as a registered broker‐dealer, NB LLC may execute transactions for the NBRegistered Funds for which it serves as sub‐adviser. Such transactions are performed inaccordancewith the requirementsofRule17e‐1under the InvestmentCompanyAct. NBLLCdoes not offset its sub‐advisory fee for the commissions it receives in connection with such

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transactions. Please see Item12below for a further discussion regardingNBLLC’s brokeragepractices.NB LLCmay execute transactions for some of the Separate Accounts or the Affiliated Funds.PleaseseeItem12forafurtherdiscussionregardingNBLLC’sbrokeragepractices.Clients who elect to trade on margin will enter into a separate agreement directly with theclearingagent.Clientsshouldrefertotheagreementwiththeirclearingagentforalltermsandconditionsofthemarginarrangement,includingallrelatedfeesandexpenses.

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Item6: Performance‐BasedFeesandSide‐By‐SideManagement

“Performance‐BasedFees” are fees that are based on a share of the capital gains or capitalappreciationoftheassetsofanaccount. ExamplesofPerformance‐BasedFeesincludebutarenotnecessarilylimitedto:

an incentive feewhere the fee is calculated as a percentage of a fund's profits,usually counting both realized and unrealized profits (sometimes referred to asincentiveallocationorcarriedinterest)

highwatermarkwherethemanagerreceivesperformancefeesonlyonincreasesin the net asset value of a fund in excess of the highest net asset value it haspreviouslyachieved

hurdlerateswhereamanagerdoesnotchargeaperformancefeeuntilthefund'sannualized performance exceeds a benchmark rate, such as T‐bill yield, LondonInterbankOfferedRate(“LIBOR”)orafixedpercentage

Generally,NBLLCdoesnotchargeperformancefees inconnectionwith itsSeparateAccounts.Inlimitedcircumstancesandaspermittedbyapplicablelaw,NBLLCmayreceiveperformance‐basedfeesorallocationsinconnectionwiththeprovisionofadvisoryservicestoPrivateFunds,SeparateAccountsorSub‐AdvisedAccounts.

Inaddition,someofNBLLC’sportfoliomanagersare investmentadvisorypersonnelofoneormoreofNBLLC’saffiliatedadvisers.SeeItem10.C.3foralistofsuchaffiliatedadvisers.Insuchcapacity,theymaymanageaccountsforwhichtheaffiliatedadviserreceivesperformance‐basedfees.To the extent that NB LLC and its portfolio managers manage accounts that charge onlymanagementfeesandaccountsthatchargebothmanagementandperformance‐basedfees,NBLLC and/or its portfolio managers may have a conflict of interest in that an account with aperformance‐based fee arrangement will offer the potential for higher profitability whencomparedtoanaccountwithonlyamanagementfee.Performance‐basedfeearrangementsmaycreate an incentive forNBLLC and/or its portfoliomanagers or sales persons to recommendinvestmentswhichmayberiskierormorespeculativethanthosewhichwouldberecommendedunder a different fee arrangement. Performance‐based fee arrangementsmay also create anincentive to favorhigher feepayingaccountsoverotheraccounts in thedevotionof timeandresourcesandtheallocationofinvestmentopportunities. Tomanagethesepotentialconflicts,NBLLChasadoptedanumberofcompliancepoliciesandprocedures. These policies and procedures include (i) theNeuberger Berman Code of Ethics(see Item 11.A), (ii) the NB LLC Compliance Manual, (iii) trade allocation and aggregationpolicieswhichseektoensurethat investmentopportunitiesareallocated fairlyamongclients,and (iv) allocation review procedures reasonably designed to identify unfair or unequaltreatment of accounts. NB LLC does not consider fee structures in allocating investmentopportunities.

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Item7: TypesofClients

NB LLC provides investment management services to individuals and institutional investors,including registered investment companies, financial institutions, pension and profit sharingplans, trusts, pooled investment vehicles, charitable organizations, foundations, endowmentfunds,corporations,otherbusinessentitiesandstateandmunicipalentities.

SetforthbelowaretheminimumaccountrequirementsforNBLLC’saccounts:

PrivateAssetManagementAccounts

PrivateAssetManagementAccountsareavailabletoindividualsandinstitutionalinvestors. Ingeneral, there is aminimumsizeof $1,000,000 forPrivateAssetManagementAccountswhileGPS Program Accounts require a minimum $100,000 initial investment with an additional$5,000minimumforsubsequentinvestments.Theseminimumsmaybechangedorwaivedforparticularclients,includingbutnotlimitedtoemployeesofNBLLCoritsaffiliates.

InstitutionalAccounts

InstitutionalAccountsareavailableonlytocertain institutional investors.There isaminimumaccountsizeof$25million forall InstitutionalAccounts,exceptas listedbelow,althoughsuchminimumsmaybewaivedinNBLLC’sdiscretion.

EquityIncome:$10million

FlexEquity:$50million

GlobalThematicOpportunities:$10million

MidCapIntrinsicValue:$10million

RealEstateSecuritiesPortfolio:$10million

SmallCapIntrinsicValuePortfolio:$10million

SmallCapValuePortfolio:$100million

SociallyResponsibleInvestingPortfolio:$10million

GlobalREIT:$10million

PrivateFunds

Investors in the Private Fundsmust be “accredited investors” under Regulation D under theSecuritiesActof1933andforcertainPrivateFunds,“qualifiedpurchasers”or“knowledgeableemployees”assuchtermsaredefinedintheInvestmentCompanyAct. Forthosefundswhich

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chargeaperformancefeeorincentiveallocation,investorsmustalsobeeligibletoenterintoaperformancearrangementundertheAdvisersAct.

The minimum investment required by an investor in a Private Fund typically ranges from$100,000to$500,000,thoughtheamountcouldbemoreorless,dependingontherequirementsoftherelevantPrivateFund.InvestmentminimumsaregenerallysubjecttowaiverbyNBLLCorthePrivateFund’sgeneralpartnerormanagingmember.Investors should review the Offering Documents for the relevant Private Fund for furtherinformationwithrespecttominimumrequirementsforinvestment.

WrapProgramAccounts

TheminimumaccountsizemayvarybyWrapProgram,assetupbytheWrapSponsor for itsWrapProgramClients,butistypically$100,000‐$250,000.IncertainWrapPrograms,thefeesandservicesmaybeunbundledandNBLLCmayenterintoaninvestmentadvisoryagreementdirectlywitheachclient.Forsuchunbundledaccounts,NBLLChassetthestandardminimumaccountsizeat$1,000,000,subjecttonegotiationbasedonvariousfactors, includingNBLLC’srelationshipwiththeclient’sbroker‐dealer.

Sub‐AdvisedAccounts

MinimumaccountrequirementsforSub‐AdvisedAccountsareestablishedbytheIntermediaryAdviser.

FinancialPlanningAnalysis

FinancialplanninganalysesareavailabletocertainclientsandprospectiveclientsofNBLLC.

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Item8: MethodsofAnalysis,InvestmentStrategiesandRiskofLoss

MethodsofAnalysisNB LLC's investment teams employ distinct investment processes that incorporate variousmethods of security analysis, including one or more of the following: charting, cyclical,fundamental, technical, macro‐economic and quantitative/investment modeling. NB LLC’ssourcesofinformationincludefinancialnewspapers,magazines,websites,tradejournals,timingservices, inspections of corporate activities, annual reports, prospectuses, filings with theSecuritiesandExchangeCommission,companypressreleases,corporateratingservices,internaland third‐party research reportsandmeetings, companypresentations/interviews, internalorexternal assessments, including assessments of general or specific world events, and othersourcesofmaterialdeemedappropriate.Nomethodof securitiesanalysis canguaranteeaparticular investment resultoroutcomeandthe use of investment tools cannot and does not guarantee investment performance. Themethods of analysis utilized by NB LLC 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 raise, 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.InvestmentStrategiesNBLLChasacomprehensiveinvestmentplatformandbroadbased‐clientsolutionsforSeparateAccounts,WrapPrograms,PrivateFunds,Sub‐AdvisedAccountsandFinancialPlanningservices.The following is a summary of NB LLC’s significant investment strategies. Certain clientportfolios may include customized investment features which may impact the specificinvestment strategy or strategies implemented for a particular client, including the allocationwithinaportfoliotoequityorfixedincomesecurities.

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EquityStrategies.NBLLC’sequitystrategiesaremanagedbyteamscomprisedofexperiencedportfolio managers and investment analysts that are supported by the firm’s Global EquityResearch Department. In addition, NB LLC also has equity strategies based primary on theratings of the firm’s Global Equity Research Department. NB LLC’s equity suite of strategiesspansthemarketcapitalization(“cap”)andstylespectrum,includingthefollowing:

Large‐CapGrowthLarge‐CapValueLarge‐CapCoreMid‐CapGrowthMid‐CapValueSmall‐CapGrowthSmall‐CapValueSmall‐MidCapValueGlobalUnconstrained/FlexibleMulti‐Cap/All‐CapInternational

EmergingMarketsSystematic/QuantitativeEquityIncomeIncomeOrientedRealEstateSecuritiesSociallyResponsiveInvestingMasterLimitedPartnershipsEquityOptionsLong/ShortEquitiesLong/ShortThematicEnergy

NB LLC’s equity strategies involve various material risks, including the risks associated withcertainmarketcapscategories(i.e.,mid‐capandsmall‐cap)andcertainspecialtystrategies(i.e.,MasterLimitedPartnershipsandSociallyResponsiveInvesting).Thefollowingisasummaryofmaterial risks associated with NB LLC equity investment strategies. Please note that certainrisksmaynotapplytoallNBLLCinvestmentstrategiesorapplytoamaterialdegree.Investorsin Affiliated Funds and Non‐Affiliated Funds should also look to the relevant fund’s OfferingDocuments and other fund offering documentation for further information on the risksassociatedwithaparticularfund.

Risk of Loss. Clients should understand that all investment strategies and theinvestmentsmadepursuanttosuchstrategiesinvolveriskofloss,includingthepotentiallossoftheentireinvestmentintheClientAccounts,whichclientsshouldbepreparedtobear. The investment performance and the success of any investment strategy orparticular investment canneverbe predicted or guaranteed, and the value of a client’sinvestmentswill fluctuate due tomarket conditions and other factors. The investmentdecisions made and the actions taken for Client Accounts will be subject to variousmarket,liquidity,currency,economic,politicalandotherrisks,andwillnotnecessarilybeprofitableandmay losevalue. PastperformanceofClientAccounts isnot indicativeoffutureperformance.Inadditiontotheriskslistedhere,theremaybeadditionalmaterialrisksassociatedwiththe types of products in which your account invests. Clients should refer to theprospectus or other applicable offering documents of those particular products for adiscussionofapplicableriskfactorsforthatparticularinvestment.

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EquityMarketRisk. Investments in equity securities (e.g., common stocks, preferredstocks, convertible securities, rights, warrants and Depositary Receipts (“DRs”)) aresubjecttomarketrisksthatmaycausetheirpricestofluctuateovertime.Historically,theequity markets have moved in cycles and the value of the strategy’s securities mayfluctuate substantially from day to day. Investments in income‐producing equitysecuritiesarealsosubjecttotheriskthattheissuermaydiscontinuepayingdividends.

Non‐U.S.andEmergingMarketRisk. Non‐U.S. securities involve risks in addition to

thoseassociatedwithcomparableU.S.securitiesandcanbemorevolatileandexperiencemore rapid and extreme changes in price thanU.S. securities. Additional risks includeexposuretolessdevelopedorlessefficienttradingmarkets;social,politicaloreconomicinstability;fluctuationsinnon‐U.S.currencies;nationalizationorexpropriationofassets;settlement, custodial orotheroperational risks; and less stringentauditing, accounting,financialreportingandlegalstandards.Asaresult,non‐U.S.securitiescanfluctuatemorewidelyinprice,andmayalsobelessliquid,thancomparableU.S.securities. SecuritiesmarketsofcountriesotherthantheU.S.aregenerallysmallerthanU.S.securitiesmarketswithalimitednumberofissuersrepresentingfewerindustries.Inmanycountries,thereislesspubliclyavailableandlowerqualityinformationaboutissuersthanisavailableinthereportsandratingspublishedaboutissuersintheU.S.Manynon‐U.S.securitiesmaybelessliquidthanU.S.securities,whichcouldaffecttheinvestmentsunderastrategythatutilizesthesetypesofsecurities.TheexchangeratesbetweentheU.S.dollarandnon‐U.S.currencies might fluctuate, which could negatively affect the value of the strategy’sinvestments.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,butarenotlimitedto: (i) greater social, economic and political uncertainty including war; (ii) higherdependence on exports and the corresponding importance of international trade; (iii)greater risk of inflation; (iv) increased likelihood of governmental involvement in andcontrol over the economies; (v) governmental decisions to cease support of economicreform programs or to impose centrally planned economies; (vi) the possibility ofnationalization, expropriation, confiscatory tax policies and social instability; and (vii)considerationsregardingthemaintenanceofaClientAccount’ssecuritiesandcashwithnon‐U.S.brokersandcustodians.Companiesinemergingmarketsaregenerallysubjecttoless stringent and less uniform accounting, auditing and financial reporting standards,practicesanddisclosurerequirements than thoseapplicable tocompanies indevelopedcountries. Securitiesmarkets inemergingmarketcountriesmayhavesubstantially lessvolumeof tradingandaregenerallymorevolatile thansecuritiesmarketsofdevelopedcountries.Incertainperiods,theremaybelittleliquidityinsuchmarkets.Thereisoftenlessgovernmentregulationofstockexchanges,brokersandlistedcompaniesinemergingmarket countries than in developed market countries. Commissions for trading onemergingmarketsstockexchangesaregenerallyhigherthancommissionsfortradingondevelopedmarket exchanges. Settlement of trades in some non‐U.S. markets is muchslower andmore subject to failure than in U.S.markets. In addition, custodial and/or

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settlement systemsmay not be fully developed in emergingmarket countries, therebyexposing a Client’s Account to the risk of a sub‐custodian’s failure with no recourseagainstthecustodian.

Manyofthelawsthatgovernprivateandnon‐U.S.investment,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 interest rates, availability of credit, inflation rates, economicuncertainty,changesinlaws,tradebarriers,currencyexchangecontrolsandnationalandinternationalpoliticalcircumstances.Thesefactorsmayaffectthelevelandvolatilityofsecurities’pricesandthe liquidityof theaccount’s investments. Volatilityor illiquiditycouldimpairanaccount’sprofitabilityorresultinlosses.

RecentMarketConditions. The financial crisis, recessionanduneven recovery in the

U.S.andglobaleconomiesoverthepastseveralyearshasresulted,andmaycontinuetoresult,inanunusuallyhighdegreeofvolatilityinthefinancialmarketsandtheeconomyat large. BothU.S.andinternationalequityandfixedincomemarketshaveexperiencedheightened volatility and turmoil, with issuers that have exposure to the real estate,mortgage and credit markets particularly affected. In addition, global markets andeconomicconditionshavebeennegativelyaffectedbytheinabilityofcertainE.U.memberstates to service their sovereign debt obligations. The continued uncertainty over theoutcome of the E.U. governments’ financial support programs and the possibility thatotherE.U.memberstatesmayexperiencesimilarfinancialtroublescouldfurtherdisruptglobalmarkets,whichmayhaveanadverseeffectonClientAccounts.

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

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

Sector Risk. To the extent a strategy invests more heavily in particular sectors, its

performancewill be especially sensitive to developments that significantly affect thosesectors. Individualsectorsmaymoveupanddownmorethanthebroadermarket. Theseveral industries that constitute a sectormay all react in the sameway to economic,politicalorregulatoryevents.

Growth Stock Risk. Because the prices of most growth stocks are based on future

expectations, 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.

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.

LiquidityRisk.Astrategymayholdsecuritiesthatareilliquidandcannotbetransferred

orredeemedforasubstantialperiodoftime,andtheremaybelittleornonear‐termcashflow available to investors in the interim. Likewise, a portfolio may not receive anydistributions representing the return of capital on an illiquid security for an indefiniteperiodoftime.

Brokerage Commissions/Transaction Costs/High Portfolio Turnover Risk. With

respecttothoseaccountswhichpayseparatecommissions,ahighportfolioturnoverrateincreases a strategy’s transaction costs, including brokerage commissions and dealercosts). Additionally, there is the risk that abrokermaybecome insolvent,which couldleadtoalowerreturnandadverselyimpactthestrategy’sperformance.Further,higherportfolio turnovermayresult in the realizationofmoreshort‐termcapitalgains than ifthestrategyhadlowerportfolioturnover.

Social InvestingRisk. Astrategymanaged inaccordancewith socialpolicyguidelines

couldcauseittounderperformsimilaraccountsthatdonothaveasocialpolicy.Amongthe reasons for this are: the social policy could cause the portfoliomanager to sell oravoid stocks that subsequently performwell; undervalued stocks that do notmeet thesocial criteria could outperform those that do; or economic or political changes couldmakecertaincompanieslessattractiveforinvestment.

Master Limited Partnerships (MLPs) Risk. MLPs are limited partnerships that are

publiclytradedandwhichhavethetaxbenefitsofalimitedpartnershipandtheliquidityofapublicly tradedcompany. Investments insecurities(units)MLPs involverisks that

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differ 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 generalpartnerandtheyhavelimitedabilitytoremoveaMLP’sgeneralpartner.MLPsmayissueadditionalcommonunitswithoutunitholderapproval,whichwoulddiluteexistingunitholders. In addition, conflicts of interest may exist between common unit holders,subordinatedunitholdersandthegeneralpartnerofaMLP,includingaconflictarisingasa result of incentivedistributionpayments. As an incomeproducing investment,MLPscouldbeaffectedby increases in interestratesand inflation. Therearealsocertain taxrisksassociatedwithaninvestmentinunitsofMLPs.

EnergyRisk.Investmentsinenergyareinherentlysubjecttonumerousrisksarisingfromtheir operations,whichmay have an adverse effect on ClientAccounts. The risksmayinclude:(i)theriskthattechnologyemployedinanenergyprojectwillnotbeeffectiveorefficient; (ii) risks of equipment failures, fuel interruptions, loss of sale and supplycontracts or fuel contracts, decreases or escalations in power contract or fuel contractprices, reduced availability of natural gas or other commodities for transportingprocessingordelivering,slowdownsinnewconstruction,bankruptcyofkeycustomersorsuppliers, tort liability in excess of insurance coverage, inability to obtain desirableamountsofinsuranceateconomicrates,andnaturaldisasters,extremeweather,threatsor acts of terrorism, wars, embargoes and other catastrophic events; (iii) risks thatregulations affecting the energy industry will change in a manner detrimental to theindustry;(iv)environmental liabilityrisksrelatedtoenergypropertiesandprojects;(v)uncertaintyabouttheextent,qualityandavailabilityofoil,gasandcoalreserves,(vi)theriskofchangesinvaluesofcompaniesintheenergysectorwhoseoperationsareaffectedbychangesinpricesandsuppliesofenergyfuels(pricesandsuppliesofenergyfuelscanfluctuatesignificantlyoverashortperiodoftimeduetochangesininternationalpolitics,energy conservation, the success of explorations projects, the tax and other regulatorypolicies of various governments and the economic growth of countries that are largeconsumersofenergy,aswellasotherfactors).

REIT andReal EstateRisk. A strategy’s investments in the securities of Real Estate

Investment Trusts (“REITs”) and companies principally engaged in the real estateindustry 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,poorpropertymanagement,environmental liabilities,uninsureddamage,increasedcompetition,orchanges inrealestatetax laws. There isalsoariskthatREITstockpricesoverallwilldeclineovershortorevenlongperiodsbecauseofrisinginterestrates. These factorsmay increase the volatility of the strategies investments in REITs.InvestmentsinREITswillcausetheinvestorstobeartheirprorataportionoftheREITs

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management fees and other expenses, which may result in duplicative expenses. Inaddition,therearespecialrisksassociatedwithinvestinginpreferredsecuritiessuchaspreferredREITs. Therisksmayincludethefollowing:(i)suchpreferredsecuritiesmayincludeprovisionsthatpermittheissuer, initsdiscretion,todeferoromitdistributionsfor a certain period of time or indefinitely and, as such, preferred securitiesmay losesubstantial value due to the omission or deferment of distribution payments, (ii)preferred securities are often subordinated to the issuer’s senior debt in terms ofliquidation and payment, and therefore will be subject to greater credit risk than theseniordebtand(iii)preferredsecuritiesmaytradelessfrequentlyandinamorelimitedvolumeandmaybesubjecttomoreabruptorerraticpricemovementsthanmanyothersecurities.

ConcentrationofInvestments.Astrategythatinvestsahigherpercentageofitsassets

inanyoneissuercouldincreasetheriskoflossandvolatility,becausethevalueofissueholdingswouldbemoresusceptibletoadverseeventsaffectingthatissuer.

InvestmentStrategyandPortfolioManagementRisk.Therecanbenoassurancethat

aninvestmentstrategywillproduceanintendedresult,whichwouldresultinlossestoaninvestor, including, potentially, a complete loss of principal. The performance of astrategy depends on the skill of NB LLC and its portfolio manager(s) in makingappropriateinvestmentdecisions.

TaxRisk. Astrategy’sU.S.federalincometaxliabilitywithrespecttoincomeandgains

onaninvestmentmayexceeditsoverallreturnforsuchayear. Further,astrategymayface limitations with respect to its ability to use its allocable share of deductions andlossesfromitsinvestmentsincertainsecurities.

Options Strategy Risk. A strategy that invests in options risks incurring significantlossesincludingtheriskoflosingthepremiumpaid/receivedormoreinarelativelyshortperiodoftimeandtheriskoflossesassociatedwiththeinabilitytocloseoutofexistingpositions if those optionswere to become unavailable. In addition, regulatory agenciesmayimposeexerciserestrictionsthatmaypreventtheholderofanoptionfromrealizingvalue.

ExerciseRisk. An option can be exercised early,which could result in the underlyingsecurity/assetbeingcalledawayorhavingtocashsettlepriortoexpirationoftheoption.

CorrelationRisk. There canbeno assurance that the underlying equity portfoliowillcorrelate toor track closely the selectedbenchmark (whichmaybean index, exchangetraded fund or basket) on which the options positions are based, and as a result, theoptionstrategyperformancemayvarysubstantiallyfromtheperformanceoftheportfolioforanyperiodof time.Forexample,whenwritingoptionsonan index, thevalueof theindexmayappreciatewhilethevalueoftheequityportfoliodeclines invalue.Thismayresultinlossesonboththeoptionpositionsandtheequityportfolio.

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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.

Investment Analyses. From time to time, NB LLC 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.

FixedIncomeStrategies.NBLLC’sfixedincomestrategiesaremanagedbyteamscomprisedofexperienced portfolio managers and investment analysts. NB LLC provides investmentmanagementforavarietyoffixedincomestrategies,includingthefollowing:

InvestmentGradeNon‐InvestmentGradeTax‐ExemptMunicipal

NBLLC’sfixedincomestrategiesinvolvevariousmaterialrisks. ThefollowingisasummaryofmaterialrisksassociatedwithNBLLCfixedinvestmentstrategies.Pleasenotethatcertainrisksmaynotapply toallNBLLC investment strategiesorapply toamaterialdegree. Investors inAffiliatedFundsandNon‐AffiliatedFunds should look to the relevantOfferingDocuments andother fund offering documentation for further information on the risks associated with aparticularfund.

Risk of Loss. Clients should understand that all investment strategies and theinvestmentsmadepursuanttosuchstrategiesinvolveriskofloss,includingthepotential

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lossoftheentireinvestmentintheClientAccounts,whichclientsshouldbepreparedtobear. The investment performance and the success of any investment strategy orparticular investment canneverbe predicted or guaranteed, and the value of a client’sinvestmentswill fluctuate due tomarket conditions and other factors. The investmentdecisions made and the actions taken for Client Accounts will be subject to variousmarket,liquidity,currency,economic,politicalandotherrisks,andwillnotnecessarilybeprofitableandmay losevalue. PastperformanceofClientAccounts isnot indicativeoffutureperformance.Inadditiontotheriskslistedhere,theremaybeadditionalmaterialrisksassociatedwiththe types of products in which your account invests. Clients should refer to theprospectus or other applicable offering documents of those particular products for adiscussionofapplicableriskfactorsforthatparticularinvestment.

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

securitiesissuedbycorporations,suchasbondsanddebenturesanddebtsecuritiesthatare convertible into common stock and interests. The market value of fixed‐incomesecuritiesissensitivetochangesininterestrates.Ingeneral,wheninterestratesrise,thefixed‐incomesecurity’smarketvaluedeclinesandwhen interest ratesdecline, its valuerises.Normally,thelongertheremainingmaturityofasecurity,thegreatertheeffectofinterest rate changes on themarket value of the security. Fixed income securities aresubject to the credit risk of the issuer. Changes in the ability of an issuer to makepayments of interest and principal and in the market’s perception of an issuer’screditworthinessaffectthemarketvalueoffixed‐incomesecuritiesofthatissuer.

Fixed‐income securitiesmay also be subject to yield curve risk. When the yield curveshifts,thepriceofabond,whichwasinitiallypricedbasedontheinitialyieldcurve,willchange. Keeping thedurationof thebondportfoliorelativelyshortreducesyieldcurverisk.Fixed‐income securitiesmay also be subject to call risk. When interest rates are low,issuerswilloftenrepaytheobligationunderlyinga“callablesecurity”early,inwhichcasethe strategymayhave to reinvest theproceeds in an investment offering a lower yieldandmaynotbenefitfromanyincreaseinvaluethatmightotherwiseresultfromdeclininginterestrates.

Additionally, fixed‐income securities are subject to inflation risk, liquidity risk andreinvestmentrisk.Inflationriskistheriskthatinflationwillerodethepurchasingpowerof thecash flowsgeneratedbydebtsecuritiesheldunderthisstrategy. Fixed‐ratedebtsecurities aremore susceptible to this risk than floating rate debt securities. Liquidityriskistheriskthatcertainfixedincomesecuritiesmaybedifficulttosellatthetimeandatthepricethestrategywouldlike,whichmaycausethestrategytoholdthesesecuritiesforlongerthanitwouldlikeortoforegootherinvestmentopportunities. Reinvestmentriskistheriskthatwheninterestincomefromdebtsecuritiesisreinvested,interestrateswillhavedeclinedsothatincomemustbereinvestedatalowerinterestrate.Adeclineinincomecouldaffectastrategy’soverallreturn.

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Municipal Securities Risk. The municipal securities market could be significantly

affected by adverse political and legislative changes, as well as uncertainties in themunicipal securities market related to taxation or the rights of security holders.MunicipalSecuritiesbackedbycurrentoranticipatedrevenuesfromaspecificprojectorspecific asset may be adversely impacted by declines in revenue collection from theprojectorasset.Changesinthefinancialhealthofamunicipalitymaymakeitdifficultforit to make interest and principal payments when due. To the extent that a strategyinvestsin“privateactivitybonds,”apartofitsdividendswillbeataxpreferenceitemforpurposes of the federal alternative minimum tax. In addition, changes in marketconditions and the financial conditionof the issuersmay adversely affect theyield andvalueofastrategy’smunicipalsecuritiesinvestments.

Non‐U.S.andEmergingMarketRisk. Non‐U.S. securities involve risks in addition to

thoseassociatedwithcomparableU.S.securitiesandcanbemorevolatileandexperiencemore rapid and extreme changes in price thanU.S. securities. Additional risks includeexposuretolessdevelopedorlessefficienttradingmarkets;social,politicaloreconomicinstability;fluctuationsinnon‐U.S.currencies;nationalizationorexpropriationofassets;settlement, custodial orotheroperational risks; and less stringentauditing, accounting,financialreportingandlegalstandards.Asaresult,non‐U.S.securitiescanfluctuatemorewidely inprice, andmayalsobe less liquid, thancomparableU.S. securities. SecuritiesmarketsofcountriesotherthantheU.S.aregenerallysmallerthanU.S.securitiesmarketswithalimitednumberofissuersrepresentingfewerindustries.Inmanycountries,thereislesspubliclyavailableandlowerqualityinformationaboutissuersthanisavailableinthereportsandratingspublishedaboutissuersintheU.S.Manynon‐U.S.securitiesmaybelessliquidthanU.S.securities,whichcouldaffecttheinvestmentsunderastrategythatutilizesthesetypesofsecurities.TheexchangeratesbetweentheU.S.dollarandnon‐U.S.currencies might fluctuate, which could negatively affect the value of the strategy’sinvestments.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,butarenotlimitedto: (i) greater social, economic and political uncertainty including war; (ii) higherdependence on exports and the corresponding importance of international trade; (iii)greater risk of inflation; (iv) increased likelihood of governmental involvement in andcontrol over the economies; (v) governmental decisions to cease support of economicreform programs or to impose centrally planned economies; (vi) the possibility ofnationalization, expropriation, confiscatory tax policies and social instability; and (vii)considerationsregardingthemaintenanceofaClientAccount’ssecuritiesandcashwithnon‐U.S.brokersandcustodians.Companiesinemergingmarketsaregenerallysubjecttoless stringent and less uniform accounting, auditing and financial reporting standards,practicesanddisclosurerequirements than thoseapplicable tocompanies indevelopedcountries. Securitiesmarkets inemergingmarketcountriesmayhavesubstantially less

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volumeof tradingandaregenerallymorevolatile thansecuritiesmarketsofdevelopedcountries.Incertainperiods,theremaybelittleliquidityinsuchmarkets.Thereisoftenlessgovernmentregulationofstockexchanges,brokersandlistedcompaniesinemergingmarket countries than in developed market countries. Commissions for trading onemergingmarketsstockexchangesaregenerallyhigherthancommissionsfortradingondevelopedmarket exchanges. Settlement of trades in some non‐U.S. markets is muchslower andmore subject to failure than in U.S.markets. In addition, custodial and/orsettlement systemsmay not be fully developed in emergingmarket countries, therebyexposing a Client’s Account to the risk of a sub‐custodian’s failure with no recourseagainstthecustodian.

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 interest rates, availability of credit, inflation rates, economicuncertainty,changesinlaws,tradebarriers,currencyexchangecontrolsandnationalandinternationalpoliticalcircumstances.Thesefactorsmayaffectthelevelandvolatilityofsecurities’pricesandthe liquidityof theaccount’s investments. Volatilityor illiquiditycouldimpairanaccount’sprofitabilityorresultinlosses.

RecentMarketConditions. The financial crisis, recessionanduneven recovery in the

U.S.andglobaleconomiesoverthepastseveralyearshasresulted,andmaycontinuetoresult,inanunusuallyhighdegreeofvolatilityinthefinancialmarketsandtheeconomyat large. BothU.S.andinternationalequityandfixedincomemarketshaveexperiencedheightened volatility and turmoil, with issuers that have exposure to the real estate,mortgage and credit markets particularly affected. In addition, global markets andeconomicconditionshavebeennegativelyaffectedbytheinabilityofcertainE.U.memberstates to service their sovereign debt obligations. The continued uncertainty over theoutcome of the E.U. governments’ financial support programs and the possibility thatotherE.U.memberstatesmayexperiencesimilarfinancialtroublescouldfurtherdisruptglobalmarkets,whichmayhaveanadverseeffectonClientAccounts.Thesemarketconditionshaveresultedinfixedincomeinstrumentsexperiencingunusualliquidity issues, increased price volatility and, in some cases, credit downgrades andincreasedlikelihoodofdefault.Theseeventshavereducedthewillingnessandabilityofsome lenders to extend credit, andhavemade itmoredifficult forborrowers toobtainfinancingonattractiveterms,ifatall. Asaresult,thevaluesofmanytypesofsecuritieshave been reduced, including, but not limited to, mortgage‐backed, asset‐backed and

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corporate debt securities. During times ofmarket turmoil, investors often look to thesafety of securities issues or backed by the U.S. Treasury, causing the prices of thesesecuritiestoriseandtheyieldtodecline.

The reduced liquidity in fixed income and credit markets may negatively affect manyissuersworldwide,illiquidityinthesemarketsmaymeanthereislessmoneyavailabletopurchaserawmaterialsandgoodsandservices,whichmy,inturn,bringdownthepricesoftheseeconomicstaples.Thevaluesofsomesovereigndebtandofsecuritiesofissuersthat hold sovereign debt have fallen. These events and the potential for continuingmarket turbulencemay have an adverse effect on Client Accounts. In addition, globaleconomies and financial markets are becoming increasingly interconnected, whichincreases the possibilities that conditions in one country or region might adverselyimpactissuersinadifferencecountryorregion.

Lower‐RatedDebtSecuritiesRisk. Lower‐rated debt securities involve greater risks

than investmentgradedebt securities. Lower‐rateddebt securitiesmay fluctuatemorewidely in price and yield than investment grade debt securities and may fall in priceduring timeswhen the economy isweak or is expected to becomeweak. Lower‐rateddebt securities carry a greater risk that the issuer of such securitieswill default in thetimelypaymentofprincipalandinterest.Issuersofsecuritiesthatareindefaultmayfailto resumeprincipal or interest payments, inwhich case an accountmay lose its entireinvestment.

Illiquidity Risk. A strategy may hold securities that are illiquid and cannot be

transferredor redeemed for a substantial periodof time, and theremaybe little ornonear‐termcash flowavailable to investors in the interim. Likewise,aportfoliomaynotreceiveanydistributionsrepresentingthereturnofcapitalonanilliquidsecurityforanindefiniteperiodoftime.



TaxRisk. Astrategy’sU.S.federalincometaxliabilitywithrespecttoincomeandgains

onaninvestmentmayexceeditsoverallreturnforsuchayear. Further,astrategymayface limitations with respect to its ability to use its allocable share of deductions andlossesfromitsinvestmentsincertainsecurities.

Guided Portfolio Solutions Program. NB LLC’s GPS Program is managed by a team ofexperiencedportfoliomanagersandinvestmentanalysts.GPSisaninvestmentadvisoryserviceunder which NB LLC provides asset allocation and discretionary investment management byallocating assets among a portfolio of NB Registered Funds. NB LLC’s GPS Program involvesvariousmaterialrisks.Thefollowingisasummaryofmaterialrisksassociatedwithinvestingin

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theGPSProgram.InvestorsshouldalsorefertotheriskfactordiscussionintheprospectusesoftheNBRegisteredFundsthatarepartoftheGPSProgram.

ModelRisk. To the extent a strategy uses or implements investment models, such asasset allocation models, performance will be largely influence on the success ofimplementing and managing the investment models that assist in allocating assets.Modelsthathavebeenformulatedonthebasisofpastmarketdatamaynotbepredictiveof future pricemovements.Modelsmay not be reliable if unusual or disruptive eventscause market moves the nature or size of which are inconsistent with the historiccorrelationandvolatilitystructureofthemarket.Modelsalsomayhavehiddenbiasesorexposure to broad structural or sentiment shifts. In the event that actual events fail toconformtotheassumptionsunderlyingsuchmodels,lossescouldbeincurred.

AssetAllocationRisk.Ifastrategy,suchasanassetallocationstrategy,favorsexposuretoanassetclassduringaperiodwhenthatassetclassunderperformsotherassetclasses,performancemaysuffer.

PrivateFundStrategies. NBLLC’sprivatefundstrategiesincludeproprietarysingle‐managerprivateinvestmentvehiclesthatincorporate“longonly”investmentstrategies(i.e.,noshortsalesordirectuseofleverage)andfundsthatutilize“hedging”andotherinvestmentstrategiesmorecommonly associated with hedge funds, including, long/short equities, long/short thematic,relativevalueandevent‐driventradingstyles,amongothers.The following isa summaryof the inherentmaterial risksassociatedwith investing inprivatefunds. Investors in Private Funds should carefully review the Offering Documents and otherfund offeringmemoranda and documentation for further information on the risks associatedwithinvestinginaparticularPrivateFund.

LeveragedandSpeculativeInvestments.Aninvestmentinprivatefundsisspeculativeand involves a high degree of risk. Private funds commonly engage in swaps, futures,forwards, options and other derivative transactions that can result in volatile fundperformance.Leveragingmayincreaserisk.

LimitedLiquidity. Thereare limitedchannels in thesecondarymarket throughwhich

investors can attempt to sell and/or purchase interests in private funds. An investor’sability to transact business in the secondary market is subject to restrictions ontransferringinterestinprivatefunds,andprivatefundsmaysuspendorlimittherightofredemptionundercertaincircumstances.Thus,aninvestmentinprivatefundsshouldberegardedasilliquid.

AbsenceofRegulatoryOversight.Privatefundsarenotrequiredtoberegisteredunder

the Investment Company Act; therefore private funds are not subject to the sameregulatoryrequirementsasmutualfunds.

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DependenceuponInvestmentManager. Thegeneralpartnerormanagerofaprivatefund normally has total trading authority over its respective fund. The use of a singleadvisorapplyinggenerallysimilartradingprogramscouldmeanthelackofdiversificationandconsequently,higherrisk.

ForeignExchanges. Selective private fundsmay execute a portion of their trades on

foreign exchanges. Material economic conditions and/or events involving thoseexchangesmayaffectfutureresults.

FeesandExpenses. Private fundsoftenchargehigh fees; such feesandexpensesmay

offsettradingprofits.

ComplexTaxStructures. Privatefundsmayinvolvecomplextaxstructuresanddelaysindistributingimportanttaxinformation.

LimitedReporting. While private funds generallymay provide periodic performance

reports and annual audited financial statements, they are not otherwise required toprovideperiodicpricingorvaluationinformationtoinvestors.

BusinessandRegulatoryRisksofPrivateFunds. Legal, tax and regulatory changes

could occurduring the termof a private fund thatmay adversely affect the fundor itsmanagers.

PrivateFundstrategiesmaypursueavarietyofstrategies,includingstrategiesthatincorporateequityandfixedincomestrategies.Accordingly,PrivateFundstrategiesthatincorporateequityandfixedincomestrategieswillbesubjecttothematerialrisksassociatedwithNBLLCequityandfixedincomestrategiesasdescribedabove,andotherrisks,including:

Risk of Loss. Clients should understand that all investment strategies and theinvestmentsmadepursuanttosuchstrategiesinvolveriskofloss,includingthepotentiallossoftheentireinvestmentintheClientAccounts,whichclientsshouldbepreparedtobear. The investment performance and the success of any investment strategy orparticular investment canneverbe predicted or guaranteed, and the value of a client’sinvestmentswill fluctuate due tomarket conditions and other factors. The investmentdecisions made and the actions taken for Client Accounts will be subject to variousmarket,liquidity,currency,economic,politicalandotherrisks,andwillnotnecessarilybeprofitableandmay losevalue. PastperformanceofClientAccounts isnot indicativeoffutureperformance.Inadditiontotheriskslistedhere,theremaybeadditionalmaterialrisksassociatedwiththe types of products in which your account invests. Clients should refer to theprospectus or other applicable offering documents of those particular products for adiscussionofapplicableriskfactorsforthatparticularinvestment.

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Short Selling. A strategy may engage in short selling. Short selling involves sellingsecurities which may or may not be owned and borrowing the same securities fordeliverytothepurchaser,withanobligationtoreplacetheborrowedsecuritiesatalaterdate.Shortsellingallowstheinvestortoprofitfromdeclinesinsecurities.Therecanbeno assurance that the security necessary to cover a short positionwill be available forpurchase,northatthepriceof theunderlyingsecuritywillnot increase,thus increasingthecostofbuyingthosesecuritiestocovertheshortposition.



CommoditiesandCFTCDisclosure:NBLLCisregisteredasaCommodityPoolOperator(a“CPO”),aCommodityTradingAdvisor(a“CTA”)andaFuturesCommissionMerchant(“FCM”) with the CFTC and is a member of the National Futures Association (“NFA”).ManyofNBLLC’smanagementpersonnelareregisteredasassociatedpersonswith theNFA.Notwithstandingsuchregistrations,NBLLChasandmayinthefutureseektorelyonexemptionsfromregistrationasaCPOandCTAwithrespecttocertainaccountsandpools that qualify for such exemptions. For example, NB LLC currently claims anexemptionfromregistrationwiththeCFTCasaCPOwithrespecttocertainPrivateFundsunder CFTCRule 4.13(a)(3), based on the nature of the private offering of interests insuch Private Funds, the qualifications of the Private Fund’s investors, and the PrivateFund’s limited use of commodity interests. CFTCRule 4.13(a)(3) limits the amount ofcommodity interest trading inwhich the relevant Private Fund is permitted to engage.Accordingly,thePrivateFundmayhavetolimititscommodityinteresttradingmorethanwould otherwise be advisable in order to claim the exemption under CFTC Rule4.13(a)(3). Additionally,asaresultofclaimingcertainexemptions,NBLLCmaynotberequired to comply with the disclosure, reporting and recordkeeping requirementsgenerally applicable to registered commodity pool operators, including delivery toinvestorsofadisclosuredocumentandacertifiedannualreportdesignedtomeetCFTCrequirements. Please review the relevant Private Fund’sOfferingDocuments formoreinformationaboutapplicableCFTCrules.

o Commodities. The prices of commodities contracts and derivative instruments,including futures and options, are highly volatile. Payments made pursuant toswap agreementsmay also be highly volatile. Pricemovements of commodities,futures and options contracts and payments pursuant to swap agreements areinfluenced by, among other things, interest rates, changing supply and demandrelationships, trade, fiscal,monetaryandexchangecontrolprogramsandpoliciesofgovernments,andnationalandinternationalpoliticalandeconomiceventsandpolicies.Thevalueoffutures,optionsandswapagreementsalsodependsuponthepriceof thecommoditiesunderlying them. In tradingcommodities, Investorsaresubject to the risk of the failure of any of the exchanges onwhich its positionstradeoroftheirclearinghousesorcounterparties.

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Hedging. Hedging techniques involveoneormoreof the followingrisks: (i)imperfectcorrelationbetweentheperformanceandvalueofthehedginginstrumentandthePrivateFund’spositionbeinghedged; (ii)possible lackof a secondarymarket for closingout aposition in such instruments; (iii)losses resulting from interest rate, spread or othermarket movements not anticipated by NB LLC; (iv)the possible obligation to meetadditionalmarginorotherpaymentrequirements,allofwhichcouldworsenthePrivateFund’sposition;and(v)defaultorrefusaltoperformonthepartofthecounterpartywithwhich the Private Fund account trades. Furthermore, to the extent that any hedgingstrategyinvolvestheuseofderivativesinstruments,suchastrategywillbesubjecttotherisks applicable to such instruments, including the effects of the implementation of thevarious regulations adopted pursuant to the Dodd‐Frank Wall Street Reform andConsumerProtectionAct (the “Dodd‐FrankAct”). TheDodd‐FrankAct has initiated adramaticrevisionoftheU.S.financialregulatoryframeworkandconsumercreditmarketsthatisexpectedtocontinuetounfoldoverseveralyears.

Government and Other Interest Rate Securities. Income securities, which may beemployedascashequivalentsfromtimetotime,aresubjecttointerestrate,marketandcreditrisk.Interestrateriskrelatestochangesinasecurity’svalueasaresultofchangesin interest rates generally. Even though such instruments are investments that maypromiseastablestreamofincome,thepricesofsuchsecuritiesareinverselyaffectedbychanges in interest rates and, therefore, are subject to the risk of market pricefluctuations. In general, the valuesof fixed income securities increasewhenprevailinginterestratesfallanddecreasewheninterestratesrise. Dependingonthetimingofthepurchaseofafixed‐incomesecurityandthepricepaidforit,changesinprevailinginterestratesmayincreaseordecreasethesecurity’syield.Typically,thelongerthematurityofadebtsecurity,thegreatertheeffectachangeininterestratescouldhaveonthesecurity’sprice.Marketriskrelatestothechangesintheriskorperceivedriskofanissuer,countryorregion.Creditriskrelatestotheabilityoftheissuertomakepaymentsofprincipalandinterest.Thevaluesofincomesecuritiesmaybeaffectedbychangesinthecreditratingorfinancialconditionoftheissuingentities.

Exchange‐Traded Funds. From time to time, certain Private Funds may invest theirassets in exchange‐traded funds (“ETFs”) to gain exposure to certain markets orimplement certain currency hedging or currency management views. ETFs representshares of ownership in funds, unit investment trusts or depository receipts that holdportfolios of securities or individual issuers which closely track the performance ofspecificinstruments, includingbroadmarket,sectororinternational indexes. ETFsgiveinvestors the opportunity to buy or sell an entire portfolio of securities ofindividualissuersinasinglesecurity,aseasilyasbuyingorsellingashareofstock,ortogain exposure to other instruments. They can offer a wide range of investmentopportunities. While similar to a mutual fund, ETFs differ from mutual funds insignificant ways. Unlike mutual funds, ETFs are priced and can be bought and soldthroughout the tradingday. CertainETFs, suchas leveragedand inverseETFs, seek todelivermultiplesoftheperformanceoftheindexorbenchmarktheytrack(ortheinverseof such index or benchmark), and can significantlymagnify the risk of losing capital involatileoruncertainmarkets.Asaresultofusingleverage,anETFissubjecttotheriskof

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failure in the futuresandoptionsmarkets ituses toobtain leverageand therisk thatacounterpartywilldefaultonitsobligations,whichcanresultinalosstotheFund.OtherETFsfeatureactivelymanagedportfoliosthatdonotseektoreplicatetheperformanceofanyparticularmarket index. ETFspursuing international investment strategies canbesubject to local trading restrictions, limits on securities transfers or potentiallyunfavorabletaxtreatmentbasedonapplicabletaxrulesofsuchjurisdictions.ETFswithnewfeaturescontinuetobeproposedbysponsorsandtheregulationsthatgovernETFsaresubjecttochange.ETFsaresubjecttotrackingerrorandmaybeunabletosellpoorlyperforming stocks that are included in their index. ETFs may trade in the secondarymarket at prices below the value of their underlying portfolios andmay not be liquid.Moreover,anETFmaynotfullyreplicatetheperformanceofitsbenchmarkindex,ifany,because of the temporary unavailability of certain index securities in the secondarymarketordiscrepanciesbetweentheETFandtheindexwithrespecttotheweightingofsecuritiesorthenumberofstocksheld.ThemarketvalueofanETFsharemaydifferfromitsnetassetvalue; thesharemaytradeatapremiumordiscountto itsnetassetvalue,whichmaybedue to, amongother things,differences in thesupplyanddemand in themarketfortheshareandthesupplyanddemandinthemarketfortheunderlyingassetsoftheETF.ThemarketforcertainETFscanbemorethinlytradedthanothers,resultingin limited liquidity that could impact the Fund’s ability to enter or exit investmentstherein at an optimal price. Investing in ETFs, which are investment companies, mayinvolveduplicationofadvisoryfeesandcertainotherexpensesandissubjecttotherisksoftheETF’sinvestments.TotheextentaPrivateFundinvestsinETFs,thePrivateFundwillbearthefeesandexpensesofsuchETFs.

Derivatives Risk. Derivatives are financial contracts whose value depends on, or isderived from, the value of an underlying asset, reference or index. In implementingcertainof itsPrivateFund investment strategies,NBLLCor itsdesignatedaffiliatemayuse derivatives, such as futures, options, forward contracts and swaps, as part of astrategydesignedtoreduceexposuretootherrisksortotakeapositioninanunderlyingasset.Derivativesmayinvolverisksdifferentfrom,orgreaterthan,thoseassociatedwithmore traditional investments.Derivativescanbehighlycomplex, cancreate investmentleverageandmaybehighlyvolatile,whichwouldresultinthestrategylosingmorethantheamount it invests. Derivativesmaybedifficult to valueandhighly illiquid, and thestrategymaynotbeabletocloseoutorselladerivativepositionataparticulartimeoratananticipatedprice. NBLLC isnotrequiredtoengage inderivativetransactions,evenwhendoingsowouldbebeneficialtotheaccount.

Inaddition,NBLLCor itsdesignatedaffiliatemaytakeadvantageofopportunitieswithrespecttoderivativeinstrumentsthatarenotcurrentlycontemplatedforuseorthatarecurrentlynotavailable,but thatmaybedeveloped, to theextentsuchopportunitiesarebothconsistentwiththePrivateFund’sinvestmentobjectivesandguidelinesandlegallypermissible. Specialrisksmayapplytosuchinstrumentsthatareinvestedinthefuturethat cannot be determined at this time or until such instruments are developed orinvested in by the relevant Private Fund. Derivatives may also be affected by theimplementationofthevariousregulationsadoptedpursuanttotheDodd‐FrankAct.TheimpactoftheDodd‐FrankActisnotyetcertain.

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FinancialPlanningAnalysis. From time to time, NB LLC may provide a one‐time financialplanning analysis. There can be no assurance that its FP Analyses will result in profitableinvesting or avoidance of loss, or the achievement of any financial goals. The FP Analysis ishighlyreliantontheaccuracyoftheinformationprovidedbytheclientandbythirdparties.Anyinaccurateinformationcouldcompromisethequalityoftheadviceprovided.TheFPAnalysisisoftentimesensitive,especiallyduringtimesofsignificantmarketvolatilityandtheFPAnalysisdoesnotincludeanyon‐goingorperiodicreview,follow‐upormonitoring.FPAClientshavesolediscretionandfinalresponsibilityfordecidingwhethertobuy,sell,holdorotherwisetransactinanysecurity. Theclientmaybeunable toexecute therelated transaction,or therecouldbeadelayintheamountoftimetheclienttakestoexecutetherelatedtransactionthatrenderstheadviceprovidedmoot,potentiallyreducinganyprofitorcausingamaterialloss.TheFPAnalysismaybebasedonassumptions thatarebasedupona limitednumberofvariables thatmaybeextractedfromcomplexfinancialmarketsorinstrumentstheyintendtoreplicate.Anyoneoralloftheseassumptionscouldovertimeprovetobeinaccurate,whichcouldresultinmajorlosses.Beforeimplementinganyfinancialplan,FPAClientsshouldconsidercarefullytheramificationsof purchasing products or services and seek further advice from the client’s lawyer and/oraccountant,includinginconnectionwithestateplanning,taxesorsmallbusinessownerplanningissues. In addition,NBLLChas designated specific employee(s) asNBFPAConsultant(s)withoversight responsibilities for each FPAnalysis produced for FPAClients. NBFPAConsultantsmay hold financial planning educational or professional credentials, such as the CertifiedFinancial Planner™ (CFP®) designation. Holding a professional designation typically indicatesthat the individual has completed certain courses or continuing education. NB LLC does not,however,monitorcompliancewithanysuchprofessionalcredentialsbyanyNBFPAConsultantand makes no representations or warranties regarding the use of any such professionaldesignations or the educational or professional credentials of any NB FPA Consultant. Inaddition,NBLLCdoesnot complywithany industryassociationstandardsorrequirements inrespectof theFPAnalysis andany relateddiscussions, andNBLLC isnotproviding “financialplanningservices”assuchtermisdefinedbyanyindustryassociations,includingbutnotlimitedtotheCFPBoard.Investmentsinsecuritiesandotherfinancialinstrumentsinvolveriskoflossthatinvestorsmustbepreparedtobear.

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Item9: DisciplinaryInformation

NB LLC does not believe it has any legal or disciplinary events that arematerial to a client’sevaluation of NB LLC’s advisory business or the integrity of NB LLC’smanagement. There isotherdisciplinaryinformationrelatedtoNBLLC’sbroker‐dealerbusinesswhichcanbefoundinPart1ofNBLLC’sFormADV.

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Item10: OtherFinancialIndustryActivitiesandAffiliations

A. RegistrationasaBroker‐DealerorRegisteredRepresentative

NBLLCisaregisteredbroker‐dealerandmanyof itsmanagementpersonnelareregisteredasrepresentativeswithFINRA.ForthemajorityofportfoliotransactionsforSeparateAccountandWrap Program Accounts, NB LLC does not receive a brokerage commission for effectingsecuritiestrades.NBLLCreceivesan“all‐inclusivefee”foradvisoryandbrokerageservices.InthosecaseswhereNBLLCdoesreceivebrokeragecommissions, theyareatanegotiatedrate.Subject to applicable law, NB LLC or its affiliates may also receive sales commissions inconnectionwiththesaleofinterestsintheAffiliatedFunds.

See Item 5.E and Item 12.A for further information with respect to fees NB LLC receives inconnectionwithsecuritiestransactions.

B. Registration as a Futures Commission Merchant, Commodity Pool Operator,CommodityTradingAdvisororAssociatedPerson

NB LLC is registered as a CPO, a CTA and an FCM with the CFTC. Certain of NB LLC’smanagementpersonnelareregisteredwiththeNFAasprincipalsand/orassociatedpersonsofNB LLC and may also be associated persons and/or principals with the NFA through theiraffiliationwithaffiliatesofNBLLC.Notwithstandingsuchregistrations,NBLLChasandmayinthefutureseektorelyonexemptionsfromregistrationasaCPOandCTAwithrespecttocertainaccounts and pools that qualify for such exemptions, including for pools with sophisticatedinvestorswhoseexposuretoinvestmentsdeemedtobe“commodityinterests”islimited.

C. RegistrationasaMunicipalSecuritiesDealer

NBLLCisregisteredasaMunicipalSecuritiesDealerwiththeMSRB.Asabroker‐dealerthatisengagedinthebusinessofeffectingtransactions inmunicipalsecurities fortheaccountsof itsclients,NeubergerBermanLLCisrequiredtoregisterwiththeMSRBandtheSECasaMunicipalSecuritiesDealer.AsaregisteredMunicipalSecuritiesDealer,NBLLCissubjecttoMSRBruleswhichareenforcedbytheFINRAandtheSEC.

D. MaterialRelationships

NB LLC currently has certain relationships or arrangements with related persons that arematerial to its advisory business or its clients. Below is a discussion of suchrelationships/arrangementsandconflictsthatarisefromthem.

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1. Broker‐dealer, municipal securities dealer, or government securities dealer orbroker

NB LLC is affiliated with Neuberger Berman Management LLC (“NBM”), a limited purposebroker‐dealer and SEC‐registered adviser that organizes and forms the NB Registered Funds.See Items 10.C.1, 10.C.2 and 10.C.3 below for further information regarding arrangementsbetweenNBLLCandNBM.

Inaddition,NBLLCemployeesmayalsobeofficersand/orregisteredrepresentativesofNBM.Insuchcapacity,theymaysellorprovidesimilarservicesastheservicesofferedbyNBLLC.Theexistence of these relationshipsmay create the appearance of a conflict of interest. See Item11.B.7andItem11.D.6.

TheFirmhasestablishedpoliciesandproceduresreasonablydesignedtopreventthemisusebytheFirmanditspersonnelofmaterialinformationregardingissuersofsecuritiesthathavenotbeenpubliclydisseminated.SeeItem11.D.1.2. InvestmentCompanyorotherpooledinvestmentvehicle

NBLLCactsasadviserorsub‐adviser tocertainAffiliatedFunds(including theNBRegisteredFunds and affiliatedPrivate Funds). Management persons ofNB LLCmay act as directors orofficersofAffiliatedFunds.

Initscapacityasaregisteredbroker‐dealer,NBLLCmayexecutetransactionsforcertainoftheAffiliated Funds and receive brokerage commissions in that regard. Further information onthese functions and relationship is contained in the offering materials for such funds. AnytransactionsfortheNBRegisteredFundsareconductedinaccordancewiththerequirementsofRule17e‐1undertheInvestmentCompanyAct.Subject to the investment guidelines and applicable law, NB LLCmay invest certain SeparateAccounts in Affiliated Funds. See Item5.C regarding additional fees and expenses associatedwithinvestmentsinAffiliatedFunds.

NB LLC acts as placement agent for certain of the Affiliated Funds and may receive salescompensationinthatregard(SeeItem5).ForAffiliatedFundsthataremanaged(andnotsub‐advised) by a related party of NB LLC, such compensation is normally paid out of anymanagementfeesorincentiveallocationspayablebytheAffiliatedFundpursuanttotermsofitsOfferingDocumentsandnotbymeansofanadditionalfeechargedbysuchfund.

NBLLChasaconflictofinteresttotheextentthatitrecommendsorinvestsClientAccountsin,or recommends that FPA Clients invest in, the Affiliated Funds (rather than in Non‐AffiliatedFunds)dueto(i)thebenefittheFirmmayreceiveinconnectionwithincreasedsubscriptionstotheAffiliatedFundsandthuslargerfundsand(ii)withrespecttoNBRegisteredFundsorcertainotherAffiliatedFunds,thefactthatNBLLCand/orcertainaffiliatesreceivecommissionrevenuefordistributingsuchfunds.

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NeitherNBLLCnoritsrelatedpersonsareobligatedtoallocateanyspecificamountoftimeorinvestment opportunities to a particular Client Account or FPA Client. Because NB LLCmayreceiveaperformancefeeinconnectionwithitsmanagementofaPrivateFund,NBLLCmaybeincentivizedtodevoteadisproportionateamountoftimeandresourcestothePrivateFundattheexpenseofotheraccountsthatarenotchargedaperformancefee. NBLLCanditsrelatedpersons intend to devote asmuch time as they deem necessary for themanagement of eachaccount,andwillallocateinvestmentopportunitiesbetweenPrivateFundsandotheraccountsmanagedinasimilarstrategyinaccordancewithNBLLC’stradeallocationpolicydescribedinItem12.B.

3. Otherinvestmentadviserorfinancialplanner

NBLLChasrelationshipsthatarematerialtoitsadvisorybusinesswiththefollowingaffiliatedinvestmentadvisers(the“AdvisoryAffiliates”).

SEC‐RegisteredAdvisers:NeubergerBermanManagementLLCNeubergerBermanFixedIncomeLLCNBAlternativeAdvisersLLCNBAlternativeInvestmentManagementLLCNeubergerBermanAsiaLtd.NeubergerBermanEuropeLimitedNeubergerBermanSingaporePte.LimitedNon‐SEC‐RegisteredAdvisers:NeubergerBermanEastAsiaLimitedNeubergerBermanAustraliaPtyLimitedNeubergerBermanTaiwanLimitedWhere required, personnel of non‐SEC‐registered advisers are considered “access persons” ofNBLLCandare subject to certainNBLLCpoliciesandproceduresaswell as supervisionandperiodicmonitoring.Certain NB LLC portfolio management personnel are also officers of some of these AdvisoryAffiliatesandprovideinvestmentmanagementservicestoclientsofsuchaffiliates.NeitherNBLLCnoritsrelatedpersonsareobligatedtoallocateanyspecificamountoftimeorinvestmentopportunitiestoaparticularClientAccountorFPAClient.NBLLCanditsrelatedpersonsintendto devote asmuch time as they deemnecessary for themanagement of ClientAccounts (andprovision of FP Analyses) and will allocate investment opportunities in accordance with NBLLC’s trade allocation policy. See also Item 6 and Item 11.D.6 with respect to side‐by‐sidemanagementissues.

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Depending on the strategy, investment professionals from such Advisory Affiliates may havedecision‐makingrolesforNBLLCClientAccounts.

Inprovidinginvestmentmanagementservicestoitsclients,NBLLCmaydrawupontheportfoliomanagement, trading, research, operational and administrative resources of its affiliates,including using affiliates to execute transactions for client accounts. Subject to the writtenconsentoftheclientandtheregulatorystatusoftheaffiliate,NBLLCmayengageoneormoreoftheseaffiliatesassub‐adviserormaytreattheseaffiliatesas“participatingaffiliates,”thelatterin accordance with the applicable SEC No‐Action Letters. If affiliates act as a sub‐adviser,investmentprofessionalsfromsuchaffiliatesmaybedelegateddecision‐makingrolesforsomeorallaspectsofthestrategy,includingtheopeningofbrokerageaccountsandtheplacementoforderstodeploythestrategy.Asparticipatingaffiliates,whetherornotregisteredwiththeSEC,the affiliates may provide designated investment personnel to associate with NB LLC andperform specific advisory services to NB LLC consistent with the powers, authority andmandatesofNBFI’sclients.TheemployeesofaparticipatingaffiliatearedesignatedtoactforNBLLC and are subject to certain NB LLC policies and procedures as well as supervision andperiodicmonitoringbyNBLLC.TheparticipatingaffiliateagreestomakeavailablecertainofitsemployeestoprovideinvestmentadvisoryservicestoNBLLC’sclientsthroughNBLLC,tokeepcertain books and records in accordancewith the Advisers Act and to submit the designatedpersonnel to requests for information or testimony before SEC representatives. Participatingaffiliatesmayalsobedelegated theduty toplaceorders for certain securitiesandcommodityinteresttransactionspursuanttoanagreementbetweenNBLLCandtheparticipatingaffiliate.Subjecttothewrittenconsentoftheclient,NBLLCmayengageoneormoreoftheseAdvisoryAffiliatesasasub‐advisertomanageitsSeparateAccounts.SeeItem10.D.The views and opinions of NB LLC, and those of its Advisory Affiliates and their researchdepartments,may differ from one another, aswell as from their respective Chief InvestmentOfficersandtheInvestmentStrategyGroup.Asaresult,ClientAccountsmanagedbyNBLLCoritsAdvisoryAffiliates(orFPAClientsofNBLLC)mayholdsecuritiesorpursuestrategiesthatreflectdifferinginvestmentopinionsoroutlooksatthetimeoftheiracquisitionorsubsequentthereto.SeeItem11.B.7.TheFirmhasestablishedpoliciesandproceduresreasonablydesignedtopreventthemisusebytheFirmanditspersonnelofmaterialinformationregardingissuersofsecuritiesthathavenotbeenpubliclydisseminated.SeeItem11.D.1.4. Futures commission merchant, commodity pool operator, or commodity tradingadvisor

Please see discussion above in Item 10.C.3 for relationship with Neuberger Berman FixedIncome LLC (registered CTA and CPO) and NB Alternative Investment Management LLC(registeredCPO).

5. Bankingorthriftinstitution

NBLLCisaffiliatedwithNeubergerBermanTrustCompanyN.A.andNeubergerBermanTrustCompany of Delaware N.A. (collectively the “NB Trust Companies”). NB Trust Companies

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provide comprehensive fiduciary and wealth management services to high net worthindividuals, familiesandtheirrelatedentities, including, investmentmanagement,custody, taxandfinancialplanning,trusteeandexecutorservices,plannedgivingandphilanthropicadvisoryservices.Inaddition,NeubergerBermanTrustCompanyN.A.providesinvestmentmanagement,custody,andotherfiduciaryservicestoinstitutionalclients. NBTrustCompaniesmayappointNBLLCtoserveasitssub‐custodianandinvestmentsub‐adviserpursuanttoagreementswithNBLLC,andinsuchcircumstances,NBLLCmayalsobeutilizedasthebroker‐dealer. Certainpersonnel of NB LLC provide investment management support and client relationshipmanagement services to NB Trust Companies, pursuant to an Administrative ServicesAgreementbetweenNBTrustCompaniesandNeubergerBermanGroupLLC.

6. Accountantoraccountingfirm

None.

7. Lawyerorlawfirm

None.

8. Insurancecompanyoragency

None.

9. Pensionconsultant

None.

10. Realestatebrokerordealer

None.

11. Sponsororsyndicatoroflimitedpartnerships

AffiliatesofNBLLCactasthegeneralpartner,managingmemberordirectorofcertainPrivateFundentitiesmanagedbyNBLLC.SeeItem10.C.2.FurtherinformationaboutthepartnershipswhereaffiliatesofNBLLCserveasthegeneralpartnerisavailableinSection7.BofScheduleDofPart1ofNBLLCanditsaffiliatedSEC‐registeredadvisers’FormADVs.SeeItem10.C.2.

E. SelectionofOtherInvestmentAdvisers

From time to time, NB LLCmay engage other advisers, including its affiliates, to act as sub‐advisersforitsSeparateAccountsandAffiliatedFunds.Inaddition,fromtimetotime,NBLLCmaydelegate someorallof its roleasadviser tootheradvisers, including itsaffiliates, for itsSeparateAccounts,AffiliatedFundsandNon‐AffiliatedFunds.NBLLCmayinvestclientassetsinthe Affiliated Funds or Non‐Affiliated Funds. In connection with these investments and the

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selection of potential sub‐advisers, NB LLC makes recommendations and/or selections ofunderlyinginvestmentmanagersfortheseclients.

NB LLC performs detailed due diligence on third party potential sub‐advisers or advisers tothesepooledinvestmentvehiclesbeforeselectingthem,includingbutnotlimitedto,analysisofthe adviser's investment process and results, including the length of their track record,considerationof theassetsundermanagement, and interviewswithmembersof theadviser'sseniormanagementandinvestmentteams. NBLLC’sdecisiontocontinuetouseasub‐adviseror invest in a fund managed by another adviser depends upon various factors which mayinclude,butnotbelimitedto,thesub‐adviser'sperformancerecord,managementstyle,numberandcontinuityofinvestmentprofessionals,andclientservicingcapabilities.

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Item11: CodeofEthics,ParticipationorInterestinClientTransactionsandPersonalTrading

A. CodeofEthics

In order to address conflicts of interest, NB LLC 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 NB LLC’s officers, members, and employees(collectively,“Employees”).TheConflictsProceduresgenerallysetthestandardofethicalandprofessionalbusinessconductthattheFirmandNBLLCrequireofitsEmployees.TheConflictsProceduresconsistofcertaincoreprinciplesrequiring,amongotherthings,thatEmployees:(1)atalltimesplacetheinterestsofclientsfirst;(2)ensurethatallpersonalsecuritiestransactionsareconducted insuchamanneras toavoidanyactualorpotentialconflictsof interestoranyabuseofanindividual’spositionoftrustandresponsibility;(3)refrainfromtakingadvantageoftheir positions inappropriately; and (4) at all times conduct themselves in a manner that isbeyondreproachandthatcomplieswithallapplicablelawsandregulations.

As discussed further below, the Conflicts Procedures include provisions relating to theconfidentiality of client information, a prohibition on insider trading, restrictions on theacceptanceof significantgifts, the reportingof certaingiftsandbusinessentertainment items,and personal securities trading procedures, among other topics. All Employees mustacknowledgethetermsoftheCodeofEthicsannually,orwhenitismateriallyamended.

Inaddition,theConflictsProceduresimposecertainadditionalrequirementsonAccessPersons(as defined in the Conflicts Procedures) who are advisory persons. It also requires AccessPersonstoreportpersonalsecuritiestransactionsonatleastaquarterlybasisorasotherwiserequired and provide the Firm with a detailed summary of certain holdings (initially uponbecoming an Access Person and annually thereafter) overwhich such Access Persons have adirectorindirectbeneficialinterest.

ClientsmayobtainacopyoftheCodeofEthicsbycontactingtheirClientServiceRepresentative.

B. ParticipationorInterestinClientTransactions

NBLLCmayparticipateorhavean interest inclient transactionsasdescribedbelow. NBLLCmakesallinvestmentmanagementdecisionsinitsclients’bestinterests.1. PrincipalandAgencyTransactions:

Principaltransactionsaregenerallydefinedastransactionswhereanadviser,actingasprincipalforitsownaccount,buysfrom,orsellsanysecurityto,anadvisoryclient.AprincipaltransactionwouldoccurifNBLLCboughtsecuritiesforitsowninventoryfromanNBLLCadvisoryclientor

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soldsecurities fromits inventorytoanNBLLCadvisoryclient. NBLLCdoesnothave itsowninventoryofsecurities(otherthan,fromtimetotime,asaclientaccommodationinaccordancewith applicable rules) and therefore will not engage directly in principal transactions withclients.However, if NB LLC, its affiliates or principals own a substantial equity interest in a ClientAccount,transactionsinvolvingthatClientAccountandanotherclientcouldbecharacterizedasa principal transaction. For example, if NB LLC, its affiliates or principals have a substantialequityinterestinanAffiliatedFund,thetransferofsecuritiesfromthatAffiliatedFund’saccounttoaSeparateAccountcouldbeaprincipaltransaction.AffiliatedFundsmay engage in suchprincipal transactionswith aNBLLCSeparateAccount ifpermittedinitsparticularofferingmemoranda,prospectusorotherofferingdocument.Insuchasituation,NBLLCwould(i)disclosethetransactiontotheclientandobtaintheclient’sconsentinaccordancewithSection206‐3oftheAdvisersAct,and(ii)complywithapplicablefederallaw,aswellasanyrequirementsimposedbythefundsthemselves.Thepotentialconflictsofinterestare disclosed in the relevant fund’s Offering Documents. Such principal transactions presentconflictsofinterestwhichmayincludetheadviseroraffiliateearningafeeorearning(orlosing)moneyasaresultofthetransaction.An“agencycrosstransaction”isdefinedasatransactionwhereapersonactsasaninvestmentadviserinrelationtoatransactioninwhichtheinvestmentadviser,oranypersoncontrolledbyorundercommoncontrolwiththeinvestmentadviser,actsasbrokerforboththeadvisoryclientandforanotherpersonontheothersideofthetransaction.Forexample,anagencycrosstradewould occur if securities are purchased or sold between one of NB LLC’s Separate AccountsthroughNBLLCandanon‐discretionaryaccountclientforwhichNBLLCactsasbroker.NBLLCmayinfrequentlyengageinagencycrosstransactions.NBLLCactsasbrokeror“agent”toeffectsecuritiestransactionsforsomeofitsClientAccounts.PleaseseetheresponsetoItem12.Aforadiscussionoftheconflictsassociatedwiththispractice.2. CrossTransactionsCross trades involve the transfer, sale or purchase of assets from one client to another clientwithouttheuseofabroker‐dealer.NBLLCmayengageincrosstradingwherepermissible,ifitdetermines that such action would be favorable to both clients and the conditions for thetransaction, fair tobothparties. Insuchcircumstances,NBLLCwillnotreceivecompensationforthetransaction.3. AffiliatedBrokerNBLLC is affiliatedwithNBM. NBM is a limitedpurposebroker‐dealer anddoesnot executetransactionsforNBLLCClientAccounts.

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4. FinancialInterestsinSecuritiesorInvestmentProductsNBLLCmayinvestClientAccountsin(orrecommendtoFPAClients)investmentsinwhichNBLLC or its affiliates have a direct or indirect financial interest. Such financial interest couldinclude,but isnot limitedto,havingabusinessrelationship(whetherclient,broker,vendororinvestmentconsultant)orservingasinvestmentadviser,generalpartner,managingmemberordirectorforaparticularinvestmentproduct.InsuchinstancesthepurchaseorsaleofasecurityasdirectedbyNBLLConbehalfofitsclient(s)mayhaveanimpactonthepriceofsuchsecurity,whichmayindirectlybenefit(oracttothedetrimentof)itsaffiliates.NBLLCanditsAdvisoryAffiliatesact invariouscapacitieswithrespecttotheAffiliatedFundsfrom which they receive advisory, distribution or other fees. When appropriate and inaccordancewithapplicablelaw,NBLLCmayinvestclientfundsintheAffiliatedFunds. DuetothecompensationNBLLCand/or itsaffiliatesderive fromtheAffiliatedFunds,NBLLChasanincentivetousetheAffiliatedFundsortheGPSProgramforclientinvestmentsinsteadofothersimilarinvestmentswhichcouldbemoreorlessbeneficialtoaclient.SeeItem5.Cand10.C.2.5. EmployeeInvestmentinNBLLCProductsNBLLCemployeesmaybe investors intheFirm’sPrivateFundsorNBRegisteredFunds. Anyemployee investments are made in conformity with the Conflicts Procedures which includeproceduresgoverningtheuseofconfidential informationandpersonal investing. NBLLCalsomaintainsSeparateAccounts foremployees. NBLLCmaintainsapolicythatprohibits“insideraccounts” thatdonotpay investmentadvisory fees fromreceivingamore favorableexecutionpricethanthatreceivedonthesamedaybyotherNBLLCClientAccounts.SeealsoItem11.C.6. BuyingandSellingSecuritiesThatAreRecommendedtoClients:

NB LLC may recommend to clients investments in which Neuberger Berman, its affiliates oremployees are also invested. Key personnel of NB LLCmay be invested directly in affiliatedPrivate Funds and the performance fee distributions and management fee payable by suchaffiliated Private Fundsmay be separately negotiated byNB LLC. Certain Private Fundsmayelect to waive management or performance fees/allocations for employees of the Firm whoinvestinthePrivateFundpursuanttotheFirm’semployeeinvestmentprogram.NB LLC manages Separate Accounts for employees and other related persons. NB LLC mayrecommend the purchase of Affiliated Funds to these “insider accounts” as well as to ClientAccountsandFPAClients.NBLLCmayalsorecommendtoclientssecuritiesinwhicharelatedperson has established an interest independent of NB LLC. NB LLC may purchase and sellsecuritiesforitsaccountsthattheFirmoritsemployeeshaveseeded.NB LLC provides investment advisory services to various clients which may differ from theadvicegiven,orthetimingandnatureoractiontaken,withrespecttoanyoneaccount.NBLLC,itsaffiliates,andemployees(totheextentnotprohibitedbytheCodeofEthics),andotherclientsmayhave,acquire,increase,decrease,ordisposeofsecuritiesorinterestsatoraboutthesame

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timethatNBLLCispurchasingorsellingsecuritiesorinterestsforanaccountwhichareormaybedeemedtobeinconsistentwiththeactionstakenbysuchpersons.All such investments are made in conformity with the Conflicts Procedures and NB LLC’sAggregationandAllocationProcedures(SeeItem12.B.)7. OtherInterestsinClientTransactions

NBLLCemployeesmayalsobeofficers,employeesand/orregisteredrepresentativesofanyoftheAdvisoryAffiliates.Insuchcapacity,theymaysellorprovidesimilarservicesastheservicesofferedbyNBLLC.TheviewsandopinionsofNBLLCoranyoftheAdvisoryAffiliatesandtheirresearchstaff,maydifferfromoneanother.Asaresult,ClientAccountsmayhold,andNBLLCmay recommend thatFPAClients invest in, securitiesorother investmentproducts forwhicheachof these entitiesmayhaveadifferent investmentopinionoroutlookat the timeof theiracquisitionorsubsequentthereto.

C. PersonalTrading

NBLLC,oroneormoreof itsaffiliates, includingemployees, fromtimetotime,mayinvest fortheirownaccountdirectlyor throughaPrivateFundorNBRegisteredFunds, in equity, fixedincome, derivative or other investments inwhichNB LLCmay also invest on behalf of ClientAccounts. Moreover,NBLLCand itsaffiliatesand theirrespectiveemployeesmaybuy, sellorhold securities while entering into different investment decisions for one or more ClientAccounts.AllsuchinvestmentsaremadeinaccordancewiththeConflictsProcedures.NBLLC’s employees and those of its affiliatesmayparticipate directly or indirectly in PrivateFund investments to the extent permitted by the terms of the relevant Private Fund’spartnershipagreement.SuchparticipationineachinvestmentwillbeonsubstantiallythesametermsandconditionsasprovidedforintheofferingmaterialsofthePrivateFunds.ThesaleordispositionbyNBLLC,itsaffiliatesortheirrespectiveemployeesmustalsobeconsummatedinaccordancewithinternalpoliciesandapplicablelaw.ItistheFirm’spolicytomonitorandinsomecasesprohibitpersonalsecuritiestransactionsforthe Firm, its affiliates and their respective employees. The Conflicts Procedures containsemployee trading policies and procedures that are closely monitored by the Legal andComplianceDepartment.Keyaspectsoftheemployeetradingpoliciesandproceduresinclude:a)arequirementforsecuritiesaccountstobemaintainedatNBLLCorotherapprovedentities;b)anemployeepricerestitutionpolicy;c)prohibitionsagainstemployeeparticipationincertainIPOs;d)prohibitionsagainsttradingonthebasisofmaterialnon‐publicinformation;e) pre‐approval requirements for certain security transactions, such as private placementofferings;f)aminimumholdingperiodof30daysformostpersonalsecuritiestransactions,and

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g) annually affirming in writing that (i)all reportable transactions occurring during the yearwere reported to the Firm; (ii)all reportable positions were disclosed; (iii)all newly openedsecurities accounts and/or private placementswere disclosed; and (iv)that the employee hasread,understoodandcompliedwiththeCodeofEthics.The price restitution policy attempts to address the potential conflict that could arise fromemployeesowningthesamesecuritiesasclients,orwheretheaccountsofbothenterthemarketatthesametime.Subjecttocertainexclusions,employeetradesthatareexecutedonthesamedayandinthesamesecurityasaclient’saccountarereviewedtoensurethattheemployeedoesnotreceiveabetterpricethantheclient. Intheeventthattheemployeedoesreceiveabetterprice, the employee’s price is “switched” to that of the client’s and the cash difference in theexecutionpriceisdisgorgedfromtheemployeeaccount.Disgorgedproceedsareoftenallocatedtoclientaccountsintheformofrevisedexecutionprices.Insomeinstances,however,arevisedexecutionpricemay, foroperational reasonsbeyondNBLLC’s control,notbe feasibleand theproceedswilleitherberemittedtoclientaccountsordonatedtocharity.AsstatedintheConflictsProcedures,itisthepolicyofNeubergerBermanforitsSEC‐registeredadvisers toprohibit insiders, that is, the employeesof suchadvisers and certainof their closerelatives, fromeffectingtransactions inanticipationof transactions insuchsecuritiesbyClientAccounts.

D. OtherConflictsofInterest

1. MaterialNonPublicInformation/InsiderTrading

TheFirmhasimplementedpoliciesandprocedures(the“MNPIProcedures”),includingcertaininformationbarrierswithintheFirm,thatarereasonablydesignedtopreventthemisusebytheFirmanditspersonnelofmaterialinformationregardingissuersofsecuritiesthathasnotbeenpublicly disseminated (“material non‐public information”). The MNPI Procedures 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 loananddistresseddebtbusinesseswithincertainaffiliatesmayutilizematerialnon‐publicinformationinpurchasingloansandotherdebtinstruments and from time to time, certain affiliates’ portfolio managers may be offered theopportunity on behalf of applicable clients to participate on a creditors committee, whichparticipationmayprovideaccesstomaterialnon‐publicinformation.

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TheMNPI Procedures address the process bywhichmaterial non‐public informationmay beacquiredintentionallybytheFirmandthesharingofinformationbetweendifferentbusinesseswithintheFirm.Whenconsideringwhethertoacquireorsharematerialnon‐publicinformation,the Firmwill attempt to balance the interests of all clients, taking into consideration relevantfactors,including,butnotlimitedto,theextentoftheprohibitionontradingthatmayoccur,thesize of the Firm’s existing position in the issuer, if any, and the value of the information as itrelatestotheinvestmentdecision‐makingprocess.Theintentionalacquisitionofmaterialnon‐public information may give rise to a potential conflict of interest since NB LLC may beprohibited fromrendering investment advice to clients regarding thepublic securitiesof suchissuer and thereby potentially limiting the universe of public securities that NB LLC maypurchaseorpotentiallylimitingtheabilityofNBLLCtosellsuchsecurities.Similarly,wheretheFirmdeclinesaccessto(orotherwisedoesnotreceiveorsharewithintheFirm)materialnon‐publicinformationregardinganissuer,NBLLCmaybaseitsinvestmentdecisionswithrespecttoassets of such issuer solely onpublic information, thereby limiting the amountof informationavailable toNBLLC inconnectionwithsuch investmentdecisions. Indeterminingwhetherornottoelecttoreceivematerialnon‐publicinformation,theFirmwillendeavortoactfairlytoitsclientsasawhole.2. Gifts/Gratuities/Entertainment

Firm employees, wherever located, are prohibited from providing 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 andentertainmenttopersonnel/representativesofclientsorprospectiveclientsasdetailedinmorespecificFirmpoliciesandprocedures. However,theFirmprohibitsprovidingbusinessgiftsorentertainment 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 andentertainment to particular types of clients or client representatives, such as governmentofficialsatalllevelsandrepresentativesofU.S.LaborOrganizations.Furthermore,otherpublic,aswell as private, institutionsmay have their own internal rules regarding the acceptance ofgifts or entertainment by their personnel and other representatives. Neuberger Bermanpersonnel are reminded to be aware that institutionswithwhom they dealmay have certainadditionalrestrictions.Inadditiontotheserequirements,whichapplytoallFirmpersonnel,differentregionsmayhaveregulatoryrulesandrequirementsrelatingtobusinessgiftsandentertainmentspecifictotheirregion. Separate Firm policies and procedures specify how personnel subject to thisrequirementaretocomplywithit.Acceptinggiftsorentertainmentfromclients,prospectiveclients,employeesoragentsofclients,outsidevendors,suppliers,consultants,andotherpersonsorentitieswithwhomtheFirmdoes

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businessmayalsocreateactualorapparentconflictsofinterest. Subjecttoapplicable law,theFirm does not prohibit personnel from accepting all business‐related gifts or entertainment.However, neither Firm personnel, 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, theFirmhas establishedpolicies andproceduresrelatingtopoliticalcontributionswhicharedesignedtocomplywithapplicablefederal,stateandlocal law. All employees are required to seek preapproval before making any politicalcontributionorvolunteeringforacampaign.4. OutsideBusinessActivities

Certain types of outside affiliations or other activities may pose a conflict of interest orregulatory concern to the Firm. Therefore, the Firm prohibits certain activities, and requiresemployeestodiscloseoutsideactivitiestotheFirminwritingsothatresponsiblepersonnelmayassessthecompatibilityoftheoutsideaffiliationoractivitywiththeirroleattheFirm.“Outsideaffiliations” includerelationshipsinwhichNeubergerBermanpersonnelserveasanemployee,director,officer,partnerortrusteeofapublicorprivateorganizationorcompanyotherthantheFirm (paid or unpaid), including joint ventures, portfolio investment companies, non‐profit,charitable,civicoreducationalorganizations.Theserelationshipsmayormaynotberelatedtoemployment 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 todiscloseaffiliationswhich involve littleornopersonalresponsibilityorexposureontheirpartand have minimal potential for adversely affecting the Firm’s image or creating conflicts ofinterest.Firmpersonnelarenotrequiredtodiscloseaffiliationsoffamilymembersunlesstheyare aware that an immediate familymember’s affiliationwitha companyororganizationmayresultinaconflictofinterestbetweentheemployeeandtheFirmortheemployeeandaclientoftheFirm.Firm personnel are generally prohibited from being employed by another company or fromengaging inotheractivitiesthatcould interfereorconflictwiththeirserviceattheFirm. 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.Furthermore Firmpersonnel are prohibited from entering into independent non‐Firm relatedbusiness relationshipswith clients, vendors, or co‐workers. Exceptions to these prohibitionsmayonlybemadeinwritingonacase‐by‐casebasisbytheLegalandComplianceDepartment.Firmpersonnelmay,undercertainlimitedcircumstances,serveasanexecutor,trustee,guardianorconservator,withpriorapprovalfromtheLegalandComplianceDepartment,irrespectiveofwhethersuchserviceispersonalinnature. Brokerageaccountsundercontroloftheemployee

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asaresultoftheirserviceasanexecutor,trustee,guardianorconservatormustbedisclosedinaccordance with the Firm’s Code of Ethics, even if the relationship is personal. The Firmgenerally permits employees to engage in philanthropic, charitable or other similar pursuits,subject to certain limitations and with prior approval from the Legal and ComplianceDepartment.5. Outsourcing/ServiceProviders

TheFirmconductsappropriateduediligenceonanyoutsidevendor thatprovidesproductsorservices to the Firm and enters into an appropriate contract. The Firm’s relationships withoutsidevendorsaremanagedsothatappropriatecontrolsandoversightareinplacetoprotecttheFirm’sinterests,includingsafeguardingofprivateandconfidentialinformationregardingtheFirm’sclientsandemployees.6. SidebySideManagementofDifferentTypesofAccounts

NB LLC and its personnel may have differing investment or pecuniary interests in differentaccountsmanagedbyNBLLC,anditspersonnelmayhavedifferingcompensatoryinterestswithrespect to different accounts. Similarly, NB LLC personnel who are dual employees with anAdvisoryAffiliatemayhavedifferentinterestswithrespecttoaccountsmanagedforNBLLCandaccountsmanagedfortheAdvisoryAffiliate. CertainNBLLCportfoliomanagementpersonnel,who are dual employees of an Advisory Affiliate, manage the NB Funds. As such, the duallyemployed personnel manage both a mutual fund and regular funds under different AdvisoryAffiliates.NBLLCfacesapotentialconflictofinterestwhen(i)theactionstakenonbehalfofoneaccountmay impactother similarordifferentaccounts (e.g.,whereaccountshave the sameor similarinvestment strategies or otherwise compete for investment opportunities, have potentiallyconflictinginvestmentstrategiesorinvestments,orhavedifferingabilitytoengageinshortsalesand economically similar transactions) and/or (ii) NB LLC and its personnel have differinginterests in such accounts (e.g.,whereNB LLC or its related persons are exposed to differentpotential forgainor loss throughdifferentialownership interestsorcompensationstructures)becauseNBLLCmayhavean incentive to favor certainaccountsoverothers thatmaybe lessprofitable. Suchconflictsmaypresentparticularconcernwhen,forexample,NBLLCplaces,orallocates, securities transactions that NB LLC believes could more likely result in favorableperformance, engages in cross trades or executes potentially conflicting or competinginvestments.Tomitigate these conflicts, NB LLC’s policies and procedures seek to ensure that investmentdecisionsaremadeinaccordancewiththefiduciarydutiesowedtosuchaccountsandwithoutconsideration of NB LLC’s (or such personnel’s) pecuniary, investment or other financialinterests. NB LLC has policies and procedures designed to allocate investment opportunitiesfairlyamongClientAccounts.Inaddition,certainside‐by‐sidemanagedaccountsorportfoliosmayacquirebothlongandshortpositionsinsecuritiesofanissuer(i.e.,“long/short”strategies).Ashortsaleinvolvesthesaleof

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asecuritythattheacquirerdoesnotownintheexpectationofpurchasingthesamesecurity(orasecurityexchangeabletherefore)atalaterdateatalowerprice.Tomakedeliverytothebuyer,theacquirermustborrowthesecurity,andtheacquirerisobligatedtoreturnthesecuritytothelender,whichisaccomplishedbyalaterpurchaseofthesecuritybytheacquirer.Incontrasttotaking a longposition in a security,whenamanager sells a security short, he/she is typicallydoingsowiththeexpectationthatthesecuritywilldeclineinvalue.Dependingonanumberofconditions,including,butnotlimitedto,thesecurity’sliquidityandgeneraleconomicconditions,shorting a security may also have the added consequence of adversely impacting its marketprice. Asa result,managerswhomanage long/shortproductsmayhavepotential conflictsofinterestweretheytoshortasecurityinwhichtheywerealsolongforanotherclientand/orinanother product. NB LLC has adopted policies and procedures which would permit suchtransactions,undercertaincircumstances. Forexample,wheresufficient liquidityexists inthemarketandwherecertainclient’spositionsinaparticularsecurityhaveyettoachievelong‐termtaxtreatment,butthemanagerisotherwisepre‐disposedtoshortingthatsecurity,themanagermaybepermittedtoengageinsuchtransaction.Notwithstanding the above, the views and opinions of NB LLC, its portfolio managers andemployeesandthoseofitsaffiliatesandresearchdepartmentsmaydifferfromoneanother,aswellasfromtheirrespectiveChiefInvestmentOfficersandtheInvestmentStrategyGroup.Asaresult,productsmanagedbyNBLLCoritsaffiliatesmayholdsecuritiesorpursuestrategiesthatreflectdiffering investmentopinionsoroutlooksat thetimeof theiracquisitionorsubsequentthereto.Clientswhoreceivebrokerage,custodyorotherservicesfromotherbrokerdealersincludingbutnotlimitedtorelatedpersonsofNBLLCmaynotbenefitfromsomeorallofthesepolicies.SeeItem12.Bregardingtradeallocationandaggregationpolicies.

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Item12: BrokeragePractices

A. CriteriaforSelectionofBroker‐Dealers

InGeneral—BrokerageSelection

In addition to being registered as an investment adviser, NB LLC is also a registered broker‐dealer. As such,NB LLC and its associated persons, in their separate capacities as registeredrepresentatives, will be able to effect securities transactions for clients for which they willreceiveseparateandcustomarycompensation.For the majority of Private Asset Management Accounts, NB LLC does not engage in suchactivitiesforseparatecommissioncompensation.ForthosePrivateAssetManagementAccountswhichhaveconsentedtotheuseofNBLLCasbroker,NBLLCwillchargean“all‐inclusive”feeforbrokerageandadvisoryservicesandwillnotchargeaseparatebrokeragecommission.WhenaclientopensaPrivateAssetManagementAccount,NBLLCwillseektheclient'sconsenttoeffectbrokerage transactions through NB LLC, consistent with the requirements of the federalsecuritieslawsandotherapplicablelaws.Aclientmaygrantorrevokethisconsentatanytime.Clientswill be advised that they are not required to use NB LLC as broker for their account.PursuanttothetermsoftheGPSProgram,clientsinvestedinGPSarerequiredtouseNBLLCasbrokerfortheirGPSAccounts.NBLLCwilldisclosetoitsclientsitsdualroleassecuritiesbrokerandinvestmentadviser.ForWrapProgramAccounts,NBLLCmayutilizetherelevantWrapSponsorforbrokerage,asuseoftheWrapSponsormayachievebestexecutionduetocertainlowernegotiatedfees(i.e.,brokeragecommissionsandexecutioncostsontradesareoftenincludedintheall‐inclusivefeepaid by Wrap Program Clients to the Wrap Sponsor). NB LLC receives no additionalcompensation for suchuse. NBLLCwill onlydirect suchbrokeragewhere it believes it canachievebestexecution(althoughtherecanbenoassurancethatitcanbeobtained)takingintoaccountanylowerfeesduetotheWrapProgram.WhenNBLLCchoosestotradeawayfromtheWrapSponsorsandexecutetradesthroughbroker‐dealersotherthantheWrapSponsors,theWrapProgramClientsmayincurexecutioncosts inadditiontothewrapfeestheypaytotheWrapSponsors. Pleasereferto Item5.C fora furtherdescriptionofadditionalexecutioncosts thatmay be incurred byWrap Program Clients. Wrap Program Clients should satisfythemselves that the Wrap Sponsors are able to provide best execution of transactions andconsiderwhetherornottheparticipationinaWrapProgrammayormaynotresultincertaincostsordisadvantagestotheclientasaresultofpossiblelessfavorableexecutions.

NB LLCmay enter into agreements with certainWrap Sponsors whereby NB LLCwill onlyprovide itsmodel portfolio to the program sponsor. Except in certain caseswhere NB LLCretainsdiscretionovertheexecutionofportfoliotransactionsbasedonthemodelportfolio,theWrapSponsorwouldberesponsibleforexecutingportfoliotransactionsfortheaccountsoftheWrapProgramClients.

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NBLLCoccasionallyactsasbrokerforsecuritiestransactionsforitsInstitutionalAccountsandPrivateFunds.InstitutionalAccountswillnotpayanybrokeragecommissionsfortradesinfixedincome securities effected through NB LLC and will pay no more than 4 cents per share fortransactionsinUSequities.Clients who elect to trade on margin will enter into a separate agreement directly with theclearingagent.Clientsshouldrefertotheagreementwiththeirclearingagentforalltermsandconditionsofthemarginarrangement,includingallrelatedfeesandexpenses.WhileNBLLCand itsportfoliomanagersendeavoratall times toput the interestofNBLLC'sadvisoryclientsfirstaspartofNBLLC'sfiduciaryduty,clientsshouldbeawarethatthereceiptof additional compensation itself creates a conflict of interest, andmay affect the judgmentofthese individuals whenmaking advisory/investment recommendations. In all cases inwhichtransactionsaredirectedtoNBLLC,ortoanyotherbroker,NBLLCanditsportfoliomanagerswilldetermineingoodfaiththatthecommissionschargedinconnectionwiththosetradesarereasonableinrelationtothevalueofthebrokerage,researchandotherservicesprovidedbyNBLLC,viewedintermsofeitherthespecifictransactionorNBLLC’soverallresponsibilitiestoitsclients. Nevertheless, NB LLC's clients may be able to obtain more favorable brokeragecommissionrateselsewhere.NB LLC has no obligation to seek the lowest commission cost for commission‐paying clients.ApplicablecommissioncostforNBLLC’sbrokerageservicesarenormallysetinaccordancewithNB LLC’s posted rates as provided for in the investment advisory agreements with clients.Unlessotherwiseagreedwith theclient,NBLLC’sbrokerageratescanonlybe increased ifNBLLC provides at least thirty days priorwritten notice to the increase and the client does notobject to such increase. In some instances, with or without notice, NB LLC may elect totemporarilyreduceitscommissionsfortheclient.Insuchcases,NBLLCshallnotberequiredtodeclarethereductionastemporaryandshallbeentitledtochargetheoriginalcommissionrateonsomeorallothertransactionsasuchtimeasitseesfit.WithrespecttothoseclientsthatdonotconsenttotheuseofNBLLCasbrokerfortheaccount,NBLLCselectsbrokers for transactions in theaccountbasedonanumberofcriteria. NBLLCseekstoobtainthebestresultsfortheclient,takingintoconsiderationsuchrelevantfactorsasprice,thebroker'sexecutionability,facilities,reliabilityandfinancialresponsibilityandabilitytohelpeffect the transactionbycontributing to thedeterminationofsuch importantelementsastimingandorder size. WhenNBLLC isnotusedas thebroker,NBLLCwill also consider theresearch services providedby suchbroker toNBLLC (see “research and soft dollars” below).Commissionrates,beingcomponentofpurchase/salepricearealsoconsideredasafactor. NBLLC does not obligate itself to seek the lowest commission cost except to the extent that itcontributestotheoverallgoalofobtainingthebestresultsforclients.Whenunaffiliatedbrokersare used, in accordance with client directions, such brokers may be permitted to chargecommissionsinexcessofthatwhichanotherbrokermighthavechargedforeffectingthesametransactioninrecognitionofthevalueofbrokerage,researchorotherservicesprovidedbythatbrokertothatclient(seedirectedbrokeragebelow).

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Employees with responsibilities for supervision of the account may receive a portion of thecommissions(exceptforaccountsinthelargefundsgroup)paidtoNBLLCbytheaccount.Whenenteringorders fordifferentclassesofClients,e.g.,PrivateAssetManagementAccounts,Institutional Accounts, Wrap Program Clients, or providing the model portfolio to the WrapSponsors,NBLLCrotatesitsorderentryforthesedifferentclasses,inwhatitdeemstobeafairandorderlymanner.Asaconsequenceof thisrotation,differentclassesofClientsare likely toreceivedifferentexecutionpricesandconsequentlywillexperiencedifferentratesofreturn.SeeSectionB.belowontradeallocationprocedures.ResearchandOtherSoftDollarBenefits

Use of Soft Dollars: NB LLC 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,asithasbeeninterpretedbytheSEC,NBLLCmayusesoftdollarstopayforsoftdollarbenefits,evenwheresuchbenefitsmayalsobeavailableforcash,totheextentappropriateandpermittedbylaw,whensuchbenefitsassistNBLLCinmeetingclients’investmentobjectivesorinmanagingClientAccounts.TheuseofsoftdollarstoreceiveresearchandservicesbenefitsNBLLCbyallowingNBLLC,atnocosttoit,to(i)supplementandenhanceitsownresearchandanalysisactivities,(ii)receivetheviewsand informationof individualsandresearchstaffofother securities firms,and (iii)gainaccess to persons having special expertise on certain companies, industries, areas of theeconomyandmarket factors. Subject toNBLLC’spolicies andprocedures,NBLLC takes intoaccountthevalueofpermissiblesoftdollarbenefitsprovidedbyabroker‐dealer,aslongassuchconsiderationisnotinconsistentwiththeobjectiveofseekingbestpriceandexecutionforclienttransactions,andclientsmaypayahighercommissiontoabroker‐dealerinrecognitionofsuchsoftdollarbenefitsthanmightotherwisebeobtainedintheabsenceofsuchconsiderations.When appropriate under its discretionary authority and consistentwith the duty to seekbestexecution, NB LLC may execute brokerage transactions for Client Accounts through broker‐dealerswhoprovideNBLLCwithusefulsoftdollarbenefitsandmaypaytothosebroker‐dealersanamountorrateofcommissionthatishigherthanmighthavebeenpaidabsentthereceiptofsoftdollarbenefits.NBLLCmayselectbroker‐dealersbasedontheirassessmentofeachbroker‐dealer’sabilitytoprovidequalityexecutionsandtheirbeliefthattheresearch,informationandother services provided by such broker‐dealer may benefit Client Accounts. Often, it is notpossible toplaceadollarvalueonthequalityexecutionsoronthesoftdollarbenefitsNBLLCreceivesfrombroker‐dealerseffectingtransactionsinportfoliosecurities.Accordingly,broker‐dealers selected by NB LLC may be paid commissions for effecting portfolio transactions forClient Accounts in excess of amounts other broker‐dealers would have charged for effectingsimilar transactions, if NB LLC determines in good faith that such amounts are reasonable inrelationtothevalueofthesoftdollarbenefitsprovidedbythosebroker‐dealers,viewedeitherintermsofaparticulartransactionorNBLLC’soveralldutytodiscretionaryaccounts.

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NBLLCmayuse“stepouts”or“commissionsharingarrangements”toobtainsoftdollarbenefits.A step out occurswhenNB LLC directs a broker‐dealer,who executes a trade, to allocate (or“stepout”)aportionofthetradetoanotherbroker‐dealerforclearanceandsettlement.NBLLCprimarilyusesstep‐outs forblock tradesandbelieves that thispracticeassists inseekingbestexecution.Incommissionsharingarrangements,NBLLCmayeffecttransactions,subjecttobestexecution,through a broker and request that the broker allocate a portion of the commission orcommissioncreditstoasegregated“researchpool”maintainedbythebroker.NBLLCmaythendirectsuchbrokertopayforeligibleproductsandservices.Participatingincommissionsharingarrangements may enable NB LLC to (1) strengthen its key brokerage relationships; (2)consolidatepaymentsforeligibleproductsandservices;and(3)continuetoreceiveavarietyofhigh quality eligible products and services while facilitating best execution in the tradingprocess.AllocationofSoftDollarResearch:ResearchobtainedwithsoftdollarswillnotalwaysbeutilizedbyNBLLCforthespecificClientAccountorAccountsthatgeneratedthesoftdollars.Itshouldbenotedthatthevalueofmanysoftdollarbenefitscannotbemeasuredprecisely,andcommissionspaidforsuchservicescertainlycannotalwaysbeallocatedtoclientsindirectproportiontothevalue of the services to each client. Because, as discussed below, NB LLC may aggregate or“bunch”clienttransactions,brokeragecommissionsattributabletooneormoreClientAccountsmaybeallocatedtobrokerswhoprovidestatisticaldataandotherresearchusedbyNBLLCinmanagingtheClientAccounts.A factor in the allocation of brokerage is NB LLC’s evaluation of the quality of the brokers'research, meaning the extent to which such brokerage benefits some or all accounts. Forpurposesofevaluatingsuchresearch,pointsareawardedinseveralcategoriesandtheallocationtobrokeragebusinessismadebaseduponthenumberofpointseachbrokerreceives.Researchis often 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,subsidizeservicesthatbenefitedanotherClient Account. However, any distortions should balance out over time as NB LLC’s varioussourcesofresearchandbrokerageservicesenableNBLLCtomakebetterinvestmentdecisionsandexecutemoreeffective trades. Therefore,NBLLCdoesnotusuallyattempt toallocate therelative costs or benefits of research or brokerage services among Client Accounts. NB LLCbelieves that, in the aggregate, the services it receives benefit clients and assist NB LLC infulfillingitsoverallfiduciarydutytoclients.NBLLCmay receivedirectives fromcertain clients tomakea “best effort”attempt to transactbusiness with a client‐designated broker in consideration of services received solely by thatclientfromthebroker. Insuchinstances,onlytheparticularclient’sownsoftdollarsareused.

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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(createdbyathirdpartybutprovidedbybroker‐dealer).NBLLCmayusesoftdollarstoacquireeithertypeofresearchandanypermissiblebrokerageservices.NBLLChasreceivedthefollowingsoft‐dollarproductsandservicesduringthelastfiscalyear: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 forSoftDollarServices:In limitedcircumstances,NBLLCmayenterintoanagreement or understanding with a broker‐dealer that would obligate NB LLC to exclusivelydirecta specificamountofbrokerage transactionsor commissions in return for suchresearch(or brokerage) services. In some cases, NB LLC may enter into a commission sharingarrangementpursuanttowhichsoftdollarsgeneratedareheldinanaccountforthebenefitofNBLLC,andcreditsfromthataccountmaybeusedtoacquiresoftdollaritems.NBLLCalsomay,butisnotobligatedto,paycashforsoftdollaritems.BrokerageforClientReferrals

NBLLCdoesnotenter intoagreementswith,ormakecommitmentsto,anybroker‐dealerthatwouldbindNBLLCtocompensatethatbroker‐dealer,directlyor indirectly, forclientreferrals(orsaleoffundinterests)throughtheplacementofbrokeragetransactions.DirectedBrokerage

CertainclientsofNBLLCmayelect tousea specificbroker forsecurities transactions in theiraccount. Upon such election, NB LLC is required to direct some or all of the trades for suchaccounttosuchotherbrokerdealer. NBLLCdoesnothaveanyrolein,anddoesnothaveanyresponsibilityfor,client’sselectionofthisbroker‐dealer.NBLLCdoesnothaveanycontroloverthebroker’sservices,including,butnotlimitedtocommissionschargedbysuchbroker,andthenatureandqualityofexecutionsprovidedbysuchbroker.Assuch,NBLLCcannotensureinanygiventransactionfortheseaccountsthatitwillbeabletoobtainthebestprice.Forexample,NBLLCmayelecttopurchaseasecurityonbehalfofoneofitsSeparateAccounts(whereitactsasbroker) in advance of purchasing the identical security for one of these directed brokerageaccounts. ThepurchaseofthesecurityforsuchSeparateAccountcouldhaveanimpactonthesecurity price. This would result in the directed brokerage account paying more than itotherwisewouldhavehadtheaccount'sorderbeenaggregatedwiththeSeparateAccount.A client's selection of another broker may result in the client not receiving certain benefitsaffordedNBLLC’sclientsforwhomNBLLCdoesprovidebrokerage.Thesebenefitsinclude,butarenot limited to, potential efficiencies in execution; clearance and settlement resulting from,amongotherthings,thebunchingofordersforvariousclients(seeItem12.Bbelow).

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If,inNBLLC’sbestjudgment,theuseofanotherbrokerwouldnotbeconsistentwithNBLLC’sfiduciaryobligationstoobtainbestpriceandbestexecutionorwhereNBLLCisnotconfidentoftheselectedbroker'sexecutioncapabilityforthatparticulartransaction,thenNBLLCgenerallyhasnoobligation tousesuchbroker. Therefore,onanysuch transactions inwhichNBLLC isunable toallocate thebrokerage to thebrokerNBLLCwill incurno liability. NBLLCmayusestep outs for client recapture purposes in order to mitigate dispersion and achieve bestexecution.TradeErrorsNBLLChasadoptedpoliciesandproceduresforcorrectingtradeerrors.Errorscanresultfromavarietyofsituationsinvolvingportfoliomanagement(e.g.,inadvertentviolationofinvestmentrestrictions) 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.). Thepoliciesandprocedures require thatall errorsaffectinga client’saccountberesolvedpromptlyandfairly.Undercertaincircumstances,ourpolicyprovidesthattradesmay,whereappropriate,becancelledormodifiedpriortosettlement. Theintentofthepolicy istorestore a client account to the appropriate financial position considering all relevantcircumstancessurroundingtheerror.

B. AggregationofOrders/AllocationofTrades

Aggregation:TheremaybeoccasionswhenNBLLCdecidestopurchaseorsellthesamesecurityforseveralclients at approximately the same time (including Separate Accounts and certain fee‐payingemployeeaccounts, thePrivateFundsandanySub‐AdvisedAccount). NBLLCmay(but isnotobligatedto)combineor“bunch”suchordersinordertosecurecertainefficienciesandresultswithrespecttoexecution,clearanceandsettlementoforders.SimilarlyNBLLCmayelecttocombineclientorderswithordersenteredforthesamesecurityfor clients of its Advisory Affiliates (“Affiliate Accounts”). The portfolio manager is notobligated to include any Client Account in an aggregated trade. Transactions for any ClientAccountmaynotbeaggregated forexecution if thepractice isprohibitedor inconsistentwiththatclient’sinvestmentmanagementagreement.While NB LLC may effect trades in this manner to reduce the overall level of brokeragecommissionspaidorotherwiseenhancetheproceedsorotherbenefitsofthetradeforitsclients,NBLLCmaydirect transactions to brokers based onboth the broker’s ability to providehighqualityexecutionandthenatureandqualityofresearchservices,ifany,suchbrokersprovidetoNBLLC. Asaresult,NBLLCclientsmaynotalwayspaythelowestavailablecommissionrateswhere their trades are effected in this manner, so long as NB LLC believes that they are

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nonethelessobtainingbestpriceandexecutionunderthecircumstancesandconsideringthesoftdollarbenefitsprovided.NB LLCwill aggregate and allocate orders in amanner designed to ensure that no particularclient or account is favored and that participating Client Accounts are treated in a fair andequitable manner over time. NB LLC may not allocate trades in such a way that AffiliatedAccounts receivemore favorable treatment than Client Accounts. Similarly, NB LLCmay notallocate profitable trades at each day’s end so as to disproportionally favor certain clientswithoutappropriatedisclosure.Whenabunchedorderiscompletelyfilled,eachparticipatingaccountwillgenerallyparticipateat the average price paid or received on that day for the bunched order, and share in anyassociatedtransactioncosts,basedupontheinitialamountrequestedfortheaccount(subjecttocertainsize‐orcost‐relatedexceptions).NBLLCwillreceivenoadditionalcompensationorremunerationofanykindasaresultoftheaggregationofclienttrades,however,tothelimitedextentitisapplicable,commissionswillbechargedatarateasthoughthetradeshadnotbeenaggregated.NBLLCwillactinamanneritbelievesisequitableforitsclientsasagroupwhenbunchingandpriceaveraging.Tosecurebestexecutionandequitableallocatingamongtheparticipatingaccountsinbunchedtransactions in equity securities, NB LLCmay effect the execution in themarketplace for theentireblock,althoughtheparticipatingaccountsmayincludeequityaccountsnotusingNBLLCas a broker or accounts directing the brokerage in that transaction to other brokers. For theportionsoftheblockforclientsforwhichNBLLCisnotactingasbrokerinthattransactionNBLLCwillthenstepoutofthetransactionleavingthebrokersforsuchportionsoftheblockwiththedeliveryandaccountingfunctionsandallotheraspectsinvolvedinclearingthetransactionforsuchaccounts. NBLLCreceivesnopartof thecommissioncharged for theportionsof theblockpurchasedorsoldfortheaccountsusingsuchotherbrokers.AllocationofInvestmentOpportunities:NBLLCservesas investmentadviser foranumberofclientsandmay faceconflictsof interestwhen allocating investment opportunities among its various clients. For example: (i)NB LLCreceivesdifferentmanagementand/orperformancefeesfromdifferentclients;and(ii)NBLLCand its affiliates, owners, officersandemployeesmay invest substantial amountsof theirowncapital incertaincollectivevehicles (including thePrivateFunds) inwhichclientsalso invest.ThemajorityofNBLLC’sclientspursuespecificinvestmentstrategies,manyofwhicharesimilar.NB LLC expects that, over long periods of time, most clients pursuing similar investmentstrategies may experience similar, but not identical, investment performance. Many factorsaffect investmentperformance, includingbutnot limitedto:(i)thetimingofcashdepositsandwithdrawalstoandfromanaccount;(ii)thefactthatNBLLCmaynotpurchaseorsellagivensecurity on behalf of all clients pursuing similar strategies; (iii) price and timing differenceswhenbuyingorsellingsecurities;and(iv)theclients’owndifferentinvestmentrestrictions.NB

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LLC’s trading policies are designed tominimize possible conflicts of interest in trading for itsclients.NB LLC considers many factors when allocating securities among clients, including but notlimitedtotheclient’s investmentobjectives,applicablerestrictions,thetypeofinvestment,thenumberofsharespurchasedorsold,thesizeoftheaccount,andtheamountofavailablecashorthesizeofanexistingpositioninanaccount.Clientsarenotassuredofparticipatingequallyoratallinparticularinvestmentallocations.Thenatureofaclient’sinvestmentstylemayexcludeitfromparticipatinginmanyinvestmentopportunities,eveniftheclientisnotstrictlyprecludedfromparticipationbasedonwritteninvestmentrestrictions.NBLLCattemptstoallocatelimitedinvestmentopportunities,includingIPOs,amongclientsinamanner that is fairandequitable. NBLLC followsdetailedproceduresallocatingshares inequityIPOsandinsecondaryofferings. ThefactorstakenintoaccountinallocatingsharesofIPOsinclude,butarenotlimitedto,investmentguidelinesorrestrictionsontheaccount.

NBLLCmanagesdistinctinternationalequitystrategiesthatpurchasethesecuritiesofnon‐U.S.issuers in two typesof accounts: those thatarepermitted topurchaseonlyADRs, and thosethatmaypurchasesecuritiestradedinlocalmarketsaswellasADRs. Inordertoreducetheprobability of marketplace disruptions and at the discretion of each portfolio manager,internationalequityaccountsthatarepermittedtopurchasesecuritiesinthelocalmarketorADRsmayreceivepriorityoverthoseaccountsthatarepermittedonlytopurchaseADRs.Webelieve that this tradingmethodologyshould result inbetteroverall executionquality forallclients, but cannot assure this outcome. As a result of receiving priority, clients eligible topurchasebothlocalsecuritiesandADRsmayachievesuperiorperformancecomparedtothoseclientseligibletopurchaseonlyADRs.

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Item13: ReviewofAccounts

A. PeriodicReviews

NB LLC’s portfolio managers review Client Accounts on a periodic basis, consistent with anaccount’s needs. Certain accounts may require daily review, while others may require lessfrequentreview. Inreviewingaccounts,portfoliomanagerstakeintoconsiderationbothclientobjectivesandgoals,andthemanager's investment thesis for the totalportfolio,aswellas forparticularsecurities.TheLegalandComplianceDepartmentreviewstransactionsforpossibleconflictsandadherenceto theCode of Ethics and regulatory obligations, on a daily basis. Reviews are in the formoftrade data and exception reports and are generally conducted by one of several complianceanalysts.Topicscoveredinthereviewinclude,butarenotlimitedto,frontrunningandtradingon the basis of material, non‐public information. In addition, members of NB LLC's AssetManagementBusinessControlDepartmentreview,amongother things,newaccount forms forsuitability and account update forms including changes to investment objectives. The AssetManagement Guideline Oversight department serves as an independent supervisory groupresponsible for ensuring that portfolios are managed in accordance with client investmentguidelines,and,amongotherthings,reviewsdailyoptiontrading.The number of Client Accounts supervised by different portfolio managers varies dependinguponaparticularportfoliomanager’sworkloadandcanchangefromtimetotime. AportfoliomanagermayberesponsibleformanagingbothPrivateFundsandinstitutionalseparateaccountclients of an Advisory Affiliate. The process relating to the review of the non‐Fund accountswouldbegovernedbythepoliciesoftheaffiliatedadvisoryfirm.AcompletesetofaccountingandperformancereportsiscompiledinternallyonamonthlybasisandisavailabletoClientsuponrequest.WithrespecttoFPAClients,noneofNBLLCoritsaffiliatesareunderanyobligationtoreviewormonitoraFPAClient’ssituationonanongoingbasis,orupdateanyadvicegiventoaclientwiththe original plan. As owners of Affiliated Funds, FPA Clients will receive or have access tocommunicationswith respect to those funds. These communicationsmay include transactionconfirmations, quarterly account statements, prospectus updates, annual and semi‐annualreports,andproxystatementsrelatingtotheirfundholdings(asappropriate),aswellasgeneralNBLLCnewsletters,emailsandothercommunications.

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B. Non‐PeriodicReviews

Other than the periodic review of accounts described above, certain account or marketanomaliesmaytriggernon‐periodicreviewsofClientAccounts.

C. ClientReports

Separate Accounts—NB LLC will provide periodic reports to its Separate Account clientsregardingthestatusoftheiraccountsbasedontheneedsoftheindividualclient. Suchreportsmayvary among client accountsbasedon size and typeof account or client. Clientswill alsoreceive reports from thequalified custodians (chosenby such clients). When requiredby theclient,confirmationsaresenttosuchclientonthenextbusinessdayfollowingtheexecutionofatransactionintheclient’saccount.Statementsarealsosenteachmonthinwhichthereisactivityin theaccount. Inaddition to the reportsdescribedabove, clientsmayperiodicallymeetwiththeirNBLLCrepresentative.NBLLCaccountstatementsmayreflectsecuritiespositionsthataredesignatedas“unsupervisedholdings.” NB LLC does not take investment advisory responsibility and shall not provideinvestment advisory services with regard to any such unsupervised holdings. Any decisionsconcerningtheretention,disposition,orotherchangewithrespecttotheseassets,shallremainsolelywiththeclient.PrivateFunds—PrivateFundsreceivesuchreportsasarepermittedbytermsdescribedinthePrivateFund’sOfferingDocuments(orasotherwisenegotiatedwithNBLLC). TocomplywiththeCustodyRuleprovisionsoftheAdvisersAct,whereNBLLCisdeemedtohavecustodyofanaffiliated Private Fund’s assets, Private Fund audited financial statements are prepared inaccordance with Generally Accepted Accounting Principles (or “GAAP”) and distributed toinvestors within 120 days after the end of the Private Fund’s fiscal year or as otherwisepermittedunderapplicableprovisionsoftheAdvisersAct.WrapProgramAccounts—WrapProgramClientsreceivesuchreportsasmaybeprovidedbythe Wrap Sponsors. Wrap Program Clients should refer to each Wrap Program’s disclosuredocumentforadditionalinformationaboutthereportsprovidedtoprogramparticipants.

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Item14: ClientReferralsandOtherCompensation

A. CompensationbyNon‐Clients

Notapplicable.

B. CompensationforClientReferrals

From time to time, in accordance with applicable law, NB LLC may enter into referralarrangementswith third parties and other financial intermediaries, including participation inthird‐partyprogramssuchasFidelityWealthAdvisorSolutionsSM,forthepurposeofintroducingnew investment advisory clients to NB LLC. Under these referral arrangements all referralparties are independent contractors and the compensation paid to such parties generallyrepresentsapercentageofthemanagementfeeandincentivefees(ifany)paidbytheclienttoNB LLC. Clients may pay a higher aggregate fee than they would otherwise pay due to thesolicitor’sinvolvementintheintroduction. Inadditiontoreferralsfromexternalsources,Firmemployeesmaybeeligible,subjecttoapplicablelaw,toearnanaccountreferralcommissionforreferringapotentialclienttoNBLLCthatengagesNBLLCtoprovide investmentmanagementservices. Referralarrangementsmaygive rise topotential conflictsof interestsgiven that thereferringpartyhasafinancialincentivetointroducenewinvestmentadvisoryclientstoNBLLC.NBLLC’sparticipationinthesereferralarrangementsdoesnotdiminishitsfiduciaryobligationstoitsclients.ConsultantsNB LLC sponsors educational events where its representatives meet with institutionalconsultantsand/ortheirclients.Typically,NBLLCmaychargeaparticipationfeeorpayfortheexpensesoftheparticipants.NBLLCmayalsoparticipateineducationalprogramssponsoredbyconsultants.NBLLCmaypayafeetoparticipateinsuchprograms.BothofthesetypesofeventsprovideNBLLCwithanopportunitytomeetwithconsultantsand/ortheirclients.AnyfeespaidbyNB LLC are from its own resources,which include themanagement fees received from itsclients. Clientsshouldconferwiththeirconsultantregardingthedetailsof thepaymentstheirconsultantmay receive fromNBLLC. In addition, affiliatesofNBLLCactively seek to educatebroker‐dealersandotherfinancial intermediariesinconnectionwiththefirm'sregisteredfundbusiness.NBLLCmaybenefitfromsuchactivityasitsubadvisesNBRegisteredFunds.

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Item15: Custody

SeparateAccounts

NeitherNBLLCnoritsaffiliateswillmaintainphysicalpossessionofthefundsorsecuritiesthataclientmaintainsinaSeparateAccount.TheassetsinaSeparateAccounttypicallyaredepositedwithaqualifiedcustodian.InstitutionalAccountstypicallyselecttheirowncustodian.Undertheinvestmentmanagementagreement,NBLLCgenerally invoices the InstitutionalAccountclientandtheclientdirectsitscustodiantopayNBLLC.PrivateAssetManagementAccountstowhichNBLLCalsoservesasbroker‐dealeraretypicallyintroducedbyNBLLCtoitsclearingfirm,J.P.MorganClearingCorp.,whichservesastheclient’scustodian.Inlimitedcircumstances,NBLLCwill have custody due to certain control it may have over a client’s custodial account with abroker‐dealer, bank or other qualified custodian (“QualifiedCustodian”). In those instances,the Qualified Custodian will send account statements, no less than quarterly, directly to theclient. Clients should carefully review those statements and compare them to any reportsreceivedfromNBLLC.PrivateFunds

NeitherNBLLCnor itsaffiliateswillmaintainphysicalpossessionof the fundsorsecuritiesofanyPrivateFund. Custodyof theassetsofaPrivateFundwillbemaintainedwithaQualifiedCustodianselectedbyNBLLC,anaffiliateor the third‐partyadviser to suchPrivateFunds (asapplicable), in itsexclusivediscretion,whichselectionmaychangefromtimetotimegenerallywithouttheconsentofinvestorsinthePrivateFund.AlthoughNBLLCoritsaffiliateswillnothavephysicalpossessionorcustodyofanyPrivateFundassets,undertheCustodyRule,anadviserhas“constructive”custody if,amongotherthings, ithastheauthoritytopossessclientassetsbywithdrawingfundsonaclient’sbehalf.Withrespectto affiliated Private Funds, an affiliate of NB LLC, by virtue of acting as general partner ormanaging member of such fund, has the authority to withdraw funds or securities from thePrivateFund. Accordingly,NBLLCisdeemedtohave“constructive”custodyovertheassetsinanaffiliatedPrivateFund.InordertocomplywiththeCustodyRule,theseaffiliatedPrivateFundsundergoanannualauditperformed by a PCAOB‐registered independent accountant. In addition, the audited financialstatements,preparedinaccordancewithGAAParedistributedtoallinvestorswithin120daysoftheendofthefund’sfiscalyearforsinglemanagerfunds.As described in Item 13.C above, the Qualified Custodianwill provide Private Fund investorswithperformancereportsandaccountstatements.

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WrapProgramAccounts

NBLLCdoesnotmaintainpossessionorcustodyofthefundsorsecuritiesthataWrapProgramClienttransferstoaWrapProgram.TheassetsinaWrapProgramClient’sAccountaretypicallycustodiedwiththeWrapSponsororaQualifiedCustodianselectedbytheWrapSponsor.NBLLC’sservicesdonot includeparticipation intheWrapSponsor’sselectionof theQualifiedCustodian, the structuring of custody arrangements or supervision of theQualified Custodian.NBLLCassumesnoliabilitywithrespecttotheacts,omissionsorotherconductoftheQualifiedCustodianoftheWrapSponsor.IftheQualifiedCustodianinvestsotherwiseuninvestedcashinaWrap Program Client’s custodial account, NB LLC does not participate in such investmentdecisionandisnotliablewithregardtosuchinvestments.

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Item16: InvestmentDiscretion

Discretionary—Unless a client otherwise instructs, NB LLC has the authority to determine,without obtaining specific client consent, the securities to be bought or sold, the amount ofsecuritiestobeboughtorsold,thebrokerdealer(s)tobeusedandcommissionratespaid. NBLLC’sdiscretionaryauthorityisderivedfromanexpressgrantofauthorityundereachSeparateAccount’s discretionary investment advisory agreement with NB LLC, each sub‐advisoryagreementforSub‐AdvisedAccountsandcontractualarrangementswiththePrivateFunds.Purchasesandsalesmustbesuitablefortheparticularclientandlimitationsmaybeimposedasaresultofinstructionsfromtheclientthroughinvestmentguidelinesorotherwritings.ClientsmaylimitNBLLC'sauthoritybyprohibitingorbylimitingthepurchasingofcertainsecuritiesorindustrygroups.Inaddition,clientsmayfurtherlimitNBLLC'sauthoritybyrequiringthatalloraportionofclient'stransactionsbeexecutedthroughclient'sdesignatedbroker/dealer.Limitationsmayalsobeimposedwhensuchpurchase,whenaggregatedwithpositionsinsuchsecurityheldbyNBLLCfor itself, insiderandotherclientswouldexceedapplicable laworNBLLC'sself‐imposedruleswithregardtomaximumsizeofpositionsinasecurity.Pursuant to the Firm’s Procedures on Material Non‐Public Information, when the Firm is inpossessionofmaterialnon‐publicinformationrelatedtoapublicly‐tradedsecurityortheissuerofsuchsecurity,whetheracquiredunintentionallyorotherwise,ingeneral,neithertheFirmnoritspersonnelarepermittedtorenderinvestmentadviceasto,orotherwisetradeorrecommendatradein,thesecuritiesofsuchissueruntilsuchtimeastheinformationthattheFirmhasisnolonger deemed to be material non‐public information. As such, there may be circumstanceswhichwillpreventthepurchaseorsaleofsecuritiesforClientAccountsforaperiodoftime.SeeItem11.D.1.WrapAccount—PleaserefertoItem4.BforadiscussionofNBLLC’sdiscretionaryauthorityforwrapaccounts.Non‐Discretionary—FromtimetotimeexistingSeparateAccountclientsmaydirectNBLLCtopurchaseorsellsecuritiesontheirbehalf.Ineachsuchcase,NBLLCwillnotassumeinvestmentadvisoryresponsibility forsuchtransactions. Theclient is the finaldecisionmakeronallbuy,sell and hold decisionswith respect to these transactions. Further, NB LLC shall not provideinvestmentadvisoryserviceswithregardtosuchholdings.FinancialPlanningAnalysis—WithrespecttoNBLLC’sFPAnalyses,NBLLCprovidesapoint‐in‐timeconsultationanddoesnotexercisediscretionoverclientassets.

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Item17: VotingClientSecurities

NBLLCgenerallyhasvotingpowerwithrespecttosecuritiesinitsSeparateAccounts. NBLLChas adoptedwrittenProxyVotingPolicies andProcedures (the “ProxyVotingPolicy”)whicharedesignedtoreasonablyensurethatitvotesproxiesprudentlyandinthebestinterestofitsSeparateAccountclients.The Proxy Voting Policy provides for the process bywhich proxy voting decisions aremade,handling of material conflicts of interest, disclosing the Proxy Voting Policy to Clients,maintainingappropriatebooksandrecordsrelatingtoproxies,andproxyvotingguidelinesforcommonproxyproposals.NBLLCgenerallyvotesproxieswithaviewtoenhancingthevalueofthesharesofstockheldinthe Separate Accounts. The financial interest of its clients is the primary consideration indetermininghowproxiesshouldbevoted.Asageneralrule,NBLLCwillvoteallproxiesrelatingto a particular proposal the same way for all Separate Accounts holding the security inaccordancewiththeproxyvotingguidelinessetforthintheProxyVotingPolicy,unlessaclientspecificallyinstructsNBLLCinwritingtovotesuchsecuritiesotherwise.The Neuberger Berman Proxy Voting Committee is responsible for developing, authorizing,implementing and updating the Proxy Voting Policy, overseeing the proxy voting process andengaging and overseeing any independent third party vendors as voting delegate to review,monitorand/orvoteproxies.InordertoapplytheProxyVotingPolicyinatimelyandconsistentmanner,NBLLCutilizesGlassLewis&Co.,LLC (“GlassLewis”) tovoteproxies inaccordancewithNBLLC’svotingguidelines.ForNon‐SociallyResponsiveclients,NBLLC'sProxyVotingPolicyguidelinesgenerallyadoptthevoting recommendations ofGlass Lewis. For SociallyResponsive clients,NBLLChas adoptedSociallyResponsivevotingguidelines.IntheeventtheSociallyResponsivevotingguidelinesdonotaddresshowaproxyshouldbevoted,theproxywillbevotedinaccordancewiththeGlassLewis recommendations. NBLLC retains final authorityand fiduciary responsibility forproxyvoting.WithrespecttoFPAClients,NBLLCwillnotvoteorexercisesimilarrightsforclientsecurities.The exercise of all voting rights associated with any security or other property held in theportfolioshallbetheresponsibilityoftheclient. NBLLCwillnotadviseoractfortheclientinany legal proceedings, including bankruptcies or class actions, involving securities held orpreviouslyheldbytheportfolioortheissuersofthosesecurities.Proxieswillbedeliveredtotheclientsbytheissuerofthesecurity,itsagentorthecustodian.Conflicts:NB LLC is sensitive to conflicts of interest that may arise in the proxy voting process. It iscommittedtoresolvingallconflictsinitsclients’bestinterestandwillgenerallyvotepursuantto

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theProxyVotingPolicyguidelineswhenconflictsofinterestarise.Whenthereareproxyvotingproposals, however, that give rise to conflicts of interest that are not addressed by the ProxyVotingPolicy, theProxyVotingCommitteewilldeterminetheapproachtobetakentoaddresstheconflict.AllNB LLC clients receive a summary ofNB LLC's ProxyVoting Policy and are providedwithinstructionsonhowtoobtainacopyofNBLLC'sProxyVotingPolicyandinformationabouthowNBLLCvotedproxiesontheirbehalf. Clientsmayobtainacopyof theProxyVotingPolicyorobtain information about how NB LLC voted their specific proxies by contacting their ClientServiceRepresentative.ClassActionLawsuits:Fromtimetotimeasecurityheldinaclient'saccountmaybecomethesubjectofaclassactionlawsuit. InsuchcasesNBLLCmayreceivenoticeoftheclassactionpertainingtothesecurityandwillforwardthenoticetotheclient.Unlessotherwiseagreedwiththeclient,NBLLChasnoadditionalresponsibilitieswithregardtotheclassactionprocess.

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Item18: FinancialInformation

A. PrepaymentofFees(Sixormoremonthsinadvance)

Withrespect toSeparateAccounts,NBLLCmayrequire theprepaymentofmore than$500 infeesperclient.However,thisprepaymentwillgenerallybefor3monthsorlessinadvance.

B. ImpairmentofContractualCommitments

NBLLChasno financial commitment that impairs its ability tomeet contractual and fiduciarycommitmentstoclients.

C. BankruptcyPetitions

NBLLChasnotbeenthesubjectofabankruptcyproceeding.

Neuberger Berman LLC

605 Third Avenue New York, NY 10158 (212) 476-9000

FORM ADV PART 2B BROCHURE SUPPLEMENT

FOR WRAP FEE PROGRAMS

November 24, 2015

This Form ADV Part 2B for Wrap Fee Programs, also called the “Brochure Supplement,”

provides information about each supervised person providing services on behalf of Neuberger

Berman LLC (“NB”) who makes discretionary investment management decisions or non-

discretionary securities recommendations with respect to investment strategies (each, a “Wrap

Strategy”) offered by third party broker-dealers or other financial intermediaries (each, a

“Wrap Sponsor Firm”) to you and their other wrap fee program clients.

In general, each Wrap Strategy is managed by a portfolio management team made up of one or more

supervised persons. Because many Wrap Sponsor Firms offer multiple Wrap Strategies in their

programs, this Brochure Supplement includes information about all Wrap Strategies offered by NB

and the portfolio management teams responsible for them. Your Wrap Sponsor Firm may not offer

all NB Wrap 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 Wrap Strategies, are responsible for managing the same strategies for other NB clients in

other business lines.

To help you locate the Wrap 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 two Tables of Contents. The Table of Contents—Equity Wrap Strategies, which

is located on Page ii to this Brochure Supplement, lists all of NB’s Wrap Strategies alphabetically,

along with the names of the portfolio managers responsible for them. In addition, the Table of

Contents—Equity Wrap Strategy Portfolio Managers, which is located on Page iii to this Brochure

Supplement, lists the individual portfolio managers responsible for the Wrap Strategies alphabetically

and identifies the Wrap Strategies that they manage. Accordingly, you may locate information about

your investment by looking in the applicable Table of Contents under the name of either the Wrap

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_nbllc. 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_nbllc

Page ii

TABLE OF CONTENTS

Equity Wrap Strategies

PAGES

ALL CAP CORE ......................................................................................................................................................... 1–3

James Gartland .............................................................................................................................................. 1

Michael J. Kaminsky ..................................................................................................................................... 2

Richard M. Werman ...................................................................................................................................... 3

BOLTON LARGE CAP CORE ...................................................................................................................................... 4–8

James Baker .................................................................................................................................................. 4

John D. DeStefano ......................................................................................................................................... 5

Darren Fogel .................................................................................................................................................. 6

David Pedowitz ............................................................................................................................................. 7

Mark D. Sullivan ........................................................................................................................................... 8

DAVID J. GREENE – SMALL CAP INTRINSIC VALUE ............................................................................................... 9–11

James F. McAree ........................................................................................................................................... 9

Benjamin H. Nahum .................................................................................................................................... 10

Amit Solomon ............................................................................................................................................. 11

INTERNATIONAL ADR ................................................................................................................................................ 12

Benjamin Segal ........................................................................................................................................... 12

KANTOR ALL CAP CORE ............................................................................................................................................ 13

Charles Kantor............................................................................................................................................. 13

KSE VALUE .......................................................................................................................................................... 14–17

Michael N. Emmerman ............................................................................................................................... 14

Brooke Johnson ........................................................................................................................................... 15

Kenneth M. Kahn ........................................................................................................................................ 16

Michelle B. Stein ......................................................................................................................................... 17

LARGE CAP DISCIPLINED GROWTH ....................................................................................................................... 18-19

John J. Barker .............................................................................................................................................. 18

Scott Dynan ................................................................................................................................................. 19

LARGE CAP VALUE ..................................................................................................................................................... 20

Eli M. Salzmann ......................................................................................................................... 20

REAL ESTATE SECURITIES .................................................................................................................................... 21–22

Brian C. Jones ............................................................................................................................................. 21

Steve S. Shigekawa ..................................................................................................................................... 22

SELECT EQUITIES...................................................................................................................................................... 1–3

James Gartland .............................................................................................................................................. 1

Gerald P. Kaminsky ...................................................................................................................................... 2

Richard M. Werman ...................................................................................................................................... 3

SMALL CAP VALUE ............................................................................................................................................... 23–27

Michael L. Bowyer ...................................................................................................................................... 23

Robert W. D’Alelio ..................................................................................................................................... 24

Brett S. Reiner ............................................................................................................................................. 25

Gregory Spiegel........................................................................................................................................... 26

Judith M. Vale .............................................................................................................................................. 27

SOCIALLY RESPONSIVE EQUITY ........................................................................................................................... 28–29

Ingrid S. Dyott ............................................................................................................................................. 28

Arthur Moretti ............................................................................................................................................. 29

Page iii

TABLE OF CONTENTS

Equity Wrap Strategy Portfolio Managers

PAGES

James Baker ...................................................................................................................................... 4

John J. Barker .................................................................................................................................. 18

Michael L. Bowyer .......................................................................................................................... 23

Robert W. D’Alelio ......................................................................................................................... 24

John D. DeStefano ............................................................................................................................ 5

Scott Dynan ..................................................................................................................................... 19

Ingrid S. Dyott ................................................................................................................................. 28

Michael N. Emmerman ................................................................................................................... 14

Darren Fogel ..................................................................................................................................... 6

James Gartland .................................................................................................................................. 1

Brooke Johnson ............................................................................................................................... 15

Brian C. Jones ................................................................................................................................. 21

Kenneth M. Kahn ............................................................................................................................ 16

Charles Kantor ............................................................................................................................... 13

Michael J. Kaminsky ......................................................................................................................... 2

James F. McAree .............................................................................................................................. 9

Arthur Moretti ................................................................................................................................. 29

Benjamin H. Nahum ........................................................................................................................ 10

David Pedowitz ................................................................................................................................ 7

Brett S. Reiner ................................................................................................................................. 25

Eli M.Salzmann ............................................................................................................................... 20

Benjamin Segal ............................................................................................................................... 12

Steve S. Shigekawa ......................................................................................................................... 22

Amit Solomon ................................................................................................................................. 11

Gregory Spiegel .............................................................................................................................. 26

Michelle B. Stein ............................................................................................................................. 17

Mark D. Sullivan ............................................................................................................................... 8

Judith M. Vale ................................................................................................................................. 27

Richard M. Werman .......................................................................................................................... 3

Page 1

EQUITY WRAP STRATEGIES

ALL CAP CORE

SELECT EQUITIES

Supervised Persons

Educational Background & Business Experience

Name James Gartland

Managing Director

Year of Birth

Educational Background

Business Experience

(last five years only)

1979

Loyola College, BA

Fordham University, MA

2010-Present Neuberger Berman LLC (“NB”), Portfolio Manager

James Gartland is also a Managing Director at Neuberger Berman Investment Advisers LLC,

an affiliate of NB.

Disciplinary Information

None

Other Business Activities James Gartland is a registered representative of NB, a U.S. registered broker dealer. This

other business relationship 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.

Portfolio Managers are generally paid on a monthly basis. Compensation is paid from the

portfolio management team compensation pool made available to the portfolio management

team with which the Portfolio Manager is associated. The size of the team compensation

pool is a stated percentage of revenue generated by the portfolio management team for the

month, less certain adjustments. The percentage allocated to individual team participants is

based on a variety of criteria, including 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 NB. NB 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, a Portfolio Manager 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 a 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 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.

Requirements for State-

Registered Advisors

Not Applicable

Page 2


ALL CAP CORE

SELECT EQUITIES

Supervised Persons


Name Michael J. Kaminsky

Managing Director

Year of Birth


Business Experience


1967

Emory University, BA

Yeshiva University, JD

Columbia University, MBA


Michael J. Kaminsky is also a Managing Director at Neuberger Berman Investment Advisers

LLC and a Managing Director at Neuberger Berman Management LLC, an affiliate of NB.


None

Other Business Activities Michael J. Kaminsky is a registered representative of NB, a U.S. registered broker dealer,

and Neuberger Berman Management LLC, an affiliate of NB and a U.S. registered limited

purpose 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 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.

















None


activities of Michael J. Kaminsky and monitoring the investment advice that he provides to

the clients of NB. Michael J. Kaminsky 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 J. Kaminsky’s supervisor is available at 212-

476-9855.


Registered Advisors

Not Applicable

Page 3


ALL CAP CORE

SELECT EQUITIES

Supervised Persons


Name Richard M. Werman

Managing Director

Year of Birth


Business Experience


1963

Ithaca College, BA

Fordham University, MBA


Richard M. Werman is also a Managing Director at Neuberger Berman Investment Advisers

LLC and a Managing Director at Neuberger Berman Management LLC, an affiliate of NB.


None

Other Business Activities Richard M. Werman is a registered representative of NB, a U.S. registered broker dealer, and

Neuberger Berman Management LLC, an affiliate of NB and a U.S. registered limited

purpose 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



These conflicts are managed through compliance with Neuberger Brman’s Code of Ethics


more detailed discussion of these conflicts and how they are managed

















None


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


adopted by NB from time to time. Richard M. Werman’s supervisor is available at 212-476-

9855.


Registered Advisors

Not Applicable

Page 4


BOLTON LARGE CAP CORE

Supervised Persons Educational Background & Business Experience

Name James Baker, CFA

Managing Director

Year of Birth


Business Experience


Professional

Designations

1957

Yale University, BA

Harvard University, JD


James Baker is also a Managing Director at Neuberger Berman Investment Advisers 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.


None

Other Business Activities James Baker is a registered representative of NB, a U.S. registered broker dealer. This other

business relationship 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.


portfolio management team compensation pool made available to the portfolio management team

with which the Portfolio Manager is associated. The size of the team compensation pool is a

stated percentage of revenue generated by the portfolio management team for the month, less

certain adjustments. The percentage allocated to individual team participants is based on a variety

of criteria, including 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 NB. NB 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, a Portfolio Manager 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.


None

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.


Registered Advisors

Not Applicable

http://www.cfainstitute.org/

Page 5



Supervised Persons


Name John D. DeStefano

Managing Director

Year of Birth


Business Experience


1962

New York Institute of Technology, BS

Long Island University, CW Post MS

2010-Present Neuberger Berman LLC, Portfolio Manager


None

Other Business Activities John D. DeStefano is a registered representative of NB, a U.S. registered broker dealer. This





















consistent with the client’s investment mandate and are made in the best interests of the

client.


None


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


by NB from time to time. John D. DeStefano’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 6



Supervised Persons


Name Darren Fogel

Managing Director

Year of Birth


Business Experience


1971

University of Pennsylvania - The Wharton School, BA




None

Other Business Activities Darren Fogel is a registered representative of NB, a U.S. registered broker dealer. This other

business relationship 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

















client.


None


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.


Registered Advisors

Not Applicable

Page 7



Supervised Persons


Name David Pedowitz

Managing Director

Year of Birth


Business Experience


1957

Union College, BS

Cornell University, MBA

Cornell University, JD



None

Other Business Activities David Pedowitz is a registered representative of NB, a U.S. registered broker dealer. This





and procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these

















client.


None


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


by NB from time to time. David Pedowitz’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 8



Supervised Persons


Name Mark D. Sullivan Senior Vice President

Year of Birth


Business Experience


1967

Boston College, BS

Duke University, MBA


Disciplinary Information None

Other Business Activities Mark D. Sullivan is a registered representative of NB, a U.S. registered broker dealer and

Neuberger Berman Management LLC, U.S. registered limited purpose broker dealer. These

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


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.

Portfolio Managers are generally paid on a monthly basis. Compensation is paid from








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, a Portfolio Manager 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


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.


Registered Advisors

Not Applicable

Page 9


DAVID J. GREENE – SMALL CAP INTRINSIC VALUE

Supervised Persons


Name James F. McAree

Senior Vice President

Year of Birth


Business Experience


1961

United States Military Academy, BS

University of Michigan, MBA

2010-Present Neuberger Berman LLC, Research Analyst


None

Other Business Activities James F. McAree is a registered representative of NB, a U.S. registered broker dealer, and


purpose broker dealer. This other business relationship may result in certain actual or





















client.


None


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


by NB from time to time. James F. McAree’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 10



Supervised Persons


Name Benjamin H. Nahum

Managing Director

Year of Birth


Business Experience


1958

Clark University, BA

Brooklyn Law School, JD


Benjamin H. Nahum is also a Managing Director at Neuberger Berman Management LLC, an

affiliate of NB.


None

Other Business Activities Benjamin H. Nahum is a registered representative of NB, a U.S. registered broker dealer, and


purpose 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





















client.


None


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


adopted by NB from time to time. Benjamin H. Nahum’s supervisor is available at 212-476-

9855.


Registered Advisors

Not Applicable

Page 11



Supervised Persons


Name Amit Solomon


Year of Birth


Business Experience


1964

Tel Aviv University, BA

Massachusetts Institute of Technology, PhD

2010-Present Neuberger Berman LLC, Research Analyst

Amit Solomon is also a Senior Vice President at Neuberger Berman Management LLC, an

affiliate of NB.


None

Other Business Activities Amit Solomon is a registered representative of NB, a U.S. registered broker dealer, and


purpose 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 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.
















client.


None


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


by NB from time to time. Amit Solomon’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 12


INTERNATIONAL ADR

Supervised Person


Name Benjamin Segal, CFA

Managing Director

Year of Birth


Business Experience


Professional Designations

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 Fixed Income LLC and Neuberger

Berman Management LLC, affiliates of NB.



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.


None

Other Business Activities Benjamin Segal is a registered representative of NB, a U.S. registered broker dealer, and Neuberger

Berman Management LLC, an affiliate of NB and a U.S. registered limited purpose broker dealer.

Benjamin Segal is also an Associated Person of NB. 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.

NB investment professionals on portfolio management teams receive a fixed salary and are eligible for an

annual bonus. The annual bonus for an individual investment professional is paid from a "bonus pool"

made available to the portfolio management team with which the investment professional is associated.

The amount available in the bonus pool is determined based on a number of factors including the revenue

that is generated by that particular portfolio management team, less certain adjustments. Once the final

size of the available bonus pool is determined, individual bonuses are determined based on a number of

factors including, but not limited to, the aggregate investment performance of all strategies managed by

the individual, 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 NB. NB 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 a client’s investment mandate and

are made in the best interests of the client.


None


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.


Registered Advisors

Not Applicable


Page 13


KANTOR ALL CAP CORE

Supervised Person


Name Charles Kantor

Managing Director

Year of Birth


Business Experience


1970

University of Cape Town, Bachelor of Commerce

Harvard University, MBA



None

Other Business Activities Charles Kantor is a registered representative of NB, a U.S. registered broker dealer. This






















client.


None


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


by NB from time to time. Charles Kantor’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 14


KSE VALUE

Supervised Persons


Name Michael N. Emmerman

Managing Director

Year of Birth


Business Experience


1945

Pace University, BBA

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



None

Other Business Activities Michael N. Emmerman is a registered representative of NB, a U.S. registered broker dealer.

This other business relationship 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




















client.


None


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


adopted by NB from time to time. Michael N. Emmerman’s supervisor is available at 212-

476-9855.


Registered Advisors

Not Applicable

Page 15


KSE VALUE

Supervised Persons


Name Brooke Johnson


Year of Birth


Business Experience


1977

Northwood University, BBA



None

Other Business Activities Brooke Johnson is a registered representative of NB, a U.S. registered broker dealer. This







NB investment professionals on portfolio management teams receive a fixed salary and are

eligible for an annual bonus. The annual bonus for an individual investment professional is

paid from a "bonus pool" made available to the portfolio management team with which the

investment professional is associated. The amount available in the bonus pool is determined

based on a number of factors including the revenue that is generated by that particular

portfolio management team, less certain adjustments. Once the final size of the available

bonus pool is determined, individual bonuses are determined based on a number of factors

including, but not limited to, the aggregate investment performance of all strategies managed

by the individual, 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 NB. NB 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.


None


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


by NB from time to time. Brooke Johnson’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 16


KSE VALUE

Supervised Persons


Name Kenneth M. Kahn, CFA

Managing Director

Year of Birth


Business Experience


Professional

Designations

1948

State University of New York at Buffalo, BA


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.


None

Other Business Activities Kenneth M. Kahn is a registered representative of NB, a U.S. registered broker dealer. This






















client.


None


activities of Kenneth M. Kahn and monitoring the investment advice that he provides to the

clients of NB. Kenneth M. Kahn is required to comply with Neuberger Berman’s Code of


by NB from time to time. Kenneth M. Kahn’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable


Page 17


KSE VALUE

Supervised Persons


Name Michelle B. Stein

Managing Director

Year of Birth


Business Experience


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 Management LLC, an

affiliate of NB.


None

Other Business Activities Michelle B. Stein is a registered representative of NB, a U.S. registered broker dealer, and


purpose broker dealer. In addition, Michelle B. Stein provides advisory services on behalf of























None


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


by NB from time to time. Michelle B. Stein’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 18


LARGE CAP DISCIPLINED GROWTH

Supervised Persons


Name John J. Barker

Managing Director

Year of Birth


Business Experience


1958

Iona College, BBA


John J. Barker is also a Managing Director at Neuberger Berman Fixed Income LLC and

Neuberger Berman Management LLC, affiliates of NB.


None

Other Business Activities John J. Barker is a registered representative of NB, a U.S. registered broker dealer, and


purpose broker dealer. John J. Barker 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.
















client.


None


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


by NB from time to time. John J. Barker’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 19


LARGE CAP DISCIPLINED GROWTH

Supervised Persons


Name Scott Dynan

Vice President

Year of Birth


Business Experience


1976

Washington & Lee University, BA

2010-Present Neuberger Berman LLC, Portfolio Specialist


Other Business Activities Scott Dynan is a registered representative of NB, a U.S. registered broker dealer. This other

business relationship 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.





















activities of Scott Dynan and monitoring the investment advice that he provides to the clients

of NB. Scott 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 Dynan’s supervisor is available at 212-476-9855.

Requirements for

State- Registered Advisors Not Applicable

Page 20


LARGE CAP VALUE

Supervised Persons


Name Eli M. Salzmann

Managing Director

Year of Birth


Business Experience


1964

Princeton University, BA



2007-2010 Lord Abett & Co, Portfolio Manager

Eli M. Salzmann is also a Managing Director at Neuberger Berman Management LLC, an

affiliate of NB.


None

Other Business Activities Eli M. Salzmann is a registered representative of NB, a U.S. registered broker dealer. This























investment decisions are consistent a the client’s investment mandate and are made in the



None


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


by NB from time to time. Eli M. Salzmann’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 21


REAL ESTATE SECURITIES

Supervised Persons


Name Brian C. Jones, CFA


Year of Birth


Business Experience


Professional Designations

1971

Harvard University, BA


Brian C. Jones is also a Senior Vice President at Neuberger Berman Management LLC, an affiliate of

NB.




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.


None

Other Business Activities Brian C. Jones is a registered representative of NB, a U.S. registered broker dealer, and Neuberger

Berman Management LLC, an affiliate of NB and a U.S. registered limited purpose 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.

NB investment professionals on portfolio management teams receive a fixed salary and are eligible for

an annual bonus. The annual bonus for an individual investment professional is paid from a "bonus

pool" made available to the portfolio management team with which the investment professional is

associated. The amount available in the bonus pool is determined based on a number of factors

including the revenue that is generated by that particular portfolio management team, less certain

adjustments. Once the final size of the available bonus pool is determined, individual bonuses are

determined based on a number of factors including, but not limited to, the aggregate investment

performance of all strategies managed by the individual, 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 NB. NB 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.


None


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



Registered Advisors

Not Applicable


Page 22


REAL ESTATE SECURITIES

Supervised Persons


Name Steve S. Shigekawa

Managing Director

Year of Birth


Business Experience


1970

University of California, BA



Steve Shigekawa is also a Managing Director at Neuberger Berman Fixed Income LLC and

Neuberger Berman Management LLC, each an affiliate of NB.


None

Other Business Activities Steve Shikegawa is a registered representative of NB, a U.S. registered broker dealer, and


purpose broker dealer. In addition, Steve Shikegawa provides advisory services on behalf of


























None


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


by NB from time to time. Steve Shigekawa’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 23


SMALL CAP VALUE

Supervised Persons


Name Michael L. Bowyer, CFA

Managing Director

Year of Birth

Educational

Background

Business Experience


Professional

Designations

1958

University of California at Los Angeles, BA

University of Minnesota, MBA

2010-Present Neuberger Berman LLC, Associate Portfolio Manager

Michael L. Bowyer is also a Managing Director at Neuberger Berman Fixed Income LLC and Neuberger


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.


None

Other Business Activities Michael L. Bowyer is a registered representative of NB, a U.S. registered broker dealer, and Neuberger


addition, Michael L. Bowyer provides advisory services on behalf of affiliates of NB. Those other business


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


NB investment professionals on portfolio management teams receive a fixed salary and are eligible for an

annual bonus. The annual bonus for an individual investment professional is paid from a "bonus pool" made

available to the portfolio management team with which the investment professional is associated. The

amount available in the bonus pool is determined based on a number of factors including the revenue that is

generated by that particular portfolio management team, less certain adjustments. Once the final size of the

available bonus pool is determined, individual bonuses are determined based on a number of factors

including, but not limited to, the aggregate investment performance of all strategies managed by the

individual, 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 NB.

NB 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.


None

Supervision Joseph Amato as Chief Investment Officer is responsible for supervising the advisory activities of Michael

L. Bowyer and monitoring the investment advice that he provides to the clients of NB. Michael L. Bowyer

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 L. Bowyer’s supervisor is

available at 212-476-9855.


Registered Advisors

Not Applicable


Page 24


SMALL CAP VALUE

Supervised Persons


Name Robert W. D'Alelio

Managing Director

Year of Birth

Educational

Background

Business Experience


1957

University of Massachusetts, BA

Babson College, MBA


Robert W. D’Alelio is also a Managing Director at Neuberger Berman Management LLC, an

affiliate of NB.

Disciplinary

Information

None

Other Business

Activities

Robert W. D'Alelio is a registered representative of NB, a U.S. registered broker dealer, and

Neuberger Berman Management LLC, an affiliate of NB and a U.S. registered limited purpose

broker dealer.In addition, Robert W. D'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


procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts



eligible for an annual bonus. The annual bonus for an individual investment professional is paid

from a "bonus pool" made available to the portfolio management team with which the investment

professional is associated. The amount available in the bonus pool is determined based on a

number of factors including the revenue that is generated by that particular portfolio management

team, less certain adjustments. Once the final size of the available bonus pool is determined,

individual bonuses are determined based on a number of factors including, but not limited to, the

aggregate investment performance of all strategies managed by the individual, utilization of


investment team, effective team/people management, and overall contribution to the success of

NB. NB 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


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.


Registered Advisors

Not Applicable

Page 25


SMALL CAP VALUE

Supervised Persons


Name Brett S. Reiner

Managing Director

Year of Birth


Business Experience


1967

University of Pennsylvania- The Wharton School, BSE


Brett S. Reiner is also a Managing Director at Neuberger Berman Fixed Income LLC and



None

Other Business Activities Brett S. Reiner is a registered representative of NB, a U.S. registered broker dealer, and


purpose broker dealer. In addition, Brett S. Reiner provides advisory services on behalf of





other compliance policies and procedures. Please refer to NB’s Part 2A Brochure for more





















None


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


by NB from time to time. Brett S. Reiner’s supervisor is available at 212-476-9855.


Registered Advisors

Not Applicable

Page 26


SMALL CAP VALUE

Supervised Persons


Name Gregory G. Spiegel

Managing Director

Year of Birth

Educational

Background

Business Experience


1972

Boston University, BS Columbia University, MBA

2012-Present Neuberger Berman LLC, Associate Portfolio

Manager 2010-2012 Tourmalet Advisors, Director of Research

Gregory G. Spiegel is also a Managing Director at Neuberger Berman Management LLC, an

affiliate of NB.


Other Business Activities Gregory G. Spiegel is a registered representative of NB, a U.S. registered broker dealer,

and Neuberger Berman Management LLC, an affiliate of NB and a U.S. registered limited purpose 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



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





investment professional is associated. The amount available in the bonus pool is

determined based on a number of factors including the revenue that is generated by that

particular portfolio management team, less certain adjustments. Once the final size of the

available bonus pool is determined, individual bonuses are determined based on a number

of factors including, but not limited to, the aggregate investment performance of all

strategies managed by the individual, 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 NB. NB 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.



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.

Requirements for

State- Registered

Advisors

Not Applicable

Page 27


SMALL CAP VALUE

Supervised Persons


Name Judith M. Vale, CFA

Managing Director

Year of Birth


Business Experience


Professional

Designations

1953

Yale University, BA


Judith M. Vale is also a Managing Director at Neuberger Berman Fixed Income LLC and Neuberger





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.


None

Other Business Activities Judith M. Vale is a registered representative of NB, a U.S. registered broker dealer, and Neuberger

Berman Management LLC, an affiliate of NB and a U.S. registered limited purpose 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

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.

NB investment professionals on portfolio management teams receive a fixed salary and are eligible

for an annual bonus. The annual bonus for an individual investment professional is paid from a

"bonus pool" made available to the portfolio management team with which the investment

professional is associated. The amount available in the bonus pool is determined based on a number

of factors including the revenue that is generated by that particular portfolio management team, less

certain adjustments. Once the final size of the available bonus pool is determined, individual

bonuses are determined based on a number of factors including, but not limited to, the aggregate

investment performance of all strategies managed by the individual, 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 NB. NB 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.


None


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.


Registered Advisors

Not Applicable


Page 28


SOCIALLY RESPONSIVE EQUITY

Supervised Persons


Name Ingrid S. Dyott

Managing Director

Year of Birth


Business Experience


1973

Bowdoin College, BA



Ingrid S. Dyott is also a Managing Director at Neuberger Berman Fixed Income LLC and



None

Other Business Activities Ingrid S. Dyott is a registered representative of NB, a U.S. registered broker dealer, and

Neuberger Berman Management LLC, an affiliate of NB and a U.S. registered limited purpose

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


procedures. Please refer to NB’s Part 2A Brochure for more detailed discussion of these conflicts



eligible for an annual bonus. The annual bonus for an individual investment professional is paid

from a "bonus pool" made available to the portfolio management team with which the investment

professional is associated. The amount available in the bonus pool is determined based on a

number of factors including the revenue that is generated by that particular portfolio management

team, less certain adjustments. Once the final size of the available bonus pool is determined,

individual bonuses are determined based on a number of factors including, but not limited to, the

aggregate investment performance of all strategies managed by the individual, utilization of


investment team, effective team/people management, and overall contribution to the success of

NB. NB 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.


None


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.


Registered Advisors

Not Applicable

Page 29


SOCIALLY RESPONSIVE EQUITY

Supervised Persons


Name Arthur Moretti, CFA

Managing Director

Year of Birth

Educational

Background

Business Experience


Professional

Designations

1963

Georgetown University, BA

Princeton University, MA


Arthur Moretti is also a Managing Director at Neuberger Berman Fixed Income LLC and Neuberger





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.


None

Other Business Activities Arthur Moretti is a registered representative of NB, a U.S. registered broker dealer, and Neuberger


addition, Arthur Moretti provides advisory services on behalf of affiliates of NB. Those other business


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.

NB investment professionals on portfolio management teams receive a fixed salary and are eligible for

an annual bonus. The annual bonus for an individual investment professional is paid from a "bonus

pool" made available to the portfolio management team with which the investment professional is

associated. The amount available in the bonus pool is determined based on a number of factors

including the revenue that is generated by that particular portfolio management team, less certain

adjustments. Once the final size of the available bonus pool is determined, individual bonuses are

determined based on a number of factors including, but not limited to, the aggregate investment

performance of all strategies managed by the individual, 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 NB. NB 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.



Arthur Moretti and monitoring the investment advice that he provides to the clients of NB. Arthur

Moretti 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. Arthur Moretti’s



Registered Advisors

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

aprasad

NB LOGO Without Tagline

Page 2

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

NB LOGO Without Tagline

Neuberger Berman LLC 605 Third Avenue New York, NY 10158-3698 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

mailto:[email protected]

mailto:[email protected]