Neuberger Berman CLO Income Fund EUR X Accumulating/  IE000IRGE9T8  /

The Fund aims to achieve a target average return of 4-5% over the ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Total Return, USD) ("Benchmark") before fees over a market cycle (typically 3 years or over) by investing primarily in USD and EUR denominated floating rate collateralised loan obligations ("CLO") mezzanine debt securities and also in US high yield debt securities. There can be no guarantee that the Fund will ultimately achieve its investment objective. A CLO is a securitised asset which receives interest and principal payments generated from a pool of corporate debt instruments, interest payments are pooled together, packaged into securities that have various tranches. A CLO security typically has 3 tranches: senior, mezzazine and equity tranche. Each tranche has a varying priority and rate at which its holders are paid when income is received by the CLO from the underlying loans. The Fund will hold mezzanine debt securities and so will receive income only after payments to the CLO's senior notes (highest priority tranche) have been made in full. Due to the risk that settlement of transactions in CLO securities may be lengthy and/or delayed, the Fund may temporarily allocate cash inflows to high yield debt securities before settlement takes place and the Portfolio may therefore be proportionately less exposed to CLOs at certain times following large subscriptions. The Fund does not apply the ESG Policy and the Sub-Investment Manager deems Sustainability Risks not to be relevant for the Fund's investment strategy.

The Fund aims to achieve a target average return of 4-5% over the ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (Total Return, USD) ("Benchmark") before fees over a market cycle (typically 3 years or over) by investing primarily in USD and EUR denominated floating rate collateralised loan obligations ("CLO") mezzanine debt securities and also in US high yield debt securities. There can be no guarantee that the Fund will ultimately achieve its investment objective.