Neuberger Berman Emerging Market Debt - Local Currency Fund GBP I4 Distributing Class - Unhedged 

The Portfolio aims to achieve a target average return of 1-2% over the Benchmark (as specified in the “Benchmark” section below) before fees over a market cycle (typically 3 years) from investing primarily in local currencies and local interest rates of Emerging Market Countries. Investors should note that the target return is not guaranteed over a market cycle, a 12- month or any period and the Portfolio’s capital is at risk. Investors should also note that, over the course of a market cycle, there may be significant periods of time during which the performance of the Portfolio will deviate from the targeted return and the Portfolio may experience periods of negative return. There can be no guarantee that the Portfolio will ultimately achieve its investment objective.