Climate Innovation Fund

| Past performance does not predict future returns.

| Source: Neuberger Berman. Performance returns are calculated in USD on a NAV to NAV price basis with income reinvested, but do not reflect sales charges.

SFDR Classification | Article 8

Important risk warnings / information

The Fund invests primarily in companies that are involved or derive benefit from Next Generation Connectivity, and therefore is subject to concentration risk in industries that offer exposure to the development and enhancement of mobile internet and 5G connectivity. The fund is also subject to risks relevant to such industry, which could be driven by factors such as growth volatility, rapidly changing market conditions and competitions, regulation, intellectual properties, cyber security, government intervention and political risks.

Investment in small or medium-sized companies is subject to higher liquidity risk and higher volatility.

The Fund invests in emerging markets and therefore is subject to emerging market and concentration risks. Emerging markets may be subject to additional risks due to more uncertainties relating to their social, economic and political factors. These factors may affect the value of the underlying securities. The Fund is also subject to currency, currency hedging and equity risks. Investment may be subject to risks relevant to their respective regions or markets such as Eurozone stability and Stock Connects.

The Fund may use financial derivative instruments (“FDI”) for hedging, efficient portfolio management and/or investment purposes, and therefore may be subject to higher counterparty, liquidity, valuation, volatility and over-the-counter transaction risks, which may result in a significant loss of the Fund.

In respect of the distributing shares, the distribution rate is not guaranteed. The Fund may at its discretion pay dividends out of the capital of the Fund. Dividends paid out of capital amount to a return or withdrawal of part of an investor”s original investment or from any capital gains attributable to that original investment. Such dividends may result in an immediate decrease in the net asset value of the relevant shares.

The Fund may utilize securities lending agreements, repurchase agreements and reverse repurchase agreements, and is therefore subject to the risk that the collateral value may fall below that of securities lent out.

Investors should not solely rely on this document to make any investment decision. Please refer to the Prospectus and Key Fact Statement for details including the risk factors before making any investment decision.

Overview

A thematic, forward-looking, global equity portfolio investing in key enablers and beneficiaries of climate innovation related technologies and/or activities

Why Invest

Investment Necessary to Reach Climate Goals Spurs Structural Growth Opportunity

Climate innovation equities, in our view, can capture significant investment in decarbonisation while offering strong cash generation and liquidity

Focus on Diverse Solutions Along the Climate Technology Maturity Curve

We believe the backdrop for investing in climate innovation is at a critical inflection point with decreasing costs spurring the uptake and scaling of climate technologies

Team Depth and Experience

An experienced and dedicated team of fixed income specialists, managing a broad platform of non-investment grade assets

Climate Innovation and the New Capex Cycle

View our whitepaper on climate innovation and the new capex cycle.

This is a marketing communication in respect of the Neuberger Berman Climate Innovation Fund. Please refer to the fund prospectus and offering documents, including the Key Information Document (“KID”) or Key Investor Information Document (“KIID”) as applicable, before making any final investment decisions. Investors should note that by making an investment they will own shares in the fund, and not the underlying assets.

The fund complies with the Sustainable Finance Disclosure Regulation (the “SFDR”) and is classified as an Article 8 SFDR fund. Neuberger Berman believes that Environmental, Social and Governance (“ESG”) factors, like any other factor, should be incorporated in a manner appropriate for the specific asset class, investment objective and style of each investment strategy.

Key Risks

Market Risk: The risk of a change in the value of a position as a result of underlying market factors, including among other things, the overall performance of companies and the market perception of the global economy.

Liquidity Risk: The risk that the Fund may be unable to sell an investment readily at its fair market value. In extreme market conditions this can affect the Fund’s ability to meet redemption requests upon demand.

CLO Risk: The Fund’s investments in CLOs will be frequently subordinate in right of payment to other securities sold by the applicable CLO and may not be readily marketable. Depending upon the payment and default rates on the collateral of the CLO, the Fund may incur substantial losses on its investments. Accordingly, the mark-to-market value of CLOs may be volatile and the value of the Interests could likewise be volatile. Additional risks needs to be considered and you should refer to the 'investment risk' section of the prospectus for details.

Credit Risk: The risk that bond issuers may fail to meet their interest repayments, or repay debt, resulting in temporary or permanent losses to the Fund. Interest Rate Risk: The risk of interest rate movements affecting the value of fixed-rate bonds.

Operational Risk: The risk of direct or indirect loss resulting from inadequate or failed processes, people and systems including those relating to the safekeeping of assets or from external events.

Counterparty Risk: The risk that a counterparty will not fulfil its payment obligation for a trade, contract or other transaction, on the due date.

Currency Risk: Investors who subscribe in a currency other than the base currency of the Fund are exposed to currency risk. Fluctuations in exchange rates may affect the return on investment. The past performance shown is based on the share class to which this webpage relates. If the currency of this share class is different from your local currency, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency.

A CLO is a type of asset backed security supported by interest and principal payments generated from a pool of non-investment grade loan and debt instruments. The issue of CLO securities involves a form of securitisation, where principal and interest payments from multiple corporate loans and debt instruments are pooled together, packaged into securities in various tranches. A CLO security is a securitised asset.

Please refer to the fund prospectus and offering documents, including the Key Information Document (“KID”) or Key Investor Information Document (“KIID”) as applicable, before making any final investment decisions.