Fund Description

The fund was incepted in June 1950 and is managed by Neuberger Berman Management. The portfolio manager seeks long-term capital appreciation and, secondarily, current income through investments primarily in mid to large-capitalization companies with solid business fundamentals. The portfolio manager looks for companies with solid fundamentals and the potential to double in value over a three- to five-year time horizon. The manager screens the universe of stocks that are greater than $1 billion in market capitalization, searching for balance sheet strength first, then analyzing each candidate's business model, industry position, historic profitability, management strength and strategy, and new developments that could signal a buying opportunity. The manager builds the portfolio one stock at a time, seeking stocks that are well positioned for growth but inexpensively valued. The manager's research-driven process results in a diversified portfolio of approximately 40 holdings from a variety of industries. Individual holdings are limited to no more than 3% to 5% of portfolio assets at the time of purchase, and maximum industry exposure is limited to 20% of portfolio assets. The fund distributes capital gains and dividends quarterly.