Fund Description

The fund was incepted in February 1992 and is managed by Neuberger Berman Management. The fund seeks high total returns consistent with capital preservation by investing primarily in a diversified portfolio of U.S. intermediate-term high-yield corporate bonds (including those sometimes known as junk bonds) with maturities of 10 years or less. High-yield bonds are rated below investment grade, or if unrated, are bonds deemed by the portfolio management group to be of comparable quality. The portfolio is broadly diversified by number of issuers and industry. The manager typically does not allow a single position to comprise more than 3% of total portfolio assets, with most positions representing approximately 1% of total assets. On average, the portfolio holds between 100 to 120 issues, with no single industry typically representing more than 15% of total assets. The fund distributes capital gains annually (in December) and dividends monthly.