Neuberger Berman Multi-Asset Income Fund

C000152770 Fund Overview

Neuberger Berman Multi-Asset Income Fund is a US mutual fund managed by Neuberger Berman Alternative Funds, categorised as Balanced Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Neuberger Berman Alternative Funds
• Category: Balanced Allocation
• Assets under management: $23.17M
• SEC CIK: 0001317474
• SEC series ID: S000048377
• Share class ID: C000152770

C000152770 Investment Objective and Strategy

Neuberger Berman Multi-Asset Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Neuberger Berman Alternative Funds.

Investment objective

The Fund seeks attractive current income with consideration also given to capital appreciation.

Principal investment strategy

To pursue its goal, the Fund employs a fundamental and quantitative approach to allocating the Funds assets among various investment strategies that primarily invest in U.S. and non-U.S. debt securities, income-oriented equity securities, and currencies. The Fund seeks to generate returns primarily through asset allocation and security selection, utilizing a range of the Managers investment expertise. The Fund may also obtain investment exposure to these asset classes through investments in exchange traded funds (ETFs) or other investment companies, including those managed by the Manager (Underlying Funds), or through the use of derivatives. The Funds allocation to equity securities is achieved primarily by investing directly in equity securities. All or a portion of the Funds allocation to debt securities is achieved by investing in Underlying Funds, with the remainder of the allocation, if any, achieved by investing directly in such securities.

For a portion of the Funds allocation to debt and equity securities and certain other investments, including derivatives, investments may be chosen by a select group of the Managers portfolio managers (Underlying Managers). The Portfolio Managers make asset allocation decisions and seek to identify investment opportunities using a variety of fundamental and quantitative analyses and may use the Managers fundamental research capabilities in analyzing the overall investment opportunities and risks among the various asset classes and investment strategies. The Portfolio Managers review the Funds asset allocations and seek to identify asset classes, sectors, securities and other investment opportunities that appear attractively valued. Opportunities to invest in different asset classes or to adjust allocations among existing asset classes may be identified based on numerous factors, including analysis of historic and projected relative returns, economic factors, industry cycles, volatility forecasts, and political trends, among other factors impacting global financial markets.

The Portfolio Managers have considerable latitude in selecting the Funds investments and may adjust the Funds portfolio and overall risk profile by making tactical decisions to overweight or underweight particular asset classes or sectors based on their outlook, as well as the views of the Managers asset allocation committee, on the global economy and markets. The Portfolio Managers may adjust the Funds overall exposure, including by making changes to the allocations among asset classes, and there is no requirement as to the percentage of the Funds assets that must be invested in any asset class. Each of the Underlying Managers employs either a fundamental or quantitative approach, or a combination of both approaches, when making investment decisions. They utilize bottom up, research-driven processes to identify investments that they believe have the ability to deliver value to their shareholders over the long term.

The Funds investments may include: (i) long and short investments in debt securities, including debt securities issued by corporate entities and trust structures throughout the world (including the U.S. and emerging markets), domestic and foreign governments and their agencies and/or instrumentalities, supra-national entities (e.g., World Bank, International Monetary Fund) and quasi-sovereign entities (i.e., issuers that are directly or indirectly wholly-owned by a government or that are explicitly guaranteed by a government), loans and related assignments and participations, inflation-protected securities, convertible bonds, commercial paper, mortgage- and asset-backed securities and collateralized debt obligations; (ii) long and short investments in equity securities of companies of any market capitalization throughout the world (including the U.S.

and emerging markets), which may include common and preferred stocks, and depositary receipts; (iii) real estate investment trusts (REITs); (iv) master limited partnerships (MLPs); (v) securities and other instruments that provide exposure to commodities and similar assets; (vi) foreign currencies; and (vii) certain derivative instruments. The Funds debt investments may be of any maturity, duration and credit rating, including, without limit, investments in below investment grade securities, commonly known as junk bonds. The Fund may also engage in when-issued and forward-settling transactions (such as to-be-announced mortgage-backed securities), which involve a commitment by the Fund to purchase securities that will be issued at a later date. To gain exposure to commodities and other similar assets, the Fund may invest in other investment companies managed by the Manager that invest in a wholly owned subsidiary.

The Fund may use derivatives without limitation and intends to invest primarily in four categories: (i) futures contracts based on indices, government bonds, interest rates and currencies; (ii) forward foreign currency contracts; (iii) swaps, including interest rate swaps and total return swaps on broad-based indices; and (iv) call and put options on securities and indices including writing (selling) calls against positions in the portfolio (covered calls) or writing (selling) puts on securities and indices. All of these derivatives may be used in an effort to: enhance returns; manage or adjust the risk profile of the Fund or the risk of individual positions; replace more traditional direct investments; obtain or reduce exposure to certain markets; establish net short or long positions for markets, currencies or securities; adjust the duration of the Funds fixed income securities; or alter the Funds exposure to markets, currencies, interest rates, sectors and issuers.

In an effort to achieve its goal, the Fund may engage in active and frequent trading.

C000152770 Costs and Fees

C000152770 costs about $182 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.82%
• Gross expense ratio: 3.82%
• Portfolio turnover: 74%
• Brokerage commissions: 2.18 bps of average net assets (SEC N-CEN)

C000152770 Cashflows

Over the 12 months to 2020-01, Neuberger Berman Multi-Asset Income Fund had net inflows of $1.02M, from monthly SEC N-PORT filings.

C000152770 Debt Constituents

No individual debt constituents are reported in Neuberger Berman Multi-Asset Income Fund's latest SEC N-PORT filing.

C000152770 Prospectus and SEC Filings

Official Neuberger Berman Multi-Asset Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-03-18
• Prospectus (485BPOS) — filed 2019-03-18
• Prospectus supplement (497) — filed 2018-12-21
• Portfolio holdings (N-PORT) — filed 2020-03-30
• Portfolio holdings (N-PORT) — filed 2019-12-18
• Annual census (N-CEN) — filed 2020-01-10
• Annual census (N-CEN) — filed 2019-01-14

Related Funds

Other Balanced Allocation funds tracked on ABC INVEST:

• American Balanced Fund (ABALX)
• Vanguard Wellington Fund (VWELX)
• Franklin Income Fund (FKINX)
• T. Rowe Price Capital Appreciation Fund, Inc. (PRWCX)
• Vanguard Balanced Index Fund (VBINX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.