Neuberger Berman U.S. Equity Index PutWrite Strategy Fund

C000173313 Fund Overview

Neuberger Berman U.S. Equity Index PutWrite Strategy Fund is a US mutual fund managed by Neuberger Berman Alternative Funds, categorised as Ultra-Short Treasury / Sovereign Bond. 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: Ultra-Short Treasury / Sovereign Bond
• Assets under management: $458.29M
• 1-year return: 11.6%
• SEC CIK: 0001317474
• SEC series ID: S000055088
• Share class ID: C000173313

C000173313 Investment Objective and Strategy

Neuberger Berman U.S. Equity Index PutWrite Strategy 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 long-term growth of capital and income generation.

Principal investment strategy

The Fund seeks to achieve its goal primarily through a strategy of writing collateralized put options on both U.S. indices, including the S&P 500 Index and the Russell 2000 Index, and exchange traded funds (ETFs). The Fund attempts to generate returns through the receipt of option premiums from selling puts, as well as through investments in fixed income instruments, which collectively are intended to reduce volatility relative to what it would be if the Fund held the underlying equity index on which the options are written. The Funds investments in fixed income instruments may be of any duration and may include U.S. Treasury securities and other securities issued by the U.S. government and its agencies and instrumentalities, corporate debt securities, cash and cash equivalents, mortgage-backed securities and asset-backed securities.

The Fund also may invest in money market mutual funds and ETFs. In a put writing strategy, the Fund (as the seller of the option) receives premiums from the purchaser of the option in exchange for providing the purchaser with the right to sell the underlying instrument to the Fund at a specific price (i.e., the strike price). If the market price of the instrument underlying the option exceeds the strike price, it is anticipated that the option would go unexercised and the Fund would earn the full premium upon the options expiration or a portion of the premium upon the options early termination. If the market price of the instrument underlying the option drops below the strike price, it is anticipated that the option would be exercised and the Fund would pay the option buyer the difference between the market value of the underlying instrument and the strike price.

The proceeds received by the Fund for writing put options will generally be invested in fixed income instruments, money market mutual funds and ETFs in order to seek to offset any liabilities the Fund incurs from writing put options. The Portfolio Manager will select option investments based on his estimate of current and future market volatility levels, underlying instrument valuations and perceived market risks. Further, the Portfolio Manager will evaluate relative option premiums in determining preferred option contract terms, such as strike prices and expiration dates. At the time of writing (selling) a put option, the aggregate investment exposure, as measured on a notional basis (i.e., the value of the underlying instrument at its strike price), of the options written by the Fund will generally be equal to 100% of the Funds total assets.

The Funds aggregate investment exposure, as measured on a notional basis, may be greater than 100% of the Funds total assets from time to time but it will not exceed 125% of its total assets. The Funds fixed income instruments will be primarily investment grade and are intended to provide liquidity and preserve capital and will serve as collateral for the Funds investments in options. The Fund considers fixed income instruments to be investment grade if, at the time of investment, they are rated within the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Portfolio Manager to be of comparable quality. The premiums received by the Fund for writing options also will generally be invested in fixed income instruments, money market mutual funds and ETFs in order to seek to offset any liabilities the Fund incurs from writing options.

Because the Fund will use options to gain exposure to the equity markets, and because options will not require the Fund to deposit the full notional amount of the investment, the Fund will invest a significant amount of its total assets in fixed income instruments, money market mutual funds and ETFs. Its investments in options generally will not constitute a significant amount of its total assets, however, the aggregate investment exposure of its investments in options, as discussed above, generally will be equal to 100% of its total assets. While the Fund may invest in both American-style and European-style options, for efficient portfolio management the Portfolio Manager generally prefers European-style options, which can be exercised only at expiration, as opposed to American-style options, which can be exercised at any time prior to the options expiration.

The Fund may purchase and write call options on securities and indices, including writing (selling) both covered (i.e., where the Fund holds an equivalent position in the instrument underlying the option) and uncovered calls (i.e., where the Fund does not own the instrument underlying the option and must purchase the underlying instrument to meet its call obligations). The Fund may also purchase put options, including purchasing puts on security indices and put spreads on indices (i.e., buying and selling an equal number of puts on the same index with differing strike prices or expiration dates). In an effort to achieve its goal, the Fund may engage in active and frequent trading.

C000173313 Holdings

Top 7 holdings of Neuberger Berman U.S. Equity Index PutWrite Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000173313 holdings

C000173313 Portfolio Allocation

Asset-class allocation of Neuberger Berman U.S. Equity Index PutWrite Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000173313 Performance

Total returns for C000173313 (as of 2026-10-01), from SEC filings.

C000173313 Risk Information

Risk metrics for C000173313, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 10.4%

C000173313 Costs and Fees

C000173313 costs about $177 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.77%
• Gross expense ratio: 1.87%
• Portfolio turnover: 43%
• Brokerage commissions: 0.69 bps of average net assets (SEC N-CEN)

C000173313 Cashflows

Over the 12 months to 2023-11, Neuberger Berman U.S. Equity Index PutWrite Strategy Fund had net outflows of $52.81M, from monthly SEC N-PORT filings.

C000173313 Debt Constituents

Largest debt holdings of Neuberger Berman U.S. Equity Index PutWrite Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000173313 Prospectus and SEC Filings

Official Neuberger Berman U.S. Equity Index PutWrite Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-02-24
• Prospectus (485BPOS) — filed 2022-02-25
• Prospectus (485BPOS) — filed 2021-02-26
• Portfolio holdings (N-PORT) — filed 2024-01-29
• Portfolio holdings (N-PORT) — filed 2023-12-27
• Portfolio holdings (N-PORT) — filed 2023-09-19
• Annual census (N-CEN) — filed 2024-01-09
• Annual census (N-CEN) — filed 2023-01-12

Related Funds

Other Ultra-Short Treasury / Sovereign Bond funds tracked on ABC INVEST:

• Vanguard 0-3 Month Treasury Bill ETF (VBIL)
• US Treasury 3 Month Bill ETF (TBIL)
• Global X 1-3 Month T-Bill ETF (CLIP)
• Invesco Short Term Treasury ETF (TBLL)
• Abbey Capital Futures Strategy Fund (ABYAX)

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.