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Neuberger Berman Commodity Strategy Fund to be converted into an ETF

TheShadowTheShadow
edited June 2022 in Fund Discussions
https://www.sec.gov/Archives/edgar/data/1317474/000089843222000416/a497.htm

497 1 a497.htm
Neuberger Berman Alternative Funds® (“Alternative Funds”)

Supplement to the Prospectus and Statement of Additional Information of the Neuberger Berman Commodity Strategy Fund, dated February 28, 2022, as amended and supplemented.


On June 23, 2022, the Board of Trustees of the Alternative Funds approved the conversion of the Neuberger Berman Commodity Strategy Fund (the “Commodity Mutual Fund”) to a newly organized series of Neuberger Berman ETF Trust (the “Commodity Strategy ETF”). The Conversion will be effected through the reorganization of the Commodity Mutual Fund into the Commodity Strategy ETF (the “Conversion”).

The Commodity Strategy ETF will have the same portfolio managers and be managed in a substantially similar manner as the Commodity Mutual Fund. The Commodity Strategy ETF will not commence investment operations prior to the Conversion and its shares are not currently being offered to the public, nor have they been approved for listing on any exchange. It is anticipated that the Conversion will occur during the fourth quarter of 2022.

Prior to the Conversion, existing shareholders of the Commodity Mutual Fund will receive a combined information statement/prospectus describing in detail both the Conversion and the Commodity Strategy ETF. It is anticipated the Conversion will not require shareholder approval. After the Conversion, it is anticipated that the Commodity Strategy ETF’s shares will be offered to the public and traded on an exchange.

It is anticipated that the Conversion will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Conversion, except to the extent that they receive cash in connection with the liquidation of any fractional shares received in the Conversion.

The date of this supplement is June 24, 2022.

Please retain this supplement for future reference.



Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
Shareholder Services
800.877.9700
Institutional Services
800.366.6264
www.nb.com

Comments

  • Sven
    edited June 2022
    Here is NB mutual fund, presumably with front-load waived and being available in major brokerages.
    https://morningstar.com/funds/xnas/nrbax/portfolio

    It would be interesting to see how much lower the ER will be. This OEF is at 1.10%.
  • carew388carew388
    So it appears the NB etf will now function as a lower-octane trading vehicle-based on risk scores and performance.
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