NML - Neuberger Energy Infrastructure & Income Fund

What this means for you

2 large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. May 7, 2026

   City of London sold down below 5% and stopped reporting.

   Original document →

2. April 27, 2026

   Bank of America Corp. raised its stake to 6.8% (from 5.6%), as a passive investor.

   Original document →

3. Aug 8, 2025

   City of London cut its stake to 6% (from 7.1%), as a passive investor.

   Original document →

4. Aug 7, 2025

   Morgan Stanley cut its stake to 6.1% (from 7.4%), as a passive investor.

   Original document →

5. Feb 14, 2025

   Bank of America Corp. now owns 5.6%, as a passive investor.

   Original document →

About this fund

• Run by Neuberger Berman Investment Advisers LLC. Part of the Neuberger Berman fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $673 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 26% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 1.1% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in energy and resources companies, one charges a lower management fee and one charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.70 a share. $0.59 of that was income; $0.11 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $9.72. The shares traded at $8.70, about 10.5% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 12% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2012.

How this has changed

• Payouts per share: $0.70 in the fiscal year ended Nov 30, 2025; $0.70 in the year ended Nov 30, 2024; $0.70 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.11 in the year ended Nov 30, 2025; none in the year ended Nov 30, 2024; $0.05 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.07% a year in the fiscal year ended Nov 30, 2025; 13.24% a year in the year ended Nov 30, 2024; 2.95% a year in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $548 million at Nov 30, 2025; $586 million at Nov 30, 2024; $454 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• Borrowing: about 25% on top of its own money at Nov 30, 2025; 22% at Nov 30, 2024; 19% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• The fund had about 56.6 million shares at Nov 30, 2025, about the same as at Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned -0.2%, counting payouts; the holdings +1.9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2024: the shares returned +49.6%, counting payouts; the holdings +41%. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned +6.1%, counting payouts; the holdings +1.7%. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned +49.1%, counting payouts; the holdings +43.4%. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +59.3%, counting payouts; the holdings +54%. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +276.2%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $37,600 by Nov 30, 2025, with every payout counted, before tax. As of Nov 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +33.2%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 8 funds that invest in energy and resources companies with a fiscal year ending within six months of this one, 7 reported a higher share return for that year and 0 a lower one. As of Nov 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All shares (100%). About 98% issued in the U.S.

1. Energy Transfer LP - 14.3%
2. Targa Resources - 13.8%
3. Enterprise Products Partners LP - 12.3%
4. DT Midstream - 10.4%
5. Western Midstream Partners LP - 8.2%
6. Williams Cos Inc/The - 8%
7. Antero Resources - 6.9%
8. Cheniere Energy - 6.2%
9. Clearway Energy - 5.6%
10. Sunoco LP - 4.7%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →