NML - Neuberger Energy Infrastructure & Income Fund

What this means for you

City of London owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

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. Aug 8, 2025

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

   Original document →

3. Feb 14, 2025

   City of London cut its stake to 7.1% (from 9.3%), as a passive investor.

   Original document →

4. Nov 14, 2024

   City of London cut its stake to 9.3% (from 13.5%), as a passive investor.

   Original document →

5. Nov 7, 2024

   Saba sold down below 5% and stopped reporting.

   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 $627 million of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 27% on top of its own money, as of May 31, 2026. Borrowed money makes gains and losses bigger. As of May 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 →
• 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. 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: down 2.3% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +24.1%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Nov 30, 2025): the value of the holdings returned +1.9%. How the share price did: the shares returned -0.2% over the same year, counting payouts and the change in the market price. As of Nov 30, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2012.

What the fund holds

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

1. Targa Resources - 14%
2. Energy Transfer LP - 13.7%
3. DT Midstream - 12.9%
4. Enterprise Products Partners LP - 12.1%
5. Williams Cos Inc/The - 8.3%
6. Western Midstream Partners LP - 7.8%
7. Antero Resources - 6.8%
8. Clearway Energy - 6.7%
9. Cheniere Energy - 5.2%
10. Sunoco LP - 4.4%

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