M&A - NEUBERGER BERMAN INCOME FUNDS

Form Type: 497

Filing Date: 2025-03-31

Corporate Action: Merger

Type: New

Accession Number: 000089843225000212

Filing Summary: The Board of Trustees of Neuberger Berman Income Funds has approved the conversion of the Neuberger Berman Emerging Markets Debt Fund into a newly organized series of Neuberger Berman ETF Trust. This conversion is characterized as a merger and will involve the reorganization of the Mutual Fund into the ETF. Post-conversion, the ETF will maintain a focus on emerging markets debt securities but will employ a different principal investment strategy while being managed by the same key members of the current portfolio management team. Shareholders will receive a combined information statement/prospectus detailing the conversion and the new ETF. Class A and Class C shares will be converted into Institutional Class shares before the conversion, and these shares will remain open to new purchases until shortly before the conversion. The ETF will not initiate investment operations until after the conversion, and currently, its shares are not offered to the public nor have they been approved for exchange listing. The conversion, anticipated in the third quarter of 2025, is expected to qualify as a tax-free reorganization for federal income tax purposes, meaning shareholders should not recognize gains or losses, except for liquidation of fractional shares. Additionally, the Rule 12b-1 fees for applicable share classes of the Mutual Fund will be waived effective March 27, 2025.

Document Link: View Document

Form Type: 497K

Filing Date: 2025-03-31

Corporate Action: Merger

Type: New

Accession Number: 000089843225000213

Filing Summary: The Board of Trustees of the Neuberger Berman Income Funds approved the conversion of the Neuberger Berman Emerging Markets Debt Fund into a newly organized series of Neuberger Berman ETF Trust. This conversion is set to occur during the third quarter of 2025 and will involve the reorganization of the Mutual Fund into the ETF. Post-conversion, the ETF will maintain a focus on investing in emerging markets debt securities but will adopt a different principal investment strategy. Most of the existing portfolio management team will remain, though not all members will transition to the ETF. Shareholders will receive further information in a combined statement/prospectus detailing the changes. Class A and Class C shares of the Mutual Fund are expected to convert to Institutional Class shares prior to the conversion, which will not require shareholder approval. The conversion anticipates qualifying as a tax-free reorganization, with shareholders not recognizing gain or loss except when receiving cash for fractional shares. Effective March 27, 2025, Rule 12b-1 fees for all share classes of the Mutual Fund are waived.

Document Link: View Document