M&A - NEUBERGER BERMAN INCOME FUNDS

Form Type: 497

Filing Date: 2025-07-14

Corporate Action: Merger

Type: New

Accession Number: 000089843225000481

Filing Summary: Neuberger Berman Income Funds has announced the conversion of the Neuberger Berman Emerging Markets Debt Fund into an exchange-traded fund (ETF) as part of a planned merger with Neuberger Berman ETF Trust. Following the conversion, shareholders of the Mutual Fund will hold shares in the new ETF, which maintains the same investment objectives and some portfolio management. The conversion will be finalized around August 8, 2025, with a reverse stock split scheduled on or about July 25, 2025, which will decrease the total number of issued shares by approximately 86%, effectively raising the per share net asset value without altering the total investment value for shareholders. Key dates include the last purchase or exchange date on August 5, and redemption orders needed by August 6, 2025. Shareholders will receive ETF shares equivalent in value to their holdings in the Mutual Fund, potentially with cash payments for fractional shares, which may be taxable. The ETF is expected to commence trading on NYSE Arca, Inc. around August 11, 2025.

Form Type: 497K

Filing Date: 2025-07-14

Corporate Action: Merger

Type: New

Accession Number: 000089843225000482

Filing Summary: Neuberger Berman Income Funds is converting its Neuberger Berman Emerging Markets Debt Fund into a newly organized series of Neuberger Berman ETF Trust. This conversion will change the Mutual Fund into an exchange-traded fund (ETF), allowing shareholders to hold shares of the ETF post-conversion instead of the Mutual Fund. Key features such as the investment adviser, investment objective, and some portfolio managers will remain the same. However, the ETF will have a different investment strategy focused on emerging markets debt denominated in hard currencies. The conversion will follow an Agreement and Plan of Reorganization and is anticipated to take place around August 8, 2025. Key changes involve a reverse stock split for all shares of the Mutual Fund at a ratio of 1:0.1421, effectively decreasing the number of shares by approximately 86% while increasing the per share net asset value. Shareholders will receive ETF shares of equal value to their current holdings, with potential cash payments for fractional shares. The last day for transactions in Mutual Fund shares is set for early August 2025, with the ETF expected to begin trading on NYSE Arca shortly thereafter.

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.

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.