As previously disclosed to shareholders, the Board of Trustees of the Income Funds approved the proposed reorganization of each of Neuberger Municipal High Income Fund and Neuberger Municipal Impact Fund (each, a “Merging Fund” and collectively, the “Merging Funds”) into Neuberger Municipal Intermediate Bond Fund (the “Acquiring Fund”) (each a “Merger” and collectively, the “Mergers”). Each Merger was contingent upon the approval by shareholders of the respective Merging Fund (the “Merging Fund Shareholders”).  At the shareholder meeting held on March 31, 2026, each Merger was approved by the respective Merging Fund Shareholders.  Effective March 31, 2026, Rule 12b-1 fees on all applicable share classes for the Merging Funds are waived.

(i)

the transfer of substantially all of the assets of a Merging Fund to the Acquiring Fund in exchange for Acquiring Fund shares having an aggregate net asset value equal to the value of the Merging Fund’s net assets;

(ii)

the Acquiring Fund’s assumption of all the liabilities of a Merging Fund;

(iii)

the distribution of Acquiring Fund shares pro rata to shareholders of a Merging Fund; and

(iv)

the complete liquidation and termination of a Merging Fund.