NMHAX Fees and Costs — Neuberger Berman Municipal High Income Fund, Class A
Data updated: 2026-06-26
The net expense ratio is 0.87%: a 0.67% management fee, a 0.25% 12b-1 fee plus 0.63% other expenses, less a 0.68% fee waiver. This share class carries a maximum front-end sales load of 4.25%. Portfolio turnover was 91%.
NMHAX Fees and Expenses
Annual operating expenses and sales charges of NMHAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.67% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.63% |
| Gross expense ratio | 1.55% |
| Fee waiver | −0.68% |
| Net expense ratio | 0.87% |
| Sales charges | |
|---|---|
| Max front load | 4.25% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NMHAX Costs Over Time
On $10,000 invested in NMHAX, assuming 5% a year before costs, total costs come to $1,065 over 5 years, cutting the return by 1.81% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $425 | $425 | $425 |
| Fund expenses (net expense ratio 0.87%) | $87 | $273 | $475 |
| Lost growth on money paid in costs | $21 | $81 | $165 |
| Total costs | $534 | $779 | $1,065 |
| Value after costs | $9,966 | $10,797 | $11,698 |
| Impact on return, per year | 5.34% | 2.41% | 1.81% |
NMHAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $112.0M
- Portfolio turnover (prospectus): 91%
- Securities lending: none during the year
NMHAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $24.7M | 25.79% |
| Morgan Stanley & Co. LLC | $19.0M | 19.84% |
| Jefferies LLC | $8.6M | 8.97% |
| BNY Capital Markets, LLC | $7.7M | 8.01% |
| Barclays Capital Inc. | $7.4M | 7.74% |
| BofA Securities, Inc. | $6.2M | 6.51% |
| RBC Capital Markets, LLC | $6.1M | 6.34% |
| Wells Fargo Securities, LLC | $5.9M | 6.21% |
| U.S. Bancorp Investments, Inc. | $5.4M | 5.64% |
| TD Securities (USA) LLC | $4.7M | 4.94% |
Neuberger Berman Municipal High Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NMHIX | Institutional Class | 0.50% | none |
| NMHAX | Class A | 0.87% | 4.25% |
| NMHCX | Class C | 1.62% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.