NMIIX Fees and Costs — Neuberger Berman Municipal Impact Fund, Institutional Class
Data updated: 2026-06-26
The net expense ratio is 0.43%: a 0.40% management fee plus 0.44% other expenses, less a 0.41% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 48%.
NMIIX Fees and Expenses
Annual operating expenses and sales charges of NMIIX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.44% |
| Gross expense ratio | 0.84% |
| Fee waiver | −0.41% |
| Net expense ratio | 0.43% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
NMIIX Costs Over Time
On $10,000 invested in NMIIX, assuming 5% a year before costs, total costs come to $272 over 5 years, cutting the return by 0.45% 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 |
| Fund expenses (net expense ratio 0.43%) | $45 | $142 | $247 |
| Lost growth on money paid in costs | $0 | $7 | $25 |
| Total costs | $45 | $149 | $272 |
| Value after costs | $10,455 | $11,428 | $12,491 |
| Impact on return, per year | 0.45% | 0.45% | 0.45% |
NMIIX 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): $72.5M
- Portfolio turnover (prospectus): 48%
- Securities lending: none during the year
NMIIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $18.1M | 28.55% |
| Barclays Capital Inc. | $11.4M | 18.04% |
| Morgan Stanley & Co. LLC | $7.5M | 11.79% |
| U.S. Bancorp Investments, Inc. | $6.8M | 10.69% |
| Jefferies LLC | $5.0M | 7.81% |
| BNY Capital Markets, LLC | $4.1M | 6.43% |
| Wells Fargo Securities, LLC | $4.0M | 6.39% |
| TD Securities (USA) LLC | $2.6M | 4.10% |
| Deutsche Bank Securities Inc. | $2.1M | 3.28% |
| Samuel A. Ramirez & Company, Inc. | $1.9M | 2.92% |
Neuberger Berman Municipal Impact Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NMIIX | Institutional Class | 0.43% | none |
| NIMAX | Class A | 0.80% | 4.25% |
| NIMCX | Class C | 1.55% | 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.