N-CSRS 1 ncsrs-nml.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES FILED ON FORM N-CSR

As filed with the Securities and Exchange Commission on August 7, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22770

NEUBERGER BERMAN ENERGY INFRASTRUCTURE AND INCOME FUND INC.

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Energy Infrastructure and Income Fund Inc.

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas
New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: November 30

Date of reporting period: May 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.

(a)	Following is a copy of the semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.

	Contents

	PRESIDENT’S LETTER	1

	PORTFOLIO COMMENTARY	2

	SCHEDULE OF INVESTMENTS	6

	FINANCIAL STATEMENTS	8

	NOTES TO FINANCIAL STATEMENTS	12

	FINANCIAL HIGHLIGHTS	19

	Distribution Reinvestment Plan	21
	Directory	24
	Proxy Voting Policies and Procedures	25
	Quarterly Portfolio Schedule	25

	TICKER SYMBOL
	Energy Infrastructure and Income Fund Inc.	NML

PORTFOLIO BY INVESTMENT TYPE
*(as a % of Total Investments)**
Common Stocks	67.5	%
Master Limited Partnerships and Limited Partnerships	32.4
Short-Term Investments	0.1
Total	100.0	%

PERFORMANCE HIGHLIGHTS
			Average Annual Total Return Ended 5/31/2025
	Inception Date*	Six Month Period Ended 05/31/2025	1 Year	5 Years	10 Years	Life of Fund
At NAV¹
Energy Infrastructure and Income Fund Inc.	03/25/2013	-4.63%	16.62%	27.96%	0.95%	1.89%
At Market Price²
Energy Infrastructure and Income Fund Inc.	03/25/2013	-6.00%	19.57%	30.83%	0.59%	0.64%
Index
Alerian MLP Index³		-3.12%	15.24%	25.25%	4.43%	4.42%

NUMBER OF SHARES			VALUE

Common Stocks 87.9%

Capital Markets 1.5%
27,000	CME Group, Inc.	$	7,803,000	(a)

Chemicals 0.7%
7,500	Linde PLC		3,506,850	(a)

Energy, Equipment & Services 4.0%
316,000	Noble Corp. PLC		7,827,320	(a)
350,000	Tidewater, Inc.		13,898,500	(a)*
			21,725,820

Independent Power and Renewable Electricity Producers 4.0%
700,000	Clearway Energy, Inc. Class C		21,539,000	(a)

Oil, Gas & Consumable Fuels 77.7%
960,000	Antero Midstream Corp.		18,028,800	(a)
1,200,000	Antero Resources Corp.		44,940,000	(a)*
210,000	California Resources Corp.		9,275,700	(a)
160,000	Cheniere Energy, Inc.		37,918,400	(a)
100,000	Chevron Corp.		13,670,000	(a)
244,000	ConocoPhillips		20,825,400	(a)
614,000	DT Midstream, Inc.		64,310,360	(a)
275,000	EQT Corp.		15,160,750	(a)
250,000	Excelerate Energy, Inc.		7,032,500	(a)
70,000	Expand Energy Corp. Class A		8,129,100	(a)
136,000	Exxon Mobil Corp.		13,912,800	(a)
344,000	Kinetik Holdings, Inc.		15,321,760	(a)
360,000	Occidental Petroleum Corp.		14,680,800	(a)
436,000	Targa Resources Corp.		68,857,480	(a)
300,000	Tourmaline Oil Corp.		13,527,161
850,000	Williams Cos., Inc.		51,433,500	(a)
			417,024,511

Total Common Stocks (Cost $318,991,729)			471,599,181

NUMBER OF UNITS

Master Limited Partnerships and Limited Partnerships 42.3%

Independent Power and Renewable Electricity Producers 0.9%
200,000	Brookfield Renewable Partners LP		4,766,000	(a)

Oil, Gas & Consumable Fuels 41.4%
4,160,000	Energy Transfer LP		72,716,800	(a)
1,980,000	Enterprise Products Partners LP		61,023,600	(a)
436,000	MPLX LP		22,236,000	(a)
420,000	Sunoco LP		22,654,800	(a)
1,160,000	Western Midstream Partners LP		43,384,000	(a)
			222,015,200

Total Master Limited Partnerships and Limited Partnerships (Cost $118,233,613)			226,781,200

NUMBER OF SHARES			VALUE

Short-Term Investments 0.2%

Investment Companies 0.2%
923,307	First American Treasury Obligations Fund, 4.23%^(b) (Cost $923,307)	$	923,307

Total Investments 130.4% (Cost $438,148,649)			699,303,688
Liabilities less other Assets (30.4)%			(162,887,435	)
Net Assets Applicable to Common Stockholders 100.0%		$	536,416,253

Asset Valuation Inputs
Investments:		Level 1		Level 2		Level 3		Total
Common Stocks^(a)	$	471,599,181	$	—	$	—	$	471,599,181
Master Limited Partnerships and Limited Partnerships^(a)		226,781,200		—		—		226,781,200
Short-Term Investments		—		923,307		—		923,307
Total Investments	$	698,380,381	$	923,307	$	—	$	699,303,688

Neuberger Berman
	ENERGY INFRASTRUCTURE AND INCOME FUND INC.
	May 31, 2025
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	699,303,688
Dividends and interest receivable		739,417
Prepaid expenses and other assets		10,689
Total Assets		700,053,794
Liabilities
Loans payable (Note A)		126,000,000
Deferred tax liability—net (Note A)		36,529,515
Distributions payable—common stock		65,833
Payable to investment manager (Note B)		421,235
Payable to administrator (Note B)		140,412
Payable to directors		8,487
Interest payable (Note A)		37,100
Other accrued expenses and payables		434,959
Total Liabilities		163,637,541
Net Assets applicable to Common Stockholders	$	536,416,253
Net Assets applicable to Common Stockholders consist of:
Paid-in capital—common stock	$	732,043,424
Total distributable earnings/(losses)		(195,627,171	)
Net Assets applicable to Common Stockholders	$	536,416,253
Shares of Common Stock Outstanding ($0.0001 par value; 1,000,000,000 shares authorized)		56,658,928
Net Asset Value Per Share of Common Stock Outstanding	$	9.47

* Cost of Investments:
^(a) Unaffiliated issuers	$	438,148,649

Neuberger Berman
	ENERGY INFRASTRUCTURE AND INCOME FUND INC.
	For the Six Month Ended May 31, 2025
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	15,864,485
Return of capital on dividends from master limited partnerships and related companies		(5,011,698	)
Net dividend income—unaffiliated issuers		10,852,787
Foreign taxes withheld		(137,133	)
Interest income—unaffiliated issuers		65,797
Total income	$	10,781,451
Expenses:
Investment management fees (Note B)		2,516,244
Administration fees (Note B)		838,748
Audit fees		84,489
Custodian and accounting fees		174,688
Insurance		7,708
Legal fees		84,752
Stock exchange listing fees		8,241
Stockholder reports		29,190
Stock transfer agent fees		8,094
Interest (Note A)		3,288,583
Directors’ fees and expenses		28,845
Miscellaneous and other fees		3,683
Total expenses		7,073,265
Net investment income/(loss), before income taxes		3,708,186
Deferred tax benefit/(expense)		(2,646,639	)
Net investment income/(loss)	$	1,061,547
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		30,913,077
Settlement of foreign currency transactions		(74,337	)
Deferred tax benefit/(expense)		(4,049,482	)
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		(79,632,342	)
Foreign currency translations		—
Deferred tax benefit/(expense), net of valuation allowance		22,516,502
Net gain/(loss) on investments		(30,326,582	)
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from operations	$	(29,265,035	)

Neuberger Berman
	Energy Infrastructure and Income Fund Inc.
		Six Months Ended May 31, 2025 (Unaudited)			Fiscal Year Ended November 30, 2024
Increase/(Decrease) in Net Assets Applicable to Common Stockholders:
From Operations (Note A):
Net investment income/(loss)		$	1,061,547		$	1,051,726
Net realized gain/(loss) on investments			26,789,258			58,396,851
Change in net unrealized appreciation/(depreciation) of investments			(57,115,840	)		111,463,273
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from operations			(29,265,035	)		170,911,850
Distributions to Common Stockholders From (Note A):
Distributable earnings			(19,853,288	)		(39,706,576	)
Tax return of capital			—			—
Total distributions to Common Stockholders			(19,853,288	)		(39,706,576	)
Net Increase/(Decrease) in Net Assets Applicable to Common Stockholders			(49,118,323	)		131,205,274
Net Assets Applicable to Common Stockholders:
Beginning of period			585,534,576			454,329,302
End of period		$	536,416,253		$	585,534,576

Deferred tax assets:
Net operating loss carryforwards	$	42,837,664
Capital loss carryforwards		—
Total deferred tax asset, before valuation allowance		42,837,664
Valuation allowance		—
Net deferred tax asset, after valuation allowance		42,837,664
Deferred tax liabilities:
Unrealized gains on investment securities		79,367,179
Total net deferred tax liability	$	(36,529,515	)

Application of statutory income tax rate	$	(9,468,169	)
State income tax benefit, net of federal tax benefit		(699,112	)
Dividends Received Deduction, and other, net		(5,653,100	)
Valuation allowance		—
Total income tax (benefit)/expense	$	(15,820,381	)

Fiscal Year Ended		Net Operating Loss Carryforwards	Expiration
November 30, 2014	$	47,534,627	November 30, 2034
November 30, 2016		35,502,250	November 30, 2036
November 30, 2017		39,290,305	November 30, 2037
November 30, 2018		28,172,155	November 30, 2038
November 30, 2019		17,466,579	Not Applicable
November 30, 2021		15,326,982	Not Applicable
November 30, 2022		5,110,529	Not Applicable
	$	188,403,427

	Six Months Ended May 31, 2025			Year Ended November 30,
	(Unaudited)			2024			2023			2022			2021			2020
Common Stock Net Asset Value, Beginning of Period	$	10.33		$	8.02		$	8.73		$	6.32		$	4.27		$	7.23
Income/(Loss) From Investment Operations Applicable to Common Stockholders:
Net Investment Income/(Loss)^¢		0.02			0.02			(0.07	)		(0.02	)		(0.05	)		(0.07	)
Net Gains/(Losses) on Securities (both realized and unrealized)		(0.53	)		2.99			0.06			2.67			2.28			(2.57	)
Total From Investment Operations Applicable to Common Stockholders		(0.51	)		3.01			(0.01	)		2.65			2.23			(2.64	)
Less Distributions to Common Stockholders From:
Net Investment Income		(0.35	)		(0.70	)		(0.65	)		(0.22	)		—			—
Tax Return of Capital		—			—			(0.05	)		(0.02	)		(0.18	)		(0.32	)
Total Distributions to Common Stockholders		(0.35	)		(0.70	)		(0.70	)		(0.24	)		(0.18	)		(0.32	)
Common Stock Net Asset Value, End of Period	$	9.47		$	10.33		$	8.02		$	8.73		$	6.32		$	4.27
Common Stock Market Value, End of Period	$	8.53		$	9.44		$	6.91		$	7.21		$	5.02		$	3.28
Total Return, Common Stock Net Asset Value^†		(4.63	)%^@@		41.03	%^◊		1.71	%		43.39	%		54.03	%		(35.28	)%
Total Return, Common Stock Market Value^†		(6.00	)%^@@		49.58	%^◊		6.11	%		49.09	%		59.28	%		(43.13	)%
Supplemental Data/Ratios
Net Assets Applicable to Common Stockholders, End of Period (in millions)	$	536.4		$	585.5		$	454.3		$	494.7		$	358.1		$	241.8
Ratios are Calculated Using Average Net Assets Applicable to Common Stockholders
Ratio of Expenses Including Deferred Income Tax (Benefit)/Expense^#		(0.30	)%^@&		13.24	%		2.95	%		1.85	%		1.55	%		2.77	%
Ratio of Expenses Excluding Deferred Income Tax (Benefit)/Expense		2.57	%^@		2.72	%		2.70	%		1.85	%		1.55	%		2.77	%
Ratio of Net Investment Income/(Loss) Including Deferred Income Tax Benefit/(Expense)^#		4.22	%^@&		(10.43	)%		(1.11	)%		(0.25	)%		(0.82	)%		(1.62	)%
Ratio of Net Investment Income/(Loss) Excluding Deferred Income Tax Benefit/(Expense)		1.35	%^@		0.09	%		(0.86	)%		(0.25	)%		(0.82	)%		(1.62	)%
Portfolio Turnover Rate		21	%^@@		27	%		20	%		19	%		20	%		41	%
Loans Payable (in millions)	$	126.0		$	107.0		$	103.0		$	94.3		$	66.6		$	35.8
Asset Coverage Per $1,000 of Loans Payable, End of Period^Ø	$	5,258		$	6,473		$	5,411		$	6,247		$	6,378		$	7,754

Investment Manager and Administrator	Plan Agent
Neuberger Berman Investment Advisers LLC	Equiniti Trust Company, LLC
1290 Avenue of the Americas	P.O. Box 10027
New York, NY 10104-0002	Newark, NJ 07101-3027
877.461.1899
	Overnight correspondence should be sent to:
Custodian	Equiniti Trust Company, LLC
U.S. Bank, National Association	55 Challenger Road 2nd Floor
1555 North Rivercenter Drive, Suite 302	Ridgefield Park, NJ 07660
Milwaukee, WI 53212
	Legal Counsel
Transfer Agent	K&L Gates LLP
Equiniti Trust Company, LLC	1601 K Street, NW
48 Wall Street, Floor 23	Washington, DC 20006-1600
New York, NY 10005
Shareholder Services 866.227.2136	Independent Registered Public Accounting Firm
	Ernst & Young LLP
	200 Clarendon Street
	Boston, MA 02116

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	◼	Social Security numbers, dates of birth, and other numerical identifiers
	◼	Names and addresses
	◼	Driver’s licenses, passports, and other identification documents
	◼	Usernames and passwords
	◼	Internet protocol addresses and other network activity information
	◼	Income, credit history, credit scores, assets, transaction history, and other financial information

Reasons we can share your personal information	Does Neuberger Berman share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our Affiliates’ everyday business purposes— information about your transactions and experiences	Yes	No
For our Affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share
For Nonaffiliates to market to you	No	We don’t share

Questions?		Call 646.497.4003 or 866.483.1046 (toll-free)
		Email NBPrivacyOfficer@nb.com
		or go to www.nb.com

Who we are?
Who is providing this notice?		Entities within the Neuberger Berman family of companies, mutual funds, and private investment funds.

What we do?
How does Neuberger Berman protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law and include physical, electronic and procedural safeguards.
How does Neuberger Berman collect my personal information?		We collect your personal information directly from you or your representatives, for example, when you ◼ seek advice about your investments ◼ give us your contact or income information ◼ provide account information or open an account ◼ direct us to buy or sell securities, or complete other transactions ◼ visit one of our websites, portals, or other online locations We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only: ◼ sharing with Affiliates for everyday business purposes—information about your creditworthiness ◼ Affiliates from using your information to market to you ◼ sharing with Nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◼ Our affiliates include, but are not limited to, companies with a Neuberger Berman name; financial companies, such as investment advisers or broker dealers; mutual funds; and private investment funds.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◼ Nonaffiliates we share with can include companies that perform administrative services on our behalf (such as vendors that provide data processing, transaction processing, and printing services) or other companies such as brokers, dealers, or counterparties in connection with servicing your account.
Joint marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◼ Neuberger Berman doesn’t jointly market.





				Neuberger Berman Investment Advisers LLC 1290 Avenue of the Americas New York, NY 10104–0002 Internal Sales & Services 877.461.1899 www.nb.com Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Fund. This report is prepared for the general information of stockholders and is not an offer for shares of the Fund.


					N0131 07/25

SEC Form N-CSRS filed by Neuberger Berman Energy Infrastructure and Income Fund Inc.