Douglas Rachlin increases NML stake with 40,000-share purchase

Rhea-AI Filing Summary

Neuberger Berman Energy Infrastructure & Income Fund Inc. (NML) reported an insider share purchase by portfolio manager Douglas A. Rachlin. On 11/17/2025, he bought 40,000 shares of common stock in open-market transactions at an average price of $8.5485 per share, with individual trade prices ranging from $8.51 to $8.56. Following these purchases, he beneficially owns 418,817 shares directly and 150,000 shares indirectly through the Douglas A Rachlin 2020 Family Trust.

Insider Trade Summary

Net Buyer: 40,000 shares

Net Buy 2 txns

Insider Rachlin Douglas A.

Role Insider

Bought 40,000 shs ($342K)

Type	Security	Shares	Price	Value
Purchase	Shares of Common Stock	40,000	$8.5485	$342K
holding	Shares of Common Stock	--	--	--

Holdings After Transaction: Shares of Common Stock — 418,817 shares (Direct); Shares of Common Stock — 150,000 shares (Indirect, Douglas A Rachlin 2020 Family Trust)

Footnotes (1)

1. F1. The shares were purchased in separate transactions. The range of prices for the transactions reported on this line was $8.51 to $8.56. The Reporting Person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/18/2025 - 05:17 PM Learn about SEC filing dates

FAQ

What insider transaction did NML report in this Form 4 filing?

The filing reports that portfolio manager Douglas A. Rachlin purchased 40,000 shares of Neuberger Berman Energy Infrastructure & Income Fund Inc. common stock on 11/17/2025.

At what price did Douglas A. Rachlin buy NML shares?

He purchased the 40,000 NML shares at an average price of $8.5485 per share, with individual trade prices ranging from $8.51 to $8.56.

How many NML shares does Douglas A. Rachlin own after this transaction?

After the reported purchases, he beneficially owns 418,817 shares of NML common stock directly and 150,000 shares indirectly through the Douglas A Rachlin 2020 Family Trust.

What is the relationship of the reporting person to NML?

Douglas A. Rachlin is identified as an "Other" related person with the title Portfolio Manager in relation to Neuberger Berman Energy Infrastructure & Income Fund Inc.

Was this NML Form 4 filed for an individual or a group?

The Form 4 was indicated as "Form filed by One Reporting Person", meaning it covers only Douglas A. Rachlin.

Does the filing describe how the NML insider transactions were executed?

Yes. It states that the 40,000 shares were purchased in separate transactions and provides a price range of $8.51 to $8.56 for those trades.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rachlin Douglas A.

(Last) (First) (Middle)

C/O NEUBERGER BERMAN INVESTMENT ADVISERS

1290 AVENUE OF THE AMERICAS

(Street)

NEW YORK NY 10104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Neuberger Berman Energy Infrastructure & Income Fund Inc. [ NML ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Shares of Common Stock	11/17/2025		P		40,000	A	$8.5485(1)	418,817	D
Shares of Common Stock								150,000	I	Douglas A Rachlin 2020 Family Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were purchased in separate transactions. The range of prices for the transactions reported on this line was $8.51 to $8.56. The Reporting Person undertakes to provide upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.

	/s/ Jennifer R. Gonzalez, as attorney-in-fact for Douglas A. Rachlin	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.