Summary Prospectus by Investment Company (Form 497K)

The Board of Trustees of the Income Funds approved the conversion of the Neuberger Floating Rate Income Fund (the "Mutual Fund") to a newly organized series of Neuberger Berman ETF Trust (the "ETF") (the "Conversion").

The Conversion will be effected through the reorganization of the Mutual Fund into the ETF.

After the Conversion, it is anticipated that the ETF will continue to have the same investment adviser and portfolio managers and will be managed in a substantially similar manner as the Mutual Fund.

It is anticipated that, prior to the Conversion, Class A and Class C shares of the Mutual Fund will be converted into Institutional Class shares. It is expected that Institutional Class shares of the Mutual Fund will remain open to new purchases until shortly before its Conversion.

The ETF will not commence investment operations prior to the Conversion and the ETF's shares are not currently being offered to the public, nor have they been approved for listing on any exchange. It is anticipated that the Conversion will occur during the first or second quarter of 2027.

Prior to the Conversion, existing shareholders of the Mutual Fund will receive a combined information statement/prospectus describing in detail both the Conversion and the ETF involved in the Conversion. It is anticipated that the Conversion will not require shareholder approval. After the Conversion, it is anticipated that the ETF's shares will be offered to the public and traded on an exchange.

It is anticipated that the Conversion will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Conversion, except to the extent that they receive cash in lieu of fractional shares in the ETF.

Effective September 30, 2026, Rule 12b-1 fees on all applicable share classes for the Mutual Fund are waived.

The date of this supplement is October 1, 2026.

Please retain this supplement for future reference.