NEW
YORK, April 3, 2023 /PRNewswire/ -- The Boards
of Directors (the "Boards") of Neuberger Berman Municipal Fund Inc.
(NYSE American: NBH), Neuberger Berman California Municipal Fund
Inc. (NYSE American: NBW), and Neuberger Berman New York Municipal
Fund Inc. (NYSE American: NBO) (each a "Fund" and collectively, the
"Funds") have approved proposals to reorganize each of NBW and NBO
into NBH. The proposed reorganizations for the Funds are
subject to certain conditions, including necessary approval by each
Fund's stockholders. The Funds expect to hold a Special Meeting of
Stockholders to consider approval of the reorganization proposals
on or about June 29, 2023.
Neuberger Berman Investment Advisers LLC ("NBIA"), the Funds'
investment adviser, recommended, and the Boards approved, the
reorganizations as a result of a comprehensive assessment of the
Funds. NBIA and the Boards believe the reorganizations will
benefit stockholders of each Fund through the creation of a larger
fund that may offer economies of scale, including a lower total
annual operating expense ratio, enhanced earnings potential, and
increased market liquidity for the combined fund's common stock,
which could positively impact trading in the combined fund's
shares.
Each transaction is expected to qualify as a tax-free
reorganization for federal income tax purposes and will be effected
at each Fund's respective net asset value (NAV) at the time of the
reorganization. Further information regarding the proposed
reorganizations will be contained in a proxy statement/prospectus
to be filed publicly with the U.S. Securities and Exchange
Commission (the "SEC") and disseminated to each Fund's
stockholders.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies—including equity, fixed income, quantitative and
multi-asset class, private equity, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
With offices in 26 countries, Neuberger Berman's diverse team has
over 2,600 professionals. For eight consecutive years, the company
has been named first or second in Pensions & Investments Best
Places to Work in Money Management survey (among those with 1,000
employees or more). Neuberger Berman is a PRI Leader, a
designation, since last assessed, that was awarded to fewer than 1%
of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. In the 2021 PRI Assessment, the firm
obtained the highest possible scoring for its overarching
approach to ESG investment and stewardship, and integration across
asset classes. The firm manages $427
billion in client assets as of December 31, 2022. For more information, please
visit our website at www.nb.com.
Additional Information about the Reorganizations and Where to
Find It
This press release is not intended to, and does not constitute
an offer to purchase or sell shares of the Funds; nor is this press
release intended to solicit a proxy from any stockholder of the
Funds. The solicitation of the purchase or sale of securities or
proxies to effect the proposed reorganizations described herein
will only be made by a final, effective registration statement,
which will include a definitive proxy statement/prospectus, after
the registration statement is declared effective by the SEC.
This press release references a proxy statement/prospectus, to
be filed by the Funds. The proxy statement/prospectus has yet to be
filed with the SEC. After the proxy statement/prospectus is filed
with the SEC, it may be amended or withdrawn. The proxy
statement/prospectus will not be distributed to stockholders of the
Funds unless and until a registration statement including the proxy
statement/prospectus is declared effective by the SEC.
The Funds and their respective directors, officers and
employees, and NBIA and its officers and employees and other
persons may be deemed to be participants in the solicitation of
proxies with respect to the proposed reorganizations described
herein. Stockholders and other investors may obtain more detailed
information regarding the direct and indirect interests of the
Funds' directors and officers, NBIA and its officers and employees
and other persons by reading the proxy statement/prospectus when it
is filed with the SEC.
STOCKHOLDERS OF THE FUNDS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED REORGANIZATIONS. THE PROXY STATEMENT/PROSPECTUS WILL
CONTAIN INFORMATION ABOUT THE INVESTMENT OBJECTIVES, RISKS, CHARGES
AND EXPENSES OF THE FUNDS.
Stockholders may obtain free copies (when they become available)
of the proxy statement/prospectus and other documents filed with
the SEC at the SEC's website at www.sec.gov. In addition, free
copies (when they become available) of the proxy
statement/prospectus and other documents filed with the SEC may
also be obtained by directing a request to NBIA at (877) 461-1899.
Additional information about the Funds, including performance and
portfolio characteristics information, is available at
www.nb.com.
Statements made in this release that look forward in time
involve risks and uncertainties. Such risks and uncertainties
include, without limitation, the adverse effect from a decline in
the securities markets or a decline in the Fund's performance, a
general downturn in the economy, competition from other closed end
investment companies, changes in government policy or regulation,
inability of the Fund's investment adviser to attract or retain key
employees, inability of the Fund to implement its investment
strategy, inability of the Fund to manage rapid expansion and
unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations.
Contact:
Neuberger Berman Investment Advisers
LLC
Investor Information
(877) 461-1899
View original content to download
multimedia:https://www.prnewswire.com/news-releases/neuberger-berman-closed-end-municipal-funds-announce-proposed-reorganizations-301788894.html
SOURCE Neuberger Berman
