NEW YORK, July 26, 2023 /PRNewswire/ -- 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 announced that common
and preferred stockholders of each Fund have approved proposals to
reorganize each of NBO and NBW with and into NBH, with NBH
continuing as the surviving Fund in each case.
It is currently expected that the reorganizations will be
completed prior to the Funds' October 31,
2023 fiscal year-ends, subject to the satisfaction of
certain customary closing conditions. 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 reorganizations is contained
in a proxy statement/prospectus filed publicly with the U.S.
Securities and Exchange Commission and disseminated to each Fund's
stockholders. This press release is not intended to, and does not,
constitute an offer to purchase or sell shares of, or a
solicitation of proxies for, the Funds.
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.
Neuberger Berman's investment philosophy is founded on active
management, engaged ownership and fundamental research, including
industry-leading research into material environmental, social and
governance factors. Neuberger Berman is a PRI Leader, a designation
awarded to fewer than 1% of investment firms. With offices in 26
countries, the firm's diverse team has over 2,750 professionals.
For nine consecutive years, Neuberger Berman 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).
The firm manages $443 billion in
client assets as of June 30, 2023.
For more information, please visit our website 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
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