Neuberger Berman Municipal Fund Proxy Statement Filed

TL;DR

NB Municipal Fund filed proxy docs - shareholders vote soon on fund matters.

AI Summary

Neuberger Berman Municipal Fund Inc. filed a Definitive Proxy Statement (DEFA14A) on July 26, 2024. This filing is a solicitation of proxies from shareholders regarding matters to be voted on at the company's annual meeting. The document details the company's governance and proposals requiring shareholder approval.

Why It Matters

This filing provides shareholders with crucial information to make informed voting decisions on corporate matters, impacting the fund's governance and future direction.

Risk Assessment

Risk Level: low — This is a routine proxy filing for a public company, not indicating any immediate financial distress or unusual events.

Key Players & Entities

• NEUBERGER BERMAN MUNICIPAL FUND INC. (company) — Registrant
• 2124768800 (dollar_amount) — Business Phone Number

FAQ

Filing Documents

• defa14a-nbh.htm (DEFA14A) — 32KB
• defa14a-nbhslide1.jpg (GRAPHIC) — 55KB
• defa14a-nbhslide2.jpg (GRAPHIC) — 224KB
• defa14a-nbhslide3.jpg (GRAPHIC) — 81KB
• defa14a-nbhslide4.jpg (GRAPHIC) — 132KB
• 0000898432-24-000638.txt ( ) — 712KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [X] Definitive Additional Materials [ ] Soliciting Material Pursuant to 240.14a-12 Neuberger Berman Municipal Fund Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: Neuberger Berman Next Generation Connectivity Fund Inc. (NBXG)Neuberger Berman Municipal Fund Inc. (NBH) Follow Up to Institutional Shareholder Services (ISS) Meeting July 26, 2024 Follow Up to Institutional Shareholder Services (ISS) Q1: Please quantify the additional costs associated with adding Saba's Nominee as a new Director to the NBH and/or NBXG Board(s). A1: If Saba's Nominee becomes a Director of the NBH and/or NBXG Board(s), there would be various additional costs and inefficiencies for the respective Fund, including those associated with running separate meetings due to a non-unitary board arrangement. The Neuberger Berman fund complex is currently overseen by a unitary board and its committees, which means that the same board members serve on the boards and committees for each fund in the complex. This creates efficient and effective governance for each Fund because, among other things, the directors/trustees have broader and more complete information by virtue of sitting on the boards of other funds/trusts in the Neuberger Berman fund complex. The time the Neuberger Berman board members spend on a topic, even if does not specifically apply to a given fund, serves to educate them and can help them better understand both regulatory matters and market dynamics. This results in the board members providing better oversight on behalf of all fund shareholders. Without getting into specific dollar amounts that include non-public information, we have included certain items below that would result in additional costs and inefficiencies for the Funds. If Saba's Nominee becomes a Director, it would not be cost-effective for NBH or NBXG to have as many meetings of the full board and its various committees. The additional costs for a non-unitary board arrangement would be at least threefold: 1) direct costs of running separate meetings, 2) management and legal costs associated with producing separate/redacted materials, and 3) costs to board members in terms of loss of context, efficiency, and overall leverage. The hard dollar costs of Saba's Nominee becoming a Director would likely result in increased compensation expenses for NBH and/or NBXG and include additional travel-related expenses for Saba's Nominee and their separate counsel, if any (rather than a very small share of the larger unitary board costs) and additional meeting facility costs, amongst others. Topics that pertain to any given fund are common to a range of funds (risk, audit, legal, regulatory, compliance, business and operational updates, distribution and intermediary-related updates, etc.), so carving out presentations on these topics for a small sub-set of funds would be very inefficient and, in most cases, would require at least twice the amount of work for preparation of separate board and committee materials and additional costs. There will be a loss of efficiency in complex-wide fund systems and operational platforms as confidential information regarding the other funds/trusts in the Neuberger Berman fund complex will need to be kept separate from Saba's Nominee. Each Board is much more effective discussing NBH and NBXG's circumstances (performance, valuation, risk, leverage management, distributions, etc.) within a broade

View Full Filing

View this DEFA14A filing on SEC EDGAR