NBH Sets July 17 Shareholder Meeting for Director Elections

TL;DR

**NBH's upcoming director elections are a routine governance check, but pay attention to who's on the board for long-term stability in municipal bonds.**

AI Summary

Neuberger Berman Municipal Fund Inc. (NBH) is holding a Joint Annual Meeting of Stockholders on July 17, 2025, at 2:00 p.m. Eastern Time, at the offices of Neuberger Berman Investment Advisers LLC, 1290 Avenue of the Americas, New York, New York 10104. The primary agenda for NBH stockholders is the election of six directors: three Class II Directors (Michael J. Cosgrove, Deborah C. McLean, and Paul M. Nakasone) and two Class I Directors (Marc Gary and Martha C. Goss) to be voted on by common and preferred stockholders together, serving until 2028 and 2027, respectively. Additionally, one Class II Director, Ami G. Kaplan, will be voted on by preferred stockholders as a separate class, serving until 2028. This DEF 14A filing, dated June 13, 2025, outlines the governance structure and upcoming director elections, which are crucial for the fund's strategic oversight and operational continuity. The filing does not contain specific revenue or net income figures, but focuses on corporate governance. The fund's fiscal year ends on October 31.

Why It Matters

This DEF 14A filing is critical for investors in Neuberger Berman Municipal Fund Inc. (NBH) as it details the upcoming director elections, which directly impact the fund's governance and strategic direction. The election of six directors, including Michael J. Cosgrove and Ami G. Kaplan, will shape the board's oversight of the fund's municipal bond investments and overall performance. For employees, a stable and experienced board provides leadership continuity. Customers benefit from robust governance ensuring the fund operates in their best interest, especially in the competitive municipal bond market where effective management is key to navigating interest rate changes and credit risks. The competitive context involves other municipal bond funds, where strong governance can be a differentiator.

Risk Assessment

Risk Level: low — The risk level is low because this DEF 14A filing primarily concerns routine corporate governance matters, specifically the election of directors for Neuberger Berman Municipal Fund Inc. and Neuberger Berman Next Generation Connectivity Fund Inc. There are no indications of significant financial distress, strategic shifts, or regulatory non-compliance. The filing is a standard proxy statement for an annual meeting, not an announcement of a major business change or a material adverse event.

Analyst Insight

Investors should review the biographies of the nominated directors to understand their experience and potential contributions to Neuberger Berman Municipal Fund Inc. (NBH). Participate in the vote if you are a stockholder to ensure your voice is heard on the fund's governance. This is a routine governance event, so no immediate trading action is typically warranted unless specific director nominations raise concerns.

Key Numbers

• July 17, 2025 — Date of Joint Annual Meeting of Stockholders (Key date for shareholder participation and director elections)
• 2:00 p.m. Eastern Time — Time of Joint Annual Meeting of Stockholders (Specific time for the shareholder meeting)
• 6 — Number of Directors to be elected for Municipal Fund (Total directors up for election across Class I and Class II)
• 3 — Number of Class II Directors for Municipal Fund (Directors to be voted on by common and preferred stockholders together)
• 2 — Number of Class I Directors for Municipal Fund (Directors to be voted on by common and preferred stockholders together)
• 1 — Number of Class II Director for Municipal Fund (preferred stock) (Director to be voted on by preferred stockholders as a separate class)
• 2028 — Term end for Class II Directors (Year until which elected Class II Directors will serve)
• 2027 — Term end for Class I Directors (Year until which elected Class I Directors will serve)
• 1031 — Fiscal Year End (Neuberger Berman Municipal Fund Inc.'s fiscal year ends on October 31)
• 0001178839 — Central Index Key (CIK) (Unique identifier for Neuberger Berman Municipal Fund Inc. with the SEC)

Key Players & Entities

• NEUBERGER BERMAN MUNICIPAL FUND INC. (company) — Registrant and subject of the DEF 14A filing
• Neuberger Berman Next Generation Connectivity Fund Inc. (company) — Co-registrant for the Joint Annual Meeting of Stockholders
• Neuberger Berman Investment Advisers LLC (company) — Location of the Joint Annual Meeting of Stockholders
• Michael J. Cosgrove (person) — Nominated Class II Director for both Funds
• Deborah C. McLean (person) — Nominated Class II Director for both Funds
• Paul M. Nakasone (person) — Nominated Class II Director for both Funds
• Marc Gary (person) — Nominated Class I Director for Municipal Fund
• Martha C. Goss (person) — Nominated Class I Director for Municipal Fund
• Ami G. Kaplan (person) — Nominated Class II Director for both Funds, specifically by preferred stockholders for Municipal Fund
• United States Securities and Exchange Commission (regulator) — Governing body for SEC filings

FAQ

Industry Context

Neuberger Berman Municipal Fund Inc. operates within the closed-end fund industry, specifically focusing on municipal bonds. This sector is influenced by interest rate environments, municipal credit quality, and tax legislation. Competition exists among various municipal bond funds, both open-end and closed-end, managed by different asset managers.

Regulatory Implications

As a registered investment company, the fund is subject to SEC regulations, including proxy solicitation rules under the Securities Exchange Act of 1934. The DEF 14A filing ensures compliance with disclosure requirements for shareholder meetings. Changes in tax laws or municipal finance regulations could impact the fund's investment strategy and performance.

What Investors Should Do

1. Review the DEF 14A filing for detailed information on director nominees.
2. Attend or vote by proxy at the Joint Annual Meeting on July 17, 2025.
3. Understand the voting rights for common and preferred stockholders.

Key Dates

• 2025-07-17: Joint Annual Meeting of Stockholders — Key date for shareholders to vote on director elections and other business matters.
• 2025-06-13: Filing of Definitive Proxy Statement (DEF 14A) — Provides detailed information to shareholders regarding the annual meeting agenda, director nominees, and voting procedures.

Glossary

DEF 14A

A definitive proxy statement filed with the SEC that provides shareholders with information about matters to be voted on at an annual or special meeting. (This document is the primary source of information for shareholders regarding the upcoming annual meeting and director elections.)

Class II Directors

A class of directors whose terms expire at a specific annual meeting, in this case, the meeting in 2028. (These directors are up for election by common and preferred stockholders (together) or by preferred stockholders as a separate class.)

Class I Directors

A class of directors whose terms expire at a specific annual meeting, in this case, the meeting in 2027. (These directors are up for election by common and preferred stockholders (together).)

Fiscal Year End

The last day of a company's accounting period, which is October 31 for Neuberger Berman Municipal Fund Inc. (Indicates the period covered by the fund's financial reporting and the timing of annual financial statements.)

Year-Over-Year Comparison

This filing is a DEF 14A for the 2025 annual meeting. As it focuses on corporate governance and director elections rather than financial performance, a direct comparison of key financial metrics like revenue or net income to a previous filing is not applicable. The primary focus is on the upcoming shareholder vote and the composition of the Board of Directors.

Filing Details

This Form DEF 14A (Form DEF 14A) was filed with the SEC on June 13, 2025 by Michael J. Cosgrove regarding NEUBERGER BERMAN MUNICIPAL FUND INC. (NBH).

View full filing on EDGAR

View Full Filing

View this DEF 14A filing on SEC EDGAR