NEUBERGER BERMAN MLP AND ENERGY INCOME FUND ANNOUNCES NAME CHANGE AND AMENDED INVESTMENT POLICY

Rhea-AI Summary

On March 6, 2023, Neuberger Berman MLP and Energy Income Fund Inc. (NYSE American: NML) announced a name change to Neuberger Berman Energy Infrastructure and Income Fund Inc. along with alterations to its investment policy, effective around May 15, 2023. These changes aim to better represent the Fund's focus on energy infrastructure. The amended policy will maintain at least 80% investment in U.S. and non-U.S. equity or fixed income securities of 'Energy Infrastructure Companies', including MLPs, utilities, and others in the energy sector. The Fund's investment objective will remain focused on total return and cash distributions.

Positive

• Name change reflects a more accurate focus on energy infrastructure.
• Fund intends to maintain investment strategy emphasizing midstream natural resources.
• Investment policy amendment allows diversification in energy infrastructure sectors.

Negative

• Changes could potentially impact investor perception of the Fund's focus.

NEW YORK, March 6, 2023 /PRNewswire/ -- Neuberger Berman MLP and Energy Income Fund Inc. (NYSE American: NML) (the "Fund") has announced the approval of a change in the Fund's name to "Neuberger Berman Energy Infrastructure and Income Fund Inc.", as well as certain changes to the Fund's investment policy.  The Fund anticipates that the name and investment policy changes will become effective on or about May 15, 2023, which is at least 60 days after notice is given to stockholders.

Neuberger Berman Investment Advisers LLC, the Fund's investment adviser, believes the name change and amended investment policy, as described below, better reflect the Fund's current investment focus within the energy infrastructure sector, regardless of underlying portfolio company structure.  The Fund will continue to employ its investment strategy, which has generated compelling returns and is expected to continue to emphasize companies that operate in the midstream natural resources sector.  The changes announced today will not alter the Fund's investment objective to seek total return with an emphasis on cash distributions, and the Fund will continue to trade on the NYSE American under its current ticker symbol of "NML."

The Fund currently has an investment policy that requires the Fund to invest, under normal market conditions, at least 80% of its total assets in master limited partnerships ("MLPs") or energy companies.  Under the Fund's amended investment policy, under normal market conditions, the Fund will invest at least 80% of its total assets in U.S. and non-U.S. equity or fixed income securities of "Energy Infrastructure Companies." For purposes of the Fund's 80% policy, Energy Infrastructure Companies include MLPs and limited liability companies taxed as partnerships, MLP affiliates, YieldCos, pipeline companies, utilities, "C" corporations and other companies that (i) operate within the oil and gas storage, transportation, refining, marketing, equipment and services, drilling, exploration or production sub-industries or (ii) have at least 50% of their assets, income, sales or profits committed to, or derived from, the exploration, development, production, gathering, transportation (including marine), transmission, terminal operation, processing, storage, refining, fractionating, distribution, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, energy-related equipment or services, electricity or other energy sources, including alternative energy sources, such as renewables and alternative fuels.

About the Fund

The Fund is a non-diversified closed-end management investment company. The Fund's investment objective is to seek total return with an emphasis on cash distributions. No assurance can be given that the Fund's investment objective will be achieved. Shares of closed-end funds frequently trade at a discount of their net asset value. The investment return and principal value of an investment will fluctuate so that the shares may be worth more or less than their original cost. Because of its concentration in MLP investments, the Fund is not eligible to be a regulated investment company under the Internal Revenue Code of 1986, as amended. Accordingly, the Fund is treated as a taxable regular corporation, or so called "C" corporation, for federal tax purposes. As a result, the Fund is subject to federal income tax on its taxable income at the graduated rates applicable to corporations as well as state and local income taxes.

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.

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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SOURCE Neuberger Berman

FAQ

What is the new name of Neuberger Berman MLP and Energy Income Fund?

The new name is Neuberger Berman Energy Infrastructure and Income Fund Inc.

When will the name change for NML become effective?

The name change is expected to be effective on or about May 15, 2023.

What changes were made to the investment policy of NML?

The investment policy now requires at least 80% investment in 'Energy Infrastructure Companies', expanding from a focus solely on MLPs.

Will Neuberger Berman Energy Infrastructure and Income Fund still trade under NML?

Yes, the Fund will continue to trade under the ticker symbol NML.

What is the investment objective of NML?

The investment objective is to seek total return with an emphasis on cash distributions.