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Board approves liquidation of Neuberger Berman fund

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The board of Neuberger Berman Dividend Advantage Fund has approved a proposal to liquidate the fund.

The board of Neuberger Berman Dividend Advantage Fund has approved a proposal to liquidate the fund.

The liquidation proposal must also be approved by fund stockholders and will be considered at a special meeting of stockholders to be called for that purpose.

If stockholders approve the liquidation, the fund will sell its assets, unwind its leverage, discharge its liabilities, including liabilities in connection with unwinding its leverage, cease trading on the American Stock Exchange and distribute the net proceeds to its common stockholders.

Neuberger Berman Management, the fund’s investment manager, has been exploring certain courses of action that would result in increased liquidity options for the fund’s stockholders.

After considering a range of options, Neuberger Berman and the board decided the best option was to submit a proposal to liquidate the fund to a vote of the fund’s stockholders.

Factors considered in reaching this decision included the small asset size of the fund, the level of asset depreciation the fund has experienced during the on going economic downturn and the related increase in its expense ratio, challenges associated with its unique hybrid investment strategy and the common stockholders’ response to the fund’s recent tender offer.

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