Neuberger Berman MLP Income Fund Announces Amended Investment Policy And Fund Name Change

NEW YORK, April 2, 2019 /PRNewswire/ -- Neuberger Berman MLP Income Fund Inc. (NYSE American: NML) (the "Fund") announced today that its Board of Directors has approved certain changes to the Fund's investment policy and, as a result, a change in the name of the Fund. The Fund anticipates that the name and policy changes will be effective on or about June 3, 2019. The changes will not alter the Fund's investment objective to seek total return with an emphasis on cash distributions.

The Fund currently has an investment policy that requires the Fund to invest, under normal market conditions, at least 80% of its managed assets in master limited partnerships or limited liability companies that have economic characteristics substantially similar to master limited partnerships (collectively, "MLPs"). Under the revised investment policy, the Fund will continue to invest in MLPs but will also have the ability to invest in energy companies as well, regardless of whether the companies are structured as partnerships or "C" corporations.

Under the Fund's amended 80% policy, the Fund's MLP investments may include, but are not limited to, MLPs structured as limited partnerships ("LPs") or limited liability companies ("LLCs"); MLPs that are organized as LPs or LLCs, but taxed as "C" corporations; equity securities that represent an indirect interest in an MLP issued by an MLP affiliate, including institutional units and MLP general partner or managing member interests; "C" corporations whose predominant assets are interests in MLPs; MLP equity securities, including MLP common units, MLP subordinated units, MLP convertible subordinated units and MLP preferred units; private investments in public equities issued by MLPs; MLP debt securities; and other U.S. and non-U.S. equity and fixed income securities and derivative instruments that provide exposure to the MLP market, including pooled investment vehicles that primarily hold MLP interests and exchange-traded notes. Under the amended 80% policy, the Fund's energy investments other than MLPs may include equity and fixed income securities of U.S. and non-U.S. 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, distribution, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal, electricity or other energy sources, including renewable energy, energy-related equipment or services.

Neuberger Berman and the Board believe the amended investment policy will allow Neuberger Berman to better manage the Fund's portfolio in the best interests of the Fund and in pursuit of its investment objective.

As a result of the change to the Fund's investment policy, the Board also approved changing the Fund's name to Neuberger Berman MLP and Energy Income Fund Inc. The Fund will continue to trade on the NYSE American under its current ticker symbol of "NML."

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 will be treated as a taxable regular corporation, or so called "C" corporation, for federal tax purposes. As a result, the Fund will be 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 and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 22 countries, Neuberger Berman's team is more than 2,000 professionals. For five 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). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $304 billion in client assets as of December 31, 2018. 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

SOURCE Neuberger Berman

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