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Neuberger Berman Announces Money Market Funds' Intention to Apply for U.S. Treasury Temporary Guarantee Program
NEW YORK-(Business Wire)-October 3, 2008 - Neuberger Berman Management LLC announced today that the Boards of Trustees for all publicly offered Neuberger Berman and Lehman Brothers money market funds (the “Fundsâ€) have approved the participation of the Funds in the U.S. Treasury Temporary Guarantee Program for Money Market Funds. All the Funds intend to apply to be insured under the program. Under the program, the U.S. Treasury will guarantee investors $1.00 per share for each share held on September 19, 2008 of any eligible money market mutual fund that participates. The program will last until December 18, 2008, after which the U.S. Treasury may elect to extend it for an additional period, but not beyond September 18, 2009. The guarantee under the program could be triggered if a Fund’s net asset value falls below $0.995, commonly referred to as breaking the buck.
Shares of a Fund purchased after September 19 are not covered by the program. However, if you held shares on September 19 and subsequently redeemed a portion of them, you will be covered if you subsequently repurchase shares in the same Fund, up to the amount held on September 19. The program is subject to certain conditions, and the U.S. Treasury is the sole determiner of whether a money market fund making a claim has complied with the conditions.
Neuberger Berman Management LLC, the Funds’ investment manager, is a subsidiary of Neuberger Berman Holdings LLC, an investment advisory company serving individuals, families, and taxable and non-taxable institutions with a broad range of investment products, services and strategies. Neuberger Berman engages in wealth management services including private asset management, tax and financial planning, and personal and institutional trust services; mutual funds, institutional management and alternative investments. For further information about Neuberger Berman please visit www.nb.com.
Investors should carefully consider the investment objectives, risks, charges and expenses of a Fund before investing. For a prospectus containing this and other information for any Neuberger Berman Fund please call (800) 877-9700 and for any Lehman Brothers Fund please call (888) 556-9030. Please read the prospectus carefully before investing.
An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency (except to the extent of the participation of any money market funds in the U.S. Treasury Temporary Guarantee Program). Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in a Fund’s performance, a general downturn in the economy, changes in government policy or regulation, inability of a Fund’s investment manager to attract or retain key employees, inability of a Fund to implement its investment strategy, inability of a Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Past performance is no guarantee of future results.
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