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Wednesday, January 21, 2009

Neuberger Gives its Genesis Fund a New Beginning

Reported by Neil Anderson, Managing Editor

The Neuberger Berman Genesis Fund reopened on Wednesday. The investment manager revealed the change in an SEC filing last month.

A spokesman for Neuberger declined to comment on the reason for the move, but he confirmed that the fund held $7.7 billion on December 31. According to the filing, Genesis first closed on December 17, 2001.

The filing also stresses that the move is by no means permanent.

"The Fund and its Distributor, Neuberger Berman Management LLC, in consultation with management, retain the right to close the Fund in the future," the prospectus supplement states. "Accordingly, the Fund's Portfolio Managers will carefully monitor market conditions and the flow of additional investments into the Fund to determine whether and when they believe closing the Fund to new investors would again be in the best interests of the Fund and its existing shareholders." 

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