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Neuberger Berman Real Estate Se Message Board

  • tv_madness tv_madness Feb 6, 2008 11:10 AM Flag

    Opting Out of the DRIP

    Anyone ever successfully opt out of the mandatory DRIP and care to share how they did it?

    I called NB and asked if they had a form to opt out and they stated that they don't handle such matters.

    I tried contacting the transfer agent (Bank of New York) but they have both their phone system and web site set up in such a way that one cannot call nor email them, unless one has an account with them.

    Thanks!

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    • Are you buying directly through Neuberger?

      Last time I bought NRO, it was through Scottrade, and they didn't even have an option for reinvesting dividends. They were paid out in cash by default.

      • 1 Reply to mkblackmart
      • Thanks for the replies.

        I'm not talking about how one sets up one's account with the Broker but about the automatic enrollment into the DRIP as referred to in the last annual report, which states on page 22:

        "The Bank of New York (“Plan Agent”) will act as Plan Agent for shareholders who have not elected in writing to receive dividends and distributions in cash (each a “Participant”), will open an account for each Participant under the Distribution Reinvestment Plan (“Plan”) in the same name as their then current Shares are registered, and will put the Plan into effect for each Participant as of the first record date for a dividend or capital gains distribution.”

        Here's the link:

        https://www.nb.com/MYP/NB/PUB/16495/NFA/E/R/Q/W/doc/real_estate_securities_fund_annual_report.pdf?userId=L7L3Sq71202472229000

        I interpret this to mean that if a shareholder does not opt out of the DRIP in writing, their dividends cannot go to to their brokerage account but into a DRIP at Bank of New York.

        Maybe I've misinterpreted something but it seems pretty clear. Maybe they didn't institute the mandatory DRIP..does anyone know? Anyone able to get their dividends in cash?

        You also mention buying directly from NB....perhaps the mandatory part of the DRIP applies only to direct purchases?

    • I have no problems doing so with my UBS account advisor,they do it no problem with a phone call.

 
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