While efforts to open closed-end funds are common - particularly among funds trading at a deep discount and with relatively small assets under management - a multi-staged fight is brewing at the Neuberger Berman Real Estate Income Fund, The Wall Street Journal reports. Complicating matters further, the fund also has a poison pill provision that is forcing the sparring shareholders into a game of ownership one-upmanship, and the fight has been spilling over into court.

Closed-end fund dissident Phillip Goldstein is working to open the fund, which was recently trading at a steep 12% discount. With roughly $149 million in assets in the fund, it hasn't been difficult for Goldstein to acquire 11.5% of its outstanding shares. As of last month, that was the ownership level Goldstein needed to acquire to trigger a poison pill provision that would have given other shareholders an additional six shares for each share held.

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