NEW
YORK, Feb. 15, 2023 /PRNewswire/ -- Neuberger
Berman Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman
California Municipal Fund Inc. (NYSE American: NBW) and Neuberger
Berman New York Municipal Fund Inc. (NYSE American: NBO) (each a
"Fund" and collectively, the "Funds") have announced a decrease in
their monthly distribution rates. NBH decreased its monthly
distribution rate to $0.03774 per
share of common stock from the prior monthly distribution rate of
$0.05025 per share. NBW decreased its
monthly distribution rate to $0.0254
per share of common stock from the prior monthly distribution rate
of $0.04480 per share. NBO decreased
its monthly distribution rate to $0.024233 per share of common stock from the
prior monthly distribution rate of $0.03933 per share. The Funds have also
declared their next monthly distributions, at the new rates, which
are payable on March 15, 2023, with a
record date of February 28, 2023 and
an ex-date of February 27, 2023.
The Funds' decreases in distribution rates are the result of
numerous factors, including the current level of yields available
in the municipal market and the related impact on the Funds' levels
of earnings, the amount of leverage currently employed by the
Funds, increased costs of leverage associated with interest-rate
hikes and the amount of available undistributed net investment
income (UNII).
NBH's new monthly distribution rate of $0.03774 per share represents an annualized
distribution per share of $0.45288
versus the prior annualized amount of $0.6030 and results in a distribution rate of
approximately 3.73% and 3.91%, of the Fund's net asset value and
market price, respectively, as of February
14, 2023.
NBW's new monthly distribution rate of $0.0254 per share represents an annualized
distribution per share of $0.3048
versus the prior annualized amount of $0.5376 and results in a distribution rate of
approximately 2.36% and 2.61%, of the Fund's net asset value and
market price, respectively, as of February
14, 2023.
NBO's new monthly distribution rate of $0.024233 per share represents an annualized
distribution per share of $0.290796 versus the prior annualized amount
of $0.47196 and results in a
distribution rate of approximately 2.56% and 2.91%, of the Fund's
net asset value and market price, respectively, as of February 14, 2023.
The Funds seek to provide income that is exempt from regular
federal income tax. Additionally, NBW seeks to provide income that
is exempt from California personal
income tax and NBO seeks to provide income that is exempt from
New York State and New York City personal income tax.
Distributions of the Funds may be subject to the federal
alternative minimum tax for some stockholders.
In compliance with Section 19 of the Investment Company Act of
1940, as amended, a notice would be provided for any distribution
that does not consist solely of net investment income. The notice
would be for informational purposes and not for tax reporting
purposes, and would disclose, among other things, estimated
portions of the distribution, if any, consisting of net investment
income, capital gains and return of capital. The final
determination of the source and tax characteristics of all
distributions paid in 2023 will be made after the end of the
year.
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, real estate and hedge funds—on
behalf of institutions, advisors and individual investors globally.
With offices in 26 countries, Neuberger Berman's diverse team has
over 2,600 professionals. For eight 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). Neuberger Berman is a PRI Leader, a
designation, since last assessed, that was awarded to fewer than 1%
of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. In the 2021 PRI Assessment, the firm
obtained the highest possible scoring for its overarching
approach to ESG investment and stewardship, and integration across
asset classes. The firm manages $427
billion in client assets as of December 31, 2022. 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
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SOURCE Neuberger Berman
