NEUBERGER BERMAN MUNICIPAL FUND ANNOUNCES MONTHLY DISTRIBUTION AND EXPECTED CLOSING OF REORGANIZATIONS

Rhea-AI Summary

Neuberger Berman Municipal Fund Inc. (NBH) announces a distribution declaration of $0.03774 per share of common stock payable on November 15, 2023. The previously announced reorganizations of Neuberger Berman California Municipal Fund Inc. (NBW) and Neuberger Berman New York Municipal Fund Inc. (NBO) with and into NBH are expected to be effective on October 20, 2023.

Positive

• NBH announces a distribution of $0.03774 per share of common stock payable on November 15, 2023.
• The reorganizations of NBW and NBO with and into NBH are expected to be effective on October 20, 2023.

Negative

• None.

NEW YORK, Oct. 16, 2023 /PRNewswire/ -- Neuberger Berman Municipal Fund Inc. (NYSE American: NBH) has announced a distribution declaration of $0.03774 per share of common stock. The distribution announced today is payable on November 15, 2023, has a record date of October 31, 2023 and has an ex-date of October 30, 2023. The Fund seeks to provide income that is exempt from regular federal income tax. Distributions of the Fund may be subject to the federal alternative minimum tax for some stockholders.

The previously announced reorganizations of each of Neuberger Berman California Municipal Fund Inc. (NYSE American: NBW) and Neuberger Berman New York Municipal Fund Inc. (NYSE American: NBO) with and into NBH are currently expected to be effective after the close of business on Friday, October 20, 2023. Details of the share conversion factor will be determined after the close of business on Friday and will be communicated along with other important information relating to the closing of the reorganizations by press release.

It is currently expected that the distribution announced today by NBH will be payable with respect to common stockholders of NBO and NBW who receive newly issued shares of NBH common stock upon the closing of each reorganization, and who own shares of NBH as of the distribution's record date of October 31, 2023.  

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. Neuberger Berman's investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm's diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman 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). The firm manages $439 billion in client assets as of September 30, 2023. 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

FAQ

When is the distribution payable?

The distribution is payable on November 15, 2023.

What is the distribution amount per share?

The distribution amount per share is $0.03774.

When will the reorganizations be effective?

The reorganizations are expected to be effective on October 20, 2023.

Which funds are being reorganized?

Neuberger Berman California Municipal Fund Inc. (NBW) and Neuberger Berman New York Municipal Fund Inc. (NBO) are being reorganized with and into NBH.