NEW
YORK, July 15, 2024 /PRNewswire/
-- Neuberger Berman Municipal Fund Inc. (NYSE American: NBH)
(the "Fund") has announced an increase in its monthly distribution
rate to $0.05417 per share of common
stock from the prior monthly distribution rate of $0.03774 per share, representing an increase of
approximately 43.5%. The Fund has also declared its next monthly
distribution at the new rate, which is payable on August 15, 2024, has a record date of
July 31, 2024, and has an ex-date of
July 31, 2024. 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 new monthly distribution rate of $0.05417 per share represents an annualized
distribution per share of $0.65
versus the prior annualized amount of $0.45288 and results in a distribution rate of
approximately 5.91% of the Fund's market price and 5.38% of its net
asset value, as of July 12, 2024.
Neuberger Berman Investment Advisers LLC ("Neuberger Berman"),
the Fund's investment manager, and the Fund's Board of Directors,
including its Board committees (together, the "Board"), continue to
be focused on delivering value to stockholders of the Fund. The
distribution rate increase announced today is an effort to enhance
the Fund's competitiveness in the secondary market and increase
demand for the Fund's common stock in the secondary market, which
may narrow the discount between the market price of the Fund's
common stock and its net asset value per share. The Fund's Board
has determined that—like many other closed-end funds—it is in the
best interests of the Fund and its current stockholders to pay a
higher distribution rate, even if that distribution represents a
combination of net investment income, capital gains and return of
capital. Neuberger Berman and the Board will continue to consider
other strategies or transactions that may enhance stockholder value
and mitigate the discount that the Fund's common stock trades
relative to its net asset value.
The distribution announced today, as well as future
distributions, may consist of net investment income, realized
capital gains, and return of capital. In the event the Fund
distributes more than its net investment income during any yearly
period, such distributions may also include realized gains and/or a
return of capital. To the extent that a distribution includes a
return of capital, the NAV per share may decline and an investor's
cost basis of their shares will be reduced. 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 2024 will be
made after the end of the year.
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent
investment manager founded in 1939 with over 2,800 employees in 26
countries. The firm manages $481
billion of equities, fixed income, private equity, real
estate and hedge fund portfolios for global institutions, advisors
and individuals. Neuberger Berman's investment philosophy is
founded on active management, fundamental research and engaged
ownership. The PRI identified the firm as part of the Leader's
Group, a designation awarded to fewer than 1% of investment firms
for excellence in environmental, social and governance practices.
Neuberger Berman has been named by Pensions & Investments as
the #1 or #2 Best Place to Work in Money Management for each of the
last ten years (firms with more than 1,000 employees). Visit
www.nb.com for more information. Data as of June 30, 2024.
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