NEUBERGER BERMAN MUNICIPAL FUND ANNOUNCES DECREASE IN DISTRIBUTION RATE AND DECLARATION OF MONTHLY DISTRIBUTION
NEW YORK, April 18, 2022 /PRNewswire/ -- Neuberger Berman Municipal Fund Inc. (NYSE American: NBH) (the "Fund") has announced a decrease in its monthly distribution rate. The Fund decreased its monthly distribution rate to $0.05025 per share of common stock from the prior monthly distribution rate of $0.06244 per share. The Fund has also declared its next monthly distribution at the new rate, which is payable on May 16, 2022, has a record date of April 29, 2022 and an ex-date of April 28, 2022.
The new monthly distribution rate of $0.05025 per share represents an annualized distribution per share of $0.6030 versus the prior annualized amount of $0.74928 and results in a distribution rate of approximately 4.66% and 4.94%, of the Fund's net asset value and market price, respectively, as of April 18, 2022.
The decrease in the Fund's distribution rate is the result of numerous factors, including the current level of yields available in the municipal market and the impact on the Fund's level of earnings, expected increased costs of leverage associated with forecasted interest-rate hikes and the amount of available undistributed net investment income (UNII).
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 2022 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 25 countries, Neuberger Berman's diverse team has over 2,400 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). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $460 billion in client assets as of December 31, 2021. 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.
Neuberger Berman Investment Advisers LLC
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SOURCE Neuberger Berman