Neuberger Berman Municipal Fund Announces Monthly Distribution and Expected Closing of Reorganizations

Contact:

Neuberger Berman Investment Advisers LLC
Investor Information
(877) 461-1899

NEW YORK, October 16, 2023 — 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.