Neuberger Berman Closed-End Intermediate Municipal Funds Announce Changes to Investment Policies and Fund Names
Neuberger Berman Investment Advisers LLC
New York, NY, June 28, 2018 — Neuberger Berman Intermediate Municipal Fund Inc. (NYSE American: NBH), Neuberger Berman California Intermediate Municipal Fund Inc. (NYSE American: NBW) and Neuberger Berman New York Intermediate Municipal Fund Inc. (NYSE American: NBO) (each a “Fund” and collectively, the “Funds”) announced today that each Fund’s Board of Directors has approved changes to the fund name and certain investment policies outlined below. The name and policy changes will be effective on August 28, 2018. The changes will not alter each Fund’s investment objective to provide a high level of current income that is exempt from federal income tax. NBW will continue to seek to provide income that is exempt from California personal income tax and NBO will continue to seek to provide income that is exempt from New York State and New York City personal income tax.
Each Fund currently has non-fundamental investment policies that require the Fund to invest, under normal conditions, at least 80% of its total assets in municipal bonds with remaining maturities of less than 15 years and to maintain a dollar-weighted average duration of the entire portfolio between 3 and 8 years. Each Fund may also invest up to 20% of its total assets in municipal bonds that, at the time of investment, are rated Ba/BB or B by Moody’s, S&P or Fitch or unrated but judged to be of comparable quality by the Fund’s investment adviser, Neuberger Berman Investment Advisers LLC (such securities, “Lower Rated Securities”). Each Fund’s Board has approved an amended policy allowing the Fund flexibility to invest in municipal obligations regardless of maturity and duration limitations as well as to increase the percentage of Lower Rated Securities from 20% to 30% of the Fund’s total assets.
Neuberger Berman and the Boards believe the amended policy will allow Neuberger Berman to better manage each Fund’s portfolio in the best interests of the Fund and in pursuit of its investment objective.
Each Board also approved deleting “Intermediate” from its Fund’s name to reflect this change in investment policy. After the change in investment policy is implemented, the Funds will continue to trade on the NYSE American under their current ticker symbols. Name changes are as follows:
|Current Fund Name
|New Fund Name
|Neuberger Berman Intermediate Municipal Fund Inc.
|Neuberger Berman Municipal
|Neuberger Berman California Intermediate Municipal Fund Inc.
|Neuberger Berman California Municipal Fund Inc.
|Neuberger Berman New York Intermediate Municipal Fund Inc.
|Neuberger Berman New York Municipal Fund Inc.
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 and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 20 countries, Neuberger Berman’s team is more than 1,900 professionals. For five consecutive years, the company has been named to Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $299 billion in client assets as of March 31, 2018. For more information, please visit our website at www.nb.com.