1Effective August 28, 2018, the name of Neuberger Berman California Intermediate Municipal Fund changed to Neuberger Berman California Municipal Fund. The change will not alter the Fund’s investment objective to provide a high level of current income that is exempt from federal income tax. In addition, NBW will continue to seek to provide income that is exempt from California personal income tax.
A municipal bond’s value may fluctuate based on interest rates, market conditions, credit quality and other factors. Income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax. In a rising interest rate environment, bond prices generally fall.
The Fund’s concentration in California municipal bonds makes it subject to greater potential risks and volatility than a fund that does not limit its investments to such issuers, and the value of its shares may decline due to economic, political, regulatory or other changes affecting the issuers of California municipal bonds.
Shares of closed end funds frequently trade at a discount of their net asset value in the secondary market and the net asset value of the closed-end shares may decrease. Closed-end funds are subject to various risks, including management’s ability to meet the Fund’s investment objective and to manage the Fund’s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. The investment return and principal value of an investment will fluctuate so that the shares may be worth more or less than their original cost.