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Municipal High Income Fund

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Mutual Fund > Fixed Income > Municipal High Income Fund

Municipal High Income Fund

Seeks high after-tax income by investing in a diversified mix of investment grade and non-investment grade municipal bonds

  • Research-focused approach that seeks to avoid credit deterioration while capitalizing on securities with compelling yield potential
  • Fundamental credit analysis drives the investment process
  • Lead portfolio managers average over 20 years of experience, backed by 16 professionals with extensive experience in the municipal market


Daily Pricing as of --
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Product Characteristics

As of

Unless otherwise stated, information (including holdings and portfolio characteristics) is as of the date indicated and is subject to change without notice.

Total (net) expense represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s investment manager has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses are capped (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 10/31/23 for Institutional Class at 0.50%, 0.87% for Class A and 1.62% for Class C (each as a % of average net assets). Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated February 28, 2020, as amended and supplemented.

Weighted Average Maturity is expected average life to worst or in other words the par-weighted average time (in years) to principal repayment for securitized assets or the time (in years) to probable call/put for non-securitized assets. Weighted Average Duration is expressed as a number of years from its purchase date. It is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. Bonds with higher durations carry more risk and have higher price volatility than bonds with lower durations.

A fund’s 30-day SEC yield is similar to a yield to maturity for the entire portfolio. The formula is designated by the Securities and Exchange Commission (SEC). Past performance is no guarantee of future results. Absent any expense cap arrangement noted above, SEC yields may have been lower. A negative 30-Day SEC yield results when a Fund’s accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-Day SEC yield may not equal the Fund’s actual rate of income earned and distributed by the fund and therefore, a per share distribution may still be paid to shareholders. The unsubsidized 30-day SEC yields for Class A, Class C and Institutional Class are 1.85%, 1.15% and 2.28% respectively.

Management Team

James L. Iselin
Head of Municipal Fixed Income
26 Years of industry experience
14 Years with Neuberger Berman
S. Blake Miller, CFA
Senior Portfolio Manager
34 Years of industry experience
12 Years with Neuberger Berman
Eric Pelio
Portfolio Manager
16 Years of industry experience
12 Years with Neuberger Berman