Neuberger Berman Introduces New York Municipal Income Fund

Media Contact:

Alexander Samuelson, 212.476.5392,

NEW YORK, March 25, 2013 – Neuberger Berman Group LLC, one of the world's leading employee-owned money managers, has introduced the Neuberger Berman New York Municipal Income Fund (the "Fund") (ticker: NMIIX), a fund that seeks high current income exempt from federal income tax and New York State and New York City personal income taxes. The Fund may invest a portion of its portfolio in securities which may be subject to federal income tax and New York State and New York City personal income taxes.

The Fund employs a disciplined investment process built on fundamental in-house research that is consistent with low risk to principal. The Fund seeks to add value through security selection with a focus on capital preservation and high tax-effective income. Total return is a secondary goal. The Fund invests predominantly in intermediate maturity securities, and will normally maintain an average duration of between three and seven years.

The Fund's managers, James Iselin and Blake Miller, have a combined 45 years of experience in managing tax-exempt assets, and have spent the vast majority of their time in the industry working together. The portfolio managers, supported by a team of 14 research analysts and traders, employ an active strategy that looks to provide consistent returns over evolving market conditions.

In total, the team manages over $11 billion in tax-exempt strategies for institutions and individuals. Mr. Iselin and Mr. Miller also co-manage three intermediate term closed-end funds and a nationally diverse open-end intermediate term fund, totaling $900 million.

"We believe the Neuberger Berman New York Municipal Income Fund can provide investors with a tax-effective vehicle for their fixed income allocation," said Blake Miller. "We continue to have a positive outlook for intermediate-term, investment grade municipals, based on current fundamentals and spread levels."

"We're excited to offer the Neuberger Berman New York Municipal Income Fund." said James Iselin, co-manager of the Fund and Head of Municipal Fixed Income at Neuberger Berman. "Research and risk management are cornerstones of a process that allows us to pursue consistent and superior long-term performance. These traits are hallmarks of our team, and reflect our firm's enduring and distinctive culture."

About Neuberger Berman

Neuberger Berman is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,700 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $205 billion in assets under management as of December 31, 2012. For more information, please visit our website at

An investor should consider Neuberger Berman New York Municipal Income Fund's investment objectives, risks, fees and expenses carefully before investing. This and other important information can be found the Fund's prospectus and summary prospectus, which may be obtained by calling 877.628.2583 or by e-mailing your request to Please read the prospectus and summary prospectus carefully before you invest or send money. Past performance is no guarantee of future results.

Principal Investment Risks

Most of the Fund's performance depends on what happens in the municipal bond market and what happens to the finances of New York State and its municipalities and public entities. The market's behavior is unpredictable, particularly in the short term. There can be no guarantee that the Fund will achieve its goal.

The Fund is a mutual fund, not a bank deposit, and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund.

Interest Rate Risk
The Fund's yield and share price will fluctuate in response to changes in interest rates. In general, the value of investments with interest rate risk, such as fixed income securities, will move in the direction opposite to movements in interest rates. In general, the longer the maturity or duration of a fixed income security, the greater the effect a change in interest rates could have on the security's price. Thus, the Fund's sensitivity to interest rate risk will increase with any increase in the Fund's overall duration. Interest rates have been unusually low in recent years.

Municipal Securities Risk
The municipal securities market could be significantly affected by adverse political and legislative changes, as well as uncertainties in the municipal securities market related to taxation or the rights of security holders. Municipal securities backed by current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue collection from the project or asset. Because many municipal securities are issued to finance similar projects, especially those related to education, health care, transportation, and utilities, conditions in those sectors can affect the overall municipal market. Changes in the financial health of a municipality may make it difficult for it to make interest and principal payments when due. To the extent that the Fund invests in "private activity bonds," a part of its dividends will be a Tax Preference Item. In addition, changes in market conditions and the financial condition of the issuers may adversely affect the yield and value of the Fund's municipal securities investments.

New York State Specific Risk
Because the Fund invests primarily in municipal securities of New York, it is more vulnerable to unfavorable economic, political and regulatory developments in New York than are funds that invest in municipal securities of many states. The economic condition and finances of New York State, New York City and other municipalities of New York are closely related and they are continuing to experience financial difficulties due to the financial crisis in the U.S. and many foreign economies over the past several years.

Risk Management
Risk is an essential part of investing. No risk management program can eliminate the Fund's exposure to adverse events; at best, it can only reduce the possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund's investment program.

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC.

©2013 Neuberger Berman Management LLC, distributor. Member FINRA. All rights reserved.