NEUBERGER BERMAN MUNICIPAL FUND ANNOUNCES MONTHLY DISTRIBUTION

Rhea-AI Summary

Neuberger Berman Municipal Fund (NYSE American: NBH) declared a monthly distribution of $0.05417 per share, payable on January 15, 2026. The distribution has a record date and ex-date of December 31, 2025.

The Fund seeks income exempt from regular federal income tax, but distributions may be subject to the federal alternative minimum tax for some stockholders. Distributions may include net investment income, realized capital gains, and/or return of capital; return of capital can reduce NAV and an investor's cost basis. The Fund will provide an informational notice if a distribution is not solely net investment income, and the final tax characterization for 2026 distributions will be determined after year-end.

Positive

• Monthly distribution of $0.05417 per share declared
• Payment date set for January 15, 2026
• Record and ex-date confirmed as December 31, 2025
• Fund aims to provide income exempt from regular federal tax

Negative

• Distributions may be subject to AMT for some stockholders
• Distributions may include return of capital, reducing NAV
• Final tax characterization for 2026 distributions determined after year-end

Key Figures

Monthly distribution $0.05417 per share Declared for common stock in December 2025 release

Payable date January 15, 2026 Payment date for the announced distribution

Record & ex-date December 31, 2025 Record date and ex-date for this distribution

Shares owned (Aug 14 filing) 1,463,030 shares Beneficial ownership reported by Saba Capital in Schedule 13D/A

Ownership stake (Aug 14) 4.94% Portion of 29,618,059 shares outstanding reported in Schedule 13D/A

Shares outstanding 29,618,059 shares Share count used in August 14, 2025 Schedule 13D/A

Purchase cost (Aug 14) $13,688,160 Amount paid to acquire reported NBH shares per Schedule 13D/A

Ownership stake (Aug 4) 5.41% Beneficial ownership in July 31, 2025 position per earlier Schedule 13D/A

Market Reality Check

$10.20 Last Close

Volume Volume 174,773 vs 20-day average 100,041 ahead of the distribution announcement. high

Technical Price 10.20 is trading above 200-day MA at 10.12.

Peers on Argus

NBH edged down 0.39% with elevated volume, while key municipal/CEF peers were mixed: AFB -0.46%, BFZ -0.09%, KTF -0.22%, RFI +0.37%, JOF -0.19%. Moves do not indicate a unified sector trend.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 17	Monthly distribution	Neutral	-0.4%	Declared $0.05417 monthly distribution payable December 15, 2025.
Oct 15	Monthly distribution	Neutral	-0.3%	Declared $0.05417 distribution payable November 17, 2025.
Sep 15	Monthly distribution	Neutral	+0.3%	Declared $0.05417 distribution payable October 15, 2025.
Aug 15	Monthly distribution	Neutral	-0.1%	Declared $0.05417 distribution payable September 15, 2025.
Jul 15	Monthly distribution	Neutral	-0.2%	Declared $0.05417 distribution payable August 15, 2025.

Pattern Detected

Monthly distribution declarations at $0.05417 have historically led to small, mixed price moves, suggesting the market largely prices in these routine announcements.

Recent Company History

Over the last five months, NBH has repeatedly declared a monthly distribution of $0.05417 per share, with pay dates from August 15, 2025 through December 15, 2025. Each release reiterated the fund’s tax-exempt income objective and clarified that distributions may include net investment income, capital gains, or return of capital. Price reactions over these events were modest (from about -0.39% to +0.29%), indicating routine, well-telegraphed payouts.

Market Pulse Summary

This announcement declares a monthly distribution of $0.05417 per share, payable on January 15, 2026, with a record and ex-date of December 31, 2025. The fund targets income exempt from regular federal income tax, but distributions may include net investment income, realized capital gains, or return of capital, which can reduce NAV and cost basis. Investors may watch future notices under Section 19 and the final 2026 tax characterization.

Key Terms

net investment income financial

"may consist of net investment income, realized capital gains, and return of capital"

Net investment income is the money an investor or fund actually keeps from its investments after subtracting the costs of running those investments (like management fees, interest, and losses). Think of it as your paycheck from owning assets: gross returns minus the bills needed to earn them. Investors watch it because it shows how profitable the investment activities are, influences dividend payouts and cash available for growth, and helps compare true performance across funds or companies.

realized capital gains financial

"may consist of net investment income, realized capital gains, and return of capital"

Realized capital gains are the profits an investor actually locks in when they sell an asset for more than they paid, as opposed to gains that only exist on paper while the asset is still owned. They matter because they change an investor’s cash position and tax bill—like cashing in a collectible that raises your pocket money and may trigger a tax payment—and they directly affect reported investment returns and available funds for reinvestment or dividends.

return of capital financial

"may consist of net investment income, realized capital gains, and return of capital"

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

NAV financial

"the NAV per share may decline and an investor's cost basis"

Net asset value (NAV) is the total value of all the investments and assets in a fund or company, minus any debts or liabilities, divided by the number of shares or units outstanding. It represents the per-share worth, giving investors an idea of what each share is truly worth based on the underlying assets. Think of it like a company's total worth divided among its shares, helping investors assess whether a share is fairly priced.

Section 19 of the Investment Company Act of 1940 regulatory

"In compliance with Section 19 of the Investment Company Act of 1940, as amended"

Section 19 of the Investment Company Act of 1940 bars the resale or distribution of mutual fund or other investment company shares that were originally acquired in violation of the Act, and gives the fund certain remedies such as reclaiming profits or undoing the sale. For investors and intermediaries this matters because it can make otherwise tradable shares illiquid or subject to forced recovery, creating legal and financial risk similar to buying a product that can later be recalled and refunded.

ex-date financial

"has a record date of December 31, 2025, and has an ex-date of December 31, 2025"

The ex-date is the specific day when a stock stops trading with the right to receive an upcoming dividend or other benefit. If you buy the stock on or after this date, you won't get the upcoming payout; instead, the seller will. It’s like a cut-off point that determines who is entitled to receive the benefits of a company’s distribution to shareholders.

alternative minimum tax regulatory

"may be subject to the federal alternative minimum tax for some stockholders"

A parallel tax calculation that sets a minimum amount of tax someone must pay by limiting certain deductions and applying different rules than the regular tax system — like a floor that prevents too many “discounts” from wiping out a bill. It matters to investors because it changes the after‑tax return on income, investments and transactions, so it can affect which securities seem attractive, how investors time sales, and companies’ reported tax expenses.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 15, 2025 /PRNewswire/ -- Neuberger Berman Municipal Fund Inc. (NYSE American: NBH) (the "Fund") has announced a distribution declaration of $0.05417 per share of common stock. The distribution announced today is payable on January 15, 2026, has a record date of December 31, 2025, and has an ex-date of December 31, 2025. 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 distribution announced today, as well as future distributions, may consist of net investment income, realized capital gains, and return of capital. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital, the NAV per share may decline and an investor's cost basis of their shares will be reduced. 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 2026 will be made after the end of the year.

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,900 employees in 26 countries. The firm manages $558 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm has been named the #1 Best Place to Work in Money Management by Pensions & Investments and has placed #1 or #2 for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of September 30, 2025.

Statements made in this release that look forward in time involve risks and uncertainties. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

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

 

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SOURCE Neuberger Berman

FAQ

What distribution did Neuberger Berman Municipal Fund (NBH) declare on December 15, 2025?

The Fund declared a monthly distribution of $0.05417 per share on December 15, 2025.

When will NBH shareholders receive the January 2026 distribution?

The distribution is payable on January 15, 2026 to shareholders of record on December 31, 2025.

What are the record date and ex-date for NBH's December 2025 distribution?

Both the record date and ex-date are December 31, 2025.

Will NBH's distribution be federally tax-exempt for investors?

The Fund seeks income exempt from regular federal income tax, but some shareholders may be subject to the federal alternative minimum tax (AMT).

Can NBH's distribution include return of capital and how does that affect NAV?

Yes. If part of the distribution is a return of capital, the NAV per share may decline and shareholders' cost basis will be reduced.

When will the final tax breakdown of NBH's 2026 distributions be available?

The Fund will determine and report the final tax characteristics of 2026 distributions after the end of the year.