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Neuberger Berman Municipal Fund Inc. reports recurring distribution activity for its municipal bond fund. The fund seeks income exempt from regular federal income tax and announces common stock distributions with record, ex-dividend and payment dates. Its distribution updates also describe potential tax character, including net investment income, realized capital gains and return of capital, as well as possible federal alternative minimum tax treatment and Section 19 notices when a distribution is not solely net investment income.
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Neuberger Berman Municipal Fund (NBH), California Municipal Fund (NBW), and New York Municipal Fund (NBO) have announced decreases in their monthly distribution rates, effective February 2023. NBH's distribution drops to $0.03774 from $0.05025, NBW to $0.0254 from $0.04480, and NBO to $0.024233 from $0.03933. These changes reflect current municipal market yields, leverage costs, and undistributed net investment income. The new annualized distributions are $0.45288 for NBH, $0.3048 for NBW, and $0.290796 for NBO, with payout dates set for March 15, 2023. The Funds aim to provide income exempt from federal and local taxes.
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On November 11, 2022, Neuberger Berman Municipal Fund (NYSE: NBH), California Municipal Fund (NYSE: NBW), and New York Municipal Fund (NYSE: NBO) announced a partial redemption of Variable Rate Municipal Term Preferred Shares (VMTP Shares). The redemption price was set at $100,000 per share plus final accumulated distributions. The Municipal Fund redeemed 200 VMTP Shares, leaving 1,457 outstanding; the California Fund redeemed 55, leaving 457 outstanding, while the New York Fund redeemed 55, leaving 365 outstanding. The Funds have not registered VMTP Shares under the Securities Act.
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On August 15, 2022, Neuberger Berman Municipal Fund (NYSE: NBH), Neuberger Berman California Municipal Fund (NYSE: NBW), and Neuberger Berman New York Municipal Fund (NYSE: NBO) announced a partial redemption of their Variable Rate Municipal Term Preferred Shares (VMTP Shares). The funds redeemed 47 VMTP Shares (NBH), 38 (NBW), and 43 (NBO) at a liquidation preference of $100,000 each, plus accrued distributions. Currently, 1,657 VMTP Shares remain in NBH, 512 in NBW, and 420 in NBO. The funds have not registered the VMTP Shares under the Securities Act, limiting their sale in the U.S.
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