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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 Inc. (NYSE American: NBH) announced a decrease in its monthly distribution rate to $0.05025 per share, down from $0.06244. The new rate results in an annualized distribution of $0.6030, reflecting a rate of approximately 4.66% of the Fund's net asset value as of April 18, 2022. Factors leading to this decrease include lower yields in the municipal market, expected increased leverage costs due to anticipated interest rate hikes, and available undistributed net investment income (UNII).
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Neuberger Berman Municipal Fund Inc. (NYSE: NBH), California Municipal Fund Inc. (NYSE: NBW), and New York Municipal Fund Inc. (NYSE: NBO) have announced an extension of the term for their Variable Rate Municipal Term Preferred Shares (VMTP Shares) to December 15, 2024, previously set to mature on March 31, 2022. The Funds have not registered VMTP Shares under the Securities Act of 1933, and as such, they can only be sold under specific exemptions. Neuberger Berman, founded in 1939, manages approximately $437 billion in assets globally.
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