Neuberger Berman Closed-End Intermediate Municipal Funds Announce Decrease In Distribution Rates And Declaration Of Next Monthly Distributions

NEW YORK, Feb. 15, 2017 /PRNewswire/ -- Neuberger Berman Intermediate Municipal Fund Inc. (NYSE MKT: NBH), Neuberger Berman California Intermediate Municipal Fund Inc. (NYSE MKT: NBW) and Neuberger Berman New York Intermediate Municipal Fund Inc. (NYSE MKT: NBO) (each a "Fund" and collectively, the "Funds") have announced a decrease in their monthly distribution rates.  NBH decreased its monthly distribution rate to $0.0675 per share of common stock from the prior monthly distribution rate of $0.075 per share.  NBW decreased its monthly distribution rate to $0.0512 per share of common stock from the prior monthly distribution rate of $0.062 per share.  NBO decreased its monthly distribution rate to $0.0437 per share of common stock from the prior monthly distribution rate of $0.048 per share.

The Funds have also declared their next monthly distributions, at the new rates, which are payable on March 15, 2017, with a record date of February 28, 2017 and an ex-date of February 24, 2017.

NBH's annual distribution per share of common stock is now $0.81 versus the prior annual amount of $0.90.  The new distribution rate represents an annualized distribution rate of approximately 5.31% per share of common stock based on the Fund's net asset value of $15.26 per share on February 14, 2017.

NBW's annual distribution per share of common stock is now $0.6144 versus the prior annual amount of $0.744.  The new distribution rate represents an annualized distribution rate of approximately 4.13% per share of common stock based on the Fund's net asset value of $14.89 per share on February 14, 2017.

NBO's annual distribution per share of common stock is now $0.5244 versus the prior annual amount of $0.576.  The new distribution rate represents an annualized distribution rate of approximately 3.78% per share of common stock based on the Fund's net asset value of $13.87 per share on February 14, 2017.

The Funds' decrease in distribution rates is the result of numerous factors, including the general decline in yields available in the municipal market and the impact on the Funds' levels of earnings, their current and expected costs of leverage and the amount of available undistributed net investment income (UNII), and with respect to NBW and NBO, the lack thereof.

The Funds seek to provide income that is exempt from regular federal income tax. Additionally, NBW seeks to provide income that is exempt from California personal income tax and NBO seeks to provide income that is exempt from New York State and New York City personal income tax.

In compliance with Section 19 of the Investment Company Act of 1940, as amended, a notice would accompany any distribution that does not consist solely of net investment income.  This notice would be for informational 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.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager.  The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide.  With offices in 19 countries, Neuberger Berman's team is more than 1,900 professionals and the company has been named by Pensions & Investments as a Best Place to Work in Money Management for four consecutive years.  Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking.  It manages $255 billion in client assets as of December 31, 2016.  For more information, please visit our website at www.nb.com.

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