Neuberger Berman New York Intermediate Municipal Fund And Neuberger Berman California Intermediate Municipal Fund Announce Decrease In Distribution Rates And Declaration Of Next Monthly Distributions

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Apr 15, 2016, 09:20 ET

NEW YORK, April 15, 2016 /PRNewswire/ -- Neuberger Berman New York Intermediate Municipal Fund Inc. (NYSE MKT: NBO) and Neuberger Berman California Intermediate Municipal Fund Inc. (NYSE MKT: NBW) (each a "Fund" and collectively, the "Funds") have announced a decrease in their monthly distribution rates. NBO decreased its monthly distribution rate to $0.048 per share of common stock from the prior monthly distribution rate of $0.057 per share. NBW decreased its monthly distribution rate to $0.062 per share of common stock from the prior monthly distribution rate of $0.068 per share. The Funds have also declared their next monthly distributions, at the new rates, which are payable on May 16, 2016, with a record date of April 29, 2016 and an ex-date of April 27, 2016.

NBO's annual distribution per share of common stock is now $0.576 versus the prior annual amount of $0.684. The new distribution rate represents an annualized distribution rate of approximately 3.9% per share of common stock based on the Fund's net asset value of $14.79 per share on April 14, 2016.

NBW's annual distribution per share of common stock is now $0.744 versus the prior annual amount of $0.816. The new distribution rate represents an annualized distribution rate of approximately 4.7% per share of common stock based on the Fund's net asset value of $15.87 per share on April 14, 2016.

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 NBO, the lack thereof.

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 2,100 professionals and the company was named by Pensions & Investments as a 2013, 2014 and 2015 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $243 billion in client assets as of March 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 and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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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