Neuberger Berman New York Municipal Income Fund announces launch

By Toni Weeks

San Luis Obispo, Calif., March 25 - Neuberger Berman Group LLC has launched the Neuberger Berman New York Municipal Income Fund, according to a press release.

The fund seeks high current income exempt from federal income tax and New York state and city personal income taxes that is consistent with low risk to principal, with total return as a secondary goal. According to a previous N-1A filing with the Securities and Exchange Commission, the fund will invest, under normal market conditions, at least 80% of its net assets in securities of municipal issuers that provide income exempt from federal income tax as well as New York state and city personal income taxes.

The fund invests predominantly in intermediate maturity securities and will maintain an average weighted portfolio duration of between three and seven years.

Portfolio managers James L. Iselin and S. Blake Miller have a combined 45 years of experience in managing tax-exempt assets and have spent the vast majority of their careers in the industry working together, the release said.

As previously reported, there will be no shareholder fees. Management fees will run 0.4%, with total annual operating expenses expected at 0.87%.

New York-based Neuberger Berman Management LLC is the fund's investment manager.

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