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CEF Specialist

CEF Update: News You Can Use

Several municipal funds changed their distributions this week.

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Leverage Changes
Several Neuberger Berman municipal funds issued Variable Rate MuniFund Term Preferred Shares through private placement. The proceeds will be used to redeem the funds' outstanding Auction Market Preferred Shares. The funds are Neuberger Berman California Intermediate Municipal (NBW), Neuberger Berman Intermediate Municipal (NBH), and Neuberger Berman New York Intermediate Municipal (NBO).

Nuveen Massachusetts Premium Income Municipal (NMT) also issued VMTPs through private placement and will redeem outstanding MTPs with the proceeds.

Cara Esser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.