Neuberger Berman New York Municipal Income Fund plans to launch

By Toni Weeks

San Diego, Oct. 15 - Neuberger Income Funds announced its plans to launch institutional shares of the Neuberger Berman New York Municipal Income Fund, according to an N-1A filing with the Securities and Exchange Commission. The ticker symbol has not yet been set.

The fund will seek 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. Under normal market conditions, the fund will invest 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 normally seeks to maintain an average weighted portfolio duration of between three and seven years.

James L. Iselin and S. Blake Miller will serve as the portfolio managers.

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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