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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$16.24

$77.5 M

2.58%

$0.42

0.85%

Vitals

YTD Return

-0.3%

1 yr return

2.2%

3 Yr Avg Return

-1.0%

5 Yr Avg Return

0.7%

Net Assets

$77.5 M

Holdings in Top 10

16.7%

52 WEEK LOW AND HIGH

$16.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 20.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$16.24

$77.5 M

2.58%

$0.42

0.85%

NMIIX - Profile

Distributions

  • YTD Total Return -0.3%
  • 3 Yr Annualized Total Return -1.0%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.65%
DIVIDENDS
  • Dividend Yield 2.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Neuberger Berman Municipal Impact Fund
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Mar 11, 2013
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Iselin

Fund Description

To pursue its goals, the Fund mainly invests in municipal debt securities across the credit spectrum that finance projects that support beneficial environmental and social outcomes in U.S. communities, targeting positive impact alongside a financial return. The Fund normally invests at least 80% of its net assets in securities of municipal issuers that provide interest income that is exempt from federal income tax and other investments that provide investment exposure to such securities; however, the Fund may invest without limit in municipal securities the interest on which may be an item of tax preference for purposes of the federal alternative minimum tax (“Tax Preference Item”). The Fund’s dividends are generally exempt from federal income tax, although shareholders may have to pay alternative minimum tax on income deemed to be a Tax Preference Item. A portion of the dividends you receive may also be exempt from state and local income taxes, depending on where you live.

Municipal securities include securities issued by U.S. states, any of their political subdivisions, agencies, or instrumentalities, or by U.S. territories and possessions, such as Guam, the U.S. Virgin Islands, and Puerto Rico, and their political subdivisions and public corporations.

The Fund may invest in debt securities of any maturity or duration and does not have a target maturity or duration. The Fund may invest in debt securities across the credit spectrum, including investment grade securities, below investment grade securities (commonly known as “junk bonds”), and unrated securities, and has no limit on the percentage of its assets that it may invest in securities of a particular credit quality. The Fund considers debt securities to be below investment grade if, at the time of investment, they are rated below the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Portfolio Managers to be of comparable quality. The Fund may invest in or continue to hold securities that the Portfolio Managers believe have ratings or other factors that imply an imminent risk of default or that are in default or have defaulted with respect to the payment of interest or repayment of principal, depending on the Portfolio Managers’ evaluation of the investment opportunity.

The Fund seeks to reduce its exposure to credit risk by diversifying its assets among many municipal issuers and among the different types and maturities of municipal securities available.

The Portfolio Managers employ a research driven investment approach that proactively targets municipal securities that they believe fund projects that support positive social and environmental outcomes (“Impact”) in line with one or more of the UN Sustainable Development Goals (“SDGs”), which are a collection of goals set by the UN Development Program that calls for integration of economic development, social equity, and environmental protection (e.g., poverty eradication, food security, health, education, gender equality, access to water, sanitation, clean energy, decent jobs, key infrastructure, strong institutions, inequality reduction, sustainable urbanization, responsible production and consumption patterns, climate change mitigation and adaptation, and ecosystem conservation). The Portfolio Manager’s impact investing framework, as described in the previous sentence, is part of the credit analysis and bond selection process. As part of this process, the Portfolio Managers analyze individual issues and look for securities that they believe offer compelling risk-adjusted return potential (based on some or all of the following, among other things, an analysis of cash flows, ability to pay principal and interest, balance sheet composition, and market positioning), with a secondary emphasis on duration control (i.e., monitoring and managing interest rate risk) and yield curve positioning (i.e., seeking attractive maturities on the yield curve).

As part of their fundamental investment analysis the Portfolio Managers consider Environmental, Social and Governance (ESG) factors they believe are financially material to individual investments, where applicable, as described below. While this analysis is inherently subjective and may be informed by both internally generated and third-party metrics, data and other information including proactive engagement on ESG issues, the Portfolio Managers believe that the consideration of financially material ESG factors, alongside traditional financial metrics, may improve security selection and enhance the Fund’s overall investment process. The consideration of ESG factors does not apply to certain instruments, such as certain derivative instruments, other registered investment companies, cash and cash equivalents.

The Fund may sell securities if the Portfolio Managers find an opportunity they believe is more compelling or if the Portfolio Managers’ outlook on the investment, including the compatibility of the investment with the Fund’s impact objectives or the market, changes.

In pursuing its goal, the Fund may invest in tender option bonds (which include inverse floaters created as part of tender option bond transactions), zero coupon municipal securities, inflation-linked debt securities, restricted securities (e.g., Rule 144A securities), mortgage-related securities (e.g., single and multi-family housing bonds) and other asset-backed securities, and fixed, variable, and floating rate municipal securities. The Fund may also invest in other investment companies, including funds in the Neuberger Berman fund family and unaffiliated investment companies, including exchange-traded funds (“ETFs”, and collectively, “Underlying Funds”), if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund may also invest in derivative instruments as a means of hedging risk and/or for investment or efficient portfolio management purposes, which may include altering the Fund’s exposure to interest rates, sectors and individual issuers and increasing the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. These derivative instruments may include options, futures (including Treasury futures), inverse floating rate securities and swaps, such as total return swaps, credit default swaps and interest rate swaps. The Fund may also engage in when-issued and forward-settling transactions, which involve buying or selling securities with payment and delivery taking place at a future date. In an effort to achieve its goal, the Fund may engage in active and frequent trading.

The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of municipal issuers that provide interest income that is exempt from federal income tax and other investments that provide investment exposure to such securities; however, the Fund may invest without limit in municipal securities the interest on which may be a Tax Preference Item. The Fund may not change this fundamental policy without shareholder approval. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets or market values will not require the Fund to dispose of a holding.

The Fund is not an appropriate investment for tax-advantaged retirement accounts, such as 401(k) plan accounts or individual retirement accounts, or for investors subject to the federal alternative minimum tax, and may not be beneficial for investors in low tax brackets.

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NMIIX - Performance

Return Ranking - Trailing

Period NMIIX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.7% 12.2% 79.20%
1 Yr 2.2% -3.0% 38.5% 83.13%
3 Yr -1.0%* -10.3% 3.3% 66.82%
5 Yr 0.7%* -5.7% 1102.9% 65.30%
10 Yr 1.7%* -0.2% 248.3% 58.47%

* Annualized

Return Ranking - Calendar

Period NMIIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -1.4% 41.0% 69.95%
2022 -9.6% -39.7% 0.3% 32.72%
2021 -0.9% -5.6% 6.9% 72.88%
2020 2.0% -2.6% 310.0% 36.51%
2019 3.5% 0.0% 26.0% 60.06%

Total Return Ranking - Trailing

Period NMIIX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -2.7% 12.2% 79.20%
1 Yr 2.2% -3.0% 38.5% 83.13%
3 Yr -1.0%* -10.3% 3.3% 66.82%
5 Yr 0.7%* -5.7% 1102.9% 65.30%
10 Yr 1.7%* -0.2% 248.3% 58.47%

* Annualized

Total Return Ranking - Calendar

Period NMIIX Return Category Return Low Category Return High Rank in Category (%)
2023 4.5% -1.3% 41.0% 73.70%
2022 -7.9% -39.7% 1.1% 35.68%
2021 1.0% -4.8% 23761504.0% 64.48%
2020 4.5% -1.5% 17057.9% 26.84%
2019 5.9% 0.2% 3514.6% 64.77%

NAV & Total Return History


NMIIX - Holdings

Concentration Analysis

NMIIX Category Low Category High NMIIX % Rank
Net Assets 77.5 M 3.48 M 68.1 B 90.39%
Number of Holdings 114 2 12848 80.93%
Net Assets in Top 10 11.5 M -317 M 3.4 B 94.01%
Weighting of Top 10 16.68% 1.9% 100.4% 55.45%

Top 10 Holdings

  1. UNIV OF COLORADO CO ENTERPRISE SYS REVENUE 2.01%
  2. MIAMI-DADE CNTY FL 1.83%
  3. LOUISIANA ST PUBLIC FACS AUTHREVENUE 1.78%
  4. DILLON CNTY SC SCH FACS CORP COPS 1.74%
  5. VIRGINIA ST HSG DEV AUTH 1.66%
  6. MET TRANSPRTN AUTH NY REVENUE 1.59%
  7. WESLACO TX 1.53%
  8. TRENTON MI PUBLIC SCHS SCH DIST 1.52%
  9. NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT 1.51%
  10. DISCOVERY CLEAN WTR ALLIANCE WA SWR REVENUE 1.51%

Asset Allocation

Weighting Return Low Return High NMIIX % Rank
Bonds
98.58% 0.00% 150.86% 51.26%
Cash
1.42% -50.86% 50.09% 44.85%
Stocks
0.00% 0.00% 99.80% 61.37%
Preferred Stocks
0.00% 0.00% 0.52% 79.96%
Other
0.00% -8.54% 33.35% 75.84%
Convertible Bonds
0.00% 0.00% 0.93% 79.95%

Bond Sector Breakdown

Weighting Return Low Return High NMIIX % Rank
Municipal
99.40% 44.39% 100.00% 32.34%
Derivative
0.00% -8.54% 23.38% 74.48%
Cash & Equivalents
0.00% 0.00% 48.02% 91.17%
Securitized
0.00% 0.00% 5.93% 80.14%
Corporate
0.00% 0.00% 9.41% 82.99%
Government
0.00% 0.00% 52.02% 81.44%

Bond Geographic Breakdown

Weighting Return Low Return High NMIIX % Rank
US
98.58% 0.00% 142.23% 48.58%
Non US
0.00% 0.00% 23.89% 60.44%

NMIIX - Expenses

Operational Fees

NMIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% 0.01% 20.65% 38.39%
Management Fee 0.40% 0.00% 1.20% 41.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.01% 0.44% 66.53%

Sales Fees

NMIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

NMIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

NMIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 20.00% 0.00% 283.00% 59.71%

NMIIX - Distributions

Dividend Yield Analysis

NMIIX Category Low Category High NMIIX % Rank
Dividend Yield 2.58% 0.00% 14.36% 76.24%

Dividend Distribution Analysis

NMIIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

NMIIX Category Low Category High NMIIX % Rank
Net Income Ratio 1.65% -0.53% 5.33% 64.97%

Capital Gain Distribution Analysis

NMIIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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NMIIX - Fund Manager Analysis

Managers

James Iselin


Start Date

Tenure

Tenure Rank

Mar 11, 2013

9.23

9.2%

Managing Director, joined the firm in 2006. Jamie is the Head of the Municipal Fixed Income Team and a Senior Portfolio Manager. Additionally, he co-manages the Neuberger Berman New York, California and Municipal Fund Inc. closed-end bond funds as well as the Neuberger Berman Municipal Intermediate Bond Fund, the Neuberger Berman Municipal Impact Fund and the Neuberger Berman Municipal High Income Fund. Prior to joining the firm, he was a managing director and senior portfolio manager with Robeco Weiss, Peck & Greer in the Municipal Fixed Income group, where he worked since 1993. Jamie holds a BA in Philosophy from Denison University

Stephen Miller


Start Date

Tenure

Tenure Rank

Mar 11, 2013

9.23

9.2%

S. Blake Miller, CFA, Managing Director, joined the firm in 2008. Blake is a Senior Portfolio Manager for the Municipal Fixed Income team. Additionally, he co-manages the Neuberger Berman New York, California and Municipal Fund Inc. closed-end bond funds as well as the Neuberger Berman Municipal Intermediate Bond Fund, the Neuberger Berman Municipal Impact Fund and the Neuberger Berman Municipal High Income Fund. Prior to this, he was the head of Municipal Securities at Weiss, Peck & Greer, where he worked since 1986 and was responsible for all aspects of municipal fixed income investing, including portfolio management, investment strategy, and trading. Blake holds a BS degree from the McIntire School of Commerce, the University of Virginia. He has been awarded the Chartered Financial Analyst designation.

James Lyman


Start Date

Tenure

Tenure Rank

Jun 16, 2018

3.96

4.0%

Managing Director, joined the firm in 2010. Jim is the Director of Research for the Municipal Fixed Income team. Additionally,he co-manages the Neuberger Berman Municipal Impact Fund. He has more than 20 years of experience in both the tax-exempt and taxable sectors of the bond market. Prior to joining the firm, Jim held credit research-related positions with Oppenheimer & Co. and Morgan Stanley’s Global Wealth Management Division. Before that, Jim was an analyst/portfolio manager with Fischer Francis Trees & Watts. Previously, he spent more than ten years at RobecoWeiss, Peck & Greer as the director of municipal and investment grade research. In addition to his work as an analyst, Jim is a published author, having been a contributor to a book entitled Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income, as well as having been a content editor for The Complete Guide to Investing in Bond and Bond Funds: How to Earn High Rates of Return –Safely. Jim began his career at Moody’s Investor Services as a credit analyst and earned a BA in Economics from New York University.

Jeffrey Hunn


Start Date

Tenure

Tenure Rank

Jun 16, 2018

3.96

4.0%

Vice President, joined the firm in 2003. Jeff is a Portfolio Manager for the Municipal Fixed Income team. Additionally, he co-manages the Neuberger Berman Municipal Impact Fund. Prior to joining the team, he managed the institutional client support desk for the firm’s municipal and taxable money market funds before becoming a portfolio manager within the Managed Account equity team. Jeff holds a BS degree in Economics from Wheaton College and a MBA degree from the Stern School of Business, New York University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58