Continue to site >
Trending ETFs
You have successfully subscribed to Advisor Access. Thank you!
Help us personalize your experience.
Which type of investor describes you best?
Help us personalize your experience.
What is your AUM?
Knowing your investable assets will help us build and prioritize features that will suit your investment needs.

Congratulations on personalizing your experience.

Email is verified. Thank you!

Name

As of 05/15/2026

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

Neuberger Berman Municipal High Income Fund

NMHIX | Fund

$9.28

$67.4 M

0.00%

1.04%

Vitals

YTD Return

0.0%

1 yr return

4.9%

3 Yr Avg Return

4.3%

5 Yr Avg Return

0.3%

Net Assets

$67.4 M

Holdings in Top 10

21.4%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.04%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 59.00%

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 05/15/2026

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

Neuberger Berman Municipal High Income Fund

NMHIX | Fund

$9.28

$67.4 M

0.00%

1.04%

NMHIX - Profile

Distributions

  • YTD Total Return 0.0%
  • 3 Yr Annualized Total Return 4.3%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.76%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Neuberger Berman Municipal High Income Fund
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Jun 22, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Miller

Fund Description

*The Board of Trustees of the Income Funds (the “Board”) approved the proposed reorganization of Neuberger Municipal High Income Fund and Neuberger Municipal Impact Fund (each, a “Merging Fund” and collectively, the “Merging Funds”) into Neuberger Municipal Intermediate Bond Fund (the “Acquiring Fund”) (the “Merger”). The Merger is subject to approval by the shareholders of each Merging Fund (the “Merging Funds Shareholders”). The Merging Funds Shareholders will be asked to vote on the Merger at a special shareholder meeting that is anticipated to be held during the first quarter of 2026 (the “Meeting”). Each Merger is not contingent upon the approval by shareholders of the other Merging Fund, and a Merger would occur for a Merging Fund irrespective of the outcome of the shareholder vote of the other Merging Fund.
To pursue its goal, the Fund normally invests primarily in high-yielding municipal securities, which may include securities of any credit quality that the Portfolio Managers believe have the potential for high yield. 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 an 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 monitor national trends in the municipal securities market, as well as a range of economic, financial and political factors. As part of the investment 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 governancefactors they believe are financially material to individual investments, where applicable. While this analysis is inherently subjective and may be informed by internally generated and third-party metrics, data and other information, the Portfolio Managers believe that the consideration of financially material environmental,social and governance factors, alongside traditional financial metrics, may improve credit analysis, security selection, relative value analysis and enhance the Fund’s overall investment process. The specific environmental,social and governance factors considered and scope and application of integration may vary depending on the specific investment and/or investment type. The consideration of environmental,social and governance factors does not apply to certain instruments, such as certain derivative instruments, other registered investment companies, cash and cash equivalents. The consideration of environmental,social and governance factors as part of the investment process does not mean that the Fund pursues a specific “impact” or “sustainable” investment strategy.
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 or the market changes.
Additionally, 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, mortgage-related securities (e.g., single and multi-family housing bonds), and fixed, variable, and floating rate municipal securities. The Fund may also invest in other investment companies, including funds in the Neuberger 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.
Read More

NMHIX - Performance

Return Ranking - Trailing

Period NMHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -0.7% 1.4% 92.06%
1 Yr 4.9% -1.4% 7.4% 55.03%
3 Yr 4.3%* 0.8% 6.3% 48.68%
5 Yr 0.3%* -1.7% 2.1% 55.43%
10 Yr 2.1%* 0.8% 154.0% 62.59%

* Annualized

Return Ranking - Calendar

Period NMHIX Return Category Return Low Category Return High Rank in Category (%)
2025 -0.5% -9.4% 2.2% 16.40%
2024 2.3% -3.6% 6.2% 11.64%
2023 1.1% -1.4% 7.5% 83.07%
2022 -16.2% -26.9% -3.5% 33.33%
2021 2.1% -1.9% 5.4% 56.52%

Total Return Ranking - Trailing

Period NMHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -0.7% 1.4% 92.06%
1 Yr 4.9% -1.4% 7.4% 55.03%
3 Yr 4.3%* 0.8% 6.3% 48.68%
5 Yr 0.3%* -1.7% 2.1% 55.43%
10 Yr 2.1%* 0.8% 154.0% 62.59%

* Annualized

Total Return Ranking - Calendar

Period NMHIX Return Category Return Low Category Return High Rank in Category (%)
2025 3.9% -2.6% 6.2% 19.05%
2024 6.6% 0.9% 12.1% 16.40%
2023 5.3% 1.5% 10.9% 81.48%
2022 -13.4% -22.3% -2.9% 37.10%
2021 5.1% -0.8% 11.2% 63.59%

NAV & Total Return History

NMHIX - Holdings

Concentration Analysis

NMHIX Category Low Category High NMHIX % Rank
Net Assets 67.4 M 3.1 M 17.4 B 96.79%
Number of Holdings 138 20 3769 90.16%
Net Assets in Top 10 14.8 M -102 M 1.81 B 97.27%
Weighting of Top 10 21.43% 4.7% 99.6% 15.30%

Top 10 Holdings

  1. PUBLIC FIN AUTH WI TOLL REVENUE 3.00%
  2. DEUTSCHE BANK SPEARS/LIFERS SER TRUST 2.79%
  3. TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE 2.72%
  4. WEST VIRGINIA ST HOSP FIN AUTH 2.33%
  5. ILLINOIS ST FIN AUTH REVENUE 2.29%
  6. NEW JERSEY ST ECON DEV AUTH DOCK WHARF FAC REVENUE 1.89%
  7. NEW JERSEY ST TRANSPRTN TRUST FUND AUTH 1.64%
  8. PORT AUTH OF NEW YORK NEW JERSEY NY 1.62%
  9. ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE 1.58%
  10. ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE 1.56%

Asset Allocation

Weighting Return Low Return High NMHIX % Rank
Bonds 		99.29% 0.00% 154.21% 33.86%
Cash 		0.71% -0.64% 9.00% 71.58%
Stocks 		0.00% 0.00% 99.25% 78.84%
Preferred Stocks 		0.00% -34.46% 0.00% 68.31%
Other 		0.00% -7.86% 2.83% 57.38%
Convertible Bonds 		0.00% 0.00% 0.00% 63.93%

Bond Sector Breakdown

Weighting Return Low Return High NMHIX % Rank
Municipal 		99.15% 50.68% 100.00% 37.16%
Derivative 		0.00% -7.86% 0.74% 55.74%
Cash & Equivalents 		0.00% 0.00% 8.42% 84.15%
Securitized 		0.00% 0.00% 0.20% 66.67%
Corporate 		0.00% 0.00% 2.55% 85.79%
Government 		0.00% 0.00% 0.04% 65.57%

Bond Geographic Breakdown

Weighting Return Low Return High NMHIX % Rank
US 		99.29% 0.00% 154.21% 26.23%
Non US 		0.00% 0.00% 13.35% 68.31%

NMHIX - Expenses

Operational Fees

NMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.04% 0.15% 3.44% 44.44%
Management Fee 0.55% 0.00% 1.33% 78.31%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.02% 0.35% 76.67%

Sales Fees

NMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

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

NMHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 59.00% 2.00% 121.00% 86.86%

NMHIX - Distributions

Dividend Yield Analysis

NMHIX Category Low Category High NMHIX % Rank
Dividend Yield 0.00% 0.00% 5.94% 56.61%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

NMHIX Category Low Category High NMHIX % Rank
Net Income Ratio 2.76% 1.11% 5.44% 71.43%

Capital Gain Distribution Analysis

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

Distributions History

View More +

NMHIX - Fund Manager Analysis

Managers

Stephen Miller

Start Date

Tenure

Tenure Rank

Jun 22, 2015

6.95

7.0%

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.

Eric Pelio

Start Date

Tenure

Tenure Rank

Jun 22, 2015

6.95

7.0%

Eric J. Pelio, Senior Vice President, joined the firm in 2008. Eric is a Portfolio Manager for the Municipal Fixed Income team focusing on taxable, tax-exempt and high yield municipal bonds. Prior to this, he was an associate portfolio manager in Municipal Securities at Weiss, Peck & Greer, where he worked since 2004. He began his career in 2002 at Deutsche Bank where he spent two years handling institutional escrow portfolios. He recieved his BS degree in finance from Roger Williams University.

James Iselin

Start Date

Tenure

Tenure Rank

Jun 22, 2015

6.95

7.0%

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

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 21.43 7.63 2.52

Advertisement

×

Wait! Do you know all the important aspects of mutual funds?

×

Free Advisor Access newsletter emailed to you.

Receive free and exclusive email updates for financial advisors about best performers, news, CE accredited webcasts and more.

Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.

Disclaimer: By registering, you agree to share your data with MutualFunds.com and opt-in to receiving occasional communications about projects and events. The contents of this form are subject to the MutualFunds.com Privacy Policy. You can unsubscribe at any time.