Correction: Fitch Rates Neuberger Berman Intermediate, CA & NY Muni Fund's Pfd Shares 'AAA'.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 3, 2002 (this is a retraction In the law of Defamation, a formal recanting of the libelous or slanderous material. Retraction is not a defense to defamation, but under certain circumstances, it is admissible in Mitigation of Damages. Cross-references Libel and Slander. of a press release issued yesterday, Dec. 2. The settlement date for the new bonds is not until next week.) The following listed preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. are all rated 'AAA' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. : Neuberger Berman Neuberger Berman Inc., through its subsidaries, primarily Neuberger Berman, LLC, is an investment advisory firm founded in 1939 by Roy R. Neuberger and Robert Berman, to manage money for high net worth individuals. Intermediate Municipal Fund Inc. --Auctioned market preferred shares 3,184 shares series A; --Auctioned market preferred shares 3,184 shares series B. Neuberger Berman California Intermediate Municipal Fund Inc. --Auctioned market preferred shares 1,045 shares series A; --Auctioned market preferred shares 1,045 shares series B. Neuberger Berman New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Intermediate Municipal Fund Inc. --Auctioned market preferred shares 857 shares series A; --Auctioned market preferred shares 857 shares series B. The ratings are based on asset coverage and preferred share basic maintenance amount tests, as well as the experience and historical performance of the asset manager. Neuberger Berman Intermediate Municipal Fund Inc., Neuberger Berman New York Intermediate Municipal Fund Inc. and Neuberger Berman California Intermediate Municipal Fund Inc. are closed-end management investment companies that invest primarily in a portfolio of municipal debt securities. The funds are registered under the Investment Company Act of 1940, which permits closed-end funds to borrow through the issuance of debt and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Under the 1940 Act, closed-end funds may borrow up to 50% of the fund's net asset value through preferred share issuance. All three funds' current preferred share issuance equate to roughly 38% of its net asset value. The asset manager for the fund is NB Management. NB Management has retained Neuberger Berman, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to serve as the Fund's sub-adviser. Together, the firms and their affiliates manage $53.6 billion in total assets (as of Sept. 30, 2002) and have managed third party money 1939. The company has provided clients with a broad range of investment products, services and strategies. The company engages in private asset management, wealth management services, tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. and personal and institutional trust services, mutual funds and institutional management, and professional securities services for individuals, institutions, corporations, pension funds, foundations and endowments. |
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