Fitch Affirms Neuberger Berman Income Opportunity Fund Pfd Shares.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 -- 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. affirms the ratings on the following 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. Income Opportunity Fund Inc. auction 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. . -- Auction preferred shares 2,510 shares series A 'AAA'; -- Auction preferred shares 2,510 shares series B 'AAA'. The affirmation is based on the fund's consistent compliance with asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager. Neuberger Berman Income Opportunity Fund Inc. is a closed-end management investment company that invests primarily in a portfolio of high yield debt securities and income-producing real estate securities, including real estate investment trusts. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds 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 value through the issuance of preferred shares and debt. The fund's current outstanding preferred share issuance equates to approximately 30% of its net asset value and the fund has no outstanding debt. The asset manager for the fund is Neuberger Berman Management Inc., which 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 $75.3 billion in total assets (as of Sept. 30, 2004) and have managed money since 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. Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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