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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Neuberger Berman Municipal Fund Inc | AMEX:NBH | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.49% | 10.275 | 10.295 | 10.23 | 10.23 | 33,872 | 01:00:00 |
1
|
|
2
|
|
7
|
|
24
|
|
27
|
|
34
|
|
36
|
|
37
|
|
44
|
|
47
|
|
48
|
|
58
|
|
58
|
|
59
|
|
60
|
|
66
|
TICKER SYMBOL
|
|
Municipal Fund Inc.
|
NBH
|
PORTFOLIO BY STATE AND
TERRITORY
|
|
(as a % of Total Investments*)
|
|
Alabama
|
1.2
%
|
American Samoa
|
0.5
|
Arizona
|
0.5
|
California
|
24.6
|
Colorado
|
1.8
|
Connecticut
|
0.1
|
Delaware
|
0.4
|
District of Columbia
|
1.2
|
Florida
|
2.3
|
Guam
|
1.1
|
Illinois
|
7.6
|
Indiana
|
0.0
|
Iowa
|
0.2
|
Kansas
|
0.2
|
Kentucky
|
0.3
|
Louisiana
|
1.1
|
Maine
|
0.3
|
Maryland
|
0.0
|
Massachusetts
|
0.4
|
Michigan
|
2.3
|
Minnesota
|
0.1
|
Mississippi
|
0.6
|
Nebraska
|
1.9
|
Nevada
|
0.2
|
New Hampshire
|
0.1
|
New Jersey
|
2.6
|
New Mexico
|
0.2
|
New York
|
23.0
|
North Carolina
|
1.2
|
Ohio
|
4.5
|
Oklahoma
|
0.4
|
Oregon
|
0.3
|
Other
|
0.0
|
Pennsylvania
|
2.7
|
Puerto Rico
|
4.4
|
Rhode Island
|
0.4
|
South Carolina
|
0.5
|
Tennessee
|
0.0
|
Texas
|
3.3
|
Utah
|
1.3
|
Vermont
|
0.6
|
Virgin Islands
|
1.3
|
Virginia
|
0.3
|
Washington
|
1.8
|
West Virginia
|
0.6
|
Wisconsin
|
1.6
|
Total
|
100.0
%
|
*
|
Does not include the impact of the Fund’s
open positions in derivatives, if any.
|
PERFORMANCE HIGHLIGHTS1
|
|||||
|
Inception
Date
|
Average Annual Total Return
Ended 10/31/2023
|
|||
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
|
At NAV2
|
|||||
Municipal
Fund Inc.
|
09/24/2002
|
1.34%
|
-1.04%
|
2.29%
|
4.10%
|
At Market Price3
|
|||||
Municipal
Fund Inc.
|
09/24/2002
|
-3.64%
|
-1.96%
|
0.71%
|
2.96%
|
Index
|
|
|
|
|
|
Bloomberg
10-Year
Municipal Bond
Index4
|
|
2.77%
|
1.51%
|
2.32%
|
3.58%
|
1
|
A portion of the Fund’s income may be a tax preference item for purposes of the federal
alternative
minimum tax for certain stockholders.
|
2
|
Returns based on the NAV of the Fund.
|
3
|
Returns based on the market price of shares of the Fund’s common stock on the NYSE American.
|
4
|
The Bloomberg 10-Year Municipal Bond Index is the 10-year (8-12 years to maturity) component of
the
Bloomberg Municipal Bond Index. The Bloomberg Municipal Bond Index measures the investment grade,
U.S. dollar-denominated, long-term, tax-exempt bond market and has four main sectors: state and
local
general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. Please note that the
index
does not take into account any fees and expenses or any tax consequences of investing in the
individual
securities that it tracks and that individuals cannot invest directly in any index. Data about the
performance
of this index are prepared or obtained by NBIA and include reinvestment of all income dividends
and other
distributions, if any. The Fund may invest in securities not included in the above described index
and
generally does not invest in all securities included in the index.
|
Other Abbreviations:
|
|
Management or NBIA
|
= Neuberger Berman Investment Advisers LLC
|
Principal Amount
|
Value
|
|
Municipal Notes 172.7%
|
||
Alabama 2.0%
|
||
$3,125,000
|
Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due
11/1/2053 Putable
1/1/2031
|
$3,178,101
|
750,000
|
Sumter County Industrial Development Authority (Green Bond-Enviva, Inc.),
Series 2022, 6.00%, due
7/15/2052 Putable 7/15/2032
|
506,214
|
2,000,000
|
Tender Option Bond Trust Receipts/Certificates Special Tax (Putters), Series
2022-XM1090, 4.05%,
due 2/1/2046
|
2,000,000
(a)(b)
|
725,000
|
Wilsonville Industrial Development Board PCR Revenue Refunding (Alabama Power
Co.),
Series 2005-D, 4.12%, due 1/1/2024
|
725,000
(b)
|
|
|
6,409,315
|
American Samoa 0.9%
|
||
2,800,000
|
American Samoa Economic Development Authority General Revenue Refunding,
Series 2015-A,
6.25%, due 9/1/2029
|
2,850,871
|
Arizona 0.9%
|
||
500,000
|
Maricopa County Industrial Development Authority Education Refunding Revenue
(Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
|
466,982
(a)
|
1,545,000
|
Navajo Nation Refunding Revenue, Series 2015-A, 5.00%, due 12/1/2025
|
1,551,447
(a)
|
480,000
|
Phoenix Industrial Development Authority Education Revenue (Great Hearts
Academies Project),
Series 2014, 3.75%, due 7/1/2024
|
474,617
|
205,000
|
Phoenix-Mesa Gateway Airport Authority Special Facility Revenue (Mesa
Project), Series 2012,
5.00%, due 7/1/2024
|
205,073
|
|
|
2,698,119
|
California 42.4%
|
||
1,875,000
|
California Community Choice Financing Clean Energy Project Authority Revenue
Green Bond,
Series 2021 B-1, 4.00%, due 2/1/2052 Putable 8/1/2031
|
1,736,361
|
|
California Educational Facilities Authority Refunding Revenue (University of
Redlands)
|
|
250,000
|
Series 2016-A, 5.00%, due 10/1/2028
|
251,504
|
260,000
|
Series 2016-A, 3.00%, due 10/1/2029
|
232,995
|
400,000
|
Series 2016-A, 3.00%, due 10/1/2030
|
351,779
|
1,000,000
|
California Educational Facilities Authority Revenue (Green Bond- Loyola
Marymount University),
Series 2018-B, 5.00%, due 10/1/2048
|
962,742
|
|
California Housing Finance Agency Municipal Certificate
|
|
1,219,280
|
Class A, Series 2019-2, 4.00%, due 3/20/2033
|
1,148,955
|
961,511
|
Class A, Series 2021-1-A, 3.50%, due 11/20/2035
|
832,134
|
480,000
|
California Infrastructure & Economic Development Bank Revenue (Wonderful
Foundations Charter
School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055
|
340,007
(a)
|
530,000
|
California Infrastructure & Economic Development Bank State School Fund
Revenue (King City Joint
Union High School), Series 2010, 5.13%, due 8/15/2024
|
530,346
|
|
California Municipal Finance Authority Charter School Lease Revenue (Sycamore
Academy Project)
|
|
215,000
|
Series 2014, 5.00%, due 7/1/2024
|
213,672
(a)
|
630,000
|
Series 2014, 5.13%, due 7/1/2029
|
609,078
(a)
|
1,000,000
|
Series 2014, 5.63%, due 7/1/2044
|
907,503
(a)
|
|
California Municipal Finance Authority Charter School Lease Revenue (Vista
Charter Middle School
Project)
|
|
160,000
|
Series 2014, 5.00%, due 7/1/2024
|
159,504
|
930,000
|
Series 2014, 5.13%, due 7/1/2029
|
917,147
|
|
California Municipal Finance Authority Charter School Revenue (John Adams
Academics Project)
|
|
110,000
|
Series 2015-A, 4.50%, due 10/1/2025
|
107,478
|
1,115,000
|
Series 2019-A, 5.00%, due 10/1/2049
|
924,755
(a)
|
Principal Amount
|
Value
|
|
California – cont'd
|
||
$1,500,000
|
California Municipal Finance Authority Charter School Revenue (Palmdale
Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
|
$1,467,658
(a)
|
1,070,000
|
California Municipal Finance Authority Revenue (Baptist University), Series
2015-A, 5.00%, due
11/1/2030
|
1,053,887
(a)
|
|
California Municipal Finance Authority Revenue (Northbay Healthcare Group)
|
|
350,000
|
Series 2015, 5.00%, due 11/1/2035
|
340,360
|
500,000
|
Series 2015, 5.00%, due 11/1/2040
|
430,291
|
300,000
|
Series 2015, 5.00%, due 11/1/2044
|
249,139
|
500,000
|
Series 2017-A, 5.25%, due 11/1/2036
|
470,758
|
|
California Municipal Finance Authority Revenue (Touro College & University
Systems Obligated
Group)
|
|
585,000
|
Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
|
586,100
|
605,000
|
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
|
606,138
|
630,000
|
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
|
631,185
|
330,000
|
Series 2014-A, 4.00%, due 1/1/2029 Pre-Refunded 7/1/2024
|
330,621
|
2,000,000
|
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I
LLC-West Village
Student Housing Project), Series 2018, (BAM Insured), 4.00%, due 5/15/2048
|
1,642,944
|
|
California Public Finance Authority Refunding (Henry Mayo Newhall Hospital)
|
|
400,000
|
Series 2021-A, 4.00%, due 10/15/2027
|
386,038
|
360,000
|
Series 2021-A, 4.00%, due 10/15/2028
|
344,365
|
1,500,000
|
California School Facility Finance Authority Revenue (Green Dot Public School
Project), Series 2018-A,
5.00%, due 8/1/2048
|
1,316,494
(a)
|
|
California School Facility Finance Authority Revenue (KIPP LA Project)
|
|
127,000
|
Series 2014-A, 4.13%, due 7/1/2024
|
126,469
(a)
|
375,000
|
Series 2017-A, 5.00%, due 7/1/2025
|
375,202
(a)
|
130,000
|
Series 2017-A, 5.00%, due 7/1/2027
|
131,658
(a)
|
400,000
|
California School Finance Authority Revenue (Alliance College - Ready Public
School Project),
Series 2015-A, 5.00%, due 7/1/2030
|
400,424
(a)
|
2,195,000
|
California State Department of Veterans Affairs Home Purchase Refunding
Revenue, Series 2016-A,
3.00%, due 6/1/2029
|
2,053,294
|
|
California State General Obligation
|
|
2,000,000
|
Series 2020, 3.00%, due 11/1/2050
|
1,404,238
|
3,900,000
|
Series 2022, 3.00%, due 4/1/2052
|
2,725,784
|
1,000,000
|
Series 2022, 5.00%, due 9/1/2052
|
1,025,094
|
1,125,000
|
California State Infrastructure & Economic Development Bank Revenue
(California Academy of
Sciences), Series 2018-D, (SIFMA), 4.54%, due 8/1/2047 Putable 8/1/2024
|
1,115,397
|
2,000,000
|
California State Pollution Control Financing Authority Revenue (San Jose Water
Co. Project),
Series 2016, 4.75%, due 11/1/2046
|
1,862,697
|
1,430,000
|
California State Pollution Control Financing Authority Solid Waste Disposal
Revenue (Aemerage
Redak Services Southern California LLC Project), Series 2016, 7.00%, due
12/1/2027
|
143,000
(a)(c)
|
2,600,000
|
California State Pollution Control Financing Authority Solid Waste Disposal
Revenue (Calplant I Green
Bond Project), Series 2019, 7.50%, due 12/1/2039
|
64,146
(a)(c)
|
2,750,000
|
California State Pollution Control Financing Authority Solid Waste Disposal
Revenue (Green
Bond-Rialto Bioenergy Facility LLC Project), Series 2019, 7.50%, due 12/1/2040
|
1,457,500
(a)(c)
|
4,785,000
|
California State Pollution Control Financing Authority Water Furnishing
Revenue, Series 2012,
5.00%, due 7/1/2027
|
4,788,858
(a)
|
415,000
|
California State School Finance Authority Charter School Revenue (Downtown
College
Prep-Obligation Group), Series 2016, 4.50%, due 6/1/2031
|
397,225
(a)
|
400,000
|
California State School Finance Authority Charter School Revenue (Rocketship
Education),
Series 2016-A, 5.00%, due 6/1/2031
|
394,777
(a)
|
1,060,000
|
California State School Finance Authority Education Facility Revenue (New
Designs Charter School
Administration Campus Project), Series 2019-A, 5.00%, due 6/1/2050
|
894,052
(a)
|
Principal Amount
|
Value
|
|
California – cont'd
|
||
$100,000
|
California State School Finance Authority Education Facility Revenue
(Partnerships Uplifts Community
Valley Project), Series 2014-A, 5.35%, due 8/1/2024 Pre-Refunded 2/1/2024
|
$100,277
(a)
|
1,000,000
|
California Statewide Communities Development Authority College Housing Revenue
(NCCD-Hooper
Street LLC-College of the Arts Project), Series 2019, 5.25%, due 7/1/2052
|
885,462
(a)
|
1,325,000
|
California Statewide Communities Development Authority Hospital Revenue
(Methodist Hospital of
Southern Project), Series 2018, 4.25%, due 1/1/2043
|
1,135,575
|
720,000
|
California Statewide Communities Development Authority Revenue (Henry Mayo
Newhall Memorial
Hospital), Series 2014-A, (AGM Insured), 5.00%, due 10/1/2026 Pre-Refunded
10/1/2024
|
729,350
|
500,000
|
California Statewide Communities Development Authority Revenue (Loma Linda
University Medical
Center), Series 2018-A, 5.50%, due 12/1/2058
|
456,672
(a)
|
700,000
|
California Statewide Communities Development Authority Revenue (Redwoods
Project), Series 2013,
5.00%, due 11/15/2028 Pre-Refunded 11/15/2023
|
700,327
|
600,000
|
California Statewide Communities Development Authority Revenue Refunding
(Lancer Education
Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036
|
547,504
(a)
|
1,500,000
|
California Statewide Communities Development Authority Revenue Refunding (Loma
Linda University
Medical Center), Series 2014-A, 5.25%, due 12/1/2029
|
1,507,501
|
1,500,000
|
California Statewide Communities Development Authority Revenue Refunding
(Redlands Community
Hospital), Series 2016, 4.00%, due 10/1/2041
|
1,235,326
|
425,000
|
California Statewide Communities Development Authority Special Tax Revenue
Refunding
(Community Facility District No. 2007-01 Orinda Wilder Project), Series 2015,
4.50%, due 9/1/2025
|
423,146
|
2,055,000
|
California Statewide Communities Development Authority Student Housing Revenue
(University of
Irvin Campus Apartments Phase IV), Series 2017-A, 5.00%, due 5/15/2032
|
2,064,865
|
500,000
|
California Statewide Communities Development Authority Student Housing Revenue
Refunding
(Baptist University), Series 2017-A, 5.00%, due 11/1/2032
|
488,676
(a)
|
3,115,000
|
Corona-Norca Unified School District General Obligation Capital Appreciation
(Election 2006),
Series 2009-C, (AGM Insured), 0.00%, due 8/1/2024
|
3,018,822
|
2,000,000
|
Davis Joint Unified School District Certificate of Participation (Yolo Co.),
Series 2014, (BAM Insured),
4.00%, due 8/1/2024
|
2,002,111
|
1,250,000
|
Emeryville Redevelopment Agency Successor Agency Tax Allocation Refunding
Revenue,
Series 2014-A, (AGM Insured), 5.00%, due 9/1/2025
|
1,261,489
|
1,500,000
|
Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding,
Subseries 2014-B2,
3.50%, due 1/15/2053
|
1,071,178
|
3,935,000
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue
Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
|
321,426
|
1,000,000
|
Imperial Community College District General Obligation Capital Appreciation
(Election 2010),
Series 2011-A, (AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
|
1,052,114
|
1,000,000
|
Inglewood Unified School District Facilities Financing Authority Revenue,
Series 2007, (AGM Insured),
5.25%, due 10/15/2026
|
1,012,988
|
|
Irvine Special Tax (Community Facility District No. 2005-2)
|
|
300,000
|
Series 2013, 4.00%, due 9/1/2024
|
299,970
|
450,000
|
Series 2013, 4.00%, due 9/1/2025
|
449,963
|
645,000
|
Series 2013, 3.50%, due 9/1/2026
|
628,413
|
690,000
|
Series 2013, 3.63%, due 9/1/2027
|
670,024
|
680,000
|
Jurupa Public Financing Authority Special Tax Revenue, Series 2014-A, 5.00%,
due 9/1/2024
|
685,719
|
2,650,000
|
Los Angeles County Metropolitan Transportation Authority Revenue (Green Bond),
Series 2020-A,
5.00%, due 6/1/2031
|
2,888,185
|
1,500,000
|
Los Angeles Department of Airports Airport Revenue, Series 2020-C, 4.00%, due
5/15/2050
|
1,217,566
|
1,500,000
|
Los Angeles Department of Water & Power Revenue Refunding, (LOC: Barclays
Bank PLC),
Series 2001-B-6, 2.80%, due 7/1/2034
|
1,500,000
(b)
|
3,000,000
|
North Orange County Community College District General Obligation, Series
2022-C, 4.00%, due
8/1/2047
|
2,640,694
|
5,750,000
|
Norwalk-La Mirada Unified School District General Obligation Capital
Appreciation (Election 2002),
Series 2009-E, (Assured Guaranty Insured), 5.50%, due 8/1/2029
|
6,181,785
|
Principal Amount
|
Value
|
|
California – cont'd
|
||
$1,385,000
|
Ohlone Community College District General Obligation (Election 2010), Series
2014-B, 0.00%, due
8/1/2029 Pre-Refunded 8/1/2024
|
$1,089,630
|
450,000
|
Oxnard Harbor District Revenue, Series 2011-B, 4.50%, due 8/1/2024
|
450,271
|
1,000,000
|
Rancho Cucamonga Redevelopment Agency Successor Agency Tax Allocation Revenue
(Rancho
Redevelopment Project), Series 2014, (AGM Insured), 5.00%, due 9/1/2027
|
1,005,950
|
5,000,000
|
Redondo Beach Unified School District General Obligation, Series 2009, 6.38%,
due 8/1/2034
Pre-Refunded 8/1/2026
|
5,371,353
|
335,000
|
Riverside County Community Facilities District Special Tax Revenue (Scott
Road), Series 2013, 5.00%,
due 9/1/2025
|
335,112
|
300,000
|
Riverside County Transportation Commission Toll Revenue Refunding Senior Lien
(RCTC No. 91
Express Lanes), Series 2021-B1, 4.00%, due 6/1/2046
|
252,783
|
|
Romoland School District Special Tax Refunding (Community Facilities District
No. 2006-1)
|
|
100,000
|
Series 2017, 4.00%, due 9/1/2029
|
95,669
|
200,000
|
Series 2017, 4.00%, due 9/1/2030
|
189,654
|
525,000
|
Series 2017, 3.25%, due 9/1/2031
|
454,847
|
1,700,000
|
Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment
District No. 2),
Series 2016-A, 5.00%, due 10/1/2047
|
1,700,186
|
|
Sacramento City Finance Authority Refunding Revenue (Master Lease Program
Facilities)
|
|
1,000,000
|
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024
|
1,016,844
|
400,000
|
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026
|
418,877
|
1,950,000
|
Sacramento County Airport System Revenue Refunding, Series 2018-C, 5.00%, due
7/1/2033
|
1,971,109
|
500,000
|
Sacramento Special Tax (Natomas Meadows Community Facilities District No.
2007-01), Series 2017,
5.00%, due 9/1/2047
|
467,216
(a)
|
2,000,000
|
San Bernardino Community College District General Obligation Capital
Appreciation (Election),
Series 2009-B, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2024
|
2,036,120
|
2,000,000
|
San Luis Coastal Unified School District General Obligation (Election 2022),
Series 2023-A, 4.00%,
due 8/1/2053
|
1,717,596
|
6,000,000
|
San Mateo Foster City School District General Obligation Capital Appreciation
(Election 2008),
Series 2010, 6.13%, due 8/1/2032
|
6,680,406
|
|
Sulphur Springs Union School District Certificate of Participation Conv.
Capital Appreciation Bonds
|
|
30,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037
|
30,296
|
525,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025
|
553,748
|
450,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025
|
473,257
|
170,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037
|
177,853
|
2,000,000
|
Sweetwater Union High School District Public Financing Authority Revenue,
Series 2013, (BAM
Insured), 5.00%, due 9/1/2025
|
2,009,728
|
500,000
|
Tobacco Securitization Authority Southern California Tobacco Settlement
Revenue Refunding (San
Diego Co. Asset Securitization Corp.), Series 2019-A, 5.00%, due 6/1/2048
|
492,536
|
2,000,000
|
Twin Rivers Unified School District General Obligation (Election 2022), Series
2023-A, (BAM Insured),
4.13%, due 8/1/2047
|
1,764,241
|
200,000
|
University of California Regents Medical Center Pooled Revenue Refunding,
Series 2020-0-1, 2.95%,
due 5/15/2045
|
200,000
(b)
|
12,070,000
|
Victor Valley Community College District General Obligation Capital
Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
|
13,718,454
|
5,095,000
|
Victor Valley Joint Union High School District General Obligation Capital
Appreciation Bonds,
Series 2009, (Assured Guaranty Insured), 0.00%, due 8/1/2026
|
4,558,470
|
3,500,000
|
William S. Hart Union High School District General Obligation Capital
Appreciation (Election 2001),
Series 2005-B, (AGM Insured), 0.00%, due 9/1/2026
|
3,106,123
|
5,250,000
|
Wiseburn School District General Obligation Capital Appreciation (Election
2010), Series 2011-B,
(AGM Insured), 0.00%, due 8/1/2036
|
5,271,967
(d)
|
|
|
134,229,177
|
Principal Amount
|
Value
|
|
Colorado 3.1%
|
||
|
Colorado Educational & Cultural Facilities Authority Revenue (Charter
School- Atlas Preparatory
School Project)
|
|
$550,000
|
Series 2015, 4.50%, due 4/1/2025
|
$550,184
(a)
|
1,000,000
|
Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
|
1,014,915
(a)
|
1,350,000
|
Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
|
1,372,432
(a)
|
750,000
|
Colorado Educational & Cultural Facility Authority Revenue Refunding,
Series 2014, 4.50%, due
11/1/2029
|
715,612
|
2,000,000
|
Platte River Metropolitan District General Obligation Refunding, Series
2023-A, 6.50%, due 8/1/2053
|
1,872,954
(a)(e)
|
2,550,000
|
Plaza Metropolitan District No. 1 Tax Allocation Revenue, Series 2013, 4.00%,
due 12/1/2023
|
2,546,827
(a)
|
5,333,333
|
Villages at Castle Rock Metropolitan District No. 6 (Cabs - Cobblestone Ranch
Project), Series 2007-2,
0.00%, due 12/1/2037
|
1,703,878
|
|
|
9,776,802
|
Connecticut 0.2%
|
||
750,000
|
Hamden General Obligation, Series 2013, (AGM Insured), 3.13%, due 8/15/2025
|
728,018
|
Delaware 0.8%
|
||
2,400,000
|
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series
2023-DBE-8110,
4.45%, due 12/1/2062
|
2,400,000
(a)(b)
|
District of Columbia 2.2%
|
||
6,250,000
|
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series
2020-DBE-8070,
4.54%, due 8/1/2040
|
6,250,000
(a)(b)
|
650,000
|
District of Columbia Student Dormitory Revenue (Provident Group-Howard
Property), Series 2013,
5.00%, due 10/1/2045
|
557,165
|
|
|
6,807,165
|
Florida 4.0%
|
||
800,000
|
Capital Trust Agency Senior Living Revenue (H-Bay Ministries, Inc. Superior
Residences-Third Tier),
Series 2018-C, 7.50%, due 7/1/2053
|
8,000
(a)(c)
|
2,000,000
|
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School
Project), Series 2020-A-1,
5.00%, due 1/1/2055
|
1,394,951
(a)
|
770,000
|
Cityplace Community Development District Special Assessment Refunding Revenue,
Series 2012,
5.00%, due 5/1/2026
|
774,113
|
1,750,000
|
Florida Development Finance Corp. Education Facilities Revenue (Renaissance
Charter School, Inc.),
Series 2014-A, 5.75%, due 6/15/2029
|
1,735,819
(a)
|
1,075,000
|
Florida Development Finance Corp. Education Facilities Revenue Refunding
(Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
|
919,713
|
1,200,000
|
Gainesville Utilities System Revenue, (LOC: Barclays Bank PLC), Series 2006-A,
4.03%, due 10/1/2026
|
1,200,000
(b)
|
8,000,000
|
Hillsborough County Industrial Development Authority Hospital Revenue (Tampa
General Hospital
Project), Series 2020, 3.50%, due 8/1/2055
|
5,199,810
|
840,000
|
Village Community Development District No. 11 Special Assessment Revenue,
Series 2014, 4.13%,
due 5/1/2029
|
811,268
|
960,000
|
Village Community Development District No. 13 Special Assessment Revenue,
Series 2019, 3.70%,
due 5/1/2050
|
674,537
|
|
|
12,718,211
|
Guam 1.9%
|
||
|
Antonio B Won Pat International Airport Authority Revenue Refunding
|
|
525,000
|
Series 2023-A, 5.38%, due 10/1/2040
|
463,767
|
750,000
|
Series 2023-A, 5.38%, due 10/1/2043
|
654,793
|
700,000
|
Guam Government Business Privilege Tax Revenue Refunding, Series 2021-F,
4.00%, due 1/1/2036
|
627,983
|
650,000
|
Guam Government Hotel Occupancy Tax Revenue, Series 2021-A, 5.00%, due
11/1/2035
|
642,877
|
600,000
|
Guam Government Hotel Occupancy Tax Revenue Refunding, Series 2021-A, 5.00%,
due 11/1/2040
|
556,938
|
Principal Amount
|
Value
|
|
Guam – cont'd
|
||
|
Guam Power Authority Revenue
|
|
$1,000,000
|
Series 2022-A, 5.00%, due 10/1/2035
|
$1,004,532
|
1,035,000
|
Series 2022-A, 5.00%, due 10/1/2036
|
1,027,338
|
1,075,000
|
Series 2022-A, 5.00%, due 10/1/2037
|
1,051,858
|
|
|
6,030,086
|
Illinois 13.1%
|
||
5,705,000
|
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
|
5,705,265
|
|
Chicago General Obligation
|
|
2,000,000
|
Series 2002-B, 5.00%, due 1/1/2025
|
2,010,192
|
90,000
|
Series 2002-B, 5.13%, due 1/1/2027 Pre-Refunded 1/1/2025
|
91,257
|
160,000
|
Series 2002-B, 5.13%, due 1/1/2027
|
160,774
|
1,000,000
|
Series 2019-A, 5.00%, due 1/1/2044
|
941,872
|
1,250,000
|
Chicago Midway International Airport Revenue Refunding, Series 2023-A, (BAM
Insured), 5.50%,
due 1/1/2053
|
1,256,915
(e)
|
|
Chicago Refunding General Obligation
|
|
1,000,000
|
Series 2005-D, 5.50%, due 1/1/2040
|
981,564
|
700,000
|
Series 2014-A, 5.00%, due 1/1/2027 Pre-Refunded 1/1/2024
|
701,031
|
3,000,000
|
Series 2017-A, 6.00%, due 1/1/2038
|
3,071,817
|
|
Cook County School District No. 83 General Obligation (Mannheim)
|
|
1,350,000
|
Series 2013-C, 5.45%, due 12/1/2030
|
1,351,705
|
1,960,000
|
Series 2013-C, 5.50%, due 12/1/2031
|
1,962,552
|
1,560,000
|
Illinois Finance Authority Refunding Revenue (Presence Health Network
Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
|
1,597,434
|
1,000,000
|
Illinois Finance Authority Revenue Refunding (Northwestern Memorial Health
Care Obligated Group),
Series 2017-A, 4.00%, due 7/15/2047
|
829,292
|
1,905,000
|
Illinois Sports Facilities Authority Capital Appreciation Revenue (Saint Tax
Supported), Series 2001,
(AMBAC Insured), 0.00%, due 6/15/2026
|
1,660,514
|
|
Illinois State General Obligation
|
|
5,200,000
|
Series 2017-D, 5.00%, due 11/1/2028
|
5,315,910
|
3,000,000
|
Series 2021-A, 4.00%, due 3/1/2039
|
2,592,063
|
2,175,000
|
Series 2021-A, 4.00%, due 3/1/2040
|
1,851,691
|
775,000
|
Series 2021-A, 5.00%, due 3/1/2046
|
727,468
|
4,250,000
|
Illinois State General Obligation Refunding, Series 2016, 5.00%, due 2/1/2024
|
4,255,348
|
|
Southern Illinois University Certificate of Participation (Capital Improvement
Project)
|
|
945,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027
|
946,603
|
1,375,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028
|
1,377,136
|
715,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029
|
716,009
|
1,500,000
|
Upper Illinois River Valley Development Authority Revenue Refunding (Cambridge
Lakes Learning
Center), Series 2017-A, 5.25%, due 12/1/2047
|
1,197,906
(a)
|
|
|
41,302,318
|
Indiana 0.0%(f)
|
||
100,000
|
Valparaiso Exempt Facilities Revenue (Pratt Paper LLC Project), Series 2013,
5.88%, due 1/1/2024
|
100,211
|
Iowa 0.4%
|
||
1,105,000
|
Iowa State Higher Education Loan Authority Revenue (Des Moines University
Project), Series 2020,
5.00%, due 10/1/2028
|
1,127,047
|
Principal Amount
|
Value
|
|
Kansas 0.3%
|
||
|
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond
Project)
|
|
$325,000
|
Series 2019, 3.60%, due 6/1/2030
|
$302,162
|
720,000
|
Series 2021, 3.50%, due 6/1/2034
|
599,470
|
|
|
901,632
|
Kentucky 0.4%
|
||
1,350,000
|
Ashland City Kentucky Medical Center Refunding Revenue (Ashland Hospital Corp.
DBA Kings
Daughter Medical Center), Series 2019, (AGM Insured), 3.00%, due 2/1/2040
|
946,666
|
500,000
|
Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro
Health),
Series 2017-A, 5.00%, due 6/1/2041
|
464,735
|
|
|
1,411,401
|
Louisiana 1.8%
|
||
675,243
|
Louisiana Local Government Environmental Facilities & Community
Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
|
542,916
(a)
|
1,715,000
|
Louisiana Local Government Environmental Facilities & Community
Development Authority Revenue
Refunding (Westside Habilitation Center Project), Series 2017-A, 5.75%, due
2/1/2032
|
1,560,207
(a)
|
1,885,000
|
Louisiana Stadium & Exposition District Revenue Refunding, Series 2023-A,
5.25%, due 7/1/2053
|
1,888,054
|
1,775,000
|
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana
Charter Academy Foundation
Project), Series 2013-A, 7.63%, due 12/15/2028
|
1,775,368
|
|
|
5,766,545
|
Maine 0.5%
|
||
2,600,000
|
Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project), Series
2021, 8.00%, due
12/1/2051
|
1,609,789
(a)
|
Maryland 0.1%
|
||
300,000
|
Baltimore Special Obligation Refunding Revenue Senior Lien (Harbor Point
Project), Series 2022,
5.00%, due 6/1/2051
|
261,228
|
Massachusetts 0.6%
|
||
|
Massachusetts State Development Finance Agency Revenue (Milford Regional
Medical Center)
|
|
200,000
|
Series 2014-F, 5.00%, due 7/15/2024
|
200,048
|
415,000
|
Series 2014-F, 5.00%, due 7/15/2025
|
414,996
|
200,000
|
Series 2014-F, 5.00%, due 7/15/2026
|
200,018
|
190,000
|
Series 2014-F, 5.00%, due 7/15/2027
|
190,029
|
|
Massachusetts State Education Financing Authority Revenue
|
|
860,000
|
Series 2012-J, 4.70%, due 7/1/2026
|
854,227
|
125,000
|
Series 2023-C, 5.00%, due 7/1/2053
|
104,835
|
|
|
1,964,153
|
Michigan 4.0%
|
||
1,500,000
|
Detroit Downtown Development Authority Tax Increment Revenue Refunding
(Catalyst Development
Project), Series 2018-A, (AGM Insured), 5.00%, due 7/1/2048
|
1,395,576
|
|
Detroit General Obligation
|
|
3,000,000
|
Series 2021-A, 5.00%, due 4/1/2046
|
2,695,903
|
3,850,000
|
Series 2021-A, 5.00%, due 4/1/2050
|
3,395,237
|
2,000,000
|
Michigan State Building Authority Revenue (Facilities Program), Series 2022-I,
5.00%, due
10/15/2047
|
2,013,541
|
2,500,000
|
Michigan State Strategic Fund Ltd. Obligation Revenue (Green Bond-Recycled
Board Machine
Project), Series 2021, 4.00%, due 10/1/2061 Putable 10/1/2026
|
2,422,376
|
750,000
|
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project),
Series 2018, 5.00%,
due 6/30/2048
|
680,871
|
|
|
12,603,504
|
Principal Amount
|
Value
|
|
Minnesota 0.1%
|
||
$400,000
|
Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue
(Metro Deaf School
Project), Series 2018-A, 5.00%, due 6/15/2038
|
$356,028
(a)
|
Mississippi 1.0%
|
||
1,800,000
|
Mississippi Business Finance Corp. Revenue (Chevron USA, Inc.), Series 2010-G,
4.00%, due
11/1/2035
|
1,800,000
(b)
|
1,625,000
|
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project),
Series 2021, 3.63%,
due 11/1/2036
|
1,363,491
(a)
|
|
|
3,163,491
|
Nebraska 3.2%
|
||
10,250,000
|
Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due
5/1/2054 Putable
11/1/2029
|
10,196,851
|
Nevada 0.3%
|
||
|
Director of the State of Nevada Department of Business & Industrial
Revenue (Somerset Academy)
|
|
655,000
|
Series 2015-A, 4.00%, due 12/15/2025
|
631,012
(a)
|
500,000
|
Series 2015-A, 5.13%, due 12/15/2045
|
424,033
(a)
|
|
|
1,055,045
|
New Hampshire 0.2%
|
||
750,000
|
New Hampshire Business Finance Authority Revenue (Green Bond), Series 2020-B,
3.75%, due
7/1/2045 Putable 7/2/2040
|
529,231
(a)
|
New Jersey 4.5%
|
||
|
New Jersey Economic Development Authority Revenue (The Goethals Bridge
Replacement Project)
|
|
500,000
|
Series 2013-A, 5.25%, due 1/1/2025
|
500,333
|
500,000
|
Series 2013-A, 5.50%, due 1/1/2026
|
500,512
|
7,000,000
|
New Jersey State Economic Development Authority Revenue (School Facilities
Construction Program),
Series 2019, 4.00%, due 6/15/2049
|
5,777,170
|
|
New Jersey State Economic Development Authority School Revenue (Beloved
Community Charter,
School, Inc. Project)
|
|
1,105,000
|
Series 2019-A, 5.00%, due 6/15/2049
|
910,081
(a)
|
725,000
|
Series 2019-A, 5.00%, due 6/15/2054
|
584,481
(a)
|
|
New Jersey State Transportation Trust Fund Authority Transportation System
Revenue Refunding
|
|
1,250,000
|
Series 2018-A, 5.00%, due 12/15/2036
|
1,266,957
|
4,000,000
|
Series 2018-A, 4.25%, due 12/15/2038
|
3,745,577
|
1,000,000
|
Series 2018-A, (BAM Insured), 4.00%, due 12/15/2037
|
933,898
|
|
|
14,219,009
|
New Mexico 0.4%
|
||
1,500,000
|
Winrock Town Center Tax Increment Development District No. 1 (Senior Lien),
Series 2022, 4.25%,
due 5/1/2040
|
1,164,570
(a)
|
New York 39.7%
|
||
|
Albany Capital Resource Corp. Refunding Revenue (Albany College of Pharmacy
& Health Sciences)
|
|
380,000
|
Series 2014-A, 5.00%, due 12/1/2027
|
380,697
|
375,000
|
Series 2014-A, 5.00%, due 12/1/2028
|
375,605
|
270,000
|
Series 2014-A, 5.00%, due 12/1/2029
|
270,282
|
750,000
|
Broome County Local Development Corp. Revenue (Good Shepherd Village at
Endwell, Inc. Project),
Series 2021, 4.00%, due 7/1/2047
|
492,246
|
500,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue (Tapestry
Charter School Project),
Series 2017, 5.00%, due 8/1/2047
|
418,276
|
1,550,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding
(Charter School for
Applied Technologies Project), Series 2017-A, 5.00%, due 6/1/2035
|
1,539,605
|
Principal Amount
|
Value
|
|
New York – cont'd
|
||
|
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding
(Orchard Park)
|
|
$500,000
|
Series 2015, 5.00%, due 11/15/2027
|
$500,373
|
500,000
|
Series 2015, 5.00%, due 11/15/2028
|
500,468
|
625,000
|
Series 2015, 5.00%, due 11/15/2029
|
625,466
|
|
Build NYC Resource Corp. Refunding Revenue (City University - Queens College)
|
|
270,000
|
Series 2014-A, 5.00%, due 6/1/2026
|
270,787
|
225,000
|
Series 2014-A, 5.00%, due 6/1/2029
|
225,605
|
500,000
|
Build NYC Resource Corp. Refunding Revenue (Methodist Hospital Project),
Series 2014, 5.00%, due
7/1/2029 Pre-Refunded 7/1/2024
|
503,202
|
2,595,000
|
Build NYC Resource Corp. Refunding Revenue (New York Law School Project),
Series 2016, 4.00%,
due 7/1/2045
|
1,910,442
|
|
Build NYC Resource Corp. Refunding Revenue (Packer Collegiate Institute
Project)
|
|
155,000
|
Series 2015, 5.00%, due 6/1/2026
|
156,639
|
125,000
|
Series 2015, 5.00%, due 6/1/2027
|
126,151
|
195,000
|
Series 2015, 5.00%, due 6/1/2028
|
196,469
|
220,000
|
Series 2015, 5.00%, due 6/1/2029
|
221,257
|
325,000
|
Series 2015, 5.00%, due 6/1/2030
|
326,415
|
|
Build NYC Resource Corp. Revenue
|
|
1,665,000
|
Series 2014, 5.00%, due 11/1/2024
|
1,248,750
|
835,000
|
Series 2014, 5.25%, due 11/1/2029
|
626,250
|
650,000
|
Series 2014, 5.25%, due 11/1/2034
|
487,500
|
975,000
|
Series 2014, 5.50%, due 11/1/2044
|
731,250
|
1,000,000
|
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School
Project), Series 2017-A,
5.00%, due 6/1/2047
|
883,810
(a)
|
1,400,000
|
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series
2019, 5.75%, due
2/1/2049
|
1,189,464
(a)
|
450,000
|
Build NYC Resource Corp. Revenue (New World Preparatory Charter School
Project), Series 2021-A,
4.00%, due 6/15/2056
|
289,339
(a)
|
750,000
|
Build NYC Resource Corp. Revenue (Shefa School Project), Series 2021-A, 5.00%,
due 6/15/2051
|
567,689
(a)
|
1,450,000
|
Build NYC Resource Corp. Revenue (South Bronx Charter School for International
Cultures & the
Arts), Series 2013-A, 5.00%, due 4/15/2043
|
1,140,435
(a)
|
420,000
|
Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt Paper,
Inc. Project),
Series 2014, 4.50%, due 1/1/2025
|
418,472
(a)
|
|
Dutchess County Local Development Corp. Revenue (Culinary Institute of America
Project)
|
|
200,000
|
Series 2016-A-1, 5.00%, due 7/1/2041
|
185,426
|
275,000
|
Series 2016-A-1, 5.00%, due 7/1/2046
|
246,746
|
|
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
|
|
735,000
|
Series 2014, 5.00%, due 7/1/2024
|
737,598
|
390,000
|
Series 2018, 5.00%, due 7/1/2030
|
389,997
|
405,000
|
Series 2018, 5.00%, due 7/1/2031
|
403,819
|
425,000
|
Series 2018, 5.00%, due 7/1/2032
|
422,636
|
450,000
|
Series 2018, 5.00%, due 7/1/2033
|
445,993
|
1,044,830
|
Jefferson County Industrial Development Agency Solid Waste Disposal Revenue
(Green
Bond-Reenergy Black River LLC Project), Series 2014, 5.25%, due 1/1/2024
|
104,483
(a)(g)(h)
|
1,295,000
|
Metropolitan Transportation Authority Revenue, (LOC: Barclays Bank PLC),
Series 2015-E-1, 4.00%,
due 11/15/2050
|
1,295,000
(b)
|
|
Metropolitan Transportation Authority Revenue (Green Bond)
|
|
1,500,000
|
Series 2020-C-1, 5.00%, due 11/15/2050
|
1,424,559
|
10,500,000
|
Series 2020-D-3, 4.00%, due 11/15/2049
|
8,456,902
|
3,000,000
|
Series 2020-D-3, 4.00%, due 11/15/2050
|
2,406,142
|
100,000
|
Metropolitan Transportation Authority Revenue Refunding, (LOC: Barclays Bank
PLC),
Series 2012-G-1, 4.00%, due 11/1/2032
|
100,000
(b)
|
Principal Amount
|
Value
|
|
New York – cont'd
|
||
$300,000
|
Monroe County Industrial Development Corp. Revenue (Monroe Community College),
Series 2014,
(AGM Insured), 5.00%, due 1/15/2029
|
$300,657
|
|
Monroe County Industrial Development Corp. Revenue (Nazareth College of
Rochester Project)
|
|
500,000
|
Series 2013-A, 5.00%, due 10/1/2024
|
500,085
|
500,000
|
Series 2013-A, 5.00%, due 10/1/2025
|
500,123
|
250,000
|
Series 2013-A, 4.00%, due 10/1/2026
|
243,693
|
210,000
|
Monroe County Industrial Development Corp. Revenue (Saint John Fisher
College), Series 2012-A,
5.00%, due 6/1/2025
|
210,083
|
1,000,000
|
Nassau County Local Economic Assistance Corp. Revenue (Catholic Health
Services of Long Island
Obligated Group Project), Series 2014, 5.00%, due 7/1/2027
|
1,004,112
|
4,175,000
|
Nassau County Tobacco Settlement Corp. Asset Backed, Series 2006-A-3, 5.13%,
due 6/1/2046
|
3,530,396
|
1,375,000
|
New York City Industrial Development Agency Revenue (Queens Ballpark Co. LLC),
Series 2021-A,
(AGM Insured), 3.00%, due 1/1/2046
|
916,284
|
|
New York City Industrial Development Agency Revenue (Yankee Stadium Project)
|
|
4,000,000
|
Series 2020-A, 3.00%, due 3/1/2049
|
2,452,168
|
2,000,000
|
Series 2020-A, (AGM Insured), 3.00%, due 3/1/2049
|
1,291,259
|
875,000
|
New York City Municipal Water Finance Authority Water & Sewer System
Refunding Revenue
(Second General Resolution Revenue Bonds), Series 2022-DD, 4.28%, due
6/15/2033
|
875,000
(b)
|
|
New York City Municipal Water Finance Authority Water & Sewer System
Revenue (Second General
Resolution Revenue Bonds)
|
|
2,400,000
|
(LOC: Barclays Bank PLC), Subseries 2014-BB-4, 4.00%, due 6/15/2050
|
2,400,000
(b)
|
2,000,000
|
Series 2016-BB-1A, 4.00%, due 6/15/2049
|
2,000,000
(b)
|
1,200,000
|
New York City Transitional Finance Authority Revenue (Future Tax Secured),
(LOC: Barclays Bank PLC),
Series 2019-C-4, 4.00%, due 11/1/2044
|
1,200,000
(b)
|
750,000
|
New York City Trust for Cultural Resource Refunding Revenue (Lincoln Center
for the Performing
Arts, Inc.), Series 2020-A, 4.00%, due 12/1/2035
|
714,096
|
|
New York General Obligation
|
|
150,000
|
(LOC: Barclays Bank PLC), Series 2017-B4, 4.00%, due 10/1/2046
|
150,000
(b)
|
400,000
|
(LOC: Barclays Bank PLC), Series 2017-B-5, 4.00%, due 10/1/2046
|
400,000
(b)
|
800,000
|
(LOC: State Street Bank & Trust Co.), Series 2022-D-3, 4.00%, due 5/1/2052
|
800,000
(b)
|
6,500,000
|
Series 2012-3, 4.28%, due 4/1/2042
|
6,500,000
(b)
|
1,800,000
|
Series 2019-B3, 4.28%, due 10/1/2046
|
1,800,000
(b)
|
1,000,000
|
New York Liberty Development Corp. Refunding Revenue (3 World Trade Center
Project),
Series 2014, 5.38%, due 11/15/2040
|
923,821
(a)
|
2,000,000
|
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters),
Series 2005, 5.25%,
due 10/1/2035
|
2,096,426
|
750,000
|
New York Liberty Development Corp. Revenue Refunding (Bank of America Tower at
One Bryant Park
Project), Series 2019, Class 3, 2.80%, due 9/15/2069
|
638,324
|
1,450,000
|
New York State Dormitory Authority Revenue, Series 2018-A, 5.00%, due 7/1/2048
|
1,447,865
|
780,000
|
New York State Dormitory Authority Revenue Non State Supported Debt (Culinary
Institute of
America), Series 2013, 4.63%, due 7/1/2025
|
777,899
|
|
New York State Dormitory Authority Revenue Non State Supported Debt (Touro
College & University
System Obligated Group)
|
|
460,000
|
Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
|
460,416
|
470,000
|
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
|
470,425
|
200,000
|
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
|
200,181
|
275,000
|
Series 2014-A, 4.13%, due 1/1/2029 Pre-Refunded 7/1/2024
|
275,471
|
475,000
|
New York State Dormitory Authority Revenue Non State Supported Debt (Vaughn
College of
Aeronautics & Technology), Series 2016, 5.00%, due 12/1/2026
|
462,897
(a)
|
400,000
|
New York State Dormitory Authority Revenue Refunding Non State Supported Debt
(Garnet Health
Medical Center), Series 2017, 5.00%, due 12/1/2035
|
359,093
(a)
|
3,800,000
|
New York State Dormitory Authority Revenue Refunding Non State Supported Debt
(Montefiore
Obligation Group), Series 2018-A, 5.00%, due 8/1/2035
|
3,716,734
|
Principal Amount
|
Value
|
|
New York – cont'd
|
||
|
New York State Dormitory Authority Revenue Refunding Non State Supported Debt
(Orange Regional
Medical Center)
|
|
$200,000
|
Series 2017, 5.00%, due 12/1/2036
|
$177,835
(a)
|
400,000
|
Series 2017, 5.00%, due 12/1/2037
|
352,343
(a)
|
1,000,000
|
New York State Dormitory Authority Revenue State Supported Debt (New School),
Series 2022-A,
4.00%, due 7/1/2052
|
743,901
|
|
New York State Environmental Facilities Corp. Solid Waste Disposal Revenue
(Casella Waste System,
Inc. Project)
|
|
500,000
|
Series 2014, 2.88%, due 12/1/2044 Putable 12/3/2029
|
427,038
(a)
|
500,000
|
Series 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025
|
473,150
|
660,000
|
New York State Housing Finance Agency Revenue (Affordable Housing), Series
2012-F, (SONYMA
Insured), 3.05%, due 11/1/2027
|
632,309
|
830,000
|
New York State Housing Finance Agency Revenue Refunding (Affordable Housing),
Series 2020-H,
2.45%, due 11/1/2044
|
517,799
|
3,045,000
|
New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series
2014-189,
3.45%, due 4/1/2027
|
2,929,571
|
3,000,000
|
New York State Transportation Development Corp. Facility Revenue (Empire State
Thruway Service
Areas Project), Series 2021, 4.00%, due 4/30/2053
|
2,251,132
|
1,500,000
|
New York State Transportation Development Corp. Special Facility Refunding
Revenue (American
Airlines, Inc.-John F Kennedy International Airport Project), Series 2016,
5.00%, due 8/1/2031
|
1,449,407
|
4,000,000
|
New York State Transportation Development Corp. Special Facility Revenue
(Delta Airlines,
Inc.-LaGuardia Airport Terminal C&D Redevelopment), Series 2018-A, 5.00%,
due 1/1/2033
|
3,866,544
|
1,145,000
|
New York State Transportation Development Corp. Special Facility Revenue
(LaGuardia Airport
Terminal B Redevelopment Project), Series 2016-A, 4.00%, due 7/1/2041
|
940,319
|
2,000,000
|
New York State Transportation Development Corp. Special Facility Revenue
(LaGuardia Airport
Terminal C&D Redevelopment Project), Series 2023, 5.63%, due 4/1/2040
|
1,986,137
(e)
|
|
New York State Transportation Development Corp. Special Facility Revenue
Refunding (JFK
International Airport Terminal 4 Project)
|
|
100,000
|
Series 2020-A, 4.00%, due 12/1/2042
|
80,653
|
400,000
|
Series 2020-C, 4.00%, due 12/1/2042
|
341,366
|
500,000
|
Series 2022, 5.00%, due 12/1/2039
|
483,487
|
1,000,000
|
Niagara Area Development Corp. Solid Waste Disposal Facility Revenue Refunding
(Covanta Project),
Series 2018-A, 4.75%, due 11/1/2042
|
765,552
(a)
|
|
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara
International Airport)
|
|
375,000
|
Series 2019-A, 5.00%, due 4/1/2037
|
367,484
|
350,000
|
Series 2019-A, 5.00%, due 4/1/2038
|
339,564
|
350,000
|
Series 2019-A, 5.00%, due 4/1/2039
|
339,109
|
|
Oneida County Local Development Corp. Revenue Refunding (Mohawk Valley Health
Systems Project)
|
|
1,250,000
|
Series 2019-A, (AGM Insured), 3.00%, due 12/1/2044
|
838,931
|
2,000,000
|
Series 2019-A, (AGM Insured), 4.00%, due 12/1/2049
|
1,554,832
|
7,125,000
|
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding
(Two Hundred And
Forty Two), Series 2023-242, 5.00%, due 12/1/2053
|
6,711,809
|
500,000
|
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding
(Two Hundred),
Series 2017, 5.00%, due 4/15/2057
|
490,316
|
|
Suffolk County Judicial Facilities Agency Lease Revenue (H. Lee Dennison
Building)
|
|
1,980,000
|
Series 2013, 5.00%, due 11/1/2025
|
1,980,750
|
1,155,000
|
Series 2013, 4.25%, due 11/1/2026
|
1,155,258
|
1,640,000
|
Suffolk Tobacco Asset Securitization Corp. Refunding (Tobacco Settle Asset
Backed Subordinated
Bonds), Series 2021-B1, 4.00%, due 6/1/2050
|
1,453,089
|
35,000
|
Triborough Bridge & Tunnel Authority Special Obligation, Series 1998-A,
(National Public Finance
Guarantee Corp. Insured), 4.75%, due 1/1/2024 Pre-Refunded 1/1/2024
|
35,037
|
Principal Amount
|
Value
|
|
New York – cont'd
|
||
|
TSASC, Inc. Revenue Refunding
|
|
$580,000
|
Series 2017-A, 5.00%, due 6/1/2028
|
$593,047
|
3,000,000
|
Series 2017-A, 5.00%, due 6/1/2041
|
2,934,660
|
5,000,000
|
Utility Debt Securitization Authority Revenue, Series 2013-TE, 5.00%, due
12/15/2028
|
5,001,920
|
|
Westchester County Local Development Corp. Refunding Revenue (Westchester
Medical Center)
|
|
825,000
|
Series 2016, 5.00%, due 11/1/2030
|
785,193
|
1,000,000
|
Series 2016, 3.75%, due 11/1/2037
|
741,394
|
1,500,000
|
Westchester County Local Development Corp. Revenue (Purchase Senior Learning
Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
|
1,062,850
(a)
|
1,000,000
|
Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson
Project),
Series 2022-B, 5.00%, due 1/1/2051
|
850,165
|
1,600,000
|
Westchester County Local Development Corp. Revenue Refunding (Wartburg Senior
Housing Project),
Series 2015-A, 5.00%, due 6/1/2030
|
1,411,054
(a)
|
665,000
|
Yonkers Economic Development Corp. Education Revenue (Charter School of
Education Excellence
Project), Series 2019-A, 5.00%, due 10/15/2049
|
536,453
|
5,000,000
|
Yonkers Industrial Development Agency School Facilities Revenue (New Community
School Project),
Series 2022, 5.00%, due 5/1/2047
|
5,008,124
|
|
|
125,469,335
|
North Carolina 2.1%
|
||
|
Charlotte Airport Revenue
|
|
1,250,000
|
Series 2023-B, 5.00%, due 7/1/2044
|
1,206,203
|
1,500,000
|
Series 2023-B, 5.00%, due 7/1/2048
|
1,430,424
|
3,590,000
|
North Carolina Housing Finance Agency Homeownership Refunding Revenue, Series
2020-45,
(GNMA/FNMA/FHLMC Insured), 2.20%, due 7/1/2040
|
2,286,446
|
1,700,000
|
North Carolina Medical Care Commission Retirement Facilities Revenue, Series
2020-A, 4.00%, due
9/1/2050
|
1,134,828
|
700,000
|
North Carolina Medical Care Commission Retirement Facilities Revenue (Twin
Lakes Community),
Series 2019-A, 5.00%, due 1/1/2049
|
594,392
|
|
|
6,652,293
|
Ohio 7.7%
|
||
22,595,000
|
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding
Revenue,
Series 2020-B-2, 5.00%, due 6/1/2055
|
18,483,444
|
1,000,000
|
Jefferson County Port Economic Development Authority Revenue (JSW Steel USA,
Ohio, Inc. Project),
Series 2021, 3.50%, due 12/1/2051
|
616,808
(a)
|
2,500,000
|
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG
Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
|
1,990,046
(a)
|
1,000,000
|
Ohio State Air Quality Development Authority Revenue (Ohio Valley Electric
Corp. Project),
Series 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029
|
831,760
|
2,335,000
|
Ohio State Air Quality Development Authority Revenue Refunding (Ohio Valley
Electric Corp. Project),
Series 2019-A, 3.25%, due 9/1/2029
|
2,140,321
|
510,000
|
Southern Ohio Port Exempt Facility Authority Revenue (PureCycle Project),
Series 2020-A, 7.00%, due
12/1/2042
|
342,593
(a)
|
|
|
24,404,972
|
Oklahoma 0.8%
|
||
2,000,000
|
Oklahoma State Development Finance Authority Health Systems Revenue (OU
Medicine Project),
Series 2018-B, 5.00%, due 8/15/2033
|
1,810,887
|
|
Tulsa Airport Improvement Trust Refunding Revenue
|
|
250,000
|
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2024
|
250,601
|
400,000
|
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024
|
401,440
|
|
|
2,462,928
|
Principal Amount
|
Value
|
|
Oregon 0.5%
|
||
$25,000
|
Oregon State Housing & Community Service Department Multi-Family Revenue,
Series 2012-B,
(FHA/GNMA/FNMA/FHLMC Insured), 3.50%, due 7/1/2027
|
$23,704
|
2,180,000
|
Portland General Obligation (Transportation Project), Series 2022-A, 2.25%,
due 10/1/2041
|
1,388,078
|
|
|
1,411,782
|
Pennsylvania 4.6%
|
||
2,830,000
|
Lancaster County Hospital Authority Refunding Revenue (Health Centre-Landis
Homes Retirement
Community Project), Series 2015-A, 4.25%, due 7/1/2030
|
2,566,837
|
5,000,000
|
Leigh County Industrial Development Authority Pollution Control Revenue
Refunding, Series 2016-A,
3.00%, due 9/1/2029
|
4,520,806
|
2,350,000
|
Pennsylvania Economic Development Financing Authority Revenue Refunding
(Tapestry Moon Senior
Housing Project), Series 2018-A, 6.75%, due 12/1/2053
|
895,938
(a)(c)
|
7,255,000
|
Philadelphia Water & Wastewater Revenue Refunding, Series 2023-B, (AGM
Insured), 4.50%, due
9/1/2048
|
6,695,609
|
|
|
14,679,190
|
Puerto Rico 7.6%
|
||
1,750,000
|
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1,
4.00%, due
7/1/2046
|
1,277,738
|
875,000
|
Puerto Rico Industrial Tourist Education Medical & Environmental Control
Facilities Authority Revenue
(Hospital Auxilio Mutuo Obligation Group Project), Series 2021, 5.00%, due
7/1/2027
|
886,454
|
25,052,000
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1,
5.00%, due 7/1/2058
|
21,870,594
|
|
|
24,034,786
|
Rhode Island 0.6%
|
||
3,045,000
|
Rhode Island State Housing & Mortgage Finance Corp. Revenue (Homeownership
Opportunity),
Series 2020-73, 2.30%, due 10/1/2040
|
2,018,930
|
South Carolina 0.9%
|
||
1,875,000
|
South Carolina Jobs Economic Development Authority Economic Development
Revenue (River Park
Senior Living Project), Series 2017-A, 7.75%, due 10/1/2057
|
1,948,118
|
550,000
|
South Carolina Jobs Economic Development Authority Solid Waste Disposal
Revenue (AMT-Green
Bond-Last Step Recycling LLC Project), Series 2021-A, 6.50%, due 6/1/2051
|
381,809
(a)
|
2,325,000
|
South Carolina Jobs Economic Development Authority Solid Waste Disposal
Revenue (Green
Bond-Jasper Pellets LLC Project), Series 2018-A, 7.00%, due 11/1/2038
|
406,642
#(a)(c)(g)(h)
|
750,000
|
South Carolina Jobs Economic Development Authority Solid Waste Disposal
Revenue (RePower South
Berkeley LLC Project), Series 2017, 6.25%, due 2/1/2045
|
75,000
(a)(c)
|
|
|
2,811,569
|
Tennessee 0.1%
|
||
400,000
|
Metropolitan Government Nashville & Davidson County Health &
Educational Facilities Board
Revenue (Blakeford At Green Hills), Series 2020-A, 4.00%, due 11/1/2045
|
283,093
|
Texas 5.8%
|
||
250,000
|
Anson Educational Facilities Corp. Educational Revenue (Arlington Classics
Academy), Series 2016-A,
5.00%, due 8/15/2045
|
224,686
|
|
Arlington Higher Education Finance Corp. Revenue (Universal Academy)
|
|
120,000
|
Series 2014-A, 5.88%, due 3/1/2024
|
119,595
|
1,000,000
|
Series 2014-A, 6.63%, due 3/1/2029
|
990,843
|
730,000
|
Austin Community College District Public Facility Corp. Lease Revenue, Series
2018-C, 4.00%, due
8/1/2042
|
612,169
|
250,000
|
Dallas County Flood Control District No. 1 Refunding General Obligation,
Series 2015, 5.00%, due
4/1/2028
|
242,878
(a)
|
3,000,000
|
Dallas Fort Worth International Airport Revenue Refunding, Series 2023-B,
5.00%, due 11/1/2047
|
2,943,962
|
2,085,000
|
Dallas Independent School District General Obligation, Series 2022, (PSF-GTD
Insured), 2.75%, due
2/15/2052
|
1,259,643
|
Principal Amount
|
Value
|
|
Texas – cont'd
|
||
$2,000,000
|
Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.),
Series 2012-B, 4.75%,
due 11/1/2042
|
$1,753,340
|
|
Hale Center Education Facilities Corp. Revenue Refunding (Wayland Baptist
University Project)
|
|
405,000
|
Series 2022, 5.00%, due 3/1/2033
|
401,300
|
1,000,000
|
Series 2022, 5.00%, due 3/1/2034
|
987,578
|
1,825,000
|
Series 2022, 4.00%, due 3/1/2035
|
1,621,142
|
1,000,000
|
Harris County Cultural Education Facilities Finance Corp. Revenue (Brazos
Presbyterian Homes, Inc.
Project), Series 2013-B, 5.75%, due 1/1/2028
|
992,988
|
|
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy)
|
|
545,000
|
Series 2019-A, 5.00%, due 8/15/2039
|
484,735
(a)
|
520,000
|
Series 2019-A, 5.00%, due 8/15/2049
|
426,357
(a)
|
2,000,000
|
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue
(Bridgemoor Plano
Project), Series 2018-A, 7.25%, due 12/1/2053
|
2,090,000
(c)
|
500,000
|
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue
(Cardinal Bay, Inc. Village
On The Park Carriage), Series 2016-C, 5.50%, due 7/1/2046
|
200,000
(c)
|
|
Parkway Utility District Water & Sewer System Revenue
|
|
495,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2033
|
418,423
|
690,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2034
|
579,227
|
545,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2035
|
441,407
|
625,000
|
Texas Private Activity Bond Surface Transportation Corp. Senior Lien Revenue
Refunding (North
Tarrant Express Managed Lanes Project), Series 2019-A, 4.00%, due 12/31/2039
|
541,320
|
1,000,000
|
Texas State Private Activity Bond Surface Transportation Corp. Revenue
(Segment 3C Project),
Series 2019, 5.00%, due 6/30/2058
|
911,411
|
|
|
18,243,004
|
Utah 2.2%
|
||
|
Salt Lake City Airport Revenue
|
|
1,000,000
|
Series 2017-A, 5.00%, due 7/1/2042
|
968,970
|
2,000,000
|
Series 2017-A, 5.00%, due 7/1/2047
|
1,889,534
|
1,000,000
|
Series 2018-A, 5.00%, due 7/1/2043
|
968,059
|
3,000,000
|
Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001,
(AMBAC Insured), 5.40%,
due 2/15/2028 Pre-Refunded 2/15/2028
|
3,042,291
|
|
|
6,868,854
|
Vermont 1.1%
|
||
1,000,000
|
Vermont Economic Development Authority Solid Waste Disposal Revenue (Casella
Waste System,
Inc.), Series 2022-A-1, 5.00%, due 6/1/2052 Putable 6/1/2027
|
975,046
(a)
|
|
Vermont Student Assistant Corp. Education Loan Revenue
|
|
1,800,000
|
Series 2014-A, 5.00%, due 6/15/2024
|
1,805,602
|
755,000
|
Series 2015-A, 4.13%, due 6/15/2027
|
750,909
|
|
|
3,531,557
|
Virgin Islands 2.2%
|
||
7,500,000
|
Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A,
5.00%, due
10/1/2039
|
7,090,139
|
Virginia 0.6%
|
||
2,000,000
|
Virginia State Small Business Finance Authority Revenue Refunding (Senior Lien
I-495, Hot Lanes
Project), Series 2022, 5.00%, due 12/31/2047
|
1,883,257
|
Washington 3.0%
|
||
6,700,000
|
Vancouver Downtown Redevelopment Authority Revenue (Conference Center
Project), Series 2013,
4.00%, due 1/1/2028
|
6,682,654
|
1,000,000
|
Washington State Economic Development Finance Authority Environmental
Facilities Revenue (Green
Bond), Series 2020-A, 5.63%, due 12/1/2040
|
899,993
(a)
|
Principal Amount
|
Value
|
|
Washington – cont'd
|
||
$790,000
|
Washington State Health Care Facilities Authority Revenue Refunding (Virginia
Mason Medical
Center), Series 2017, 5.00%, due 8/15/2026
|
$794,646
|
1,446,750
|
Washington State Housing Finance Commission, Series 2021-A-1, 3.50%, due
12/20/2035
|
1,228,085
|
|
|
9,605,378
|
West Virginia 1.0%
|
||
|
West Virginia Hospital Finance Authority Revenue (Vandalia Health Group)
|
|
1,500,000
|
Series 2023-B, 6.00%, due 9/1/2053
|
1,544,588
|
1,500,000
|
Series 2023-B, (AGM Insured), 5.38%, due 9/1/2053
|
1,487,449
|
|
|
3,032,037
|
Wisconsin 2.8%
|
||
1,600,000
|
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series
2023-DBE-8109,
4.45%, due 4/1/2055
|
1,600,000
(a)(b)
|
2,000,000
|
Public Finance Authority Airport Facility Revenue Refunding (Trips Obligation
Group), Series 2012-B,
5.00%, due 7/1/2042
|
1,799,395
|
870,000
|
Public Finance Authority Education Revenue (Pine Lake Preparatory, Inc.),
Series 2015, 4.95%, due
3/1/2030
|
852,053
(a)
|
200,000
|
Public Finance Authority Education Revenue (Resh Triangle High School
Project), Series 2015-A,
5.38%, due 7/1/2035
|
191,218
(a)
|
600,000
|
Public Finance Authority Retirement Facility Revenue Refunding (Friends
Homes), Series 2019, 5.00%,
due 9/1/2054
|
460,080
(a)
|
|
Public Finance Authority Revenue Refunding (Celanese Project)
|
|
210,000
|
Series 2016-C, 4.30%, due 11/1/2030
|
194,028
|
3,000,000
|
Series 2016-D, 4.05%, due 11/1/2030
|
2,728,959
|
590,000
|
Public Finance Authority Revenue Refunding (Roseman University Health Sciences
Project),
Series 2015, 5.00%, due 4/1/2025
|
585,380
|
800,000
|
Saint Croix Chippewa Indians of Wisconsin Refunding, Series 2021, 5.00%, due
9/30/2041
|
558,920
(a)
|
|
|
8,970,033
|
Other 0.1%
|
||
300,000
|
JPMorgan Chase Putters/Drivers Trust Various States Revenue (Putters), (LOC:
JP Morgan Chase Bank
N.A.), Series 2019, 4.55%, due 3/20/2024
|
300,000
(a)(b)
|
Total Investments 172.7% (Cost
$601,440,851)
|
546,132,954
|
|
Liabilities Less Other Assets (0.6)%
|
(1,927,878
)
|
|
Liquidation Preference of Variable Rate Municipal Term
Preferred Shares (72.1%)
|
(227,900,000
)(i)
|
|
Net Assets Applicable to Common
Stockholders 100.0%
|
$316,305,076
|
(a)
|
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are
otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from
registration, may only
be sold to qualified institutional investors or may have other restrictions on resale.
At October 31, 2023,
these securities amounted to $75,226,719, which represents 23.8% of net assets applicable to
common
stockholders of the Fund.
|
(b)
|
Variable rate demand obligation where the stated interest rate is not based on a published
reference rate
and spread. Rather, the interest rate generally resets daily or weekly and is determined by the
remarketing
agent. The rate shown represents the rate in effect at October 31, 2023.
|
(c)
|
Defaulted security.
|
(d)
|
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
|
(e)
|
When-issued security. Total value of all such securities at October 31, 2023 amounted to
$5,116,006, which
represents 1.6% of net assets applicable to common stockholders of the Fund.
|
(f)
|
Represents less than 0.05% of net assets applicable to common stockholders of the Fund.
|
(g)
|
Value determined using significant unobservable inputs.
|
(h)
|
Security fair valued as of October 31, 2023 in accordance with procedures approved by the
valuation
designee. Total value of all such securities at October 31, 2023 amounted to $511,125, which
represents
0.2% of net assets applicable to common stockholders of the Fund.
|
(i)
|
Security fair valued as of October 31, 2023 in accordance with procedures approved by the
valuation
designee.
|
Restricted Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Value as of
10/31/2023
|
Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
10/31/2023
|
South Carolina Jobs Economic Development
Authority Solid Waste Disposal Revenue (Green
Bond-Jasper Pellets LLC Project)
|
12/4/2018-6/25/2020
|
$2,208,259
|
$406,642
|
0.1
%
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
Investments:
|
|
|
|
|
Municipal Notes
|
|
|
|
|
New York
|
$—
|
$125,364,852
|
$104,483
|
$125,469,335
|
South Carolina
|
—
|
2,404,927
|
406,642
|
2,811,569
|
Other Municipal Notes#
|
—
|
417,852,050
|
—
|
417,852,050
|
Total Municipal Notes
|
—
|
545,621,829
|
511,125
|
546,132,954
|
Total Investments
|
$—
|
$545,621,829
|
$511,125
|
$546,132,954
|
#
|
The Schedule of Investments provides information on the state/territory categorization.
|
(a)
|
The following is a reconciliation between the beginning and ending balances of investments in
which
significant unobservable inputs (Level 3) were used in determining value:
|
(000's
omitted)
|
Beginning
balance as
of 11/1/2022
|
Accrued
discounts/
(premiums)
|
Realized
gain/(loss)
|
Change
in unrealized
appreciation/
(depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
10/31/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
10/31/2023
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
Municipal Notes(1)
|
$140
|
$3
|
$—
|
$(1,486
)
|
$—
|
$(355
)
|
$2,209
|
$—
|
$511
|
$(1,486
)
|
Total
|
$140
|
$3
|
$—
|
$(1,486
)
|
$—
|
$(355
)
|
$2,209
|
$—
|
$511
|
$(1,486
)
|
(1) Quantitative Information about Level 3 Fair Value Measurements:
|
Investment type
|
Fair value
at
10/31/2023
|
Valuation
approach
|
Significant unobservable
input(s)
|
Input value/
range
|
Weighted
average(a)
|
Impact to
valuation
from
increase
in input(b)
|
Municipal Notes
|
$511,125
|
Market Approach
|
Recovery Value (of Par Value)
|
10.0% - 17.5%
|
16.0%
|
Increase
|
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
|
||||||
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input.
Significant changes in
these inputs could result in significantly higher or lower fair value
measurements.
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Variable Rate Municipal Term Preferred Shares(a)
|
$—
|
$(227,900,000
)
|
$—
|
$(227,900,000
)
|
Total Variable Rate Municipal Term Preferred
Shares
|
$—
|
$(227,900,000
)
|
$—
|
$(227,900,000
)
|
(a)
|
The Fund may hold liabilities in which the fair value approximates the carrying amount for
financial
statement purposes.
|
|
Municipal
Fund Inc.
|
|
October 31,
2023
|
Assets
|
|
Investments in securities, at value* (Note
A)—see Schedule of Investments:
|
|
Unaffiliated issuers(a)
|
$546,132,954
|
Cash
|
99,898
|
Interest receivable
|
7,457,164
|
Receivable for securities sold
|
975,000
|
Prepaid expenses and other assets
|
22,581
|
Total Assets
|
554,687,597
|
Liabilities
|
|
Variable Rate Municipal Term Preferred Shares, Series A ($100,000 liquidation preference per
share; 2,279 shares
outstanding) (Note A)
|
227,900,000
|
Distributions payable—preferred shares
|
844,354
|
Distributions payable—common stock
|
1,117,785
|
Payable to investment manager (Note B)
|
86,699
|
Payable for securities purchased
|
7,800,535
|
Payable to administrator (Note B)
|
104,039
|
Payable to directors
|
3,367
|
Other accrued expenses and payables
|
525,742
|
Total Liabilities
|
238,382,521
|
Net Assets applicable to Common Stockholders
|
$316,305,076
|
Net Assets applicable to Common Stockholders consist of:
|
|
Paid-in capital—common stock
|
$404,692,716
|
Total distributable earnings/(losses)
|
(88,387,640
)
|
Net Assets applicable to Common Stockholders
|
$316,305,076
|
Shares of Common Stock Outstanding ($0.0001 par value; 999,989,384 shares authorized)
|
29,618,059
|
Net Asset Value Per Share of Common Stock Outstanding
|
$10.68
|
*Cost of Investments:
|
|
(a) Unaffiliated issuers
|
$601,440,851
|
|
|
Municipal
Fund Inc.
|
|
For the Fiscal
Year Ended
October 31,
2023
|
Investment Income:
|
|
Income (Note A):
|
|
Interest and other income—unaffiliated issuers
|
$17,099,254
|
Expenses:
|
|
Investment management fees (Note B)
|
933,376
|
Administration fees (Note B)
|
1,120,052
|
Audit fees
|
56,915
|
Basic maintenance (Note A)
|
12,500
|
Custodian and accounting fees
|
81,187
|
Insurance
|
8,568
|
Legal fees
|
123,680
|
Stockholder reports
|
17,525
|
Stock exchange listing fees
|
11,464
|
Stock transfer agent fees
|
26,375
|
Distributions to Variable Rate Municipal Term Preferred Shareholders (Note A)
|
6,078,475
|
Directors' fees and expenses
|
49,550
|
Interest
|
160
|
Miscellaneous and other fees
|
253,627
|
Total expenses
|
8,773,454
|
Net investment income/(loss)
|
$8,325,800
|
Realized and Unrealized Gain/(Loss) on Investments (Note A):
|
|
Net realized gain/(loss) on:
|
|
Transactions in investment securities of unaffiliated issuers
|
(3,822,452
)
|
Change in net unrealized appreciation/(depreciation) in value
of:
|
|
Investment securities of unaffiliated issuers
|
(2,368,623
)
|
Net gain/(loss) on investments
|
(6,191,075
)
|
Net increase/(decrease) in net assets applicable to Common Stockholders
resulting from operations
|
$2,134,725
|
|
Municipal
Fund Inc.
|
|
|
Fiscal Year
Ended
|
Fiscal Year
Ended
|
|
October 31,
2023
|
October 31,
2022
|
Increase/(Decrease) in Net Assets Applicable to Common Stockholders:
|
|
|
From Operations (Note A):
|
|
|
Net investment income/(loss)
|
$8,325,800
|
$11,540,476
|
Net realized gain/(loss) on investments
|
(3,822,452
)
|
(3,511,579
)
|
Change in net unrealized appreciation/(depreciation) of investments
|
(2,368,623
)
|
(67,731,359
)
|
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from
operations
|
2,134,725
|
(59,702,462
)
|
Distributions to Common Stockholders From (Note A):
|
|
|
Distributable earnings
|
(9,647,520
)
|
(12,509,970
)
|
From Capital Share Transactions (Note D):
|
|
|
Proceeds from common stock issued in connection with tax-free reorganizations (Note E)
|
115,678,555
|
—
|
Proceeds from reinvestment of dividends and distributions
|
—
|
119,234
|
Net increase/(decrease) from capital share transactions
|
115,678,555
|
119,234
|
Net Increase/(Decrease) in Net Assets Applicable to Common
Stockholders
|
108,165,760
|
(72,093,198
)
|
Net Assets Applicable to Common Stockholders:
|
|
|
Beginning of year
|
208,139,316
|
280,232,514
|
End of year
|
$316,305,076
|
$208,139,316
|
|
Paid-in Capital
|
Total Distributable
Earnings/(Losses)
|
|
$9,570,497
|
$(9,570,497
)
|
|
Distributions Paid From:
|
|||||||||
|
Ordinary
Income
|
Tax-Exempt
Income
|
Long-Term
Capital Gain
|
Return of
Capital
|
Total
|
|||||
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
|
$254,692
|
$214,885
|
$15,471,302
|
$15,201,041
|
$—
|
$—
|
$—
|
$—
|
$15,725,994
|
$15,415,926
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed
Ordinary
Income
|
Undistributed
Tax-Exempt
Income
|
Undistributed
Long-Term
Capital Gain
|
Unrealized
Appreciation/
(Depreciation)
|
Loss
Carryforwards
and Deferrals
|
Other
Temporary
Differences
|
Total
|
|
$—
|
$76,254
|
$—
|
$(55,763,543
)
|
$(30,738,212
)
|
$(1,962,139
)
|
$(88,387,640
)
|
Capital Loss Carryforwards
|
|
Long-Term
|
Short-Term
|
$26,442,000
*
|
$4,296,212
*
|
*
|
Future utilization is limited under current tax regulations.
|
|
Shares
Redeemed
|
Shares
Outstanding
|
|
90
|
1,704
|
|
August 15, 2022
|
November 9, 2022
|
||
|
Shares
Redeemed
|
Shares
Outstanding
|
Shares
Redeemed
|
Shares
Outstanding
|
|
47
|
1,657
|
200
|
1,457
|
|
Series
|
Term
Redemption
Date
|
Shares
Outstanding
|
Aggregate
Liquidation
Preference
|
|
Series A
|
12/15/2024
|
2,279
|
$227,900,000
|
|
For the Year Ended October 31, 2023
|
For the Year Ended October 31, 2022
|
|||
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Stock Issued in
Connection
with Tax-Free
Reorganizations
(see Note E)
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
|
—
|
10,774,895
|
10,774,895
|
8,175
|
8,175
|
|
Shares of
Common Stock
Outstanding Prior
to Reorganization
|
Conversion Ratio
|
Shares of Common
Stock Issued by
the Acquiring
Fund(a)
|
Net Assets
Applicable to
Common
Stockholders Prior
to Reorganization
|
California Fund
|
5,551,044
|
1.070651
|
5,943,200
|
$63,806,095
|
New York Fund
|
5,077,417
|
0.951611
|
4,831,695
|
51,873,147
|
(a)
|
Fractional shares of the Acquiring Fund's common stock were not issued in the reorganizations
and
consequently cash was distributed for any such fractional shares.
|
|
Shares of VMTPS
Outstanding Prior to
Reorganization
|
Conversion
Ratio
|
Shares of VMTPS
Issued by the
Acquiring Fund
|
California Fund
|
457
|
1
|
457
|
New York Fund
|
365
|
1
|
365
|
Net Investment Income/(Loss)
|
$11,534,258
|
Net Realized and Unrealized Gains/(Losses) on
Investments
|
(7,053,018
)
|
Net Increase/(Decrease) in Net Assets applicable to
Common Stockholders resulting from operations
|
$4,481,240
|
|
Year Ended October 31,
|
||||
|
2023
|
2022
|
2021
|
2020
|
2019
|
Common Stock Net Asset Value, Beginning of Year
|
$11.05
|
$14.88
|
$14.75
|
$15.33
|
$14.52
|
Income/(Loss) From Investment Operations Applicable to
Common Stockholders:
|
|
|
|
|
|
Net Investment Income/(Loss)a
|
0.44
|
0.61
|
0.73
|
0.68
|
0.66
|
Net Gains or (Losses) on Securities (both realized and
unrealized)
|
(0.32
)
|
(3.78
)
|
0.15
|
(0.51
)
|
0.90
|
Total From Investment Operations Applicable to Common
Stockholders
|
0.12
|
(3.17
)
|
0.88
|
0.17
|
1.56
|
Less Distributions to Common Stockholders From:
|
|
|
|
|
|
Net Investment Income
|
(0.49
)
|
(0.66
)
|
(0.75
)
|
(0.75
)
|
(0.75
)
|
Common Stock Net Asset Value, End of Year
|
$10.68
|
$11.05
|
$14.88
|
$14.75
|
$15.33
|
Common Stock Market Value, End of Year
|
$8.86
|
$9.64
|
$15.22
|
$14.15
|
$15.57
|
Total Return, Common Stock Net Asset Valueb
|
1.34
%
|
(21.57
)%
|
5.91
%
|
1.40
%
|
11.18
%
|
Total Return, Common Stock Market Valueb
|
(3.64
)%
|
(33.11
)%
|
12.92
%
|
(4.23
)%
|
29.92
%
|
Supplemental Data/Ratios
|
|
|
|
|
|
Net Assets Applicable to Common Stockholders, End of Year (in
millions)
|
$316.3
|
$208.1
|
$280.2
|
$277.6
|
$288.2
|
Preferred Stock Outstanding, End of Year (in millions)
|
$227.9
|
$165.7
|
$170.4
c
|
$170.4
c
|
$170.4
c
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
Ratios are Calculated Using Average Net Assets
Applicable to Common Stockholders
|
|
|
|
|
|
Ratio of Gross Expensesd
|
3.90
%
|
2.25
%
|
1.58
%
|
2.03
%
|
2.66
%
|
Ratio of Net Expensesd
|
3.90
%
|
2.25
%
|
1.58
%
|
2.03
%
|
2.66
%
|
Ratio of Net Investment Income/(Loss)
|
3.70
%
|
4.62
%
|
4.77
%
|
4.54
%
|
4.39
%
|
Portfolio Turnover Rate
|
32
%e
|
36
%
|
13
%
|
39
%
|
44
%
|
Asset Coverage Per Share of Preferred Stock, End of Yearf
|
$239,162
|
$225,878
|
$264,533
|
$262,958
|
$269,321
|
|
a
|
Calculated based on the average number of shares of common stock outstanding during each fiscal
period.
|
b
|
Total return based on per share NAV reflects the effects of changes in NAV on the performance of
each
Fund during each fiscal period. Total return based on per share market value assumes the
purchase of
shares of common stock at the market price on the first day and sale of common stock at the
market price
on the last day of the period indicated. Dividends and distributions, if any, are assumed to be
reinvested at
prices obtained under each Fund's distribution reinvestment plan. Results represent past
performance and
do not indicate future results. Current returns may be lower or higher than the performance data
quoted.
Investment returns will fluctuate and shares of common stock when sold may be worth more or less
than
original cost.
|
c
|
Net of unamortized deferred issuance costs. The unamortized deferred issuance costs were:
|
|
Year Ended October 31,
|
||
|
2021
|
2020
|
2019
|
|
$5,962
|
$20,475
|
$35,027
|
d
|
Distributions on VMTPS are included in expense ratios. The annualized ratios of distributions on
VMTPS to
average net assets applicable to common stockholders were:
|
|
Year Ended October 31,
|
||||
|
2023
|
2022
|
2021
|
2020
|
2019
|
|
2.70%
|
1.16%
|
0.56%
|
1.00%
|
1.59%
|
e
|
After the close of business on October 20, 2023, the Fund acquired the assets and liabilities of
Neuberger
Berman California Municipal Inc. ("California Fund") and Neuberger Berman New York Municipal
Fund Inc.
("New York Fund") in a tax-free exchange of shares pursuant to Agreements and Plans of
Reorganization
approved, as applicable, by each Fund’s Board of Directors and stockholders. Portfolio turnover
excludes
purchases and sales of securities by California Fund and New York Fund.
|
f
|
Calculated by subtracting the Fund's total liabilities (excluding the liquidation preference of
VMTPS and
accumulated unpaid distributions on VMTPS) from the Fund's total assets and dividing by the
number of
VMTPS outstanding.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS I
|
||||
Independent Directors
|
||||
Marc Gary (1952)
|
Director since
2015
|
Executive Vice Chancellor
Emeritus, The Jewish
Theological Seminary, since
2020; formerly, Executive
Vice Chancellor and Chief
Operating Officer, The
Jewish Theological Seminary,
2012 to 2020; formerly,
Executive Vice President and
General Counsel, Fidelity
Investments, 2007 to
2012;formerly, Executive
Vice President and General
Counsel, BellSouth
Corporation, 2004 to 2007;
formerly, Vice President and
Associate General Counsel,
BellSouth Corporation, 2000
to 2004; formerly, Associate,
Partner, and National
Litigation Practice Co-Chair,
Mayer, Brown LLP, 1981 to
2000; formerly, Associate
Independent Counsel, Office
of Independent Counsel,
1990 to 1992.
|
47
|
Chair and Director, USCJ
Supporting Foundation,
since 2021; Director, UJA
Federation of Greater New
York, since 2019; Trustee,
The Jewish Theological
Seminary, since 2015;
Director, Lawyers Committee
for Civil Rights Under Law
(not-for-profit), since 2005;
formerly, Director, Legility,
Inc. (privately held for-profit
company), 2012 to 2021;
formerly, Director, Equal
Justice Works
(not-for-profit), 2005 to
2014; formerly, Director,
Corporate Counsel Institute,
Georgetown University Law
Center, 2007 to 2012;
formerly, Director, Greater
Boston Legal Services
(not-for-profit), 2007 to
2012.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Michael M. Knetter (1960)
|
Director since
2007
|
President and Chief
Executive Officer, University
of Wisconsin Foundation,
since 2010; formerly, Dean,
School of Business,
University of Wisconsin -
Madison; formerly, Professor
of International Economics
and Associate Dean, Amos
Tuck School of Business -
Dartmouth College, 1998 to
2002.
|
47
|
Director, 1WS Credit Income
Fund, since 2018; Board
Member, American Family
Insurance (a mutual
company, not publicly
traded), since March 2009;
formerly, Trustee,
Northwestern Mutual
Series Fund, Inc., 2007 to
2011; formerly, Director,
Wausau Paper, 2005 to
2011; formerly, Director,
Great Wolf Resorts, 2004 to
2009.
|
Tom D. Seip (1950)
|
Director since
2002;
Chairman of
the Board since
2008; formerly,
Lead
Independent
Director from
2006 to 2008
|
Formerly, Managing
Member, Ridgefield
Farm LLC (a private
investment vehicle), 2004 to
2016; formerly, President
and CEO, Westaff, Inc.
(temporary staffing), May
2001 to January 2002;
formerly, Senior Executive,
The Charles Schwab
Corporation, 1983 to 1998,
including Chief Executive
Officer, Charles Schwab
Investment Management,
Inc.; Trustee, Schwab Family
of Funds and Schwab
Investments, 1997 to 1998;
and Executive Vice
President-Retail Brokerage,
Charles Schwab & Co., Inc.,
1994 to 1997.
|
47
|
Trustee, University of
Maryland, Shore Regional
Health System, since 2020;
formerly, Director, H&R
Block, Inc. (tax services
company), 2001 to 2018;
formerly, Director, Talbot
Hospice Inc., 2013 to 2016;
formerly, Chairman,
Governance and Nominating
Committee, H&R Block, Inc.,
2011 to 2015; formerly,
Chairman, Compensation
Committee, H&R Block, Inc.,
2006 to 2010; formerly,
Director, Forward
Management, Inc. (asset
management company),
1999 to 2006.
|
|
|
|
|
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS II
|
||||
Independent Directors
|
||||
Michael J. Cosgrove (1949)
|
Director since
2015
|
President, Carragh
Consulting USA, since 2014;
formerly, Executive, General
Electric Company, 1970 to
2014, including President,
Mutual Funds and Global
Investment Programs, GE
Asset Management, 2011 to
2014, President and Chief
Executive Officer, Mutual
Funds and Intermediary
Business, GE Asset
Management, 2007 to
2011, President, Institutional
Sales and Marketing, GE
Asset Management, 1998 to
2007, and Chief Financial
Officer, GE Asset
Management, and Deputy
Treasurer, GE Company,
1988 to 1993.
|
47
|
Member of Advisory Board,
Burke Neurological Institute,
since 2021; Parish Councilor,
St. Pius X, since 2021;
formerly, Director, America
Press, Inc. (not-for-profit
Jesuit publisher), 2015 to
2021; formerly, Director,
Fordham University, 2001 to
2018; formerly, Director, The
Gabelli Go Anywhere Trust,
June 2015 to June 2016;
formerly, Director, Skin
Cancer Foundation
(not-for-profit), 2006 to
2015; formerly, Director, GE
Investments Funds, Inc.,
1997 to 2014; formerly,
Trustee, GE Institutional
Funds, 1997 to 2014;
formerly, Director, GE Asset
Management, 1988 to
2014; formerly, Director,
Elfun Trusts, 1988 to 2014;
formerly, Trustee, GE Pension
& Benefit Plans, 1988 to
2014; formerly, Member of
Board of Governors,
Investment Company
Institute.
|
Ami Kaplan (1960)
|
Director since
2023
|
Formerly, Partner,
Deloitte LLP, 1982 to 2023,
including Vice Chair, 2017 to
2020; formerly, President
and Board Chair, Women’s
Forum of New York, 2014 to
2016.
|
47
|
None.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Deborah C. McLean (1954)
|
Director since
2015
|
Member, Circle Financial
Group (private wealth
management membership
practice), since 2011;
Managing Director, Golden
Seeds LLC (an angel
investing group), since 2009;
Adjunct Professor (Corporate
Finance), Columbia
University School of
International and Public
Affairs, since 2008; formerly,
Visiting Assistant Professor,
Fairfield University, Dolan
School of Business, Fall
2007; formerly, Adjunct
Associate Professor of
Finance, Richmond, The
American International
University in London, 1999
to 2007.
|
47
|
Board Member, The
Maritime Aquarium at
Norwalk, since 2020; Board
Member, Norwalk
Community College
Foundation, since 2014;
Dean’s Advisory Council,
Radcliffe Institute for
Advanced Study, since 2014;
formerly, Director and
Treasurer, At Home in Darien
(not-for-profit), 2012 to
2014; formerly, Director,
National Executive Service
Corps (not-for-profit), 2012
to 2013; formerly, Trustee,
Richmond, The American
International University in
London, 1999 to 2013.
|
George W. Morriss (1947)
|
Director since
2007
|
Formerly, adjunct Professor,
Columbia University School
of International and Public
Affairs, 2012 to 2018;
formerly, Executive Vice
President and Chief Financial
Officer, People’s United
Bank, Connecticut (a
financial services company),
1991 to 2001.
|
47
|
Director, 1WS Credit Income
Fund; Chair, Audit
Committee, since 2018;
Director and Chair, Thrivent
Church Loan and Income
Fund, since 2018; formerly,
Trustee, Steben Alternative
Investment Funds, Steben
Select Multi-Strategy Fund,
and Steben Select
Multi-Strategy Master Fund,
2013 to 2017; formerly,
Treasurer, National
Association of Corporate
Directors, Connecticut
Chapter, 2011 to 2015;
formerly, Manager, Larch
Lane Multi-Strategy Fund
complex (which consisted of
three funds), 2006 to 2011;
formerly, Member, NASDAQ
Issuers’ Affairs Committee,
1995 to 2003.
|
|
|
|
|
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS III
|
||||
Independent Directors
|
||||
Martha C. Goss (1949)
|
Director since
2007
|
Formerly, President, Woodhill
Enterprises Inc./Chase
Hollow Associates LLC
(personal investment
vehicle), 2006 to 2020;
formerly, Consultant,
Resources Global
Professionals (temporary
staffing), 2002 to 2006;
formerly, Chief Financial
Officer, Booz-Allen &
Hamilton, Inc., 1995 to
1999; formerly, Enterprise
Risk Officer, Prudential
Insurance, 1994 to 1995;
formerly, President,
Prudential Asset
Management Company,
1992 to 1994; formerly,
President, Prudential Power
Funding (investments in
electric and gas utilities and
alternative energy projects),
1989 to 1992; formerly,
Treasurer, Prudential
Insurance Company, 1983 to
1989.
|
47
|
Director, American Water
(water utility), since 2003;
Director, Allianz Life of New
York (insurance), since 2005;
formerly, Director, Berger
Group Holdings, Inc.
(engineering consulting
firm), 2013 to 2018;
formerly, Director, Financial
Women’s Association of
New York (not-for-profit
association), 1987 to 1996,
and 2003 to 2019; Trustee
Emerita, Brown University,
since 1998; Director,
Museum of American
Finance (not-for-profit), since
2013; formerly,
Non-Executive Chair and
Director, Channel
Reinsurance (financial
guaranty reinsurance), 2006
to 2010; formerly, Director,
Ocwen Financial Corporation
(mortgage servicing), 2005
to 2010; formerly, Director,
Claire’s Stores, Inc. (retailer),
2005 to 2007; formerly,
Director, Parsons
Brinckerhoff Inc.
(engineering consulting
firm), 2007 to 2010;
formerly, Director, Bank
Leumi (commercial bank),
2005 to 2007; formerly,
Advisory Board Member,
Attensity (software
developer), 2005 to 2007;
formerly, Director, Foster
Wheeler Manufacturing,
1994 to 2004; formerly,
Director, Dexter Corp.
(Manufacturer of
Non-Wovens, Plastics, and
Medical Supplies), 1992 to
2001.
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Franklyn E. Smith (1961)
|
Director since
2023
|
Formerly, Partner,
PricewaterhouseCoopers LLP,
1989 to 2021.
|
47
|
Director, Zurich American
Insurance Company, since
2023.
|
James G. Stavridis (1955)
|
Director since
2015
|
Vice Chairman Global
Affairs, The Carlyle Group,
since 2018; Commentator,
NBC News, since 2015;
formerly, Dean, Fletcher
School of Law and
Diplomacy, Tufts University,
2013 to 2018; formerly,
Admiral, United States Navy,
1976 to 2013, including
Supreme Allied Commander,
NATO and Commander,
European Command, 2009
to 2013, and Commander,
United States Southern
Command, 2006 to 2009.
|
47
|
Director, Fortinet
(cybersecurity), since 2021;
Director, Ankura, since 2020;
Director, Vigor Shipyard,
since 2019; Director,
Rockefeller Foundation,
since 2018; Director,
American Water (water
utility), since 2018; Director,
NFP Corp. (insurance broker
and consultant), since 2017;
Director, Onassis Foundation,
since 2014; Director, Michael
Baker International
(construction) since 2014;
Director, Vertical Knowledge,
LLC, since 2013; formerly,
Director, U.S. Naval Institute,
2014 to 2019; formerly,
Director, Navy Federal Credit
Union, 2000 to 2002;
formerly, Director, BMC
Software Federal, LLC, 2014
to 2019.
|
|
|
|
|
|
Name, (Year of Birth),
and Address(1)
|
Position(s)
and Length of
Time Served(2)
|
Principal Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Director who is an "Interested Person"
|
||||
Joseph V. Amato* (1962)
|
Chief Executive
Officer and
President since
2018 and
Director since
2009
|
President and Director,
Neuberger Berman
Group LLC, since 2009;
President and Chief
Executive Officer, Neuberger
Berman BD LLC and
Neuberger Berman
Holdings LLC (including its
predecessor, Neuberger
Berman Inc.), since 2007;
Chief Investment Officer
(Equities) and President
(Equities), NBIA (formerly,
Neuberger Berman Fixed
Income LLC and including
predecessor entities), since
2007, and Board Member of
NBIA since 2006; formerly,
Global Head of Asset
Management of Lehman
Brothers Holdings Inc.’s
("LBHI") Investment
Management Division, 2006
to 2009; formerly, member
of LBHI’s Investment
Management Division’s
Executive Management
Committee, 2006 to 2009;
formerly, Managing Director,
Lehman Brothers Inc.
("LBI"), 2006 to 2008;
formerly, Chief Recruiting
and Development Officer,
LBI, 2005 to 2006; formerly,
Global Head of LBI’s Equity
Sales and a Member of its
Equities Division Executive
Committee, 2003 to 2005;
President and Chief
Executive Officer, twelve
registered investment
companies for which NBIA
acts as investment manager
and/or administrator.
|
47
|
Member of Board of
Advisors, McDonough
School of Business,
Georgetown University, since
2001; Member of New York
City Board of Advisors, Teach
for America, since 2005;
Trustee, Montclair Kimberley
Academy (private school),
since 2007; Member of
Board of Regents,
Georgetown University, since
2013.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal Occupation(s)(3)
|
Claudia A. Brandon (1956)
|
Executive Vice
President since
2008 and
Secretary since
2002
|
Senior Vice President, Neuberger Berman, since 2007 and Employee since
1999; Senior Vice President, NBIA, since 2008 and Assistant Secretary since
2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly,
Vice President, Mutual Fund Board Relations, NBIA, 2000 to 2008;
formerly, Vice President, NBIA, 1986 to 1999 and Employee, 1984 to 1999;
Executive Vice President and Secretary, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Agnes Diaz (1971)
|
Vice President
since 2013
|
Senior Vice President, Neuberger Berman, since 2012; Senior Vice
President, NBIA, since 2012 and Employee since 1996; formerly, Vice
President, Neuberger Berman, 2007 to 2012; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Anthony DiBernardo (1979)
|
Assistant
Treasurer since
2011
|
Senior Vice President, Neuberger Berman, since 2014; Senior Vice
President, NBIA, since 2014, and Employee since 2003; formerly, Vice
President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Savonne L. Ferguson (1973)
|
Chief
Compliance
Officer since
2018
|
Senior Vice President, Chief Compliance Officer, Mutual Funds, and
Associate General Counsel, NBIA, since November 2018; formerly, Vice
President, T. Rowe Price Group, Inc., 2018; Vice President and Senior Legal
Counsel, T. Rowe Price Associates, Inc., 2014 to 2018; Vice President and
Director of Regulatory Fund Administration, PNC Capital Advisors, LLC,
2009 to 2014; Secretary, PNC Funds and PNC Advantage Funds, 2010 to
2014; Chief Compliance Officer, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Corey A. Issing (1978)
|
Chief Legal
Officer since
2016 (only for
purposes of
sections 307 and
406 of the
Sarbanes-Oxley
Act of 2002)
|
General Counsel, Mutual Funds, since 2016 and Managing Director, NBIA,
since 2017; formerly, Associate General Counsel, 2015 to 2016; Counsel,
2007 to 2015; Senior Vice President, 2013 to 2016; Vice President, 2009
to 2013; Chief Legal Officer (only for purposes of sections 307 and 406 of
the Sarbanes-Oxley Act of 2002), thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Sheila R. James (1965)
|
Assistant
Secretary since
2002
|
Senior Vice President, Neuberger Berman, since 2023 and Employee since
1999; Senior Vice President, NBIA, since 2023; formerly, Vice President,
Neuberger Berman, 2008 to 2023; Assistant Vice President, Neuberger
Berman, 2007; Employee, NBIA, 1991 to 1999; Assistant Secretary,
thirty-three registered investment companies for which NBIA acts as
investment manager and/or administrator.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal Occupation(s)(3)
|
Brian Kerrane (1969)
|
Chief Operating
Officer since
2015 and Vice
President since
2008
|
Managing Director, Neuberger Berman, since 2013; Chief Operating
Officer, Mutual Funds, and Managing Director, NBIA, since 2015; formerly,
Senior Vice President, Neuberger Berman, 2006 to 2014; Vice President,
NBIA, 2008 to 2015 and Employee since 1991; Chief Operating Officer,
twelve registered investment companies for which NBIA acts as investment
manager and/or administrator; Vice President, thirty-three registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
Anthony Maltese (1959)
|
Vice President
since 2015
|
Senior Vice President, Neuberger Berman, since 2014 and Employee since
2000; Senior Vice President, NBIA, since 2014; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Josephine Marone (1963)
|
Assistant
Secretary since
2017
|
Senior Paralegal, Neuberger Berman, since 2007 and Employee since 2007;
Assistant Secretary, thirty-three registered investment companies for which
NBIA acts as investment manager and/or administrator.
|
Owen F. McEntee, Jr. (1961)
|
Vice President
since 2008
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1992; Vice President, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
John M. McGovern (1970)
|
Treasurer and
Principal
Financial and
Accounting
Officer since
2005
|
Managing Director, Neuberger Berman, since 2022; Senior Vice President,
Neuberger Berman, 2007 to 2021; Senior Vice President, NBIA, since 2007
and Employee since 1993; formerly, Vice President, Neuberger Berman,
2004 to 2006; formerly, Assistant Treasurer, 2002 to 2005; Treasurer and
Principal Financial and Accounting Officer, twelve registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Frank Rosato (1971)
|
Assistant
Treasurer since
2005
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1995; Assistant Treasurer, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
Shares of Common and Preferred Stock
|
Votes For
|
Votes
Against
|
Abstentions
|
Broker
Non-Votes
|
CALIFORNIA FUND
|
2,791,507
|
413,739
|
53,977
|
—
|
MUNICIPAL FUND
|
|
|
|
|
Reorganization of California Fund
Reorganization of New York Fund
|
9,517,092
9,524,286
|
806,756
794,355
|
218,250
223,457
|
—
—
|
NEW YORK FUND
|
2,689,557
|
233,315
|
63,722
|
—
|
Shares of Common and
Preferred Stock
|
Votes For
|
Votes
Against
|
Abstentions
|
Broker
Non-Votes
|
MUNICIPAL FUND
|
|
|
|
|
Ami Kaplan
|
15,016,393
|
738,973
|
—
|
—
|
Shares of Common and
Preferred Stock
|
Votes For
|
Votes
Withheld
|
Abstentions
|
Broker
Non-Votes
|
MUNICIPAL FUND
|
|
|
|
|
Joseph V. Amato
|
15,027,612
|
727,755
|
—
|
—
|
Martha C. Goss
|
14,966,570
|
788,796
|
—
|
—
|
Franklyn E. Smith
|
15,054,004
|
701,364
|
—
|
—
|
James G. Stavridis
|
15,025,999
|
729,368
|
—
|
—
|
Type of Account
|
Number of
Accounts
Managed
|
Total Assets
Managed
($ millions)
|
Number of Accounts
Managed for which
Advisory Fee is
Performance-Based
|
Assets Managed for
which Advisory Fee is
Performance-Based
($ millions)
|
James L. Iselin
|
||||
Registered Investment Companies*
|
3
|
$309
|
0
|
$0
|
Other Pooled Investment Vehicles**
|
9
|
$328
|
0
|
$0
|
Other Accounts***
|
73
|
$485
|
0
|
$0
|
S. Blake Miller
|
||||
Registered Investment Companies*
|
3
|
$309
|
0
|
$0
|
Other Pooled Investment Vehicles**
|
0
|
$0
|
0
|
$0
|
Other Accounts***
|
151
|
$880
|
0
|
$0
|
*
|
Registered Investment Companies include: Mutual Funds.
|
**
|
A portion of certain accounts may be managed by other portfolio managers; however, the total assets of such accounts are included above even though the portfolio manager listed above is not involved in the
day-to-day management of the entire account.
|
***
|
Other Accounts include: Institutional Separate Accounts, Sub-Advised Accounts and Managed Accounts (WRAP Accounts).
|
Portfolio Manager
|
Dollar Range of Equity
Securities Owned in the
Registrant
|
James L. Iselin
|
D
|
S. Blake Miller
|
B
|
A = None
B = $1-$10,000
C = $10,001 - $50,000
D =$50,001-$100,000
|
E = $100,001-$500,000
F = $500,001-$1,000,000
G = Over $1,000,000
|
(a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and
Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is
accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
|
(b) |
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
(a) |
The Fund did not engage in any securities lending activity during its most recent fiscal year.
|
(b) |
The Fund did not engage in any securities lending activity and no services were provided by the securities lending agent to the Fund during its most recent fiscal year.
|
(a)(1) |
(a)(2) |
Not applicable to the Registrant.
|
(a)(3) |
(a)(4) |
Not applicable to the Registrant.
|
(a)(5) |
Not applicable to the Registrant.
|
(b) |
Date: January 5, 2024 |
By: |
/s/ Joseph V. Amato |
|
|
Joseph V. Amato |
|
|
Chief Executive Officer and |
|
|
President |
Date: January 5, 2024 |
By: |
/s/ John M. McGovern |
|
|
John M. McGovern |
|
|
Treasurer and Principal Financial
|
|
|
and Accounting Officer |
|
|
|
1. |
The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2023, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m(a) or 78o(d)); and
|
2. |
The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
By:
By:
|
/s/ Joseph V. Amato
Joseph V. Amato
Chief Executive Officer and President
/s/ John M. McGovern
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
|
|
1 Year Neuberger Berman Municipal Chart |
1 Month Neuberger Berman Municipal Chart |
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