SEC Form N-CSRS filed by Neuberger Berman New York Municipal Fund Inc.
$NBO
Finance/Investors Services
Finance
As filed with the Securities and Exchange Commission on June 26, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21169
NEUBERGER BERMAN NEW YORK MUNICIPAL FUND INC.
(Exact Name of Registrant as specified in charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
(Address of Principal Executive Offices – Zip Code)
Joseph V. Amato
Chief Executive Officer and President
Neuberger Berman New York Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
New York, New York 10104-0002
Lori L. Schneider, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and addresses of agents for service)
Registrant’s telephone number, including area code: (212) 476-8800
Date of fiscal year end: October 31
Date of reporting period: April 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders
of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the
collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and
any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Stockholders.
| (a) |
Following is a copy of the semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.
|
Neuberger Berman
Municipal Closed-End Funds
Municipal Closed-End Funds
|
Neuberger Berman California
Municipal Fund Inc.
|
|
Neuberger Berman Municipal
Fund Inc.
|
|
Neuberger Berman New York
Municipal Fund Inc.
|
Semi-Annual Report
April 30, 2023
Contents
The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered
service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2023 Neuberger Berman Investment Advisers
LLC. All rights reserved.
President’s Letter
Dear Stockholder,
I am pleased to present this semi-annual report for Neuberger Berman California Municipal Fund Inc. (NBW), Neuberger Berman Municipal
Fund Inc. (NBH) and Neuberger Berman New York Municipal Fund Inc. (NBO and, together with NBW and NBH, the Funds) for the six months ended April 30, 2023 (the reporting period). The report includes for each Fund a portfolio commentary,
a listing of the Fund’s investments and its unaudited financial statements for the reporting period.
Each Fund’s investment objective is to provide a high level of current income exempt from federal income tax and, for the
state-specific Funds, NBW seeks to provide income that is also exempt from California personal income taxes and NBO seeks to provide income that is also exempt from New York State and New York City personal income taxes. The Funds may
invest in securities the interest on which is subject to the federal alternative minimum tax.
We maintain a conservative investment philosophy and disciplined investment process in an effort to provide you with tax-exempt
current income over the long term with less volatility and risk.
In February 2023, each Fund announced a decrease in its monthly distribution rate. NBH decreased its monthly distribution rate to
$0.03774 per share of common stock from the prior monthly distribution rate of $0.05025 per share. NBW decreased its monthly distribution rate to $0.0254 per share of common stock from the prior monthly distribution rate of $0.0448 per
share. NBO decreased its monthly distribution rate to $0.024233 per share of common stock from the prior monthly distribution rate of $0.03933 per share. The Funds’ decreases in distribution rates were the result of numerous factors,
including the current level of yields available in the municipal market and the related impact on the Funds’ levels of earnings, the amount of leverage currently employed by the Funds, increased costs of leverage associated with
interest-rate hikes and the amount of available undistributed net investment income.
In April 2023, each Fund announced that its Board of Directors approved proposal(s) to reorganize each of NBW and NBO into NBH. The
proposed reorganizations for the Funds are subject to certain conditions, including necessary approval by Fund stockholders. The Funds expect to hold a Joint Special Meeting of Stockholders to consider approval of the reorganization
proposals on July 7, 2023. Neuberger Berman Investment Advisers LLC (NBIA), the Funds’ investment adviser, recommended, and the Boards approved, the applicable reorganizations after a comprehensive assessment of the Funds. NBIA and the
Boards believe the reorganizations will benefit stockholders of each Fund through the creation of a larger fund that may offer economies of scale, including a lower total annual operating expense ratio, enhanced earnings potential, and
increased market liquidity for the combined fund’s common stock, which could positively impact trading in the combined fund’s shares.
Thank you for your confidence in the Funds. We will continue to do our best to retain your trust in the years to come.
Sincerely,
Joseph V. Amato
President and CEO
Neuberger Berman California Municipal Fund Inc.
Neuberger Berman Municipal Fund Inc.
Neuberger Berman New York Municipal Fund Inc.
President and CEO
Neuberger Berman California Municipal Fund Inc.
Neuberger Berman Municipal Fund Inc.
Neuberger Berman New York Municipal Fund Inc.
1
Neuberger Berman Municipal Closed-End Funds
Portfolio Commentary (Unaudited)
Portfolio Commentary (Unaudited)
For the six-month period ended April 30, 2023 (the reporting period), on a net asset value (NAV) basis, all three of the Neuberger Berman Municipal Closed-End Funds outperformed their benchmark, the Bloomberg 10-Year Municipal Bond Index (the Index). Neuberger Berman California Municipal Fund Inc. (NBW), Neuberger Berman Municipal Fund Inc. (NBH) and Neuberger Berman New York Municipal Fund Inc. (NBO and, together with NBW and NBH, the Funds) posted 10.86%, 11.29% and 11.08% total returns, respectively, whereas the Index generated a 7.70% total return for the same period. (Fund performance on a market price basis is provided in the tables immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) was positive for performance given the positive price return for the municipal market during the reporting period.
The investment-grade municipal bond market generated a positive return and outperformed the investment-grade taxable bond market
during the reporting period. All told, the Bloomberg Municipal Bond Index returned 7.65% for the reporting period, whereas the overall investment-grade taxable bond market, as measured by the Bloomberg U.S. Aggregate Bond Index,
returned 6.91%. The overall fixed income market experienced periods of heightened volatility, partly driven by uncertainties regarding future U.S. Federal Reserve Board (Fed) actions; moderating but still elevated inflation; and turmoil
in the regional banking industry, initially driven by the collapse of Silicon Valley Bank. In terms of the latter, fears of contagion triggered investor risk aversion, boosting demand for the safety of government debt. All told, both
short- and long-term yields moved lower during the reporting period and their prices rose (yields and bond prices generally move in the opposite direction).
Looking at the Funds’ performance, having a longer duration than the Index contributed to relative returns as interest rates declined.
An overweight to lower coupon/longer duration bonds versus the Index was also rewarded. All three Funds also benefited from their exposure to securities issued by Puerto Rico. For NBH, an overweight to securities issued by the state of
Illinois contributed to performance. On the downside, the Funds’ allocation to pre-refunded securities detracted from returns, as they underperformed the Index. For NBH and NBW, security selection in the hospital sector was a headwind
for returns.
There were no meaningful changes to the Funds’ portfolios during the reporting period as a whole.
Looking ahead, we are entering the busy season of state budget proposals and negotiations, with increased projections for slower
economic growth in the near term. State finances are generally in a favorable position due to revenue growth achieved during the pandemic. Impressive for state finances, this growth occurred amid all of the economic uncertainty during
the pandemic. Contributing to the improved fiscal position of many states are tax receipts during the pandemic that exceeded expectations and federal aid via $195 billion from the American Rescue Plan. In our view, while some states
face unique tax regimes and specific economic issues, strong finances built up in recent years will likely help in the near term. Our stable outlook for states is based on strong finances generated in recent years that, we believe, will
not only help in the near term, but also provide an additional financial tool during state budget negotiations.
Sincerely,
James L. Iselin and S. Blake Miller
Portfolio Co-Managers
Portfolio Co-Managers
The portfolio composition, industries and holdings of each Fund are subject to change without notice.
The opinions expressed are those of the Funds' portfolio managers. The opinions are as of the date of this report and are
subject to change without notice.
The value of securities owned by a Fund, as well as the market value of shares of the Fund’s common stock, may decline in
response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, national or global political, social
or economic instability; regulatory or legislative developments; price and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.
The bond rating(s) noted above represent segments of the Bloomberg 10-Year Municipal Bond Index, which are determined based
on the average ratings issued by S&P Global, Moody’s and Fitch.
2
California Municipal Fund Inc. (Unaudited)
|
TICKER SYMBOL
|
|
|
California Municipal Fund Inc.
|
NBW
|
|
PORTFOLIO BY STATE AND
TERRITORY
|
|
|
(as a % of Total Investments*)
|
|
|
American Samoa
|
0.5
%
|
|
California
|
85.7
|
|
Guam
|
2.4
|
|
Kansas
|
0.4
|
|
Louisiana
|
0.4
|
|
New Jersey
|
0.2
|
|
New York
|
0.5
|
|
Ohio
|
3.3
|
|
Puerto Rico
|
4.2
|
|
South Carolina
|
0.5
|
|
Texas
|
0.4
|
|
Virgin Islands
|
1.3
|
|
Wisconsin
|
0.2
|
|
Total
|
100.0
%
|
|
*
|
Does not include the impact of the Fund’s
open positions in derivatives, if any.
|
|
PERFORMANCE HIGHLIGHTS1
|
||||||
|
|
Inception
Date
|
Six Month
Period
Ended
04/30/2023
|
Average Annual Total Return
Ended 04/30/2023
|
|||
|
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
||
|
At NAV2
|
|
|
|
|
|
|
|
California
Municipal
Fund Inc.
|
09/24/2002
|
10.86%
|
0.29%
|
1.22%
|
2.45%
|
4.48%
|
|
At Market
Price3
|
|
|
|
|
|
|
|
California
Municipal
Fund Inc.
|
09/24/2002
|
12.00%
|
-1.28%
|
1.29%
|
0.87%
|
3.49%
|
|
Index
|
|
|
|
|
|
|
|
Bloomberg
10-Year
Municipal
Bond Index4
|
|
7.70%
|
4.93%
|
2.59%
|
2.50%
|
3.91%
|
Listed closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and,
once issued, shares of common stock of closed-end funds are sold in the secondary market on a stock exchange.
The performance data quoted represent past performance and do not indicate future results. Current
performance may be lower or higher than the performance data quoted. For current performance data, please visit www.nb.com/cef-performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if
any. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of shares of the Fund's common stock.
The investment return and market price will fluctuate and shares of the Fund’s common stock may trade at
prices above or below NAV. Shares of the Fund’s common stock, when sold, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("NBIA") had not waived a portion of its
investment management fees during certain of the periods shown. The waived fees are from prior years that are no longer disclosed in the Financial Highlights.
3
Municipal Fund Inc. (Unaudited)
|
TICKER SYMBOL
|
|
|
Municipal Fund Inc.
|
NBH
|
|
PORTFOLIO BY STATE AND
TERRITORY
|
|
|
(as a % of Total Investments*)
|
|
|
Alabama
|
0.2
%
|
|
American Samoa
|
0.5
|
|
Arizona
|
1.1
|
|
California
|
21.5
|
|
Colorado
|
2.2
|
|
Connecticut
|
0.2
|
|
District of Columbia
|
0.2
|
|
Florida
|
4.4
|
|
Guam
|
0.4
|
|
Hawaii
|
0.5
|
|
Illinois
|
14.2
|
|
Indiana
|
0.0
|
|
Iowa
|
0.3
|
|
Kentucky
|
0.3
|
|
Louisiana
|
0.8
|
|
Maine
|
0.4
|
|
Maryland
|
0.1
|
|
Massachusetts
|
0.5
|
|
Michigan
|
3.7
|
|
Minnesota
|
0.1
|
|
Mississippi
|
0.4
|
|
Nevada
|
0.3
|
|
New Hampshire
|
0.2
|
|
New Jersey
|
6.2
|
|
New Mexico
|
0.3
|
|
New York
|
12.3
|
|
North Carolina
|
1.3
|
|
Ohio
|
5.4
|
|
Oklahoma
|
0.7
|
|
Oregon
|
0.0
|
|
Pennsylvania
|
2.6
|
|
Puerto Rico
|
4.4
|
|
Rhode Island
|
0.6
|
|
South Carolina
|
0.8
|
|
Tennessee
|
0.5
|
|
Texas
|
3.8
|
|
Utah
|
2.0
|
|
Vermont
|
1.0
|
|
Virgin Islands
|
1.3
|
|
Virginia
|
0.6
|
|
Washington
|
2.7
|
|
Wisconsin
|
1.0
|
|
Total
|
100.0
%
|
|
*
|
Does not include the impact of the Fund’s
open positions in derivatives, if any.
|
|
PERFORMANCE HIGHLIGHTS1
|
||||||
|
|
Inception
Date
|
Six Month
Period
Ended
04/30/2023
|
Average Annual Total Return
Ended 04/30/2023
|
|||
|
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
||
|
At NAV2
|
|
|
|
|
|
|
|
Municipal
Fund Inc.
|
09/24/2002
|
11.29%
|
-0.32%
|
0.84%
|
2.56%
|
4.68%
|
|
At Market
Price3
|
|
|
|
|
|
|
|
Municipal
Fund Inc.
|
09/24/2002
|
13.11%
|
-6.37%
|
0.39%
|
1.14%
|
3.84%
|
|
Index
|
|
|
|
|
|
|
|
Bloomberg
10-Year
Municipal
Bond Index4
|
|
7.70%
|
4.93%
|
2.59%
|
2.50%
|
3.91%
|
Listed closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and,
once issued, shares of common stock of closed-end funds are sold in the secondary market on a stock exchange.
The performance data quoted represent past performance and do not indicate future results. Current
performance may be lower or higher than the performance data quoted. For current performance data, please visit www.nb.com/cef-performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if
any. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of shares of the Fund's common stock.
The investment return and market price will fluctuate and shares of the Fund’s common stock may trade at
prices above or below NAV. Shares of the Fund’s common stock, when sold, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("NBIA") had not waived a portion of its
investment management fees during certain of the periods shown. The waived fees are from prior years that are no longer disclosed in the Financial Highlights.
4
New York Municipal Fund Inc. (Unaudited)
|
TICKER SYMBOL
|
|
|
New York Municipal Fund Inc.
|
NBO
|
|
PORTFOLIO BY STATE AND
TERRITORY
|
|
|
(as a % of Total Investments*)
|
|
|
American Samoa
|
0.6
%
|
|
California
|
3.5
|
|
Guam
|
2.7
|
|
Kansas
|
0.6
|
|
Louisiana
|
0.5
|
|
New York
|
83.5
|
|
Ohio
|
0.2
|
|
Puerto Rico
|
5.9
|
|
South Carolina
|
0.2
|
|
Texas
|
0.3
|
|
Virgin Islands
|
1.1
|
|
Wisconsin
|
0.9
|
|
Total
|
100.0
%
|
|
*
|
Does not include the impact of the Fund’s
open positions in derivatives, if any.
|
|
PERFORMANCE HIGHLIGHTS1
|
||||||
|
|
Inception
Date
|
Six Month
Period
Ended
04/30/2023
|
Average Annual Total Return
Ended 04/30/2023
|
|||
|
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
||
|
At NAV2
|
|
|
|
|
|
|
|
New York
Municipal
Fund Inc.
|
09/24/2002
|
11.08%
|
-2.00%
|
0.27%
|
1.58%
|
3.81%
|
|
At Market
Price3
|
|
|
|
|
|
|
|
New York
Municipal
Fund Inc.
|
09/24/2002
|
10.97%
|
-2.45%
|
0.19%
|
-0.26%
|
2.79%
|
|
Index
|
|
|
|
|
|
|
|
Bloomberg
10-Year
Municipal
Bond Index4
|
|
7.70%
|
4.93%
|
2.59%
|
2.50%
|
3.91%
|
Listed closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and,
once issued, shares of common stock of closed-end funds are sold in the secondary market on a stock exchange.
The performance data quoted represent past performance and do not indicate future results. Current
performance may be lower or higher than the performance data quoted. For current performance data, please visit www.nb.com/cef-performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if
any. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of shares of the Fund's common stock.
The investment return and market price will fluctuate and shares of the Fund’s common stock may trade at
prices above or below NAV. Shares of the Fund’s common stock, when sold, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("NBIA") had not waived a portion of its
investment management fees during certain of the periods shown. The waived fees are from prior years that are no longer disclosed in the Financial Highlights.
5
Endnotes (Unaudited)
|
1
|
A portion of each 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 each Fund.
|
|
3
|
Returns based on the market price of shares of each 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. Each Fund may invest in securities not included in the above described
index and
generally does not invest in all securities included in the index.
|
For more complete information on Neuberger Berman Municipal Closed-End Funds, call Neuberger Berman Investment Advisers LLC at (877)
461-1899, or visit our website at www.nb.com.
6
Legend April 30, 2023 (Unaudited)
Neuberger Berman Municipal Closed-End Funds
|
Other Abbreviations:
|
|
|
Management or NBIA
|
= Neuberger Berman Investment Advisers LLC
|
7
Schedule of Investments California Municipal Fund Inc.^ (Unaudited)
April 30, 2023
April 30, 2023
|
Principal Amount
|
Value
|
|
|
Municipal Notes 163.8%
|
||
|
American Samoa 0.9%
|
||
|
$600,000
|
American Samoa Economic Development Authority General Revenue Refunding,
Series 2015-A,
6.25%, due 9/1/2029
|
$626,616
|
|
California 140.4%
|
||
|
1,875,000
|
California Community Choice Financing Clean Energy Project Authority Revenue
Green Bond,
Series 2021 B-1, (LOC: Morgan Stanley), 4.00%, due 2/1/2052 Putable 8/1/2031
|
1,891,061
|
|
|
California Educational Facilities Authority Refunding Revenue (University of
Redlands)
|
|
|
250,000
|
Series 2016-A, 5.00%, due 10/1/2028
|
257,977
|
|
260,000
|
Series 2016-A, 3.00%, due 10/1/2029
|
244,359
|
|
400,000
|
Series 2016-A, 3.00%, due 10/1/2030
|
371,758
|
|
1,000,000
|
California Educational Facilities Authority Revenue (Green Bond- Loyola
Marymount University),
Series 2018-B, 5.00%, due 10/1/2048
|
1,042,918
|
|
|
California Housing Finance Agency Municipal Certificate
|
|
|
1,230,664
|
Class A, Series 2019-2, 4.00%, due 3/20/2033
|
1,228,201
|
|
969,302
|
Class A, Series 2021-1-A, 3.50%, due 11/20/2035
|
917,815
|
|
480,000
|
California Infrastructure & Economic Development Bank Revenue (Wonderful
Foundations Charter
School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055
|
369,198
(a)
|
|
525,000
|
California Infrastructure & Economic Development Bank State School Fund
Revenue (King City Joint
Union High School), Series 2010, 5.13%, due 8/15/2024
|
525,439
|
|
1,000,000
|
California Municipal Finance Authority Charter School Lease Revenue
(Sycamore Academy Project),
Series 2014, 5.63%, due 7/1/2044
|
1,008,481
(a)
|
|
500,000
|
California Municipal Finance Authority Charter School Lease Revenue (Vista
Charter Middle School
Project), Series 2014, 5.13%, due 7/1/2029
|
500,943
|
|
|
California Municipal Finance Authority Charter School Revenue (John Adams
Academics Project)
|
|
|
160,000
|
Series 2015-A, 4.50%, due 10/1/2025
|
158,196
|
|
1,115,000
|
Series 2019-A, 5.00%, due 10/1/2049
|
1,013,277
(a)
|
|
1,000,000
|
California Municipal Finance Authority Charter School Revenue (Palmdale
Aerospace Academy Project),
Series 2016, 5.00%, due 7/1/2031
|
1,001,961
(a)
|
|
500,000
|
California Municipal Finance Authority Revenue (Baptist University), Series
2015-A, 5.00%, due
11/1/2030
|
507,494
(a)
|
|
|
California Municipal Finance Authority Revenue (Biola University)
|
|
|
375,000
|
Series 2013, 4.00%, due 10/1/2025 Pre-Refunded 10/1/2023
|
376,019
|
|
410,000
|
Series 2013, 4.00%, due 10/1/2026 Pre-Refunded 10/1/2023
|
411,114
|
|
455,000
|
Series 2013, 4.00%, due 10/1/2027 Pre-Refunded 10/1/2023
|
456,237
|
|
|
California Municipal Finance Authority Revenue (Touro College &
University Systems Obligated Group)
|
|
|
605,000
|
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
|
611,845
|
|
630,000
|
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
|
637,128
|
|
330,000
|
Series 2014-A, 4.00%, due 1/1/2029 Pre-Refunded 7/1/2024
|
333,734
|
|
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
|
1,900,568
|
|
|
California Public Finance Authority Refunding (Henry Mayo Newhall Hospital)
|
|
|
400,000
|
Series 2021-A, 4.00%, due 10/15/2027
|
406,864
|
|
360,000
|
Series 2021-A, 4.00%, due 10/15/2028
|
367,629
|
|
1,500,000
|
California School Facility Finance Authority Revenue (Green Dot Public
School Project), Series 2018-A,
5.00%, due 8/1/2048
|
1,494,119
(a)
|
|
|
California School Facility Finance Authority Revenue (KIPP LA Project)
|
|
|
250,000
|
Series 2014-A, 4.13%, due 7/1/2024
|
250,227
(a)
|
|
400,000
|
Series 2017-A, 4.00%, due 7/1/2023
|
399,863
(a)
|
|
375,000
|
Series 2017-A, 5.00%, due 7/1/2025
|
383,251
(a)
|
|
130,000
|
Series 2017-A, 5.00%, due 7/1/2027
|
136,345
(a)
|
See Notes to Financial Statements
8
Schedule of Investments California Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
California – cont'd
|
||
|
$400,000
|
California School Finance Authority Revenue (Alliance College - Ready Public
School Project),
Series 2015-A, 5.00%, due 7/1/2030
|
$411,591(a
)
|
|
2,195,000
|
California State Department of Veterans Affairs Home Purchase Refunding
Revenue, Series 2016-A,
3.00%, due 6/1/2029
|
2,180,982
|
|
|
California State General Obligation
|
|
|
2,000,000
|
Series 2020, 3.00%, due 11/1/2050
|
1,549,317
|
|
3,900,000
|
Series 2022, 3.00%, due 4/1/2052
|
3,017,134
|
|
1,000,000
|
Series 2022, 5.00%, due 9/1/2052
|
1,110,324
|
|
1,125,000
|
California State Infrastructure & Economic Development Bank Revenue
(California Academy of
Sciences), Series 2018-D, (SIFMA), 4.21%, due 8/1/2047 Putable 8/1/2024
|
1,112,134
|
|
2,000,000
|
California State Pollution Control Financing Authority Revenue (San Jose
Water Co. Project),
Series 2016, 4.75%, due 11/1/2046
|
2,024,856
|
|
710,000
|
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
|
71,000
(a)(b)
|
|
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
|
14,820
(a)(b)
|
|
550,000
|
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
|
369,372
(a)
|
|
1,595,000
|
California State Pollution Control Financing Authority Water Furnishing
Revenue, Series 2012, 5.00%,
due 7/1/2027
|
1,598,243
(a)
|
|
415,000
|
California State School Finance Authority Charter School Revenue (Downtown
College Prep-Obligation
Group), Series 2016, 4.50%, due 6/1/2031
|
411,659
(a)
|
|
400,000
|
California State School Finance Authority Charter School Revenue (Rocketship
Education),
Series 2016-A, 5.00%, due 6/1/2031
|
400,296
(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
|
984,353
(a)
|
|
190,000
|
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
|
191,895
(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
|
899,731
(a)
|
|
1,325,000
|
California Statewide Communities Development Authority Hospital Revenue
(Methodist Hospital of
Southern Project), Series 2018, 4.25%, due 1/1/2043
|
1,262,088
|
|
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
|
740,522
|
|
500,000
|
California Statewide Communities Development Authority Revenue (Loma Linda
University Medical
Center), Series 2018-A, 5.50%, due 12/1/2058
|
496,848
(a)
|
|
700,000
|
California Statewide Communities Development Authority Revenue (Redwoods
Project), Series 2013,
5.00%, due 11/15/2028 Pre-Refunded 11/15/2023
|
706,989
|
|
600,000
|
California Statewide Communities Development Authority Revenue Refunding
(Lancer Education
Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036
|
590,364
(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
|
1,537,546
|
|
1,500,000
|
California Statewide Communities Development Authority Revenue Refunding
(Redlands Community
Hospital), Series 2016, 4.00%, due 10/1/2041
|
1,467,805
|
|
440,000
|
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
|
446,865
|
|
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
|
2,125,441
|
|
500,000
|
California Statewide Communities Development Authority Student Housing
Revenue Refunding
(Baptist University), Series 2017-A, 5.00%, due 11/1/2032
|
511,301
(a)
|
|
|
Corona-Norco Unified School District Public Finance Authority Senior Lien
Revenue
|
|
|
350,000
|
Series 2013-A, 5.00%, due 9/1/2026 Pre-Refunded 9/1/2023
|
352,104
|
|
560,000
|
Series 2013-A, 5.00%, due 9/1/2027 Pre-Refunded 9/1/2023
|
563,366
|
See Notes to Financial Statements
9
Schedule of Investments California Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
California – cont'd
|
||
|
$2,000,000
|
Davis Joint Unified School District Certificate of Participation (Yolo Co.),
Series 2014, (BAM Insured),
4.00%, due 8/1/2024
|
$2,022,117
|
|
1,250,000
|
Emeryville Redevelopment Agency Successor Agency Tax Allocation Refunding
Revenue, Series 2014-A,
(AGM Insured), 5.00%, due 9/1/2025
|
1,281,790
|
|
1,500,000
|
Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding,
Subseries 2014-B2,
3.50%, due 1/15/2053
|
1,246,791
|
|
3,935,000
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue
Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
|
434,633
|
|
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
|
1,085,065
|
|
1,000,000
|
Inglewood Unified School District Facilities Financing Authority Revenue,
Series 2007, (AGM Insured),
5.25%, due 10/15/2026
|
1,039,413
|
|
|
Irvine Special Tax (Community Facility District No. 2005-2)
|
|
|
150,000
|
Series 2013, 4.00%, due 9/1/2023
|
150,295
|
|
300,000
|
Series 2013, 4.00%, due 9/1/2024
|
300,783
|
|
450,000
|
Series 2013, 4.00%, due 9/1/2025
|
451,485
|
|
645,000
|
Series 2013, 3.50%, due 9/1/2026
|
645,252
|
|
690,000
|
Series 2013, 3.63%, due 9/1/2027
|
690,690
|
|
680,000
|
Jurupa Public Financing Authority Special Tax Revenue, Series 2014-A, 5.00%,
due 9/1/2024
|
695,160
|
|
2,650,000
|
Los Angeles County Metropolitan Transportation Authority Revenue (Green
Bond), Series 2020-A,
5.00%, due 6/1/2031
|
3,117,558
|
|
1,500,000
|
Los Angeles Department of Airports Airport Revenue, Series 2020-C, 4.00%,
due 5/15/2050
|
1,418,251
|
|
1,400,000
|
Los Angeles Department of Water & Power Revenue Refunding, (LOC:
Barclays Bank PLC),
Series 2001-B-3, 3.40%, due 7/1/2034
|
1,400,000
(c)
|
|
1,400,000
|
Los Angeles Department of Water & Power Water System Revenue Refunding,
(LOC: Barclays Bank
PLC), Series 2019-A-2R, 3.40%, due 7/1/2045
|
1,400,000
(c)
|
|
3,000,000
|
North Orange County Community College District General Obligation, Series
2022-C, 4.00%, due
8/1/2047
|
3,001,203
|
|
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
|
1,078,447
|
|
885,000
|
Oxnard Harbor District Revenue, Series 2011-B, 4.50%, due 8/1/2024
|
894,525
|
|
1,250,000
|
Palomar Health Refunding Revenue, Series 2016, 4.00%, due 11/1/2039
|
1,166,679
|
|
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
|
1,030,765
|
|
475,000
|
Riverside County Community Facilities District Special Tax Revenue (Scott
Road), Series 2013, 5.00%,
due 9/1/2025
|
475,517
|
|
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
|
284,083
|
|
1,500,000
|
Riverside County Transportation Commission Toll Revenue Senior Lien (Capital
Appreciation),
Series 2013-B, 0.00%, due 6/1/2023
|
1,496,041
|
|
|
Romoland School District Special Tax Refunding (Community Facilities
District No. 2006-1)
|
|
|
100,000
|
Series 2017, 4.00%, due 9/1/2029
|
100,331
|
|
200,000
|
Series 2017, 4.00%, due 9/1/2030
|
200,511
|
|
525,000
|
Series 2017, 3.25%, due 9/1/2031
|
491,491
|
|
1,700,000
|
Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment
District No. 2),
Series 2016-A, 5.00%, due 10/1/2047
|
1,778,316
|
|
|
Sacramento City Finance Authority Refunding Revenue (Master Lease Program
Facilities)
|
|
|
1,000,000
|
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024
|
1,035,468
|
|
400,000
|
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026
|
435,885
|
|
1,950,000
|
Sacramento County Airport System Revenue Refunding, Series 2018-C, 5.00%,
due 7/1/2033
|
2,092,270
|
|
500,000
|
Sacramento Special Tax (Natomas Meadows Community Facilities District No.
2007-01), Series 2017,
5.00%, due 9/1/2047
|
509,429
(a)
|
See Notes to Financial Statements
10
Schedule of Investments California Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
California – cont'd
|
||
|
$2,000,000
|
San Luis Coastal Unified School District General Obligation (Election 2022),
Series 2023-A, 4.00%, due
8/1/2053
|
$1,982,403
|
|
|
Santa Maria Bonita School District Certificate of Participation (New School
Construction Project)
|
|
|
310,000
|
Series 2013, (BAM Insured), 3.25%, due 6/1/2025 Pre-Refunded 6/1/2023
|
310,000
|
|
575,000
|
Series 2013, (BAM Insured), 3.50%, due 6/1/2026 Pre-Refunded 6/1/2023
|
575,115
|
|
325,000
|
Series 2013, (BAM Insured), 3.50%, due 6/1/2027 Pre-Refunded 6/1/2023
|
325,065
|
|
270,000
|
Series 2013, (BAM Insured), 3.50%, due 6/1/2028 Pre-Refunded 6/1/2023
|
270,054
|
|
1,000,000
|
Santa Monica-Malibu Unified School District Refunding General Obligation,
Series 2013, 3.00%, due
8/1/2027 Pre-Refunded 8/1/2023
|
999,499
|
|
|
Sulphur Springs Union School District Certificate of Participation Conv.
Capital Appreciation Bonds
|
|
|
80,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037
|
82,236
|
|
525,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025
|
574,186
|
|
450,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025
|
490,396
|
|
170,000
|
Series 2010, (AGM Insured), 6.50%, due 12/1/2037
|
185,355
|
|
2,000,000
|
Sweetwater Union High School District Public Financing Authority Revenue,
Series 2013, (BAM
Insured), 5.00%, due 9/1/2025
|
2,010,030
|
|
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
|
517,823
|
|
2,000,000
|
Twin Rivers Unified School District General Obligation (Election 2022),
Series 2023-A, (BAM Insured),
4.13%, due 8/1/2047
|
1,970,949
|
|
3,000,000
|
Victor Valley Community College District General Obligation Capital
Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
|
3,642,430
|
|
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
|
3,161,944
|
|
2,250,000
|
Wiseburn School District General Obligation Capital Appreciation (Election
2010), Series 2011-B,
(AGM Insured), 0.00%, due 8/1/2036
|
2,397,296
(d)
|
|
|
|
99,297,992
|
|
Guam 3.9%
|
||
|
525,000
|
Antonio B Won Pat International Airport Authority Revenue Refunding, Series
2023-A, 5.38%, due
10/1/2040
|
525,160
(e)
|
|
500,000
|
Guam Government Business Privilege Tax Revenue Refunding, Series 2021-F,
4.00%, due 1/1/2036
|
486,084
|
|
600,000
|
Guam Government Hotel Occupancy Tax Revenue Refunding, Series 2021-A, 5.00%,
due 11/1/2040
|
609,088
|
|
1,075,000
|
Guam Power Authority Revenue, Series 2022-A, 5.00%, due 10/1/2037
|
1,141,129
|
|
|
|
2,761,461
|
|
Kansas 0.7%
|
||
|
|
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond
Project)
|
|
|
215,000
|
Series 2019, 3.60%, due 6/1/2030
|
202,998
|
|
300,000
|
Series 2021, 3.50%, due 6/1/2034
|
264,171
|
|
|
|
467,169
|
|
Louisiana 0.7%
|
||
|
500,000
|
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana
Charter Academy Foundation
Project), Series 2013-A, 7.63%, due 12/15/2028
|
503,246
|
|
New Jersey 0.3%
|
||
|
205,000
|
New Jersey State Economic Development Authority Revenue (Continental
Airlines, Inc., Project),
Series 1999, 5.13%, due 9/15/2023
|
205,146
|
|
New York 0.8%
|
||
|
650,000
|
Build NYC Resource Corp. Revenue, Series 2014, 5.25%, due 11/1/2034
|
587,354
|
See Notes to Financial Statements
11
Schedule of Investments California Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Ohio 5.3%
|
||
|
$3,815,000
|
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding
Revenue,
Series 2020-B-2, 5.00%, due 6/1/2055
|
$3,555,896
|
|
280,000
|
Southern Ohio Port Exempt Facility Authority Revenue, (PureCycle Project),
Series 2020-A, 7.00%, due
12/1/2042
|
208,398
(a)
|
|
|
|
3,764,294
|
|
Puerto Rico 6.9%
|
||
|
500,000
|
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1,
4.00%, due 7/1/2046
|
405,226
|
|
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
|
927,411
|
|
3,662,000
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1,
5.00%, due 7/1/2058
|
3,526,883
|
|
|
|
4,859,520
|
|
South Carolina 0.9%
|
||
|
395,000
|
South Carolina Jobs Economic Development Authority Economic Development
Revenue (River Park
Senior Living Project), Series 2017-A, 7.75%, due 10/1/2057
|
423,520
|
|
250,000
|
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
|
187,194
(a)
|
|
|
|
610,714
|
|
Texas 0.6%
|
||
|
294,783
|
Mission Economic Development Corp. Water Supply Revenue (Green
Bond-Environmental Water
Minerals Project), Series 2015, 7.75%, due 1/1/2045
|
5,896
(a)(b)
|
|
450,000
|
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue
(Bridgemoor Plano
Project), Series 2018-A, 7.25%, due 12/1/2053
|
405,000
(b)
|
|
|
|
410,896
|
|
Virgin Islands 2.1%
|
||
|
1,500,000
|
Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A,
5.00%, due 10/1/2039
|
1,471,949
|
|
Wisconsin 0.3%
|
||
|
300,000
|
Public Finance Authority Retirement Facility Revenue Refunding (Friends
Homes), Series 2019, 5.00%,
due 9/1/2054
|
254,477
(a)
|
|
Total Investments 163.8% (Cost $119,326,898)
|
115,820,834
|
|
|
Other Assets Less Liabilities 0.8%
|
576,485
|
|
|
Liquidation Preference of Variable Rate Municipal Term Preferred Shares
(64.6%)
|
(45,700,000
)
|
|
|
Net Assets Applicable to Common Stockholders 100.0%
|
$70,697,319
|
|
|
(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
April 30, 2023, these
securities amounted to $14,681,083, which represents 20.8% of net assets applicable to common
stockholders of the Fund.
|
|
(b)
|
Defaulted security.
|
|
(c)
|
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 April 30, 2023.
|
|
(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 April 30, 2023 amounted to
$525,160, which
represents 0.7% of net assets applicable to common stockholders of the Fund.
|
See Notes to Financial Statements
12
Schedule of Investments California Municipal Fund Inc.^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund’s
investments as of April 30, 2023:
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Municipal Notes#
|
$—
|
$115,820,834
|
$—
|
$115,820,834
|
|
Total Investments
|
$—
|
$115,820,834
|
$—
|
$115,820,834
|
|
#
|
The Schedule of Investments provides information on the state/territory categorization.
|
^
A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
13
Schedule of Investments Municipal Fund Inc.^ (Unaudited)
April 30, 2023
April 30, 2023
|
Principal Amount
|
Value
|
|
|
Municipal Notes 162.8%
|
||
|
Alabama 0.3%
|
||
|
$750,000
|
Sumter County Industrial Development Authority (Green Bond-Enviva, Inc.),
Series 2022, 6.00%, due
7/15/2052 Putable 7/15/2032
|
$675,155
|
|
American Samoa 0.8%
|
||
|
1,700,000
|
American Samoa Economic Development Authority General Revenue Refunding,
Series 2015-A,
6.25%, due 9/1/2029
|
1,775,411
|
|
Arizona 1.8%
|
||
|
500,000
|
Maricopa County Industrial Development Authority Education Refunding Revenue
(Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
|
500,256
(a)
|
|
2,250,000
|
Navajo Nation Refunding Revenue, Series 2015-A, 5.00%, due 12/1/2025
|
2,290,490
(a)
|
|
940,000
|
Phoenix Industrial Development Authority Education Revenue (Great Hearts
Academies Project),
Series 2014, 3.75%, due 7/1/2024
|
929,948
|
|
400,000
|
Phoenix-Mesa Gateway Airport Authority Special Facility Revenue (Mesa
Project), Series 2012,
5.00%, due 7/1/2024
|
400,414
|
|
|
|
4,121,108
|
|
California 35.0%
|
||
|
505,000
|
California Infrastructure & Economic Development Bank State School Fund
Revenue (King City Joint
Union High School), Series 2010, 5.13%, due 8/15/2024
|
505,422
|
|
|
California Municipal Finance Authority Charter School Lease Revenue
(Sycamore Academy Project)
|
|
|
420,000
|
Series 2014, 5.00%, due 7/1/2024
|
422,813
(a)
|
|
630,000
|
Series 2014, 5.13%, due 7/1/2029
|
635,730
(a)
|
|
|
California Municipal Finance Authority Charter School Lease Revenue (Vista
Charter Middle School
Project)
|
|
|
310,000
|
Series 2014, 5.00%, due 7/1/2024
|
310,430
|
|
430,000
|
Series 2014, 5.13%, due 7/1/2029
|
430,811
|
|
500,000
|
California Municipal Finance Authority Charter School Revenue (Palmdale
Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
|
500,980
(a)
|
|
570,000
|
California Municipal Finance Authority Revenue (Baptist University), Series
2015-A, 5.00%, due
11/1/2030
|
578,543
(a)
|
|
585,000
|
California Municipal Finance Authority Revenue (Touro College &
University Systems Obligated
Group), Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
|
591,619
|
|
2,000,000
|
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I
LLC-West Village
Student Housing Project), Series 2018, 5.00%, due 5/15/2051
|
2,020,154
|
|
275,000
|
California Municipal Finance Authority Student Housing Revenue (CHF-Davis II
LLC, Green
Bond-Orchard Park Student Housing Project), Series 2021, (BAM Insured),
3.00%, due 5/15/2054
|
207,478
|
|
1,300,000
|
California School Finance Authority Revenue (Alliance College - Ready Public
School Project),
Series 2015-A, 5.00%, due 7/1/2030
|
1,337,670
(a)
|
|
|
California State Department of Veterans Affairs Home Purchase Program
Refunding Revenue
|
|
|
2,155,000
|
Series 2016-A, 2.90%, due 6/1/2028
|
2,127,736
|
|
2,450,000
|
Series 2016-A, 2.95%, due 12/1/2028
|
2,426,195
|
|
8,000,000
|
California State General Obligation, Series 2022, 3.00%, due 4/1/2052
|
6,188,992
|
|
470,000
|
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
|
47,000
(a)(b)
|
|
2,000,000
|
California State Pollution Control Financing Authority Solid Waste Disposal
Revenue (Calplant I Green
Bond Project), Series 2019, 7.50%, due 12/1/2039
|
49,401
(a)(b)
|
|
1,855,000
|
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
|
1,245,792
(a)
|
|
3,990,000
|
California State Pollution Control Financing Authority Water Furnishing
Revenue, Series 2012,
5.00%, due 7/1/2027
|
3,998,112
(a)
|
|
12,665,000
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue
Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
|
1,398,890
|
See Notes to Financial Statements
14
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
California – cont'd
|
||
|
$2,000,000
|
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
|
$2,170,129
|
|
2,000,000
|
North Orange County Community College District General Obligation, Series
2022-C, 4.00%, due
8/1/2047
|
2,000,802
|
|
3,620,000
|
Norwalk-La Mirada Unified School District General Obligation Capital
Appreciation, Series 2005-B,
(AGM Insured), 0.00%, due 8/1/2024
|
3,477,712
|
|
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
|
6,554,454
|
|
5,000,000
|
Redondo Beach Unified School District General Obligation, Series 2009,
6.38%, due 8/1/2034
Pre-Refunded 8/1/2026
|
5,596,891
|
|
4,000,000
|
Sacramento City Finance Authority Refunding Revenue (Master Lease Program
Facilities),
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026
|
4,358,849
|
|
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
|
2,079,769
|
|
6,000,000
|
San Mateo Foster City School District General Obligation Capital
Appreciation (Election 2008),
Series 2010, 0.00%, due 8/1/2032
|
6,937,194
(c)
|
|
2,040,000
|
Sweetwater Union High School District Public Financing Authority Revenue,
Series 2013, (BAM
Insured), 5.00%, due 9/1/2025
|
2,050,231
|
|
9,070,000
|
Victor Valley Community College District General Obligation Capital
Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
|
11,012,280
|
|
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
|
4,636,269
|
|
3,000,000
|
Wiseburn School District General Obligation Capital Appreciation (Election
2010), Series 2011-B,
(AGM Insured), 0.00%, due 8/1/2036
|
3,196,395
(d)
|
|
|
|
79,094,743
|
|
Colorado 3.5%
|
||
|
|
Colorado Educational & Cultural Facilities Authority Revenue (Charter
School- Atlas Preparatory
School Project)
|
|
|
550,000
|
Series 2015, 4.50%, due 4/1/2025
|
556,944
(a)
|
|
1,000,000
|
Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
|
1,038,545
(a)
|
|
1,350,000
|
Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
|
1,405,150
(a)
|
|
750,000
|
Colorado Educational & Cultural Facility Authority Revenue Refunding,
Series 2014, 4.50%, due
11/1/2029
|
748,548
|
|
2,550,000
|
Plaza Metropolitan District No. 1 Tax Allocation Revenue, Series 2013,
4.00%, due 12/1/2023
|
2,543,996
(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
|
1,704,910
|
|
|
|
7,998,093
|
|
Connecticut 0.3%
|
||
|
750,000
|
Hamden General Obligation, Series 2013, (AGM Insured), 3.13%, due 8/15/2025
|
745,697
|
|
District of Columbia 0.3%
|
||
|
650,000
|
District of Columbia Student Dormitory Revenue (Provident Group-Howard
Property), Series 2013,
5.00%, due 10/1/2045
|
621,285
|
|
Florida 7.1%
|
||
|
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
|
16,000
(a)(b)
|
|
2,000,000
|
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School
Project), Series 2020-A-1,
5.00%, due 1/1/2055
|
1,513,390
(a)
|
|
770,000
|
Cityplace Community Development District Special Assessment Refunding
Revenue, Series 2012,
5.00%, due 5/1/2026
|
789,464
|
See Notes to Financial Statements
15
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Florida – cont'd
|
||
|
|
Florida Development Finance Corp. Education Facilities Revenue (Renaissance
Charter School, Inc.)
|
|
|
$3,120,000
|
Series 2013-A, 6.75%, due 12/15/2027 Pre-Refunded 6/15/2023
|
$3,131,404
|
|
1,750,000
|
Series 2014-A, 5.75%, due 6/15/2029
|
1,771,993
(a)
|
|
1,075,000
|
Florida Development Finance Corp. Education Facilities Revenue Refunding
(Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
|
971,661
|
|
8,000,000
|
Hillsborough County Industrial Development Authority Hospital Revenue (Tampa
General Hospital
Project), Series 2020, 3.50%, due 8/1/2055
|
6,263,286
|
|
845,000
|
Village Community Development District No. 11 Special Assessment Revenue,
Series 2014, 4.13%,
due 5/1/2029
|
835,419
|
|
960,000
|
Village Community Development District No. 13 Special Assessment Revenue,
Series 2019, 3.70%,
due 5/1/2050
|
732,820
|
|
|
|
16,025,437
|
|
Guam 0.6%
|
||
|
250,000
|
Antonio B Won Pat International Airport Authority Revenue Refunding, Series
2023-A, 5.38%, due
10/1/2043
|
249,835
(e)
|
|
1,000,000
|
Guam Power Authority Revenue, Series 2022-A, 5.00%, due 10/1/2035
|
1,079,483
|
|
|
|
1,329,318
|
|
Hawaii 0.8%
|
||
|
2,250,000
|
Hawaii State Department of Budget & Finance Special Purpose Revenue
(Hawaiian Electric Co., Inc. -
Subsidiary), Series 2019, 3.50%, due 10/1/2049
|
1,787,555
|
|
Illinois 23.1%
|
||
|
5,705,000
|
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
|
5,737,210
|
|
|
Chicago General Obligation
|
|
|
250,000
|
Series 2002-2002B, 5.13%, due 1/1/2027
|
255,039
|
|
2,000,000
|
Series 2002-B, 5.00%, due 1/1/2025
|
2,045,058
|
|
1,000,000
|
Series 2019-A, 5.00%, due 1/1/2044
|
996,104
|
|
|
Chicago Refunding General Obligation
|
|
|
1,000,000
|
Series 2005-D, 5.50%, due 1/1/2040
|
1,017,881
|
|
700,000
|
Series 2014-A, 5.00%, due 1/1/2027
|
704,320
|
|
3,000,000
|
Series 2017-A, 6.00%, due 1/1/2038
|
3,192,942
|
|
|
Cook County School District No. 83 General Obligation (Mannheim)
|
|
|
1,350,000
|
Series 2013-C, 5.45%, due 12/1/2030
|
1,368,244
|
|
1,960,000
|
Series 2013-C, 5.50%, due 12/1/2031
|
1,987,047
|
|
1,560,000
|
Illinois Finance Authority Refunding Revenue (Presence Health Network
Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
|
1,679,210
|
|
1,000,000
|
Illinois Finance Authority Revenue Refunding (Northwestern Memorial Health
Care Obligated Group),
Series 2017-A, 4.00%, due 7/15/2047
|
961,779
|
|
1,905,000
|
Illinois Sports Facilities Authority Capital Appreciation Revenue (Saint Tax
Supported), Series 2001,
(AMBAC Insured), 0.00%, due 6/15/2026
|
1,672,960
|
|
|
Illinois State General Obligation
|
|
|
3,900,000
|
Series 2012, 4.00%, due 8/1/2025 Pre-Refunded 8/8/2023
|
3,907,002
|
|
1,000,000
|
Series 2013, 5.00%, due 7/1/2023
|
1,002,176
|
|
5,200,000
|
Series 2017-D, 5.00%, due 11/1/2028
|
5,582,373
|
|
3,000,000
|
Series 2021-A, 4.00%, due 3/1/2039
|
2,918,484
|
|
2,175,000
|
Series 2021-A, 4.00%, due 3/1/2040
|
2,099,788
|
|
775,000
|
Series 2021-A, 5.00%, due 3/1/2046
|
813,328
|
|
4,250,000
|
Illinois State General Obligation Refunding, Series 2016, 5.00%, due
2/1/2024
|
4,293,124
|
See Notes to Financial Statements
16
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Illinois – cont'd
|
||
|
|
Southern Illinois University Certificate of Participation (Capital
Improvement Project)
|
|
|
$945,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027
|
$954,956
|
|
1,375,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028
|
1,388,952
|
|
715,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029
|
721,978
|
|
|
University of Illinois (Health Service Facilities System)
|
|
|
2,725,000
|
Series 2013, 5.00%, due 10/1/2027
|
2,747,447
|
|
2,875,000
|
Series 2013, 5.75%, due 10/1/2028
|
2,909,047
|
|
1,500,000
|
Upper Illinois River Valley Development Authority Revenue Refunding
(Cambridge Lakes Learning
Center), Series 2017-A, 5.25%, due 12/1/2047
|
1,323,036
(a)
|
|
|
|
52,279,485
|
|
Indiana 0.1%
|
||
|
150,000
|
Valparaiso Exempt Facilities Revenue (Pratt Paper LLC Project), Series 2013,
5.88%, due 1/1/2024
|
151,461
|
|
Iowa 0.5%
|
||
|
1,105,000
|
Iowa State Higher Education Loan Authority Revenue (Des Moines University
Project), Series 2020,
5.00%, due 10/1/2028
|
1,183,761
|
|
Kentucky 0.5%
|
||
|
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
|
1,100,766
|
|
Louisiana 1.3%
|
||
|
675,243
|
Louisiana Local Government Environmental Facilities & Community
Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
|
592,067
(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
|
1,631,173
(a)
|
|
775,000
|
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana
Charter Academy Foundation
Project), Series 2013-A, 7.63%, due 12/15/2028
|
780,032
|
|
|
|
3,003,272
|
|
Maine 0.7%
|
||
|
2,600,000
|
Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project),
Series 2021, 8.00%, due
12/1/2051
|
1,521,867
(a)
|
|
Maryland 0.1%
|
||
|
300,000
|
Baltimore Special Obligation Refunding Revenue Senior Lien (Harbor Point
Project), Series 2022,
5.00%, due 6/1/2051
|
286,957
|
|
Massachusetts 0.8%
|
||
|
|
Massachusetts State Development Finance Agency Revenue (Milford Regional
Medical Center)
|
|
|
200,000
|
Series 2014-F, 5.00%, due 7/15/2024
|
200,457
|
|
415,000
|
Series 2014-F, 5.00%, due 7/15/2025
|
415,869
|
|
200,000
|
Series 2014-F, 5.00%, due 7/15/2026
|
200,478
|
|
190,000
|
Series 2014-F, 5.00%, due 7/15/2027
|
190,500
|
|
860,000
|
Massachusetts State Education Financing Authority Revenue, Series 2012-J,
4.70%, due 7/1/2026
|
860,172
|
|
|
|
1,867,476
|
|
Michigan 6.0%
|
||
|
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
|
1,492,022
|
|
|
Detroit General Obligation
|
|
|
3,000,000
|
Series 2021-A, 5.00%, due 4/1/2046
|
2,933,046
|
|
3,850,000
|
Series 2021-A, 5.00%, due 4/1/2050
|
3,709,530
|
|
2,000,000
|
Michigan State Building Authority Revenue (Facilities Program), Series
2022-I, 5.00%, due
10/15/2047
|
2,203,400
|
See Notes to Financial Statements
17
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Michigan – cont'd
|
||
|
$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
|
$2,483,393
|
|
750,000
|
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project),
Series 2018, 5.00%,
due 6/30/2048
|
750,790
|
|
100,000
|
Summit Academy Public School Academy Refunding Revenue, Series 2005, 6.38%,
due 11/1/2035
|
40,000
(b)
|
|
|
|
13,612,181
|
|
Minnesota 0.2%
|
||
|
400,000
|
Saint Paul Housing & Redevelopment Authority Charter School Lease
Revenue (Metro Deaf School
Project), Series 2018-A, 5.00%, due 6/15/2038
|
383,984
(a)
|
|
Mississippi 0.7%
|
||
|
1,700,000
|
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa
Project), Series 2021, 3.63%,
due 11/1/2036
|
1,529,934
(a)
|
|
Nevada 0.5%
|
||
|
|
Director of the State of Nevada Department of Business & Industrial
Revenue (Somerset Academy)
|
|
|
655,000
|
Series 2015-A, 4.00%, due 12/15/2025
|
635,017
(a)
|
|
500,000
|
Series 2015-A, 5.13%, due 12/15/2045
|
457,502
(a)
|
|
|
|
1,092,519
|
|
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
|
569,310
(a)
|
|
New Jersey 10.1%
|
||
|
|
New Jersey Economic Development Authority Revenue (The Goethals Bridge
Replacement Project)
|
|
|
500,000
|
Series 2013-A, 5.25%, due 1/1/2025
|
503,843
|
|
500,000
|
Series 2013-A, 5.50%, due 1/1/2026
|
504,800
|
|
|
New Jersey Economic Development Authority Revenue (United Methodist Homes of
New Jersey
Obligated Group)
|
|
|
1,420,000
|
Series 2013, 3.50%, due 7/1/2024 Pre-Refunded 7/1/2023
|
1,419,941
|
|
1,470,000
|
Series 2013, 3.63%, due 7/1/2025 Pre-Refunded 7/1/2023
|
1,470,235
|
|
1,520,000
|
Series 2013, 3.75%, due 7/1/2026 Pre-Refunded 7/1/2023
|
1,520,549
|
|
765,000
|
Series 2013, 4.00%, due 7/1/2027 Pre-Refunded 7/1/2023
|
765,622
|
|
1,115,000
|
New Jersey Higher Education Student Assistance Authority Revenue (Student
Loan Revenue),
Series 2012-1A, 4.38%, due 12/1/2026
|
1,115,247
|
|
685,000
|
New Jersey State Economic Development Authority Revenue (Continental
Airlines, Inc., Project),
Series 1999, 5.13%, due 9/15/2023
|
685,488
|
|
|
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
|
1,015,934
(a)
|
|
725,000
|
Series 2019-A, 5.00%, due 6/15/2054
|
657,257
(a)
|
|
7,250,000
|
New Jersey State Transportation Trust Fund Authority, Series 2019-BB, 4.00%,
due 6/15/2050
|
6,843,021
|
|
|
New Jersey State Transportation Trust Fund Authority Transportation System
Revenue Refunding
|
|
|
1,250,000
|
Series 2018-A, 5.00%, due 12/15/2036
|
1,339,274
|
|
4,000,000
|
Series 2018-A, 4.25%, due 12/15/2038
|
4,075,284
|
|
1,000,000
|
Series 2018-A, (BAM Insured), 4.00%, due 12/15/2037
|
1,015,742
|
|
|
|
22,932,237
|
|
New Mexico 0.6%
|
||
|
1,500,000
|
Winrock Town Center Tax Increment Development District No. 1 (Senior Lien),
Series 2022, 4.25%,
due 5/1/2040
|
1,255,689
(a)
|
See Notes to Financial Statements
18
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York 20.0%
|
||
|
$225,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
Refunding (Charter School for
Applied Technologies Project), Series 2017-A, 5.00%, due 6/1/2035
|
$231,518
|
|
625,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
Refunding (Orchard Park),
Series 2015, 5.00%, due 11/15/2029
|
631,654
|
|
1,345,000
|
Build NYC Resource Corp. Refunding Revenue (New York Law School Project),
Series 2016, 4.00%,
due 7/1/2045
|
1,135,914
|
|
|
Build NYC Resource Corp. Revenue
|
|
|
1,100,000
|
Series 2014, 5.00%, due 11/1/2024
|
1,073,470
|
|
835,000
|
Series 2014, 5.25%, due 11/1/2029
|
788,837
|
|
975,000
|
Series 2014, 5.50%, due 11/1/2044
|
804,313
|
|
250,000
|
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School
Project), Series 2017-A,
5.00%, due 6/1/2047
|
229,669
(a)
|
|
825,000
|
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series
2019, 5.75%, due
2/1/2049
|
826,160
(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
|
1,366,138
(a)
|
|
425,000
|
Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt
Paper, Inc. Project),
Series 2014, 4.50%, due 1/1/2025
|
426,059
(a)
|
|
|
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
|
|
|
700,000
|
Series 2014, 5.00%, due 7/1/2023
|
701,255
|
|
735,000
|
Series 2014, 5.00%, due 7/1/2024
|
746,081
|
|
390,000
|
Series 2018, 5.00%, due 7/1/2030
|
412,603
|
|
1,400,000
|
Jefferson County Industrial Development Agency Solid Waste Disposal Revenue
(Green
Bond-Reenergy Black River LLC Project), Series 2014, 5.25%, due 1/1/2024
|
140,000
(a)(f)(g)
|
|
|
Metropolitan Transportation Authority Revenue (Green Bond)
|
|
|
8,500,000
|
Series 2020-D-3, 4.00%, due 11/15/2049
|
7,851,971
|
|
3,000,000
|
Series 2020-D-3, 4.00%, due 11/15/2050
|
2,762,510
|
|
4,000,000
|
New York City Industrial Development Agency Revenue (Yankee Stadium
Project), Series 2020-A,
3.00%, due 3/1/2049
|
2,917,329
|
|
800,000
|
New York City Municipal Water Finance Authority Water & Sewer System
Refunding Revenue
(Second General Resolution Revenue Bonds), Series 2022-DD, 3.97%, due
6/15/2033
|
800,000
(h)
|
|
1,700,000
|
New York City Municipal Water Finance Authority Water & Sewer System
Revenue (Second General
Resolution Revenue Bonds), (LOC: UBS AG), Series 2008-BB-1, 3.78%, due
6/15/2039
|
1,700,000
(h)
|
|
500,000
|
New York Liberty Development Corp. Refunding Revenue (3 World Trade Center
Project),
Series 2014, 5.38%, due 11/15/2040
|
500,170
(a)
|
|
3,200,000
|
New York State Dormitory Authority Revenue Non State Supported Debt
(University Facility),
Series 2013-A, 5.00%, due 7/1/2028 Pre-Refunded 7/1/2023
|
3,209,087
|
|
2,300,000
|
New York State Dormitory Authority Revenue Refunding Non State Supported
Debt (Montefiore
Obligation Group), Series 2018-A, 5.00%, due 8/1/2035
|
2,239,460
|
|
1,000,000
|
New York State Dormitory Authority Revenue State Supported Debt (New
School), Series 2022-A,
4.00%, due 7/1/2052
|
896,566
|
|
2,000,000
|
New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series
2014-189,
3.45%, due 4/1/2027
|
1,995,177
|
|
1,000,000
|
New York State Transportation Development Corp. Facility Revenue (Empire
Saint Thruway Service
Areas Project), Series 2021, 4.00%, due 4/30/2053
|
845,408
|
|
2,000,000
|
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
|
2,092,849
|
|
500,000
|
New York State Transportation Development Corp. Special Facility Revenue
Refunding (JFK
International Airport Terminal 4 Project), Series 2022, 5.00%, due 12/1/2039
|
525,610
|
|
1,155,000
|
Suffolk County Judicial Facilities Agency Lease Revenue (H. Lee Dennison
Building), Series 2013,
4.25%, due 11/1/2026
|
1,163,231
|
|
2,000,000
|
Utility Debt Securitization Authority Revenue, Series 2013-TE, 5.00%, due
12/15/2028
|
2,023,163
|
|
500,000
|
Westchester County Local Development Corp. Revenue (Purchase Senior Learning
Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
|
363,258
(a)
|
See Notes to Financial Statements
19
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York – cont'd
|
||
|
$600,000
|
Westchester County Local Development Corp. Revenue Refunding (Wartburg
Senior Housing Project),
Series 2015-A, 5.00%, due 6/1/2030
|
$547,626(a
)
|
|
3,000,000
|
Yonkers Industrial Development Agency School Facilities Revenue (New
Community School Project),
Series 2022, 5.00%, due 5/1/2047
|
3,264,032
|
|
|
|
45,211,118
|
|
North Carolina 2.2%
|
||
|
3,590,000
|
North Carolina Housing Finance Agency Homeownership Refunding Revenue,
Series 2020-45,
(GNMA/FNMA/FHLMC Insured), 2.20%, due 7/1/2040
|
2,616,930
|
|
|
North Carolina Medical Care Commission Retirement Facilities Revenue
|
|
|
380,000
|
Series 2013, 5.13%, due 7/1/2023
|
380,966
|
|
1,700,000
|
Series 2020-A, 4.00%, due 9/1/2050
|
1,254,956
|
|
700,000
|
North Carolina Medical Care Commission Retirement Facilities Revenue (Twin
Lakes Community),
Series 2019-A, 5.00%, due 1/1/2049
|
654,858
|
|
|
|
4,907,710
|
|
Ohio 8.8%
|
||
|
12,955,000
|
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding
Revenue,
Series 2020-B-2, 5.00%, due 6/1/2055
|
12,075,135
|
|
1,000,000
|
Jefferson County Port Economic Development Authority Revenue (JSW Steel USA,
Ohio, Inc. Project),
Series 2021, 3.50%, due 12/1/2051
|
700,126
(a)
|
|
500,000
|
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG
Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
|
460,305
(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
|
886,130
|
|
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
|
2,178,704
|
|
3,500,000
|
Port Authority of Greater Cincinnati Development Revenue (Convention Center
Hotel Acquisition &
Demolition Project), Series 2020-A, 3.00%, due 5/1/2023
|
3,500,000
|
|
|
|
19,800,400
|
|
Oklahoma 1.1%
|
||
|
2,000,000
|
Oklahoma State Development Finance Authority Health Systems Revenue (OU
Medicine Project),
Series 2018-B, 5.00%, due 8/15/2033
|
1,935,615
|
|
|
Tulsa Airport Improvement Trust Refunding Revenue
|
|
|
250,000
|
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2024
|
253,124
|
|
400,000
|
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024
|
405,677
|
|
|
|
2,594,416
|
|
Oregon 0.0%(i)
|
||
|
30,000
|
Oregon State Housing & Community Service Department Multi-Family
Revenue, Series 2012-B,
(FHA/GNMA/FNMA/FHLMC Insured), 3.50%, due 7/1/2027
|
30,000
|
|
Pennsylvania 4.3%
|
||
|
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
|
2,644,977
|
|
1,250,000
|
Lancaster Industrial Development Authority Revenue (Garden Spot Village
Project), Series 2013,
5.38%, due 5/1/2028 Pre-Refunded 5/1/2023
|
1,250,000
|
|
5,000,000
|
Leigh County Industrial Development Authority Pollution Control Revenue
Refunding, Series 2016-A,
3.00%, due 9/1/2029
|
4,930,865
|
|
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)(b)
|
|
|
|
9,721,780
|
See Notes to Financial Statements
20
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Puerto Rico 7.2%
|
||
|
$500,000
|
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1,
4.00%, due
7/1/2046
|
$405,226
|
|
16,373,000
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1,
5.00%, due 7/1/2058
|
15,768,884
|
|
|
|
16,174,110
|
|
Rhode Island 1.0%
|
||
|
3,045,000
|
Rhode Island State Housing & Mortgage Finance Corp. Revenue
(Homeownership Opportunity),
Series 2020-73, 2.30%, due 10/1/2040
|
2,278,926
|
|
South Carolina 1.3%
|
||
|
1,480,000
|
South Carolina Jobs Economic Development Authority Economic Development
Revenue (River Park
Senior Living Project), Series 2017-A, 7.75%, due 10/1/2057
|
1,586,860
|
|
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
|
1,046,250
(a)(b)(f)(g)
|
|
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
|
300,000
(a)(b)
|
|
|
|
2,933,110
|
|
Tennessee 0.9%
|
||
|
2,000,000
|
Tennessee State Energy Acquisition Corp. Gas Revenue (Goldman Sachs Group,
Inc.), Series 2006-A,
5.25%, due 9/1/2023
|
2,005,044
|
|
Texas 6.2%
|
||
|
250,000
|
Anson Educational Facilities Corp. Educational Revenue (Arlington Classics
Academy), Series 2016-A,
5.00%, due 8/15/2045
|
251,803
|
|
|
Arlington Higher Education Finance Corp. Revenue (Universal Academy)
|
|
|
120,000
|
Series 2014-A, 5.88%, due 3/1/2024
|
120,080
|
|
1,000,000
|
Series 2014-A, 6.63%, due 3/1/2029
|
1,009,479
|
|
730,000
|
Austin Community College District Public Facility Corp. Lease Revenue,
Series 2018-C, 4.00%, due
8/1/2042
|
715,624
|
|
250,000
|
Dallas County Flood Control District No. 1 Refunding General Obligation,
Series 2015, 5.00%, due
4/1/2028
|
250,063
(a)
|
|
2,000,000
|
Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.),
Series 2012-B, 4.75%,
due 11/1/2042
|
1,949,922
|
|
|
Hale Center Education Facilities Corp. Revenue Refunding (Wayland Baptist
University Project)
|
|
|
405,000
|
Series 2022, 5.00%, due 3/1/2033
|
433,846
|
|
1,000,000
|
Series 2022, 5.00%, due 3/1/2034
|
1,064,549
|
|
1,825,000
|
Series 2022, 4.00%, due 3/1/2035
|
1,765,260
|
|
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
|
1,000,308
|
|
|
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy)
|
|
|
545,000
|
Series 2019-A, 5.00%, due 8/15/2039
|
524,965
(a)
|
|
520,000
|
Series 2019-A, 5.00%, due 8/15/2049
|
470,671
(a)
|
|
1,225,000
|
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue
(Bridgemoor Plano
Project), Series 2018-A, 7.25%, due 12/1/2053
|
1,102,500
(b)
|
|
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
|
225,000
|
|
|
Parkway Utility District Water & Sewer System Revenue
|
|
|
495,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2033
|
479,214
|
|
690,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2034
|
663,724
|
|
545,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2035
|
505,959
|
|
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
|
587,880
|
See Notes to Financial Statements
21
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Texas – cont'd
|
||
|
$1,000,000
|
Texas State Private Activity Bond Surface Transportation Corp. Revenue
(Segment 3C Project),
Series 2019, 5.00%, due 6/30/2058
|
$1,001,982
|
|
|
|
14,122,829
|
|
Utah 3.2%
|
||
|
|
Salt Lake City Airport Revenue
|
|
|
1,000,000
|
Series 2017-A, 5.00%, due 7/1/2042
|
1,027,456
|
|
2,000,000
|
Series 2017-A, 5.00%, due 7/1/2047
|
2,042,481
|
|
1,000,000
|
Series 2018-A, 5.00%, due 7/1/2043
|
1,033,936
|
|
3,000,000
|
Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001,
(AMBAC Insured), 5.40%,
due 2/15/2028
|
3,104,478
|
|
|
|
7,208,351
|
|
Vermont 1.6%
|
||
|
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
|
1,002,353
(a)
|
|
|
Vermont Student Assistant Corp. Education Loan Revenue
|
|
|
1,800,000
|
Series 2014-A, 5.00%, due 6/15/2024
|
1,821,540
|
|
785,000
|
Series 2015-A, 4.13%, due 6/15/2027
|
784,032
|
|
|
|
3,607,925
|
|
Virgin Islands 2.2%
|
||
|
5,000,000
|
Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A,
5.00%, due
10/1/2039
|
4,906,496
|
|
Virginia 0.9%
|
||
|
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
|
2,014,485
|
|
Washington 4.4%
|
||
|
6,700,000
|
Vancouver Downtown Redevelopment Authority Revenue (Conference Center
Project), Series 2013,
4.00%, due 1/1/2028
|
6,712,090
|
|
1,000,000
|
Washington State Economic Development Finance Authority Environmental
Facilities Revenue (Green
Bond), Series 2020-A, 5.63%, due 12/1/2040
|
973,301
(a)
|
|
790,000
|
Washington State Health Care Facilities Authority Revenue Refunding
(Virginia Mason Medical
Center), Series 2017, 5.00%, due 8/15/2026
|
822,050
|
|
1,458,241
|
Washington State Housing Finance Commission, Series 2021-A-1, 3.50%, due
12/20/2035
|
1,368,663
|
|
|
|
9,876,104
|
|
Wisconsin 1.6%
|
||
|
2,000,000
|
Public Finance Authority Airport Facility Revenue Refunding (Trips
Obligation Group), Series 2012-B,
5.00%, due 7/1/2042
|
1,994,563
|
|
870,000
|
Public Finance Authority Education Revenue (Pine Lake Preparatory, Inc.),
Series 2015, 4.95%, due
3/1/2030
|
881,120
(a)
|
|
200,000
|
Public Finance Authority Education Revenue (Resh Triangle High School
Project), Series 2015-A,
5.38%, due 7/1/2035
|
200,936
(a)
|
|
590,000
|
Public Finance Authority Revenue Refunding (Roseman University Health
Sciences Project),
Series 2015, 5.00%, due 4/1/2025
|
589,655
|
|
|
|
3,666,274
|
|
Total Investments 162.8% (Cost $381,451,857)
|
368,003,779
|
|
|
Other Assets Less Liabilities 1.6%
|
3,810,294
|
|
|
Liquidation Preference of Variable Rate Municipal Term Preferred Shares
(64.4%)
|
(145,700,000
)
|
|
|
Net Assets Applicable to Common Stockholders 100.0%
|
$226,114,073
|
|
See Notes to Financial Statements
22
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
(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
April 30, 2023, these
securities amounted to $44,130,683, which represents 19.5% of net assets applicable to common
stockholders of the Fund.
|
|
(b)
|
Defaulted security.
|
|
(c)
|
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
|
|
(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 April 30, 2023 amounted to
$249,835, which
represents 0.1% of net assets applicable to common stockholders of the Fund.
|
|
(f)
|
Value determined using significant unobservable inputs.
|
|
(g)
|
Security fair valued as of April 30, 2023 in accordance with procedures approved by the
valuation designee.
Total value of all such securities at April 30, 2023 amounted to $1,186,250, which represents
0.5% of net
assets applicable to common stockholders of the Fund.
|
|
(h)
|
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 April 30, 2023.
|
|
(i)
|
Represents less than 0.05% of net assets applicable to common stockholders of the Fund.
|
The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund’s
investments as of April 30, 2023:
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Investments:
|
|
|
|
|
|
Municipal Notes
|
|
|
|
|
|
New York
|
$—
|
$45,071,118
|
$140,000
|
$45,211,118
|
|
South Carolina
|
—
|
1,886,860
|
1,046,250
|
2,933,110
|
|
Other Municipal Notes#
|
—
|
319,859,551
|
—
|
319,859,551
|
|
Total Municipal Notes
|
—
|
366,817,529
|
1,186,250
|
368,003,779
|
|
Total Investments
|
$—
|
$366,817,529
|
$1,186,250
|
$368,003,779
|
|
#
|
The Schedule of Investments provides a categorization by state/territory.
|
|
(a)
|
The following is a reconciliation between the beginning and ending balances of investments in
which
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
4/30/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
4/30/2023
|
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Notes(1)
|
$140
|
$2
|
$—
|
$(1,164
)
|
$—
|
$—
|
$2,208
|
$—
|
$1,186
|
$(1,164
)
|
|
Total
|
$140
|
$2
|
$—
|
$(1,164
)
|
$—
|
$—
|
$2,208
|
$—
|
$1,186
|
$(1,164
)
|
See Notes to Financial Statements
23
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
(1) Quantitative
Information about Level 3 Fair Value Measurements:
|
|
Investment type
|
Fair value
at
4/30/2023
|
Valuation
approach
|
Unobservable
input(s)
|
Input value/
range
|
Weighted
average(a)
|
Impact to
valuation
from
increase
in input(b)
|
|
Municipal Notes
|
$1,186,250
|
Market Approach
|
Recovery Value
|
$10.00 - $45.00
|
$40.87
|
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.
|
||||||
^
A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
24
Schedule of Investments New York Municipal Fund Inc.^ (Unaudited)
April 30, 2023
April 30, 2023
|
Principal Amount
|
Value
|
|
|
Municipal Notes 162.6%
|
||
|
American Samoa 0.9%
|
||
|
$500,000
|
American Samoa Economic Development Authority General Revenue Refunding,
Series 2015-A, 6.25%,
due 9/1/2029
|
$522,180
|
|
California 5.7%
|
||
|
250,000
|
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
|
25,000
(a)(b)
|
|
345,000
|
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
|
231,697
(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
|
2,988,525
|
|
|
|
3,245,222
|
|
Guam 4.4%
|
||
|
500,000
|
Antonio B Won Pat International Airport Authority Revenue Refunding, Series
2023-A, 5.38%, due
10/1/2043
|
499,669
(c)
|
|
200,000
|
Guam Government Business Privilege Tax Revenue Refunding, Series 2021-F,
4.00%, due 1/1/2036
|
194,433
|
|
650,000
|
Guam Government Hotel Occupancy Tax Revenue, Series 2021-A, 5.00%, due
11/1/2035
|
684,493
|
|
1,035,000
|
Guam Power Authority Revenue, Series 2022-A, 5.00%, due 10/1/2036
|
1,107,214
|
|
|
|
2,485,809
|
|
Kansas 1.0%
|
||
|
|
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond
Project)
|
|
|
220,000
|
Series 2019, 3.60%, due 6/1/2030
|
207,718
|
|
420,000
|
Series 2021, 3.50%, due 6/1/2034
|
369,840
|
|
|
|
577,558
|
|
Louisiana 0.9%
|
||
|
500,000
|
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana
Charter Academy Foundation
Project), Series 2013-A, 7.63%, due 12/15/2028
|
503,246
|
|
New York 135.8%
|
||
|
|
Albany Capital Resource Corp. Refunding Revenue (Albany College of Pharmacy
& Health Sciences)
|
|
|
380,000
|
Series 2014-A, 5.00%, due 12/1/2027
|
385,989
|
|
375,000
|
Series 2014-A, 5.00%, due 12/1/2028
|
381,016
|
|
270,000
|
Series 2014-A, 5.00%, due 12/1/2029
|
274,317
|
|
750,000
|
Broome County Local Development Corp. Revenue (Good Shepherd Village at
Endwell, Inc. Project),
Series 2021, 4.00%, due 1/1/2047
|
550,684
|
|
500,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
(Tapestry Charter School Project),
Series 2017, 5.00%, due 8/1/2047
|
460,424
|
|
1,325,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
Refunding (Charter School for
Applied Technologies Project), Series 2017-A, 5.00%, due 6/1/2035
|
1,363,385
|
|
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
Refunding (Orchard Park)
|
|
|
500,000
|
Series 2015, 5.00%, due 11/15/2027
|
507,476
|
|
500,000
|
Series 2015, 5.00%, due 11/15/2028
|
506,159
|
|
|
Build NYC Resource Corp. Refunding Revenue (City University - Queens
College)
|
|
|
270,000
|
Series 2014-A, 5.00%, due 6/1/2026
|
274,263
|
|
225,000
|
Series 2014-A, 5.00%, due 6/1/2029
|
228,289
|
|
500,000
|
Build NYC Resource Corp. Refunding Revenue (Methodist Hospital Project),
Series 2014, 5.00%, due
7/1/2029 Pre-Refunded 7/1/2024
|
510,062
|
|
1,250,000
|
Build NYC Resource Corp. Refunding Revenue (New York Law School Project),
Series 2016, 4.00%, due
7/1/2045
|
1,055,682
|
See Notes to Financial Statements
25
Schedule of Investments New York Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York – cont'd
|
||
|
|
Build NYC Resource Corp. Refunding Revenue (Packer Collegiate Institute
Project)
|
|
|
$155,000
|
Series 2015, 5.00%, due 6/1/2026
|
$160,287
|
|
125,000
|
Series 2015, 5.00%, due 6/1/2027
|
129,034
|
|
195,000
|
Series 2015, 5.00%, due 6/1/2028
|
200,858
|
|
220,000
|
Series 2015, 5.00%, due 6/1/2029
|
226,074
|
|
325,000
|
Series 2015, 5.00%, due 6/1/2030
|
333,382
|
|
565,000
|
Build NYC Resource Corp. Revenue, Series 2014, 5.00%, due 11/1/2024
|
551,373
|
|
750,000
|
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School
Project), Series 2017-A,
5.00%, due 6/1/2047
|
689,006
(a)
|
|
575,000
|
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series
2019, 5.75%, due
2/1/2049
|
575,808
(a)
|
|
450,000
|
Build NYC Resource Corp. Revenue (New World Preparatory Charter School
Project), Series 2021-A,
4.00%, due 6/15/2056
|
326,694
(a)
|
|
750,000
|
Build NYC Resource Corp. Revenue (Shefa School Project), Series 2021-A,
5.00%, due 6/15/2051
|
643,242
(a)
|
|
100,000
|
Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt
Paper, Inc. Project),
Series 2014, 4.50%, due 1/1/2025
|
100,249
(a)
|
|
|
Dutchess County Local Development Corp. Revenue (Culinary Institute of
America Project)
|
|
|
200,000
|
Series 2016-A-1, 5.00%, due 7/1/2041
|
202,272
|
|
275,000
|
Series 2016-A-1, 5.00%, due 7/1/2046
|
276,844
|
|
|
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
|
|
|
405,000
|
Series 2018, 5.00%, due 7/1/2031
|
427,816
|
|
425,000
|
Series 2018, 5.00%, due 7/1/2032
|
448,066
|
|
450,000
|
Series 2018, 5.00%, due 7/1/2033
|
473,257
|
|
|
Metropolitan Transportation Authority Revenue (Green Bond)
|
|
|
1,500,000
|
Series 2020-C-1, 5.00%, due 11/15/2050
|
1,550,260
|
|
2,000,000
|
Series 2020-D-3, 4.00%, due 11/15/2049
|
1,847,523
|
|
300,000
|
Monroe County Industrial Development Corp. Revenue (Monroe Community
College), Series 2014,
(AGM Insured), 5.00%, due 1/15/2029
|
304,879
|
|
|
Monroe County Industrial Development Corp. Revenue (Nazareth College of
Rochester Project)
|
|
|
500,000
|
Series 2013-A, 5.00%, due 10/1/2024
|
502,318
|
|
500,000
|
Series 2013-A, 5.00%, due 10/1/2025
|
502,597
|
|
250,000
|
Series 2013-A, 4.00%, due 10/1/2026
|
250,037
|
|
|
Monroe County Industrial Development Corp. Revenue (Saint John Fisher
College)
|
|
|
1,120,000
|
Series 2012-A, 5.00%, due 6/1/2023
|
1,121,139
|
|
210,000
|
Series 2012-A, 5.00%, due 6/1/2025
|
210,240
|
|
|
Nassau County Local Economic Assistance Corp. Revenue (Catholic Health
Services of Long Island
Obligated Group Project)
|
|
|
500,000
|
Series 2014, 5.00%, due 7/1/2023
|
500,880
|
|
1,000,000
|
Series 2014, 5.00%, due 7/1/2027
|
1,020,334
|
|
4,175,000
|
Nassau County Tobacco Settlement Corp. Asset Backed, Series 2006-A-3, 5.13%,
due 6/1/2046
|
3,761,915
|
|
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
|
1,073,239
|
|
2,000,000
|
New York City Industrial Development Agency Revenue (Yankee Stadium
Project), Series 2020-A, (AGM
Insured), 3.00%, due 3/1/2049
|
1,484,387
|
|
1,125,000
|
New York City Municipal Water Finance Authority Water & Sewer System
Refunding Revenue (Second
General Resolution Revenue Bonds), Series 2022-DD, 3.97%, due 6/15/2033
|
1,125,000
(d)
|
|
2,500,000
|
New York City Municipal Water Finance Authority Water & Sewer System
Revenue (Second General
Resolution Revenue Bonds), (LOC: Barclays Bank PLC), Subseries 2014-BB-4,
3.77%, due 6/15/2050
|
2,500,000
(d)
|
|
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
|
772,509
|
See Notes to Financial Statements
26
Schedule of Investments New York Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York – cont'd
|
||
|
|
New York General Obligation
|
|
|
$1,000,000
|
Series 2012-3, 4.00%, due 4/1/2042
|
$1,000,000(d
)
|
|
800,000
|
Series 2022-D-3, 3.78%, due 5/1/2052
|
800,000
(d)
|
|
500,000
|
New York Liberty Development Corp. Refunding Revenue (3 World Trade Center
Project), Series 2014,
5.38%, due 11/15/2040
|
500,170
(a)
|
|
2,000,000
|
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters),
Series 2005, 5.25%, due
10/1/2035
|
2,295,734
|
|
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
|
677,700
|
|
1,450,000
|
New York State Dormitory Authority Revenue, Series 2018-A, 5.00%, due
7/1/2048
|
1,536,605
|
|
780,000
|
New York State Dormitory Authority Revenue Non State Supported Debt
(Culinary Institute of America),
Series 2013, 4.63%, due 7/1/2025
|
780,990
|
|
|
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
|
464,836
|
|
470,000
|
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
|
474,941
|
|
200,000
|
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
|
202,103
|
|
275,000
|
Series 2014-A, 4.13%, due 1/1/2029 Pre-Refunded 7/1/2024
|
278,281
|
|
1,350,000
|
New York State Dormitory Authority Revenue Non State Supported Debt
(University Facility),
Series 2013-A, 5.00%, due 7/1/2028 Pre-Refunded 7/1/2023
|
1,353,833
|
|
615,000
|
New York State Dormitory Authority Revenue Non State Supported Debt (Vaughn
College of
Aeronautics & Technology), Series 2016, 5.00%, due 12/1/2026
|
611,692
(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
|
396,519
(a)
|
|
1,500,000
|
New York State Dormitory Authority Revenue Refunding Non State Supported
Debt (Montefiore
Obligation Group), Series 2018-A, 5.00%, due 8/1/2035
|
1,460,517
|
|
|
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
|
197,286
(a)
|
|
400,000
|
Series 2017, 5.00%, due 12/1/2037
|
392,931
(a)
|
|
|
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
|
440,211
(a)
|
|
500,000
|
Series 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025
|
477,290
|
|
660,000
|
New York State Housing Finance Agency Revenue (Affordable Housing), Series
2012-F, (SONYMA
Insured), 3.05%, due 11/1/2027
|
648,660
|
|
830,000
|
New York State Housing Finance Agency Revenue Refunding (Affordable
Housing), Series 2020-H,
2.45%, due 11/1/2044
|
583,584
|
|
1,045,000
|
New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series
2014-189, 3.45%,
due 4/1/2027
|
1,042,480
|
|
2,000,000
|
New York State Transportation Development Corp. Facility Revenue (Empire
Saint Thruway Service Areas
Project), Series 2021, 4.00%, due 4/30/2053
|
1,690,815
|
|
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
|
1,501,821
|
|
2,000,000
|
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
|
2,092,849
|
|
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
|
1,063,928
|
|
|
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
|
91,440
|
|
400,000
|
Series 2020-C, 4.00%, due 12/1/2042
|
383,615
|
|
1,000,000
|
Niagara Area Development Corp. Solid Waste Disposal Facility Revenue
Refunding (Covanta Project),
Series 2018-A, 4.75%, due 11/1/2042
|
855,406
(a)
|
See Notes to Financial Statements
27
Schedule of Investments New York Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York – cont'd
|
||
|
|
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara
International Airport)
|
|
|
$375,000
|
Series 2019-A, 5.00%, due 4/1/2037
|
$394,940
|
|
350,000
|
Series 2019-A, 5.00%, due 4/1/2038
|
367,069
|
|
350,000
|
Series 2019-A, 5.00%, due 4/1/2039
|
365,814
|
|
|
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
|
938,726
|
|
2,000,000
|
Series 2019-A, (AGM Insured), 4.00%, due 12/1/2049
|
1,816,523
|
|
500,000
|
Port Authority New York & New Jersey Consolidated Bonds Revenue
Refunding (Two Hundred),
Series 2017, 5.00%, due 4/15/2057
|
521,066
|
|
1,980,000
|
Suffolk County Judicial Facilities Agency Lease Revenue (H. Lee Dennison
Building), Series 2013, 5.00%,
due 11/1/2025
|
1,992,219
|
|
1,750,000
|
Suffolk Tobacco Asset Securitization Corp. Refunding (Tobacco Settle Asset
Backed Subordinated
Bonds), Series 2021-B1, 4.00%, due 6/1/2050
|
1,715,873
|
|
400,000
|
Triborough Bridge & Tunnel Authority Revenue Refunding, Series 2005-B-3,
3.72%, due 1/1/2032
|
400,000
(d)
|
|
35,000
|
Triborough Bridge & Tunnel Authority Special Obligation, Series 1998-A,
(National Public Finance
Guarantee Corp. Insured), 4.75%, due 1/1/2024
|
35,328
|
|
|
TSASC, Inc. Revenue Refunding
|
|
|
580,000
|
Series 2017-A, 5.00%, due 6/1/2028
|
609,415
|
|
3,000,000
|
Series 2017-A, 5.00%, due 6/1/2041
|
3,059,720
|
|
3,000,000
|
Utility Debt Securitization Authority Revenue, Series 2013-TE, 5.00%, due
12/15/2028
|
3,034,744
|
|
|
Westchester County Local Development Corp. Refunding Revenue (Westchester
Medical Center)
|
|
|
825,000
|
Series 2016, 5.00%, due 11/1/2030
|
835,914
|
|
1,000,000
|
Series 2016, 3.75%, due 11/1/2037
|
851,855
|
|
1,000,000
|
Westchester County Local Development Corp. Revenue (Purchase Senior Learning
Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
|
726,517
(a)
|
|
1,000,000
|
Westchester County Local Development Corp. Revenue Refunding (Kendal on
Hudson Project),
Series 2022-B, 5.00%, due 1/1/2051
|
941,449
|
|
1,000,000
|
Westchester County Local Development Corp. Revenue Refunding (Wartburg
Senior Housing Project),
Series 2015-A, 5.00%, due 6/1/2030
|
912,709
(a)
|
|
665,000
|
Yonkers Economic Development Corp. Education Revenue (Charter School of
Education Excellence
Project), Series 2019-A, 5.00%, due 10/15/2049
|
597,603
|
|
2,000,000
|
Yonkers Industrial Development Agency School Facilities Revenue (New
Community School Project),
Series 2022, 5.00%, due 5/1/2047
|
2,176,021
|
|
|
|
77,379,007
|
|
Ohio 0.3%
|
||
|
230,000
|
Southern Ohio Port Exempt Facility Authority Revenue, (PureCycle Project),
Series 2020-A, 7.00%, due
12/1/2042
|
171,184
(a)
|
|
Puerto Rico 9.5%
|
||
|
750,000
|
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1,
4.00%, due 7/1/2046
|
607,839
|
|
5,017,000
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1,
5.00%, due 7/1/2058
|
4,831,887
|
|
|
|
5,439,726
|
|
South Carolina 0.4%
|
||
|
300,000
|
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
|
224,633
(a)
|
|
Texas 0.5%
|
||
|
393,043
|
Mission Economic Development Corp. Water Supply Revenue (Green
Bond-Environmental Water
Minerals Project), Series 2015, 7.75%, due 1/1/2045
|
7,861
(a)(b)
|
|
325,000
|
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue
(Bridgemoor Plano Project),
Series 2018-A, 7.25%, due 12/1/2053
|
292,500
(b)
|
|
|
|
300,361
|
See Notes to Financial Statements
28
Schedule of Investments New York Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Virgin Islands 1.7%
|
||
|
$1,000,000
|
Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A,
5.00%, due 10/1/2039
|
$981,299
|
|
Wisconsin 1.5%
|
||
|
300,000
|
Public Finance Authority Retirement Facility Revenue Refunding (Friends
Homes), Series 2019, 5.00%,
due 9/1/2054
|
254,477
(a)
|
|
800,000
|
Saint Croix Chippewa Indians of Wisconsin Refunding, Series 2021, 5.00%, due
9/30/2041
|
604,046
(a)
|
|
|
|
858,523
|
|
Total Investments 162.6% (Cost $99,421,412)
|
92,688,748
|
|
|
Other Assets Less Liabilities 1.4%
|
805,750
|
|
|
Liquidation Preference of Variable Rate Municipal Term Preferred Shares
(64.0%)
|
(36,500,000
)
|
|
|
Net Assets Applicable to Common Stockholders 100.0%
|
$56,994,498
|
|
|
(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
April 30, 2023, these
securities amounted to $8,887,338, which represents 15.6% of net assets applicable to common
stockholders of the Fund.
|
|
(b)
|
Defaulted security.
|
|
(c)
|
When-issued security. Total value of all such securities at April 30, 2023 amounted to
$499,669, which
represents 0.9% of net assets applicable to common stockholders of the Fund.
|
|
(d)
|
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 April 30, 2023.
|
The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund’s
investments as of April 30, 2023:
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Municipal Notes#
|
$—
|
$92,688,748
|
$—
|
$92,688,748
|
|
Total Investments
|
$—
|
$92,688,748
|
$—
|
$92,688,748
|
|
#
|
The Schedule of Investments provides a categorization by state/territory.
|
^
A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Financial Statements
29
Statements of Assets and Liabilities (Unaudited)
Neuberger Berman
|
|
California
Municipal
Fund Inc.
|
Municipal
Fund Inc.
|
New York
Municipal
Fund Inc.
|
|
|
April 30,
2023
|
April 30,
2023
|
April 30,
2023
|
|
Assets
|
|
|
|
|
Investments in securities, at value* (Note
A)—
see Schedule of Investments:
|
|
|
|
|
Unaffiliated issuers(a)
|
$115,820,834
|
$368,003,779
|
$92,688,748
|
|
Cash
|
134,008
|
252,273
|
1,052,396
|
|
Interest receivable
|
1,372,040
|
4,962,615
|
1,401,359
|
|
Receivable for securities sold
|
—
|
240,000
|
—
|
|
Prepaid expenses and other assets
|
1,780
|
5,771
|
1,355
|
|
Total Assets
|
117,328,662
|
373,464,438
|
95,143,858
|
|
Liabilities
|
|
|
|
|
Variable Rate Municipal Term Preferred Shares, Series A ($100,000 liquidation
preference per share; 457, 1,457 and 365 shares outstanding for California Fund,
Municipal Fund and New York Fund, respectively) (Note A)
|
45,700,000
|
145,700,000
|
36,500,000
|
|
Distributions payable—preferred shares
|
131,678
|
419,816
|
105,170
|
|
Distributions payable—common stock
|
140,997
|
711,141
|
123,041
|
|
Payable to investment manager (Note B)
|
24,046
|
76,734
|
19,294
|
|
Payable for securities purchased
|
520,007
|
245,592
|
1,293,285
|
|
Payable to administrator (Note B)
|
28,856
|
92,080
|
23,152
|
|
Payable to directors
|
1,693
|
1,431
|
1,715
|
|
Other accrued expenses and payables
|
84,066
|
103,571
|
83,703
|
|
Total Liabilities
|
46,631,343
|
147,350,365
|
38,149,360
|
|
Net Assets applicable to Common Stockholders
|
$70,697,319
|
$226,114,073
|
$56,994,498
|
|
Net Assets applicable to Common Stockholders consist of:
|
|
|
|
|
Paid-in capital—common stock
|
$77,382,711
|
$258,479,317
|
$70,229,701
|
|
Total distributable earnings/(losses)
|
(6,685,392
)
|
(32,365,244
)
|
(13,235,203
)
|
|
Net Assets applicable to Common Stockholders
|
$70,697,319
|
$226,114,073
|
$56,994,498
|
|
Shares of Common Stock Outstanding ($0.0001 par value; 999,996,410,
999,990,206 and 999,996,517 shares authorized for California Fund, Municipal
Fund and New York Fund, respectively)
|
5,551,044
|
18,843,164
|
5,077,417
|
|
Net Asset Value Per Share of Common Stock Outstanding
|
$12.74
|
$12.00
|
$11.23
|
|
*Cost of Investments:
|
|
|
|
|
(a) Unaffiliated issuers
|
$119,326,898
|
$381,451,857
|
$99,421,412
|
|
|
See Notes to Financial Statements
30
Statements of Operations (Unaudited)
Neuberger Berman
|
|
California
Municipal
Fund Inc.
|
Municipal
Fund Inc.
|
New York
Municipal
Fund Inc.
|
|
|
For the Six
Months Ended
April 30,
2023
|
For the Six
Months Ended
April 30,
2023
|
For the Six
Months Ended
April 30,
2023
|
|
Investment Income:
|
|
|
|
|
Income (Note A):
|
|
|
|
|
Interest and other income—unaffiliated issuers
|
$2,279,836
|
$8,450,538
|
$1,938,688
|
|
Expenses:
|
|
|
|
|
Investment management fees (Note B)
|
144,154
|
460,843
|
115,875
|
|
Administration fees (Note B)
|
172,985
|
553,011
|
139,050
|
|
Audit fees
|
24,988
|
25,142
|
24,988
|
|
Basic maintenance (Note A)
|
6,199
|
6,198
|
6,199
|
|
Custodian and accounting fees
|
36,367
|
45,992
|
35,382
|
|
Insurance
|
1,595
|
5,050
|
1,326
|
|
Legal fees
|
56,961
|
55,644
|
55,943
|
|
Stockholder reports
|
13,837
|
26,787
|
14,442
|
|
Stock exchange listing fees
|
1,899
|
6,086
|
1,587
|
|
Stock transfer agent fees
|
15,068
|
15,154
|
15,115
|
|
Distributions to Variable Rate Municipal Term Preferred Shareholders (Note A)
|
849,811
|
2,711,127
|
679,530
|
|
Directors' fees and expenses
|
21,049
|
21,137
|
21,042
|
|
Interest
|
—
|
160
|
168
|
|
Miscellaneous and other fees
|
15,934
|
16,766
|
15,868
|
|
Total expenses
|
1,360,847
|
3,949,097
|
1,126,515
|
|
Net investment income/(loss)
|
$918,989
|
$4,501,441
|
$812,173
|
|
Realized and Unrealized Gain/(Loss) on Investments (Note A):
|
|
|
|
|
Net realized gain/(loss) on:
|
|
|
|
|
Transactions in investment securities of unaffiliated issuers
|
(35,452
)
|
(79,503
)
|
56,109
|
|
Change in net unrealized appreciation/(depreciation) in value of:
|
|
|
|
|
Investment securities of unaffiliated issuers
|
5,987,859
|
18,526,849
|
4,731,851
|
|
Net gain/(loss) on investments
|
5,952,407
|
18,447,346
|
4,787,960
|
|
Net increase/(decrease) in net assets applicable to Common Stockholders
resulting from operations
|
$6,871,396
|
$22,948,787
|
$5,600,133
|
See Notes to Financial Statements
31
Statements of Changes in Net Assets
Neuberger Berman
|
|
California Municipal
Fund Inc.
|
Municipal
Fund Inc.
|
||
|
|
Six Months
Ended
|
Fiscal Year
Ended
|
Six Months
Ended
|
Fiscal Year
Ended
|
|
|
April 30,
2023
(Unaudited)
|
October 31,
2022
|
April 30,
2023
(Unaudited)
|
October 31,
2022
|
|
Increase/(Decrease) in Net Assets Applicable to Common
Stockholders:
|
|
|
|
|
|
From Operations (Note A):
|
|
|
|
|
|
Net investment income/(loss)
|
$918,989
|
$2,741,078
|
$4,501,441
|
$11,540,476
|
|
Net realized gain/(loss) on investments
|
(35,452
)
|
(471,658
)
|
(79,503
)
|
(3,511,579
)
|
|
Change in net unrealized appreciation/(depreciation) of
investments
|
5,987,859
|
(19,536,346
)
|
18,526,849
|
(67,731,359
)
|
|
Net increase/(decrease) in net assets applicable to Common
Stockholders resulting from operations
|
6,871,396
|
(17,266,926
)
|
22,948,787
|
(59,702,462
)
|
|
Distributions to Common Stockholders From (Note A):
|
|
|
|
|
|
Distributable earnings
|
(1,169,050
)
|
(2,984,241
)
|
(4,974,030
)
|
(12,509,970
)
|
|
From Capital Share Transactions (Note D):
|
|
|
|
|
|
Proceeds from reinvestment of dividends and distributions
|
—
|
—
|
—
|
119,234
|
|
Net Increase/(Decrease) in Net Assets Applicable to
Common Stockholders
|
5,702,346
|
(20,251,167
)
|
17,974,757
|
(72,093,198
)
|
|
Net Assets Applicable to Common Stockholders:
|
|
|
|
|
|
Beginning of period
|
64,994,973
|
85,246,140
|
208,139,316
|
280,232,514
|
|
End of period
|
$70,697,319
|
$64,994,973
|
$226,114,073
|
$208,139,316
|
See Notes to Financial Statements
33
|
New York
Municipal
Fund Inc.
|
|
|
Six Months
Ended
|
Fiscal Year
Ended
|
|
April 30,
2023
(Unaudited)
|
October 31,
2022
|
|
|
|
|
|
|
|
$812,173
|
$2,376,734
|
|
56,109
|
(3,044,458
)
|
|
4,731,851
|
(15,325,876
)
|
|
5,600,133
|
(15,993,600
)
|
|
|
|
|
(968,208
)
|
(2,396,338
)
|
|
|
|
|
—
|
—
|
|
4,631,925
|
(18,389,938
)
|
|
|
|
|
52,362,573
|
70,752,511
|
|
$56,994,498
|
$52,362,573
|
34
Notes to Financial Statements Municipal Closed-End Funds (Unaudited)
Note A—Summary of Significant Accounting Policies:
1
General: Neuberger Berman
California Municipal Fund Inc. ("California Fund"), Neuberger Berman Municipal Fund Inc. ("Municipal Fund") and Neuberger Berman New York Municipal Fund Inc. ("New York Fund") (each individually a "Fund", and collectively, the
"Funds") were organized as Maryland corporations on July 29, 2002. California Fund and New York Fund registered as non-diversified, closed-end management investment companies and Municipal Fund registered as a diversified,
closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change
to that of a diversified fund. Each Fund is currently a diversified fund. Each Fund’s Board of Directors ("Board") may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without
the approval of stockholders.
A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less than 1.
The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no
other.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of
the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."
The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP")
requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.
2
Portfolio valuation: In
accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to
an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are
considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure
purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of
investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with
investing in those securities.
The value of the Funds’ investments in municipal notes is determined by Management primarily by obtaining valuations
from independent pricing services based on bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes include current trades, bid-wanted lists (which
inform the market that a holder is
35
interested in selling a position and that offers will be considered), offerings, general information on market movement,
direction, trends, appraisals, bid offers and specific data on specialty issues.
Management has developed a process to periodically review information provided by independent pricing services for all
types of securities.
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the
valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level
3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value
of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for any
and all Fund investments. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security;
the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers
and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company’s or issuer’s financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security
is purchased and sold.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the
price at which the security is next quoted or next trades.
3
Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of
premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost and stated separately in the Statements of Operations.
4
Income tax information: Each
Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S.
Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its stockholders. To the extent a Fund distributes substantially all of its net investment
income and net realized capital gains to stockholders, no federal income or excise tax provision is required.
ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a tax position taken, or
expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S.
federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. Management has analyzed each Fund's tax positions taken or expected to be taken on federal and
state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.
For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments
held at April 30, 2023 were as follows:
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net Unrealized
Appreciation/
(Depreciation)
|
|
California Fund
|
$119,481,325
|
$3,685,327
|
$7,345,818
|
$(3,660,491
)
|
|
Municipal Fund
|
381,577,810
|
15,968,544
|
29,542,575
|
(13,574,031
)
|
|
New York Fund
|
100,150,960
|
343,227
|
7,805,439
|
(7,462,212
)
|
36
Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may
differ from GAAP. These differences, if any, are primarily due to differing treatments of income and gains on various investment securities held by each Fund and net operating losses written off.
Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no
impact on net income, net asset value ("NAV") or NAV per share of common stock of the Funds. For the year ended October 31, 2022, the Funds recorded permanent reclassifications primarily related to non-deductible stock issuance costs.
For the year ended October 31, 2022, the Funds recorded the following permanent reclassifications:
|
|
Paid-in Capital
|
Total Distributable
Earnings/(Losses)
|
|
California Fund
|
$(5,966
)
|
$5,966
|
|
Municipal Fund
|
(5,963
)
|
5,963
|
|
New York Fund
|
(5,966
)
|
5,966
|
The tax character of distributions paid during the years ended October 31, 2022, and October 31, 2021, was as follows:
|
|
Distributions Paid From:
|
|||||||||
|
|
Ordinary
Income
|
Tax-Exempt
Income
|
Long-Term
Capital Gain
|
Return of
Capital
|
Total
|
|||||
|
|
2022
|
2021
|
2022
|
2021
|
2022
|
2021
|
2022
|
2021
|
2022
|
2021
|
|
California Fund
|
$2,437
|
$1,768
|
$3,905,521
|
$3,505,199
|
$—
|
$—
|
$—
|
$—
|
$3,907,958
|
$3,506,967
|
|
Municipal Fund
|
214,885
|
213,186
|
15,201,041
|
15,511,565
|
—
|
—
|
—
|
—
|
15,415,926
|
15,724,751
|
|
New York Fund
|
290
|
—
|
3,166,782
|
2,836,378
|
—
|
—
|
—
|
—
|
3,167,072
|
2,836,378
|
|
|
|
|
|
|
|
|
|
|
|
|
As of October 31, 2022, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis
were as follows:
|
|
Undistributed
Ordinary
Income
|
Undistributed
Tax-Exempt
Income
|
Undistributed
Long-Term
Capital Gain
|
Unrealized
Appreciation/
(Depreciation)
|
Loss
Carryforwards
and Deferrals
|
Other
Temporary
Differences
|
Total
|
|
California Fund
|
$—
|
$925,838
|
$—
|
$(9,648,351
)
|
$(3,280,641
)
|
$(384,584
)
|
$(12,387,738
)
|
|
Municipal Fund
|
—
|
694,794
|
—
|
(32,100,881
)
|
(17,547,236
)
|
(1,386,678
)
|
(50,340,001
)
|
|
New York Fund
|
—
|
441,639
|
—
|
(12,194,063
)
|
(5,803,531
)
|
(311,173
)
|
(17,867,128
)
|
The temporary differences between book basis and tax basis distributable earnings are primarily due to: defaulted bond
adjustments, timing differences of fund level distributions and tax adjustments related to partnerships and other investments.
To the extent each Fund’s net realized capital gains, if any, can be offset by capital loss carryforwards, it is the
policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As
determined at October 31, 2022, the Funds had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:
|
|
Capital Loss Carryforwards
|
|
|
|
Long-Term
|
Short-Term
|
|
California Fund
|
$2,509,687
|
$770,954
|
|
Municipal Fund
|
15,050,167
|
2,497,069
|
|
New York Fund
|
3,516,241
|
981,632
|
37
Under the current tax rules, the Funds may defer any realized late-year ordinary losses as occurring on the first day of
the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31. For the year ended October 31, 2022, New York Fund elected to defer late-year ordinary losses of
$1,305,658.
5
Distributions to common stockholders: Each Fund earns income, net of expenses, daily on its investments. It is the policy of each Fund to declare and pay monthly distributions to common stockholders. Distributions from net realized capital gains,
if any, are normally distributed in December. Distributions to common stockholders are recorded on the ex-date. Distributions to preferred stockholders are accrued and determined as described in Note A-7.
On April 17, 2023, each Fund declared a monthly distribution to common stockholders payable May 15, 2023, to
stockholders of record on April 28, 2023, with an ex-date of April 27, 2023 as follows:
|
|
Distribution per share
|
|
California Fund
|
$0.025400
|
|
Municipal Fund
|
0.037740
|
|
New York Fund
|
0.024233
|
Subsequent to April 30, 2023, on May 15, 2023, each Fund declared a monthly distribution to common stockholders payable
June 15, 2023, to stockholders of record on May 31, 2023, with an ex-date of May 30, 2023 as follows:
|
|
Distribution per share
|
|
California Fund
|
$0.025400
|
|
Municipal Fund
|
0.037740
|
|
New York Fund
|
0.024233
|
6
Expense allocation: Certain
expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a fund are charged to that fund. Expenses borne by the complex of related investment companies, which
includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular investment company (e.g., a Fund) are allocated among the Funds and the other
investment companies or series thereof in the complex on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be
made fairly.
7
Financial leverage:
California Fund, Municipal Fund and New York Fund issued Variable Rate Municipal Term Preferred Shares ("VMTPS") on June 30, 2014, July 1, 2014 and July 2, 2014, respectively, as follows:
|
|
Shares
|
|
California Fund
|
590
|
|
Municipal Fund
|
1,794
|
|
New York Fund
|
483
|
On April 1, 2019, the Funds extended the maturity and completed a partial redemption of VMTPS. After such partial
redemptions, the Funds had VMTPS outstanding as follows:
|
|
Shares
Redeemed
|
Shares
Outstanding
|
|
California Fund
|
40
|
550
|
|
Municipal Fund
|
90
|
1,704
|
|
New York Fund
|
20
|
463
|
On December 16, 2021, each Fund extended the term of its existing VMTPS to December 15, 2024. Each Fund’s VMTPS have a
liquidation preference of $100,000 per share plus any accumulated unpaid distributions, whether or not earned or declared by the Fund, but excluding interest thereon ("VMTPS
38
Liquidation Value"). Distributions on the VMTPS are accrued daily and paid monthly at a floating rate. For financial
reporting purposes only, the liquidation preference of the VMTPS is recognized as a liability in each Fund’s Statement of Assets and Liabilities.
On both August 15, 2022 and November 9, 2022, each Fund completed a partial redemption of its VMTPS. After such partial
redemptions, the Funds had VMTPS outstanding as follows:
|
|
August 15, 2022
|
November 9, 2022
|
||
|
|
Shares
Redeemed
|
Shares
Outstanding
|
Shares
Redeemed
|
Shares
Outstanding
|
|
California Fund
|
38
|
512
|
55
|
457
|
|
Municipal Fund
|
47
|
1,657
|
200
|
1,457
|
|
New York Fund
|
43
|
420
|
55
|
365
|
The distribution rate for each Fund’s VMTPS is calculated based on the applicable SIFMA ("Securities Industry and
Financial Markets Association") Municipal Swap Index plus a spread. The table below sets forth key terms of each Fund’s VMTPS at April 30, 2023.
|
Fund
|
Series
|
Term
Redemption
Date
|
Shares
Outstanding
|
Aggregate
Liquidation
Preference
|
|
California Fund
|
Series A
|
12/15/2024
|
457
|
$45,700,000
|
|
Municipal Fund
|
Series A
|
12/15/2024
|
1,457
|
$145,700,000
|
|
New York Fund
|
Series A
|
12/15/2024
|
365
|
$36,500,000
|
Each Fund may redeem its VMTPS, in whole or in part, at its option after giving notice to the relevant holders of its
VMTPS. Each Fund is also subject to certain restrictions relating to the VMTPS. Failure to comply with these restrictions could preclude a Fund from declaring any distributions to common stockholders or repurchasing common stock and/or
could trigger the mandatory redemption of its VMTPS at the VMTPS Liquidation Value. The holders of the VMTPS are entitled to one vote per share and will vote with holders of common stock as a single class, except that the holders of the
VMTPS will vote separately as a class on certain matters, as required by law or the Fund’s organizational documents. The holders of the VMTPS, voting as a separate class, are entitled at all times to elect two Directors of the Fund, and
to elect a majority of the Directors of the Fund if the Fund fails to pay distributions on its VMTPS for two consecutive years.
During the six months ended April 30, 2023, the average aggregate liquidation preference outstanding and average
annualized distribution rate of the VMTPS were $45,943,094 and 3.73%, $146,583,978 and 3.73%, and $36,743,094 and 3.73%, for California Fund, Municipal Fund and New York Fund, respectively.
8
Concentration of risk: The
ability of the issuers of the debt securities held by the Funds to meet their obligations may be affected by economic developments, including those particular to a specific industry or region. California Fund and New York Fund
normally invest a substantial portion of their assets in municipal bonds of issuers located in the state of California and the state of New York, respectively. The value of each of these Funds’ securities are more susceptible to
adverse economic, political, regulatory or other factors affecting the issuers of such municipal bonds than a fund that does not limit its investments to such issuers.
9
Securities lending: Each
Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender’s fees. These fees, if any, would be disclosed within the
Statements of Operations under the caption "Income from securities loaned-net" and are net of expenses retained by State Street as compensation for its services as lending agent.
The initial collateral received by a Fund at the beginning of each transaction shall have a value equal to at least 102%
of the prior day’s market value of the loaned securities (105% in the case of international securities). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at
least 100% of the market value of securities, is maintained at all times. Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a
39
counterparty and a Fund until the close of the transaction. Cash collateral is generally invested in a money market fund
registered under the 1940 Act that is managed by an affiliate of State Street and is included in the Statements of Assets and Liabilities under the caption "Investments in securities, at value-Unaffiliated users". The total value of
securities received as collateral for securities on loan is included in a footnote following the applicable Schedule of Investments, but is not included within the Statements of Assets and Liabilities because the receiving Fund does not
have the right to sell or repledge the securities received as collateral. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of
the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to that Fund.
During the six months ended April 30, 2023, the Funds did not participate in securities lending.
10
Indemnifications: Like many
other companies, the Funds’ organizational documents provide that their officers ("Officers") and directors ("Directors") are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In
addition, both in some of their principal service contracts and in the normal course of their business, the Funds enter into contracts that provide indemnifications to other parties for certain types of losses or liabilities. Each
Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against each Fund.
11
Arrangements with certain non-affiliated service providers: In order to satisfy rating agency requirements, each Fund is required to provide the rating agency that rates its VMTPS a report on a monthly basis verifying that each Fund is maintaining
eligible assets having a discounted value equal to or greater than the Preferred Shares Basic Maintenance Amount, which is a minimum level set by the rating agency as one of the conditions to maintain its rating on the VMTPS.
"Discounted value" refers to the fact that the rating agency requires each Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the rating agency. Each Fund pays a fee
to State Street for the preparation of this report which is reflected in the Statements of Operations under the caption "Basic maintenance (Note A)."
Note B—Investment Management Fees, Administration Fees, and Other Transactions with Affiliates:
Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment management services,
each Fund pays NBIA an investment management fee at an annual rate of 0.25% of the Fund's average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered
into for purposes of leverage. For purposes of calculating Managed Assets, any VMTPS liquidation preference is not considered a liability.
Each Fund retains NBIA as its administrator under an Administration Agreement. Each Fund pays NBIA an administration fee
at an annual rate of 0.30% of its average daily Managed Assets under this agreement. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services
received under the Sub-Administration Agreement.
Note C—Securities Transactions:
During the six months ended April 30, 2023, there were purchase and sale transactions of long-term securities as
follows:
|
|
Purchases
|
Sales
|
|
California Fund
|
$8,551,581
|
$13,999,593
|
|
Municipal Fund
|
9,542,367
|
24,007,650
|
|
New York Fund
|
10,243,360
|
11,666,585
|
40
Note D—Capital:
Transactions in shares of common stock for the six months ended April 30, 2023 and for the year ended October 31, 2022
were as follows:
|
|
For the Six Months Ended April 30, 2023
|
For the Year Ended October 31, 2022
|
||
|
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
|
California Fund
|
—
|
—
|
—
|
—
|
|
Municipal Fund
|
—
|
—
|
8,175
|
8,175
|
|
New York Fund
|
—
|
—
|
—
|
—
|
Note E—Proposed Reorganizations:
On April 3, 2023, the Funds announced that the Boards approved proposals to reorganize each of California Fund and New
York Fund into Municipal Fund. The proposed reorganizations for the Funds are subject to certain conditions, including necessary approval by each Fund’s stockholders. The Funds expect to hold a Joint Special Meeting of Stockholders to
consider approval of the reorganization proposals on July 7, 2023.
Management recommended, and the Boards approved, the reorganizations after a comprehensive assessment of the Funds.
Management and the Boards believe the reorganizations will benefit stockholders of each Fund through the creation of a larger fund that may offer economies of scale, including a lower total annual operating expense ratio, enhanced
earnings potential, and increased market liquidity for the combined fund’s common stock, which could positively impact trading in the combined fund’s shares.
Each transaction is expected to qualify as a tax-free reorganization for federal income tax purposes and will be
effected at each Fund’s respective NAV at the time of the reorganization. Further information regarding the proposed reorganizations is contained in a joint proxy statement/prospectus which has been filed with the U.S. Securities and
Exchange Commission and disseminated to each Fund’s stockholders.
Note F—Unaudited Financial Information:
The financial information included in this interim report is taken from the records of each Fund without audit by an
independent registered public accounting firm. Annual reports contain audited financial statements.
41
Financial Highlights
California Municipal Fund Inc.
The following table includes selected data for a share of common stock outstanding throughout each period and other performance
information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%,
respectively. A "—" indicates that the line item was not applicable in the corresponding period.
|
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||
|
|
2023
(Unaudited)
|
2022
|
2021
|
2020
|
2019
|
2018
|
|
Common Stock Net Asset Value,
Beginning of Period
|
$11.71
|
$15.36
|
$15.20
|
$15.58
|
$14.33
|
$15.22
|
|
Income/(Loss) From Investment
Operations Applicable to Common
Stockholders:
|
|
|
|
|
|
|
|
Net Investment Income/(Loss)a
|
0.17
|
0.49
|
0.64
|
0.62
|
0.54
|
0.51
|
|
Net Gains or (Losses) on Securities (both
realized and unrealized)
|
1.07
|
(3.60
)
|
0.06
|
(0.46
)
|
1.25
|
(0.83
)
|
|
Total From Investment Operations
Applicable to Common Stockholders
|
1.24
|
(3.11
)
|
0.70
|
0.16
|
1.79
|
(0.32
)
|
|
Less Distributions to Common
Stockholders From:
|
|
|
|
|
|
|
|
Net Investment Income
|
(0.21
)
|
(0.54
)
|
(0.54
)
|
(0.54
)
|
(0.52
)
|
(0.54
)
|
|
Tax Return of Capital
|
—
|
—
|
—
|
—
|
(0.02
)
|
(0.03
)
|
|
Total Distributions to Common
Stockholders
|
(0.21
)
|
(0.54
)
|
(0.54
)
|
(0.54
)
|
(0.54
)
|
(0.57
)
|
|
Common Stock Net Asset Value, End of
Period
|
$12.74
|
$11.71
|
$15.36
|
$15.20
|
$15.58
|
$14.33
|
|
Common Stock Market Value, End of
Period
|
$10.97
|
$9.98
|
$13.91
|
$12.86
|
$13.92
|
$12.08
|
|
Total Return, Common Stock Net Asset
Valueb
|
10.86
%c
|
(20.22
)%
|
4.97
%
|
1.57
%
|
13.19
%
|
(1.59
)%
|
|
Total Return, Common Stock Market
Valueb
|
12.00
%c
|
(24.92
)%
|
12.36
%
|
(3.82
)%
|
19.96
%
|
(9.23
)%
|
|
Supplemental Data/Ratios
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Stockholders, End of Period (in millions)
|
$70.7
|
$65.0
|
$85.2
|
$84.4
|
$86.5
|
$79.6
|
|
Preferred Stock Outstanding, End of Period
(in millions)
|
$45.7
|
$51.2
|
$55.0d
|
$55.0d
|
$55.0d
|
$59.0d
|
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
|
Ratios are Calculated Using Average
Net Assets Applicable to Common
Stockholders
|
|
|
|
|
|
|
|
Ratio of Gross Expensese
|
3.90
%f
|
2.63
%
|
1.86
%
|
2.35
%
|
3.05
%
|
3.17
%
|
|
Ratio of Net Expensese
|
3.90
%f
|
2.63
%
|
1.86
%
|
2.35
%
|
3.05
%
|
3.17
%
|
|
Ratio of Net Investment Income/(Loss)
|
2.64
%f
|
3.57
%
|
4.08
%
|
4.06
%
|
3.59
%
|
3.41
%
|
|
Portfolio Turnover Rate
|
7
%c
|
31
%
|
10
%
|
27
%
|
25
%
|
30
%
|
|
Asset Coverage Per Share of Preferred
Stock, End of Periodg
|
$254,987
|
$227,209
|
$255,063
|
$253,442
|
$257,409
|
$235,042
|
|
|
See Notes to Financial Highlights
42
Financial Highlights (cont’d)
Municipal Fund Inc.
The following table includes selected data for a share of common stock outstanding throughout each period and other performance
information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%,
respectively. A "—" indicates that the line item was not applicable in the corresponding period.
|
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||
|
|
2023
(Unaudited)
|
2022
|
2021
|
2020
|
2019
|
2018
|
|
Common Stock Net Asset Value,
Beginning of Period
|
$11.05
|
$14.88
|
$14.75
|
$15.33
|
$14.52
|
$15.49
|
|
Income/(Loss) From Investment
Operations Applicable to Common
Stockholders:
|
|
|
|
|
|
|
|
Net Investment Income/(Loss)a
|
0.24
|
0.61
|
0.73
|
0.68
|
0.66
|
0.69
|
|
Net Gains or (Losses) on Securities (both
realized and unrealized)
|
0.97
|
(3.78
)
|
0.15
|
(0.51
)
|
0.90
|
(0.89
)
|
|
Total From Investment Operations
Applicable to Common Stockholders
|
1.21
|
(3.17
)
|
0.88
|
0.17
|
1.56
|
(0.20
)
|
|
Less Distributions to Common
Stockholders From:
|
|
|
|
|
|
|
|
Net Investment Income
|
(0.26
)
|
(0.66
)
|
(0.75
)
|
(0.75
)
|
(0.75
)
|
(0.77
)
|
|
Common Stock Net Asset Value, End of
Period
|
$12.00
|
$11.05
|
$14.88
|
$14.75
|
$15.33
|
$14.52
|
|
Common Stock Market Value, End of
Period
|
$10.64
|
$9.64
|
$15.22
|
$14.15
|
$15.57
|
$12.62
|
|
Total Return, Common Stock Net Asset
Valueb
|
11.29
%c
|
(21.57
)%
|
5.91
%
|
1.40
%
|
11.18
%
|
(0.85
)%
|
|
Total Return, Common Stock Market
Valueb
|
13.11
%c
|
(33.11
)%
|
12.92
%
|
(4.23
)%
|
29.92
%
|
(10.54
)%
|
|
Supplemental Data/Ratios
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Stockholders, End of Period (in millions)
|
$226.1
|
$208.1
|
$280.2
|
$277.6
|
$288.2
|
$273.0
|
|
Preferred Stock Outstanding, End of Period
(in millions)
|
$145.7
|
$165.7
|
$170.4d
|
$170.4d
|
$170.4d
|
$179.4d
|
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
|
Ratios are Calculated Using Average
Net Assets Applicable to Common
Stockholders
|
|
|
|
|
|
|
|
Ratio of Gross Expensese
|
3.54
%f
|
2.25
%
|
1.58
%
|
2.03
%
|
2.66
%
|
2.69
%
|
|
Ratio of Net Expensese
|
3.54
%f
|
2.25
%
|
1.58
%
|
2.03
%
|
2.66
%
|
2.69
%
|
|
Ratio of Net Investment Income/(Loss)
|
4.03
%f
|
4.62
%
|
4.77
%
|
4.54
%
|
4.39
%
|
4.54
%
|
|
Portfolio Turnover Rate
|
3
%c
|
36
%
|
13
%
|
39
%
|
44
%
|
24
%
|
|
Asset Coverage Per Share of Preferred
Stock, End of Periodg
|
$255,480
|
$225,878
|
$264,533
|
$262,958
|
$269,321
|
$252,390
|
|
|
See Notes to Financial Highlights
43
Financial Highlights (cont’d)
New York Municipal Fund Inc.
The following table includes selected data for a share of common stock outstanding throughout each period and other performance
information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%,
respectively. A "—" indicates that the line item was not applicable in the corresponding period.
|
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||
|
|
2023
(Unaudited)
|
2022
|
2021
|
2020
|
2019
|
2018
|
|
Common Stock Net Asset Value,
Beginning of Period
|
$10.31
|
$13.93
|
$13.72
|
$14.06
|
$13.29
|
$14.10
|
|
Income/(Loss) From Investment
Operations Applicable to Common
Stockholders:
|
|
|
|
|
|
|
|
Net Investment Income/(Loss)a
|
0.16
|
0.47
|
0.52
|
0.49
|
0.48
|
0.50
|
|
Net Gains or (Losses) on Securities (both
realized and unrealized)
|
0.95
|
(3.62
)
|
0.16
|
(0.36
)
|
0.76
|
(0.82
)
|
|
Total From Investment Operations
Applicable to Common Stockholders
|
1.11
|
(3.15
)
|
0.68
|
0.13
|
1.24
|
(0.32
)
|
|
Less Distributions to Common
Stockholders From:
|
|
|
|
|
|
|
|
Net Investment Income
|
(0.19
)
|
(0.47
)
|
(0.47
)
|
(0.47
)
|
(0.45
)
|
(0.49
)
|
|
Tax Return of Capital
|
—
|
—
|
—
|
—
|
(0.02
)
|
—
|
|
Total Distributions to Common
Stockholders
|
(0.19
)
|
(0.47
)
|
(0.47
)
|
(0.47
)
|
(0.47
)
|
(0.49
)
|
|
Common Stock Net Asset Value, End of
Period
|
$11.23
|
$10.31
|
$13.93
|
$13.72
|
$14.06
|
$13.29
|
|
Common Stock Market Value, End of
Period
|
$9.60
|
$8.82
|
$12.54
|
$11.64
|
$12.39
|
$11.13
|
|
Total Return, Common Stock Net Asset
Valueb
|
11.08
%c
|
(22.61
)%
|
5.32
%
|
1.45
%
|
9.96
%
|
(1.69
)%
|
|
Total Return, Common Stock Market
Valueb
|
10.97
%c
|
(26.44
)%
|
11.75
%
|
(2.33
)%
|
15.71
%
|
(6.68
)%
|
|
Supplemental Data/Ratios
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Stockholders, End of Period (in millions)
|
$57.0
|
$52.4
|
$70.8
|
$69.7
|
$71.4
|
$67.5
|
|
Preferred Stock Outstanding, End of Period
(in millions)
|
$36.5
|
$42.0
|
$46.3d
|
$46.3d
|
$46.3d
|
$48.3d
|
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
|
Ratios are Calculated Using Average
Net Assets Applicable to Common
Stockholders
|
|
|
|
|
|
|
|
Ratio of Gross Expensese
|
4.01
%f
|
2.74
%
|
1.94
%
|
2.44
%
|
3.10
%
|
3.16
%
|
|
Ratio of Net Expensese
|
4.01
%f
|
2.74
%
|
1.94
%
|
2.44
%
|
3.10
%
|
3.16
%
|
|
Ratio of Net Investment Income/(Loss)
|
2.89
%f
|
3.76
%
|
3.68
%
|
3.56
%
|
3.45
%
|
3.65
%
|
|
Portfolio Turnover Rate
|
11
%c
|
12
%
|
15
%
|
29
%
|
29
%
|
19
%
|
|
Asset Coverage Per Share of Preferred
Stock, End of Periodg
|
$256,437
|
$224,938
|
$252,881
|
$250,508
|
$254,281
|
$239,886
|
|
|
See Notes to Financial Highlights
44
Notes to Financial Highlights Municipal Closed-End Funds (Unaudited)
|
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
|
Not annualized.
|
|
d
|
Net of unamortized deferred issuance costs. The unamortized deferred issuance costs were:
|
|
|
Year Ended October 31,
|
|||
|
|
2021
|
2020
|
2019
|
2018
|
|
California Fund
|
$5,966
|
$20,479
|
$35,031
|
$19,412
|
|
Municipal Fund
|
5,962
|
20,475
|
35,027
|
37,703
|
|
New York Fund
|
5,966
|
20,479
|
35,031
|
18,355
|
|
e
|
Distributions on VMTPS are included in expense ratios. The annualized ratios of distributions
on VMTPS to
average net assets applicable to common stockholders were:
|
|
|
Six Months Ended April 30,
|
Year Ended October 31,
|
||||
|
|
2023
|
2022
|
2021
|
2020
|
2019
|
2018
|
|
California Fund
|
2.44%
|
1.20%
|
0.60%
|
1.07%
|
1.75%
|
1.83%
|
|
Municipal Fund
|
2.43%
|
1.16%
|
0.56%
|
1.00%
|
1.59%
|
1.62%
|
|
New York Fund
|
2.42%
|
1.21%
|
0.61%
|
1.09%
|
1.74%
|
1.78%
|
|
f
|
Annualized.
|
|
g
|
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.
|
45
Distribution Reinvestment Plan for each Fund
American Stock Transfer & Trust Company, LLC (the "Plan Agent") will act as Plan Agent for stockholders who have not elected in
writing to receive dividends and distributions in cash (each a "Participant"), will open an account for each Participant under the Distribution Reinvestment Plan ("Plan") in the same name as their then-current shares of the Fund’s
common stock ("Shares") are registered, and will put the Plan into effect for each Participant as of the first record date for a dividend or capital gains distribution.
Whenever the Fund declares a dividend or distribution with respect to the Shares, each Participant will receive such dividends and
distributions in additional Shares, including fractional Shares acquired by the Plan Agent and credited to each Participant’s account. If on the payment date for a cash dividend or distribution, the net asset value is equal to or less
than the market price per Share plus estimated brokerage commissions, the Plan Agent shall automatically receive such Shares, including fractions, for each Participant’s account. Except in the circumstances described in the next
paragraph, the number of additional Shares to be credited to each Participant’s account shall be determined by dividing the dollar amount of the dividend or distribution payable on their Shares by the greater of the net asset value per
Share determined as of the date of purchase or 95% of the then-current market price per Share on the payment date.
Should the net asset value per Share exceed the market price per Share plus estimated brokerage commissions on the payment date for a
cash dividend or distribution, the Plan Agent or a broker-dealer selected by the Plan Agent shall endeavor, for a purchase period lasting until the last business day before the next date on which the Shares trade on an "ex-dividend"
basis, but in no event, except as provided below, more than 30 days after the payment date, to apply the amount of such dividend or distribution on each Participant’s Shares (less their pro rata share of brokerage commissions incurred
with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of such dividend or distribution) to purchase Shares on the open market for each Participant’s account. No such purchases may be made more than
30 days after the payment date for such dividend or distribution except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. If, at the close of business on
any day during the purchase period the net asset value per Share equals or is less than the market price per Share plus estimated brokerage commissions, the Plan Agent will not make any further open-market purchases in connection with
the reinvestment of such dividend or distribution. If the Plan Agent is unable to invest the full dividend or distribution amount through open-market purchases during the purchase period, the Plan Agent shall request that, with respect
to the uninvested portion of such dividend or distribution amount, the Fund issue new Shares at the close of business on the earlier of the last day of the purchase period or the first day during the purchase period on which the net
asset value per Share equals or is less than the market price per Share, plus estimated brokerage commissions, such Shares to be issued in accordance with the terms specified in the third paragraph hereof. These newly issued Shares will
be valued at the then-current market price per Share at the time such Shares are to be issued.
For purposes of making the reinvestment purchase comparison under the Plan, (a) the market price of the Shares on a particular date shall
be the last sales price on the New York Stock Exchange (or if the Shares are not listed on the New York Stock Exchange, such other exchange on which the Shares are principally traded) on that date, or, if there is no sale on such
Exchange (or if not so listed, in the over-the-counter market) on that date, then the mean between the closing bid and asked quotations for such Shares on such Exchange on such date and (b) the net asset value per Share on a particular
date shall be the net asset value per Share most recently calculated by or on behalf of the Fund. All dividends, distributions and other payments (whether made in cash or Shares) shall be made net of any applicable withholding tax.
Open-market purchases provided for above may be made on any securities exchange where the Fund’s Shares are traded, in the
over-the-counter market or in negotiated transactions and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Each Participant’s uninvested funds held by the Plan Agent will not bear interest, and
it is understood that, in any event, the Plan Agent shall have no liability in
46
connection with any inability to purchase Shares within 30 days after the initial date of such purchase as herein provided, or with the
timing of any purchases effected. The Plan Agent shall have no responsibility as to the value of the Shares acquired for each Participant’s account. For the purpose of cash investments, the Plan Agent may commingle each Participant’s
funds with those of other stockholders of the Fund for whom the Plan Agent similarly acts as agent, and the average price (including brokerage commissions) of all Shares purchased by the Plan Agent as Plan Agent shall be the price per
Share allocable to each Participant in connection therewith.
The Plan Agent may hold each Participant’s Shares acquired pursuant to the Plan together with the Shares of other stockholders of the
Fund acquired pursuant to the Plan in noncertificated form in the Plan Agent’s name or that of the Plan Agent’s nominee. The Plan Agent will forward to each Participant any proxy solicitation material and will vote any Shares so held
for each Participant only in accordance with the instructions set forth on proxies returned by the Participant to the Fund.
The Plan Agent will confirm to each Participant each acquisition made for their account as soon as practicable but not later than 60 days
after the date thereof. Although each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Share, no certificates for a fractional Share will be issued. However, dividends and
distributions on fractional Shares will be credited to each Participant’s account. In the event of termination of a Participant’s account under the Plan, the Plan Agent will adjust for any such undivided fractional interest in cash at
the market value of the Shares at the time of termination, less the pro rata expense of any sale required to make such an adjustment.
Any Share dividends or split Shares distributed by the Fund on Shares held by the Plan Agent for Participants will be credited to their
accounts. In the event that the Fund makes available to its stockholders rights to purchase additional Shares or other securities, the Shares held for each Participant under the Plan will be added to other Shares held by the Participant
in calculating the number of rights to be issued to each Participant.
The Plan Agent’s service fee for handling capital gains and other distributions or income dividends will be paid by the Fund.
Participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Each Participant may terminate their account under the Plan by notifying the Plan Agent in writing. Such termination will be effective
immediately if the Participant’s notice is received by the Plan Agent not less than ten days prior to any dividend or distribution record date, otherwise such termination will be effective the first trading day after the payment date
for such dividend or distribution with respect to any subsequent dividend or distribution. The Plan may be terminated by the Plan Agent or the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record
date for the payment of any dividend or distribution by the Fund.
These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time or times but, except when necessary
or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to
the effective date thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Agent receives written notice of the termination of their account under the
Plan. Any such amendment may include an appointment by the Plan Agent in its place and stead of a successor Plan Agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by
the Plan Agent under these terms and conditions. Upon any such appointment of any Plan Agent for the purpose of receiving dividends and distributions, the Fund will be authorized to pay to such successor Plan Agent, for each
Participant’s account, all dividends and distributions payable on Shares held in their name or under the Plan for retention or application by such successor Plan Agent as provided in these terms and conditions.
The Plan Agent shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of
all services performed under this Agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by
47
the Plan Agent’s negligence, bad faith, or willful misconduct or that of its employees. These terms and conditions are governed by the laws
of the State of Maryland.
Reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions — i.e., reinvestment in
additional Shares does not relieve stockholders of, or defer the need to pay, any income tax that may be payable (or that is required to be withheld) on Fund dividends and distributions. Participants should contact their tax
professionals for information on how the Plan impacts their personal tax situation. For additional information about the Plan, please contact the Plan Agent by telephone at 1-866-227-2136 or by mail at 6201 15th Avenue, Brooklyn, NY,
11219 or online at www.astfinancial.com.
48
Directory
Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
877.461.1899
1290 Avenue of the Americas
New York, NY 10104-0002
877.461.1899
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Shareholder Services 866.227.2136
6201 15th Avenue
Brooklyn, NY 11219
Shareholder Services 866.227.2136
Plan Agent
American Stock Transfer & Trust Company, LLC
Plan Administration Department
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Plan Administration Department
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Overnight correspondence should be sent to:
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600
1601 K Street, NW
Washington, DC 20006-1600
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
200 Clarendon Street
Boston, MA 02116
49
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is
available, without charge, by calling 800-877-9700 (toll-free) and on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June
30 is also available, without charge upon request, by calling 800-877-9700 (toll-free), on the SEC’s website at www.sec.gov, and on Neuberger Berman’s website at www.nb.com.
Quarterly Portfolio Schedule
Each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit
to its report on Form N-PORT. Each Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The portfolio holdings information on Forms N-PORT are available upon request, without charge, by calling 800-877-9700
(toll-free).
50
|
FACTS
|
WHAT DOES NEUBERGER BERMAN
DO WITH YOUR PERSONAL INFORMATION?
|
|
Why?
|
Financial companies choose how they share your personal information.
Federal law
gives consumers the right to limit some but not all sharing. Federal law
also requires
us to tell you how we collect, share, and protect your personal
information. Please
read this notice carefully to understand what we do.
|
|
What?
|
The types of personal information we collect and share depend on the
product or
service you have with us. This information can include:
◾ Social Security numbers, dates of birth and other numerical identifiers
◾ Names and addresses
◾ Driver’s licenses, passports and other identification documents
◾ Usernames and passwords
◾ Internet protocol addresses and other network activity information
◾ Income, credit history, credit scores, assets, transaction history and other
financial information
When you are no longer our customer, we continue to share
your information as
described in this notice.
|
|
How?
|
All financial companies need to share customers’ personal information to
run their
everyday business. In the section below, we list the reasons financial
companies can
share their customers’ personal information; the reasons Neuberger Berman
chooses to share; and whether you can limit this sharing.
|
|
Reasons we can share your personal information
|
Does Neuberger
Berman share?
|
Can you limit this sharing?
|
|
For our everyday business purposes—
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus
|
Yes
|
No
|
|
For our marketing purposes—
to offer our products and services to you
|
Yes
|
No
|
|
For joint marketing with other financial
companies
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes—
information about your transactions and
experiences
|
Yes
|
No
|
|
For our affiliates’ everyday business purposes—
information about your creditworthiness
|
No
|
We don’t share
|
|
For nonaffiliates to market to you
|
No
|
We don’t share
|
|
Questions?
|
Call 646.497.4003 or 866.483.1046 (toll-free)
Email [email protected]
|
This is not part of the Funds' stockholder Report.
Page 2
|
Who we are
|
|
|
Who is providing this notice?
|
Entities within the Neuberger Berman family of companies,
mutual funds, and private investment funds.
|
|
What we do
|
|
|
How does Neuberger Berman
protect my personal information?
|
To protect your personal information from unauthorized access
and use, we use security measures that comply with federal law.
These measures include physical, electronic and procedural
safeguards, including secured files and buildings.
We restrict access to customer information to those employees
who need to know such information in order to perform their job
responsibilities.
|
|
How does Neuberger Berman
collect my personal information?
|
We collect your personal information directly from you or your
representatives, for example, when you
◾ seek advice about your investments
◾ give us your contact or income information
◾ provide account information or open an account
◾ direct us to buy or sell securities, or complete other
transactions
◾ visit one of our websites, portals or other online locations
We may also collect your personal information from others, such
as credit bureaus, affiliates, or other companies.
|
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business
purposes—information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional
rights to limit sharing.
|
|
Definitions
|
|
|
Affiliates
|
Companies related by common ownership or control. They can
be financial and nonfinancial companies.
◾ Our affiliates include companies with a Neuberger Berman
name; financial companies, such as investment
advisers or
broker dealers; mutual funds, and private investment
funds.
|
|
Nonaffiliates
|
Companies not related by common ownership or control. They
can be financial and nonfinancial companies.
◾ Nonaffiliates we share with can include companies that
perform administrative services on our behalf (such
as
vendors that provide data processing, transaction
processing,
and printing services) or other companies such as
brokers,
dealers, or counterparties in connection with
servicing your
account.
|
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies
that together market financial products or services to you.
◾ Neuberger Berman doesn’t jointly market.
|
This is not part of the Funds' stockholder Report.
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.nb.com
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.nb.com
Statistics and projections in this report are derived from sources deemed to be reliable
but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of stockholders and is not an offer for shares of
the Funds.
but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of stockholders and is not an offer for shares of
the Funds.
I0208 06/23
| (b) |
Not applicable to the Registrant.
|
Item 2. Code of Ethics.
The Board of Directors (“Board”) of Neuberger Berman New York Municipal Fund Inc. (“Registrant” or “Fund”) has adopted a code of ethics that applies to the
Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”). During the period covered by this Form N-CSR, there were no substantive
amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
functions.
A copy of the Code of Ethics is incorporated by reference to Neuberger
Berman Real Estate Securities Income Fund Inc.’s Form N-CSRS, Investment Company Act file number 811-21421 (filed June 26, 2023). The Code of Ethics is also available, without charge, by
calling 1-800-877-9700 (toll-free).
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable to semi-annual reports on Form N-CSR.
Item 6. Investments.
|
(a)
|
The complete schedule of investments for the Registrant is disclosed in the Registrant’s semi-annual report, which is included in Item 1 of this Form N-CSR.
|
|
(b)
|
Not applicable to the Registrant.
|
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to semi-annual reports on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
|
(a)
|
Not applicable to semi-annual reports on Form N-CSR.
|
|
(b)
|
There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR.
|
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No reportable purchases for the period covered by this report.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which stockholders may recommend nominees to the Board.
Item 11. Controls and Procedures.
| (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.
|
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
| (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.
|
Item 13. Exhibits.
| (a)(1) |
A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Real Estate
Securities Income Fund Inc.’s Form N-CSRS, Investment Company Act file number 811-21421 (filed June 26, 2023).
|
| (a)(2) |
| (a)(3) |
Not applicable to the Registrant.
|
| (a)(4) |
Not applicable to the Registrant.
|
| (b) |
The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman New York Municipal Fund Inc.
|
By:
|
/s/ Joseph V. Amato | |
| Joseph V. Amato | ||
| Chief Executive Officer and President | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated.
|
By:
|
/s/ Joseph V. Amato | |
| Joseph V. Amato | ||
| Chief Executive Officer and President | ||
Date: June 26, 2023
|
By:
|
/s/ John M. McGovern | |
| John M. McGovern | ||
| Treasurer and Principal Financial | ||
| and Accounting Officer | ||
Date: June 26, 2023