NBH - Neuberger Municipal Fund

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Aug 14, 2025

   Saba sold down below 5% and stopped reporting.

   Original document →

2. Aug 4, 2025

   Saba cut its stake to 5.4% (from 6.5%). It has said it may push for changes.

   Original document →

3. Feb 24, 2025

   Saba cut its stake to 6.5% (from 7.6%). It has said it may push for changes.

   Original document →

4. June 10, 2024

   Saba raised its stake to 7.6% (from 6.4%). It has said it may push for changes.

   Original document →

5. April 11, 2024

   Saba now owns 6.4%. It has said it may push for changes.

   Original document →

About this fund

• Run by Neuberger Berman Investment Advisers LLC. Part of the Neuberger Berman fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $332 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 41% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. About 98% of that is money the fund has borrowed by selling preferred shares. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.4% a year in management fees; 3.9% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.65 a share. $0.50 of that was income; $0.15 was your own money back, not income. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $11.41. The shares traded at $10.31, about 9.6% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 1.1% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +7.1%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Oct 31, 2025): the value of the holdings returned +2.2%. How the share price did: the shares returned +1.3% over the same year, counting payouts and the change in the market price. As of Oct 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2002.

What the fund holds

Almost all tax-free municipal bonds (100%). About 100% issued in the U.S.

1. Buckeye Tobacco Settlement Financing Authority, Buckeye OH Tobacco Settlement Fing Auth - 7.3%
2. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Puerto Rico Sales Tax Fing Corp Sales Tax Revenue - 6%
3. Public Finance Authority, Public Fin Auth Wi Toll Revenue - 5.5%
4. Victor Valley Community College District, Victor Vly CA Cmnty Clg Dist - 4.1%
5. New York Transportation Development, New York St Transprtn Dev Corp Spl Fac Revenue - 6.4%
6. Central Plains Energy Project, Centrl Plains Energy Proj Ne Gas Proj Revenue - 3.2%
7. Metropolitan Transportation Authority, Met Transprtn Auth NY Revenue - 2.8%
8. Mobile County Industrial Development Authority, Mobile Cnty Al Indl Dev Auth Sol Wst Disp Revenue - 2.6%
9. Louisiana Public Facilities Authority, Louisiana Pub Facs Auth Revenue - 2.3%
10. Fort Bend County Texas Public Facility, Fort Bend Cnty TX Pub Fac Corplease Rev - 2.2%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →