NBH - Neuberger Municipal Fund

What this means for you

Bank of America Corp. has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, 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. Dec 13, 2024

   Bank of America Corp. now owns 100%. It has said it may push for changes.

   Original document →

5. June 10, 2024

   Saba raised its stake to 7.6% (from 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 $325 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 42% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 95% of that is money the fund has borrowed by selling preferred shares. As of July 31, 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 →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 2 charge a lower management fee and 67 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• 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. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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: up 1.5% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2002.

How this has changed

• Payouts per share: $0.65 in the fiscal year ended Oct 31, 2025; $0.52 in the year ended Oct 31, 2024; $0.49 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.15 in the year ended Oct 31, 2025; $0.06 in the year ended Oct 31, 2024; none in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.87% a year in the fiscal year ended Oct 31, 2025; 4.04% a year in the year ended Oct 31, 2024; 3.9% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $338 million at Oct 31, 2025; $352 million at Oct 31, 2024; $316 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 41% on top of its own money at Oct 31, 2025; 40% at Oct 31, 2024; 43% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 29.6 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +1.3%, counting payouts; the holdings +2.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +28.4%, counting payouts; the holdings +16.8%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned -3.6%, counting payouts; the holdings +1.3%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -33.1%, counting payouts; the holdings -21.6%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +12.9%, counting payouts; the holdings +5.9%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -5.3%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $9,470 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +10.5%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 36 reported a higher share return for that year and 9 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. Public Finance Authority - 7.3%
2. New York Transportation Development, New York St Transprtn Dev Corp Spl Fac Revenue - 6.5%
3. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, Puerto Rico Sales Tax Fing Corp Sales Tax Revenue - 6.1%
4. Victor Valley Community College District, Victor Vly CA Cmnty Clg Dist - 4.1%
5. Illinois Finance Authority, Illinois St Fin Auth Revenue - 3.9%
6. Central Plains Energy Project, Centrl Plains Energy Proj NE Gas Proj Revenue - 3.3%
7. Metropolitan Transportation Authority, Met Transprtn Auth NY Revenue - 2.8%
8. City of San Antonio TX Airport System, San Antonio TX Arpt Sys Revenue - 2.8%
9. Mobile County Industrial Development Authority, Mobile Cnty Al Indl Dev Auth Sol Wst Disp Revenue - 2.7%
10. Louisiana Public Facilities Authority, Louisiana Pub Facs Auth Revenue - 2.3%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →