Neuberger Berman California
Municipal Fund Inc.
|
|
Neuberger Berman Municipal
Fund Inc.
|
|
Neuberger
Berman New York
Municipal Fund Inc.
|
|
|
1
|
|
|
|
2
|
|
5
|
|
7
|
|
|
|
12
|
|
17
|
|
27
|
|
32
|
|
37
|
|
|
|
44
|
|
45
|
|
46
|
|
48
|
|
49
|
|
49
|
|
50
|
|
51
|
|
59
|
|
62
|
|
63
|
|
73
|
|
73
|
|
74
|
|
75
|
|
82
|
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
|
2.2
|
Illinois
|
0.9
|
Kansas
|
0.4
|
Louisiana
|
0.4
|
New Jersey
|
0.2
|
New York
|
0.5
|
Ohio
|
3.0
|
Puerto Rico
|
3.8
|
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
|
Average Annual Total Return
Ended 10/31/2022
|
|||
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
|
At NAV2
|
|
|
|
|
|
California
Municipal
Fund Inc.
|
09/24/2002
|
-20.22%
|
-1.07%
|
1.64%
|
4.06%
|
At Market
Price3
|
|
|
|
|
|
California
Municipal
Fund Inc.
|
09/24/2002
|
-24.92%
|
-2.45%
|
-0.47%
|
3.00%
|
Index
|
|
|
|
|
|
Bloomberg
10-Year
Municipal
Bond Index4
|
|
-10.23%
|
0.77%
|
1.96%
|
3.62%
|
TICKER SYMBOL
|
|
Municipal Fund Inc.
|
NBH
|
PORTFOLIO BY STATE AND
TERRITORY
|
|
(as a % of Total Investments*)
|
|
Alabama
|
0.9%
|
American Samoa
|
0.5
|
Arizona
|
1.1
|
California
|
21.7
|
Colorado
|
2.3
|
Connecticut
|
0.2
|
District of Columbia
|
0.2
|
Florida
|
4.2
|
Georgia
|
0.3
|
Guam
|
0.3
|
Hawaii
|
0.4
|
Illinois
|
13.8
|
Indiana
|
0.1
|
Iowa
|
0.3
|
Kansas
|
0.4
|
Kentucky
|
0.3
|
Louisiana
|
1.0
|
Maine
|
0.4
|
Maryland
|
0.1
|
Massachusetts
|
0.6
|
Michigan
|
3.5
|
Minnesota
|
0.1
|
Mississippi
|
0.4
|
Nevada
|
0.3
|
New Hampshire
|
0.2
|
New Jersey
|
6.2
|
New Mexico
|
0.3
|
New York
|
10.1
|
North Carolina
|
1.3
|
Ohio
|
4.5
|
Oklahoma
|
0.7
|
Oregon
|
0.0
|
Other
|
1.6
|
Pennsylvania
|
3.3
|
Puerto Rico
|
4.0
|
Rhode Island
|
0.6
|
South Carolina
|
1.1
|
Tennessee
|
0.5
|
Texas
|
3.7
|
Utah
|
1.9
|
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
|
Average Annual Total Return
Ended 10/31/2022
|
|||
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
|
At NAV2
|
|
|
|
|
|
Municipal
Fund Inc.
|
09/24/2002
|
-21.57%
|
-1.48%
|
1.78%
|
4.24%
|
At Market
Price3
|
|
|
|
|
|
Municipal
Fund Inc.
|
09/24/2002
|
-33.11%
|
-3.41%
|
0.11%
|
3.30%
|
Index
|
|
|
|
|
|
Bloomberg
10-Year
Municipal
Bond Index4
|
|
-10.23%
|
0.77%
|
1.96%
|
3.62%
|
TICKER SYMBOL
|
|
New York Municipal Fund Inc.
|
NBO
|
PORTFOLIO BY STATE AND
TERRITORY
|
|
(as a % of Total Investments*)
|
|
American Samoa
|
0.6%
|
California
|
3.6
|
Guam
|
2.5
|
Illinois
|
1.1
|
Kansas
|
0.7
|
Louisiana
|
0.6
|
New York
|
82.8
|
Ohio
|
0.2
|
Puerto Rico
|
5.4
|
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
|
Average Annual Total Return
Ended 10/31/2022
|
|||
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
|
At NAV2
|
|
|
|
|
|
New York
Municipal
Fund Inc.
|
09/24/2002
|
-22.61%
|
-2.22%
|
0.75%
|
3.36%
|
At Market
Price3
|
|
|
|
|
|
New York
Municipal
Fund Inc.
|
09/24/2002
|
-26.44%
|
-2.82%
|
-1.27%
|
2.33%
|
Index
|
|
|
|
|
|
Bloomberg
10-Year
Municipal
Bond Index4
|
|
-10.23%
|
0.77%
|
1.96%
|
3.62%
|
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
|
Please see "Description of Index" on page 10 for a description of the index.
|
Bloomberg 10-Year Municipal
Bond Index:
|
The 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.
|
Other Abbreviations:
|
|
Management or NBIA
|
= Neuberger Berman Investment Advisers LLC
|
Principal Amount
|
Value
|
|
Municipal Notes 177.7%
|
||
American Samoa 1.0%
|
||
$ 600,000
|
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A,
6.25%, due 9/1/2029
|
$ 628,882
|
California 152.3%
|
||
1,000,000
|
Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due
4/1/2027 Pre-Refunded 4/1/2023
|
1,008,162
|
1,875,000
|
California Comm. Choice Fin. Clean Energy Proj. Au. Rev. Green
Bond, Ser. 2021 B-1, (LOC: Morgan
Stanley), 4.00%, due 2/1/2052 Putable 8/1/2031
|
1,749,139
|
|
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
|
|
250,000
|
Ser. 2016-A, 5.00%, due 10/1/2028
|
253,629
|
260,000
|
Ser. 2016-A, 3.00%, due 10/1/2029
|
229,028
|
400,000
|
Ser. 2016-A, 3.00%, due 10/1/2030
|
345,013
|
1,000,000
|
California Ed. Facs. Au. Rev. (Green Bond- Loyola Marymount
Univ.), Ser. 2018-B, 5.00%, due
10/1/2048
|
1,010,231
|
|
California HFA Muni. Cert.
|
|
1,241,770
|
Class A, Ser. 2019-2, Class A, 4.00%, due 3/20/2033
|
1,174,438
|
976,925
|
Class A, Ser. 2021-1-A, 3.50%, due 11/20/2035
|
835,234
|
1,000,000
|
California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los
Angeles), Ser. 2012-A, 5.00%, due
11/15/2026 Pre-Refunded 11/15/2022
|
1,000,645
|
500,000
|
California Infrastructure & Econ. Dev. Bank Rev. (Wonderful
Foundations Charter Sch. Portfolio Proj.),
Ser. 2020-A-1, 5.00%, due 1/1/2055
|
357,174(a)
|
525,000
|
California Infrastructure & Econ. Dev. Bank St. Sch. Fund
Rev. (King City Joint Union High Sch.),
Ser. 2010, 5.13%, due 8/15/2024
|
525,457
|
1,000,000
|
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore
Academy Proj.), Ser. 2014, 5.63%, due
7/1/2044
|
1,003,926(a)
|
500,000
|
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista
Charter Middle Sch. Proj.), Ser. 2014, 5.13%,
due 7/1/2029
|
494,001
|
|
California Muni. Fin. Au. Charter Sch. Rev. (John Adams
Academics Proj.)
|
|
160,000
|
Ser. 2015-A, 4.50%, due 10/1/2025
|
156,790
|
1,115,000
|
Ser. 2019-A, 5.00%, due 10/1/2049
|
915,790(a)
|
1,000,000
|
California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace
Academy Proj.), Ser. 2016, 5.00%,
due 7/1/2031
|
971,864(a)
|
500,000
|
California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A,
5.00%, due 11/1/2030
|
504,148(a)
|
|
California Muni. Fin. Au. Rev. (Biola Univ.)
|
|
375,000
|
Ser. 2013, 4.00%, due 10/1/2025
|
377,219
|
410,000
|
Ser. 2013, 4.00%, due 10/1/2026
|
412,427
|
455,000
|
Ser. 2013, 4.00%, due 10/1/2027
|
457,693
|
|
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys.
Obligated Group)
|
|
605,000
|
Ser. 2014-A, 4.00%, due 1/1/2027
|
611,476
|
630,000
|
Ser. 2014-A, 4.00%, due 1/1/2028
|
636,743
|
330,000
|
Ser. 2014-A, 4.00%, due 1/1/2029
|
333,532
|
2,000,000
|
California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West
Village Std. Hsg. Proj.), Ser. 2018, (BAM
Insured), 4.00%, due 5/15/2048
|
1,619,570
|
|
California Pub. Fin. Au. Ref. (Henry Mayo Newhall Hosp.)
|
|
400,000
|
Ser. 2021-A, 4.00%, due 10/15/2027
|
389,610
|
360,000
|
Ser. 2021-A, 4.00%, due 10/15/2028
|
347,193
|
400,000
|
California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready
Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due
7/1/2030
|
406,508(a)
|
1,500,000
|
California Sch. Fac. Fin. Au. Rev. (Green Dot Pub. Sch. Proj.),
Ser. 2018-A, 5.00%, due 8/1/2048
|
1,359,293(a)
|
Principal Amount
|
Value
|
|
California – cont'd
|
||
|
California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
|
|
$ 250,000
|
Ser. 2014-A, 4.13%, due 7/1/2024
|
$ 250,340
(a)
|
400,000
|
Ser. 2017-A, 4.00%, due 7/1/2023
|
400,162(a)
|
375,000
|
Ser. 2017-A, 5.00%, due 7/1/2025
|
380,414(a)
|
130,000
|
Ser. 2017-A, 5.00%, due 7/1/2027
|
132,364(a)
|
2,195,000
|
California St. Dept. of Veterans Affairs Home Purchase Ref.
Rev., Ser. 2016-A, 3.00%, due 6/1/2029
|
2,039,228
|
|
California St. G.O.
|
|
2,000,000
|
Ser. 2020, 3.00%, due 11/1/2050
|
1,383,904
|
3,900,000
|
Ser. 2022, 3.00%, due 4/1/2052
|
2,687,474
|
1,000,000
|
Ser. 2022, 5.00%, due 9/1/2052
|
1,044,637
|
1,125,000
|
California St. Infrastructure & Econ. Dev. Bank Rev.
(California Academy of Sciences), Ser. 2018-D,
(SIFMA), 2.59%, due 8/1/2047 Putable 8/1/2024
|
1,109,823
|
2,000,000
|
California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co.
Proj.), Ser. 2016, 4.75%, due 11/1/2046
|
1,902,005
|
710,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Aemerage Redak Svcs. So. California LLC Proj.),
Ser. 2016, 7.00%, due 12/1/2027
|
71,000(a)(b)
|
600,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Calplant I Green Bond Proj.), Ser. 2019, 7.50%,
due 12/1/2039
|
14,857(a)(b)
|
550,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Green Bond-Rialto Bioenergy Fac. LLC, Proj.),
Ser. 2019, 7.50%, due 12/1/2040
|
350,103(a)
|
1,595,000
|
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser.
2012, 5.00%, due 7/1/2027
|
1,595,230(a)
|
415,000
|
California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown
College Prep-Oblig. Group), Ser. 2016,
4.50%, due 6/1/2031
|
385,017(a)
|
400,000
|
California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship
Ed.), Ser. 2016-A, 5.00%, due 6/1/2031
|
392,604(a)
|
1,060,000
|
California St. Sch. Fin. Au. Ed. Facs. Rev. (New Designs
Charter Sch. Administration Campus Proj.),
Ser. 2019-A, 5.00%, due 6/1/2050
|
919,155(a)
|
190,000
|
California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships
Uplifts Comm. Valley Proj.), Ser. 2014-A, 5.35%,
due 8/1/2024
|
193,403(a)
|
1,000,000
|
California Statewide CDA College Hsg. Rev. (NCCD-Hooper Street
LLC-College of the Arts Proj.),
Ser. 2019, 5.25%, due 7/1/2052
|
800,122(a)
|
1,325,000
|
California Statewide CDA Hosp. Rev. (Methodist Hosp. of
Southern Proj.), Ser. 2018, 4.25%, due
1/1/2043
|
1,140,359
|
720,000
|
California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.),
Ser. 2014-A, (AGM Insured),
5.00%, due 10/1/2026 Pre-Refunded 10/1/2024
|
744,363
|
500,000
|
California Statewide CDA Rev. (Loma Linda Univ. Med. Ctr.),
Ser. 2018-A, 5.50%, due 12/1/2058
|
467,130(a)
|
700,000
|
California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013,
5.00%, due 11/15/2028 Pre-Refunded
15/11/2023
|
713,373
|
600,000
|
California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg.
Proj.), Ser. 2016-A, 5.00%, due 6/1/2036
|
555,284(a)
|
1,500,000
|
California Statewide CDA Rev. Ref. (Loma Linda Univ. Med.
Ctr.), Ser. 2014-A, 5.25%, due 12/1/2029
|
1,518,233
|
1,500,000
|
California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser.
2016, 4.00%, due 10/1/2041
|
1,286,664
|
450,000
|
California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist.
Number 2007-01 Orinda Wilder Proj.),
Ser. 2015, 4.50%, due 9/1/2025
|
452,591
|
2,055,000
|
California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus
Apts. Phase IV), Ser. 2017-A, 5.00%,
due 5/15/2032
|
2,079,883
|
500,000
|
California Statewide CDA Std. Hsg. Rev. Ref. (Baptist
University), Ser. 2017-A, 5.00%, due 11/1/2032
|
503,733(a)
|
2,000,000
|
Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation
Ref., Ser. 2017-A, (BAM Insured),
5.00%, due 8/1/2031
|
2,118,094
|
|
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
|
|
350,000
|
Ser. 2013-A, 5.00%, due 9/1/2026 Pre-Refunded 9/1/2023
|
355,418
|
560,000
|
Ser. 2013-A, 5.00%, due 9/1/2027 Pre-Refunded 9/1/2023
|
568,669
|
2,000,000
|
Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo
Co.), Ser. 2014, (BAM Insured), 4.00%, due
8/1/2024
|
2,024,033
|
1,500,000
|
Deutsche Bank Spears/Lifers Trust Rev., Ser. 2020, (LOC:
Deutsche Bank AG), 2.64%, due 12/1/2052
|
1,500,000(a)(c)
|
Principal Amount
|
Value
|
|
California – cont'd
|
||
$1,250,000
|
Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref.
Rev., Ser. 2014-A, (AGM Insured), 5.00%,
due 9/1/2025
|
$ 1,286,721
|
1,500,000
|
Foothill-Eastern Trans. Corridor Agcy. Toll Road Rev. Ref.,
Subser. 2014-B2, 3.50%, due 1/15/2053
|
1,063,127
|
3,935,000
|
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev.
Ref., Ser. 2021-B-2, 0.00%, due
6/1/2066
|
328,226
|
1,000,000
|
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election
2010), Ser. 2011-A, (AGM Insured),
6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
|
1,088,227
|
1,000,000
|
Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007,
(AGM Insured), 5.25%, due 10/15/2026
|
1,039,059
|
|
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
|
|
150,000
|
Ser. 2013, 4.00%, due 9/1/2023
|
150,980
|
300,000
|
Ser. 2013, 4.00%, due 9/1/2024
|
301,307
|
450,000
|
Ser. 2013, 4.00%, due 9/1/2025
|
451,809
|
645,000
|
Ser. 2013, 3.50%, due 9/1/2026
|
628,909
|
690,000
|
Ser. 2013, 3.63%, due 9/1/2027
|
671,170
|
680,000
|
Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due
9/1/2024
|
697,309
|
1,500,000
|
Los Angeles City Dept. of Arpts. Arpt. Rev., Ser. 2020-C,
4.00%, due 5/15/2050
|
1,233,094
|
2,725,000
|
Los Angeles Co., Ser. 2022, 4.00%, due 6/30/2023
|
2,740,202
|
2,650,000
|
Los Angeles Co. Metro. Trans. Au. Rev. (Green Bond), Ser.
2020-A, 5.00%, due 6/1/2031
|
2,940,279
|
3,000,000
|
North Orange Co. Comm. College Dist. G.O., Ser. 2022-C, 4.00%,
due 8/1/2047
|
2,622,648
|
1,385,000
|
Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B,
0.00%, due 8/1/2029 Pre-Refunded
8/1/2024
|
1,057,777
|
885,000
|
Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/2024
|
880,323
|
1,250,000
|
Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/2039
|
1,034,408
|
1,000,000
|
Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation
Rev. (Rancho Redev. Proj.), Ser. 2014,
(AGM Insured), 5.00%, due 9/1/2027
|
1,026,969
|
475,000
|
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road),
Ser. 2013, 5.00%, due 9/1/2025
|
475,350
|
300,000
|
Riverside Co. Trans. Commission Toll Rev. Ref. Sr. Lien (RCTC
Number 91 Express Lanes), Ser. 2021-B-1,
4.00%, due 6/1/2046
|
249,920
|
1,500,000
|
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap.
Appreciation), Ser. 2013-B, 0.00%, due
6/1/2023
|
1,472,863
|
|
Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number
2006-1)
|
|
100,000
|
Ser. 2017, 4.00%, due 9/1/2029
|
93,421
|
200,000
|
Ser. 2017, 4.00%, due 9/1/2030
|
184,834
|
525,000
|
Ser. 2017, 3.25%, due 9/1/2031
|
444,628
|
1,700,000
|
Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Cap. Assessment
Dist. Number 2), Ser. 2016-A,
5.00%, due 10/1/2047
|
1,725,433
|
|
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.)
|
|
1,000,000
|
Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024
|
1,038,920
|
400,000
|
Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026
|
428,729
|
1,950,000
|
Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due
7/1/2033
|
1,962,915
|
500,000
|
Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number
2007-01), Ser. 2017, 5.00%,
due 9/1/2047
|
491,792(a)
|
60,000
|
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.),
Ser. 2002-J1, (AMBAC Insured), 4.95%, due
12/1/2022
|
60,016
|
685,000
|
San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser.
2016-A, 4.00%, due 8/1/2029
Pre-Refunded 8/1/2025
|
699,122
|
|
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch.
Construction Proj.)
|
|
310,000
|
Ser. 2013, (BAM Insured), 3.25%, due 6/1/2025
|
308,546
|
575,000
|
Ser. 2013, (BAM Insured), 3.50%, due 6/1/2026
|
575,099
|
325,000
|
Ser. 2013, (BAM Insured), 3.50%, due 6/1/2027
|
323,829
|
270,000
|
Ser. 2013, (BAM Insured), 3.50%, due 6/1/2028
|
268,325
|
Principal Amount
|
Value
|
|
California – cont'd
|
||
$1,000,000
|
Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013,
3.00%, due 8/1/2027 Pre-Refunded
8/1/2023
|
$ 998,647
|
|
Sulphur Springs Union Sch. Dist. Cert. of Participation Conv.
Cap. Appreciation Bonds
|
|
80,000
|
Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037
|
82,066
|
525,000
|
Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded
12/1/2025
|
573,583
|
620,000
|
Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037
|
669,214
|
2,000,000
|
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013,
(BAM Insured), 5.00%, due 9/1/2025
|
2,024,867
|
500,000
|
Tobacco Securitization Au. Southern California Tobacco
Settlement Rev. Ref. (San Diego Co. Asset
Securitization Corp.), Ser. 2019-A, Class 1, 5.00%, due
6/1/2048
|
480,833
|
1,800,000
|
Univ. of California Ref. Rev., Ser. 2013-AL-4, 1.20%, due
5/15/2048
|
1,800,000(c)
|
3,000,000
|
Victor Valley Comm. College Dist. G.O. Cap. Appreciation
(Election 2008), Ser. 2009-C, 6.88%, due
8/1/2037
|
3,506,097
|
3,500,000
|
William S. Hart Union High Sch. Dist. G.O. Cap. Appreciation
(Election 2001), Ser. 2005-B, (AGM
Insured), 0.00%, due 9/1/2026
|
3,045,206
|
2,250,000
|
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010),
Ser. 2011-B, (AGM Insured), 0.00%, due
8/1/2036
|
2,158,989(d)
|
|
|
98,951,390
|
Guam 3.9%
|
||
525,000
|
Antonio B. Won Pat Int'l Arpt. Au. Rev. Ref., Ser. 2023-A,
5.38%, due 10/1/2040
|
465,426(e)
|
500,000
|
Guam Gov't Bus. Privilege Tax Rev. Ref., Ser. 2021-F, 4.00%,
due 1/1/2036
|
421,715
|
600,000
|
Guam Gov't Hotel Occupancy Tax Rev. Ref., Ser. 2021-A, 5.00%,
due 11/1/2040
|
549,276
|
1,075,000
|
Guam Pwr. Au. Rev., Ser. 2022-A, 5.00%, due 10/1/2037
|
1,077,762
|
|
|
2,514,179
|
Illinois 1.5%
|
||
1,000,000
|
Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/2023
|
1,002,691
|
Kansas 0.7%
|
||
|
Goddard Kansas Sales Tax Spec. Oblig. Rev. (Olympic Park Star
Bond Proj.)
|
|
265,000
|
Ser. 2019, 3.60%, due 6/1/2030
|
235,638
|
300,000
|
Ser. 2021, 3.50%, due 6/1/2034
|
245,042
|
|
|
480,680
|
Louisiana 0.8%
|
||
500,000
|
Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter
Academy Foundation Proj.),
Ser. 2013-A, 7.63%, due 12/15/2028
|
503,729
|
New Jersey 0.3%
|
||
205,000
|
New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc.,
Proj.), Ser. 1999, 5.13%, due 9/15/2023
|
204,668
|
New York 0.9%
|
||
650,000
|
Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/2034
|
610,842
|
Ohio 5.3%
|
||
3,825,000
|
Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev.,
Ser. 2020-B-2, 5.00%, due 6/1/2055
|
3,219,252
|
280,000
|
So. Ohio Port Exempt Fac. Au. Rev., (PureCycle Proj.), Ser.
2020-A, 7.00%, due 12/1/2042
|
224,228(a)
|
|
|
3,443,480
|
Puerto Rico 6.8%
|
||
500,000
|
Puerto Rico Commonwealth G.O. (Restructured), Ser. 2021-A-1,
4.00%, due 7/1/2046
|
362,754
|
875,000
|
Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev.
(Hosp. Auxilio Mutuo Oblig. Group Proj.),
Ser. 2021, 5.00%, due 7/1/2027
|
906,149
|
3,662,000
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1,
5.00%, due 7/1/2058
|
3,140,121
|
|
|
4,409,024
|
Principal Amount
|
Value
|
|
South Carolina 0.9%
|
||
$ 395,000
|
South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park
Sr. Living Proj.), Ser. 2017-A, 7.75%,
due 10/1/2057
|
$ 424,217
|
250,000
|
South Carolina St. Jobs Econ. Dev. Au. Solid Waste Disp. Rev.
(AMT-Green Bond-Last Step
Recycling LLC Proj.), Ser. 2021-A, 6.50%, due 6/1/2051
|
171,951(a)
|
|
|
596,168
|
Texas 0.6%
|
||
294,783
|
Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr.
Minerals Proj.), Ser. 2015, 7.75%,
due 1/1/2045
|
5,896(a)(b)
|
450,000
|
New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev.
(Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%,
due 12/1/2053
|
405,000(b)
|
|
|
410,896
|
Virgin Islands 2.3%
|
||
1,500,000
|
Matching Fund Spec. Purp. Securitization Corp. Ref., Ser.
2022-A, 5.00%, due 10/1/2039
|
1,474,065
|
Wisconsin 0.4%
|
||
300,000
|
Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser.
2019, 5.00%, due 9/1/2054
|
249,506(a)
|
Total Investments 177.7% (Cost $124,974,124)
|
115,480,200
|
|
Other Assets Less Liabilities 1.1%
|
714,773
|
|
Liquidation Preference of Variable Rate Municipal Term
Preferred Shares (78.8%)
|
(51,200,000)
|
|
Net Assets Applicable to Common Stockholders
100.0%
|
$64,994,973
|
(a)
|
Securities were purchased under Rule 144A of the Securities Act of 1933, as
amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted
from registration, may
only
be sold to qualified institutional investors or may have other restrictions on
resale. At October 31, 2022,
these securities amounted to $15,572,994, which represents
24.0% 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 October 31,
2022.
|
(d)
|
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
|
(e)
|
When-issued security. Total value of all such securities at October 31, 2022
amounted to $465,426, which
represents 0.7% of net assets applicable to common stockholders of the Fund.
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Investments:
|
|
|
|
|
Municipal Notes#
|
$—
|
$115,480,200
|
$—
|
$115,480,200
|
Total Investments
|
$—
|
$115,480,200
|
$—
|
$115,480,200
|
#
|
The Schedule of Investments provides information on the state/territory
categorization.
|
Principal Amount
|
Value
|
|
Municipal Notes 174.8%
|
||
Alabama 1.6%
|
||
$ 2,650,000
|
Columbia IDB PCR Ref. (Alabama Pwr. Co. Proj.), Ser. 2014-A,
1.72%, due 12/1/2037
|
$ 2,650,000(a)
|
750,000
|
Sumter Co. Ind. Dev. Au.(Green Bond-Enviva, Inc.), Ser. 2022,
6.00%, due 7/15/2052 Putable
7/15/2032
|
677,154
|
|
|
3,327,154
|
American Samoa 0.8%
|
||
1,700,000
|
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A,
6.25%, due 9/1/2029
|
1,781,832
|
Arizona 2.0%
|
||
500,000
|
Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj.
Paragon Management, Inc.), Ser. 2016,
5.00%, due 7/1/2036
|
470,667(b)
|
2,250,000
|
Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025
|
2,294,724(b)
|
940,000
|
Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.),
Ser. 2014, 3.75%, due 7/1/2024
|
922,570
|
400,000
|
Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.),
Ser. 2012, 5.00%, due 7/1/2024
|
400,409
|
|
|
4,088,370
|
California 37.9%
|
||
1,000,000
|
California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los
Angeles), Ser. 2012-A, 5.00%, due
11/15/2026 Pre-Refunded 11/15/2022
|
1,000,645
|
905,000
|
California Infrastructure & Econ. Dev. Bank St. Sch. Fund
Rev. (King City Joint Union High Sch.),
Ser. 2010, 5.13%, due 8/15/2024
|
905,788
|
|
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore
Academy Proj.)
|
|
420,000
|
Ser. 2014, 5.00%, due 7/1/2024
|
423,172(b)
|
630,000
|
Ser. 2014, 5.13%, due 7/1/2029
|
633,896(b)
|
|
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista
Charter Middle Sch. Proj.)
|
|
310,000
|
Ser. 2014, 5.00%, due 7/1/2024
|
309,490
|
430,000
|
Ser. 2014, 5.13%, due 7/1/2029
|
424,841
|
500,000
|
California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace
Academy Proj.), Ser. 2016, 5.00%,
due 7/1/2031
|
485,932(b)
|
570,000
|
California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A,
5.00%, due 11/1/2030
|
574,728(b)
|
585,000
|
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys.
Obligated Group), Ser. 2014-A, 4.00%, due
1/1/2026 Pre-Refunded 7/1/2024
|
591,262
|
2,000,000
|
California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West
Village Std. Hsg. Proj.), Ser. 2018,
5.00%, due 5/15/2051
|
1,811,552
|
275,000
|
California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis II, LLC,
Green Bond-Orchard Park Std. Hsg. Proj.),
Ser. 2021, (BAM Insured), 3.00%, due 5/15/2054
|
169,857
|
1,300,000
|
California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready
Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due
7/1/2030
|
1,321,150(b)
|
|
California St. Dept. of Veterans Affairs Home Purchase Ref.
Rev.
|
|
2,155,000
|
Ser. 2016-A, 2.90%, due 6/1/2028
|
2,013,968
|
2,450,000
|
Ser. 2016-A, 2.95%, due 12/1/2028
|
2,282,339
|
8,000,000
|
California St. G.O., Ser. 2022, 3.00%, due 4/1/2052
|
5,512,766
|
470,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Aemerage Redak Svcs. So. California LLC
Proj.), Ser. 2016, 7.00%, due 12/1/2027
|
47,000(b)(c)
|
2,000,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Calplant I Green Bond Proj.), Ser. 2019,
7.50%, due 12/1/2039
|
49,522(b)(c)
|
1,855,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Green Bond-Rialto Bioenergy Fac. LLC, Proj.),
Ser. 2019, 7.50%, due 12/1/2040
|
1,180,802(b)
|
3,990,000
|
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser.
2012, 5.00%, due 7/1/2027
|
3,990,576(b)
|
2,000,000
|
Deutsche Bank Spears/Lifers Trust Rev., Ser. 2020, (LOC:
Deutsche Bank AG), 2.64%, due 12/1/2052
|
2,000,000(a)(b)
|
12,665,000
|
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev.
Ref., Ser. 2021-B-2, 0.00%, due
6/1/2066
|
1,056,413
|
Principal Amount
|
Value
|
|
California – cont'd
|
||
$ 2,000,000
|
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election
2010), Ser. 2011-A, (AGM Insured),
6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
|
$ 2,176,455
|
2,000,000
|
North Orange Co. Comm. College Dist. G.O., Ser. 2022-C, 4.00%,
due 8/1/2047
|
1,748,432
|
3,620,000
|
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation,
Ser. 2005-B, (AGM Insured), 0.00%,
due 8/1/2024
|
3,395,100
|
5,750,000
|
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation
(Election 2002), Ser. 2009-E, (Assured
Guaranty Insured), 5.50%, due 8/1/2029
|
6,344,372
|
5,000,000
|
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due
8/1/2034 Pre-Refunded 8/1/2026
|
5,547,593
|
4,000,000
|
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.),
Ser. 2006-E, (AMBAC Insured), 5.25%,
due 12/1/2026
|
4,287,293
|
2,000,000
|
San Bernardino Comm. College Dist. G.O. Cap. Appreciation
(Election), Ser. 2009-B, 6.38%, due
8/1/2034 Pre-Refunded 8/1/2024
|
2,099,107
|
6,000,000
|
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation
(Election 2008), Ser. 2010-A, 0.00%, due
8/1/2032
|
6,464,548(d)
|
2,040,000
|
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013,
(BAM Insured), 5.00%, due 9/1/2025
|
2,065,365
|
9,070,000
|
Victor Valley Comm. College Dist. G.O. Cap. Appreciation
(Election 2008), Ser. 2009-C, 6.88%, due
8/1/2037
|
10,600,101
|
5,095,000
|
Victor Valley Joint Union High Sch. Dist. G.O. Cap.
Appreciation Bonds, Ser. 2009, (Assured Guaranty
Insured), 0.00%, due 8/1/2026
|
4,425,416
|
3,000,000
|
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010),
Ser. 2011-B, (AGM Insured), 0.00%, due
8/1/2036
|
2,878,652(e)
|
|
|
78,818,133
|
Colorado 4.0%
|
||
|
Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas
Preparatory Sch. Proj.)
|
|
805,000
|
Ser. 2015, 4.50%, due 4/1/2025
|
812,492(b)
|
1,000,000
|
Ser. 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
|
1,037,199(b)
|
1,350,000
|
Ser. 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
|
1,404,092(b)
|
750,000
|
Colorado Ed. & Cultural Facs. Au. Rev. Ref., Ser. 2014,
4.50%, due 11/1/2029
|
711,319
|
2,550,000
|
Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013,
4.00%, due 12/1/2023
|
2,524,992(b)
|
5,866,666
|
Villages at Castle Rock Co. Metro. Dist. Number 6 (Cabs -
Cobblestone Ranch Proj.), Ser. 2007-2,
0.00%, due 12/1/2037
|
1,791,754
|
|
|
8,281,848
|
Connecticut 0.3%
|
||
750,000
|
Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/2025
|
738,446
|
District of Columbia 0.3%
|
||
650,000
|
Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard
Prop.), Ser. 2013, 5.00%, due 10/1/2045
|
594,491
|
Florida 7.3%
|
||
800,000
|
Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc.
Superior Residences-Third Tier), Ser. 2018-C,
7.50%, due 7/1/2053
|
28,000(b)(c)
|
2,000,000
|
Cap. Trust Agcy. Sr. Living Rev. (Wonderful Foundations Sch.
Proj.), Ser. 2020-A-1, 5.00%, due
1/1/2055
|
1,410,131(b)
|
1,000,000
|
CityPlace Comm. Dev. Dist. Spec. Assessment Ref. Rev., Ser.
2012, 5.00%, due 5/1/2026
|
1,020,340
|
|
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter
Sch., Inc.)
|
|
3,120,000
|
Ser. 2013-A, 6.75%, due 12/15/2027 Pre-Refunded 6/15/2023
|
3,186,093
|
1,750,000
|
Ser. 2014-A, 5.75%, due 6/15/2029
|
1,770,063(b)
|
1,075,000
|
Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies,
Inc.), Ser. 2016-A, 5.00%, due 7/1/2036
|
924,220
|
8,000,000
|
Hillsborough Co. Ind. Dev. Au. Hosp. Rev. (Tampa General Hosp.
Proj.), Ser. 2020-A, 3.50%, due
8/1/2055
|
5,422,937
|
850,000
|
Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser.
2014, 4.13%, due 5/1/2029
|
818,092
|
Principal Amount
|
Value
|
|
Florida – cont'd
|
||
$ 965,000
|
Village Comm. Dev. Dist. Number 13 Spec. Assessment Rev., Ser.
2019, 3.70%, due 5/1/2050
|
$ 651,740
|
|
|
15,231,616
|
Georgia 0.6%
|
||
2,000,000
|
DeKalb Co. Hsg. Au. Sr. Living Rev. Ref. (Baptist Retirement
Comm. of Georgia Proj.), Ser. 2019-A,
5.13%, due 1/1/2049
|
1,276,534(b)
|
Guam 0.6%
|
||
250,000
|
A.B. Won Pat Int'l Arpt. Au. Rev. Ref., Ser. 2023-A, 5.38%, due
10/1/2043
|
218,238(f)
|
1,000,000
|
Guam Pwr. Au. Rev., Ser. 2022-A, 5.00%, due 10/1/2035
|
1,005,389
|
|
|
1,223,627
|
Hawaii 0.7%
|
||
2,250,000
|
Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev.
(Hawaiian Elec. Co., Inc. - Subsidiary), Ser. 2019,
3.50%, due 10/1/2049
|
1,533,572
|
Illinois 24.2%
|
||
5,705,000
|
Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/2027
|
5,726,746
|
|
Chicago G.O.
|
|
250,000
|
Ser. 2002-2002B, 5.13%, due 1/1/2027
|
250,434
|
2,000,000
|
Ser. 2002-B, 5.00%, due 1/1/2025
|
2,006,666
|
1,000,000
|
Ser. 2019-A, 5.00%, due 1/1/2044
|
916,795
|
|
Chicago Ref. G.O.
|
|
1,000,000
|
Ser. 2005-D, 5.50%, due 1/1/2040
|
974,996
|
700,000
|
Ser. 2014-A, 5.00%, due 1/1/2027
|
698,912
|
3,000,000
|
Ser. 2017-A, 6.00%, due 1/1/2038
|
3,054,201
|
|
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
|
|
1,350,000
|
Ser. 2013-C, 5.45%, due 12/1/2030
|
1,382,339
|
1,960,000
|
Ser. 2013-C, 5.50%, due 12/1/2031
|
2,007,984
|
1,560,000
|
Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated
Group), Ser. 2016-C, 5.00%, due
2/15/2031
|
1,614,554
|
1,000,000
|
Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care
Obligated Group), Ser. 2017-A, 4.00%, due
7/15/2047
|
840,538
|
1,905,000
|
Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax
Supported), Ser. 2001, (AMBAC Insured),
0.00%, due 6/15/2026
|
1,627,154
|
|
Illinois St. G.O.
|
|
3,900,000
|
Ser. 2012, 4.00%, due 8/1/2025
|
3,831,162
|
1,000,000
|
Ser. 2013, 5.00%, due 7/1/2023
|
1,006,249
|
5,200,000
|
Ser. 2017-D, 5.00%, due 11/1/2028
|
5,206,820
|
3,000,000
|
Ser. 2021-A, 4.00%, due 3/1/2039
|
2,475,123
|
2,175,000
|
Ser. 2021-A, 4.00%, due 3/1/2040
|
1,775,322
|
775,000
|
Ser. 2021-A, 5.00%, due 3/1/2046
|
705,530
|
4,250,000
|
Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/2024
|
4,285,793
|
|
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
|
|
945,000
|
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027
|
959,595
|
1,375,000
|
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028
|
1,395,371
|
715,000
|
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029
|
725,143
|
|
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
|
|
2,725,000
|
Ser. 2013, 5.00%, due 10/1/2027
|
2,753,630
|
2,875,000
|
Ser. 2013, 5.75%, due 10/1/2028
|
2,925,431
|
1,500,000
|
Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes
Learning Ctr.), Ser. 2017-A, 5.25%,
due 12/1/2047
|
1,237,451(b)
|
|
|
50,383,939
|
Principal Amount
|
Value
|
|
Indiana 0.1%
|
||
$ 220,000
|
Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser.
2013, 5.88%, due 1/1/2024
|
$ 222,397
|
Iowa 0.5%
|
||
1,105,000
|
Iowa St. Higher Ed. Loan Au. Rev. (Des Moines Univ. Proj.),
Ser. 2020, 5.00%, due 10/1/2028
|
1,138,864
|
Kansas 0.7%
|
||
1,500,000
|
Wyandotte Co. & Kansas City Kanuni Gov't. G.O. Temporary
Notes, Ser. 2022-I, 1.25%, due
4/1/2023
|
1,488,065
|
Kentucky 0.5%
|
||
1,350,000
|
Ashland City, Kentucky Med. Ctr. Ref. Rev. (Ashland Hosp. Corp.
DBA Kings Daughter Med. Ctr.),
Ser. 2019, (AGM Insured), 3.00%, due 2/1/2040
|
986,054
|
Louisiana 1.8%
|
||
1,715,000
|
Louisiana Local Gov't Env. Facs. & Comm. Dev. Au. Rev. Ref.
(Westside Habilitation Ctr. Proj.),
Ser. 2017-A, 5.75%, due 2/1/2032
|
1,614,032(b)
|
700,000
|
Louisiana St. Local Gov’t Env. Facs. & Comm. Dev. Au. Rev.
(Lafourche Parish Gomesa Proj.),
Ser. 2019, 3.95%, due 11/1/2043
|
508,576(b)
|
775,000
|
Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter
Academy Foundation Proj.),
Ser. 2013-A, 7.63%, due 12/15/2028
|
780,781
|
800,000
|
St. John the Baptist Parish LA Rev. Ref. (Marathon Oil Corp.
Proj.), Subser. 2017-A-1, 2.00%, due
6/1/2037 Putable 4/1/2023
|
792,364
|
|
|
3,695,753
|
Maine 0.7%
|
||
2,200,000
|
Maine St. Fin. Au. (Green Bond-Go Lab Madison, LLC Proj.), Ser.
2021, 8.00%, due 12/1/2051
|
1,539,962(b)
|
Maryland 0.1%
|
||
300,000
|
Baltimore Spec. Oblig. Ref. Rev. Sr. Lien (Harbor Point Proj.),
Ser. 2022, 5.00%, due 6/1/2051
|
259,215
|
Massachusetts 1.0%
|
||
|
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
|
|
200,000
|
Ser. 2014-F, 5.00%, due 7/15/2024
|
201,301
|
415,000
|
Ser. 2014-F, 5.00%, due 7/15/2025
|
417,313
|
200,000
|
Ser. 2014-F, 5.00%, due 7/15/2026
|
201,091
|
190,000
|
Ser. 2014-F, 5.00%, due 7/15/2027
|
191,015
|
150,000
|
Ser. 2014-F, 5.00%, due 7/15/2028
|
150,781
|
940,000
|
Massachusetts St. Ed. Fin. Au. Rev., Ser. 2012-J, 4.70%, due
7/1/2026
|
940,235
|
|
|
2,101,736
|
Michigan 6.2%
|
||
|
City of Detroit MI G.O.
|
|
3,000,000
|
Ser. 2021-A, 5.00%, due 4/1/2046
|
2,746,489
|
3,850,000
|
Ser. 2021-A, 5.00%, due 4/1/2050
|
3,483,143
|
1,500,000
|
Detroit Downtown Dev. Au. Tax Increment Rev. Ref. (Catalyst
Dev. Proj.), Ser. 2018-A, (AGM Insured),
5.00%, due 7/1/2048
|
1,460,054
|
2,000,000
|
Michigan St. Bldg. Au. Rev. (Facilities Prog.), Ser. 2022-I,
5.00%, due 10/15/2047
|
2,063,748
|
2,500,000
|
Michigan St. Strategic Fund Ltd. Oblig. Rev. (Green
Bond-Recycled Board Machine Proj.), Ser. 2021,
4.00%, due 10/1/2061 Putable 10/1/2026
|
2,381,287
|
750,000
|
Michigan St. Strategic Fund Ltd. Oblig. Rev. (Improvement
Proj.), Ser. 2018, 5.00%, due 6/30/2048
|
652,500
|
100,000
|
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%,
due 11/1/2035
|
92,555
|
|
|
12,879,776
|
Minnesota 0.2%
|
||
400,000
|
St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro
Deaf Sch. Proj.), Ser. 2018-A, 5.00%, due
6/15/2038
|
363,561(b)
|
Principal Amount
|
Value
|
|
New York – cont'd
|
||
|
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
|
|
$ 700,000
|
Ser. 2014, 5.00%, due 7/1/2023
|
$ 704,133
|
735,000
|
Ser. 2014, 5.00%, due 7/1/2024
|
744,300
|
390,000
|
Ser. 2018, 5.00%, due 7/1/2030
|
396,233
|
1,400,000
|
Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond-Reenergy
Black River LLC Proj.), Ser. 2014,
5.25%, due 1/1/2024
|
140,000(b)(g)(h)
|
|
Metro. Trans. Au. Rev. (Green Bond)
|
|
8,500,000
|
Ser. 2020-D-3, 4.00%, due 11/15/2049
|
6,491,054
|
3,000,000
|
Ser. 2020-D-3, 4.00%, due 11/15/2050
|
2,279,308
|
4,000,000
|
New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020,
3.00%, due 3/1/2049
|
2,503,347
|
500,000
|
New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr.
Proj.), Ser. 2014-2, 5.38%, due 11/15/2040
|
475,341(b)
|
3,200,000
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ.
Facs.), Ser. 2013-A, 5.00%, due
7/1/2028 Pre-Refunded 7/1/2023
|
3,238,437
|
2,300,000
|
New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt
(Montefiore Oblig. Group), Ser. 2018-A,
5.00%, due 8/1/2035
|
2,112,987
|
1,000,000
|
New York St. Dorm. Au. Rev. St. Supported Debt (New Sch.), Ser.
2022-A, 4.00%, due 7/1/2052
|
759,900
|
2,000,000
|
New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser.
2014-189, 3.45%, due 4/1/2027
|
1,931,717
|
1,000,000
|
New York St. Trans. Dev. Corp. Fac. Rev. (Empire St. Thruway
Svc. Areas Proj.), Ser. 2021, 4.00%, due
4/30/2053
|
733,303
|
2,000,000
|
New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines,
Inc.-LaGuardia Arpt. Term. C&D
Redev.), Ser. 2018, 5.00%, due 1/1/2033
|
1,944,339
|
500,000
|
New York St. Trans. Dev. Corp. Spec. Fac. Rev. Ref. (JFK Int'l
Arpt. Term. 4 Proj.), Ser. 2022, 5.00%,
due 12/1/2039
|
462,364
|
1,155,000
|
Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison
Bldg.), Ser. 2013, 4.25%, due 11/1/2026
|
1,163,311
|
2,000,000
|
Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due
12/15/2028
|
2,036,852
|
500,000
|
Westchester Co. Local Dev. Corp. Rev. (Purchase Sr. Learning
Comm., Inc. Proj.), Ser. 2021-A, 5.00%,
due 7/1/2056
|
366,682(b)
|
600,000
|
Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg.
Proj.), Ser. 2015-A, 5.00%, due
6/1/2030
|
515,979(b)
|
|
|
36,607,978
|
North Carolina 2.3%
|
||
3,640,000
|
North Carolina HFA Homeownership Ref. Rev., Ser. 2020-45,
(GNMA/FNMA/FHLMC Insured), 2.20%,
due 7/1/2040
|
2,483,457
|
|
North Carolina Med. Care Commission Retirement Facs. Rev.
|
|
380,000
|
Ser. 2013, 5.13%, due 7/1/2023
|
384,122
|
1,700,000
|
Ser. 2020-A, 4.00%, due 9/1/2050
|
1,228,129
|
700,000
|
North Carolina Med. Care Commission Retirement Facs. Rev. (Twin
Lakes Comm.), Ser. 2019-A,
5.00%, due 1/1/2049
|
634,617
|
|
|
4,730,325
|
Ohio 7.8%
|
||
12,980,000
|
Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev.,
Ser. 2020-B-2, 5.00%, due 6/1/2055
|
10,924,415
|
1,000,000
|
Jefferson Co. Port Econ. Dev. Au. Rev. (JSW Steel USA, Ohio,
Inc. Proj.), Ser. 2021, 3.50%, due
12/1/2051
|
646,027(b)
|
500,000
|
Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium
LLC), Ser. 2019-D, 5.00%, due
7/1/2049
|
420,471(b)
|
1,000,000
|
Ohio St. Air Quality Dev. Au. Rev. (Ohio Valley Elec. Corp.
Proj.), Ser. 2014-B, 2.60%, due 6/1/2041
Putable 10/1/2029
|
861,500
|
3,500,000
|
Port Au. of Greater Cincinnati Dev. Rev. (Convention Ctr. Hotel
Acquisition and Demolition Proj.),
Ser. 2020-A, 3.00%, due 5/1/2023
|
3,469,712
|
|
|
16,322,125
|
Principal Amount
|
Value
|
|
Texas – cont'd
|
||
|
Hale Ctr. Ed. Fac. Corp. Rev. Ref. (Wayland Baptist Univ.
Proj.)
|
|
$ 405,000
|
Ser. 2022, 5.00%, due 3/1/2033
|
$ 402,062
|
1,000,000
|
Ser. 2022, 5.00%, due 3/1/2034
|
981,932
|
1,825,000
|
Ser. 2022, 4.00%, due 3/1/2035
|
1,593,571
|
1,000,000
|
Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos
Presbyterian Homes, Inc. Proj.), Ser. 2013-B,
5.75%, due 1/1/2028
|
1,000,730
|
|
New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy)
|
|
545,000
|
Ser. 2019, 5.00%, due 8/15/2039
|
493,141(b)
|
520,000
|
Ser. 2019, 5.00%, due 8/15/2049
|
441,309(b)
|
1,225,000
|
New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev.
(Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%,
due 12/1/2053
|
1,102,500(c)
|
500,000
|
New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev.
(Cardinal Bay, Inc. Village On The Park
Carriage), Ser. 2016-C, 5.50%, due 7/1/2046
|
250,000
|
|
Parkway Utils. Dist. Wtr. & Swr. Sys. Rev.
|
|
495,000
|
Ser. 2022, (AGM Insured), 3.00%, due 3/1/2033
|
421,609
|
690,000
|
Ser. 2022, (AGM Insured), 3.00%, due 3/1/2034
|
578,976
|
545,000
|
Ser. 2022, (AGM Insured), 3.00%, due 3/1/2035
|
441,834
|
625,000
|
Texas Private Activity Bond Surface Trans. Corp. Sr. Lien Rev.
Ref. (North Tarrant Express Managed
Lanes Proj.), Ser. 2019-A, 4.00%, due 12/31/2039
|
524,472
|
1,000,000
|
Texas St. Private Activity Bond Surface Trans. Corp. Rev.
(Segment 3C Proj.), Ser. 2019, 5.00%, due
6/30/2058
|
889,514
|
|
|
13,423,492
|
Utah 3.3%
|
||
|
Salt Lake City Arpt. Rev.
|
|
1,000,000
|
Ser. 2017-A, 5.00%, due 7/1/2042
|
970,121
|
2,000,000
|
Ser. 2017-A, 5.00%, due 7/1/2047
|
1,905,380
|
1,000,000
|
Ser. 2018-A, 5.00%, due 7/1/2043
|
968,456
|
3,000,000
|
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001,
(AMBAC Insured), 5.40%, due 2/15/2028
|
3,110,092
|
|
|
6,954,049
|
Vermont 1.7%
|
||
1,000,000
|
Vermont Econ. Dev. Au. Solid Waste Disp. Rev. (Casella Waste
Sys., Inc.), Ser. 2022-A-1, 5.00%, due
6/1/2052 Putable 6/1/2027
|
963,895(b)
|
|
Vermont Std. Assist. Corp. Ed. Loan Rev.
|
|
1,800,000
|
Ser. 2014-A, 5.00%, due 6/15/2024
|
1,829,594
|
785,000
|
Ser. 2015-A, 4.13%, due 6/15/2027
|
782,411
|
|
|
3,575,900
|
Virgin Islands 2.4%
|
||
5,000,000
|
Matching Fund Spec. Purp. Securitization Corp. Ref., Ser.
2022-A, 5.00%, due 10/1/2039
|
4,913,551
|
Virginia 1.0%
|
||
185,000
|
Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson
Hall LLC), Ser. 2013-A, 4.00%, due
12/1/2022
|
185,115
|
2,000,000
|
Virginia St. Small Bus. Fin. Au. Rev. Ref. (Sr. Lien I-495, Hot
Lanes Proj.), Ser. 2022, 5.00%, due
12/31/2047
|
1,917,803
|
|
|
2,102,918
|
Washington 4.7%
|
||
6,700,000
|
Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.),
Ser. 2013, 4.00%, due 1/1/2028
|
6,719,617
|
1,000,000
|
Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Green
Bond), Ser. 2020-A, 5.63%, due 12/1/2040
|
930,761(b)
|
790,000
|
Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason
Med. Ctr.), Ser. 2017, 5.00%, due
8/15/2026
|
806,970
|
Principal Amount
|
Value
|
|
Washington – cont'd
|
||
$ 1,469,487
|
Washington St. Hsg. Fin. Commission, Ser. 2021-A-1, 3.50%, due
12/20/2035
|
$ 1,241,690
|
|
|
9,699,038
|
Wisconsin 1.8%
|
||
2,000,000
|
Pub. Fin. Au. Arpt. Fac. Rev. Ref. (Trips Oblig. Group), Ser.
2012-B, 5.00%, due 7/1/2042
|
1,870,383
|
870,000
|
Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser.
2015, 4.95%, due 3/1/2030
|
859,976(b)
|
200,000
|
Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser.
2015-A, 5.38%, due 7/1/2035
|
195,586(b)
|
870,000
|
Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.),
Ser. 2015, 5.00%, due 4/1/2025
|
867,229
|
|
|
3,793,174
|
Other 2.9%
|
||
6,000,000
|
JPMorgan Chase Putters/Drivers Trust Var. Sts. Rev. (Putters),
(LOC: JP Morgan Chase Bank N.A.),
Ser. 2019, 2.42%, due 3/20/2024
|
6,000,000(a)(b)
|
Total Investments 174.8% (Cost $395,855,341)
|
363,880,414
|
|
Other Assets Less Liabilities 4.8%
|
9,958,902
|
|
Liquidation Preference of Variable Rate Municipal Term
Preferred Shares (79.6%)
|
(165,700,000)
|
|
Net Assets Applicable to Common Stockholders
100.0%
|
$208,139,316
|
(a)
|
Variable rate demand obligation where the stated interest rate is not based on
a published reference rate
and spread. Rather, the interest rate generally resets daily or weekly and is
determined by the
remarketing
agent. The rate shown represents the rate in effect at October 31,
2022.
|
(b)
|
Securities were purchased under Rule 144A of the Securities Act of 1933, as
amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted
from registration, may
only
be sold to qualified institutional investors or may have other restrictions on
resale. At October 31, 2022,
these securities amounted to $53,861,694, which represents
25.9% of net assets applicable to common
stockholders of the Fund.
|
(c)
|
Defaulted security.
|
(d)
|
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
|
(e)
|
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
|
(f)
|
When-issued security. Total value of all such securities at October 31, 2022
amounted to $218,238, which
represents 0.1% of net assets applicable to common stockholders of the Fund.
|
(g)
|
Value determined using significant unobservable inputs.
|
(h)
|
Security fair valued as of October 31, 2022 in accordance with procedures
approved by the valuation
designee. Total value of all such securities at October 31, 2022 amounted to
$140,000, which
represents
0.1% of net assets applicable to common stockholders of the
Fund.
|
(i)
|
Represents less than 0.05% of net assets applicable to common stockholders of
the Fund.
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
Investments:
|
|
|
|
|
Municipal Notes
|
|
|
|
|
New York
|
$—
|
$36,467,978
|
$140,000
|
$36,607,978
|
Other Municipal Notes#
|
—
|
327,272,436
|
—
|
327,272,436
|
Total Municipal Notes
|
—
|
363,740,414
|
140,000
|
363,880,414
|
Total Investments
|
$—
|
$363,740,414
|
$140,000
|
$363,880,414
|
#
|
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 11/1/2021
|
Accrued
discounts/
(premiums)
|
Realized
gain/(loss)
|
Change
in
unrealized
appreciation/
(depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as
of
10/31/2022
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
10/31/2022
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
Municipal Notes(1)
|
$—
|
$—
|
$—
|
$(1,223)
|
$—
|
$—
|
$1,363
|
$—
|
$140
|
$(1,223)
|
Total
|
$—
|
$—
|
$—
|
$(1,223)
|
$—
|
$—
|
$1,363
|
$—
|
$140
|
$(1,223)
|
Principal Amount
|
Value
|
|
Municipal Notes 170.9%
|
||
American Samoa 1.0%
|
||
$ 500,000
|
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A,
6.25%, due 9/1/2029
|
$ 524,068
|
California 6.1%
|
||
250,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Aemerage Redak Svcs. So. California LLC Proj.),
Ser. 2016, 7.00%, due 12/1/2027
|
25,000(a)(b)
|
345,000
|
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Green Bond-Rialto Bioenergy Fac. LLC, Proj.),
Ser. 2019, 7.50%, due 12/1/2040
|
219,610(a)
|
3,115,000
|
Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation
(Election 2006), Ser. 2009-C, (AGM Insured),
0.00%, due 8/1/2024
|
2,928,501
|
|
|
3,173,111
|
Guam 4.3%
|
||
500,000
|
A.B. Won Pat Int'l Arpt. Au. Rev. Ref., Ser. 2023-A, 5.38%, due
10/1/2043
|
436,476(c)
|
200,000
|
Guam Gov't Bus. Privilege Tax Rev. Ref., Ser. 2021-F, 4.00%,
due 1/1/2036
|
168,686
|
650,000
|
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2021-A, 5.00%, due
11/1/2035
|
619,954
|
1,035,000
|
Guam Pwr. Au. Rev., Ser. 2022-A, 5.00%, due 10/1/2036
|
1,039,178
|
|
|
2,264,294
|
Illinois 1.9%
|
||
1,000,000
|
Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/2023
|
1,002,692
|
Kansas 1.1%
|
||
|
Goddard Kansas Sales Tax Spec. Oblig. Rev. (Olympic Park Star
Bond Proj.)
|
|
265,000
|
Ser. 2019, 3.60%, due 6/1/2030
|
235,638
|
420,000
|
Ser. 2021, 3.50%, due 6/1/2034
|
343,058
|
|
|
578,696
|
Louisiana 1.0%
|
||
500,000
|
Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter
Academy Foundation Proj.), Ser. 2013-A,
7.63%, due 12/15/2028
|
503,730
|
New York 141.5%
|
||
|
Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy
& Hlth. Sciences)
|
|
380,000
|
Ser. 2014-A, 5.00%, due 12/1/2027
|
383,730
|
375,000
|
Ser. 2014-A, 5.00%, due 12/1/2028
|
378,092
|
270,000
|
Ser. 2014-A, 5.00%, due 12/1/2029
|
271,798
|
750,000
|
Broome Co. Local Dev. Corp. Rev. (Good Shepherd Village at
Endwell, Inc. Proj.), Ser. 2021, 4.00%, due
1/1/2047
|
526,016
|
500,000
|
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry
Charter Sch. Proj.), Ser. 2017-A, 5.00%, due
8/1/2047
|
431,311
|
1,325,000
|
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter
Sch. for Applied Technologies Proj.),
Ser. 2017-A, 5.00%, due 6/1/2035
|
1,331,924
|
|
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard
Park)
|
|
500,000
|
Ser. 2015, 5.00%, due 11/15/2027
|
507,153
|
500,000
|
Ser. 2015, 5.00%, due 11/15/2028
|
505,598
|
|
Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
|
|
270,000
|
Ser. 2014-A, 5.00%, due 6/1/2026
|
276,095
|
225,000
|
Ser. 2014-A, 5.00%, due 6/1/2029
|
229,384
|
500,000
|
Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.), Ser.
2014, 5.00%, due 7/1/2029 Pre-Refunded
7/1/2024
|
513,375
|
1,250,000
|
Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser.
2016, 4.00%, due 7/1/2045
|
980,404
|
Principal Amount
|
Value
|
|
New York – cont'd
|
||
|
Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute
Proj.)
|
|
$ 155,000
|
Ser. 2015, 5.00%, due 6/1/2026
|
$ 159,542
|
125,000
|
Ser. 2015, 5.00%, due 6/1/2027
|
128,385
|
195,000
|
Ser. 2015, 5.00%, due 6/1/2028
|
199,750
|
220,000
|
Ser. 2015, 5.00%, due 6/1/2029
|
224,709
|
325,000
|
Ser. 2015, 5.00%, due 6/1/2030
|
331,239
|
565,000
|
Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/2024
|
560,774
|
750,000
|
Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch.
Proj.), Ser. 2017-A, 5.00%, due 6/1/2047
|
645,595(a)
|
575,000
|
Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser.
2019, 5.75%, due 2/1/2049
|
541,607(a)
|
450,000
|
Build NYC Res. Corp. Rev. (New World Preparatory Charter Sch.
Proj.), Ser. 2021-A, 4.00%, due
6/15/2056
|
297,934
|
750,000
|
Build NYC Res. Corp. Rev. (Shefa Sch. Proj.), Ser. 2021-A,
5.00%, due 6/15/2051
|
650,721(a)
|
100,000
|
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l
Cultures and the Arts), Ser. 2013-A,
3.88%, due 4/15/2023
|
99,648(a)
|
100,000
|
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper,
Inc. Proj.), Ser. 2014, 4.50%, due
1/1/2025
|
100,257(a)
|
|
Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of
America Proj.)
|
|
200,000
|
Ser. 2016-A-1, 5.00%, due 7/1/2041
|
193,790
|
275,000
|
Ser. 2016-A-1, 5.00%, due 7/1/2046
|
259,990
|
|
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
|
|
405,000
|
Ser. 2018, 5.00%, due 7/1/2031
|
409,604
|
425,000
|
Ser. 2018, 5.00%, due 7/1/2032
|
427,919
|
450,000
|
Ser. 2018, 5.00%, due 7/1/2033
|
450,993
|
|
Metro. Trans. Au. Rev. (Green Bond)
|
|
1,500,000
|
Ser. 2020-C-1, 5.00%, due 11/15/2050
|
1,353,860
|
2,000,000
|
Ser. 2020-D-3, 4.00%, due 11/15/2049
|
1,527,307
|
300,000
|
Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser.
2014, (AGM Insured), 5.00%, due
1/15/2029
|
304,884
|
|
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester
Proj.)
|
|
500,000
|
Ser. 2013-A, 5.00%, due 10/1/2024
|
503,743
|
500,000
|
Ser. 2013-A, 5.00%, due 10/1/2025
|
503,660
|
250,000
|
Ser. 2013-A, 4.00%, due 10/1/2026
|
247,952
|
|
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
|
|
1,120,000
|
Ser. 2012-A, 5.00%, due 6/1/2023
|
1,121,265
|
210,000
|
Ser. 2012-A, 5.00%, due 6/1/2025
|
210,171
|
2,000,000
|
Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due
4/1/2028 Pre-Refunded 4/1/2023
|
2,015,249
|
|
Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs.
of Long Island Obligated Group Proj.)
|
|
500,000
|
Ser. 2014, 5.00%, due 7/1/2023
|
503,770
|
1,000,000
|
Ser. 2014, 5.00%, due 7/1/2027
|
1,015,547
|
4,175,000
|
Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser.
2006-A-3, 5.13%, due 6/1/2046
|
3,597,355
|
1,375,000
|
New York City IDA Rev. (Queens Ballpark Co. LLC), Ser. 2021-A,
(AGM Insured), 3.00%, due 1/1/2046
|
898,999
|
2,000,000
|
New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020, (AGM
Insured), 3.00%, due 3/1/2049
|
1,310,786
|
1,320,000
|
New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev.
(Second Gen. Resolution Rev. Bonds),
Ser. 2013-AA-2, 1.59%, due 6/15/2050
|
1,320,000(d)
|
750,000
|
New York City Trust for Cultural Res. Ref. Rev. (Lincoln Ctr.
for the Performing Arts, Inc.), Ser. 2020-A,
4.00%, due 12/1/2035
|
687,724
|
500,000
|
New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr.
Proj.), Ser. 2014-2, 5.38%, due 11/15/2040
|
475,341(a)
|
2,000,000
|
New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters),
Ser. 2005, 5.25%, due 10/1/2035
|
2,068,236
|
750,000
|
New York Liberty Dev. Corp. Rev. Ref. (Bank of America Tower at
One Bryant Park Proj.), Ser. 2019, Class
3, 2.80%, due 9/15/2069
|
609,079
|
Principal Amount
|
Value
|
|
New York – cont'd
|
||
|
New York St. Dorm. Au. Rev.
|
|
$1,090,000
|
Ser. 2018-A, 5.00%, due 7/1/2048 Pre-Refunded 7/1/2028
|
$ 1,181,449
|
1,450,000
|
Ser. 2018-A, 5.00%, due 7/1/2048
|
1,482,284
|
780,000
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary
Institute of America), Ser. 2013, 4.63%,
due 7/1/2025
|
782,071
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro
College & Univ. Sys. Obligated Group)
|
|
460,000
|
Ser. 2014-A, 4.00%, due 1/1/2026
|
464,329
|
470,000
|
Ser. 2014-A, 4.00%, due 1/1/2027
|
474,423
|
200,000
|
Ser. 2014-A, 4.00%, due 1/1/2028
|
201,882
|
275,000
|
Ser. 2014-A, 4.13%, due 1/1/2029
|
278,139
|
1,350,000
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ.
Facs.), Ser. 2013-A, 5.00%, due 7/1/2028
Pre-Refunded 7/1/2023
|
1,366,216
|
750,000
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Vaughn
College of Aeronautics & Technology),
Ser. 2016, 5.00%, due 12/1/2026
|
732,152(a)
|
400,000
|
New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Garnet
Hlth. Med. Ctr.), Ser. 2017, 5.00%,
due 12/1/2035
|
382,705(a)
|
1,500,000
|
New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt
(Montefiore Oblig. Group), Ser. 2018-A,
5.00%, due 8/1/2035
|
1,378,035
|
|
New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Orange
Reg. Med. Ctr.)
|
|
200,000
|
Ser. 2017, 5.00%, due 12/1/2036
|
190,371(a)
|
400,000
|
Ser. 2017, 5.00%, due 12/1/2037
|
377,104(a)
|
2,000,000
|
New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser.
2012-A, 5.00%, due 12/15/2026
|
2,004,455
|
|
New York St. Env. Facs. Corp. Solid Waste Disp. Rev. (Casella
Waste Sys. Inc. Proj.)
|
|
500,000
|
Ser. 2014, 2.88%, due 12/1/2044 Putable 12/3/2029
|
413,671(a)
|
500,000
|
Ser. 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025
|
464,851
|
660,000
|
New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA
Insured), 3.05%, due 11/1/2027
|
627,052
|
925,000
|
New York St. HFA Rev. Ref. (Affordable Hsg.), Ser. 2020-H,
2.45%, due 11/1/2044
|
562,280
|
1,045,000
|
New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser.
2014-189, 3.45%, due 4/1/2027
|
1,009,322
|
2,000,000
|
New York St. Trans. Dev. Corp. Fac. Rev. (Empire St. Thruway
Svc. Areas Proj.), Ser. 2021, 4.00%, due
4/30/2053
|
1,466,606
|
1,500,000
|
New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American
Airlines, Inc.-John F Kennedy Int'l Arpt.
Proj.), Ser. 2016, 5.00%, due 8/1/2031
|
1,470,756
|
2,000,000
|
New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines,
Inc.-LaGuardia Arpt. Term. C&D Redev.),
Ser. 2018, 5.00%, due 1/1/2033
|
1,944,339
|
1,145,000
|
New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt.
Term. B Redev. Proj.), Ser. 2016-A,
4.00%, due 7/1/2041
|
925,033
|
|
New York St. Trans. Dev. Corp. Spec. Fac. Rev. Ref. (JFK Int'l
Arpt. Term. 4 Proj.)
|
|
100,000
|
Ser. 2020-A, 4.00%, due 12/1/2042
|
78,359
|
400,000
|
Ser. 2020-C, 4.00%, due 12/1/2042
|
321,133
|
1,000,000
|
Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. Ref.
(Covanta Proj.), Ser. 2018-A, 4.75%, due
11/1/2042
|
842,180(a)
|
|
Niagara Frontier Trans. Au. Rev. Ref. (Buffalo Niagara Int'l
Arpt.)
|
|
375,000
|
Ser. 2019-A, 5.00%, due 4/1/2037
|
365,723
|
350,000
|
Ser. 2019-A, 5.00%, due 4/1/2038
|
340,849
|
350,000
|
Ser. 2019-A, 5.00%, due 4/1/2039
|
340,266
|
|
Oneida Co. Local Dev. Corp. Rev. Ref. (Mohawk Valley Hlth. Sys.
Proj.)
|
|
1,250,000
|
Ser. 2019-A, (AGM Insured), 3.00%, due 12/1/2044
|
848,133
|
2,000,000
|
Ser. 2019-A, (AGM Insured), 4.00%, due 12/1/2049
|
1,662,088
|
500,000
|
Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two
Hundred), Ser. 2017, 5.00%, due
4/15/2057
|
502,083
|
1,410,000
|
St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ.
Proj.), Ser. 2012, 5.00%, due 7/1/2028
|
1,413,405
|
1,980,000
|
Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison
Bldg.), Ser. 2013, 5.00%, due 11/1/2025
|
2,002,826
|
(a)
|
Securities were purchased under Rule 144A of the Securities Act of 1933, as
amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted
from registration, may
only
be sold to qualified institutional investors or may have other restrictions on
resale. At October 31, 2022,
these securities amounted to $8,524,457, which represents
16.3% of net assets applicable to common
stockholders of the Fund.
|
(b)
|
Defaulted security.
|
(c)
|
When-issued security. Total value of all such securities at October 31, 2022
amounted to $436,476, which
represents 0.8% 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 October 31,
2022.
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
Investments:
|
|
|
|
|
Municipal Notes#
|
$—
|
$89,499,848
|
$—
|
$89,499,848
|
Total Investments
|
$—
|
$89,499,848
|
$—
|
$89,499,848
|
#
|
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:
|
|
California
Municipal
Fund Inc.
|
Municipal
Fund Inc.
|
New York
Municipal
Fund Inc.
|
|
October 31,
2022
|
October 31,
2022
|
October 31,
2022
|
Assets
|
|
|
|
Investments in securities, at
value* (Note
A)—
see Schedule of Investments:
|
|
|
|
Unaffiliated
issuers(a)
|
$115,480,200
|
$363,880,414
|
$89,499,848
|
Cash
|
293,487
|
6,813,497
|
1,991,585
|
Interest receivable
|
1,448,199
|
5,067,270
|
1,408,780
|
Receivable for securities sold
|
45,000
|
15,000
|
2,421,859
|
Prepaid expenses and other assets
|
15,767
|
20,859
|
15,365
|
Total Assets
|
117,282,653
|
375,797,040
|
95,337,437
|
Liabilities
|
|
|
|
Variable Rate Municipal Term Preferred Shares, Series A ($100,000 liquidation
preference per share; 512, 1,657 and 420, respectively shares outstanding for
California Fund, Municipal Fund and New York Fund, respectively) (Note A)
|
51,200,000
|
165,700,000
|
42,000,000
|
Distributions payable—preferred shares
|
135,897
|
439,809
|
111,478
|
Distributions payable—common stock
|
248,687
|
946,869
|
199,695
|
Payable to investment manager (Note B)
|
25,001
|
80,562
|
20,311
|
Payable for securities purchased
|
520,007
|
245,593
|
491,185
|
Payable to administrator (Note B)
|
30,002
|
96,675
|
24,373
|
Payable to directors
|
13,295
|
13,210
|
13,302
|
Other accrued expenses and payables
|
114,791
|
135,006
|
114,520
|
Total Liabilities
|
52,287,680
|
167,657,724
|
42,974,864
|
Net Assets applicable to Common Stockholders
|
$64,994,973
|
$208,139,316
|
$52,362,573
|
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)
|
(12,387,738)
|
(50,340,001)
|
(17,867,128)
|
Net Assets applicable to Common Stockholders
|
$64,994,973
|
$208,139,316
|
$52,362,573
|
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
|
$11.71
|
$11.05
|
$10.31
|
*Cost of Investments:
|
|
|
|
(a) Unaffiliated issuers
|
$124,974,123
|
$395,855,341
|
$100,964,363
|
|
|
California
Municipal
Fund Inc.
|
Municipal
Fund Inc.
|
New York
Municipal
Fund Inc.
|
|
For the Fiscal
Year Ended
October 31, 2022
|
For the Fiscal
Year Ended
October 31, 2022
|
For the Fiscal
Year Ended
October 31, 2022
|
Investment Income:
|
|
|
|
Income (Note A):
|
|
|
|
Interest and other income—unaffiliated issuers
|
$4,757,312
|
$17,172,249
|
$4,112,728
|
Expenses:
|
|
|
|
Investment management fees (Note B)
|
327,446
|
1,048,470
|
271,663
|
Administration fees (Note B)
|
392,935
|
1,258,163
|
325,995
|
Audit fees
|
50,390
|
50,700
|
50,390
|
Basic maintenance (Note A)
|
12,500
|
12,500
|
12,500
|
Custodian and accounting fees
|
73,731
|
94,407
|
71,797
|
Insurance
|
3,785
|
12,227
|
3,166
|
Legal fees
|
117,713
|
106,925
|
116,830
|
Stockholder reports
|
8,238
|
24,323
|
8,131
|
Stock exchange listing fees
|
3,896
|
12,500
|
3,256
|
Stock transfer agent fees
|
21,880
|
21,747
|
21,721
|
Distributions to Variable Rate Municipal Term Preferred Shareholders
and amortization of offering costs (Note A)
|
929,683
|
2,911,917
|
776,700
|
Directors' fees and expenses
|
43,431
|
43,599
|
43,418
|
Interest
|
42
|
986
|
11
|
Miscellaneous and other fees
|
30,564
|
33,309
|
30,416
|
Total expenses
|
2,016,234
|
5,631,773
|
1,735,994
|
Net investment income/(loss)
|
$2,741,078
|
$11,540,476
|
$2,376,734
|
Realized and Unrealized Gain/(Loss) on Investments (Note A):
|
|
|
|
Net realized gain/(loss) on:
|
|
|
|
Transactions in investment securities of unaffiliated issuers
|
(471,658)
|
(3,511,579)
|
(3,044,458)
|
Change in net unrealized appreciation/(depreciation) in value
of:
|
|
|
|
Investment securities of unaffiliated issuers
|
(19,536,346)
|
(67,731,359)
|
(15,325,876)
|
Net gain/(loss) on investments
|
(20,008,004)
|
(71,242,938)
|
(18,370,334)
|
Net increase/(decrease) in net assets applicable to Common
Stockholders resulting from operations
|
$(17,266,926)
|
$(59,702,462)
|
$(15,993,600)
|
|
California Municipal
Fund Inc.
|
Municipal
Fund Inc.
|
||
|
Fiscal Year
Ended
|
Fiscal Year
Ended
|
Fiscal Year
Ended
|
Fiscal Year
Ended
|
|
October 31,
2022
|
October 31,
2021
|
October 31,
2022
|
October 31,
2021
|
Increase/(Decrease) in Net Assets Applicable to Common
Stockholders:
|
|
|
|
|
From Operations (Note A):
|
|
|
|
|
Net investment income/(loss)
|
$2,741,078
|
$3,544,533
|
$11,540,476
|
$13,693,864
|
Net realized gain/(loss) on investments
|
(471,658)
|
386,863
|
(3,511,579)
|
(644,299)
|
Change in net unrealized appreciation/(depreciation) of
investments
|
(19,536,346)
|
(67,176)
|
(67,731,359)
|
3,473,886
|
Net increase/(decrease) in net assets applicable to Common
Stockholders resulting from operations
|
(17,266,926)
|
3,864,220
|
(59,702,462)
|
16,523,451
|
Distributions to Common Stockholders From (Note
A):
|
|
|
|
|
Distributable earnings
|
(2,984,241)
|
(2,984,241)
|
(12,509,970)
|
(14,105,250)
|
From Capital Share Transactions (Note D):
|
|
|
|
|
Proceeds from reinvestment of dividends and distributions
|
—
|
—
|
119,234
|
260,779
|
Net Increase/(Decrease) in Net Assets Applicable to
Common Stockholders
|
(20,251,167)
|
879,979
|
(72,093,198)
|
2,678,980
|
Net Assets Applicable to Common Stockholders:
|
|
|
|
|
Beginning of year
|
85,246,140
|
84,366,161
|
280,232,514
|
277,553,534
|
End of year
|
$64,994,973
|
$85,246,140
|
$208,139,316
|
$280,232,514
|
|
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
|
|
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)
|
|
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
|
|
Shares
|
California Fund
|
590
|
Municipal Fund
|
1,794
|
New York Fund
|
483
|
|
Shares
Redeemed
|
Shares
Outstanding
|
California Fund
|
40
|
550
|
Municipal Fund
|
90
|
1,704
|
New York Fund
|
20
|
463
|
|
Shares
Redeemed
|
Shares
Outstanding
|
California Fund
|
38
|
512
|
Municipal Fund
|
47
|
1,657
|
New York Fund
|
43
|
420
|
|
Shares
Redeemed
|
Shares
Outstanding
|
California Fund
|
55
|
457
|
Municipal Fund
|
200
|
1,457
|
New York Fund
|
55
|
365
|
|
Purchases
|
Sales
|
California Fund
|
$40,670,686
|
$43,179,081
|
Municipal Fund
|
150,606,722
|
161,752,191
|
New York Fund
|
12,796,682
|
20,752,509
|
|
For the Year
Ended October 31, 2022
|
For the Year
Ended October 31, 2021
|
||
|
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
|
16,893
|
16,893
|
New York Fund
|
—
|
—
|
—
|
—
|
|
Year Ended October 31,
|
||||
|
2022
|
2021
|
2020
|
2019
|
2018
|
Common Stock Net Asset Value, Beginning of
Year
|
$15.36
|
$15.20
|
$15.58
|
$14.33
|
$15.22
|
Income/(Loss) From Investment Operations Applicable
to
Common Stockholders:
|
|
|
|
|
|
Net Investment
Income/(Loss)a
|
0.49
|
0.64
|
0.62
|
0.54
|
0.51
|
Net Gains or (Losses) on Securities (both realized and
unrealized)
|
(3.60)
|
0.06
|
(0.46)
|
1.25
|
(0.83)
|
Total From Investment Operations Applicable to
Common
Stockholders
|
(3.11)
|
0.70
|
0.16
|
1.79
|
(0.32)
|
Less Distributions to Common Stockholders
From:
|
|
|
|
|
|
Net Investment Income
|
(0.54)
|
(0.54)
|
(0.54)
|
(0.52)
|
(0.54)
|
Tax Return of Capital
|
—
|
—
|
—
|
(0.02)
|
0.03
|
Total Distributions to Common Stockholders
|
(0.54)
|
(0.54)
|
(0.54)
|
(0.54)
|
(0.57)
|
Common Stock Net Asset Value, End of Year
|
$11.71
|
$15.36
|
$15.20
|
$15.58
|
$14.33
|
Common Stock Market Value, End of Year
|
$9.98
|
$13.91
|
$12.86
|
$13.92
|
$12.08
|
Total Return, Common Stock Net Asset Valueb
|
(20.22)%
|
4.97%
|
1.57%
|
13.19%
|
(1.59)%
|
Total Return, Common Stock Market Valueb
|
(24.92)%
|
12.36%
|
(3.82)%
|
19.96%
|
(9.23)%
|
Supplemental Data/Ratios
|
|
|
|
|
|
Net Assets Applicable to Common Stockholders, End of Year (in
millions)
|
$65.0
|
$85.2
|
$84.4
|
$86.5
|
$79.6
|
Preferred Stock Outstanding, End of Year (in millions)
|
$51.2
|
$55.0c
|
$55.0c
|
$55.0c
|
$59.0c
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
Ratios are Calculated Using Average Net Assets
Applicable to Common Stockholders
|
|
|
|
|
|
Ratio of Gross
Expensesd
|
2.63%
|
1.86%
|
2.35%
|
3.05%
|
3.17%
|
Ratio of Net
Expensesd
|
2.63%
|
1.86%
|
2.35%
|
3.05%
|
3.17%
|
Ratio of Net Investment Income/(Loss)
|
3.57%
|
4.08%
|
4.06%
|
3.59%
|
3.41%
|
Portfolio Turnover Rate
|
31%
|
10%
|
27%
|
25%
|
30%
|
Asset Coverage Per Share of Preferred Stock, End of Yeare
|
$227,209
|
$255,063
|
$253,442
|
$257,409
|
$235,042
|
|
|
Year Ended October 31,
|
||||
|
2022
|
2021
|
2020
|
2019
|
2018
|
Common Stock Net Asset Value, Beginning of
Year
|
$14.88
|
$14.75
|
$15.33
|
$14.52
|
$15.49
|
Income/(Loss) From Investment Operations Applicable
to
Common Stockholders:
|
|
|
|
|
|
Net Investment
Income/(Loss)a
|
0.61
|
0.73
|
0.68
|
0.66
|
0.69
|
Net Gains or (Losses) on Securities (both realized and
unrealized)
|
(3.78)
|
0.15
|
(0.51)
|
0.90
|
(0.89)
|
Total From Investment Operations Applicable to
Common
Stockholders
|
(3.17)
|
0.88
|
0.17
|
1.56
|
(0.20)
|
Less Distributions to Common Stockholders
From:
|
|
|
|
|
|
Net Investment Income
|
(0.66)
|
(0.75)
|
(0.75)
|
(0.75)
|
(0.77)
|
Common Stock Net Asset Value, End of Year
|
$11.05
|
$14.88
|
$14.75
|
$15.33
|
$14.52
|
Common Stock Market Value, End of Year
|
$9.64
|
$15.22
|
$14.15
|
$15.57
|
$12.62
|
Total Return, Common Stock Net Asset Valueb
|
(21.57)%
|
5.91%
|
1.40%
|
11.18%
|
(0.85)%
|
Total Return, Common Stock Market Valueb
|
(33.11)%
|
12.92%
|
(4.23)%
|
29.92%
|
(10.54)%
|
Supplemental Data/Ratios
|
|
|
|
|
|
Net Assets Applicable to Common Stockholders, End of Year (in
millions)
|
$208.1
|
$280.2
|
$277.6
|
$288.2
|
$273.0
|
Preferred Stock Outstanding, End of Year (in millions)
|
$165.7
|
$170.4c
|
$170.4c
|
$170.4c
|
$179.4c
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
Ratios are Calculated Using Average Net Assets
Applicable to Common Stockholders
|
|
|
|
|
|
Ratio of Gross
Expensesd
|
2.25%
|
1.58%
|
2.03%
|
2.66%
|
2.69%
|
Ratio of Net
Expensesd
|
2.25%
|
1.58%
|
2.03%
|
2.66%
|
2.69%
|
Ratio of Net Investment Income/(Loss)
|
4.62%
|
4.77%
|
4.54%
|
4.39%
|
4.54%
|
Portfolio Turnover Rate
|
36%
|
13%
|
39%
|
44%
|
24%
|
Asset Coverage Per Share of Preferred Stock, End of Yeare
|
$225,878
|
$264,533
|
$262,958
|
$269,321
|
$252,390
|
|
|
Year Ended October 31,
|
||||
|
2022
|
2021
|
2020
|
2019
|
2018
|
Common Stock Net Asset Value, Beginning of
Year
|
$13.93
|
$13.72
|
$14.06
|
$13.29
|
$14.10
|
Income/(Loss) From Investment Operations Applicable
to
Common Stockholders:
|
|
|
|
|
|
Net Investment
Income/(Loss)a
|
0.47
|
0.52
|
0.49
|
0.48
|
0.50
|
Net Gains or (Losses) on Securities (both realized and
unrealized)
|
(3.62)
|
0.16
|
(0.36)
|
0.76
|
(0.82)
|
Total From Investment Operations Applicable to
Common
Stockholders
|
(3.15)
|
0.68
|
0.13
|
1.24
|
(0.32)
|
Less Distributions to Common Stockholders
From:
|
|
|
|
|
|
Net Investment Income
|
(0.47)
|
(0.47)
|
(0.47)
|
(0.45)
|
(0.49)
|
Tax Return of Capital
|
—
|
—
|
—
|
(0.02)
|
—
|
Total Distributions to Common Stockholders
|
(0.47)
|
(0.47)
|
(0.47)
|
(0.47)
|
(0.49)
|
Common Stock Net Asset Value, End of Year
|
$10.31
|
$13.93
|
$13.72
|
$14.06
|
$13.29
|
Common Stock Market Value, End of Year
|
$8.82
|
$12.54
|
$11.64
|
$12.39
|
$11.13
|
Total Return, Common Stock Net Asset Valueb
|
(22.61)%
|
5.32%
|
1.45%
|
9.96%
|
(1.69)%
|
Total Return, Common Stock Market Valueb
|
(26.44)%
|
11.75%
|
(2.33)%
|
15.71%
|
(6.68)%
|
Supplemental Data/Ratios
|
|
|
|
|
|
Net Assets Applicable to Common Stockholders, End of Year (in
millions)
|
$52.4
|
$70.8
|
$69.7
|
$71.4
|
$67.5
|
Preferred Stock Outstanding, End of Year (in millions)
|
$42.0
|
$46.3c
|
$46.3c
|
$46.3c
|
$48.3c
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
Ratios are Calculated Using Average Net Assets
Applicable to Common Stockholders
|
|
|
|
|
|
Ratio of Gross
Expensesd
|
2.74%
|
1.94%
|
2.44%
|
3.10%
|
3.16%
|
Ratio of Net
Expensesd
|
2.74%
|
1.94%
|
2.44%
|
3.10%
|
3.16%
|
Ratio of Net Investment Income/(Loss)
|
3.76%
|
3.68%
|
3.56%
|
3.45%
|
3.65%
|
Portfolio Turnover Rate
|
12%
|
15%
|
29%
|
29%
|
19%
|
Asset Coverage Per Share of Preferred Stock, End of Yeare
|
$224,938
|
$252,881
|
$250,508
|
$254,281
|
$239,886
|
|
a
|
Calculated based on the average number of shares of common stock outstanding
during each fiscal period.
|
b
|
Total return based on per share NAV reflects the effects of changes in NAV on
the performance of each
Fund during each fiscal period. Total return based on per share market value
assumes the purchase of
shares of common stock at the market price on the first day and sale of common
stock at
the market price
on the last day of the period indicated. Dividends and distributions,
if any, are assumed to be reinvested at
prices obtained under each Fund's distribution
reinvestment plan. Results represent past performance and
do not indicate future
results. Current returns may be lower or higher than the performance data quoted.
Investment returns will fluctuate and shares of common stock when sold may be
worth more or less than
original cost.
|
c
|
Net of unamortized deferred issuance costs. The unamortized deferred issuance
costs were:
|
|
Year Ended October 31,
|
|||
|
2021
|
2020
|
2019
|
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
|
d
|
Distributions on VMTPS are included in expense ratios. The annualized ratios of
distributions on VMTPS to
average net assets applicable to common stockholders were:
|
|
Year Ended October 31,
|
||||
|
2022
|
2021
|
2020
|
2019
|
2018
|
California Fund
|
1.20%
|
0.60%
|
1.07%
|
1.75%
|
1.83%
|
Municipal Fund
|
1.16%
|
0.56%
|
1.00%
|
1.59%
|
1.62%
|
New York Fund
|
1.21%
|
0.61%
|
1.09%
|
1.74%
|
1.78%
|
e
|
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.
|
Position(s)
and Length of
Time Served(2)
|
Principal
Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
|
CLASS I
|
||||
Independent Directors
|
||||
Marc Gary (1952)
|
Director since
2015
|
Executive Vice Chancellor
Emeritus, The Jewish
Theological Seminary, since
2020; formerly, Executive
Vice Chancellor and Chief
Operating Officer, Jewish
Theological Seminary, 2012
to 2020; formerly, Executive
Vice President and General
Counsel, Fidelity
Investments, 2007 to
2012;formerly, Executive
Vice President and General
Counsel, BellSouth
Corporation, 2004 to 2007;
formerly, Vice President and
Associate General Counsel,
BellSouth Corporation, 2000
to 2004; formerly, Associate,
Partner, and National
Litigation Practice Co-Chair,
Mayer, Brown LLP, 1981 to
2000; formerly, Associate
Independent Counsel, Office
of Independent Counsel,
1990 to 1992.
|
50
|
Chair and Director, USCJ
Supporting Foundation,
since 2021; Director, UJA
Federation of Greater New
York, since 2019; Trustee,
The Jewish Theological
Seminary, since 2015;
formerly, Director, Legility,
Inc. (privately held for-profit
company), 2012 to 2021;
Director, Lawyers Committee
for Civil Rights Under Law
(not-for-profit), since 2005;
formerly, Director, Equal
Justice Works
(not-for-profit), 2005 to
2014; formerly, Director,
Corporate Counsel Institute,
Georgetown University Law
Center, 2007 to 2012;
formerly, Director, Greater
Boston Legal Services
(not-for-profit), 2007 to
2012.
|
Name, (Year of Birth),
and
Address(1)
|
Position(s)
and Length of
Time
Served(2)
|
Principal
Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Michael M. Knetter (1960)
|
Director since
2007
|
President and Chief
Executive Officer, University
of Wisconsin Foundation,
since 2010; formerly, Dean,
School of Business,
University of Wisconsin -
Madison; formerly, Professor
of International Economics
and Associate Dean, Amos
Tuck School of Business -
Dartmouth College, 1998 to
2002.
|
50
|
Director, 1 William Street
Credit Income Fund, since
2018; Board Member,
American Family Insurance (a
mutual company, not
publicly traded), since March
2009; formerly, Trustee,
Northwestern Mutual
Series Fund, Inc., 2007 to
2011; formerly, Director,
Wausau Paper, 2005 to
2011; formerly, Director,
Great Wolf Resorts, 2004 to
2009.
|
Tom D. Seip (1950)
|
Director since
2002;
Chairman of
the Board since
2008; formerly
Lead
Independent
Trustee from
2006 to 2008
|
Formerly, Managing
Member, Ridgefield
Farm LLC (a private
investment vehicle), 2004 to
2016; formerly, President
and CEO, Westaff, Inc.
(temporary staffing), May
2001 to January 2002;
formerly, Senior Executive,
The Charles Schwab
Corporation, 1983 to 1998,
including Chief Executive
Officer, Charles Schwab
Investment Management,
Inc.; Trustee, Schwab Family
of Funds and Schwab
Investments, 1997 to 1998;
and Executive Vice
President-Retail Brokerage,
Charles Schwab & Co., Inc.,
1994 to 1997.
|
50
|
Trustee, University of
Maryland, Shore Regional
Health System, since 2020;
formerly, Director, H&R
Block, Inc. (tax services
company), 2001 to 2018;
formerly, Director, Talbot
Hospice Inc., 2013 to 2016;
formerly, Chairman,
Governance and Nominating
Committee, H&R Block, Inc.,
2011 to 2015; formerly,
Chairman, Compensation
Committee, H&R Block, Inc.,
2006 to 2010; formerly,
Director, Forward
Management, Inc. (asset
management company),
1999 to 2006.
|
|
|
|
|
|
Name, (Year of Birth),
and
Address(1)
|
Position(s)
and Length of
Time
Served(2)
|
Principal
Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS II
|
||||
Independent Directors
|
||||
Michael J. Cosgrove (1949)
|
Director since
2015
|
President, Carragh
Consulting USA, since 2014;
formerly, Executive, General
Electric Company, 1970 to
2014, including President,
Mutual Funds and Global
Investment Programs, GE
Asset Management, 2011 to
2014, President and Chief
Executive Officer, Mutual
Funds and Intermediary
Business, GE Asset
Management, 2007 to
2011, President, Institutional
Sales and Marketing, GE
Asset Management, 1998 to
2007, and Chief Financial
Officer, GE Asset
Management, and Deputy
Treasurer, GE Company,
1988 to 1993.
|
50
|
Director, America Press, Inc.
(not-for-profit Jesuit
publisher), since 2015;
formerly, Director, Fordham
University, 2001 to 2018;
formerly, Director, The
Gabelli Go Anywhere Trust,
June 2015 to June 2016;
formerly, Director, Skin
Cancer Foundation
(not-for-profit), 2006 to
2015; formerly, Director, GE
Investments Funds, Inc.,
1997 to 2014; formerly,
Trustee, GE Institutional
Funds, 1997 to 2014;
formerly, Director, GE Asset
Management, 1988 to
2014; formerly, Director,
Elfun Trusts, 1988 to 2014;
formerly, Trustee, GE Pension
& Benefit Plans, 1988 to
2014; formerly, Member of
Board of Governors,
Investment Company
Institute.
|
Deborah C. McLean (1954)
|
Director since
2015
|
Member, Circle Financial
Group (private wealth
management membership
practice), since 2011;
Managing Director, Golden
Seeds LLC (an angel
investing group), since 2009;
Adjunct Professor, Columbia
University School of
International and Public
Affairs, since 2008; formerly,
Visiting Assistant Professor,
Fairfield University, Dolan
School of Business, Fall
2007; formerly, Adjunct
Associate Professor of
Finance, Richmond, The
American International
University in London, 1999
to 2007.
|
50
|
Board member, The
Maritime Aquarium at
Norwalk, since 2020; Board
member, Norwalk
Community College
Foundation, since 2014;
Dean’s Advisory Council,
Radcliffe Institute for
Advanced Study, since 2014;
formerly, Director and
Treasurer, At Home in Darien
(not-for-profit), 2012 to
2014; formerly, Director,
National Executive Service
Corps (not-for-profit), 2012
to 2013; formerly, Trustee,
Richmond, The American
International University in
London, 1999 to 2013.
|
Position(s)
and Length of
Time
Served(2)
|
Principal
Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
|
George W. Morriss (1947)
|
Director since
2007
|
Formerly, adjunct Professor,
Columbia University School
of International and Public
Affairs, from 2012 to 2018;
formerly, Executive Vice
President and Chief Financial
Officer, People’s United
Bank, Connecticut (a
financial services company),
1991 to 2001.
|
50
|
Director, 1 WS Credit Income
Fund; Chair, Audit
Committee, Director, 1 WS
Credit Income Fund; Chair,
Audit Committee, since
2018; Director and Chair,
Thrivent Church Loan and
Income Fund, since 2018;
formerly, Trustee, Steben
Alternative Investment
Funds, Steben Select
Multi-Strategy Fund, and
Steben Select Multi-Strategy
Master Fund, 2013 to 2017;
formerly, Treasurer, National
Association of Corporate
Directors, Connecticut
Chapter, 2011 to 2015;
formerly, Manager, Larch
Lane Multi-Strategy Fund
complex (which consisted of
three funds), 2006 to 2011;
formerly, Member, NASDAQ
Issuers’ Affairs Committee,
1995 to 2003.
|
|
|
|
|
|
Name, (Year of Birth),
and
Address(1)
|
Position(s)
and Length of
Time
Served(2)
|
Principal
Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
CLASS III
|
||||
Independent Directors
|
||||
Martha C. Goss (1949)
|
Director since
2007
|
President, Woodhill
Enterprises Inc./Chase
Hollow Associates LLC
(personal investment
vehicle), since 2006;
formerly, Consultant,
Resources Global
Professionals (temporary
staffing), 2002 to 2006;
formerly, Chief Financial
Officer, Booz-Allen &
Hamilton, Inc., 1995 to
1999; formerly, Enterprise
Risk Officer, Prudential
Insurance, 1994 to 1995;
formerly, President,
Prudential Asset
Management Company,
1992 to 1994; formerly,
President, Prudential Power
Funding (investments in
electric and gas utilities and
alternative energy projects),
1989 to 1992; formerly,
Treasurer, Prudential
Insurance Company, 1983 to
1989.
|
50
|
Director, American Water
(water utility), since 2003;
Director, Allianz Life of New
York (insurance), since 2005;
Director, Berger Group
Holdings, Inc. (engineering
consulting firm), since 2013;
Director, Financial Women’s
Association of New York
(not-for-profit association),
since 2003; Trustee Emerita,
Brown University, since
1998; Director, Museum of
American Finance
(not-for-profit), since 2013;
formerly, Non-Executive
Chair and Director, Channel
Reinsurance (financial
guaranty reinsurance), 2006
to 2010; formerly, Director,
Ocwen Financial Corporation
(mortgage servicing), 2005
to 2010; formerly, Director,
Claire’s Stores, Inc. (retailer),
2005 to 2007; formerly,
Director, Parsons
Brinckerhoff Inc.
(engineering consulting
firm), 2007 to 2010;
formerly, Director, Bank
Leumi (commercial bank),
2005 to 2007; formerly,
Advisory Board Member,
Attensity (software
developer), 2005 to 2007.
|
Position(s)
and Length of
Time
Served(2)
|
Principal
Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
|
James G. Stavridis (1955)
|
Director since
2015
|
Vice Chairman Global
Affairs, The Carlyle Group,
since 2018; Commentator,
NBC News, since 2015;
formerly, Dean, Fletcher
School of Law and
Diplomacy, Tufts University,
2013 to 2018; formerly,
Admiral, United States Navy,
1976 to 2013, including
Supreme Allied Commander,
NATO and Commander,
European Command, 2009
to 2013, and Commander,
United States Southern
Command, 2006 to 2009.
|
50
|
Director, Fortinet
(cybersecurity), since 2021;
Director, Ankura, since 2020;
Director, Vigor Shipyard,
since 2019; Director,
Rockefeller Foundation,
since 2018; Director,
American Water (water
utility), since 2018; Director,
NFP Corp. (insurance broker
and consultant), since 2017;
Director, Onassis Foundation,
since 2014; Director, Michael
Baker International
(construction) since 2014;
Director, Vertical Knowledge,
LLC, since 2013; formerly,
Director, U.S. Naval Institute,
2014 to 2019; formerly,
Director, Navy Federal Credit
Union, 2000-2002; formerly,
Director, BMC Software
Federal, LLC, 2014-2019.
|
|
|
|
|
|
Name, (Year of Birth),
and
Address(1)
|
Position(s)
and Length of
Time
Served(2)
|
Principal
Occupation(s)(3)
|
Number of
Funds in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director(3)
|
Director who is an “Interested Person”
|
||||
Joseph V. Amato* (1962)
|
Chief Executive
Officer and
President since
2018 and
Director since
2009)
|
President and Director,
Neuberger Berman
Group LLC, since 2009;
President and Chief
Executive Officer, Neuberger
Berman BD LLC and
Neuberger Berman
Holdings LLC (including its
predecessor, Neuberger
Berman Inc.), since 2007;
Chief Investment Officer
(Equities) and President
(Equities), NBIA (formerly,
Neuberger Berman Fixed
Income LLC and including
predecessor entities), since
2007, and Board Member of
NBIA since 2006; formerly,
Global Head of Asset
Management of Lehman
Brothers Holdings Inc.’s
(“LBHI”) Investment
Management Division, 2006
to 2009; formerly, member
of LBHI’s Investment
Management Division’s
Executive Management
Committee, 2006 to 2009;
formerly, Managing Director,
Lehman Brothers Inc.
(“LBI”), 2006 to 2008;
formerly, Chief Recruiting
and Development Officer,
LBI, 2005 to 2006; formerly,
Global Head of LBI’s Equity
Sales and a Member of its
Equities Division Executive
Committee, 2003 to 2005;
President and Chief
Executive Officer, twelve
registered investment
companies for which NBIA
acts as investment manager
and/or administrator.
|
50
|
Member of Board of
Advisors, McDonough
School of Business,
Georgetown University, since
2001; Member of New York
City Board of Advisors, Teach
for America, since 2005;
Trustee, Montclair Kimberley
Academy (private school),
since 2007; Member of
Board of Regents,
Georgetown University, since
2013.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal
Occupation(s)(3)
|
Claudia A. Brandon (1956)
|
Executive Vice
President since
2008 and
Secretary since
2002
|
Senior Vice President, Neuberger Berman, since 2007 and Employee since
1999; Senior Vice President, NBIA, since 2008 and Assistant Secretary since
2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly,
Vice President — Mutual Fund Board Relations, NBIA, 2000 to 2008;
formerly, Vice President, NBIA, 1986 to 1999 and Employee, 1984 to 1999;
Executive Vice President and Secretary, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Agnes Diaz (1971)
|
Vice President
since 2013
|
Senior Vice President, Neuberger Berman, since 2012; Senior Vice
President, NBIA, since 2012 and Employee since 1996; formerly, Vice
President, Neuberger Berman, 2007 to 2012; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Anthony DiBernardo (1979)
|
Assistant
Treasurer since
2011
|
Senior Vice President, Neuberger Berman, since 2014; Senior Vice
President, NBIA, since 2014, and Employee since 2003; formerly, Vice
President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Savonne L. Ferguson (1973)
|
Chief
Compliance
Officer since
2018
|
Senior Vice President, Chief Compliance Officer (Mutual Funds) and
Associate General Counsel, NBIA, since November 2018; formerly, Vice
President T. Rowe Price Group, Inc. (2018), Vice President and Senior Legal
Counsel, T. Rowe Price Associates, Inc. (2014-2018), Vice President and
Director of Regulatory Fund Administration, PNC Capital Advisors, LLC
(2009-2014), Secretary, PNC Funds and PNC Advantage Funds
(2010-2014); Chief Compliance Officer, thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Corey A. Issing (1978)
|
Chief Legal
Officer since
2016 (only for
purposes of
sections 307 and
406 of the
Sarbanes-Oxley
Act of 2002)
|
General Counsel— Mutual Funds since 2016 and Managing Director, NBIA,
since 2017; formerly, Associate General Counsel (2015 to 2016), Counsel
(2007 to 2015), Senior Vice President (2013-2016), Vice President (2009 —
2013); Chief Legal Officer (only for purposes of sections 307 and 406 of
the Sarbanes-Oxley Act of 2002), thirty-three registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Sheila R. James (1965)
|
Assistant
Secretary since
2002
|
Vice President, Neuberger Berman, since 2008 and Employee since 1999;
Vice President, NBIA, since 2008; formerly, Assistant Vice President,
Neuberger Berman, 2007; Employee, NBIA, 1991 to 1999; Assistant
Secretary, thirty-three registered investment companies for which NBIA acts
as investment manager and/or administrator.
|
Name, (Year of Birth), and
Address(1)
|
Position(s) and
Length of Time
Served(2)
|
Principal
Occupation(s)(3)
|
Brian Kerrane (1969)
|
Chief Operating
Officer since
2015 and Vice
President since
2008
|
Managing Director, Neuberger Berman, since 2013; Chief Operating
Officer — Mutual Funds and Managing Director, NBIA, since 2015;
formerly, Senior Vice President, Neuberger Berman, 2006 to 2014; Vice
President, NBIA, 2008 to 2015 and Employee since 1991; Chief Operating
Officer, twelve registered investment companies for which NBIA acts as
investment manager and/or administrator; Vice President, thirty-three
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Anthony Maltese (1959)
|
Vice President
since 2015
|
Senior Vice President, Neuberger Berman, since 2014 and Employee since
2000; Senior Vice President, NBIA, since 2014; Vice President, twelve
registered investment companies for which NBIA acts as investment
manager and/or administrator.
|
Josephine Marone (1963)
|
Assistant
Secretary since
2017
|
Senior Paralegal, Neuberger Berman, since 2007 and Employee since 2007;
Assistant Secretary, thirty-three registered investment companies for which
NBIA acts as investment manager and/or administrator.
|
Owen F. McEntee, Jr. (1961)
|
Vice President
since 2008
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1992; Vice President, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
John M. McGovern (1970)
|
Treasurer and
Principal
Financial and
Accounting
Officer since
2005
|
Managing Director, Neuberger Berman, since 2022; Senior Vice President,
Neuberger Berman, 2007 to 2021; Senior Vice President, NBIA, since 2007
and Employee since 1993; formerly, Vice President, Neuberger Berman,
2004 to 2006; formerly, Assistant Treasurer, 2002 to 2005; Treasurer and
Principal Financial and Accounting Officer, twelve registered investment
companies for which NBIA acts as investment manager and/or
administrator.
|
Frank Rosato (1971)
|
Assistant
Treasurer since
2005
|
Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since
2006 and Employee since 1995; Assistant Treasurer, twelve registered
investment companies for which NBIA acts as investment manager and/or
administrator.
|
California Fund
|
99.94%
|
Municipal Fund
|
98.61%
|
New York Fund
|
99.99%
|
(a)
|
The complete schedule of investments for the Registrant is disclosed in the Registrant’s Annual Report, which is included as Item 1 of this Form N-CSR.
|
(b)
|
Not applicable.
|
Type of Account
|
Number of Accounts Managed
|
Total Assets
Managed
($ millions)
|
Number of Accounts
Managed for which
Advisory Fee is Performance-Based
|
Assets Managed for
which Advisory Fee is Performance-Based
($ millions)
|
James L. Iselin
|
||||
Registered Investment Companies*
|
5
|
$539
|
0
|
$0
|
Other Pooled Investment Vehicles**
|
10
|
$445
|
0
|
$0
|
Other Accounts***
|
93
|
$448
|
0
|
$0
|
S. Blake Miller
|
||||
Registered Investment Companies*
|
5
|
$539
|
0
|
$0
|
Other Pooled Investment Vehicles**
|
0
|
$0
|
0
|
$0
|
Other Accounts***
|
90
|
$558
|
0
|
$0
|
*
|
Registered Investment Companies include: Mutual Funds.
|
**
|
A portion of certain accounts may be managed by other portfolio managers; however, the total assets of such accounts are included above even though the portfolio
manager listed above is not involved in the day-to-day management of the entire account.
|
***
|
Other Accounts include: Institutional Separate Accounts, Sub-Advised Accounts and Managed Accounts (WRAP Accounts).
|
Portfolio Manager
|
Dollar Range of Equity
Securities Owned in the
Registrant
|
James L. Iselin
|
B
|
S. Blake Miller
|
A
|
A = None
|
E = $100,001-$500,000
|
B = $1-$10,000
|
F = $500,001-$1,000,000
|
C = $10,001 - $50,000
|
G = Over $1,000,000
|
D =$50,001-$100,000
|
|
(a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief
Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to
be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
|
(b) |
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s most
recent fiscal half-year period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
(a) |
The Fund did not engage in any securities lending activity during its most recent fiscal year.
|
(b) |
The Fund did not engage in any securities lending activity and no services were provided by the securities lending agent to the Fund during its most recent fiscal year.
|
(a)(1) |
(a)(2) |
(a)(3) |
Not applicable to the Registrant.
|
(a)(4) |
Not applicable to the Registrant.
|
(b) |
By: | /s/ Joseph V. Amato |
|
Joseph V. Amato |
|
Chief Executive Officer and President |
By: | /s/ Joseph V. Amato |
|
Joseph V. Amato |
|
Chief Executive Officer and President |
By: | /s/ John M. McGovern |
|
John M. McGovern |
|
Treasurer and Principal Financial
and Accounting Officer
|
Date: January 5, 2023 | By: | /s/ Joseph V. Amato |
|
|
Joseph V. Amato |
|
|
Chief Executive Officer and President |
|
|
Date: January 5, 2023 | By: | /s/ John M. McGovern |
|
|
John M. McGovern |
|
|
Treasurer and Principal Financial |
|
|
and Accounting Officer |
1. |
The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2022, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934
(15 U.S.C. Section 78m(a) or 78o(d)); and
|
2. |
The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
By: | /s/ Joseph V. Amato | |
|
Joseph V. Amato | |
|
Chief Executive Officer and President | |
|
|
|
|
|
|
By: | /s/ John M. McGovern | |
|
John M. McGovern | |
|
Treasurer and Principal Financial
and Accounting Officer
|