# Neuberger Municipal Fund

Neuberger Municipal Fund is an Asset Manager based in United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** United States
- **Region:** North America
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The fund functions as a regulated investment vehicle under the Investment Company Act of 1940, investing primarily in investment-grade municipal securities. Its mandate centers on generating current income exempt from federal income tax, a structural commitment that shapes its entire portfolio construction. The strategy leans heavily on long-term revenue bonds and general obligation bonds issued by states, cities, and public authorities. The portfolio typically spans essential-service issuers — water and sewer systems, transportation infrastructure, public education, and healthcare facilities. Holdings are geographically diversified across multiple states to mitigate regional credit risk, though the fund may overweight states with stronger fiscal profiles. The fund employs leverage through preferred shares or tender option bonds to enhance yield, a common feature among closed-end municipal funds that distinguishes their return profile from open-end alternatives. Neuberger Berman, a well-established asset manager with roots tracing to 1939, serves as the fund's investment adviser. The advisory relationship provides access to the firm's municipal credit research platform and trading capabilities. The fund maintains the standard governance structure for its peer group: a board of trustees oversees operations, with day-to-day management delegated to the adviser. What structurally differentiates this vehicle from open-end municipal bond funds is its closed-end architecture. The fund issued a fixed number of shares at launch that now trade on an exchange, creating the potential for shares to trade at premiums or discounts to net asset value — a dynamic that does not exist in traditional mutual fund structures.

## Sectors

- Municipal Bonds
- Fixed Income

## Questions

### What is the fund's investment objective?

The fund seeks to provide current income exempt from regular federal income tax. It pursues this objective by investing primarily in a diversified portfolio of investment-grade municipal bonds issued by US states, territories, and their political subdivisions.

### How does the closed-end structure affect returns versus an open-end municipal bond fund?

Closed-end funds issue a fixed number of shares and trade on an exchange. This means the market price can diverge from the net asset value of the underlying portfolio, creating the opportunity to buy shares at a discount or sell at a premium. Many closed-end municipal funds also employ structural leverage to amplify distributable income, a feature generally unavailable to open-end mutual funds.

### What types of municipal bonds does the fund hold?

The fund invests mainly in investment-grade revenue bonds and general obligation bonds. Revenue bonds finance specific projects and are repaid from project-generated income — common sectors include water, sewer, toll roads, and hospitals. General obligation bonds are backed by the full taxing power of the issuing municipality.

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Last updated: 2026-06-03T20:00:00.000Z

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