NBH NEUBERGER BERMAN MUNICIPAL FUND INC. Insider Trading

BofA (10% owner) buys 3.2K NBH shares at $10.26, sells 3.2K at $10.11 same day; net zero position

Bank of America executed offsetting transactions in Neuberger Municipal Fund on 2026-05-20, purchasing 3,200 shares for $32,832.00 while simultaneously selling 3,200 shares across two separate sales for a combined $32,354.88, resulting in zero post-transaction holdings. The buy occurred at $10.26 while the concurrent sales occurred at $10.11, a price differential that reflects intraday market movement. BofA's cross-ticker track record shows a 90-day well-timed rate of 100.00% for prior sells, though this metric applies to the insider's historical behavior across all holdings, not predictive of this specific trade's outcome. The offsetting nature and immediate completion suggest this was a rebalancing execution rather than a directional conviction signal.

Bank of America (10% owner) filed 30 transactions in NBH 2012–2016: 10 purchases of 6,755 shares ($107.2K) and 20 sales of 6,755 shares ($106.6K); currently holds 104 shares.

This Form 4 aggregates multiple buy and sell transactions spanning more than four years (January 2012 through December 2016) in Neuberger Berman Municipal Fund. The two totals—10 purchases totaling 6,755 shares for $107.2K and 20 sales totaling 6,755 shares for $106.6K—reveal a net neutral position: the same number of shares were purchased and sold, with nearly identical aggregate proceeds, leaving only 104 shares as residual holdings. The transaction prices ranged from $13.98 to $17.48 on purchases and $13.96 to $16.79 on sales, with most activity clustering tightly around $15.77–$15.78. This pattern of matched buy and sell volume over a multiyear window suggests routine portfolio rebalancing or fund management mechanics rather than a discretionary conviction-driven move. The current price of $10.63 stands 6.0% below the 52-week high, placing the fund in modest decline over the prior year.

10% owner Bank of America executes offsetting buy/sell pair: 800 shares at $10.66 and $10.65, closing position to 0.

Bank of America, a 10% owner of NBH, executed two offsetting transactions on the same day: 1 purchase totaling 800 shares for $8,528.00 and 1 sale totaling 800 shares for $8,520.08. The buy and sell prices were nearly identical ($10.66 vs $10.65), resulting in a net realized loss of $7.92 and an elimination of the holdings position to 0 shares. This matched-pair execution at virtually the same price point suggests a technical or administrative action rather than a discretionary investment signal. The current price of $10.67 sits near the transaction prices and is -5.7% from the 52-week high, providing no immediate indication of valuation-driven intent. Given the simultaneous, offset-matched nature and the complete exit to zero holdings, this transaction carries limited significance as an indicator of insider confidence or conviction in the security.