Bank of America logs offsetting NBH share trades

Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith, as reporting persons for Neuberger Municipal Fund Inc. (NBH), reported mixed indirect trades in the fund’s common stock on May 20, 2026.

Rhea-AI Filing Summary

Bank of America Corporation and its subsidiary Merrill Lynch, Pierce, Fenner & Smith, as reporting persons for Neuberger Municipal Fund Inc. (NBH), reported mixed indirect trades in the fund’s common stock on May 20, 2026. They executed two open-market sales totaling 3,200 shares at $10.1109 per share and one open-market purchase of 3,200 shares at $10.26 per share, leaving 3,200 shares indirectly held after the transactions. The footnotes state that each reporting person disclaims beneficial ownership except to any pecuniary interest and that any profit potentially recoverable under Section 16(b) will be remitted to the issuer.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider BANK OF AMERICA CORP /DE/, MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

Role 10% Owner | 10% Owner

Bought 3,200 shs ($33K)

Sold 3,200 shs ($32K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	3,200	$10.26	$33K
Sale	Common Stock	2,000	$10.1109	$20K
Sale	Common Stock	1,200	$10.1109	$12K

Holdings After Transaction: Common Stock — 0 shares (Indirect, See Footnotes)

Footnotes (3)

1. F1. This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (collectively, the "Reporting Persons"). Bank of America Corporation holds an indirect interest in the securities listed in this Report by virtue of its 100% ownership of its subsidiary Merrill Lynch. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the "Exchange Act"), or for any other purpose.
2. F2. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Exchange Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
3. F3. Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer.

Key Figures

First sale size: 1,200 shares at $10.1109 Second sale size: 2,000 shares at $10.1109 Purchase size: 3,200 shares at $10.26 +2 more

5 metrics

First sale size 1,200 shares at $10.1109 Open-market sale of NBH common stock on May 20, 2026

Second sale size 2,000 shares at $10.1109 Open-market sale of NBH common stock on May 20, 2026

Purchase size 3,200 shares at $10.26 Open-market purchase of NBH common stock on May 20, 2026

Net shares traded 0 shares net 3,200 shares sold and 3,200 shares purchased, net neutral

Shares held after 3,200 shares Indirect NBH common stock position following reported transactions

Key Terms

open-market sale, open-market purchase, indirect interest, beneficial ownership, +2 more

6 terms

open-market sale financial

"They executed two open-market sales totaling 3,200 shares at $10.1109 per share"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

open-market purchase financial

"and one open-market purchase of 3,200 shares at $10.26 per share"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

indirect interest financial

"Bank of America Corporation holds an indirect interest in the securities listed"

beneficial ownership financial

"Each Reporting Person disclaims beneficial ownership of the securities reported herein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of its pecuniary interest therein, if any"

Section 16(b) regulatory

"profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b)"

A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Bank of America report for NBH on May 20, 2026?

Bank of America and Merrill Lynch reported two open-market sales and one open-market purchase of NBH common stock on May 20, 2026. They sold 3,200 shares at $10.1109 and bought 3,200 shares at $10.26, ending with 3,200 shares indirectly held.

Did Bank of America’s NBH trades result in a net buy or sell position?

The reported NBH trades were net neutral in share count. Bank of America and Merrill Lynch sold 3,200 shares and purchased 3,200 shares, resulting in no net change in shares traded and 3,200 NBH shares indirectly held afterward.

At what prices were the NBH shares traded by Bank of America and Merrill Lynch?

The reporting persons sold NBH common stock at $10.1109 per share and purchased shares at $10.26 per share. These were open-market transactions, with identical sale prices for both sale entries and a slightly higher price on the purchase.

How many NBH shares does Bank of America report holding after these transactions?

Following the May 20, 2026 transactions, the filing shows 3,200 NBH common shares indirectly held. This figure reflects the position after selling 3,200 shares in total and then purchasing 3,200 shares in a separate open-market transaction.

Do Bank of America and Merrill Lynch claim beneficial ownership of the NBH shares?

The reporting persons expressly disclaim beneficial ownership of the reported NBH securities, except to the extent of any pecuniary interest. The footnotes state the filing should not be viewed as an admission of beneficial ownership for Exchange Act or other purposes.

What do the reporting persons say about potential Section 16(b) profit on these NBH trades?

The filing notes that, without conceding greater than 10% beneficial owner status, any profit potentially recoverable by the issuer under Section 16(b) from these transactions will be remitted. This statement addresses possible short-swing profit recovery under the Exchange Act.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 11:42 AM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NEUBERGER MUNICIPAL FUND INC. [ NBH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/20/2026		P		3,200	A	$10.26	3,200	I	See Footnotes(1)(2)(3)
Common Stock	05/20/2026		S		2,000	D	$10.1109	1,200	I	See Footnotes(1)(2)(3)
Common Stock	05/20/2026		S		1,200	D	$10.1109	0	I	See Footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

MERRILL LYNCH, PIERCE, FENNER & SMITH INC.

(Last) (First) (Middle)

ONE BRYANT PARK

(Street)

NEW YORK NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (collectively, the "Reporting Persons"). Bank of America Corporation holds an indirect interest in the securities listed in this Report by virtue of its 100% ownership of its subsidiary Merrill Lynch. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the "Exchange Act"), or for any other purpose.

2. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Exchange Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

3. Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer.

	BANK OF AMERICA CORP /DE/ By: Its: Authorized Signatory /s/ Monica Yako	05/22/2026
	MERRILL LYNCH, PIERCE, FENNER & SMITH INC. By: Its: Authorized Signatory /s/ Monica Yako	05/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)