Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) July 31, 2020
| Principal Amount | | | Value | |
| Municipal Notes 163.0% | |
| American Samoa 0.8% | |
| | $ | 500,000 | | | American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029 | | $ | 586,460 | |
| California 5.0% | |
| | | 250,000 | | | California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027 | | | 125,000 | (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 | | | 334,477 | (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 | | | 3,043,885 | |
| | | | | 3,503,362 | |
| Illinois 1.5% | |
| | | 1,000,000 | | | Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/2023 | | | 1,055,060 | |
| Kansas 0.6% | |
| | | 440,000 | | | Goddard Kansas Sales Tax Spec. Oblig. Rev. Ref. (Olympic Park Star Bond Proj.), Ser. 2019, 3.60%, due 6/1/2030 | | | 429,647 | |
| 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 | | | 537,035 | |
| New York 142.7% | |
| | | | | | Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences) | | |
| | | 380,000 | | | Ser. 2014-A, 5.00%, due 12/1/2027 | | | 417,126 | |
| | | 375,000 | | | Ser. 2014-A, 5.00%, due 12/1/2028 | | | 410,303 | |
| | | 270,000 | | | Ser. 2014-A, 5.00%, due 12/1/2029 | | | 294,565 | |
| | | 3,200,000 | | | Andrew W Mellon Foundation, Ser. 2008, 0.21%, due 12/1/2032 | | | 3,200,000 | (c) |
| | | 500,000 | | | Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 8/1/2047 | | | 521,245 | |
| | | 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 | | | 1,453,048 | |
| | | | | | Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park) | | |
| | | 500,000 | | | Ser. 2015, 5.00%, due 11/15/2027 | | | 538,095 | |
| | | 500,000 | | | Ser. 2015, 5.00%, due 11/15/2028 | | | 536,595 | |
| | | | | | Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College) | | |
| | | 270,000 | | | Ser. 2014-A, 5.00%, due 6/1/2026 | | | 318,997 | |
| | | 225,000 | | | Ser. 2014-A, 5.00%, due 6/1/2029 | | | 263,387 | |
| | | | | | Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.) | | |
| | | 250,000 | | | Ser. 2014, 5.00%, due 7/1/2022 | | | 269,298 | |
| | | 500,000 | | | Ser. 2014, 5.00%, due 7/1/2029 | | | 567,945 | |
| | | 250,000 | | | Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/2045 | | | 247,685 | |
| | | | | | Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.) | | |
| | | 155,000 | | | Ser. 2015, 5.00%, due 6/1/2026 | | | 179,143 | |
| | | 125,000 | | | Ser. 2015, 5.00%, due 6/1/2027 | | | 143,906 | |
| | | 195,000 | | | Ser. 2015, 5.00%, due 6/1/2028 | | | 223,421 | |
| | | 220,000 | | | Ser. 2015, 5.00%, due 6/1/2029 | | | 250,756 | |
| | | 325,000 | | | Ser. 2015, 5.00%, due 6/1/2030 | | | 368,989 | |
| | | 565,000 | | | Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/2024 | | | 612,008 | |
| | | 600,000 | | | Build NYC Res. Corp. Rev. (Consortium for Worker Ed., Inc. Proj.), Ser. 2020, 5.00%, due 12/1/2049 | | | 542,022 | (a) |
| | | 750,000 | | | Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/2047 | | | 781,627 | (a) |
| | | 575,000 | | | Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049 | | | 601,657 | (a) |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | | Value | |
| | $ | 305,000 | | | Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int'l Cultures), Ser. 2013-A, 3.88%, due 4/15/2023 | | $ | 308,309 | |
| | | 180,000 | | | Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/2025 | | | 189,427 | (a) |
| | | | | | Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.) | | |
| | | 200,000 | | | Ser. 2016-A-1, 5.00%, due 7/1/2041 | | | 217,598 | |
| | | 275,000 | | | Ser. 2016-A-1, 5.00%, due 7/1/2046 | | | 297,039 | |
| | | 1,000,000 | | | Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/2021 | | | 1,038,670 | |
| | | 1,270,000 | | | Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/2021 | | | 1,319,009 | |
| | | | | | Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.) | | |
| | | 405,000 | | | Ser. 2018, 5.00%, due 7/1/2031 | | | 480,666 | |
| | | 425,000 | | | Ser. 2018, 5.00%, due 7/1/2032 | | | 501,326 | |
| | | 450,000 | | | Ser. 2018, 5.00%, due 7/1/2033 | | | 527,688 | |
| | | 580,000 | | | Islip, G.O., Ser. 2012, 3.00%, due 8/1/2025 | | | 596,292 | |
| | | 1,500,000 | | | Metro. Trans. Au. Rev. (Green Bond), Ser. 2020-C-1, 5.00%, due 11/15/2050 | | | 1,719,240 | |
| | | 300,000 | | | Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due 1/15/2029 | | | 339,072 | |
| | | | | | Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.) | | |
| | | 500,000 | | | Ser. 2013-A, 5.00%, due 10/1/2024 | | | 546,905 | |
| | | 500,000 | | | Ser. 2013-A, 5.00%, due 10/1/2025 | | | 545,315 | |
| | | 250,000 | | | Ser. 2013-A, 4.00%, due 10/1/2026 | | | 262,240 | |
| | | | | | Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College) | | |
| | | 1,120,000 | | | Ser. 2012-A, 5.00%, due 6/1/2023 | | | 1,187,950 | |
| | | 210,000 | | | Ser. 2012-A, 5.00%, due 6/1/2025 | | | 222,281 | |
| | | 1,265,000 | | | Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured), 5.00%, due 9/1/2027 | | | 1,487,804 | |
| | | 2,000,000 | | | Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/2028 Pre-Refunded 4/1/2023 | | | 2,257,240 | |
| | | | | | 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 | | | 551,080 | |
| | | 1,000,000 | | | Ser. 2014, 5.00%, due 7/1/2027 | | | 1,124,540 | |
| | | 4,175,000 | | | Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser. 2006-A-3, 5.13%, due 6/1/2046 | | | 4,175,501 | |
| | | | | | New York City G.O. | | |
| | | 100,000 | | | (LOC: Bank of America N.A.), Subser. 2006-I-3, 0.15%, due 4/1/2036 | | | 100,000 | (c) |
| | | 200,000 | | | (LOC: Barclays Bank PLC), Subser. 2010-G-4, 0.14%, due 3/1/2039 | | | 200,000 | (c) |
| | | 400,000 | | | (LOC: JP Morgan Chase Bank N.A.), Subser. 2015-F-6, 0.18%, due 6/1/2044 | | | 400,000 | (c) |
| | | 2,000,000 | | | (LOC: U.S. Bank N.A.), Subser. 2008-L-4, 0.15%, due 4/1/2038 | | | 2,000,000 | (c) |
| | | | | | New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. | | |
| | | 500,000 | | | (LOC: Mizuho Bank Ltd.), Subser. 2012-A-2, 0.14%, due 6/15/2044 | | | 500,000 | (c) |
| | | 800,000 | | | (LOC: U.S. Bank N.A.), Subser. 2012-B1, 0.15%, due 6/15/2045 | | | 800,000 | (c) |
| | | | | | New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Gen. Resolution Rev. Bonds) | | |
| | | 1,250,000 | | | (LOC: JP Morgan Chase Bank N.A.), Ser. 2014-AA-2, 0.18%, due 6/15/2050 | | | 1,250,000 | (c) |
| | | 460,000 | | | (LOC: State Street Bank and Trust Co.), Ser. 2016-BB-1B, 0.14%, due 6/15/2049 | | | 460,000 | (c) |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | | Value | |
| | | | | | New York City Transitional Fin. Au. Rev. (Future Tax Secured) | | |
| | $ | 1,900,000 | | | (LOC: JP Morgan Chase Bank N.A.), Subser. 2012-A-4, 0.18%, due 8/1/2039 | | $ | 1,900,000 | (c) |
| | | 750,000 | | | (LOC: JP Morgan Chase Bank N.A.), Subser. 2016-E4, 0.18%, due 2/1/2045 | | | 750,000 | (c) |
| | | 180,000 | | | (LOC: JP Morgan Chase Bank N.A.), Subser. 2018-A-4, 0.18%, due 8/1/2045 | | | 180,000 | (c) |
| | | 1,100,000 | | | New York City Transitional Fin. Au. Rev. (NYC Rec.), (LOC: JP Morgan Chase Bank N.A.), Subser. 2002-1-C, 0.18%, due 11/1/2022 | | | 1,100,000 | (c) |
| | | 500,000 | | | New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/2040 | | | 529,170 | (a) |
| | | 2,000,000 | | | New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/2035 | | | 2,818,540 | |
| | | 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 | | | 736,192 | |
| | | 1,815,000 | | | New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A, 3.00%, due 7/1/2027 | | | 1,935,570 | |
| | | 780,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 4.63%, due 7/1/2025 | | | 833,524 | |
| | | 750,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (Fordham Univ.), Ser. 2020, 4.00%, due 7/1/2046 | | | 868,732 | |
| | | 405,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 5.00%, due 7/1/2024 | | | 405,822 | |
| | | 2,000,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), Ser. 2011-A, 4.38%, due 5/1/2026 Pre-Refunded 5/1/2021 | | | 2,062,600 | |
| | | 1,375,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012, 4.00%, due 7/1/2028 Pre-Refunded 7/1/2022 | | | 1,474,742 | |
| | | 2,540,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Univ. Dorm. Fac.), Ser. 2018-A, 5.00%, due 7/1/2048 | | | 3,063,977 | |
| | | | | | 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 | | | 477,351 | |
| | | 470,000 | | | Ser. 2014-A, 4.00%, due 1/1/2027 | | | 485,797 | |
| | | 200,000 | | | Ser. 2014-A, 4.00%, due 1/1/2028 | | | 206,200 | |
| | | 275,000 | | | Ser. 2014-A, 4.13%, due 1/1/2029 | | | 284,064 | |
| | | 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 | | | 1,539,513 | |
| | | 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 | | | 775,845 | (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 | | | 1,807,785 | |
| | | | | | New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Orange Reg. Med. Ctr.) | | |
| | | 400,000 | | | Ser. 2017, 5.00%, due 12/1/2035 | | | 468,248 | (a) |
| | | 200,000 | | | Ser. 2017, 5.00%, due 12/1/2036 | | | 233,444 | (a) |
| | | 400,000 | | | Ser. 2017, 5.00%, due 12/1/2037 | | | 465,792 | (a) |
| | | 2,000,000 | | | New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/2026 | | | 2,213,880 | |
| | | 500,000 | | | New York St. Env. Facs. Corp. Solid Waste Disp. Rev. (Casella Waste Sys. Inc. Proj.), Ser. 2014, 2.88%, due 12/1/2044 Putable 12/3/2029 | | | 482,650 | (a) |
| | | 960,000 | | | New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/2027 | | | 992,496 | |
| | | 1,045,000 | | | New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027 | | | 1,116,227 | |
| | | 400,000 | | | New York St. Mtge. Agcy. Homeowner Mtge. Rev., (LOC: Barclays Bank PLC), Ser. 2006-135, 0.20%, due 4/1/2037 | | | 400,000 | (c) |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | | Value | |
| | $ | 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 | | $ | 1,497,480 | |
| | | 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 | | | 2,184,980 | |
| | | 1,545,000 | | | New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term. B Redev. Proj.), Ser. 2016-A, 4.00%, due 7/1/2041 | | | 1,603,525 | |
| | | 785,000 | | | Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/2022 | | | 836,033 | |
| | | | | | Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.) | | |
| | | 640,000 | | | Ser. 2012-A, 5.00%, due 5/1/2025 Pre-Refunded 5/1/2022 | | | 687,200 | |
| | | 300,000 | | | Ser. 2012-A, 5.00%, due 5/1/2026 Pre-Refunded 5/1/2022 | | | 322,125 | |
| | | 1,000,000 | | | Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. Ref. (Covanta Proj.), Ser. 2018-A, 4.75%, due 11/1/2042 | | | 1,017,340 | (a) |
| | | 1,100,000 | | | Niagara Falls City Sch. Dist. Ref. Cert. of Participation (High Sch. Fac.), Ser. 2015, (AGM Insured), 4.00%, due 6/15/2026 | | | 1,233,980 | |
| | | | | | Niagara Frontier Trans. Au. Rev. Ref. (Buffalo Niagara Int'l Arpt.) | | |
| | | 375,000 | | | Ser. 2019-A, 5.00%, due 4/1/2037 | | | 461,730 | |
| | | 350,000 | | | Ser. 2019-A, 5.00%, due 4/1/2038 | | | 429,737 | |
| | | 350,000 | | | Ser. 2019-A, 5.00%, due 4/1/2039 | | | 428,614 | |
| | | | | | 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 | | | 1,306,600 | |
| | | 2,000,000 | | | Ser. 2019-A, (AGM Insured), 4.00%, due 12/1/2049 | | | 2,259,600 | |
| | | 1,500,000 | | | Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/2021 | | | 1,544,535 | |
| | | 500,000 | | | Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred), Ser. 2017, 5.00%, due 4/15/2057 | | | 594,520 | |
| | | 1,410,000 | | | St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/2028 | | | 1,533,093 | |
| | | 1,980,000 | | | Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/2025 | | | 2,138,796 | |
| | | 135,000 | | | Triborough Bridge & Tunnel Au. Spec. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 4.75%, due 1/1/2024 | | | 143,401 | |
| | | | | | TSASC Inc. Rev. Ref. | | |
| | | 580,000 | | | Ser. 2017-A, 5.00%, due 6/1/2028 | | | 711,764 | |
| | | 3,000,000 | | | Ser. 2017-A, 5.00%, due 6/1/2041 | | | 3,383,670 | |
| | | 3,000,000 | | | Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028 | | | 3,461,670 | |
| | | 1,000,000 | | | Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030 | | | 966,040 | (a) |
| | | | | | Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.) | | |
| | | 825,000 | | | Ser. 2016, 5.00%, due 11/1/2030 | | | 923,893 | |
| | | 1,000,000 | | | Ser. 2016, 3.75%, due 11/1/2037 | | | 1,033,070 | |
| | | 665,000 | | | Yonkers Econ. Dev. Corp. Ed. Rev. (Charter Sch. of Ed. Excellence Proj.), Ser. 2019-A, 5.00%, due 10/15/2049 | | | 693,848 | |
| | | | | 100,352,415 | |
| Pennsylvania 2.9% | |
| | | | | | Pennsylvania St. Turnpike Commission Rev. | | |
| | | 285,000 | | | Ser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020 | | | 290,387 | |
| | | 305,000 | | | Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020 | | | 310,764 | |
| | | 1,410,000 | | | Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020 | | | 1,436,649 | |
| | | | | 2,037,800 | |
| Puerto Rico 7.7% | |
| | | 5,017,000 | | | Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058 | | | 5,421,119 | |
| Texas 0.6% | |
| | | 400,000 | | | Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, due 1/1/2045 | | | 80,000 | (a)(b) |
| | | 325,000 | | | New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/2053 | | | 304,184 | |
| | | | | 384,184 | |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | | Value | |
| Wisconsin 0.4% | | | | |
| | $ | 300,000 | | | Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054 | | $ | 301,509 | (a) |
| | | | | | | | | | |
| | | | Total Municipal Notes (Cost $108,917,096) | | | 114,608,591 | |
| | | | | | | | | | |
| UNITS | | | | | | | |
| Liquidating Trust - Real Estate 2.1% | | | | |
| | | 600 | | | CMS Liquidating Trust (Cost $3,105,388) | | | 1,503,000 | *(d)(e) |
| | | | | | Total Investments 165.1% (Cost $112,022,484) | | | 116,111,591 | |
| | | | | | Other Assets Less Liabilities 0.7% | | | 477,696 | |
| | | | | | Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $24,137) (65.8)% | | | (46,275,863 | ) |
| | | | | | Net Assets Applicable to Common Stockholders 100.0% | | $ | 70,313,424 | |
| * | Non-income producing security. |
| (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 July 31, 2020, these securities amounted to $7,894,248, which represents 11.2% 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 July 31, 2020. |
| (d) | Value determined using significant unobservable inputs. |
| (e) | This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale. |
At July 31, 2020, this security amounted to $1,503,000, which represents 2.1% of net assets applicable to common stockholders of the Fund.
| Restricted Security | | Acquisition
Date | | Acquisition
Cost | | | Acquisition Cost
Percentage of Net
Assets Applicable to
Common
Stockholders as of
Acquisition Date | | | Value as of
7/31/2020 | | | Fair Value
Percentage of
Net Assets
Applicable to
Common
Stockholders as
of 7/31/2020 | |
| CMS Liquidating Trust | | 11/21/2012 | | $ | 3,105,388 | | | | 4.1 | % | | $ | 1,503,000 | | | | 2.1 | % |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2020:
| Asset Valuation Inputs | | Level 1 | | | Level 2 | | | Level 3(b) | | | Total | |
| Investments: |
| Municipal Notes(a) | | $ | — | | | $ | 114,608,591 | | | $ | — | | | $ | 114,608,591 | |
| Liquidating Trust - Real Estate | | | — | | | | — | | | | 1,503,000 | | | | 1,503,000 | |
| Total Investments | | $ | — | | | $ | 114,608,591 | | | $ | 1,503,000 | | | $ | 116,111,591 | |
| (a) | The Schedule of Investments provides a categorization by state/territory for the portfolio. |
| (b) | 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
11/1/2019 | | | 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
7/31/2020 | | | Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2020 | |
| Investments in Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Units | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liquidating Trust—Real Estate | | $ | 1,488 | | | $ | — | | | $ | — | | | $ | 15 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,503 | | | $ | 15 | |
| Total | | $ | 1,488 | | | $ | — | | | $ | — | | | $ | 15 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,503 | | | $ | 15 | |
The following table presents additional information about the valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of July 31, 2020.
Asset
class | | Fair value
at 7/31/2020 | | | Valuation
approach | | Unobservable
input | | Range
per unit | | | Input value
per unit | | | Impact to
valuation
from
increase in
input |
| Units | | $ | 1,503,000 | | | Income Approach | | Appraised value | | | $2,301 - $2,761 | | | $ | 2,505 | | | Increase |
| | ^ | A balance indicated with a “-”, reflects either a zero balance or an amount that rounds to less than 1. |
See Notes to Schedule of Investments
July 31, 2020
Notes to Schedule of Investments New York Municipal Fund Inc. (Unaudited)
In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman New York Municipal Fund Inc. (the “Fund”) are carried at the value that Neuberger Berman Investment Advisers LLC ("Management") believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund’s investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
| • | Level 1 – unadjusted quoted prices in active markets for identical investments |
| • | Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.) |
| • | Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
The value of the Fund’s investments in municipal notes and liquidating trust - real estate is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes and liquidating trust - real estate include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues.
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Fund’s Board of Directors has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts and whether the issuer of the security being fair valued has other securities outstanding.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820: “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”) (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 will require the disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 will also require that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the disclosure requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
Notes to Schedule of Investments New York Municipal Fund Inc.
(Unaudited) (cont’d)
Other matters—Coronavirus: The outbreak of the novel coronavirus in many countries, which is a rapidly evolving situation, has, among other things, disrupted global travel and supply chains, and has adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility, in ways that cannot necessarily be foreseen at the present time. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on economic and market conditions and trigger a period of global economic slowdown. Within the United States, New York is among the hardest-hit states. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact the issuers of the securities held by the Fund.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
