Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) January 31, 2022
| Principal Amount | | Value | |
| Municipal Notes 164.4% | | | | |
| American Samoa 0.8% | | | | |
| $ | 500,000 | | | American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029 | | $ | 566,168 | |
| California 4.9% | | | | |
| | 250,000 | | | California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027 | | | 112,500 | (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 | | | 256,902 | (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 | | | 3,015,376 | |
| | | | | | | | 3,384,778 | |
| Guam 2.1% | | | | |
| | 500,000 | | | Guam Gov't Bus. Privilege Tax Rev. Ref., Ser. 2021-F, 4.00%, due 1/1/2042 | | | 543,896 | |
| | 750,000 | | | Guam Gov't Hotel Occupancy Tax Rev., Ser. 2021-A, 5.00%, due 11/1/2035 | | | 910,089 | |
| | | | | | | | 1,453,985 | |
| Illinois 1.5% | | | | |
| | 1,000,000 | | | Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/2023 | | | 1,038,973 | |
| Kansas 1.0% | | | | |
| | | | | Goddard Kansas Sales Tax Spec. Oblig. Rev. (Olympic Park Star Bond Proj.) | | | | |
| | 315,000 | | | Ser. 2019, 3.60%, due 6/1/2030 | | | 316,015 | |
| | 420,000 | | | Ser. 2021, 3.50%, due 6/1/2034 | | | 399,996 | |
| | | | | | | | 716,011 | |
| 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 | | | 527,217 | |
| New York 140.9% | | | | |
| | | | | Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences) | | | | |
| | 380,000 | | | Ser. 2014-A, 5.00%, due 12/1/2027 | | | 414,565 | |
| | 375,000 | | | Ser. 2014-A, 5.00%, due 12/1/2028 | | | 408,015 | |
| | 270,000 | | | Ser. 2014-A, 5.00%, due 12/1/2029 | | | 293,052 | |
| | 750,000 | | | Broome Co. Local Dev. Corp. Rev. (Good Shepherd Village at Endwell, Inc. Proj.), Ser. 2021, 4.00%, due 1/1/2047 | | | 810,693 | |
| | 1,645,000 | | | Broome Co. Local Dev. Corp. Rev. (United Hlth. Svc.), Ser. 2020, (AGM Insured), 3.00%, due 4/1/2045 | | | 1,653,650 | |
| | 500,000 | | | Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 8/1/2047 | | | 550,332 | |
| | 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 | | | 1,444,164 | |
| | | | | Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park) | | | | |
| | 500,000 | | | Ser. 2015, 5.00%, due 11/15/2027 | | | 560,438 | |
| | 500,000 | | | Ser. 2015, 5.00%, due 11/15/2028 | | | 558,293 | |
| | | | | Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College) | | | | |
| | 270,000 | | | Ser. 2014-A, 5.00%, due 6/1/2026 | | | 294,574 | |
| | 225,000 | | | Ser. 2014-A, 5.00%, due 6/1/2029 | | | 244,607 | |
| | | | | Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.) | | | | |
| | 250,000 | | | Ser. 2014, 5.00%, due 7/1/2022 | | | 254,624 | |
| | 500,000 | | | Ser. 2014, 5.00%, due 7/1/2029 Pre-Refunded 7/1/2024 | | | 545,866 | |
| | 1,250,000 | | | Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/2045 | | | 1,331,652 | |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | | Value | |
| | | | | Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.) | | | | |
| $ | 155,000 | | | Ser. 2015, 5.00%, due 6/1/2026 | | $ | 170,602 | |
| | 125,000 | | | Ser. 2015, 5.00%, due 6/1/2027 | | | 137,200 | |
| | 195,000 | | | Ser. 2015, 5.00%, due 6/1/2028 | | | 213,306 | |
| | 220,000 | | | Ser. 2015, 5.00%, due 6/1/2029 | | | 239,762 | |
| | 325,000 | | | Ser. 2015, 5.00%, due 6/1/2030 | | | 353,212 | |
| | 565,000 | | | Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/2024 | | | 616,895 | |
| | 750,000 | | | Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/2047 | | | 816,520 | (a) |
| | 575,000 | | | Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049 | | | 612,925 | (a) |
| | 450,000 | | | Build NYC Res. Corp. Rev. (New World Preparatory Charter Sch. Proj.), Ser. 2021-A, 4.00%, due 6/15/2056 | | | 470,391 | |
| | 750,000 | | | Build NYC Res. Corp. Rev. (Shefa Sch. Proj.), Ser. 2021-A, 5.00%, due 6/15/2051 | | | 847,172 | (a) |
| | 205,000 | | | Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int'l Cultures), Ser. 2013-A, 3.88%, due 4/15/2023 | | | 208,222 | |
| | 120,000 | | | Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/2025 | | | 127,196 | (a) |
| | | | | Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.) | | | | |
| | 200,000 | | | Ser. 2016-A-1, 5.00%, due 7/1/2041 | | | 220,342 | |
| | 275,000 | | | Ser. 2016-A-1, 5.00%, due 7/1/2046 | | | 301,400 | |
| | | | | Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.) | | | | |
| | 405,000 | | | Ser. 2018, 5.00%, due 7/1/2031 | | | 472,128 | |
| | 425,000 | | | Ser. 2018, 5.00%, due 7/1/2032 | | | 494,774 | |
| | 450,000 | | | Ser. 2018, 5.00%, due 7/1/2033 | | | 523,108 | |
| | 500,000 | | | Metro. Trans. Au. Rev., Subser. 2012-G-1, (LOC: Barclays Bank PLC), 0.12%, due 11/1/2032 | | | 500,000 | (c) |
| | | | | Metro. Trans. Au. Rev. (Green Bond) | | | | |
| | 1,500,000 | | | Ser. 2020-C-1, 5.00%, due 11/15/2050 | | | 1,742,469 | |
| | 2,000,000 | | | Ser. 2020-D-3, 4.00%, due 11/15/2049 | | | 2,142,805 | |
| | 300,000 | | | Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due 1/15/2029 | | | 319,793 | |
| | | | | Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.) | | | | |
| | 500,000 | | | Ser. 2013-A, 5.00%, due 10/1/2024 | | | 530,985 | |
| | 500,000 | | | Ser. 2013-A, 5.00%, due 10/1/2025 | | | 530,071 | |
| | 250,000 | | | Ser. 2013-A, 4.00%, due 10/1/2026 | | | 260,238 | |
| | | | | Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College) | | | | |
| | 1,120,000 | | | Ser. 2012-A, 5.00%, due 6/1/2023 | | | 1,134,226 | |
| | 210,000 | | | Ser. 2012-A, 5.00%, due 6/1/2025 | | | 212,389 | |
| | 1,265,000 | | | Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (AGM Insured), 5.00%, due 9/1/2027 | | | 1,378,816 | |
| | 2,000,000 | | | Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/2028 Pre-Refunded 4/1/2023 | | | 2,099,264 | |
| | | | | 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 | | | 528,657 | |
| | 1,000,000 | | | Ser. 2014, 5.00%, due 7/1/2027 | | | 1,086,232 | |
| | 4,175,000 | | | Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser. 2006-A-3, 5.13%, due 6/1/2046 | | | 4,251,725 | |
| | 1,500,000 | | | New York City IDA Rev. (Queens Ballpark Co. LLC), Ser. 2021-A, (AGM Insured), 3.00%, due 1/1/2046 | | | 1,522,453 | |
| | 3,000,000 | | | New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020, (AGM Insured), 3.00%, due 3/1/2049 | | | 3,046,295 | |
| | 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 | | | 850,599 | |
| | 500,000 | | | New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/2040 | | | 545,350 | (a) |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| $ | 2,000,000 | | | New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/2035 | | $ | 2,649,740 | |
| | 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 | | | 751,979 | |
| | 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 Pre-Refunded 7/1/2024 | | | 1,893,981 | |
| | 780,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 4.63%, due 7/1/2025 | | | 814,118 | |
| | 750,000 | | | New York St. Dorm. Au. Rev. Non St. Supported Debt (Fordham Univ.), Ser. 2020, 4.00%, due 7/1/2046 | | | 837,046 | |
| | 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 | | | 1,395,043 | |
| | 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 | | | 2,999,941 | |
| | | | | 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 | | | 486,933 | |
| | 470,000 | | | Ser. 2014-A, 4.00%, due 1/1/2027 | | | 496,485 | |
| | 200,000 | | | Ser. 2014-A, 4.00%, due 1/1/2028 | | | 210,540 | |
| | 275,000 | | | Ser. 2014-A, 4.13%, due 1/1/2029 | | | 289,499 | |
| | 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 | | | 1,429,738 | |
| | 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 | | | 795,313 | (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 | | | 1,765,162 | |
| | | | | 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 | | | 461,654 | (a) |
| | 200,000 | | | Ser. 2017, 5.00%, due 12/1/2036 | | | 230,656 | (a) |
| | 400,000 | | | Ser. 2017, 5.00%, due 12/1/2037 | | | 461,254 | (a) |
| | 2,000,000 | | | New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/2026 | | | 2,073,270 | |
| | | | | 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 | | | 519,770 | (a) |
| | 500,000 | | | Ser. 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025 | | | 518,451 | |
| | 1,000,000 | | | New York St. HFA Rev., Ser. 2020-H, 2.45%, due 11/1/2044 | | | 936,565 | |
| | 660,000 | | | New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/2027 | | | 662,655 | |
| | 1,045,000 | | | New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027 | | | 1,068,623 | |
| | 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 | | | 2,196,058 | |
| | 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 | | | 1,515,114 | |
| | 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 | | | 2,308,008 | |
| | 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 | | | 1,605,254 | |
| | | | | 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 | | | 108,138 | |
| | 500,000 | | | Ser. 2020-C, 4.00%, due 12/1/2042 | | | 547,615 | |
| | 785,000 | | | Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/2022 | | | 796,270 | |
| | 300,000 | | | Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/2026 Pre-Refunded 5/1/2022 | | | 303,365 | |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| $ | 1,000,000 | | | Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. Ref. (Covanta Proj.), Ser. 2018-A, 4.75%, due 11/1/2042 | | $ | 1,026,124 | (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 | | | 1,166,637 | |
| | | | | Niagara Frontier Trans. Au. Rev. Ref. (Buffalo Niagara Int'l Arpt.) | | | | |
| | 375,000 | | | Ser. 2019-A, 5.00%, due 4/1/2037 | | | 441,783 | |
| | 350,000 | | | Ser. 2019-A, 5.00%, due 4/1/2038 | | | 412,438 | |
| | 350,000 | | | Ser. 2019-A, 5.00%, due 4/1/2039 | | | 411,173 | |
| | | | | 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 | | | 1,280,730 | |
| | 2,000,000 | | | Ser. 2019-A, (AGM Insured), 4.00%, due 12/1/2049 | | | 2,221,675 | |
| | 500,000 | | | Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred), Ser. 2017, 5.00%, due 4/15/2057 | | | 574,986 | |
| | 1,410,000 | | | St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/2028 | | | 1,455,029 | |
| | 1,980,000 | | | Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/2025 | | | 2,095,205 | |
| | 1,750,000 | | | Suffolk Tobacco Asset Securitization Corp. Ref. (Tobacco Settle Asset Backed Sub. Bonds), Ser. 2021-B-1, 4.00%, due 6/1/2050 | | | 1,896,656 | |
| | 70,000 | | | Triborough Bridge & Tunnel Au. Spec. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 4.75%, due 1/1/2024 | | | 72,509 | |
| | | | | TSASC Inc. Rev. Ref. | | | | |
| | 580,000 | | | Ser. 2017-A, 5.00%, due 6/1/2028 | | | 678,174 | |
| | 3,000,000 | | | Ser. 2017-A, 5.00%, due 6/1/2041 | | | 3,399,248 | |
| | 3,000,000 | | | Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028 | | | 3,220,618 | |
| | 1,000,000 | | | Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030 | | | 992,542 | (a) |
| | | | | Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.) | | | | |
| | 825,000 | | | Ser. 2016, 5.00%, due 11/1/2030 | | | 923,306 | |
| | 1,000,000 | | | Ser. 2016, 3.75%, due 11/1/2037 | | | 1,032,460 | |
| | 1,000,000 | | | Westchester Co. Local Dev. Corp. Rev. (Purchase Sr. Learning Comm., Inc. Proj.), Ser. 2021-A, 5.00%, due 7/1/2056 | | | 1,046,587 | (a) |
| | 665,000 | | | Yonkers Econ. Dev. Corp. Ed. Rev. (Charter Sch. of Ed. Excellence Proj.), Ser. 2019-A, 5.00%, due 10/15/2049 | | | 742,747 | |
| | | | | | | | 97,090,912 | |
| Ohio 0.4% | | | | |
| | 230,000 | | | So. Ohio Port Exempt Fac. Au. Rev., Ser. 2020-A, 7.00%, due 12/1/2042 | | | 258,295 | (a) |
| Puerto Rico 9.6% | | | | |
| | 850,000 | | | Puerto Rico Ind. Tourist Ed., Med. & Env. Ctrl. Fac. Rev. (Hosp. Auxilio Mutuo Oblig. Group Proj.), Ser. 2021, 5.00%, due 7/1/2032 | | | 1,041,825 | |
| | 5,017,000 | | | Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058 | | | 5,576,528 | |
| | | | | | | | 6,618,353 | |
| South Carolina 0.4% | | | | |
| | 300,000 | | | South Carolina 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 | | | 301,213 | (a) |
| Texas 0.4% | | | | |
| | 393,043 | | | Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, due 1/1/2045 | | | 31,444 | (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 | | | 240,038 | (b) |
| | | | | | | | 271,482 | |
| Wisconsin 1.6% | | | | |
| | 300,000 | | | Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054 | | | 332,386 | (a) |
See Notes to Schedule of Investments
Schedule of Investments New York Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| $ | 800,000 | | | St. Croix Chippewa Indians of Wisconsin Ref., Ser. 2021, 5.00%, due 9/30/2041 | | $ | 750,413 | (a) |
| | | | | | | | 1,082,799 | |
| | | | | | | | | |
| | | | | Total Municipal Notes (Cost $109,146,662) | | | 113,310,186 | |
| UNITS | |
| Liquidating Trust - Real Estate 1.3% | | | | |
| | 600 | | | CMS Liquidating Trust (Cost $3,105,388) | | | 885,000 | *(d)(e)(f) |
| | | | | Total Investments 165.7% (Cost $112,252,050) | | | 114,195,186 | |
| | | | | Other Assets Less Liabilities 1.5% | | | 1,021,905 | |
| | | | | Liquidation Preference of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $2,308) (67.2)% | | | (46,297,692 | ) |
| | | | | Net Assets Applicable to Common Stockholders 100.0% | | $ | 68,919,399 | |
| * | 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 January 31, 2022, these securities amounted to $10,526,216, which represents 15.3% 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 January 31, 2022. |
| (d) | Value determined using significant unobservable inputs. |
| (e) | Security fair valued as of January 31, 2022 in accordance with procedures approved by the Board of Directors. Total value of all such securities at January 31, 2022 amounted to approximately $885,000, which represents 1.3% of net assets applicable to common stockholders of the Fund. |
| (f) | This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale. At January 31, 2022, this security amounted to $885,000, which represents 1.3% 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
1/31/2022 | | | Fair Value
Percentage of
Net Assets
Applicable to
Common
Stockholders as
of 1/31/2022 | |
| CMS Liquidating Trust | | 11/21/2012 | | $ | 3,105,388 | | | | 4.1 | % | | | 885,000 | | | | 1.3 | % |
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 the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of January 31, 2022:
| Asset Valuation Inputs | | Level 1 | | | Level 2 | | | Level 3(b) | | | Total | |
| Investments: | | | | | | | | | | | | | | | | |
| Municipal Notes(a) | | $ | — | | | $ | 113,310,186 | | | $ | — | | | $ | 113,310,186 | |
| Liquidating Trust - Real Estate | | | — | | | | — | | | | 885,000 | | | | 885,000 | |
| Total Investments | | $ | — | | | $ | 113,310,186 | | | $ | 885,000 | | | $ | 114,195,186 | |
| (a) | The Schedule of Investments provides a categorization by state/territory. |
| | |
| (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
11/1/2021 | | 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
1/31/2022 | | Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
1/31/2022 | |
| Investments in Securities: | | | | | | | | | | | | | | | | | | | | | |
| Units | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Liquidating Trust—Real Estate(c) | | $ | 750 | | $ | — | | $ | — | | $ | 135 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 885 | | $ | 135 | |
| Total | | $ | 750 | | $ | — | | $ | — | | $ | 135 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 885 | | $ | 135 | |
| (c) | Quantitative Information about Level 3 Fair Value Measurements: |
Investment type | | Fair Value at 1/31/2022 | | | Valuation approach | | Unobservable input(s) | | Input value/range | | | Weighted average(d) | | | Impact to valuation from increase in input(e) |
| Units | | $ | 885,000 | | | Income Approach | | Discount Rate | | | 10.0 | % | | | 10.0 | % | | Decrease |
| | | | | | | Market Approach | | Transaction Price | | $ | 20.00 | | | $ | 20.00 | | | Increase |
| (d) | The weighted averages disclosed in the table above were weighted by relative fair value. |
| (e) | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase or decrease in the corresponding input. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
| ^ | A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1. |
January 31, 2022
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 the 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. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, and/or analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.
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 December 2020, the Securities and Exchange Commission ("SEC") adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act, the threshold for determining whether a fund must fair value a security. The rule became effective on March 8, 2021, however, the SEC adopted an eighteen-month transition period beginning from the effective date. Management is currently evaluating the rule.
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:
Russia’s Invasion of Ukraine: Russia’s invasion of the Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia’s actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.
Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and 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. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Fund and in turn, may impact the financial performance of the Fund.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
