Fund Evaluator:
Neuberger Municipal Interm Bd Inst (NMNLX)
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Best Performing in Muni National Interm Over the Last Year
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Fund Details
Neuberger Municipal Interm Bd Inst Overview
Neuberger Municipal Interm Bd Inst (NMNLX) is an actively managed Municipal Bond Muni National Interm fund. Neuberger Berman launched the fund in 2010.
The investment seeks high current income exempt from federal income tax that is consistent with low risk to principal and liquidity; total return is a secondary goal. To pursue its goals, the fund normally invests at least 80% of its total assets in securities of municipal issuers within the U.S. and its territories; however, it may invest without limit in municipal securities the interest on which may be an item of tax preference for purposes of the federal alternative minimum tax. The fund's dividends are generally exempt from federal income tax, although shareholders may have to pay an alternative minimum tax on income deemed to be a Tax Preference Item.
About Neuberger Municipal Interm Bd Inst (NMNLX)
There are 2 members of the management team with an average tenure of 17.93 years: Stephen Miller (2010), James Iselin (2007). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 7 Yr GO (6-8) TR USD index with a weighting of 100%. Neuberger Municipal Interm Bd Inst has 412 securities in its portfolio. The top 10 holdings constitute 14.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Neuberger Municipal Interm Bd Inst is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Neuberger Municipal Interm Bd Inst has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (99.6% domestic bond, 0.4% foreign bond and 0.0% convertible bond). Neuberger Municipal Interm Bd Inst has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $314 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NMNLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Neuberger Municipal Interm Bd Inst expense ratio is below average compared to funds in the Muni National Interm category. Neuberger Municipal Interm Bd Inst has an expense ratio of 0.30%, which is 56% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Neuberger Municipal Interm Bd Inst has a portfolio turnover rate of 83%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Neuberger Municipal Interm Bd Inst returned -1.3%, which earned it a grade of A, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Neuberger Municipal Interm Bd Inst has a trailing yield of 3.14%, which is below the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Neuberger Municipal Interm Bd Inst Grades
Year to date, the fund has returned 0.9%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 4.5% over the past year (grade of C), 3.4% over the past three years (grade of B) and 0.5% per year over the past five years (grade of D) and 1.7% per year over the past 10 years (grade of C).
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NMNLX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NMNLX Return (NAV) | -1.3% | -0.1% | 4.5% | 3.4% | 0.5% | 1.7% |
| NMNLX Grade | A | A | C | B | D | C |
| +/- Category | 0.2% | 0.4% | -0.1% | 0.2% | -0.1% | -0.0% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| NMNLX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
NMNLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NMNLX Return (NAV) | 0.9% | 4.5% | 1.9% | 5.8% | -9.3% | 1.6% | 4.0% | 6.7% | 1.1% | 4.1% | 0.2% |
| NMNLX Grade | A | C | C | C | D | C | D | C | B | D | B |
| +/- Category | 0.5% | 0.3% | -0.1% | 0.0% | -1.0% | -0.1% | -0.3% | -0.0% | 0.3% | -0.6% | 0.4% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.92 - Below Average |
| Category Risk Grade: | B (28% Rank) |
| Beta: | 0.76 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $327 Mil |
| Fund Total Assets: | $ 315 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 83% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 19.4 years | |||
| Average Tenure: 17.9 years | |||
| Managers (Year): Iselin James (2007), Miller Stephen (2010) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 412 |
| % in Top 10 Holdings: | 14.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.6% |
| Foreign Bond: | 0.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Neuberger Berman |
| Phone Number: | 877-628-2583 |
| Website: | www.nb.com |
| Status: | Open |
| Inception Date: | June 21, 2010 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.30% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Neuberger Municipal Interm Bd Inv |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
