0001752724-20-065678.txt : 20200330 0001752724-20-065678.hdr.sgml : 20200330 20200330172328 ACCESSION NUMBER: 0001752724-20-065678 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200131 FILED AS OF DATE: 20200330 PERIOD START: 20201031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEUBERGER BERMAN MUNICIPAL FUND INC. CENTRAL INDEX KEY: 0001178839 IRS NUMBER: 522372415 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21168 FILM NUMBER: 20758491 BUSINESS ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 BUSINESS PHONE: 2124768800 MAIL ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER BERMAN MUNICIPAL FUND, INC. DATE OF NAME CHANGE: 20180831 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC DATE OF NAME CHANGE: 20020726 NPORT-P 1 primary_doc.xml NPORT-P false 0001178839 XXXXXXXX Neuberger Berman Municipal Fund Inc. 811-21168 0001178839 549300IIZWX8QVUHXO20 1290 AVENUE OF THE AMERICAS NEW YORK 10104 212-476-8800 Neuberger Berman Municipal Fund Inc. 549300IIZWX8QVUHXO20 2020-10-31 2020-01-31 N 465840961.37 172179026.21 293661935.16 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 170400000.00000000 59724.13000000 USD N County of Salt Lake UT 5493006VYRFL1AI6GT29 SALT LAKE CNTY UT HOSP REVENUE 795677AF0 3000000.00000000 PA USD 3614700.00000000 1.230905189680 Long DBT MUN US N 2 2028-02-15 Fixed 5.40000000 N N N N N N California Pollution Control Financing Authority N/A CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE 130536QU2 470000.00000000 PA USD 235000.00000000 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REVENUE 11943KCX8 225000.00000000 PA USD 256333.50000000 0.087288636799 Long DBT MUN US N 2 2035-06-01 Fixed 5.00000000 N N N N N N District of Columbia 549300HWFOZXPKGOX654 DISTRICT OF COLUMBIA STUDENT DORM REVENUE 25483WAK8 650000.00000000 PA USD 675187.50000000 0.229919992739 Long DBT MUN US N 2 2045-10-01 Fixed 5.00000000 N N N N N N Hempstead Town Local Development Corp N/A HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE 424682GA4 735000.00000000 PA USD 851585.70000000 0.289988452039 Long DBT MUN US N 2 2024-07-01 Fixed 5.00000000 N N N N N N North Carolina Medical Care Commission 549300FH6KOXGCHQYG81 NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE 65821DNT4 1365000.00000000 PA USD 1430233.35000000 0.487033959379 Long DBT MUN US N 2 2024-03-01 Fixed 4.25000000 N N N N N N Will County Township High School District No 204 Joliet N/A WILL CNTY IL HIGH SCH DIST #204 JOLIET 969037KB5 1850000.00000000 PA USD 1934286.00000000 0.658677808870 Long DBT MUN US N 2 2031-01-01 Fixed 6.25000000 N N N N N N Florida Development Finance Corp 549300HC854CNBLMWC48 FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE 34061UAX6 3120000.00000000 PA USD 3485196.00000000 1.186805500720 Long DBT MUN US N 2 2027-12-15 Fixed 6.75000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY REVENUE 12008EBY1 400000.00000000 PA USD 410304.00000000 0.139719844785 Long DBT MUN US N 2 2023-04-15 Fixed 3.88000000 N N N N N N Vermont Student Assistance Corp 549300VHYVRSKNFRSZ91 VERMONT ST STUDENT ASSISTANCECORP EDU LOAN REVENUE 92428CHT4 580000.00000000 PA USD 614440.40000000 0.209233927327 Long DBT MUN US N 2 2025-06-15 Fixed 4.35000000 N N N N N N Department of Veterans Affairs Veteran's Farm & Home Purchase Program N/A CALIFORNIA ST DEPT OF VETERANS AFFAIRS HOME PURCHASE REVENUE 130658NF0 2450000.00000000 PA USD 2605501.50000000 0.887245225902 Long DBT MUN US N 2 2028-12-01 Fixed 2.95000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY REVENUE 12008EPS9 825000.00000000 PA USD 885794.25000000 0.301637408170 Long DBT MUN US N 2 2049-02-01 Fixed 5.75000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY SOL WST DISP REVENUE 12008HAB5 1000000.00000000 PA USD 1085590.00000000 0.369673379496 Long DBT MUN US N 2 2025-01-01 Fixed 4.50000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57583RWB7 350000.00000000 PA USD 350000.00000000 0.119184667161 Long DBT MUN US N 2 2042-10-01 Floating 1.08000000 N N N N N N JPMorgan Chase Putters/Drivers Trust N/A JP MORGAN CHASE PUTTERS/DRIVERS TRUST VARIOUS STATES 46640KYR9 13400000.00000000 PA USD 13400000.00000000 4.563070114177 Long DBT MUN US N 2 2021-06-01 Floating 1.24000000 N N N N N N American Samoa Economic Development Authority N/A AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE 02936TAA9 1700000.00000000 PA USD 1833195.00000000 0.624253531190 Long DBT MUN US N 2 2029-09-01 Fixed 6.25000000 N N N N N N New Hope Cultural Education Facilities Finance Corp N/A NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE 64542QBE2 545000.00000000 PA USD 581792.95000000 0.198116568864 Long DBT MUN US N 2 2039-08-15 Fixed 5.00000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY REVENUE 12008EGE0 1100000.00000000 PA USD 1204665.00000000 0.410221705902 Long DBT MUN US N 2 2024-11-01 Fixed 5.00000000 N N N N N N Massachusetts Educational Financing Authority 5493007K5OP7V6CL0Y88 MASSACHUSETTS ST EDUCTNL FING AUTH 57563RJK6 1150000.00000000 PA USD 1203969.50000000 0.409984868942 Long DBT MUN US N 2 2023-07-01 Fixed 5.00000000 N N N N N N Massachusetts Development Finance Agency 549300UZSVMFXJK08K70 MASSACHUSETTS ST DEV FIN AGY REVENUE 57583UC89 200000.00000000 PA USD 218652.00000000 0.074457045269 Long DBT MUN US N 2 2024-07-15 Fixed 5.00000000 N N N N N N Colorado Educational & Cultural Facilities Authority 549300BJRX2FHSSZP042 COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE 19645RB83 500000.00000000 PA USD 516380.00000000 0.175841652653 Long DBT MUN US N 2 2025-04-01 Fixed 4.50000000 N N N N N N Monrovia Redevelopment Agency Successor Agency N/A MONROVIA CA REDEV AGY SUCCESSOR AGY 611583AL9 1540000.00000000 PA USD 1682588.60000000 0.572967892172 Long DBT MUN US N 2 2026-08-01 Fixed 5.00000000 N N N N N N Tennessee Energy Acquisition Corp 549300OJ2Z8PGEY46K92 TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE 880443BQ8 2000000.00000000 PA USD 2270900.00000000 0.773304173304 Long DBT MUN US N 2 2023-09-01 Fixed 5.25000000 N N N N N N California Municipal Finance Authority 5493000UQOV6R4ZWS346 CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE 130486AG8 645000.00000000 PA USD 672367.35000000 0.228959653771 Long DBT MUN US N 2 2024-07-01 Fixed 5.00000000 N N N N N N Winrock Town Center Tax Increment Development District No 1 N/A WINROCK TOWN CENTER NM TAX INCR DEV DIST #1 97535RAA8 500000.00000000 PA USD 512065.00000000 0.174372275971 Long DBT MUN US N 2 2025-05-01 Fixed 5.25000000 N N N N N N Florida Development Finance Corp 549300HC854CNBLMWC48 FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE 34061UBN7 1750000.00000000 PA USD 1906502.50000000 0.649216759727 Long DBT MUN US N 2 2029-06-15 Fixed 5.75000000 N N N N N N District of Columbia 549300HWFOZXPKGOX654 DIST OF COLUMBIA REVENUE 25483VDN1 520000.00000000 PA USD 546083.20000000 0.185956412669 Long DBT MUN US N 2 2023-10-01 Fixed 6.25000000 N N N N N N Ohio Air Quality Development Authority 549300DZUU80AYOR6M80 OHIO ST AIR QUALITY DEV AUTH 677525WH6 1000000.00000000 PA USD 1018570.00000000 0.346851218372 Long DBT MUN US N 2 2041-06-01 Floating 2.60000000 N N N N N N City of La Verne CA 54930008TF3OJRBUIJ91 LA VERNE CA COPS 505194DT4 590000.00000000 PA USD 631595.00000000 0.215075542445 Long DBT MUN US N 2 2029-05-15 Fixed 5.00000000 N N N N N N Norristown Area School District N/A NORRISTOWN PA AREA SCH DIST COPS 656441AK8 3430000.00000000 PA USD 3674970.60000000 1.251428993682 Long DBT MUN US N 2 2027-04-01 Fixed 4.50000000 N N N N N N Department of Veterans Affairs Veteran's Farm & Home Purchase Program N/A CALIFORNIA ST DEPT OF VETERANS AFFAIRS HOME PURCHASE REVENUE 130658NE3 2155000.00000000 PA USD 2288976.35000000 0.779459669756 Long DBT MUN US N 2 2028-06-01 Fixed 2.90000000 N N N N N N State of Oregon Housing & Community Services Department 549300N3PYWYJ0Z8N757 OREGON ST HSG & CMNTY SVCS DEPT MF REVENUE 68608EMT6 30000.00000000 PA USD 30220.50000000 0.010290914954 Long DBT MUN US N 2 2027-07-01 Fixed 3.50000000 N N N N N N Puerto Rico Sales Tax Financing Corp Sales Tax Revenue N/A PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE 74529JPX7 16373000.00000000 PA USD 18409801.20000000 6.269045795795 Long DBT MUN US N 2 2058-07-01 Fixed 5.00000000 N N N N N N New Jersey Economic Development Authority 5493006JS6QWDVU4R678 NEW JERSEY ST ECON DEV AUTH REVENUE 64577B7C2 1230000.00000000 PA USD 1514388.30000000 0.515691044252 Long DBT MUN US N 2 2028-06-15 Fixed 5.00000000 N N N N N N Jackson College Dormitories N/A JACKSON CLG DORMS MI CLG HSG REVENUE 46723TAA3 500000.00000000 PA USD 516210.00000000 0.175783762958 Long DBT MUN US N 2 2046-05-01 Fixed 6.75000000 N N N N N N City of Lakeland FL XRPK4ZALF4437WO3JQ94 LAKELAND FL EDUCTNL FACS REVENUE 511664AF1 1135000.00000000 PA USD 1233177.50000000 0.419930999681 Long DBT MUN US N 2 2027-09-01 Fixed 5.00000000 N N N N N N County of Ohio KY N/A OHIO CNTY KY POLL CONTROL REVENUE 677288AG7 150000.00000000 PA USD 152046.00000000 0.051775862580 Long DBT MUN US N 2 2031-07-15 Fixed 6.00000000 N N N N N N Los Angeles Regional Airports Improvement Corp N/A LOS ANGELES CA REGL ARPTS IMPT CORP LEASE REVENUE 544628JJ0 2250000.00000000 PA USD 2385180.00000000 0.812219669771 Long DBT MUN US N 2 2027-01-01 Fixed 4.50000000 N N N N N N City of Chicago IL T5UYO5SYLC8K73MJQX30 CHICAGO IL 167486UD9 2000000.00000000 PA USD 2292520.00000000 0.780666380459 Long DBT MUN US N 2 2025-01-01 Fixed 5.00000000 N N N N N N Florida Development Finance Corp 549300HC854CNBLMWC48 FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE 34061UAR9 590000.00000000 PA USD 602336.90000000 0.205112351272 Long DBT MUN US N 2 2022-06-15 Fixed 5.50000000 N N N N N N Tulsa Airports Improvement Trust N/A TULSA OK ARPTS IMPT TRUST 899647PK1 250000.00000000 PA USD 288355.00000000 0.098192841998 Long DBT MUN US N 2 2024-06-01 Fixed 5.00000000 N N N N N N Plaza Metropolitan District No 1 N/A PLAZA CO MET DIST #1 REVENUE 72818QAT0 2550000.00000000 PA USD 2659242.00000000 0.905545350489 Long DBT MUN US N 2 2023-12-01 Fixed 4.00000000 N N N N N N South Carolina Jobs-Economic Development Authority 5493006X47I9VG3DL112 SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE 83704DAC0 750000.00000000 PA USD 750435.00000000 0.255543844860 Long DBT MUN US N 2 2045-02-01 Fixed 6.25000000 N N N N N N City of Vernon CA Electric System Revenue N/A VERNON CA ELEC SYS REVENUE 924397DJ8 730000.00000000 PA USD 741512.10000000 0.252505350956 Long DBT MUN US N 2 2021-08-01 Fixed 5.13000000 N N N N N N Phoenix-Mesa Gateway Airport Authority N/A PHOENIX-MESA GATEWAY ARPT AUTHAZ SPL FAC REVENUE 71910EAK5 400000.00000000 PA USD 436472.00000000 0.148630771557 Long DBT MUN US N 2 2024-07-01 Fixed 5.00000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY REVENUE 12008ENJ1 250000.00000000 PA USD 276732.50000000 0.094235059729 Long DBT MUN US N 2 2047-06-01 Fixed 5.00000000 N N N N N N Florida Development Finance Corp 549300HC854CNBLMWC48 FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE 34061WAG9 1200000.00000000 PA USD 876000.00000000 0.298302195523 Long DBT MUN US N 2 2046-06-01 Fixed 6.38000000 Y N N N N N Arlington Higher Education Finance Corp N/A ARLINGTON TX HGR EDU FIN CORP EDU REVENUE 041806AQ3 1000000.00000000 PA USD 1104490.00000000 0.376109351522 Long DBT MUN US N 2 2029-03-01 Fixed 6.63000000 N N N N N N City & County of Denver CO Airport System Revenue N/A DENVER CITY & CNTY CO ARPT REVENUE 249182DE3 5000000.00000000 PA USD 5343900.00000000 1.819745550981 Long DBT MUN US N 2 2024-11-15 Fixed 5.00000000 N N N N N N New York Transportation Development Corp N/A NEW YORK ST TRANSPRTN DEV CORPSPL FAC REVENUE 650116CM6 2000000.00000000 PA USD 2446720.00000000 0.833175739534 Long DBT MUN US N 2 2033-01-01 Fixed 5.00000000 N N N N N N California School Finance Authority N/A CALIFORNIA SCH FIN AUTH SCH FAC REVENUE 13059TBS7 1300000.00000000 PA USD 1502150.00000000 0.511523565075 Long DBT MUN US N 2 2030-07-01 Fixed 5.00000000 N N N N N N Illinois Finance Authority 549300ZG6UBPNNNRN315 ILLINOIS ST FIN AUTH REVENUE 45200FU64 3340000.00000000 PA USD 3382651.80000000 1.151886368302 Long DBT MUN US N 2 2022-05-01 Fixed 6.25000000 N N N N N N Golden State Tobacco Securitization Corp N/A GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT 38122NZW5 1000000.00000000 PA USD 1047790.00000000 0.356801435442 Long DBT MUN US N 2 2047-06-01 Fixed 5.00000000 N N N N N N Ohio Air Quality Development Authority 549300DZUU80AYOR6M80 OHIO ST AIR QUALITY DEV AUTH EXEMPT FACS REVENUE 67754AAF1 500000.00000000 PA USD 564800.00000000 0.192330000036 Long DBT MUN US N 2 2049-07-01 Fixed 5.00000000 N N N N N N Village Community Development District No 11 N/A VLG CDD #11 FL SPL ASSMNT REVENUE 92708EAE1 930000.00000000 PA USD 977337.00000000 0.332810242998 Long DBT MUN US N 2 2029-05-01 Fixed 4.13000000 N N N N N N City of Chicago IL T5UYO5SYLC8K73MJQX30 CHICAGO IL 167486E21 1000000.00000000 PA USD 1173490.00000000 0.399605757334 Long DBT MUN US N 2 2044-01-01 Fixed 5.00000000 N N N N N N California Pollution Control Financing Authority N/A CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE 13054WAA5 5000000.00000000 PA USD 5488550.00000000 1.869002871281 Long DBT MUN US N 2 2027-07-01 Fixed 5.00000000 N N N N N N California Pollution Control Financing Authority N/A CALIFORNIA ST POLL CONTROL FIN AUTH SOL WST DISP REVENUE 130536RK3 2000000.00000000 PA USD 1648460.00000000 0.561346161225 Long DBT MUN US N 2 2039-12-01 Fixed 7.50000000 N N N N N N Vermont Student Assistance Corp 549300VHYVRSKNFRSZ91 VERMONT ST STUDENT ASSISTANCECORP EDU LOAN REVENUE 92428CHV9 275000.00000000 PA USD 291359.75000000 0.099216042365 Long DBT MUN US N 2 2027-06-15 Fixed 4.55000000 N N N N N N Maricopa County Industrial Development Authority N/A MARICOPA CNTY AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE 56682PBS9 1410000.00000000 PA USD 1449649.20000000 0.493645592579 Long DBT MUN US N 2 2026-01-01 Fixed 5.00000000 N N N N N N 2020-02-27 Neuberger Berman Municipal Fund Inc. John McGovern John McGovern Treasurer XXXX NPORT-EX 2 NPORT_1077692712981414.htm

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) January 31, 2020

 

Principal Amount   Value 
Municipal Notes 157.1% 
Alabama 0.7% 
$1,900,000   Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/2035  $2,035,071 
American Samoa 0.6%     
 1,700,000   American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029   1,833,195 
           
Arizona 2.6%     
 500,000   Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/2036   554,815(a)
 1,410,000   Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/2026   1,449,649(a)
 2,250,000   Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025   2,521,080(a)
 2,220,000   Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/2024   2,315,482 
 400,000   Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%, due 7/1/2036   408,132 
 1,454,303   Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/2028   146(b)
 400,000   Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/2024   436,472 
         7,685,776 
California 31.2%     
 1,000,000   California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/2026   1,103,280 
 1,725,000   California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/2024   1,727,450 
     California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)     
 645,000   Ser. 2014, 5.00%, due 7/1/2024   672,367(a)
 630,000   Ser. 2014, 5.13%, due 7/1/2029   673,854(a)
     California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)     
 725,000   Ser. 2014, 5.00%, due 7/1/2024   774,590 
 430,000   Ser. 2014, 5.13%, due 7/1/2029   479,876 
 500,000   California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/2031   574,220(a)
 570,000   California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030   661,297(a)
 585,000   California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/2026   636,410 
 2,000,000   California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West Village Std. Hsg. Proj.), Ser. 2018, 5.00%, due 5/15/2051   2,392,320 
 1,300,000   California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/2030   1,502,150(a)
     California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.     
 2,155,000   Ser. 2016-A, 2.90%, due 6/1/2028   2,288,976 
 2,450,000   Ser. 2016-A, 2.95%, due 12/1/2028   2,605,502 
 470,000   California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027   235,000(a)(b)
 2,000,000   California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.), Ser. 2019, 7.50%, due 12/1/2039   1,648,460(a)
 1,855,000   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   1,992,010(a)
 5,000,000   California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027   5,488,550(a)
 2,000,000   Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/2033 Pre-Refunded 8/1/2021   2,171,840 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
$1,000,000   Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2018-A-2, 5.00%, due 6/1/2047  $1,047,790 
 2,000,000   Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025   2,635,580 
 590,000   La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/2029   631,595 
 2,250,000   Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/2027   2,385,180 
 3,620,000   Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/2024   3,432,593 
 5,750,000   Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (Assured Guaranty Insured), 0.00%, due 8/1/2029   6,919,492(c)
 5,000,000   Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/2034   6,620,050 
 4,000,000   Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026   5,157,040 
 2,000,000   San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 6.38%, due 8/1/2034   2,496,980 
 6,000,000   San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/2032   6,908,880(d)
 1,540,000   Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/2026   1,682,589 
 2,040,000   Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/2025   2,315,359 
 730,000   Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/2021   741,512 
 9,070,000   Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 6.88%, due 8/1/2037   13,016,629 
 5,095,000   Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured Guaranty Insured), 0.00%, due 8/1/2026   4,640,067 
 3,000,000   Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/2036   3,238,860(e)
         91,498,348 
Colorado 4.9%     
     Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)     
 500,000   Ser. 2015, 4.50%, due 4/1/2025   516,380(a)
 1,000,000   Ser. 2015, 5.13%, due 4/1/2035   1,061,010(a)
 1,350,000   Ser. 2015, 5.25%, due 4/1/2045   1,421,442(a)
     Colorado Ed. & Cultural Facs. Au. Rev. Ref.     
 100,000   Ser. 2014, 4.00%, due 11/1/2024   105,304 
 750,000   Ser. 2014, 4.50%, due 11/1/2029   822,375 
 5,000,000   Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/2024   5,343,900 
 2,550,000   Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/2023   2,659,242(a)
 8,000,000   Villages at Castle Rock Co. Metro. Dist. #6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2, 0.00%, due 12/1/2037   2,512,000 
         14,441,653 
Connecticut 0.3%     
 750,000   Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/2025   792,668 
           
District of Columbia 2.4%     
 1,615,000   Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/2026   1,699,739 
 1,880,000   Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/2022   1,925,703 
 520,000   Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/2023   546,083 
 650,000   Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/2045   675,188 
           

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
$2,000,000   Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/2026  $2,128,200 
         6,974,913 
Florida 5.2%     
 800,000   Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C, 7.50%, due 7/1/2053   799,984(a)
 1,000,000   Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/2026   1,151,410 
     Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)     
 590,000   Ser. 2012-A, 5.50%, due 6/15/2022   602,337(a)
 3,120,000   Ser. 2013-A, 6.75%, due 12/15/2027   3,485,196 
 1,750,000   Ser. 2014-A, 5.75%, due 6/15/2029   1,906,502 
 1,075,000   Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/2036   1,119,161 
 1,200,000   Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.38%, due 6/1/2046   876,000(a)(b)
 100,000   Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/2036   107,270 
 1,135,000   Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/2027   1,233,178 
 2,000,000   Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/2025   2,136,700 
 930,000   Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/2029   977,337 
 1,000,000   Village Comm. Dev. Dist. Number 13 Spec. Assessment Rev., Ser. 2019, 3.70%, due 5/1/2050   1,034,420(a)
         15,429,495 
Georgia 1.3%     
 1,750,000   Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, due 7/1/2036   1,725,623(a)(b)
 2,000,000   DeKalb Co. Hsg. Au. Sr. Living Rev. Ref. (Baptist Retirement Comm. of Georgia Proj.), Ser. 2019-A, 5.13%, due 1/1/2049   1,992,420(a)
         3,718,043 
Guam 1.6%     
     Guam Gov't Hotel Occupancy Tax Rev.     
 1,220,000   Ser. 2011-A, 5.75%, due 11/1/2020   1,258,808 
 650,000   Ser. 2011-A, 5.75%, due 11/1/2021   685,347 
 2,630,000   Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/2025 Pre-Refunded 7/1/2020   2,677,472 
         4,621,627 
Hawaii 2.6%     
 5,200,000   Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/2024   5,403,632 
 2,250,000   Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaiian Elec. Co., Inc. - Subsidiary), Ser. 2019, 3.50%, due 10/1/2049   2,298,622 
         7,702,254 
Illinois 21.2%     
 5,705,000   Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/2027   6,305,223 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
     Chicago G.O.     
$250,000   Ser. 2002-2002B, 5.13%, due 1/1/2027  $288,412 
 2,000,000   Ser. 2002-B, 5.00%, due 1/1/2025   2,292,520 
 1,000,000   Ser. 2019-A, 5.00%, due 1/1/2044   1,173,490 
     Chicago Ref. G.O.     
 1,000,000   Ser. 2005-D, 5.50%, due 1/1/2040   1,149,470 
 2,500,000   Ser. 2012-C, 5.00%, due 1/1/2024   2,660,575 
 700,000   Ser. 2014-A, 5.00%, due 1/1/2027   783,034 
 3,000,000   Ser. 2017-A, 6.00%, due 1/1/2038   3,704,520 
     Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)     
 1,350,000   Ser. 2013-C, 5.45%, due 12/1/2030   1,514,038 
 1,960,000   Ser. 2013-C, 5.50%, due 12/1/2031   2,200,178 
 1,560,000   Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/2031   1,918,613 
 3,340,000   Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/2022 Pre-Refunded 5/1/2020   3,382,652 
 2,000,000   Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A, 4.00%, due 7/15/2047   2,220,640 
 1,905,000   Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/2026   1,678,896 
     Illinois St. G.O.     
 3,900,000   Ser. 2012, 4.00%, due 8/1/2025   4,083,339 
 1,000,000   Ser. 2013, 5.00%, due 7/1/2023   1,104,790 
 5,200,000   Ser. 2017-D, 5.00%, due 11/1/2028   6,224,452 
 4,250,000   Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/2024   4,759,915 
 1,330,000   Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/2026 Pre-Refunded 6/1/2021   1,438,967 
     So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)     
 945,000   Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027   1,081,751 
 1,375,000   Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028   1,569,040 
 715,000   Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029   814,228 
     Univ. of Illinois (Hlth. Svc. Facs. Sys.)     
 2,725,000   Ser. 2013, 5.00%, due 10/1/2027   3,050,229 
 2,875,000   Ser. 2013, 5.75%, due 10/1/2028   3,285,607 
 1,500,000   Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 5.25%, due 12/1/2047   1,611,735(a)
 1,850,000   Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/2031   1,934,286 
         62,230,600 
Indiana 2.4%     
 3,200,000   Indiana Fin. Au. Hosp. Rev. (Parkview Hlth. Sys.), Ser. 2009-D, (LOC: Wells Fargo Bank N.A.), 1.15%, due 11/1/2039   3,200,000(f)
 3,055,000   Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/2021   3,326,070 
 565,000   Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/2024   621,833 
         7,147,903 
Kentucky 1.6%     
 1,350,000   Ashland City, Kentucky Med. Ctr. Ref. Rev. (Ashland Hosp. Corp. DBA Kings Daughter Med. Ctr.), Ser. 2019, (AGM Insured), 3.00%, due 2/1/2040   1,374,503 
 3,300,000   Louisville & Jefferson Co. Reg. Arpt. Au. Spec. Fac. Rev. (UPS Worldwide Forwarding Inc. Proj.), Ser. 1999-B, 1.35%, due 1/1/2029   3,300,000(f)
 150,000   Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/2031   152,046 
         4,826,549 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
Louisiana 2.6%     
$1,500,000   Louisiana Local Gov't Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/2035  $1,556,655 
 1,715,000   Louisiana Local Gov't. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A, 5.75%, due 2/1/2032   1,841,310(a)
 775,000   Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/2028   834,799 
 700,000   Louisiana St. Local Gov’t Env. Facs. & Comm. Dev. Au. Rev. (Lafourche Parish Gomesa Proj.), Ser. 2019, 3.95%, due 11/1/2043   715,904(a)
 1,655,000   St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/2040 Putable 6/1/2022   1,748,408 
 800,000   St. John the Baptist Parish LA Rev. Ref. (Marathon Oil Corp. Proj.), Subser. 2017-A-1, 2.00%, due 6/1/2037 Putable 4/1/2023   813,648 
         7,510,724 
Massachusetts 2.8%     
 350,000   Massachusetts Dev. Fin. Agcy. Rev. (Boston University), Ser. 2008-U6C, (LOC: TD Bank N.A.), 1.08%, due 10/1/2042   350,000(f)
     Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)     
 200,000   Ser. 2014-F, 5.00%, due 7/15/2024   218,652 
 415,000   Ser. 2014-F, 5.00%, due 7/15/2025   453,159 
 200,000   Ser. 2014-F, 5.00%, due 7/15/2026   217,988 
 190,000   Ser. 2014-F, 5.00%, due 7/15/2027   206,389 
 150,000   Ser. 2014-F, 5.00%, due 7/15/2028   162,413 
     Massachusetts St. Ed. Fin. Au. Rev.     
 1,150,000   Ser. 2011-J, 5.00%, due 7/1/2023   1,203,969 
 1,615,000   Ser. 2012-J, 4.70%, due 7/1/2026   1,691,858 
 2,245,000   Ser. 2013-K, 4.50%, due 7/1/2024   2,379,184 
 1,365,000   Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/2025   1,376,589 
         8,260,201 
Michigan 2.7%     
 1,500,000   Detroit Downtown Dev. Au. Tax Increment Rev. Ref. (Catalyst Dev. Proj.), Ser. 2018-A, (AGM Insured), 5.00%, due 7/1/2048   1,674,480 
     Jackson College Dormitories Hsg. Rev.     
 1,000,000   Ser. 2015, 6.50%, due 5/1/2035   1,034,100 
 500,000   Ser. 2015, 6.75%, due 5/1/2046   516,210 
     Michigan St. Hsg. Dev. Au. Rev.     
 1,935,000   Ser. 2016-C, 2.05%, due 12/1/2022   1,965,805 
 1,835,000   Ser. 2016-C, 2.15%, due 6/1/2023   1,870,856 
 750,000   Michigan St. Strategic Fund Ltd. Oblig. Rev. ( Improvement Proj.), Ser. 2018, 5.00%, due 6/30/2048   893,918 
 100,000   Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/2035   100,101 
         8,055,470 
Minnesota 5.5%     
 13,400,000   JP Morgan Chase Putters/Drivers Trust Var. Sts. (Putters), Ser. 2019-5027, (LOC: JP Morgan Chase Bank N.A.), 1.24%, due 6/1/2021   13,400,000(a)(f)
 2,250,000   Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children's Hlth. Care Facs.), Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/2024 Pre-Refunded 8/15/2020   2,292,412 
 400,000   St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A, 5.00%, due 6/15/2038   427,480(a)
         16,119,892 
Mississippi 0.5%     
 1,500,000   Mississippi St. Bus. Fin. Corp. Rev. Ref. (Sys. Energy Res., Inc. Proj.), Ser. 2019, 2.50%, due 4/1/2022   1,509,075 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
Nevada 0.6%     
     Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)     
$1,300,000   Ser. 2015-A, 4.00%, due 12/15/2025  $1,331,382(a)
 500,000   Ser. 2015-A, 5.13%, due 12/15/2045   524,060(a)
         1,855,442 
New Jersey 10.8%     
 2,500,000   New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/2023   2,687,550 
 1,230,000   New Jersey Econ. Dev. Au. Rev. (Sch. Facs. Construction), Ser. 2019-LLL, 5.00%, due 6/15/2028   1,514,388 
     New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)     
 500,000   Ser. 2013, 5.25%, due 1/1/2025   573,210 
 500,000   Ser. 2013, 5.50%, due 1/1/2026   576,955 
     New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)     
 1,420,000   Ser. 2013, 3.50%, due 7/1/2024   1,461,876 
 1,470,000   Ser. 2013, 3.63%, due 7/1/2025   1,513,968 
 1,520,000   Ser. 2013, 3.75%, due 7/1/2026   1,566,603 
 765,000   Ser. 2013, 4.00%, due 7/1/2027   791,599 
 180,000   New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 5.25%, due 12/15/2020   186,498 
 2,530,000   New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/2026   2,719,143 
     New Jersey St. Econ. Dev. Au. Sch. Rev. (Beloved Comm. Character, Sch., Inc. Proj.)     
 1,105,000   Ser. 2019-A, 5.00%, due 6/15/2049   1,199,433(a)
 725,000   Ser. 2019-A, 5.00%, due 6/15/2054   781,383(a)
 8,250,000   New Jersey St. Trans. Trust Fund Au., Ser. 2019-BB, 4.00%, due 6/15/2050   8,932,935 
     New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref.     
 1,250,000   Ser. 2018-A, 5.00%, due 12/15/2036   1,511,150 
 4,000,000   Ser. 2018-A, 4.25%, due 12/15/2038   4,502,000 
 1,000,000   Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/2037   1,127,490 
         31,646,181 
New Mexico 0.5%     
     Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax Increment Bond)     
 500,000   Ser. 2015, 5.25%, due 5/1/2025   512,065(a)
 1,000,000   Ser. 2015, 5.75%, due 5/1/2030   1,032,180(a)
         1,544,245 
New York 10.8%     
 225,000   Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 5.00%, due 6/1/2035   256,334 
 625,000   Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/2029   716,925 
     Build NYC Res. Corp. Rev.     
 1,100,000   Ser. 2014, 5.00%, due 11/1/2024   1,204,665 
 835,000   Ser. 2014, 5.25%, due 11/1/2029   915,878 
 975,000   Ser. 2014, 5.50%, due 11/1/2044   1,055,028 
 250,000   Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/2047   276,733(a)
 825,000   Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049   885,794(a)
     Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)     
 400,000   Ser. 2013-A, 3.88%, due 4/15/2023   410,304 
 1,450,000   Ser. 2013-A, 5.00%, due 4/15/2043   1,522,790 
 1,000,000   Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/2025   1,085,590(a)

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
     Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)     
$700,000   Ser. 2014, 5.00%, due 7/1/2023  $788,193 
 735,000   Ser. 2014, 5.00%, due 7/1/2024   851,586 
 390,000   Ser. 2018, 5.00%, due 7/1/2030   484,711 
 1,400,000   Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond-Reenergy Black River LLC Proj. ), Ser. 2014, 5.25%, due 1/1/2024   1,404,830(a)
 500,000   New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/2040   566,060(a)
 3,200,000   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   3,660,288 
 2,300,000   New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Montefiore Oblig. Group), Ser. 2018-A, 5.00%, due 8/1/2035   2,826,033 
 2,000,000   New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027   2,115,320 
 70,000   New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 2007-142, (LOC: Royal Bank of Canada), 1.24%, due 10/1/2037   70,000(f)
 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   2,446,720 
 710,000   Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/2020   719,542 
     Newburgh G.O. (Deficit Liquidation)     
 495,000   Ser. 2012-B, 5.00%, due 6/15/2020   501,653 
 520,000   Ser. 2012-B, 5.00%, due 6/15/2021   545,854 
 550,000   Ser. 2012-B, 5.00%, due 6/15/2022   596,546 
 1,435,000   Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/2023 Pre Refunded 5/1/2022   1,564,925 
 1,155,000   Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/2026   1,257,472 
 2,000,000   Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028   2,313,460 
 600,000   Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030   648,498(a)
         31,691,732 
North Carolina 1.3%     
 1,365,000   North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/2024   1,430,233 
 1,395,000   North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/2023   1,456,255 
 700,000   North Carolina Med. Care Commission Retirement Facs. Rev. (Twin Lakes Comm.), Ser. 2019-A, 5.00%, due 1/1/2049   818,776 
         3,705,264 
Ohio 7.1%     
 16,875,000   Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/2030   16,958,869 
 2,060,000   Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/2027 Pre-Refunded 1/1/2022   2,221,875 
 500,000   Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019, 5.00%, due 7/1/2049   564,800(a)
 1,000,000   Ohio St. Air Quality Dev. Au. Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029   1,018,570 
         20,764,114 
Oklahoma 1.1%     
 2,000,000   Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%, due 8/15/2033   2,447,720 
     Tulsa Arpt. Imp. Trust Ref. Rev.     
 250,000   Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2024   288,355 
 400,000   Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2025   462,828 
         3,198,903 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
Oregon 0.0%(g)     
$30,000   Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/2027  $30,221 
Pennsylvania 7.3%     
     Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)     
 500,000   Ser. 2012, 3.50%, due 5/1/2025   520,255 
 350,000   Ser. 2012, 3.60%, due 5/1/2026   364,287 
 2,830,000   Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A, 4.25%, due 7/1/2030   3,033,081 
 1,250,000   Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/2028 Pre-Refunded 5/1/2023   1,428,300 
 3,430,000   Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/2027 Pre-Refunded 4/1/2022   3,674,970 
 2,625,000   Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/2024   2,891,910 
 2,350,000   Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/2053   2,404,520(a)
 500,000   Pennsylvania St. Econ. Dev. Fin. Au. Solid Waste Disp. Rev. (CarbonLite P LLC Proj.), Ser. 2019, 5.75%, due 6/1/2036   539,625(a)
     Pennsylvania St. Turnpike Commission Rev.     
 150,000   Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020   156,285 
 705,000   Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020   734,836 
 145,000   Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020   151,075 
 3,000,000   Pennsylvania St. Turnpike Commission Turnpike Rev., Subser. 2019-A, 4.00%, due 12/1/2049   3,342,240 
 2,000,000   Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/2027   2,186,980 
         21,428,364 
Puerto Rico 6.3%     
 16,373,000   Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058   18,409,801 
           
South Carolina 1.1%     
 1,500,000   South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%, due 10/1/2057   1,559,865 
 1,000,000   South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Jasper Pellets LLC, Proj.), Ser. 2018-A, 7.00%, due 11/1/2038   1,056,000(a)
 750,000   South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), Ser. 2017, 6.25%, due 2/1/2045   750,435(a)
         3,366,300 
Tennessee 0.8%     
 2,000,000   Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/2023   2,270,900 
           
Texas 5.2%     
 250,000   Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/2045   281,230 
     Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)     
 425,000   Ser. 2014-A, 5.88%, due 3/1/2024   447,780 
 1,000,000   Ser. 2014-A, 6.63%, due 3/1/2029   1,104,490 
 730,000   Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/2042   828,024 
 475,000   Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/2022   482,667 
 250,000   Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/2028   269,378(a)
 2,000,000   Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/2042   2,118,780 
 1,000,000   Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 5.75%, due 1/1/2028   1,110,510 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value 
     Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)     
$165,000   Ser. 2012-A, 4.00%, due 2/15/2022  $169,458 
 1,000,000   Ser. 2012-A, 5.00%, due 2/15/2032   1,064,290 
     New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy)     
 545,000   Ser. 2019, 5.00%, due 8/15/2039   581,793(a)
 520,000   Ser. 2019, 5.00%, due 8/15/2049   550,846(a)
 1,475,000   New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/2053   1,599,505 
 500,000   New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage), Ser. 2016-C, 5.75%, due 7/1/2051   534,725 
 1,250,000   Texas Private Activity Bond Surface Trans. Corp. Sr. Lien Rev. Ref. (North Tarrant Express Managed Lanes Proj.), Ser. 2019-A, 4.00%, due 12/31/2039   1,447,187 
 1,500,000   Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/2021   1,592,565 
 1,000,000   Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019, 5.00%, due 6/30/2058   1,183,510 
         15,366,738 
Utah 3.1%     
     Salt Lake City Arpt. Rev.     
 1,000,000   Ser. 2017-A, 5.00%, due 7/1/2042   1,196,890 
 2,000,000   Ser. 2017-A, 5.00%, due 7/1/2047   2,375,960 
 1,000,000   Ser. 2018-A, 5.00%, due 7/1/2043   1,214,400 
 3,000,000   Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/2028   3,614,700 
 500,000   Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/2045   502,165(a)
     Utah Hsg. Corp. Single Family Mtge. Rev.     
 55,000   Ser. 2011-A2, Class I, 5.00%, due 7/1/2020   55,702 
 55,000   Ser. 2011-A2, Class I, 5.25%, due 7/1/2021   55,714 
 65,000   Ser. 2011-A2, Class I, 5.45%, due 7/1/2022   65,902 
         9,081,433 
Vermont 2.4%     
     Vermont Std. Assist. Corp. Ed. Loan Rev.     
 1,600,000   Ser. 2012-A, 5.00%, due 6/15/2021   1,673,536 
 250,000   Ser. 2013-A, 4.25%, due 6/15/2024   263,948 
 580,000   Ser. 2013-A, 4.35%, due 6/15/2025   614,440 
 865,000   Ser. 2013-A, 4.45%, due 6/15/2026   916,865 
 275,000   Ser. 2013-A, 4.55%, due 6/15/2027   291,360 
 1,800,000   Ser. 2014-A, 5.00%, due 6/15/2024   2,070,324 
 1,225,000   Ser. 2015-A, 4.13%, due 6/15/2027   1,334,503 
         7,164,976 
Virginia 0.2%     
 530,000   Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/2022   552,133 
           
Washington 2.8%     
 6,700,000   Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/2028   7,288,327 
 790,000   Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.), Ser. 2017, 5.00%, due 8/15/2026   940,305 
         8,228,632 
Wisconsin 3.0%     
 870,000   Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/2030   949,718(a)
 200,000   Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/2035   211,652(a)

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount  Value  
$3,000,000   Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 4.25%, due 12/1/2051  $ 3,033,540  
 500,000   Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/2036    523,915  
 1,575,000   Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/2025    1,691,409  
     Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College)        
 1,100,000   Ser. 2010-A, 6.13%, due 6/1/2035 Pre-Refunded 6/1/2020    1,118,447  
 1,225,000   Ser. 2010-A, 6.13%, due 6/1/2039 Pre-Refunded 6/1/2020    1,245,543  
          8,774,224  
     Total Investments 157.1% (Cost $414,531,213)    461,473,060  
     Other Assets Less Liabilities 0.9%    2,557,506  
     Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $31,369) (58.0)%    (170,368,631)  
     Net Assets Applicable to Common Stockholders 100.0%  $ 293,661,935  

 

(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, 2020, these securities amounted to $67,287,679, which represents 22.9% of net assets applicable to common stockholders of the Fund.
(b) Defaulted security.
(c) Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
(d) Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(e) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(f) 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, 2020.
(g) Represents less than 0.05% of net assets applicable to common stockholders of the Fund.

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments 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 January 31, 2020:
 
Asset Valuation Inputs
     
   Level 1   Level 2   Level 3   Total 
Investments:                    
Municipal Notes(a)  $—   $461,473,060   $—   $461,473,060 
Total Investments  $—   $461,473,060   $—   $461,473,060 

 

(a) The Schedule of Investments provides a categorization by state/territory for the portfolio.
   
^ 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

 

 

 

 

January 31, 2020

 

Notes to Schedule of Investments Neuberger Berman Municipal Fund Inc. (Unaudited)

 

In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman 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 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 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.