0001752724-21-203867.txt : 20210922 0001752724-21-203867.hdr.sgml : 20210922 20210922153828 ACCESSION NUMBER: 0001752724-21-203867 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20210922 PERIOD START: 20211031 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: 211269582 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. 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5.45000000 N N N N N N Selma Industrial Development Board N/A SELMA AL INDL DEV BRD REVENUE 81647PAD5 1900000.00000000 PA USD 1929644.75000000 0.662081574680 Long DBT MUN US N 2 2035-12-01 Fixed 5.38000000 N N N N N N Vermont Student Assistance Corp 549300VHYVRSKNFRSZ91 VERMONT ST STUDENT ASSISTANCECORP EDU LOAN REVENUE 92428CHU1 545000.00000000 PA USD 557286.21000000 0.191210807825 Long DBT MUN US N 2 2026-06-15 Fixed 4.45000000 N N N N N N New York State Dormitory Authority 549300C8XO7EXTX2XU71 NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT 64990GGE6 2300000.00000000 PA USD 2841348.93000000 0.974896946078 Long DBT MUN US N 2 2035-08-01 Fixed 5.00000000 N N N N N N State of Illinois 54930048FV8RWPR02D67 ILLINOIS ST 452152SQ5 1000000.00000000 PA USD 1089093.10000000 0.373679390790 Long DBT MUN US N 2 2023-07-01 Fixed 5.00000000 N N N N N N New York State Dormitory Authority 549300C8XO7EXTX2XU71 NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT 649907UC4 3200000.00000000 PA USD 3499945.60000000 1.200868446973 Long DBT MUN US N 2 2028-07-01 Fixed 5.00000000 N N N N N N Iowa Higher Education Loan Authority 549300DWVTM3KRNR0M36 IOWA ST HGR EDU LOAN AUTH 4624606Y7 1105000.00000000 PA USD 1405174.80000000 0.482130373627 Long DBT MUN US N 2 2028-10-01 Fixed 5.00000000 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 2308126.33000000 0.791942618001 Long DBT MUN US N 2 2028-06-01 Fixed 2.90000000 N N N N N N Harris County Cultural Education Facilities Finance Corp N/A HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE 414009HG8 1000000.00000000 PA USD 1066235.80000000 0.365836808793 Long DBT MUN US N 2 2028-01-01 Fixed 5.75000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY REVENUE 12008ENJ1 250000.00000000 PA USD 280547.58000000 0.096258849479 Long DBT MUN US N 2 2047-06-01 Fixed 5.00000000 N N N N N N Pennsylvania Economic Development Financing Authority N/A PENNSYLVANIA ST ECON DEV FINGAUTH SOLID WASTE DISPOSAL REV 708692BK3 44858.36000000 PA USD 44858.36000000 0.015391378970 Long DBT MUN US Y 3 2036-06-01 Fixed 5.75000000 N N N N N N Norristown Area School District N/A NORRISTOWN PA AREA SCH DIST COPS 656441AK8 3430000.00000000 PA USD 3523900.37000000 1.209087582564 Long DBT MUN US N 2 2027-04-01 Fixed 4.50000000 N N N N N N District of Columbia 549300HWFOZXPKGOX654 DISTRICT OF COLUMBIA STUDENT DORM REVENUE 25483WAK8 650000.00000000 PA USD 678694.19000000 0.232867173111 Long DBT MUN US N 2 2045-10-01 Fixed 5.00000000 N N N N N N Houston Higher Education Finance Corp N/A HOUSTON TX HGR EDU FIN CORP 442378EQ4 85000.00000000 PA USD 86534.96000000 0.029691062347 Long DBT MUN US N 2 2022-02-15 Fixed 4.00000000 N N N N N N Pennsylvania Economic Development Financing Authority N/A PENNSYLVANIA ST ECON DEV FING AUTH EXEMPT FACS REVENUE 708686DU1 2625000.00000000 PA USD 2773335.34000000 0.951560762168 Long DBT MUN US N 2 2024-11-01 Fixed 5.00000000 N N N N N N City of Cleveland OH Airport System Revenue N/A CLEVELAND OH ARPT SYS REVENUE 186352QF0 2060000.00000000 PA USD 2101910.49000000 0.721187776691 Long DBT MUN US N 2 2027-01-01 Fixed 5.00000000 N N N N N N State of New York Mortgage Agency 549300ZQWNLLIG564027 NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE 649883D28 2000000.00000000 PA USD 2094389.00000000 0.718607073718 Long DBT MUN US N 2 2027-04-01 Fixed 3.45000000 N N N N N N Maricopa County Industrial Development Authority N/A MARICOPA CNTY AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE 56682PBS9 1205000.00000000 PA USD 1236990.46000000 0.424424543233 Long DBT MUN US N 2 2026-01-01 Fixed 5.00000000 N N N N N N New Jersey Economic Development Authority 5493006JS6QWDVU4R678 NEW JERSEY ST ECON DEV AUTH SCH REVENUE 645912FX9 1105000.00000000 PA USD 1212395.83000000 0.415985864891 Long DBT MUN US N 2 2049-06-15 Fixed 5.00000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY REVENUE 12008ELQ7 1345000.00000000 PA USD 1474288.53000000 0.505844027236 Long DBT MUN US N 2 2045-07-01 Fixed 4.00000000 N N N N N N California Municipal Finance Authority 5493000UQOV6R4ZWS346 CALIFORNIA ST MUNI FIN AUTH REVENUE 13048TSB0 585000.00000000 PA USD 638402.54000000 0.219042680764 Long DBT MUN US N 2 2026-01-01 Fixed 4.00000000 N N N N N N Ohio Air Quality Development Authority 549300DZUU80AYOR6M80 OHIO ST AIR QUALITY DEV AUTH 677525WH6 1000000.00000000 PA USD 1062455.70000000 0.364539816401 Long DBT MUN US N 2 2041-06-01 Floating 2.60000000 N N N N N N Buffalo & Erie County Industrial Land Development Corp N/A BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE 11943KCX8 225000.00000000 PA USD 252948.62000000 0.086789353658 Long DBT MUN US N 2 2035-06-01 Fixed 5.00000000 N N N N N N City of Valparaiso IN N/A VALPARAISO IN EXEMPT FACS REVENUE 92028RAA3 365000.00000000 PA USD 394582.23000000 0.135385347059 Long DBT MUN US N 2 2024-01-01 Fixed 5.88000000 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 2288288.25000000 0.785135962400 Long DBT MUN US N 2 2027-01-01 Fixed 4.50000000 N N N N N N California Infrastructure & Economic Development Bank 549300C1OG9RDIM8ET06 CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP 13034JDE8 1325000.00000000 PA USD 1327262.57000000 0.455397861373 Long DBT MUN US N 2 2024-08-15 Fixed 5.13000000 N N N N N N Build NYC Resource Corp 549300GROJFKMNLWEK84 BUILD NYC RESOURCE CORP NY SOL WST DISP REVENUE 12008HAB5 720000.00000000 PA USD 779065.42000000 0.267305606409 Long DBT MUN US N 2 2025-01-01 Fixed 4.50000000 N N N N N N North Carolina Medical Care Commission 549300FH6KOXGCHQYG81 NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE 65820YQK5 700000.00000000 PA USD 808437.84000000 0.277383595160 Long DBT MUN US N 2 2049-01-01 Fixed 5.00000000 N N N N N N Buffalo & Erie County Industrial Land Development Corp N/A BUFFALO & ERIE CNTY NY INDL LAND DEV CORP REVENUE 11943KCP5 625000.00000000 PA USD 723008.50000000 0.248071882758 Long DBT MUN US N 2 2029-11-15 Fixed 5.00000000 N N N N N N Rhode Island Housing and Mortgage Finance Corp/RI N/A RHODE ISLAND ST HSG & MTGE FIN CORP 76221RH22 3045000.00000000 PA USD 3108899.02000000 1.066696218920 Long DBT MUN US N 2 2040-10-01 Fixed 2.30000000 N N N N N N Vermont Student Assistance Corp 549300VHYVRSKNFRSZ91 VERMONT ST STUDENT ASSISTANCECORP EDU LOAN REVENUE 92428CJC9 1800000.00000000 PA USD 2017725.48000000 0.692303007106 Long DBT MUN US N 2 2024-06-15 Fixed 5.00000000 N N N N N N Colorado Educational & Cultural Facilities Authority 549300BJRX2FHSSZP042 COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE 19645RB83 1050000.00000000 PA USD 1093719.27000000 0.375266678770 Long DBT MUN US N 2 2025-04-01 Fixed 4.50000000 N N N N N N City of La Verne CA 54930008TF3OJRBUIJ91 LA VERNE CA COPS 505194DT4 590000.00000000 PA USD 618381.60000000 0.212173283958 Long DBT MUN US N 2 2029-05-15 Fixed 5.00000000 N N N N N N Fairfax County Economic Development Authority N/A FAIRFAX CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE 30383DAE5 360000.00000000 PA USD 370797.30000000 0.127224485372 Long DBT MUN US N 2 2022-12-01 Fixed 4.00000000 N N N N N N County of Salt Lake UT 5493006VYRFL1AI6GT29 SALT LAKE CNTY UT HOSP REVENUE 795677AF0 3000000.00000000 PA USD 3477734.10000000 1.193247445804 Long DBT MUN US N 2 2028-02-15 Fixed 5.40000000 N N N N N N Parish of St John the Baptist LA N/A SAINT JOHN THE BAPTIST PARISH LA REVENUE 79020FAW6 800000.00000000 PA USD 819152.56000000 0.281059929206 Long DBT MUN US N 2 2037-06-01 Floating 2.00000000 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 588424.20000000 0.201894582366 Long DBT MUN US N 2 2049-07-01 Fixed 5.00000000 N N N N N N Illinois Finance Authority 549300ZG6UBPNNNRN315 ILLINOIS ST FIN AUTH REVENUE 45204EA32 2000000.00000000 PA USD 2306364.20000000 0.791338012513 Long DBT MUN US N 2 2047-07-15 Fixed 4.00000000 N 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 1104975.00000000 0.379128639083 Long DBT MUN US N 2 2029-03-01 Fixed 6.63000000 N N N N N N New Hampshire Business Finance Authority N/A NATIONAL FIN AUTH NH REVENUE 63607YAJ9 750000.00000000 PA USD 806456.70000000 0.276703845019 Long DBT MUN US N 2 2045-07-01 Floating 3.75000000 N N N N N N Indiana County Industrial Development Authority N/A INDIANA CNTY PA INDL DEV AUTH 45469NCU0 500000.00000000 PA USD 510925.60000000 0.175303990950 Long DBT MUN US N 2 2025-05-01 Fixed 3.50000000 N N N N N N Sacramento City Financing Authority 549300D8GE38KYE3NW14 SACRAMENTO CA CITY FING AUTH 785849VB3 4000000.00000000 PA USD 5035259.20000000 1.727650822805 Long DBT MUN US N 2 2026-12-01 Fixed 5.25000000 N N N N N N County of Lee FL Airport Revenue N/A LEE CNTY FL ARPT REVENUE 523470FT4 2000000.00000000 PA USD 2003619.80000000 0.687463198728 Long DBT MUN US N 2 2025-10-01 Fixed 5.63000000 N N N N N N Illinois Finance Authority 549300ZG6UBPNNNRN315 ILLINOIS ST FIN AUTH REVENUE 45204EEX2 1560000.00000000 PA USD 1918322.80000000 0.658196893583 Long DBT MUN US N 2 2031-02-15 Fixed 5.00000000 N N N N N N City of Chicago IL T5UYO5SYLC8K73MJQX30 CHICAGO IL 167486PX1 2500000.00000000 PA USD 2546152.25000000 0.873611835057 Long DBT MUN US N 2 2024-01-01 Fixed 5.00000000 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 2010551.58000000 0.689841565947 Long DBT MUN AS N 2 2029-09-01 Fixed 6.25000000 N N N N N N Columbia Industrial Development Board N/A COLUMBIA AL INDL DEV BRD POLLCONTROL REVENUE 197210AZ0 1300000.00000000 PA USD 1300000.00000000 0.446043784528 Long DBT MUN US N 2 2037-12-01 Floating 0.03000000 N N N N N N California Municipal Finance Authority 5493000UQOV6R4ZWS346 CALIFORNIA ST MUNI FIN AUTH REVENUE 13048TWJ8 570000.00000000 PA USD 664766.95000000 0.228088589390 Long DBT MUN US N 2 2030-11-01 Fixed 5.00000000 N N N N N N City of Chicago IL T5UYO5SYLC8K73MJQX30 CHICAGO IL 167486UD9 2000000.00000000 PA USD 2292968.60000000 0.786741840113 Long DBT MUN US N 2 2025-01-01 Fixed 5.00000000 N N N N N N City of Salt Lake City UT Airport Revenue N/A SALT LAKE CITY UT ARPT REVENUE 795576FY8 2000000.00000000 PA USD 2403377.00000000 0.824624132867 Long DBT MUN US N 2 2047-07-01 Fixed 5.00000000 N N N N N N Industrial Development Authority of the City of Phoenix/The 549300A62PWFBDWB8332 PHOENIX AZ INDL DEV AUTH 718903RM1 395000.00000000 PA USD 408950.93000000 0.140315400387 Long DBT MUN US N 2 2036-07-01 Fixed 5.13000000 N N N N N N 2021-08-30 Neuberger Berman Municipal Fund Inc. John McGovern John McGovern Treasurer XXXX NPORT-EX 2 NPORT_9W47_9436757296.htm

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) July 31, 2021

 

Principal Amount         Value 
            
Municipal Notes 157.4%       
Alabama 1.6%       
$  1,300,000   Alabama St. Hsg. Fin. Au. Multi-Family Hsg. Rev. (Alison Pt. Apts. Proj.), Ser. 2007-B, (LOC: U.S. Bank N.A.), 0.04%, due 4/1/2037  $1,300,000(a)
   1,300,000   Columbia IDB PCR Ref. (Alabama Pwr. Co. Proj.), Ser. 2014-A, 0.03%, due 12/1/2037   1,300,000(a)
   1,900,000   Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/2035   1,929,645 
           4,529,645 
American Samoa 0.7%
   1,700,000   American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029   2,010,552 
Arizona 2.3%
   500,000   Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/2036   570,326(b)
   1,205,000   Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/2026   1,236,991(b)
   2,250,000   Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025   2,488,419(b)
   1,385,000   Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/2024   1,461,370 
   395,000   Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%, due 7/1/2036   408,951 
   400,000   Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/2024   417,565 
           6,583,622 
California 30.8%
   1,000,000   California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/2026   1,058,967 
   1,325,000   California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/2024   1,327,263 
       California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)     
   465,000   Ser. 2014, 5.00%, due 7/1/2024   498,857(b)
   630,000   Ser. 2014, 5.13%, due 7/1/2029   692,155(b)
       California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)     
   455,000   Ser. 2014, 5.00%, due 7/1/2024   489,774 
   430,000   Ser. 2014, 5.13%, due 7/1/2029   473,715 
   500,000   California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/2031   579,466(b)
   570,000   California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030   664,767(b)
   585,000   California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/2026   638,403 
   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   2,484,338 
   1,000,000   California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis II, LLC, Green Bond-Orchard Park Std. Hsg. Proj.), Ser. 2021, (BAM Insured), 3.00%, due 5/15/2054   1,077,691 
   1,300,000   California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/2030   1,495,045(b)
       California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.     
   2,155,000   Ser. 2016-A, 2.90%, due 6/1/2028   2,308,126 
   2,450,000   Ser. 2016-A, 2.95%, due 12/1/2028   2,612,398 
   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 (b)(c)

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount      Value 
         
$  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  $610,000(b)(c)
   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   2,045,444(b)
   4,430,000   California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027   4,759,766(b)
   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   2,000,000 
   1,000,000   Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2018-A-2, 5.00%, due 6/1/2047   1,032,456 
   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   2,502,764 
   590,000   La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/2029 Pre-Refunded 5/15/2022   618,382 
   2,250,000   Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/2027   2,288,288 
   3,620,000   Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/2024   3,569,707 
   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   7,326,536(d)
   5,000,000   Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/2034   6,413,859 
   4,000,000   Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026   5,035,259 
   2,000,000   San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2024   2,366,690 
   6,000,000   San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/2032   7,263,263(e)
   1,540,000   Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/2026   1,610,601 
   2,040,000   Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/2025   2,231,373 
   150,000   Tender Option Bond Trust Receipts/Certificates, Ser. 2020, (LOC: Mizuho Cap. Markets LLC), 0.20%, due 7/1/2032   150,000 (a)(b) 
   9,070,000   Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 6.88%, due 8/1/2037   12,946,215 
   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   4,889,291 
   3,000,000   Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/2036   3,466,325(f)
           89,762,184 
Colorado 5.0%         
       Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)     
   1,050,000   Ser. 2015, 4.50%, due 4/1/2025   1,093,719(b)
   1,000,000   Ser. 2015, 5.13%, due 4/1/2035   1,058,866(b)
   1,350,000   Ser. 2015, 5.25%, due 4/1/2045   1,418,131(b)
   750,000   Colorado Ed. & Cultural Facs. Au. Rev. Ref., Ser. 2014, 4.50%, due 11/1/2029   806,834 
   5,000,000   Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/2024 Pre-Refunded 11/15/2021   5,068,076 
   2,550,000   Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/2023   2,633,456(b)
   8,000,000   Villages at Castle Rock Co. Metro. Dist. #6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2, 0.00%, due 12/1/2037   2,616,800 
           14,695,882 
Connecticut 0.3%         
   750,000   Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/2025   790,506 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount      Value 
         
District of Columbia 1.7%    
$  1,615,000   Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/2026  $1,633,289 
   650,000   Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/2022   668,055 
   650,000   Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/2045   678,694 
   2,000,000   Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/2026 Pre-Refunded 10/1/2021   2,015,484 
           4,995,522 
Florida 8.3%
   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   184,000 (b)(c)
   1,000,000   Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/2026   1,135,090 
       Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)     
   225,000   Ser. 2012-A, 5.50%, due 6/15/2022   229,699(b)
   3,120,000   Ser. 2013-A, 6.75%, due 12/15/2027 Pre-Refunded 6/15/2023   3,496,179 
   1,750,000   Ser. 2014-A, 5.75%, due 6/15/2029   1,922,137 
   1,075,000   Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/2036   1,135,715 
   1,200,000   Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.38%, due 6/1/2046   840,000 (b)(c)
   100,000   Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/2036   105,806 
   9,000,000   Hillsborough Co. Ind. Dev. Au. Hosp. Rev. (Tampa General Hosp. Proj.), Ser. 2020-A, 3.50%, due 8/1/2055   10,024,978 
   1,135,000   Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/2027   1,188,993 
   2,000,000   Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/2025 Pre-Refunded 8/15/2021   2,003,620 
   885,000   Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/2029   921,560 
   995,000   Village Comm. Dev. Dist. Number 13 Spec. Assessment Rev., Ser. 2019, 3.70%, due 5/1/2050   1,073,120 
           24,260,897 
Georgia 1.0%
   1,750,000   Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, due 7/1/2036   1,225,000 (b)(c)
   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   1,741,788(b)
           2,966,788 
Hawaii 2.6%
   5,200,000   Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/2024   5,215,641 
   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   2,356,050 
           7,571,691 
Illinois 20.7%
   5,705,000   Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/2027   6,126,672 
       Chicago G.O.     
   250,000   Ser. 2002-2002B, 5.13%, due 1/1/2027   286,420 
   2,000,000   Ser. 2002-B, 5.00%, due 1/1/2025   2,292,969 
   1,000,000   Ser. 2019-A, 5.00%, due 1/1/2044   1,234,347 
   5,000,000   Chicago Midway Arpt. Rev. (Second Lien), Ser. 2014-C, (LOC: Barclays Bank PLC), 0.06%, due 1/1/2044   5,000,000(a)

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

 

Principal Amount      Value 
     
     
       Chicago Ref. G.O.     
$  1,000,000   Ser. 2005-D, 5.50%, due 1/1/2040  $1,144,034 
   2,500,000   Ser. 2012-C, 5.00%, due 1/1/2024   2,546,152 
   700,000   Ser. 2014-A, 5.00%, due 1/1/2027   771,833 
   3,000,000   Ser. 2017-A, 6.00%, due 1/1/2038   3,757,869 
       Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)     
   1,350,000   Ser. 2013-C, 5.45%, due 12/1/2030   1,515,262 
   1,960,000   Ser. 2013-C, 5.50%, due 12/1/2031   2,202,212 
   1,560,000   Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/2031   1,918,323 
   2,000,000   Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A, 4.00%, due 7/15/2047   2,306,364 
   1,905,000   Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/2026   1,811,797 
       Illinois St. G.O.     
   3,900,000   Ser. 2012, 4.00%, due 8/1/2025   4,039,121 
   1,000,000   Ser. 2013, 5.00%, due 7/1/2023   1,089,093 
   5,200,000   Ser. 2017-D, 5.00%, due 11/1/2028   6,432,572 
   4,250,000   Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/2024   4,737,009 
       So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)     
   945,000   Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027   1,047,273 
   1,375,000   Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028   1,521,976 
   715,000   Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029   790,475 
       Univ. of Illinois (Hlth. Svc. Facs. Sys.)     
   2,725,000   Ser. 2013, 5.00%, due 10/1/2027   2,967,501 
   2,875,000   Ser. 2013, 5.75%, due 10/1/2028   3,177,845 
   1,500,000   Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 5.25%, due 12/1/2047   1,618,830(b)
           60,335,949 
Indiana 1.2%         
   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   3,112,130 
   365,000   Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/2024   394,582 
           3,506,712 
Iowa 1.4%         
   1,800,000   Iowa Fin. Au. Multi-Family Rev., Ser. 2008-A, (LOC: Wells Fargo Bank N.A.), 0.03%, due 6/1/2024   1,800,000(a)
       Iowa St. Higher Ed. Loan Au. Rev. (Des Moines Univ. Proj.)     
   1,105,000   Ser. 2020, 5.00%, due 10/1/2028   1,405,175 
   775,000   Ser. 2020, 4.00%, due 10/1/2045   905,056 
           4,110,231 
Kentucky 0.5%         
   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   1,433,300 
Louisiana 2.1%         
   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   1,908,170(b)
   775,000   Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/2028   835,534 
   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   769,698(b)
   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   1,704,681 
   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   819,152 
           6,037,235 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount      Value 
         
         
Massachusetts 1.7%     
       Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)     
$  200,000   Ser. 2014-F, 5.00%, due 7/15/2024  $217,260 
   415,000   Ser. 2014-F, 5.00%, due 7/15/2025   449,966 
   200,000   Ser. 2014-F, 5.00%, due 7/15/2026   216,414 
   190,000   Ser. 2014-F, 5.00%, due 7/15/2027   205,172 
   150,000   Ser. 2014-F, 5.00%, due 7/15/2028   161,624 
       Massachusetts St. Ed. Fin. Au. Rev.     
   860,000   Ser. 2011-J, 5.00%, due 7/1/2023   860,803 
   1,200,000   Ser. 2012-J, 4.70%, due 7/1/2026   1,202,204 
   1,490,000   Ser. 2013-K, 4.50%, due 7/1/2024   1,543,629 
           4,857,072 
Michigan 5.1%
       City of Detroit MI G.O.     
   3,000,000   Ser. 2021-A, 5.00%, due 4/1/2046   3,718,934 
   3,850,000   Ser. 2021-A, 5.00%, due 4/1/2050   4,754,451 
   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   1,675,778 
       Michigan St. Hsg. Dev. Au. Rev.     
   1,935,000   Ser. 2016-C, 2.05%, due 12/1/2022   1,970,171 
   1,835,000   Ser. 2016-C, 2.15%, due 6/1/2023   1,882,216 
   750,000   Michigan St. Strategic Fund Ltd. Oblig. Rev. (Improvement Proj.), Ser. 2018, 5.00%, due 6/30/2048   910,034 
   100,000   Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/2035   100,152 
           15,011,736 
Minnesota 0.1%
   400,000   St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A, 5.00%, due 6/15/2038   433,399(b)
Mississippi 0.5%
   850,000   Mississippi St. Bus. Fin. Commission Gulf Opportunity Zone Rev. (Chevron U.S.A., Inc. Proj.), Ser. 2011-B, 0.02%, due 11/1/2035   850,000(a)
   565,000   Mississippi St. Bus. Fin. Corp. Rev. Ref. (Sys. Energy Res., Inc. Proj.), Ser. 2019, 2.50%, due 4/1/2022   568,190 
           1,418,190 
Nevada 0.6%
       Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)     
   1,100,000   Ser. 2015-A, 4.00%, due 12/15/2025   1,164,188(b)
   500,000   Ser. 2015-A, 5.13%, due 12/15/2045   555,931(b)
           1,720,119 
New Hampshire 0.3%
   750,000   Nat'l Fin. Au. Rev. (Green Bond), Ser. 2020-B, 3.75%, due 7/1/2045 Putable 7/2/2040   806,457(b)
New Jersey 10.5%
   1,930,000   New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/2023   2,035,467 
   1,230,000   New Jersey Econ. Dev. Au. Rev. (Sch. Facs. Construction), Ser. 2019-LLL, 5.00%, due 6/15/2028   1,555,717 

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount        Value 
           
           
       New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)     
$  500,000   Ser. 2013, 5.25%, due 1/1/2025  $562,683 
   500,000   Ser. 2013, 5.50%, due 1/1/2026   565,111 
       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   1,479,590 
   1,470,000   Ser. 2013, 3.63%, due 7/1/2025   1,532,021 
   1,520,000   Ser. 2013, 3.75%, due 7/1/2026   1,582,715 
   765,000   Ser. 2013, 4.00%, due 7/1/2027   798,233 
   1,565,000   New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/2026   1,633,365 
      

New Jersey St. Econ. Dev. Au. Sch. Rev. (Beloved Comm. Charter, Sch., Inc. Proj.)

     
   1,105,000   Ser. 2019-A, 5.00%, due 6/15/2049   1,212,396(b)
   725,000   Ser. 2019-A, 5.00%, due 6/15/2054   793,271(b)
   8,250,000   New Jersey St. Trans. Trust Fund Au., Ser. 2019-BB, 4.00%, due 6/15/2050   9,447,737 
       New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref.     
   1,250,000   Ser. 2018-A, 5.00%, due 12/15/2036   1,571,936 
   4,000,000   Ser. 2018-A, 4.25%, due 12/15/2038   4,720,958 
   1,000,000   Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/2037   1,168,684 
           30,659,884 
New Mexico 0.5%         
       Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax Increment Bond)     
   443,000   Ser. 2015, 5.25%, due 5/1/2025   452,328(b)
   1,000,000   Ser. 2015, 5.75%, due 5/1/2030   1,021,035(b)
           1,473,363 
New York 17.2%         
   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   252,949 
   625,000   Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/2029   723,008 
   1,345,000   Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/2045   1,474,289 
       Build NYC Res. Corp. Rev.     
   1,100,000   Ser. 2014, 5.00%, due 11/1/2024   1,238,974 
   835,000   Ser. 2014, 5.25%, due 11/1/2029   932,089 
   975,000   Ser. 2014, 5.50%, due 11/1/2044   1,075,093 
   250,000   Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/2047   280,548(b)
   825,000   Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049   907,339(b)
       Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)     
   205,000   Ser. 2013-A, 3.88%, due 4/15/2023   211,883 
   1,450,000   Ser. 2013-A, 5.00%, due 4/15/2043   1,515,596 
   720,000   Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/2025   779,065(b)
       Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)     
   700,000   Ser. 2014, 5.00%, due 7/1/2023   760,238 
   735,000   Ser. 2014, 5.00%, due 7/1/2024   826,334 
   390,000   Ser. 2018, 5.00%, due 7/1/2030   484,428 
   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   1,367,809(b)

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount     Value 
        
        
       Metro. Trans. Au. Rev. (Green Bond)     
$  8,500,000   Ser. 2020-D-3, 4.00%, due 11/15/2049  $9,900,061 
   3,000,000   Ser. 2020-D-3, 4.00%, due 11/15/2050   3,490,355 
   5,000,000   New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020, 3.00%, due 3/1/2049   5,195,847 
   500,000   New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/2040   564,755(b)
   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   3,499,946 
   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   2,841,349 
   2,000,000   New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027   2,094,389 
   1,000,000   New York St. Trans. Dev. Corp. Fac. Rev. (Empire St. Thruway Svc. Areas Proj.), Ser. 2021, 4.00%, due 4/30/2053   1,179,696 
   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   2,456,164 
   550,000   Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/2022   570,032 
   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   1,486,870 
   1,155,000   Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/2026   1,237,979 
   2,000,000   Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028   2,229,538 
   600,000   Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030   611,460(b)
           50,188,083 
North Carolina 3.0%     
   3,930,000   North Carolina HFA Homeownership Ref. Rev., Ser. 2020-45, (GNMA/FNMA/FHLMC Insured), 2.20%, due 7/1/2040   4,030,588 
   855,000   North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/2024   874,732 
       North Carolina Med. Care Commission Retirement Facs. Rev.     
   735,000   Ser. 2013, 5.13%, due 7/1/2023   784,691 
   2,000,000   Ser. 2020-A, 4.00%, due 9/1/2050   2,192,985 
   700,000   North Carolina Med. Care Commission Retirement Facs. Rev. (Twin Lakes Comm.), Ser. 2019-A, 5.00%, due 1/1/2049   808,438 
           8,691,434 
Ohio 5.4%         
   7,190,000   Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, Class 2, 5.00%, due 6/1/2055   8,456,168 
   2,060,000   Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/2027 Pre-Refunded 1/1/2022   2,101,911 
   500,000   Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019, 5.00%, due 7/1/2049   588,424(b)
   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   1,062,456 
   3,500,000   Port Au. of Greater Cincinnati Dev. Rev. (Convention Ctr. Hotel Acquisition and Demolition Proj.), Ser. 2020-A, 3.00%, due 5/1/2023   3,505,833 
           15,714,792 
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   2,463,005 
       Tulsa Arpt. Imp. Trust Ref. Rev.     
   250,000   Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2024   282,263 
   400,000   Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2025   449,932 
           3,195,200 

 

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/GNMA/FNMA/FHLMC Insured), 3.50%, due 7/1/2027  $30,268 
Pennsylvania 5.7%     
     Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)     
 500,000   Ser. 2012, 3.50%, due 5/1/2025   510,926 
 350,000   Ser. 2012, 3.60%, due 5/1/2026   357,865 
 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   3,098,539 
 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   1,363,970 
 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   3,523,900 
 2,625,000   Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/2024   2,773,335 
 2,350,000   Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/2053   1,386,500(b)(c)
 3,000,000   Pennsylvania St. Turnpike Commission Turnpike Rev., Subser. 2019-A, 4.00%, due 12/1/2049   3,519,756 
         16,534,791 
Puerto Rico 6.5%     
 16,373,000   Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058   19,091,409 
Rhode Island 1.1%     
 3,045,000   Rhode Island St. Hsg. & Mtge. Fin. Corp. Rev. (Homeownership Opportunity), Ser. 2020-73-A, 2.30%, due 10/1/2040   3,108,899 
South Carolina 1.3%     
 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   1,534,692 
 2,325,000   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   2,082,897(b)
 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   300,000(b)(c)
         3,917,589 
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   2,203,626 
Texas 5.2%     
 250,000   Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/2045   278,670 
     Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)     
 340,000   Ser. 2014-A, 5.88%, due 3/1/2024   361,128 
 1,000,000   Ser. 2014-A, 6.63%, due 3/1/2029   1,104,975 
 730,000   Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/2042   829,928 
 750,000   Central Texas Reg. Mobility Au. Sr. Lien Ref. Rev., Ser. 2020-E, 5.00%, due 1/1/2045   947,422 
 320,000   Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/2022   323,452 
 250,000   Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/2028   259,336(b)
 2,000,000   Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/2042   2,096,932 
 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   1,066,236 

 

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)     
$85,000   Ser. 2012-A, 4.00%, due 2/15/2022  $86,535 
 1,000,000   Ser. 2012-A, 5.00%, due 2/15/2032   1,020,823 
     New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy)     
 545,000   Ser. 2019, 5.00%, due 8/15/2039   578,488(b)
 520,000   Ser. 2019, 5.00%, due 8/15/2049   548,207(b)
 1,225,000   New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/2053   902,556 
 500,000   New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage), Ser. 2016-C, 5.50%, due 7/1/2046   399,265 
 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   1,472,873 
 1,500,000   Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/2021   1,517,158 
 1,000,000   Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019, 5.00%, due 6/30/2058   1,241,096 
         15,035,080 
Utah 2.9%     
     Salt Lake City Arpt. Rev.     
 1,000,000   Ser. 2017-A, 5.00%, due 7/1/2042   1,207,555 
 2,000,000   Ser. 2017-A, 5.00%, due 7/1/2047   2,403,377 
 1,000,000   Ser. 2018-A, 5.00%, due 7/1/2043   1,222,285 
 3,000,000   Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/2028   3,477,734 
 35,000   Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/2022   35,074 
         8,346,025 
Vermont 1.5%     
     Vermont Std. Assist. Corp. Ed. Loan Rev.     
 155,000   Ser. 2013-A, 4.25%, due 6/15/2024   158,662 
 365,000   Ser. 2013-A, 4.35%, due 6/15/2025   373,426 
 545,000   Ser. 2013-A, 4.45%, due 6/15/2026   557,286 
 175,000   Ser. 2013-A, 4.55%, due 6/15/2027   178,851 
 1,800,000   Ser. 2014-A, 5.00%, due 6/15/2024   2,017,725 
 980,000   Ser. 2015-A, 4.13%, due 6/15/2027   1,054,957 
         4,340,907 
Virginia 0.1%     
 360,000   Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/2022   370,797 
Washington 3.8%     
 6,700,000   Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/2028   7,117,002 
 1,000,000   Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Green Bond), Ser. 2020-A, 5.63%, due 12/1/2040   1,231,379(b)
 790,000   Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.), Ser. 2017, 5.00%, due 8/15/2026   942,111 
 1,496,566   Washington St. Hsg. Fin. Commission, Ser. 2021-A-1, 3.50%, due 12/20/2035   1,766,521 
         11,057,013 
Wisconsin 1.6%     
 870,000   Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/2030   975,551(b)
 200,000   Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/2035   218,637(b)

 

See Notes to Schedule of Investments

 

 

 

 

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

 

Principal Amount       Value 
          
$1,115,000   Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/2025  $1,214,308 
 2,000,000   Pub. Fin. Au. Sr. Rev. (Wonderful Foundations Charter Sch. Portfolio Proj.), Ser. 2020-A-1, 5.00%, due 1/1/2055   2,353,456(b)
         4,761,952 
Wyoming 0.7%     
 2,000,000   Lincoln Co. PCR Ref. (PacifiCorp.), Ser. 1994, 0.04%, due 11/1/2024   2,000,000(a)
           
Total Investments 157.4% (Cost $412,431,572)   458,558,801 
Other Assets Less Liabilities 1.1%   3,244,461 
     Liquidation Preference of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $9,620) (58.5)%   (170,390,380)
Net Assets Applicable to Common Stockholders 100.0%  $291,412,882 

 

(a) 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, 2021.
(b) 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, 2021, these securities amounted to $52,220,449, which represents 17.9% of net assets applicable to common stockholders of the Fund.
(c) Defaulted security.
(d) Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
(e) Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(f) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(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 July 31, 2021:

 

Asset Valuation Inputs  Level 1   Level 2   Level 3   Total 
Investments:                                
Municipal Notes(a)  $—   $458,558,801   $—   $458,558,801 
Total Investments  $—   $458,558,801   $—   $458,558,801 

 

(a) The Schedule of Investments provides information on the state/territory for the portfolio.

 

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

 

 

 

 

July 31, 2021

 

Notes to Schedule of Investments 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. 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, which is 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 this guidance.

 

Other matters—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 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.