As filed with the Securities and Exchange Commission on January 7, 2019
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21168
NEUBERGER BERMAN MUNICIPAL FUND INC.
(Exact name of registrant as specified in charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
(Address of principal executive offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Joseph V. Amato
Chief Executive Officer and President
Neuberger Berman Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and addresses of agents for service)
Date of fiscal year end: October 31
Date of reporting period: October 31, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary,

Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.
Following is a copy of the annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.
 
 







       

Neuberger Berman
Municipal Closed-End Funds


Neuberger Berman California
Municipal Fund Inc.

Neuberger Berman Municipal
Fund Inc.

Neuberger Berman New York
Municipal Fund Inc.

 

 

 

 
 
 
               

 

Annual Report

October 31, 2018


Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.nb.com/CEFliterature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.877.9700 or by sending an e-mail request to fundinfo@nb.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.877.9700 or send an email request to fundinfo@nb.com to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.




 
         
 
                               
 

Contents

 
President’s Letter       1
 
PORTFOLIO COMMENTARIES 2
 
SCHEDULES OF INVESTMENTS
California Municipal Fund Inc. 6
Municipal Fund Inc. 12
New York Municipal Fund Inc. 23
 
FINANCIAL STATEMENTS 29
 
FINANCIAL HIGHLIGHTS/PER SHARE DATA
California Municipal Fund Inc. 41
Municipal Fund Inc. 42
New York Municipal Fund Inc. 43
 
Report of Independent Registered Public Accounting Firm 46
Distribution Reinvestment Plan for each Fund 47
Directory 50
Directors and Officers 51
Proxy Voting Policies and Procedures 61
Quarterly Portfolio Schedule 61
Notice to Stockholders 62
Report of Votes of Stockholders 63
Board Consideration of the Management Agreements 64
 
 
 
 
 
 
 
 
The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2018 Neuberger Berman Investment Advisers LLC. All rights reserved.



 

President’s Letter

Dear Stockholder,

I am pleased to present this annual report for Neuberger Berman California Municipal Fund Inc. (NBW), Neuberger Berman Municipal Fund Inc. (NBH) and Neuberger Berman New York Municipal Fund Inc. (NBO and, together with NBW and NBH, the Funds) for the 12 months ended October 31, 2018. The report includes portfolio commentaries, listings of the Funds’ investments and their audited financial statements for the reporting period.

Each Fund’s investment objective is to provide a high level of current income exempt from federal income tax and, for the state-specific Funds, NBW seeks to provide income that is also exempt from California’s personal income taxes and NBO seeks to provide income that is also exempt from New York State and New York City personal income tax.

We maintain a conservative investment philosophy and disciplined investment process in an effort to provide you with tax-exempt current income over the long term with less volatility and risk.

On April 16, 2018, NBH decreased its monthly distribution rate to $0.06244 per share of common stock from the prior monthly distribution rate of $0.0675 per share. NBW decreased its monthly distribution rate to $0.04480 per share of common stock from the prior monthly distribution rate of $0.0512 per share. NBO decreased its monthly distribution rate to $0.03933 per share of common stock from the prior monthly distribution rate of $0.0437 per share. The Funds’ decrease in distribution rates was the result of numerous factors, including the current level of yields available in the municipal market and the corresponding impact on the Funds’ levels of earnings, expected increased costs of leverage associated with forecasted interest-rate hikes and the amount of available undistributed net investment income or, with respect to NBW and NBO, the lack thereof.

On June 28, 2018, each Fund’s Board of Directors (each a “Board”) approved certain changes to the Fund’s name and investment policies, which became effective on August 28, 2018. The changes did not alter any Fund’s investment objective. Each Board approved an amended policy allowing its Fund flexibility to invest in municipal obligations without maturity and duration limitations as well as to increase the percentage of lower rated securities from 20% to 30% of each Fund’s total assets. Neuberger Berman and each Fund’s Board believe the changes will allow the portfolio managers to better manage each Fund’s portfolio in pursuit of its investment objective. To reflect this investment policy change, the Board of each Fund also approved changing the name of each Fund by removing the word “Intermediate” from the Fund’s name. The Funds continue to trade on the NYSE American under their existing ticker symbols.

Thank you for your confidence in the Funds. We will continue to do our best to retain your trust in the years to come.

Sincerely,


Joseph V. Amato
President and CEO
Neuberger Berman California Municipal Fund Inc.
Neuberger Berman Municipal Fund Inc.
Neuberger Berman New York Municipal Fund Inc.

1



 

Neuberger Berman Municipal Closed-End Funds
Portfolio Commentaries (Unaudited)

For the 12 month reporting period ended October 31, 2018, on a net asset value (NAV) basis, Neuberger Berman California Municipal Fund Inc., Neuberger Berman Municipal Fund Inc. and Neuberger Berman New York Municipal Fund Inc. (each a Fund and together, the Funds) generated a -1.59%, -0.85% and -1.69% total return, respectively, whereas the Bloomberg Barclays 10-Year Municipal Bond Index (the Index) generated a -0.93% total return for the same period. (Fund performance on a market basis is provided in the table immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) detracted from each Fund’s performance given the negative price return for the municipal market during the reporting period.

The investment grade municipal bond market posted a negative absolute return, but outperformed the taxable bond market on a relative basis during the reporting period. Both short- and long-term U.S. yields moved higher over the period. As telegraphed, the U.S. Federal Reserve (Fed) raised interest rates on four occasions over the reporting period. The Fed also continued to shrink its balance sheet and reported that it plans to further tighten monetary policy in 2019 (although more recent statements by Fed officials have suggested a less aggressive approach). Municipal securities were supported by overall positive fundamentals as well as solid investor demand, at times, and moderating new supply. All told, the Bloomberg Barclays Municipal Bond Index returned -0.51% for the 12 months ended October 31, 2018, whereas the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned -2.05%.

The Funds’ yield curve positioning contributed to performance as the curve flattened over the reporting period. The Funds maintained a generally lower rated portfolio relative to that of the Index as the Funds sought to generate additional yield. This was positive for results given the relative outperformance of lower quality bonds. From a sector perspective, an overweight to revenue bonds added to results as they largely outperformed general obligation bonds. On the downside, several of the Funds’ project finance-oriented holdings experienced idiosyncratic risks that caused them to generate weak results.

There were a number of adjustments made to the Funds’ portfolios during the reporting period in conjunction with the Funds’ investment policy changes that became effective on August 28, 2018. In particular, we modestly extended the Funds’ duration. We also selectively added to the Funds’ allocation to lower rated securities to take advantage of what we felt were attractive opportunities in that portion of the municipal bond market.

As the current economic expansion in the U.S. extends into its tenth year, interest in pinpointing its end date continues to grow. We believe that tax reform enacted earlier this year has increased the probability that the economic expansion in the U.S. cycle will soldier on for at least a few more quarters. With regard to the municipal bond market, technicals continue to look promising for the fourth quarter of 2018, in our opinion. Municipal securities remain an attractive relative value proposition, in our view, when compared to equivalently rated taxable fixed income alternatives on an after-tax basis. Significantly reduced primary market activity should help maintain a firm bid for municipal securities and we see no reason at this time for retail demand to wane. We continue to closely monitor the primary and secondary markets in search of attractive buying opportunities for our investors.

Sincerely,

James L. Iselin and S. Blake Miller
Portfolio Co-Managers

The portfolio composition, industries and holdings of each Fund are subject to change without notice.

The opinions expressed are those of the Funds’ portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The value of securities owned by a Fund, as well as the market value of shares of the Fund’s common stock, may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; regulatory or legislative developments; price and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.

2



 

TICKER SYMBOLS
California Municipal Fund Inc.
NBW
Municipal Fund Inc.
NBH
New York Municipal Fund Inc.
NBO

CALIFORNIA MUNICIPAL
FUND INC. PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments*)
American Samoa        0.4 %
California 87.9
Florida 0.4
Georgia 0.4
Guam 1.6
Illinois 1.3
Louisiana 0.4
Nevada 0.7
New Jersey 0.6
New York 0.5
North Carolina 0.5
Ohio 1.8
Pennsylvania 1.6
Puerto Rico 0.8
Tennessee 0.4
Texas 0.2
Virgin Islands 0.5
Total 100.0 %

* Does not include the impact of the Fund’s open positions in derivatives, if any.

NEW YORK MUNICIPAL
FUND INC. PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments*)
American Samoa        0.4 %
California 3.9
Georgia 0.4
Guam 1.9
Illinois 0.9
Louisiana 0.5
Nevada 0.9
New York 86.3
Ohio 0.4
Pennsylvania 1.9
Texas 0.3
Virgin Islands 0.6
Other 1.6
Total 100.0 %

* Does not include the impact of the Fund’s open positions in derivatives, if any.
PERFORMANCE HIGHLIGHTS1
Average Annual Total Return
Inception Ended 10/31/2018
At NAV2      Date      1 Year      5 Years      10 Years      Life of Fund
California Municipal Fund Inc. 09/24/2002 -1.59 %    4.87 %       6.40 %         5.34 %     
Municipal Fund Inc. 09/24/2002 -0.85 % 5.74 % 6.94 % 5.76 %
New York Municipal Fund Inc. 09/24/2002 -1.69 % 4.19 % 5.69 % 4.83 %
At Market Price3
California Municipal Fund Inc. 09/24/2002 -9.23 % 1.63 % 6.61 % 3.93 %
Municipal Fund Inc. 09/24/2002 -10.54 % 3.45 % 7.23 % 4.54 %
New York Municipal Fund Inc. 09/24/2002 -6.68 % 1.68 % 5.78 % 3.39 %
Index
Bloomberg Barclays 10-Year
Municipal Bond Index4 -0.93 % 3.14 % 4.94 % 4.24 %

Closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and, once issued, shares of common stock of closed-end funds are sold in the secondary market on a stock exchange.

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For more current performance data, please visit www.nb.com/cef-performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of shares of a Fund’s common stock.

The investment return and market price will fluctuate and shares of a Fund’s common stock may trade at prices above or below NAV. Shares of a Fund’s common stock, when sold, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers LLC (“Management”) had not waived a portion of its investment management fees during certain of the periods shown. The waived fees are from prior years that are no longer disclosed in the Financial Highlights.

MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY
(as a % of Total Investments*)
Alabama 0.4 %        Missouri 0.5
Alaska 0.0 Nevada 1.3
American Samoa 0.4 New Hampshire 0.3
Arizona 1.8 New Jersey 4.2
California 21.2 New Mexico 0.3
Colorado 3.1 New York 7.8
Connecticut 0.2 North Carolina 2.3
District of Columbia 1.7 Ohio 2.4
Florida 4.9 Oklahoma 0.7
Georgia 0.6 Oregon 0.1
Guam 1.1 Pennsylvania 3.8
Hawaii 1.6 South Carolina 0.5
Illinois 14.2 Tennessee 1.2
Indiana 1.8 Texas 4.1
Iowa 0.4 Utah 1.9
Kentucky 0.6 Vermont 1.8
Louisiana 1.3 Virginia 0.2
Massachusetts 2.4 Washington 2.4
Michigan

1.2

Wisconsin 3.8
Minnesota 0.6 Total 100.0 %
Mississippi 0.9

* Does not include the impact of the Fund’s open positions in derivatives, if any.


   3



 
Endnotes

1        A portion of each Fund’s income may be a tax preference item for purposes of the federal alternative minimum tax for certain stockholders.
 
2 Returns based on the NAV of each Fund.
 
3 Returns based on the market price of shares of each Fund’s common stock on the NYSE American.
 
4 Please see “Description of Index” on page 5 for a description of the index.

For more complete information on any of the Neuberger Berman Municipal Closed-End Funds, call Neuberger Berman Investment Advisers LLC at (800) 877-9700, or visit our website at www.nb.com.

   4



 
Description of Index

Bloomberg Barclays 10-Year
Municipal Bond Index:
      The index is the 10-year (8-12 years to maturity) component of the Bloomberg Barclays Municipal Bond Index. The Bloomberg Barclays Municipal Bond Index measures the investment grade, U.S. dollar-denominated, long-term, tax-exempt bond market and has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

Please note that the index does not take into account any fees and expenses or any tax consequences of investing in the individual securities that it tracks and that individuals cannot invest directly in any index. Data about the performance of this index are prepared or obtained by Management and include reinvestment of all income dividends and other distributions, if any. Each Fund may invest in securities not included in the above described index and generally does not invest in all securities included in the index.

   5



Schedule of Investments California Municipal Fund Inc.(a)
October 31, 2018

 

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
Municipal Notes 173.7%
 
American Samoa 0.7%
$ 600       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $       575
 
California 152.8%
1,000 Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 Pre-Refunded 4/1/23 1,124
1,500 Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21 1,611
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
250        Ser. 2016-A, 5.00%, due 10/1/28 285
260        Ser. 2016-A, 3.00%, due 10/1/29 247
400        Ser. 2016-A, 3.00%, due 10/1/30 374
1,000 California Ed. Facs. Au. Rev. (Green Bond- Loyola Marymount Univ.), Ser. 2018-B, 5.00%, due 10/1/48 1,104 (b) 
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,083
1,000 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. 1,037
Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
1,000 California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.63%, 1,003 (c)(d) 
due 7/1/44
500 California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, 500
due 7/1/29
255 California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%, 257
due 10/1/25
1,000 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, 1,048 (c) 
due 7/1/31
500 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 543 (c) 
California Muni. Fin. Au. Rev. (Biola Univ.)
375        Ser. 2013, 4.00%, due 10/1/25 394
410        Ser. 2013, 4.00%, due 10/1/26 428
455        Ser. 2013, 4.00%, due 10/1/27 473
600 California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26 658
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
605        Ser. 2014-A, 4.00%, due 1/1/27 609
630        Ser. 2014-A, 4.00%, due 1/1/28 631
330        Ser. 2014-A, 4.00%, due 1/1/29 328
400 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, 428 (c) 
due 7/1/30
1,500 California Sch. Fac. Fin. Au. Rev. (Green Dot Pub. Sch. Proj.), Ser. 2018-A, 5.00%, due 8/1/48 1,583 (c) 
California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
400        Ser. 2017-A, 4.00%, due 7/1/23 422 (c) 
400        Ser. 2014-A, 4.13%, due 7/1/24 413
375        Ser. 2017-A, 5.00%, due 7/1/25 421 (c) 
130        Ser. 2017-A, 5.00%, due 7/1/27 147 (c) 
2,195 California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29 2,049
California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.)
15        Ser. 2012-AN, 5.00%, due 12/1/21 16
540        Ser. 2012-AN, 5.00%, due 12/1/21 590
California St. Dept. of Wtr. Res. Pwr. Supply Rev.
1,240        Ser. 2010-L, 5.00%, due 5/1/22 Pre-Refunded 5/1/20 1,298
760        Ser. 2010-L, 5.00%, due 5/1/22 794
1,500 California St. G.O., Ser. 2012, 5.00%, due 2/1/27 1,629 (e) 
1,000 California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. 947 (c)(d) 
Proj.), Ser. 2016-A, 5.00%, due 1/1/36
2,000 California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%, due 11/1/46 2,091
730 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC 699 (c)(d) 
Proj.), Ser. 2016, 7.00%, due 12/1/27
2,000 California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27 2,115 (c) 
1,095 California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, 1,098
due 6/1/20

See Notes to Financial Statements 6



 
Schedule of Investments California Municipal Fund Inc.(a)
(Cont'd)

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
$ 415       California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, $ 415 (c) 
4.50%, due 6/1/31
400 California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31 412 (c) 
520 California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 536 (c) 
5.35%, due 8/1/24
1,000 California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21 1,054
720 California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 800
5.00%, due 10/1/26
500 California Statewide CDA Rev. (Loma Linda Univ. Med. Ctr.), Ser. 2018-A, 5.50%, due 12/1/58 525 (c) 
700 California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28 775 (e) 
285 California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, 292 (c) 
due 11/15/19
600 California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/36 638 (c) 
1,500 California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29 1,604
1,500 California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/41 1,443
1,200 California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.), 1,285
Ser. 2015, 4.50%, due 9/1/25
2,055 California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus Apts. Phase IV), Ser. 2017-A, 5.00%, 2,286
due 5/15/32
500 California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/32 549 (c) 
2,000 Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured), 2,304
5.00%, due 8/1/31
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
350        Ser. 2013-A, 5.00%, due 9/1/26 384
560        Ser. 2013-A, 5.00%, due 9/1/27 612
1,365 Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, 1,368
due 12/15/21
2,000 Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, 2,147
due 8/1/24
4,000 Deutsche Bank Spears/Lifers Trust Rev. (Floaters) (Deutsche Bank AG), Ser. 2017-7007, 2.10%, 4,000 (c)(f) 
due 3/1/42
3,800 Deutsche Bank Spears/Lifers Trust Rev. (Starwood Comm. Dev. Au.), Ser. 2017-DBE-7006, 3,800 (c)(f) 
(LOC: Deutsche Bank AG), 2.10%, due 4/1/52
1,250 Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, 1,425
due 9/1/25
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref.
2,000        Ser. 2018-A-1, 5.00%, due 6/1/47 1,947
4,000        Ser. 2018-A-2, 5.00%, due 6/1/47 3,895
1,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 1,272
6.75%, due 8/1/40 Pre-Refunded 8/1/25
1,000 Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26 1,129
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
150        Ser. 2013, 4.00%, due 9/1/23 161
300        Ser. 2013, 4.00%, due 9/1/24 318
450        Ser. 2013, 4.00%, due 9/1/25 473
645        Ser. 2013, 3.50%, due 9/1/26 659
690        Ser. 2013, 3.63%, due 9/1/27 705
350 Irvine Unified Sch. Dist. Spec. Tax (Comm. Facs. Dist. # 09-1), (LOC: U.S. Bank N.A.), Ser. 2014, 350 (f) 
1.23%, due 9/1/54
680 Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24 771
La Verne Cert. of Participation (Brethren Hillcrest Homes)
315        Ser. 2014, 5.00%, due 5/15/26 334
500        Ser. 2014, 5.00%, due 5/15/29 522
1,105 Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26 1,188
2,000 Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27 2,169
500 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 515
210 Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19 207
1,000 Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22 1,003
1,385 Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29 925
1,490 Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24 1,613

See Notes to Financial Statements 7



 
Schedule of Investments California Municipal Fund Inc.(a)
(cont'd)

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
$ 1,250       Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39 $ 1,190
1,500 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19 1,538
1,000 Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), 1,134
Ser. 2014, (AGM Insured), 5.00%, due 9/1/27
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road)
285        Ser. 2013, 4.00%, due 9/1/21 294
600        Ser. 2013, 5.00%, due 9/1/25 644
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation)
1,320        Ser. 2013-B, 0.00%, due 6/1/22 1,181
1,500        Ser. 2013-B, 0.00%, due 6/1/23 1,292
Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1)
100        Ser. 2017, 4.00%, due 9/1/29 103
200        Ser. 2017, 4.00%, due 9/1/30 204
525        Ser. 2017, 3.25%, due 9/1/31 497
1,700 Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Capital Assessment Dist. Number 2), Ser. 2016-A, 1,870
5.00%, due 10/1/47
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.)
1,000        Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24 1,158
400        Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26 475
1,950 Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/33 2,183
500 Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%, 514 (c)
due 9/1/47
San Francisco City & Co. Arpts. Commission Int’l Ref. Rev.
750        Ser. 2009-D2, 3.00%, due 5/1/21 769
1,000        Ser. 2009-C2, 5.00%, due 5/1/21 1,016
2,000 San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25 2,059
485 San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, 485
due 12/1/22
San Juan Unified Sch. Dist. G.O.
1,000        Ser. 2012-C, 4.00%, due 8/1/22 1,051
1,070        Ser. 2012-C, 4.00%, due 8/1/25 1,116
685 San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29 736
San Mateo Union High Sch. Dist. G.O. (Election 2010)
895        Ser. 2011-A, 0.00%, due 9/1/25 Pre-Refunded 9/1/21 666
105        Ser. 2011-A, 0.00%, due 9/1/25 77
1,390 San Rafael Redev. Agcy. Tax Allocation Ref. (Central San Rafael Redev. Proj.), Ser. 2009, (Assured 1,436
Guaranty Insured), 5.00%, due 12/1/21
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.)
310        Ser. 2013, (BAM Insured), 3.25%, due 6/1/25 321
575        Ser. 2013, (BAM Insured), 3.50%, due 6/1/26 591
325        Ser. 2013, (BAM Insured), 3.50%, due 6/1/27 332
270        Ser. 2013, (BAM Insured), 3.50%, due 6/1/28 274
1,000 Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27 1,007
1,000 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,067
5.00%, due 8/1/26
290 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, 318
(AGM Insured), 6.50%, due 12/1/37
1,145 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded), 1,383
Ser. 2010, (AGM Insured), 6.50%, due 12/1/37
2,000 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25 2,232
Vernon Elec. Sys. Rev.
340        Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 348
735        Ser. 2009-A, 5.13%, due 8/1/21 750
3,000 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, 3,606 (g)
due 8/1/37
1,500 Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21 1,622
3,500 William S. Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, 2,791
(AGM Insured), 0.00%, due 9/1/26
2,250 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, 1,914 (h)
due 8/1/36
121,531

See Notes to Financial Statements 8



 
Schedule of Investments California Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
Florida 0.7%
$ 525        Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24 $ 573
 
Georgia 0.7%
600 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 566 (c)(d)
 
Guam 2.7%
1,110 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18 1,110
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, 1,050
due 7/1/25 Pre-Refunded 7/1/20
2,160
 
Illinois 2.3%
1,000 Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23 1,057
750 Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23 781
1,838
 
Louisiana 0.7%
500 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 524
7.63%, due 12/15/28
 
Nevada 1.3%
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 1,034
 
New Jersey 1.0%
750 New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 800  
 
New York 0.8%
650 Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/34 656
 
North Carolina 0.9%
655 North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, 681
Inc.), Ser. 2012-A, 4.25%, due 3/1/24
 
Ohio 3.2%
2,595 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 2,520
 
Pennsylvania 2.7%
Pennsylvania St. Turnpike Commission Rev.
285        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 307
305        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 329
1,410        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 1,519
2,155
 
Puerto Rico 1.3%
1,000 Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21 1,041
 
Tennessee 0.7%
500 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, 552
due 9/1/23

See Notes to Financial Statements 9



 
Schedule of Investments California Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
Texas 0.3%
$ 300       Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, $ 251 (c)(d)(i) 
7.75%, due 1/1/45
 
Virgin Islands 0.9%
Virgin Islands Pub. Fin. Au. Rev.
250        Ser. 2014-A, 5.00%, due 10/1/24 246
500        Ser. 2014-A, 5.00%, due 10/1/29 486
  732
               
Total Investments 173.7% (Cost $133,422) 138,189
               
Other Assets Less Liabilities 0.4% 345
               
Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred (58,981 )
offering costs of approximately $19,000) (74.1)%
               
Net Assets Applicable to Common Stockholders 100.0% $ 79,553

(a) On June 28, 2018, the Fund’s Board of Directors approved a proposal to change the name of the Fund from “Neuberger Berman California Intermediate Municipal Fund Inc.” to “Neuberger Berman California Municipal Fund Inc.” This name change became effective on August 28, 2018.
        
(b) When-issued security. Total value of all such securities at October 31, 2018 amounted to approximately $1,104,000, which represents 1.4% of net assets applicable to common stockholders of the Fund.
 
(c) 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 October 31, 2018, these securities amounted to approximately $21,854,000, which represents 27.5% of net assets applicable to common stockholders of the Fund. Securities denoted with (c) but without (d) have been deemed by the investment manager to be liquid.
 
(d) Illiquid security.
 
(e) All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $2,404,000.
 
(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 October 31, 2018.
 
(g) Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
 
(h) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
 
(i) Defaulted Security.

See Notes to Financial Statements 10



 
Schedule of Investments California Municipal Fund Inc.(a)
(cont’d)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2018:

Asset Valuation Inputs                        
(000’s omitted) Level 1 Level 2 Level 3 Total
Investments:
Municipal Notes(a)  $— $ 138,189 $— $ 138,189
Total Investments $— $ 138,189 $— $ 138,189

(a)     

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


See Notes to Financial Statements 11



 
Schedule of Investments Municipal Fund Inc.(a)
October 31, 2018

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes 164.0%
 
Alabama 0.8%
$ 1,900       Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35 $ 2,054
 
Alaska 0.0%(b)
100 Valdez Marine Term. Rev. Ref. (Exxon Pipeline Co. Proj.), Ser. 1993-A, 1.64%, due 12/1/33 100 (c)
 
American Samoa 0.6%
1,700 American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 1,629
  
Arizona 2.9%
500 Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 510 (d)
5.00%, due 7/1/36
1,500 Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 1,470 (d) 
5.00%, due 1/1/26
2,250 Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25 2,439 (d) 
2,615 Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24 2,658
400 Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%, due 7/1/36 380
1,500 Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28 75 (e)(f)
400 Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24 432
7,964
 
California 34.8%
2,250 California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39 2,307
Pre-Refunded 8/15/19
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,083
1,725 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 1,789
5.13%, due 8/15/24
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
645        Ser. 2014, 5.00%, due 7/1/24 657 (d)(e) 
630        Ser. 2014, 5.13%, due 7/1/29 632 (d)(e)
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
850        Ser. 2014, 5.00%, due 7/1/24 864
430        Ser. 2014, 5.13%, due 7/1/29 430
500 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 524 (d)
5.00%, due 7/1/31
570 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 619 (d)
585 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 593
4.00%, due 1/1/26
1,300 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 1,389 (d)
5.00%, due 7/1/30
California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.
2,155        Ser. 2016-A, 2.90%, due 6/1/28 2,027
2,450        Ser. 2016-A, 2.95%, due 12/1/28 2,304
500 California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & 473 (d)(e) 
No. Proj.), Ser. 2016-A, 5.00%, due 1/1/36
485 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), 464 (d)(e) 
Ser. 2016, 7.00%, due 12/1/27
5,000 California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27 5,287 (d)
4,000 California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25 4,062
4,600 Deutsche Bank Spears/Lifers Trust Rev. (Floaters), Ser. 2017-7007, (LOC: Deutsche Bank AG), 4,600 (c)(d) 
2.10%, due 3/1/42

See Notes to Financial Statements 12



 
Schedule of Investments Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
  
$ 2,700       Deutsche Bank Spears/Lifers Trust Rev. (Starwood Comm. Dev. Au. Mutli-Family Hsg.), $ 2,700 (c)(d) 
Ser. 2017-DBE-7006, (LOC: Deutsche Bank AG), 2.10%, due 4/1/52
2,000 Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33 Pre-Refunded 8/1/21 2,241
1,000 Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2018-A-2, 974
5.00%, due 6/1/47
2,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 2,543
6.75%, due 8/1/40 Pre-Refunded 8/1/25
590 La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29 616
2,250 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 2,318
3,620 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 3,103
0.00%, due 8/1/24
5,750 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, 5,858 (g) 
(Assured Guaranty Insured), 0.00%, due 8/1/29
5,000 Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/34 6,194
405 Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee 399
Corp. Insured), 0.00%, due 8/1/19
4,000 Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 4,752
5.25%, due 12/1/26
2,000 San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 2,322 (h) 
0.00%, due 8/1/34
2,000 San Francisco City & Co. Arpt. Commission Int’l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25 2,030
6,000 San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 5,702 (i) 
0.00%, due 8/1/32
1,540 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,644
5.00%, due 8/1/26
2,040 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25 2,276
Vernon Elec. Sys. Rev.
510        Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 523
1,105        Ser. 2009-A, 5.13%, due 8/1/21 1,128
9,070 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 10,902 (j) 
0.00%, due 8/1/37
5,095 Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, 4,030
(Assured Guaranty Insured), 0.00%, due 8/1/26
3,000 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 2,552 (k) 
0.00%, due 8/1/36
94,911
 
Colorado 5.1%
Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
500        Ser. 2015, 4.50%, due 4/1/25 493 (d) 
1,000        Ser. 2015, 5.13%, due 4/1/35 966 (d) 
1,350        Ser. 2015, 5.25%, due 4/1/45 1,272 (d) 
Colorado Ed. & Cultural Facs. Au. Rev. Ref.
210        Ser. 2014, 4.00%, due 11/1/24 208 (e) 
750        Ser. 2014, 4.50%, due 11/1/29 731 (e) 
5,000 Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24 5,342
2,550 Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23 2,593 (d) 
8,000 Villages at Castle Rock Co. Metro. Dist. #6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2, 2,202
0.00%, due 12/1/37
13,807
 
Connecticut 0.3%
750 Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25 750

See Notes to Financial Statements 13



 

Schedule of Investments Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT       VALUE
       
(000’s omitted) (000’s omitted)
 
District of Columbia 2.7%
$ 1,615       Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/26 $       1,675
2,470 Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22 2,487
520 Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23 553
650 Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/45 624
2,000 Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/26 2,125
7,464
 
Florida 8.1%
800 Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C, 757 (d) 
7.50%, due 7/1/53
1,000 Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26 1,088
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
895        Ser. 2012-A, 5.50%, due 6/15/22 924 (d) 
3,120        Ser. 2013-A, 6.75%, due 12/15/27 3,298
1,750        Ser. 2014-A, 5.75%, due 6/15/29 1,831
1,075 Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36 979
1,200 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 1,064 (d) 
6.38%, due 6/1/46
100 Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 103
5.00%, due 11/15/36
1,000 Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 8/15/19 1,056
1,135 Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27 1,210
2,000 Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25 2,152
2,000 Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25 2,027 (d) 
4,700 St. Lucie Co. PCR Ref. (Florida Pwr. & Lt. Co. Proj.), Ser. 2000, 1.73%, due 9/1/28 4,700 (c) 
945 Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29 961
22,150
 
Georgia 1.0%
1,750 Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 1,572 (d)(e) 
6.00%, due 7/1/36
1,100 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 1,039 (d)(e) 
2,611
 
Guam 1.7%
Guam Gov’t Hotel Occupancy Tax Rev.
1,220        Ser. 2011-A, 5.75%, due 11/1/20 1,291
650        Ser. 2011-A, 5.75%, due 11/1/21 694
2,630 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 2,762
Pre-Refunded 7/1/20
4,747
 
Hawaii 2.7%
5,200 Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24 5,373
2,000 Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. - Subsidiary), Ser. 2009, 2,053
6.50%, due 7/1/39
7,426


See Notes to Financial Statements 14



 
Schedule of Investments Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT       VALUE
       
(000’s omitted) (000’s omitted)
  
Illinois 23.3%
$ 5,705       Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27 $ 6,100
Chicago G.O.
250        Ser. 2002-2002B, 5.13%, due 1/1/27 264
2,000        Ser. 2002-B, 5.00%, due 1/1/25 2,138
2,000        Ser. 2009-C, 5.00%, due 1/1/27 2,005
Chicago Ref. G.O.
1,000        Ser. 2005-D, 5.50%, due 1/1/40 1,049
2,500        Ser. 2012-C, 5.00%, due 1/1/24 2,604
700        Ser. 2014-A, 5.00%, due 1/1/27 733
3,000        Ser. 2017-A, 6.00%, due 1/1/38 3,328
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
1,350        Ser. 2013-C, 5.45%, due 12/1/30 1,453
1,960        Ser. 2013-C, 5.50%, due 12/1/31 2,114
1,560 Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/31 1,752
4,000 Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24 Pre-Refunded 10/1/19 4,133
3,340 Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20 3,539
2,000 Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A, 1,934
4.00%, due 7/15/47
1,905 Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 1,368
0.00%, due 6/15/26
Illinois St. G.O.
3,900        Ser. 2012, 4.00%, due 8/1/25 3,832
1,000        Ser. 2013, 5.00%, due 7/1/23 1,042
5,200        Ser. 2017-D, 5.00%, due 11/1/28 5,356
4,250 Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/24 4,416
1,470 Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26 1,632
Pre-Refunded 6/1/21
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
945        Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27 1,015
1,375        Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28 1,470
715        Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29 761
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
2,725        Ser. 2013, 5.00%, due 10/1/27 2,955
2,875        Ser. 2013, 5.75%, due 10/1/28 3,206
1,500 Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 1,427 (d) 
5.25%, due 12/1/47
1,850 Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31 1,990
       63,616
 
Indiana 3.0%
4,000 Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29 4,036
Pre-Refunded 2/1/19
3,055 Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 3,378
5.75%, due 12/1/21
740 Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24 809
8,223
 
Iowa 0.6%
Iowa Std. Loan Liquidity Corp. Rev.
1,255        Ser. 2011-A-1, 5.00%, due 12/1/21 1,292
355        Ser. 2011-A-1, 5.30%, due 12/1/23 366
1,658

See Notes to Financial Statements 15



 
Schedule of Investments Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT       VALUE
       
(000’s omitted) (000’s omitted)
 
Kentucky 1.0%
$ 2,585       Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A, $ 2,497
5.50%, due 11/15/27
150 Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31 151
2,648
 
Louisiana 2.2%
1,500 Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/35 1,608
1,715 Louisiana Local Gov’t. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A, 1,745 (d) 
5.75%, due 2/1/32
775 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 812
7.63%, due 12/15/28
1,655 St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/40 1,723
Putable 6/1/22
5,888
 
Massachusetts 4.0%
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
200        Ser. 2014-F, 5.00%, due 7/15/24 212
415        Ser. 2014-F, 5.00%, due 7/15/25 440
200        Ser. 2014-F, 5.00%, due 7/15/26 211
190        Ser. 2014-F, 5.00%, due 7/15/27 200
150        Ser. 2014-F, 5.00%, due 7/15/28 157
Massachusetts St. Ed. Fin. Au. Rev.
1,505        Ser. 2011-J, 5.00%, due 7/1/23 1,555
2,115        Ser. 2012-J, 4.70%, due 7/1/26 2,159
3,410        Ser. 2013-K, 4.50%, due 7/1/24 3,527
1,620 Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25 1,626
795 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19 797
       10,884
 
Michigan 1.9%
Jackson College Dormitories Hsg. Rev.
1,000        Ser. 2015, 6.50%, due 5/1/35 1,039
500        Ser. 2015, 6.75%, due 5/1/46 517
Michigan St. Hsg. Dev. Au. Rev.
1,935        Ser. 2016-C, 2.05%, due 12/1/22 1,870
1,835        Ser. 2016-C, 2.15%, due 6/1/23 1,772
100 Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35 100
        5,298
 
Minnesota 1.0%
2,250 Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), Ser. 2010-A1, 2,328
(AGM Insured), 4.50%, due 8/15/24
400 St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A, 394 (d) 
5.00%, due 6/15/38
2,722

See Notes to Financial Statements 16



 
Schedule of Investments Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT VALUE
       
(000’s omitted) (000’s omitted)
  
Mississippi 1.5%      
$ 2,585       Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24 $ 2,613
Mississippi St. Bus. Fin. Commission Gulf Opportunity Zone Rev. (Chevron U.S.A., Inc. Proj.)
1,000        Ser. 2009-G, 1.66%, due 12/1/30 1,000 (c) 
500        Ser. 2010-F, 1.59%, due 12/1/30 500 (c) 
100        Ser. 2010-I, 1.66%, due 11/1/35 100 (c) 
4,213
 
Missouri 0.8%
Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children’s Mercy Hosp.)
1,885        Ser. 2009, 5.13%, due 5/15/24 Pre-Refunded 5/15/19 1,917
390        Ser. 2009, 5.13%, due 5/15/24 397
2,314
 
Nevada 2.1%
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
1,650        Ser. 2015-A, 4.00%, due 12/15/25 1,623 (d) 
500        Ser. 2015-A, 5.13%, due 12/15/45 502 (d) 
3,545 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 3,664
5,789
 
New Hampshire 0.5%
1,500 New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 4.00%, 1,502 (d) 
due 4/1/29 Putable 10/1/19
  
New Jersey 6.9%
2,500 New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 2,665
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
500        Ser. 2013, 5.25%, due 1/1/25 552
500        Ser. 2013, 5.50%, due 1/1/26 556
New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
1,420        Ser. 2013, 3.50%, due 7/1/24 1,428
1,470        Ser. 2013, 3.63%, due 7/1/25 1,471
1,520        Ser. 2013, 3.75%, due 7/1/26 1,519
765        Ser. 2013, 4.00%, due 7/1/27 769
180 New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 189
5.25%, due 12/15/20
3,420 New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26 3,511
New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref.
1,250        Ser. 2018-A, 5.00%, due 12/15/36 1,310
4,000        Ser. 2018-A, 4.25%, due 12/15/38 3,833
1,000        Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/37 979
            18,782
        
New Mexico 0.5%
Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts
Tax Increment Bond)
500        Ser. 2015, 5.25%, due 5/1/25 492 (d)(e) 
1,000        Ser. 2015, 5.75%, due 5/1/30 994 (d)(e) 
1,486

See Notes to Financial Statements 17



 
Schedule of Investments Municipal Fund Inc.(a) 
(cont’d)

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
New York 12.9%      
$ 225       Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, $     238
5.00%, due 6/1/35
625 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29 670
Build NYC Res. Corp. Rev.
1,100        Ser. 2014, 5.00%, due 11/1/24 1,137
835        Ser. 2014, 5.25%, due 11/1/29 855
975        Ser. 2014, 5.50%, due 11/1/44 983
250 Build NYC Res. Corp. Rev. (Met Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/47 253 (d) 
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts)
500        Ser. 2013-A, 3.88%, due 4/15/23 502
1,450        Ser. 2013-A, 5.00%, due 4/15/43 1,461
1,000 Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/25 1,070 (d) 
300 Deutsche Bank Spears/Lifers Trust Rev. (Build NYC Res. Corp.), Ser. 2017-DBE-7004, (LOC: Deutsche 300 (c)(d) 
Bank AG), 2.00%, due 12/1/39
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
700        Ser. 2014, 5.00%, due 7/1/23 766
735        Ser. 2014, 5.00%, due 7/1/24 812
390        Ser. 2018, 5.00%, due 7/1/30 430
1,400 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24 1,337 (d) 
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40 515 (d) 
4,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 4,088
5.25%, due 7/1/33 Pre-Refunded 7/1/19
3,200 New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28 3,544
2,000 New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41 2,010
2,000 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 2,002
2,000 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.), 2,162
Ser. 2018, 5.00%, due 1/1/33
2,000 New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20 2,010
710 Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20 738
Newburgh G.O. (Deficit Liquidation)
495        Ser. 2012-B, 5.00%, due 6/15/20 515
520        Ser. 2012-B, 5.00%, due 6/15/21 552
550        Ser. 2012-B, 5.00%, due 6/15/22 593
1,435 Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23 1,556
1,155 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/26 1,195
2,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 2,229
600 Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30 588 (d) 
35,111
 
North Carolina 3.8%
1,605 North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 1,668
4.25%, due 3/1/24
500 North Carolina Med. Care Commission Hosp. Rev. (Moses Cone Hlth. Sys.), Ser. 2001-B, 500 (c) 
(LOC: Bank of Montreal), 1.67%, due 10/1/35
1,705 North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23 1,790
North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev.
3,740        Ser. 2009-A, 5.00%, due 1/1/26 Pre-Refunded 1/1/19 3,760
1,510        Ser. 2009-A, 5.00%, due 1/1/26 1,517
1,000 Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24 1,021
Pre-Refunded 6/1/19
10,256

See Notes to Financial Statements 18



 
Schedule of Investments Municipal Fund Inc.(a) 
(cont’d)

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Ohio 4.0%
$ 8,875       Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47       $        8,618
2,060 Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27 2,194
10,812
 
Oklahoma 1.1%
2,000 Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%, due 8/15/33 2,159
Tulsa Arpt. Imp. Trust Ref. Rev.
250        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24 276
400        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25 436
2,871
 
Oregon 0.1%
240 Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/27 241
 
Pennsylvania 6.2%
Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
500        Ser. 2012, 3.50%, due 5/1/25 504
350        Ser. 2012, 3.60%, due 5/1/26 352
2,830 Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A, 2,835
4.25%, due 7/1/30
1,250 Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28 1,346
3,430 Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27 3,529
2,625 Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/24 2,817
2,350 Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/53 2,258 (d) 
Pennsylvania St. Turnpike Commission Rev.
150        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 162
705        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 760
145        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 156
2,000 Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27 2,135
16,854
 
South Carolina 0.8%
1,500 South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 1,398
7.75%, due 10/1/57
750 South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), Ser. 2017, 751 (d) 
6.25%, due 2/1/45
2,149
 
Tennessee 2.0%
535 Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22 439 (d) 
2,705 Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19 2,762
2,000 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 2,210
5.25%, due 9/1/23
5,411
 
Texas 6.7%
250 Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45 259
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
500        Ser. 2014-A, 5.88%, due 3/1/24 500
1,000        Ser. 2014-A, 6.63%, due 3/1/29 1,013
730 Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/42 710

See Notes to Financial Statements 19



 
Schedule of Investments Municipal Fund Inc.(a) 
(cont’d)

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
$ 625       Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22       $        613
250 Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28 257 (d) 
2,000 Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42 2,030
500 Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25 509
3,120 Gulf Coast Ind. Dev. Au. Rev. (Exxon Mobil Corp. Proj.), Ser. 2012, 1.68%, due 11/1/41 3,120 (c) 
1,000 Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 1,081
5.75%, due 1/1/28
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
320        Ser. 2012-A, 4.00%, due 2/15/22 327
1,000        Ser. 2012-A, 5.00%, due 2/15/32 1,034
500 New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.), 505
Ser. 2016, 5.00%, due 7/1/36
500 New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage), 533
Ser. 2016-C, 5.75%, due 7/1/51
North Texas Tollway Au. Dallas North Tollway Sys. Rev.
2,435        Ser. 2005-C, 6.00%, due 1/1/23 Pre-Refunded 1/1/19 2,451
565        Ser. 2005-C, 6.00%, due 1/1/23 569
1,500 Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21 1,599
1,175 West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35 1,206
18,316
 
Utah 3.1%
Salt Lake City Arpt. Rev.
1,000        Ser. 2017-A, 5.00%, due 7/1/42 1,075
2,000        Ser. 2017-A, 5.00%, due 7/1/47 2,144
1,000        Ser. 2018-A, 5.00%, due 7/1/43 1,084
3,000 Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28 3,439
500 Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45 509 (d) 
Utah Hsg. Corp. Single Family Mtge. Rev.
85        Ser. 2011-A2, Class I, 5.00%, due 7/1/20 86
80        Ser. 2011-A2, Class I, 5.25%, due 7/1/21 81
105        Ser. 2011-A2, Class I, 5.45%, due 7/1/22 105
8,523
 
Vermont 2.9%
Vermont Std. Assist. Corp. Ed. Loan Rev.
1,600        Ser. 2012-A, 5.00%, due 6/15/21 1,682
355        Ser. 2013-A, 4.25%, due 6/15/24 366
840        Ser. 2013-A, 4.35%, due 6/15/25 864
1,250        Ser. 2013-A, 4.45%, due 6/15/26 1,286
405        Ser. 2013-A, 4.55%, due 6/15/27 413
1,800        Ser. 2014-A, 5.00%, due 6/15/24 1,962
1,345        Ser. 2015-A, 4.13%, due 6/15/27 1,349
7,922
 
Virginia 0.3%
850 Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/22 869
 
Washington 3.9%
6,700 Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28 6,774
1,250 Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Columbia Pulp I LLC Proj.), Ser. 2017-A, 7.50%, 1,395 (d) 
due 1/1/32
2,525 Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29 2,599
Pre-Refunded 10/1/19
10,768

See Notes to Financial Statements 20



 
Schedule of Investments Municipal Fund Inc.(a) 
(cont’d)

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Wisconsin 6.2%
$ 870       Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30 $     880 (d) 
200 Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35 196 (d) 
3,000 Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 4.25%, due 12/1/51 2,718
500 Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36 452
250 Pub. Fin. Au. Multi-Family Hsg. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A, 236
4.00%, due 12/1/36
1,790 Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25 1,880
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College)
1,100        Ser. 2010-A, 6.13%, due 6/1/35 Pre-Refunded 6/1/20 1,167
1,225        Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20 1,300
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.)
1,340        Ser. 2008-B3, 5.00%, due 10/1/30 Pre-Refunded 12/23/19 1,384
3,660        Ser. 2008-B3, 5.00%, due 10/1/30 3,770
3,000 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29 3,009
Pre-Refunded 12/1/18
16,992
 
Total Investments 164.0% (Cost $425,434) 447,731
 
Other Assets Less Liabilities 1.7% 4,628
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred (179,362 )
offering costs of approximately $38,000) (65.7)%
 
Net Assets Applicable to Common Stockholders 100.0% $ 272,997
 
(a)       On June 28, 2018, the Fund’s Board of Directors approved a proposal to change the name of the Fund from “Neuberger Berman Intermediate Municipal Fund Inc.” to “Neuberger Berman Municipal Fund Inc.” This name change became effective on August 28, 2018.
 
(b) Represents less than 0.05% of net assets.
 
(c) Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at October 31, 2018.
 
(d) 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 October 31, 2018, these securities amounted to approximately $53,898,000, which represents 19.7% of net assets applicable to common stockholders of the Fund. Securities denoted with (d) but without (e) have been deemed by the investment manager to be liquid.
 
(e) Illiquid security.
 
(f) Defaulted security.
 
(g) Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
 
(h) Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
 
(i) Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
 
(j) Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
 
(k) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.

See Notes to Financial Statements 21



 
Schedule of Investments Municipal Fund Inc.(a) 
(cont’d)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2018:

Asset Valuation Inputs
(000’s omitted)       Level 1       Level 2       Level 3       Total
Investments:
Municipal Notes(a)  $— $447,731 $— $447,731
Total Investments $— $447,731 $— $447,731

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

See Notes to Financial Statements 22



 
Schedule of Investments New York Municipal Fund Inc.(a)
October 31, 2018

PRINCIPAL AMOUNT VALUE
     
(000’s omitted)       (000’s omitted)
 
Municipal Notes 167.1%      
 
American Samoa 0.7%
$ 500 American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $ 479
 
California 6.6%
250       California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC Proj.), 239 (b)(c) 
Ser. 2016, 7.00%, due 12/1/27
3,115 Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured), 2,672
0.00%, due 8/1/24
1,470 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19 1,507
4,418
 
Georgia 0.7%
500 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 472 (b)(c) 
 
Guam 3.3%
1,135 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19 1,167
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,050
Pre-Refunded 7/1/20
2,217
 
Illinois 1.6%
1,000 Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/23 1,057
 
Louisiana 0.8%
500 Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 524
7.63%, due 12/15/28
 
Nevada 1.5%
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 1,034
  
New York 146.4%
Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences)
380        Ser. 2014-A, 5.00%, due 12/1/27 416
375        Ser. 2014-A, 5.00%, due 12/1/28 409
270        Ser. 2014-A, 5.00%, due 12/1/29 293
500 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 8/1/47 511
1,325 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 1,404
5.00%, due 6/1/35
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park)
500        Ser. 2015, 5.00%, due 11/15/27 542
500        Ser. 2015, 5.00%, due 11/15/28 539
Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
270        Ser. 2014-A, 5.00%, due 6/1/26 306
225        Ser. 2014-A, 5.00%, due 6/1/29 248
Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.)
250        Ser. 2014, 5.00%, due 7/1/22 271
500        Ser. 2014, 5.00%, due 7/1/29 543
250 Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/45 221

See Notes to Financial Statements 23



 
Schedule of Investments New York Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT VALUE
   
(000’s omitted) (000’s omitted)
 
      Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.)
$ 155        Ser. 2015, 5.00%, due 6/1/26 $ 174
125        Ser. 2015, 5.00%, due 6/1/27 139
195        Ser. 2015, 5.00%, due 6/1/28 217
220        Ser. 2015, 5.00%, due 6/1/29 244
325        Ser. 2015, 5.00%, due 6/1/30 360
565 Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24 584
750 Build NYC Res. Corp. Rev. (Met Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/47 760 (b) 
500 Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int’l Cultures), Ser. 2013-A, 3.88%, due 4/15/23 502
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.)
100        Ser. 2014, 3.75%, due 1/1/20 101 (b) 
200        Ser. 2014, 4.50%, due 1/1/25 214 (b) 
100 Deutsche Bank Spears/Lifers Trust Rev. (Build NYC Res. Corp.), Ser. 2017-DBE-7004, (Deutsche Bank AG), 100 (b)(d) 
2.00%, due 12/1/39
Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.)
200        Ser. 2016-A-1, 5.00%, due 7/1/41 213
275        Ser. 2016-A-1, 5.00%, due 7/1/46 293
1,000 Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21 1,072
1,050 Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25 Pre-Refunded 5/1/19 1,068
1,270 Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21 1,363
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
1,500        Ser. 2009, 5.75%, due 7/1/23 Pre-Refunded 7/1/19 1,538
405        Ser. 2018, 5.00%, due 7/1/31 444
425        Ser. 2018, 5.00%, due 7/1/32 464
450        Ser. 2018, 5.00%, due 7/1/33 489
580 Islip, G.O., Ser. 2012, 3.00%, due 8/1/25 589
460 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 4.75%, due 1/1/20 456 (b) 
300 Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due 1/15/29 327
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.)
500        Ser. 2013-A, 5.00%, due 10/1/24 545
500        Ser. 2013-A, 5.00%, due 10/1/25 542
250        Ser. 2013-A, 4.00%, due 10/1/26 258
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
1,120        Ser. 2012-A, 5.00%, due 6/1/23 1,212
210        Ser. 2012-A, 5.00%, due 6/1/25 226
1,265 Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured), 1,409
5.00%, due 9/1/27
500 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 512
2,000 Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28 Pre-Refunded 4/1/23 2,235
Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.)
500        Ser. 2014, 5.00%, due 7/1/23 548
1,000        Ser. 2014, 5.00%, due 7/1/27 1,094
4,175 Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser. 2006-A-3, 5.13%, due 6/1/46 4,034
New York City G.O.
1,000        Ser. 2009-E, 5.00%, due 8/1/21 1,023
950        Ser. 2009-B, 5.00%, due 8/1/22 972
200 New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. Second Gen. Resolution Fiscal 2014), 200 (d) 
Ser. 2013-AA-3, (LOC: TD Bank N.A.), 1.65%, due 6/15/49
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40 515 (b) 
2,000 New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35 2,370
1,815 New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A, 1,821
3.00%, due 7/1/27
780 New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 838
4.63%, due 7/1/25
500 New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 508
5.00%, due 7/1/24
1,595 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 1,630
5.25%, due 7/1/24 Pre-Refunded 7/1/19

See Notes to Financial Statements 24


       
 
Schedule of Investments New York Municipal Fund Inc.(a)
(cont’d)


PRINCIPAL AMOUNT VALUE
   
(000’s omitted) (000’s omitted)
 
$ 2,000       New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), $ 2,110
Ser. 2011-A, 4.38%, due 5/1/26 Pre-Refunded 5/1/21
1,375 New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012, 1,431
4.00%, due 7/1/28
2,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John’s Univ.), Ser. 2007-C, (National Public 2,042
Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
600 New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Joseph’s College), Ser. 2010, 601
5.25%, due 7/1/25
2,540 New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Univ. Dorm. Fac.), Ser. 2018-A, 2,804
5.00%, due 7/1/48
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group)
460        Ser. 2014-A, 4.00%, due 1/1/26 465
470        Ser. 2014-A, 4.00%, due 1/1/27 472
200        Ser. 2014-A, 4.00%, due 1/1/28 199
275        Ser. 2014-A, 4.13%, due 1/1/29 275
1,350 New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28 1,495
750 New York St. Dorm. Au. Rev. Non St. Supported Debt (Vaughn College of Aeronautics & Technology), 775 (b) 
Ser. 2016, 5.00%, due 12/1/26
New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Orange Reg. Med. Ctr.)
400        Ser. 2017, 5.00%, due 12/1/35 429 (b) 
200        Ser. 2017, 5.00%, due 12/1/36 214 (b) 
400        Ser. 2017, 5.00%, due 12/1/37 427 (b) 
2,000 New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26 2,197
2,000 New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26 2,109
New York St. HFA Rev. (Affordable Hsg.)
1,615        Ser. 2009-B, 4.50%, due 11/1/29 1,623
960        Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27 950
1,045 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 1,046
New York St. Muni. Bond Bank Agcy.
1,230        Subser. 2009-B1, 5.00%, due 12/15/23 1,270
1,295        Subser. 2009-B1, 5.00%, due 12/15/24 1,337
1,090 New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 5.00%, due 4/1/19 1,104
1,500 New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American Airlines, Inc.-John F Kennedy Int’l 1,548
Arpt. Proj.), Ser. 2016, 5.00%, due 8/1/31
2,000 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.), 2,162
Ser. 2018, 5.00%, due 1/1/33
1,545 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term. B Redev. Proj.), Ser. 2016-A, 1,476
4.00%, due 7/1/41
1,250 New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20 1,257
785 Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22 846
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.)
640        Ser. 2012-A, 5.00%, due 5/1/25 694
300        Ser. 2012-A, 5.00%, due 5/1/26 325
1,000 Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. Ref. (Covanta Proj.), Ser. 2018-A, 4.75%, due 11/1/42 972 (b) 
1,100 Niagara Falls City Sch. Dist. Ref. Cert. Participation (High Sch. Fac.), Ser. 2015, (AGM Insured), 1,148
4.00%, due 6/15/26
1,010 Onondaga Civic Dev. Corp. Ref. Rev., Ser. 2015, 5.00%, due 10/1/29 1,088
500 Onondaga Civic Dev. Corp. Rev. (St. Josephs Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25 510
Pre-Refunded 7/1/19
1,000 Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19 1,033
1,500 Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21 1,526
500 Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred -Third), Ser. 2017, 546
5.00%, due 4/15/57
1,410 St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28 1,535
1,980 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25 2,142
1,000 Syracuse IDA (Carousel Ctr. Proj.), Ser. 2016-A, 5.00%, due 1/1/31 1,065
190 Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 192
4.75%, due 1/1/24
765 Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23 766

See Notes to Financial Statements 25



 
Schedule of Investments New York Municipal Fund Inc.(a)
(cont’d)

PRINCIPAL AMOUNT VALUE
     
(000’s omitted) (000’s omitted)
 
      TSASC Inc. Rev. Ref.
$ 580        Ser. 2017-A, 5.00%, due 6/1/28 $ 635
3,000        Ser. 2017-A, 5.00%, due 6/1/41 3,071
1,405 United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22 1,431
3,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 3,343
1,000 Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30 979 (b) 
Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.)
825        Ser. 2016, 5.00%, due 11/1/30 891
1,000        Ser. 2016, 3.75%, due 11/1/37 904
1,350 Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28 1,439
98,805
 
Ohio 0.7%
500 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 485
 
Pennsylvania 3.2%
Pennsylvania St. Turnpike Commission Rev.
285        Ser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 307