As filed with the Securities and Exchange Commission on July 2, 2024
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)
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
New York, New York 10104-0002
Lori L. Schneider, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and Addresses of agents for service)
Registrant's telephone number, including area code: (212) 476-8800
Date of fiscal year end: October 31
Date of reporting period: April 30, 2024
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 (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 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44
U.S.C. § 3507.
Item 1. Report to Stockholders.
| (a) |
Following is a copy of the semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.
|
Contents
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 name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC. ©2024 Neuberger Berman Investment Advisers
LLC. All rights reserved.
President’s Letter
Dear Stockholder,
I am pleased to present this semi-annual report for Neuberger Berman Municipal Fund Inc. (NBH) (the Fund) for the
six months ended April 30, 2024 (the reporting period). The report includes a portfolio commentary, a listing of the Fund’s investments and its unaudited financial statements for the reporting period.
The Fund’s investment objective is to provide a high level of current income exempt from federal income tax. The
Fund may invest in securities the interest on which is subject to the federal alternative minimum 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.
As previously communicated, the reorganizations of each of Neuberger Berman California Municipal Fund Inc. (NBW)
and Neuberger Berman New York Municipal Fund Inc. (NBO) with and into NBH were successfully completed in October 2023.
Thank you for your confidence in the Fund. 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 Municipal Fund Inc.
President and CEO
Neuberger Berman Municipal Fund Inc.
1
Neuberger Berman Municipal Fund Inc. Portfolio Commentary (Unaudited)
Neuberger Berman Municipal Fund Inc. (the Fund) generated a 12.64% total return on a net asset value (NAV) basis for the
six-month period ended April 30, 2024 (the reporting period), outperforming its benchmark, the Bloomberg 10-Year Municipal Bond Index (the Index), which posted a 6.09% total return for the same period. (Fund performance on a market
price 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) contributed positively to the Fund’s performance
during the reporting period.
The investment-grade municipal (muni) bond market generated a positive return and outperformed the taxable bond
market during the reporting period. All told, the Bloomberg Municipal Bond Index returned 7.06% for the reporting period, whereas the overall taxable investment-grade bond market, as measured by the Bloomberg U.S. Aggregate Bond Index,
returned 4.97%. Several factors impacted the market, including a resilient U.S. economy, "sticky" inflation, changing investor sentiment regarding future U.S. Federal Reserve Board (Fed) monetary policy, and several geopolitical events.
All told, short-, intermediate- and long-term U.S. Treasury yields declined (yields and bond prices generally move in the opposite direction) during the reporting period.
In terms of the Fund’s results, duration positioning contributed positively to performance. In particular, having
a duration that was longer than the Index was beneficial as rates moved lower over the reporting period (when rates decline having a longer duration is beneficial and vise versa). Security selection was also additive for relative
returns, led by longer duration, lower quality revenue bonds, as they outperformed their shorter duration, higher quality counterparts. Examples included the Fund’s exposures to charter schools, continuing care facilities and certain
hospitals. On the downside, a smaller project-specific holding detracted from performance. An allocation to shorter-term pre-refunded securities was also a headwind for returns. There were no significant changes to the portfolio during
the reporting period.
Despite a strong rally, we believe investors shouldn’t feel like they’ve missed the opportunity to invest in
munis. To the contrary, yields on investment-grade munis are still over 2% higher than they were at the end of 2021, and close to the yields that existed at the end of 2022. With more certainty around the Fed, we believe it may be
prudent to seek the higher yields available in today’s market and to do so for a longer period of time. In our view, there will continue to be pockets of volatility in 2024 as the market pours over every economic data point and tries to
discern how the Fed will react. Those moments should provide an opportunity to deploy capital. Views will change as to when the Fed eases and what the pace of rate cuts could be, but we believe the path of rates is less important than
the level where they may ultimately go. In our view, the Fed will likely move from an overnight rate of around 5.5% currently to something that ultimately is closer to 3%, presenting a meaningful opportunity to take advantage of a
higher-yielding market.
Sincerely,
James L. Iselin and S. Blake Miller
Portfolio Co-Managers
Portfolio Co-Managers
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's 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 the 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
Municipal Fund Inc. (Unaudited)
|
TICKER SYMBOL
|
|
|
Municipal Fund Inc.
|
NBH
|
|
PORTFOLIO BY STATE,
TERRITORY OR SECTOR
|
|
|
(as a % of Total Investments*)
|
|
|
Alabama
|
0.7
%
|
|
American Samoa
|
0.5
|
|
Arizona
|
0.5
|
|
California
|
21.6
|
|
Colorado
|
1.1
|
|
Connecticut
|
0.1
|
|
District of Columbia
|
1.1
|
|
Florida
|
2.6
|
|
Georgia
|
1.4
|
|
Guam
|
1.1
|
|
Illinois
|
6.7
|
|
Indiana
|
0.4
|
|
Kansas
|
0.1
|
|
Kentucky
|
0.5
|
|
Louisiana
|
1.0
|
|
Maine
|
0.3
|
|
Maryland
|
0.0
|
|
Massachusetts
|
0.3
|
|
Michigan
|
1.3
|
|
Minnesota
|
0.4
|
|
Mississippi
|
0.3
|
|
Nebraska
|
1.9
|
|
Nevada
|
0.2
|
|
New Hampshire
|
0.1
|
|
New Jersey
|
3.7
|
|
New Mexico
|
0.2
|
|
New York
|
18.0
|
|
North Carolina
|
1.6
|
|
Ohio
|
4.7
|
|
Oklahoma
|
0.5
|
|
Oregon
|
0.3
|
|
Pennsylvania
|
3.1
|
|
Puerto Rico
|
4.6
|
|
South Carolina
|
1.2
|
|
Tennessee
|
0.3
|
|
Texas
|
9.0
|
|
Utah
|
1.2
|
|
Vermont
|
0.6
|
|
Virgin Islands
|
1.4
|
|
Virginia
|
0.7
|
|
Washington
|
1.5
|
|
West Virginia
|
0.8
|
|
Wisconsin
|
2.3
|
|
Loan Assignments
|
0.1
|
|
Total
|
100.0
%
|
|
*
|
Does not include the impact of the Fund’s
open positions in derivatives, if any.
|
|
PERFORMANCE HIGHLIGHTS1
|
||||||
|
|
Inception
Date
|
Six Month
Period
Ended
04/30/2024
|
Average Annual Total Return
Ended 04/30/2024
|
|||
|
|
1 Year
|
5 Years
|
10 Years
|
Life of Fund
|
||
|
At NAV2
|
||||||
|
Municipal
Fund Inc.
|
09/24/2002
|
12.64%
|
2.57%
|
0.11%
|
2.69%
|
4.58%
|
|
At Market Price3
|
||||||
|
Municipal
Fund Inc.
|
09/24/2002
|
16.40%
|
-0.83%
|
-2.34%
|
1.33%
|
3.62%
|
|
Index
|
|
|
|
|
|
|
|
Bloomberg 10-Year
Municipal Bond Index4
|
6.09%
|
1.24%
|
1.49%
|
2.56%
|
3.78%
|
|
Listed 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 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 the Fund's common
stock.
The investment return and market price will fluctuate and shares of the Fund’s common stock may
trade at prices above or below NAV. Shares of the 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 ("NBIA") 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.
3
Endnotes (Unaudited)
|
1
|
A portion of the 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 the Fund.
|
|
3
|
Returns based on the market price of shares of the Fund’s common stock on the NYSE American.
|
|
4
|
The Bloomberg 10-Year Municipal Bond Index is the 10-year (8-12 years to maturity) component of
the
Bloomberg Municipal Bond Index. The Bloomberg 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 NBIA and include reinvestment of all income dividends
and other
distributions, if any. The Fund may invest in securities not included in the above described
index and
generally does not invest in all securities included in the index.
|
For more complete information on Neuberger Berman Municipal Fund Inc., call Neuberger Berman Investment Advisers
LLC at (877) 461-1899, or visit our website at www.nb.com.
4
Legend April 30, 2024 (Unaudited)
Neuberger Berman Municipal Fund Inc.
|
Indexes:
|
|
|
SOFR
|
= Secured Overnight Financing Rate
|
|
Other Abbreviations:
|
|
|
Management or NBIA
|
= Neuberger Berman Investment Advisers LLC
|
5
Schedule of Investments Municipal Fund Inc.^ (Unaudited)
April 30, 2024
|
Principal Amount
|
Value
|
|
|
Loan Assignments(a) 0.2%
|
||
|
Oil, Gas & Consumable Fuels 0.2%
|
||
|
|
Rialto Bioenergy Facility LLC
|
|
|
$633,393
|
Term Loan, (1 mo. USD Term SOFR + 10.00%), 15.32%, due 6/6/2024
|
$0
#(b)(c)
|
|
495,745
|
Term Loan DIP, (1 mo. USD Term SOFR + 10.00%), 15.32%, due 6/6/2024
|
495,745
#(b)(c)
|
|
|
||
|
Total Loan Assignments (Cost $1,126,927)
|
495,745
|
|
|
Municipal Notes 163.7%
|
||
|
Alabama 1.1%
|
||
|
$3,125,000
|
Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due
11/1/2053 Putable
1/1/2031
|
$3,338,191
|
|
400,000
|
Mobile Industrial Development Board Revenue (Alabama Power Co. Barry Plant
Project),
Series 2009-A, 3.70%, due 6/1/2034
|
400,000
(d)
|
|
|
|
3,738,191
|
|
American Samoa 0.8%
|
||
|
2,800,000
|
American Samoa Economic Development Authority General Revenue Refunding,
Series 2015-A,
6.25%, due 9/1/2029
|
2,865,087
|
|
Arizona 0.8%
|
||
|
500,000
|
Maricopa County Industrial Development Authority Education Refunding Revenue
(Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
|
502,984
(e)
|
|
1,545,000
|
Navajo Nation Refunding Revenue, Series 2015-A, 5.00%, due 12/1/2025
|
1,558,739
(e)
|
|
480,000
|
Phoenix Industrial Development Authority Education Revenue (Great Hearts
Academies Project),
Series 2014, 3.75%, due 7/1/2024
|
478,568
|
|
205,000
|
Phoenix-Mesa Gateway Airport Authority Special Facility Revenue (Mesa
Project), Series 2012,
5.00%, due 7/1/2024
|
205,066
|
|
|
|
2,745,357
|
|
California 35.3%
|
||
|
|
California Educational Facilities Authority Refunding Revenue (University of
Redlands)
|
|
|
250,000
|
Series 2016-A, 5.00%, due 10/1/2028
|
254,922
|
|
260,000
|
Series 2016-A, 3.00%, due 10/1/2029
|
246,555
|
|
400,000
|
Series 2016-A, 3.00%, due 10/1/2030
|
375,889
|
|
1,000,000
|
California Educational Facilities Authority Revenue (Green Bond- Loyola
Marymount University),
Series 2018-B, 5.00%, due 10/1/2048
|
1,027,005
|
|
|
California Housing Finance Agency Municipal Certificate
|
|
|
1,207,611
|
Class A, Series 2019-2, 4.00%, due 3/20/2033
|
1,202,240
|
|
953,549
|
Class A, Series 2021-1-A, 3.50%, due 11/20/2035
|
881,033
|
|
480,000
|
California Infrastructure & Economic Development Bank Revenue (Wonderful
Foundations Charter
School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055
|
403,038
(e)
|
|
530,000
|
California Infrastructure & Economic Development Bank State School Fund
Revenue (King City Joint
Union High School), Series 2010, 5.13%, due 8/15/2024
|
530,350
|
|
|
California Municipal Finance Authority Charter School Lease Revenue
(Sycamore Academy Project)
|
|
|
215,000
|
Series 2014, 5.00%, due 7/1/2024
|
214,880
(e)
|
|
630,000
|
Series 2014, 5.13%, due 7/1/2029
|
630,087
(e)
|
|
1,000,000
|
Series 2014, 5.63%, due 7/1/2044
|
999,901
(e)
|
|
|
California Municipal Finance Authority Charter School Lease Revenue (Vista
Charter Middle School
Project)
|
|
|
160,000
|
Series 2014, 5.00%, due 7/1/2024
|
160,051
|
|
930,000
|
Series 2014, 5.13%, due 7/1/2029
|
930,837
|
|
|
California Municipal Finance Authority Charter School Revenue (John Adams
Academics Project)
|
|
|
110,000
|
Series 2015-A, 4.50%, due 10/1/2025
|
109,453
|
|
1,115,000
|
Series 2019-A, 5.00%, due 10/1/2049
|
1,040,498
(e)
|
See Notes to Financial Statements
6
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
California – cont'd
|
||
|
$1,500,000
|
California Municipal Finance Authority Charter School Revenue (Palmdale
Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
|
$1,516,935
(e)
|
|
1,070,000
|
California Municipal Finance Authority Revenue (Baptist University), Series
2015-A, 5.00%, due
11/1/2030
|
1,080,683
(e)
|
|
|
California Municipal Finance Authority Revenue (Northbay Healthcare Group)
|
|
|
350,000
|
Series 2015, 5.00%, due 11/1/2035
|
344,539
|
|
500,000
|
Series 2015, 5.00%, due 11/1/2040
|
478,370
|
|
300,000
|
Series 2015, 5.00%, due 11/1/2044
|
272,693
|
|
500,000
|
Series 2017-A, 5.25%, due 11/1/2036
|
502,307
|
|
|
California Municipal Finance Authority Revenue (Touro College &
University Systems Obligated
Group)
|
|
|
585,000
|
Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
|
585,186
|
|
605,000
|
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
|
605,192
|
|
630,000
|
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
|
630,200
|
|
330,000
|
Series 2014-A, 4.00%, due 1/1/2029 Pre-Refunded 7/1/2024
|
330,105
|
|
2,000,000
|
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I
LLC-West Village
Student Housing Project), Series 2018, (BAM Insured), 4.00%, due 5/15/2048
|
1,842,817
|
|
1,500,000
|
California School Facility Finance Authority Revenue (Green Dot Public
School Project), Series 2018-A,
5.00%, due 8/1/2048
|
1,440,739
(e)
|
|
|
California School Facility Finance Authority Revenue (KIPP LA Project)
|
|
|
127,000
|
Series 2014-A, 4.13%, due 7/1/2024
|
126,847
(e)
|
|
375,000
|
Series 2017-A, 5.00%, due 7/1/2025
|
376,519
(e)
|
|
130,000
|
Series 2017-A, 5.00%, due 7/1/2027
|
134,121
(e)
|
|
400,000
|
California School Finance Authority Revenue (Alliance College - Ready Public
School Project),
Series 2015-A, 5.00%, due 7/1/2030
|
403,040
(e)
|
|
2,195,000
|
California State Department of Veterans Affairs Home Purchase Refunding
Revenue, Series 2016-A,
3.00%, due 6/1/2029
|
2,129,859
|
|
1,000,000
|
California State General Obligation, Series 2022, 5.00%, due 9/1/2052
|
1,070,750
|
|
2,000,000
|
California State Pollution Control Financing Authority Revenue (San Jose
Water Co. Project),
Series 2016, 4.75%, due 11/1/2046
|
2,017,274
|
|
1,430,000
|
California State Pollution Control Financing Authority Solid Waste Disposal
Revenue (Aemerage
Redak Services Southern California LLC Project), Series 2016, 7.00%, due
12/1/2027
|
48,334
(e)(f)
|
|
2,549,157
|
California State Pollution Control Financing Authority Solid Waste Disposal
Revenue (Calplant I Green
Bond Project), Series 2019, 7.50%, due 12/1/2039
|
255
(e)(f)
|
|
2,151,455
|
California State Pollution Control Financing Authority Solid Waste Disposal
Revenue (Green
Bond-Rialto Bioenergy Facility LLC Project), Series 2019, 7.50%, due
12/1/2040
|
0
#(b)(c)(f)
|
|
4,785,000
|
California State Pollution Control Financing Authority Water Furnishing
Revenue, Series 2012,
5.00%, due 7/1/2027
|
4,796,078
(e)
|
|
415,000
|
California State School Finance Authority Charter School Revenue (Downtown
College
Prep-Obligation Group), Series 2016, 4.50%, due 6/1/2031
|
412,897
(e)
|
|
400,000
|
California State School Finance Authority Charter School Revenue (Rocketship
Education),
Series 2016-A, 5.00%, due 6/1/2031
|
402,768
(e)
|
|
1,060,000
|
California State School Finance Authority Education Facility Revenue (New
Designs Charter School
Administration Campus Project), Series 2019-A, 5.00%, due 6/1/2050
|
1,015,227
(e)
|
|
1,000,000
|
California Statewide Communities Development Authority College Housing
Revenue (NCCD-Hooper
Street LLC-College of the Arts Project), Series 2019, 5.25%, due 7/1/2052
|
992,652
(e)
|
|
1,325,000
|
California Statewide Communities Development Authority Hospital Revenue
(Methodist Hospital of
Southern Project), Series 2018, 4.25%, due 1/1/2043
|
1,328,412
|
|
720,000
|
California Statewide Communities Development Authority Revenue (Henry Mayo
Newhall Memorial
Hospital), Series 2014-A, (AGM Insured), 5.00%, due 10/1/2026 Pre-Refunded
10/1/2024
|
723,699
|
|
500,000
|
California Statewide Communities Development Authority Revenue (Loma Linda
University Medical
Center), Series 2018-A, 5.50%, due 12/1/2058
|
509,174
(e)
|
|
600,000
|
California Statewide Communities Development Authority Revenue Refunding
(Lancer Education
Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036
|
605,161
(e)
|
See Notes to Financial Statements
7
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
California – cont'd
|
||
|
$1,500,000
|
California Statewide Communities Development Authority Revenue Refunding
(Loma Linda University
Medical Center), Series 2014-A, 5.25%, due 12/1/2029
|
$1,511,551
|
|
1,500,000
|
California Statewide Communities Development Authority Revenue Refunding
(Redlands Community
Hospital), Series 2016, 4.00%, due 10/1/2041
|
1,417,586
|
|
425,000
|
California Statewide Communities Development Authority Special Tax Revenue
Refunding
(Community Facility District No. 2007-01 Orinda Wilder Project), Series
2015, 4.50%, due 9/1/2025
|
426,032
|
|
2,055,000
|
California Statewide Communities Development Authority Student Housing
Revenue (University of
Irvin Campus Apartments Phase IV), Series 2017-A, 5.00%, due 5/15/2032
|
2,118,293
|
|
500,000
|
California Statewide Communities Development Authority Student Housing
Revenue Refunding
(Baptist University), Series 2017-A, 5.00%, due 11/1/2032
|
510,212
(e)
|
|
3,115,000
|
Corona-Norca Unified School District General Obligation Capital Appreciation
(Election 2006),
Series 2009-C, (AGM Insured), 0.00%, due 8/1/2024
|
3,086,054
|
|
2,000,000
|
Davis Joint Unified School District Certificate of Participation (Yolo Co.),
Series 2014, (BAM Insured),
4.00%, due 8/1/2024
|
2,000,567
|
|
1,250,000
|
Emeryville Redevelopment Agency Successor Agency Tax Allocation Refunding
Revenue,
Series 2014-A, (AGM Insured), 5.00%, due 9/1/2025
|
1,254,732
|
|
1,500,000
|
Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding,
Subseries 2014-B2,
3.50%, due 1/15/2053
|
1,231,739
|
|
3,935,000
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue
Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
|
397,938
|
|
1,000,000
|
Imperial Community College District General Obligation Capital Appreciation
(Election 2010),
Series 2011-A, (AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
|
1,041,578
|
|
1,000,000
|
Inglewood Unified School District Facilities Financing Authority Revenue,
Series 2007, (AGM Insured),
5.25%, due 10/15/2026
|
1,014,280
|
|
|
Irvine Special Tax (Community Facility District No. 2005-2)
|
|
|
300,000
|
Series 2013, 4.00%, due 9/1/2024
|
300,004
|
|
450,000
|
Series 2013, 4.00%, due 9/1/2025
|
450,491
|
|
645,000
|
Series 2013, 3.50%, due 9/1/2026
|
638,996
|
|
690,000
|
Series 2013, 3.63%, due 9/1/2027
|
685,914
|
|
680,000
|
Jurupa Public Financing Authority Special Tax Revenue, Series 2014-A, 5.00%,
due 9/1/2024
|
682,330
|
|
1,775,000
|
Los Angeles Department of Airports Revenue, Series 2022-G, 4.00%, due
5/15/2047
|
1,671,878
|
|
3,000,000
|
North Orange County Community College District General Obligation, Series
2022-C, 4.00%, due
8/1/2047
|
2,976,012
|
|
5,750,000
|
Norwalk-La Mirada Unified School District General Obligation Capital
Appreciation (Election 2002),
Series 2009-E, (Assured Guaranty Insured), 5.50%, due 8/1/2029
|
6,286,480
|
|
1,385,000
|
Ohlone Community College District General Obligation (Election 2010), Series
2014-B, 0.00%, due
8/1/2029 Pre-Refunded 8/1/2024
|
1,110,260
|
|
450,000
|
Oxnard Harbor District Revenue, Series 2011-B, 4.50%, due 8/1/2024
|
450,047
|
|
1,000,000
|
Rancho Cucamonga Redevelopment Agency Successor Agency Tax Allocation
Revenue (Rancho
Redevelopment Project), Series 2014, (AGM Insured), 5.00%, due 9/1/2027
|
1,004,280
|
|
5,000,000
|
Redondo Beach Unified School District General Obligation, Series 2009,
6.38%, due 8/1/2034
Pre-Refunded 8/1/2026
|
5,348,017
|
|
335,000
|
Riverside County Community Facilities District Special Tax Revenue (Scott
Road), Series 2013, 5.00%,
due 9/1/2025
|
335,234
|
|
300,000
|
Riverside County Transportation Commission Toll Revenue Refunding Senior
Lien (RCTC No. 91
Express Lanes), Series 2021-B1, 4.00%, due 6/1/2046
|
289,400
|
|
|
Romoland School District Special Tax Refunding (Community Facilities
District No. 2006-1)
|
|
|
100,000
|
Series 2017, 4.00%, due 9/1/2029
|
99,602
|
|
200,000
|
Series 2017, 4.00%, due 9/1/2030
|
199,076
|
|
525,000
|
Series 2017, 3.25%, due 9/1/2031
|
491,429
|
|
1,700,000
|
Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment
District No. 2),
Series 2016-A, 5.00%, due 10/1/2047
|
1,740,523
|
|
|
Sacramento City Finance Authority Refunding Revenue (Master Lease Program
Facilities)
|
|
|
1,000,000
|
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024
|
1,009,974
|
See Notes to Financial Statements
8
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
California – cont'd
|
||
|
$400,000
|
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026
|
$421,418
|
|
1,950,000
|
Sacramento County Airport System Revenue Refunding, Series 2018-C, 5.00%,
due 7/1/2033
|
2,039,144
|
|
500,000
|
Sacramento Special Tax (Natomas Meadows Community Facilities District No.
2007-01), Series 2017,
5.00%, due 9/1/2047
|
504,465
(e)
|
|
2,000,000
|
San Bernardino Community College District General Obligation Capital
Appreciation (Election),
Series 2009-B, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2024
|
2,011,598
|
|
2,000,000
|
San Luis Coastal Unified School District General Obligation (Election 2022),
Series 2023-A, 4.00%,
due 8/1/2053
|
1,956,823
|
|
6,000,000
|
San Mateo Foster City School District General Obligation Capital
Appreciation (Election 2008),
Series 2010, 6.13%, due 8/1/2032
|
6,812,873
|
|
30,000
|
Sulphur Springs Union School District Certificate of Participation Conv.
Capital Appreciation Bonds,
Series 2010, (AGM Insured), 6.50%, due 12/1/2037
|
30,471
|
|
2,000,000
|
Sweetwater Union High School District Public Financing Authority Revenue,
Series 2013, (BAM
Insured), 5.00%, due 9/1/2025
|
2,002,260
|
|
2,000,000
|
Twin Rivers Unified School District General Obligation (Election 2022),
Series 2023-A, (BAM Insured),
4.13%, due 8/1/2047
|
2,000,063
|
|
12,070,000
|
Victor Valley Community College District General Obligation Capital
Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
|
14,135,305
|
|
5,095,000
|
Victor Valley Joint Union High School District General Obligation Capital
Appreciation Bonds,
Series 2009, (Assured Guaranty Insured), 0.00%, due 8/1/2026
|
4,718,430
|
|
3,500,000
|
William S. Hart Union High School District General Obligation Capital
Appreciation (Election 2001),
Series 2005-B, (AGM Insured), 0.00%, due 9/1/2026
|
3,225,106
|
|
5,250,000
|
Wiseburn School District General Obligation Capital Appreciation (Election
2010), Series 2011-B,
(AGM Insured), 0.00%, due 8/1/2036
|
5,766,002
(g)
|
|
|
|
123,134,039
|
|
Colorado 1.8%
|
||
|
|
Colorado Educational & Cultural Facilities Authority Revenue (Charter
School- Atlas Preparatory
School Project)
|
|
|
280,000
|
Series 2015, 4.50%, due 4/1/2025
|
281,813
(e)
|
|
1,000,000
|
Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
|
1,012,035
(e)
|
|
1,350,000
|
Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
|
1,367,749
(e)
|
|
2,000,000
|
Platte River Metropolitan District General Obligation Refunding, Series
2023-A, 6.50%, due 8/1/2053
|
2,031,864
(e)
|
|
5,066,666
|
Villages at Castle Rock Metropolitan District No. 6 (Cabs - Cobblestone
Ranch Project), Series 2007-2,
0.00%, due 12/1/2037
|
1,724,716
|
|
|
|
6,418,177
|
|
Connecticut 0.2%
|
||
|
750,000
|
Hamden General Obligation, Series 2013, (AGM Insured), 3.13%, due 8/15/2025
|
738,623
|
|
District of Columbia 1.8%
|
||
|
5,600,000
|
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series
2020-DBE-8070,
4.17%, due 8/1/2040
|
5,600,000
(d)(e)
|
|
650,000
|
District of Columbia Student Dormitory Revenue (Provident Group-Howard
Property), Series 2013,
5.00%, due 10/1/2045
|
617,204
|
|
|
|
6,217,204
|
|
Florida 4.3%
|
||
|
800,000
|
Capital Trust Agency Senior Living Revenue (H-Bay Ministries, Inc. Superior
Residences-Third Tier),
Series 2018-C, 7.50%, due 7/1/2053
|
8,000
(e)(f)
|
|
2,000,000
|
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School
Project), Series 2020-A-1,
5.00%, due 1/1/2055
|
1,650,969
(e)
|
|
525,000
|
Cityplace Community Development District Special Assessment Refunding
Revenue, Series 2012,
5.00%, due 5/1/2026
|
529,429
|
See Notes to Financial Statements
9
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Florida – cont'd
|
||
|
$1,750,000
|
Florida Development Finance Corp. Education Facilities Revenue (Renaissance
Charter School, Inc.),
Series 2014-A, 5.75%, due 6/15/2029
|
$1,751,619
(e)
|
|
1,075,000
|
Florida Development Finance Corp. Education Facilities Revenue Refunding
(Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
|
1,046,887
|
|
|
Florida Development Finance Corp. Revenue Refunding (Brightline Florida
Passenger Rail Expansion
Project)
|
|
|
2,000,000
|
Series 2022-C, 8.25%, due 7/1/2057 Putable 8/15/2024
|
2,003,729
(e)
|
|
250,000
|
Series 2024, 5.50%, due 7/1/2053
|
258,897
(h)
|
|
8,000,000
|
Hillsborough County Industrial Development Authority Hospital Revenue (Tampa
General Hospital
Project), Series 2020, 3.50%, due 8/1/2055
|
6,120,305
|
|
835,000
|
Village Community Development District No. 11 Special Assessment Revenue,
Series 2014, 4.13%,
due 5/1/2029
|
835,114
|
|
955,000
|
Village Community Development District No. 13 Special Assessment Revenue,
Series 2019, 3.70%,
due 5/1/2050
|
822,491
|
|
|
|
15,027,440
|
|
Georgia 2.2%
|
||
|
2,000,000
|
Atlanta Urban Residential Finance Authority Revenue, Series 2024-A, (FNMA
Insured), 4.85%, due
9/1/2043
|
2,006,910
|
|
6,000,000
|
Main Street Natural Gas, Inc. Gas Supply Revenue, Series 2022-C, 4.00%, due
8/1/2052 Putable
11/1/2027
|
5,824,139
(e)
|
|
|
|
7,831,049
|
|
Guam 1.9%
|
||
|
|
Antonio B Won Pat International Airport Authority Revenue Refunding
|
|
|
525,000
|
Series 2023-A, 5.38%, due 10/1/2040
|
519,099
|
|
750,000
|
Series 2023-A, 5.38%, due 10/1/2043
|
729,963
|
|
700,000
|
Guam Government Business Privilege Tax Revenue Refunding, Series 2021-F,
4.00%, due 1/1/2036
|
686,233
|
|
650,000
|
Guam Government Hotel Occupancy Tax Revenue, Series 2021-A, 5.00%, due
11/1/2035
|
679,277
|
|
600,000
|
Guam Government Hotel Occupancy Tax Revenue Refunding, Series 2021-A, 5.00%,
due 11/1/2040
|
604,605
|
|
|
Guam Power Authority Revenue
|
|
|
1,000,000
|
Series 2022-A, 5.00%, due 10/1/2035
|
1,061,178
|
|
1,035,000
|
Series 2022-A, 5.00%, due 10/1/2036
|
1,088,274
|
|
1,075,000
|
Series 2022-A, 5.00%, due 10/1/2037
|
1,120,321
|
|
|
|
6,488,950
|
|
Illinois 11.0%
|
||
|
5,705,000
|
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
|
5,707,931
|
|
|
Chicago General Obligation
|
|
|
2,000,000
|
Series 2002-B, 5.00%, due 1/1/2025
|
2,012,307
|
|
90,000
|
Series 2002-B, 5.13%, due 1/1/2027 Pre-Refunded 1/1/2025
|
90,820
|
|
160,000
|
Series 2002-B, 5.13%, due 1/1/2027
|
161,036
|
|
1,000,000
|
Series 2019-A, 5.00%, due 1/1/2044
|
1,018,886
|
|
1,250,000
|
Chicago Midway International Airport Revenue Refunding, Series 2023-A, (BAM
Insured), 5.50%,
due 1/1/2053
|
1,338,558
|
|
4,100,000
|
Chicago O'Hare International Airport Revenue, Series 2022-A, 5.00%, due
1/1/2055
|
4,161,664
|
|
|
Chicago Refunding General Obligation
|
|
|
1,000,000
|
Series 2005-D, 5.50%, due 1/1/2040
|
1,002,884
|
|
3,000,000
|
Series 2017-A, 6.00%, due 1/1/2038
|
3,124,569
|
|
1,560,000
|
Illinois Finance Authority Refunding Revenue (Presence Health Network
Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
|
1,612,652
|
|
1,000,000
|
Illinois Finance Authority Revenue Refunding (Northwestern Memorial Health
Care Obligated Group),
Series 2017-A, 4.00%, due 7/15/2047
|
951,729
|
See Notes to Financial Statements
10
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Illinois – cont'd
|
||
|
$1,905,000
|
Illinois Sports Facilities Authority Capital Appreciation Revenue (Saint Tax
Supported), Series 2001,
(AMBAC Insured), 0.00%, due 6/15/2026
|
$1,735,964
|
|
|
Illinois State General Obligation
|
|
|
5,200,000
|
Series 2017-D, 5.00%, due 11/1/2028
|
5,426,466
|
|
775,000
|
Series 2021-A, 5.00%, due 3/1/2046
|
797,276
|
|
5,000,000
|
Series 2023-B, 4.50%, due 5/1/2048
|
4,713,768
|
|
|
Southern Illinois University Certificate of Participation (Capital
Improvement Project)
|
|
|
945,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027
|
945,378
|
|
1,375,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028
|
1,375,494
|
|
715,000
|
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029
|
715,228
|
|
1,500,000
|
Upper Illinois River Valley Development Authority Revenue Refunding
(Cambridge Lakes Learning
Center), Series 2017-A, 5.25%, due 12/1/2047
|
1,360,618
(e)
|
|
|
|
38,253,228
|
|
Indiana 0.6%
|
||
|
2,000,000
|
Indianapolis Local Public Improvement Bond Bank Revenue (Convention Center
Hotel), Series 2023-E,
6.13%, due 3/1/2057
|
2,164,454
|
|
Kansas 0.3%
|
||
|
|
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond
Project)
|
|
|
230,000
|
Series 2019, 3.60%, due 6/1/2030
|
221,765
|
|
720,000
|
Series 2021, 3.50%, due 6/1/2034
|
639,946
|
|
|
|
861,711
|
|
Kentucky 0.8%
|
||
|
1,350,000
|
Ashland City Kentucky Medical Center Refunding Revenue (Ashland Hospital
Corp. DBA Kings
Daughter Medical Center), Series 2019, (AGM Insured), 3.00%, due 2/1/2040
|
1,122,658
|
|
|
Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro
Health)
|
|
|
500,000
|
Series 2017-A, 5.00%, due 6/1/2041
|
502,212
|
|
1,000,000
|
Series 2017-A, 5.00%, due 6/1/2045
|
999,783
|
|
|
|
2,624,653
|
|
Louisiana 1.7%
|
||
|
630,825
|
Louisiana Local Government Environmental Facilities & Community
Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
|
563,343
(e)
|
|
1,715,000
|
Louisiana Local Government Environmental Facilities & Community
Development Authority Revenue
Refunding (Westside Habilitation Center Project), Series 2017-A, 5.75%, due
2/1/2032
|
1,642,564
(e)
|
|
1,885,000
|
Louisiana Stadium & Exposition District Revenue Refunding, Series
2023-A, 5.25%, due 7/1/2053
|
2,017,005
|
|
1,775,000
|
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana
Charter Academy Foundation
Project), Series 2013-A, 7.63%, due 12/15/2028
|
1,776,474
|
|
|
|
5,999,386
|
|
Maine 0.5%
|
||
|
2,600,000
|
Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project),
Series 2021, 8.00%, due
12/1/2051
|
1,788,596
(e)
|
|
Maryland 0.1%
|
||
|
300,000
|
Baltimore Special Obligation Refunding Revenue Senior Lien (Harbor Point
Project), Series 2022,
5.00%, due 6/1/2051
|
288,600
|
|
Massachusetts 0.6%
|
||
|
|
Massachusetts State Development Finance Agency Revenue (Milford Regional
Medical Center)
|
|
|
200,000
|
Series 2014-F, 5.00%, due 7/15/2024
|
200,019
|
|
415,000
|
Series 2014-F, 5.00%, due 7/15/2025
|
415,130
|
|
200,000
|
Series 2014-F, 5.00%, due 7/15/2026
|
200,093
|
See Notes to Financial Statements
11
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Massachusetts – cont'd
|
||
|
$190,000
|
Series 2014-F, 5.00%, due 7/15/2027
|
$190,113
|
|
|
Massachusetts State Education Financing Authority Revenue
|
|
|
860,000
|
Series 2012-J, 4.70%, due 7/1/2026
|
852,854
|
|
125,000
|
Series 2023-C, 5.00%, due 7/1/2053
|
116,606
|
|
|
|
1,974,815
|
|
Michigan 2.1%
|
||
|
1,500,000
|
Detroit Downtown Development Authority Tax Increment Revenue Refunding
(Catalyst Development
Project), Series 2018-A, (AGM Insured), 5.00%, due 7/1/2048
|
1,457,548
|
|
|
Michigan State Building Authority Revenue (Facilities Program)
|
|
|
2,000,000
|
Series 2022-I, 5.00%, due 10/15/2047
|
2,123,741
|
|
2,880,000
|
Series 2022-I , 5.25%, due 10/15/2057
|
3,094,839
|
|
750,000
|
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project),
Series 2018, 5.00%,
due 6/30/2048
|
750,243
|
|
|
|
7,426,371
|
|
Minnesota 0.7%
|
||
|
2,000,000
|
Minnesota Agricultural & Economic Development Board Revenue
(HealthPartners Obligated Group),
Series 2024, 5.25%, due 1/1/2054
|
2,128,345
|
|
400,000
|
Saint Paul Housing & Redevelopment Authority Charter School Lease
Revenue (Metro Deaf School
Project), Series 2018-A, 5.00%, due 6/15/2038
|
388,806
(e)
|
|
|
|
2,517,151
|
|
Mississippi 0.4%
|
||
|
1,625,000
|
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa
Project), Series 2021, 3.63%,
due 11/1/2036
|
1,488,234
(e)
|
|
Nebraska 3.1%
|
||
|
10,250,000
|
Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due
5/1/2054 Putable
11/1/2029
|
10,685,327
|
|
Nevada 0.3%
|
||
|
|
Director of the State of Nevada Department of Business & Industrial
Revenue (Somerset Academy)
|
|
|
445,000
|
Series 2015-A, 4.00%, due 12/15/2025
|
438,576
(e)
|
|
500,000
|
Series 2015-A, 5.13%, due 12/15/2045
|
481,294
(e)
|
|
|
|
919,870
|
|
New Hampshire 0.2%
|
||
|
750,000
|
New Hampshire Business Finance Authority Revenue (Green Bond), Series
2020-B, 3.75%, due
7/1/2045 Putable 7/2/2040
|
593,388
(e)
|
|
New Jersey 6.0%
|
||
|
|
New Jersey Economic Development Authority Revenue (The Goethals Bridge
Replacement Project)
|
|
|
500,000
|
Series 2013-A, 5.25%, due 1/1/2025
|
500,485
|
|
500,000
|
Series 2013-A, 5.50%, due 1/1/2026
|
500,499
|
|
7,000,000
|
New Jersey State Economic Development Authority Revenue (School Facilities
Construction Program),
Series 2019, 4.00%, due 6/15/2049
|
6,550,362
|
|
|
New Jersey State Economic Development Authority School Revenue (Beloved
Community Charter,
School, Inc. Project)
|
|
|
1,105,000
|
Series 2019-A, 5.00%, due 6/15/2049
|
1,022,997
(e)
|
|
725,000
|
Series 2019-A, 5.00%, due 6/15/2054
|
661,955
(e)
|
|
1,000,000
|
New Jersey State Housing & Mortgage Finance Agency Multi-Family Revenue
(Riverview Towers
Apartments), Series 2024-B, (FHA/GNMA Insured), 5.25%, due 12/20/2065
|
1,016,062
|
|
4,150,000
|
New Jersey State Transportation Trust Fund Authority Transportation Program
Revenue,
Series 2023-BB, 5.25%, due 6/15/2050
|
4,440,377
|
See Notes to Financial Statements
12
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New Jersey – cont'd
|
||
|
|
New Jersey State Transportation Trust Fund Authority Transportation System
Revenue Refunding
|
|
|
$1,250,000
|
Series 2018-A, 5.00%, due 12/15/2036
|
$1,319,777
|
|
4,000,000
|
Series 2018-A, 4.25%, due 12/15/2038
|
4,015,760
|
|
1,000,000
|
Series 2018-A, (BAM Insured), 4.00%, due 12/15/2037
|
993,244
|
|
|
|
21,021,518
|
|
New Mexico 0.4%
|
||
|
1,500,000
|
Winrock Town Center Tax Increment Development District No. 1 (Senior Lien),
Series 2022, 4.25%,
due 5/1/2040
|
1,358,573
(e)
|
|
New York 29.6%
|
||
|
|
Albany Capital Resource Corp. Refunding Revenue (Albany College of Pharmacy
& Health Sciences)
|
|
|
380,000
|
Series 2014-A, 5.00%, due 12/1/2027
|
381,386
|
|
375,000
|
Series 2014-A, 5.00%, due 12/1/2028
|
376,456
|
|
270,000
|
Series 2014-A, 5.00%, due 12/1/2029
|
271,083
|
|
750,000
|
Broome County Local Development Corp. Revenue (Good Shepherd Village at
Endwell, Inc. Project),
Series 2021, 4.00%, due 7/1/2047
|
541,942
|
|
500,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
(Tapestry Charter School Project),
Series 2017, 5.00%, due 8/1/2047
|
467,939
|
|
1,550,000
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
Refunding (Charter School for
Applied Technologies Project), Series 2017-A, 5.00%, due 6/1/2035
|
1,581,832
|
|
|
Buffalo & Erie County Industrial Land Development Corp. Revenue
Refunding (Orchard Park)
|
|
|
500,000
|
Series 2015, 5.00%, due 11/15/2027
|
505,734
|
|
500,000
|
Series 2015, 5.00%, due 11/15/2028
|
505,808
|
|
625,000
|
Series 2015, 5.00%, due 11/15/2029
|
632,167
|
|
|
Build NYC Resource Corp. Refunding Revenue (City University - Queens
College)
|
|
|
270,000
|
Series 2014-A, 5.00%, due 6/1/2026
|
270,075
|
|
225,000
|
Series 2014-A, 5.00%, due 6/1/2029
|
225,066
|
|
500,000
|
Build NYC Resource Corp. Refunding Revenue (Methodist Hospital Project),
Series 2014, 5.00%, due
7/1/2029 Pre-Refunded 7/1/2024
|
500,723
|
|
2,595,000
|
Build NYC Resource Corp. Refunding Revenue (New York Law School Project),
Series 2016, 4.00%,
due 7/1/2045
|
2,079,019
|
|
|
Build NYC Resource Corp. Refunding Revenue (Packer Collegiate Institute
Project)
|
|
|
155,000
|
Series 2015, 5.00%, due 6/1/2026
|
156,690
|
|
125,000
|
Series 2015, 5.00%, due 6/1/2027
|
126,244
|
|
195,000
|
Series 2015, 5.00%, due 6/1/2028
|
196,715
|
|
220,000
|
Series 2015, 5.00%, due 6/1/2029
|
221,657
|
|
325,000
|
Series 2015, 5.00%, due 6/1/2030
|
327,140
|
|
|
Build NYC Resource Corp. Revenue
|
|
|
1,665,000
|
Series 2014, 5.00%, due 11/1/2024
|
999,000
|
|
835,000
|
Series 2014, 5.25%, due 11/1/2029
|
501,000
|
|
650,000
|
Series 2014, 5.25%, due 11/1/2034
|
390,000
|
|
975,000
|
Series 2014, 5.50%, due 11/1/2044
|
585,000
|
|
1,000,000
|
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School
Project), Series 2017-A,
5.00%, due 6/1/2047
|
963,692
(e)
|
|
1,400,000
|
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series
2019, 5.75%, due
2/1/2049
|
1,325,662
(e)
|
|
750,000
|
Build NYC Resource Corp. Revenue (Shefa School Project), Series 2021-A,
5.00%, due 6/15/2051
|
685,578
(e)
|
|
280,000
|
Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt
Paper, Inc. Project),
Series 2014, 4.50%, due 1/1/2025
|
279,749
(e)
|
|
|
Dutchess County Local Development Corp. Revenue (Culinary Institute of
America Project)
|
|
|
200,000
|
Series 2016-A-1, 5.00%, due 7/1/2041
|
200,684
|
|
275,000
|
Series 2016-A-1, 5.00%, due 7/1/2046
|
272,508
|
See Notes to Financial Statements
13
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York – cont'd
|
||
|
|
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
|
|
|
$735,000
|
Series 2014, 5.00%, due 7/1/2024
|
$735,535
|
|
390,000
|
Series 2018, 5.00%, due 7/1/2030
|
401,811
|
|
405,000
|
Series 2018, 5.00%, due 7/1/2031
|
416,680
|
|
425,000
|
Series 2018, 5.00%, due 7/1/2032
|
436,666
|
|
450,000
|
Series 2018, 5.00%, due 7/1/2033
|
461,692
|
|
938,214
|
Jefferson County Industrial Development Agency Solid Waste Disposal Revenue
(Green
Bond-Reenergy Black River LLC Project), Series 2014, 5.25%, due 1/1/2024
|
130,130
(b)(c)(e)(f)
|
|
100,000
|
Metropolitan Transportation Authority Revenue, (LOC: Barclays Bank PLC),
Series 2015-E-1, 3.85%,
due 11/15/2050
|
100,000
(d)
|
|
|
Metropolitan Transportation Authority Revenue (Green Bond)
|
|
|
1,500,000
|
Series 2020-C-1, 5.00%, due 11/15/2050
|
1,548,708
|
|
10,500,000
|
Series 2020-D-3, 4.00%, due 11/15/2049
|
9,505,461
|
|
3,000,000
|
Series 2020-D-3, 4.00%, due 11/15/2050
|
2,706,491
|
|
100,000
|
Metropolitan Transportation Authority Revenue Refunding, (LOC: Barclays Bank
PLC),
Series 2012-G-1, 3.85%, due 11/1/2032
|
100,000
(d)
|
|
300,000
|
Monroe County Industrial Development Corp. Revenue (Monroe Community
College), Series 2014,
(AGM Insured), 5.00%, due 1/15/2029
|
300,415
|
|
|
Monroe County Industrial Development Corp. Revenue (Nazareth College of
Rochester Project)
|
|
|
500,000
|
Series 2013-A, 5.00%, due 10/1/2024
|
500,135
|
|
500,000
|
Series 2013-A, 5.00%, due 10/1/2025
|
500,263
|
|
250,000
|
Series 2013-A, 4.00%, due 10/1/2026
|
247,371
|
|
210,000
|
Monroe County Industrial Development Corp. Revenue (Saint John Fisher
College), Series 2012-A,
5.00%, due 6/1/2025
|
210,136
|
|
1,000,000
|
Nassau County Local Economic Assistance Corp. Revenue (Catholic Health
Services of Long Island
Obligated Group Project), Series 2014, 5.00%, due 7/1/2027
|
1,001,232
|
|
4,175,000
|
Nassau County Tobacco Settlement Corp. Asset Backed, Series 2006-A-3, 5.13%,
due 6/1/2046
|
3,806,127
|
|
4,000,000
|
New York City Industrial Development Agency Revenue (Yankee Stadium
Project), Series 2020-A,
3.00%, due 3/1/2049
|
2,834,740
|
|
440,000
|
New York City Municipal Water Finance Authority Water & Sewer System
Refunding Revenue
(Second General Resolution Revenue Bonds), Series 2022-DD, 3.90%, due
6/15/2033
|
440,000
(d)
|
|
1,100,000
|
New York City Transitional Finance Authority Revenue (Future Tax Secured),
(LOC: JP Morgan Chase
Bank N.A.), Series 2018-A4, 3.80%, due 8/1/2045
|
1,100,000
(d)
|
|
|
New York General Obligation
|
|
|
700,000
|
Series 2012-2, 3.90%, due 4/1/2042
|
700,000
(d)
|
|
1,000,000
|
Series 2012-3, 3.90%, due 4/1/2042
|
1,000,000
(d)
|
|
1,000,000
|
New York Liberty Development Corp. Refunding Revenue (3 World Trade Center
Project),
Series 2014, 5.38%, due 11/15/2040
|
1,002,037
(e)
|
|
2,000,000
|
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters),
Series 2005, 5.25%,
due 10/1/2035
|
2,302,269
|
|
750,000
|
New York Liberty Development Corp. Revenue Refunding (Bank of America Tower
at One Bryant Park
Project), Series 2019, Class 3, 2.80%, due 9/15/2069
|
665,852
|
|
1,450,000
|
New York State Dormitory Authority Revenue, Series 2018-A, 5.00%, due
7/1/2048
|
1,490,139
|
|
780,000
|
New York State Dormitory Authority Revenue Non State Supported Debt
(Culinary Institute of
America), Series 2013, 4.63%, due 7/1/2025
|
780,047
|
|
|
New York State Dormitory Authority Revenue Non State Supported Debt (Touro
College & University
System Obligated Group)
|
|
|
460,000
|
Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
|
460,040
|
|
470,000
|
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
|
470,041
|
|
200,000
|
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
|
200,017
|
|
275,000
|
Series 2014-A, 4.13%, due 1/1/2029 Pre-Refunded 7/1/2024
|
275,079
|
|
3,390,000
|
New York State Dormitory Authority Revenue Refunding, Series 2024-A, 4.00%,
due 3/15/2054
|
3,176,387
|
See Notes to Financial Statements
14
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York – cont'd
|
||
|
$400,000
|
New York State Dormitory Authority Revenue Refunding Non State Supported
Debt (Garnet Health
Medical Center), Series 2017, 5.00%, due 12/1/2035
|
$365,383
(e)
|
|
|
New York State Dormitory Authority Revenue Refunding Non State Supported
Debt (Orange Regional
Medical Center)
|
|
|
200,000
|
Series 2017, 5.00%, due 12/1/2036
|
178,898
(e)
|
|
400,000
|
Series 2017, 5.00%, due 12/1/2037
|
351,134
(e)
|
|
1,000,000
|
New York State Dormitory Authority Revenue State Supported Debt (New
School), Series 2022-A,
4.00%, due 7/1/2052
|
880,680
|
|
|
New York State Environmental Facilities Corp. Solid Waste Disposal Revenue
(Casella Waste System,
Inc. Project)
|
|
|
500,000
|
Series 2014, 2.88%, due 12/1/2044 Putable 12/3/2029
|
454,222
(e)
|
|
500,000
|
Series 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025
|
487,018
|
|
585,000
|
New York State Housing Finance Agency Revenue (Affordable Housing), Series
2012-F, (SONYMA
Insured), 3.05%, due 11/1/2027
|
578,357
|
|
3,045,000
|
New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series
2014-189,
3.45%, due 4/1/2027
|
2,996,129
|
|
1,500,000
|
New York State Transportation Development Corp. Special Facility Refunding
Revenue (American
Airlines, Inc.-John F Kennedy International Airport Project), Series 2016,
5.00%, due 8/1/2031
|
1,500,094
|
|
4,000,000
|
New York State Transportation Development Corp. Special Facility Revenue
(Delta Airlines,
Inc.-LaGuardia Airport Terminal C&D Redevelopment), Series 2018-A,
5.00%, due 1/1/2033
|
4,116,588
|
|
|
New York State Transportation Development Corp. Special Facility Revenue
(JFK International Airport
New Terminal 1 Project)
|
|
|
750,000
|
Series 2023, 6.00%, due 6/30/2054
|
821,895
|
|
3,000,000
|
Series 2023, 5.38%, due 6/30/2060
|
3,132,395
|
|
1,145,000
|
New York State Transportation Development Corp. Special Facility Revenue
(LaGuardia Airport
Terminal B Redevelopment Project), Series 2016-A, 4.00%, due 7/1/2041
|
1,037,610
|
|
2,000,000
|
New York State Transportation Development Corp. Special Facility Revenue
(LaGuardia Airport
Terminal C&D Redevelopment Project), Series 2023, 5.63%, due 4/1/2040
|
2,173,257
|
|
|
New York State Transportation Development Corp. Special Facility Revenue
Refunding (JFK
International Airport Terminal 4 Project)
|
|
|
100,000
|
Series 2020-A, 4.00%, due 12/1/2042
|
93,963
|
|
400,000
|
Series 2020-C, 4.00%, due 12/1/2042
|
384,150
|
|
500,000
|
Series 2022, 5.00%, due 12/1/2039
|
525,635
|
|
1,000,000
|
Niagara Area Development Corp. Solid Waste Disposal Facility Revenue
Refunding (Covanta Project),
Series 2018-A, 4.75%, due 11/1/2042
|
892,154
(e)
|
|
|
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara
International Airport)
|
|
|
375,000
|
Series 2019-A, 5.00%, due 4/1/2037
|
385,052
|
|
350,000
|
Series 2019-A, 5.00%, due 4/1/2038
|
357,587
|
|
350,000
|
Series 2019-A, 5.00%, due 4/1/2039
|
356,863
|
|
500,000
|
Oneida Indian Nation of New York Revenue, Series 2024-B, 6.00%, due 9/1/2043
|
527,720
(e)
|
|
7,125,000
|
Port Authority New York & New Jersey Consolidated Bonds Revenue
Refunding (Two Hundred And
Forty Two), Series 2023-242, 5.00%, due 12/1/2053
|
7,336,630
|
|
1,920,000
|
Port Authority New York & New Jersey Consolidated Bonds Revenue
Refunding (Two Hundred And
Thirty Two), Series 2022-232, 4.63%, due 8/1/2052
|
1,940,541
|
|
500,000
|
Port Authority New York & New Jersey Consolidated Bonds Revenue
Refunding (Two Hundred),
Series 2017, 5.00%, due 4/15/2057
|
511,792
|
|
|
TSASC, Inc. Revenue Refunding
|
|
|
580,000
|
Series 2017-A, 5.00%, due 6/1/2028
|
603,904
|
|
3,000,000
|
Series 2017-A, 5.00%, due 6/1/2041
|
3,049,492
|
|
|
Westchester County Local Development Corp. Refunding Revenue (Westchester
Medical Center)
|
|
|
825,000
|
Series 2016, 5.00%, due 11/1/2030
|
825,691
|
|
1,000,000
|
Series 2016, 3.75%, due 11/1/2037
|
851,353
|
See Notes to Financial Statements
15
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
New York – cont'd
|
||
|
$1,500,000
|
Westchester County Local Development Corp. Revenue (Purchase Senior Learning
Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
|
$1,368,425
(e)
|
|
1,000,000
|
Westchester County Local Development Corp. Revenue Refunding (Kendal on
Hudson Project),
Series 2022-B, 5.00%, due 1/1/2051
|
982,581
|
|
1,600,000
|
Westchester County Local Development Corp. Revenue Refunding (Wartburg
Senior Housing Project),
Series 2015-A, 5.00%, due 6/1/2030
|
1,479,421
(e)
|
|
665,000
|
Yonkers Economic Development Corp. Education Revenue (Charter School of
Education Excellence
Project), Series 2019-A, 5.00%, due 10/15/2049
|
642,788
|
|
5,000,000
|
Yonkers Industrial Development Agency School Facilities Revenue (New
Community School Project),
Series 2022, 5.00%, due 5/1/2047
|
5,243,761
|
|
|
|
103,009,213
|
|
North Carolina 2.6%
|
||
|
|
Charlotte Airport Revenue
|
|
|
1,250,000
|
Series 2023-B, 5.00%, due 7/1/2044
|
1,316,309
|
|
1,500,000
|
Series 2023-B, 5.00%, due 7/1/2048
|
1,556,811
|
|
1,700,000
|
North Carolina Medical Care Commission Retirement Facilities Revenue, Series
2020-A, 4.00%, due
9/1/2050
|
1,295,021
|
|
700,000
|
North Carolina Medical Care Commission Retirement Facilities Revenue (Twin
Lakes Community),
Series 2019-A, 5.00%, due 1/1/2049
|
660,210
|
|
4,000,000
|
North Carolina Turnpike Authority Revenue (Triangle Expressway System),
Series 2024-A, (AGM
Insured), 5.00%, due 1/1/2058
|
4,218,486
|
|
|
|
9,046,837
|
|
Ohio 7.7%
|
||
|
23,045,000
|
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding
Revenue,
Series 2020-B-2, 5.00%, due 6/1/2055
|
20,861,933
|
|
1,000,000
|
Jefferson County Port Economic Development Authority Revenue (JSW Steel USA,
Ohio, Inc. Project),
Series 2021, 3.50%, due 12/1/2051
|
745,282
(e)
|
|
2,500,000
|
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG
Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
|
2,292,381
(e)
|
|
1,000,000
|
Ohio State Air Quality Development Authority Revenue (Ohio Valley Electric
Corp. Project),
Series 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029
|
875,040
|
|
2,335,000
|
Ohio State Air Quality Development Authority Revenue Refunding (Ohio Valley
Electric Corp. Project),
Series 2019-A, 3.25%, due 9/1/2029
|
2,205,658
|
|
|
|
26,980,294
|
|
Oklahoma 0.8%
|
||
|
2,000,000
|
Oklahoma State Development Finance Authority Health Systems Revenue (OU
Medicine Project),
Series 2018-B, 5.00%, due 8/15/2033
|
2,057,738
|
|
|
Tulsa Airport Improvement Trust Refunding Revenue
|
|
|
250,000
|
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2024
|
250,051
|
|
400,000
|
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024
|
400,105
|
|
|
|
2,707,894
|
|
Oregon 0.4%
|
||
|
25,000
|
Oregon State Housing & Community Service Department Multi-Family
Revenue, Series 2012-B,
(FHA/GNMA/FNMA/FHLMC Insured), 3.50%, due 7/1/2027
|
24,414
|
|
2,180,000
|
Portland General Obligation (Transportation Project), Series 2022-A, 2.25%,
due 10/1/2041
|
1,525,258
|
|
|
|
1,549,672
|
|
Pennsylvania 5.1%
|
||
|
2,000,000
|
Allentown Neighborhood Improvement Zone Development Authority Revenue (City
Center Project),
Series 2024, 5.00%, due 5/1/2042
|
1,982,865
(e)
|
See Notes to Financial Statements
16
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Pennsylvania – cont'd
|
||
|
$2,830,000
|
Lancaster County Hospital Authority Refunding Revenue (Health Centre-Landis
Homes Retirement
Community Project), Series 2015-A, 4.25%, due 7/1/2030
|
$2,743,233
|
|
5,000,000
|
Leigh County Industrial Development Authority Pollution Control Revenue
Refunding, Series 2016-A,
3.00%, due 9/1/2029
|
4,726,789
|
|
2,350,000
|
Pennsylvania Economic Development Financing Authority Revenue Refunding
(Tapestry Moon Senior
Housing Project), Series 2018-A, 6.75%, due 12/1/2053
|
895,938
(e)(f)
|
|
7,255,000
|
Philadelphia Water & Wastewater Revenue Refunding, Series 2023-B, (AGM
Insured), 4.50%, due
9/1/2048
|
7,331,199
|
|
|
|
17,680,024
|
|
Puerto Rico 7.6%
|
||
|
1,750,000
|
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1,
4.00%, due
7/1/2046
|
1,571,212
|
|
25,052,000
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1,
5.00%, due 7/1/2058
|
24,948,520
|
|
|
|
26,519,732
|
|
South Carolina 2.0%
|
||
|
3,110,000
|
Patriots Energy Group Financing Agency Revenue Refunding, Series 2023-B-1,
5.25%, due 2/1/2054
Putable 3/1/2031
|
3,317,646
|
|
1,875,000
|
South Carolina Jobs Economic Development Authority Economic Development
Revenue (River Park
Senior Living Project), Series 2017-A, 7.75%, due 10/1/2057
|
1,985,059
|
|
550,000
|
South Carolina Jobs Economic Development Authority Solid Waste Disposal
Revenue (AMT-Green
Bond-Last Step Recycling LLC Project), Series 2021-A, 6.50%, due 6/1/2051
|
319,249
(e)
|
|
2,325,000
|
South Carolina Jobs Economic Development Authority Solid Waste Disposal
Revenue (Green
Bond-Jasper Pellets LLC Project), Series 2018-A, 7.00%, due 11/1/2038
|
406,643
#(b)(c)(f)
|
|
750,000
|
South Carolina Jobs Economic Development Authority Solid Waste Disposal
Revenue (RePower South
Berkeley LLC Project), Series 2017, 6.25%, due 2/1/2045
|
75,000
(e)(f)
|
|
750,000
|
South Carolina State Housing Finance & Development Authority Mortgage
Revenue, Series 2024-A,
4.75%, due 1/1/2054
|
750,353
|
|
|
|
6,853,950
|
|
Tennessee 0.4%
|
||
|
2,000,000
|
Metropolitan Government Nashville & Davidson County Health &
Educational Facilities Board
Revenue (Blakeford At Green Hills), Series 2020-A, 4.00%, due 11/1/2045
|
1,508,519
|
|
Texas 14.7%
|
||
|
250,000
|
Anson Educational Facilities Corp. Educational Revenue (Arlington Classics
Academy), Series 2016-A,
5.00%, due 8/15/2045
|
246,523
|
|
1,000,000
|
Arlington Higher Education Finance Corp. Revenue (Universal Academy), Series
2014-A, 6.63%, due
3/1/2029
|
1,000,397
|
|
730,000
|
Austin Community College District Public Facility Corp. Lease Revenue,
Series 2018-C, 4.00%, due
8/1/2042
|
703,577
|
|
250,000
|
Dallas County Flood Control District No. 1 Refunding General Obligation,
Series 2015, 5.00%, due
4/1/2028
|
248,774
(e)
|
|
3,000,000
|
Dallas Fort Worth International Airport Revenue Refunding, Series 2023-B,
5.00%, due 11/1/2047
|
3,226,807
|
|
2,085,000
|
Dallas Independent School District General Obligation, Series 2022, (PSF-GTD
Insured), 2.75%, due
2/15/2052
|
1,391,417
|
|
1,500,000
|
Elm Ridge Water Control & Improvement District of Denton County General
Obligation, Series 2013,
5.00%, due 9/1/2037
|
1,434,922
|
|
3,050,000
|
EP Tuscany Zaragosa PFC Revenue (Home Essential Function Housing Program),
Series 2023, 4.00%,
due 12/1/2033
|
2,901,808
|
|
2,000,000
|
Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.),
Series 2012-B, 4.75%,
due 11/1/2042
|
1,980,107
|
|
7,100,000
|
Fort Bend County Texas Public Facility Corp. Revenue, Series 2023, 5.00%,
due 3/1/2053
|
7,375,616
|
See Notes to Financial Statements
17
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Texas – cont'd
|
||
|
|
Hale Center Education Facilities Corp. Revenue Refunding (Wayland Baptist
University Project)
|
|
|
$405,000
|
Series 2022, 5.00%, due 3/1/2033
|
$424,541
|
|
1,000,000
|
Series 2022, 5.00%, due 3/1/2034
|
1,044,472
|
|
1,825,000
|
Series 2022, 4.00%, due 3/1/2035
|
1,755,317
|
|
960,000
|
Harris County Cultural Education Facilities Finance Corp. Revenue (Brazos
Presbyterian Homes, Inc.
Project), Series 2013-B, 5.75%, due 1/1/2028
|
960,651
|
|
|
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy)
|
|
|
545,000
|
Series 2019-A, 5.00%, due 8/15/2039
|
531,149
(e)
|
|
520,000
|
Series 2019-A, 5.00%, due 8/15/2049
|
479,320
(e)
|
|
|
New Hope Cultural Education Facilities Finance Corp. Revenue (Bridgemoor
Plano Project)
|
|
|
2,000,000
|
Series 2018-A-1, 7.25%, due 12/31/2030
|
1,980,023
|
|
354,958
|
Series 2018-A-2, 0.00%, due 12/31/2030
|
213,719
|
|
500,000
|
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue
(Cardinal Bay, Inc. Village
On The Park Carriage), Series 2016-C, 5.50%, due 7/1/2046
|
175,000
(f)
|
|
|
Parkway Utility District Water & Sewer System Revenue
|
|
|
495,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2033
|
456,197
|
|
690,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2034
|
637,452
|
|
545,000
|
Series 2022, (AGM Insured), 3.00%, due 3/1/2035
|
490,397
|
|
|
Texas Private State Activity Bond Surface Transportation Corp. Revenue
(Senior Lien-Blueridge
Transportation Group LLC)
|
|
|
5,460,000
|
Series 2016, 5.00%, due 12/31/2045
|
5,465,900
|
|
4,750,000
|
Series 2016, 5.00%, due 12/31/2050
|
4,755,580
|
|
3,750,000
|
Series 2016, 5.00%, due 12/31/2055
|
3,754,341
|
|
1,000,000
|
Texas State Private Activity Bond Surface Transportation Corp. Revenue
(Segment 3C Project),
Series 2019, 5.00%, due 6/30/2058
|
1,006,258
|
|
|
Texas State Private Activity Bond Surface Transportation Corp. Revenue
Refunding (Senior Lien-NTE
Mobility Partners Segments 3 LLC)
|
|
|
1,750,000
|
Series 2023, 5.38%, due 6/30/2037
|
1,876,702
|
|
1,000,000
|
Series 2023, 5.38%, due 6/30/2039
|
1,064,327
|
|
1,000,000
|
Series 2023, 5.50%, due 6/30/2040
|
1,065,586
|
|
2,350,000
|
Series 2023, 5.50%, due 6/30/2041
|
2,496,785
|
|
|
|
51,143,665
|
|
Utah 2.0%
|
||
|
|
Salt Lake City Airport Revenue
|
|
|
1,000,000
|
Series 2017-A, 5.00%, due 7/1/2042
|
1,013,872
|
|
2,000,000
|
Series 2017-A, 5.00%, due 7/1/2047
|
2,014,176
|
|
1,000,000
|
Series 2018-A, 5.00%, due 7/1/2043
|
1,019,779
|
|
3,000,000
|
Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001,
(AMBAC Insured), 5.40%,
due 2/15/2028
|
3,027,816
|
|
|
|
7,075,643
|
|
Vermont 1.0%
|
||
|
1,000,000
|
Vermont Economic Development Authority Solid Waste Disposal Revenue (Casella
Waste System,
Inc.), Series 2022-A-1, 5.00%, due 6/1/2052 Putable 6/1/2027
|
1,006,222
(e)
|
|
|
Vermont Student Assistant Corp. Education Loan Revenue
|
|
|
1,800,000
|
Series 2014-A, 5.00%, due 6/15/2024
|
1,800,825
|
|
755,000
|
Series 2015-A, 4.13%, due 6/15/2027
|
756,239
|
|
|
|
3,563,286
|
|
Virgin Islands 2.2%
|
||
|
7,500,000
|
Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A,
5.00%, due
10/1/2039
|
7,813,099
|
See Notes to Financial Statements
18
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
Principal Amount
|
Value
|
|
|
Virginia 1.2%
|
||
|
$3,700,000
|
Virginia Beach Development Authority Revenue, Series 2023-A, 7.00%, due
9/1/2059
|
$4,082,186
|
|
Washington 2.4%
|
||
|
5,290,000
|
Vancouver Downtown Redevelopment Authority Revenue (Conference Center
Project), Series 2013,
4.00%, due 1/1/2028
|
5,291,911
|
|
1,000,000
|
Washington State Economic Development Finance Authority Environmental
Facilities Revenue (Green
Bond), Series 2020-A, 5.63%, due 12/1/2040
|
984,601
(e)
|
|
790,000
|
Washington State Health Care Facilities Authority Revenue Refunding
(Virginia Mason Medical
Center), Series 2017, 5.00%, due 8/15/2026
|
798,461
|
|
1,435,009
|
Washington State Housing Finance Commission, Series 2021-A-1, 3.50%, due
12/20/2035
|
1,304,384
|
|
|
|
8,379,357
|
|
West Virginia 1.3%
|
||
|
|
West Virginia Hospital Finance Authority Revenue (Vandalia Health Group)
|
|
|
1,500,000
|
Series 2023-B, 6.00%, due 9/1/2053
|
1,670,377
|
|
1,500,000
|
Series 2023-B, (AGM Insured), 5.38%, due 9/1/2053
|
1,601,938
|
|
1,400,000
|
West Virginia Hospital Finance Authority Revenue Refunding (Charleston Area
Medical Center, Inc.),
Series 2019-A, 5.00%, due 9/1/2039
|
1,412,171
|
|
|
|
4,684,486
|
|
Wisconsin 3.7%
|
||
|
1,600,000
|
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series
2023-DBE-8109,
4.15%, due 4/1/2055
|
1,600,000
(d)(e)
|
|
2,000,000
|
Public Finance Authority Airport Facility Revenue Refunding (Trips
Obligation Group), Series 2012-B,
5.00%, due 7/1/2042
|
1,985,016
|
|
870,000
|
Public Finance Authority Education Revenue (Pine Lake Preparatory, Inc.),
Series 2015, 4.95%, due
3/1/2030
|
872,992
(e)
|
|
200,000
|
Public Finance Authority Education Revenue (Resh Triangle High School
Project), Series 2015-A,
5.38%, due 7/1/2035
|
200,747
(e)
|
|
600,000
|
Public Finance Authority Retirement Facility Revenue Refunding (Friends
Homes), Series 2019, 5.00%,
due 9/1/2054
|
523,356
(e)
|
|
1,500,000
|
Public Finance Authority Revenue (Astro Tex Land Project), Series 2024,
5.50%, due 12/15/2028
|
1,504,068
(e)
|
|
1,140,000
|
Public Finance Authority Revenue (Candela Project), Series 2023, 6.13%, due
12/15/2029
|
1,116,746
(e)
|
|
|
Public Finance Authority Revenue Refunding (Celanese Project)
|
|
|
210,000
|
Series 2016-C, 4.30%, due 11/1/2030
|
204,998
|
|
3,000,000
|
Series 2016-D, 4.05%, due 11/1/2030
|
2,887,021
|
|
310,000
|
Public Finance Authority Revenue Refunding (Roseman University Health
Sciences Project),
Series 2015, 5.00%, due 4/1/2025
|
310,932
|
|
1,500,000
|
Public Finance Authority Special Facility Revenue (Sky Harbour Capital LLC
Aviation Facility Project),
Series 2021, 4.25%, due 7/1/2054
|
1,149,151
|
|
800,000
|
Saint Croix Chippewa Indians of Wisconsin Refunding, Series 2021, 5.00%, due
9/30/2041
|
588,607
(e)
|
|
|
|
12,943,634
|
|
Total Municipal Notes (Cost $583,463,846)
|
570,711,483
|
|
|
Total Investments 163.9% (Cost $584,590,773)
|
571,207,228
|
|
|
Other Assets Less Liabilities 1.5%
|
5,210,487
|
|
|
Liquidation Preference of Variable Rate Municipal Term
Preferred Shares (65.4%)
|
(227,900,000
)(i)
|
|
|
Net Assets Applicable to Common
Stockholders 100.0%
|
$348,517,715
|
|
|
(a)
|
Variable or floating rate security. The interest rate shown was the current rate as of April
30, 2024 and
changes periodically.
|
|
(b)
|
Value determined using significant unobservable inputs.
|
See Notes to Financial Statements
19
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
|
(c)
|
Security fair valued as of April 30, 2024 in accordance with procedures approved by the
valuation designee.
Total value of all such securities at April 30, 2024 amounted to $1,032,518, which represents
0.3% of net
assets applicable to common stockholders of the Fund.
|
|
(d)
|
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 April 30, 2024.
|
|
(e)
|
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
April 30, 2024, these
securities amounted to $79,518,597, which represents 22.8% of net assets applicable to common
stockholders of the Fund.
|
|
(f)
|
Defaulted security.
|
|
(g)
|
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
|
|
(h)
|
When-issued security. Total value of all such securities at April 30, 2024 amounted to
$258,897, which
represents 0.1% of net assets applicable to common stockholders of the Fund.
|
|
(i)
|
Fair valued as of April 30, 2024 in accordance with procedures approved by
the valuation designee.
|
# This security is subject to restrictions on resale. Total value of all such securities at
April 30, 2024 amounted to $902,388, which represents 0.3% of net assets applicable to common stockholders of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the
table.
|
Restricted Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Value as of
4/30/2024
|
Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
4/30/2024
|
|
California State Pollution Control Financing
Authority Solid Waste Disposal Revenue (Green
Bond-Rialto Bioenergy Facility LLC Project)
|
1/17/2019
|
$2,050,475
|
$—
|
0.0
%
|
|
Rialto Bioenergy Facility LLC
|
11/21/2023
|
495,745
|
495,745
|
0.2
%
|
|
Rialto Bioenergy Facility LLC
|
11/30/2023-2/28/2024
|
631,182
|
—
|
0.0
%
|
|
South Carolina Jobs Economic Development
Authority Solid Waste Disposal Revenue (Green
Bond-Jasper Pellets LLC Project)
|
12/4/2018-6/25/2020
|
2,222,549
|
406,643
|
0.1
%
|
|
Total
|
|
$5,399,951
|
$902,388
|
0.3
%
|
See Notes to Financial Statements
20
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the
Fund’s investments as of April 30, 2024:
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Investments:
|
|
|
|
|
|
Loan Assignments#
|
$—
|
$—
|
$495,745
|
$495,745
|
|
Municipal Notes
|
|
|
|
|
|
New York
|
—
|
102,879,083
|
130,130
|
103,009,213
|
|
South Carolina
|
—
|
6,447,307
|
406,643
|
6,853,950
|
|
Other Municipal Notes#
|
—
|
460,848,320
|
—
|
460,848,320
|
|
Total Municipal Notes
|
—
|
570,174,710
|
536,773
|
570,711,483
|
|
Total Investments
|
$—
|
$570,174,710
|
$1,032,518
|
$571,207,228
|
|
#
|
The Schedule of Investments provides information on the industry, state/territory or sector
categorization.
|
|
(a)
|
The following is a reconciliation between the beginning and ending balances of investments in
which
significant unobservable inputs (Level 3) were used in determining value:
|
|
(000's
omitted)
|
Beginning
balance as
of 11/1/2023
|
Accrued
discounts/
(premiums)
|
Realized
gain/(loss)
|
Change
in unrealized
appreciation/
(depreciation)
|
Purchases
|
Sales
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Balance
as of
4/30/2024
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
4/30/2024
|
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
Loan Assignments(1)
|
$—
|
$40
|
$—
|
$(631
)
|
$1,087
|
$—
|
$—
|
$—
|
$496
|
$(631
)
|
|
Municipal Notes(1)
|
511
|
2
|
—
|
(757
)
|
—
|
(677
)
|
1,458
|
—
|
537
|
(757
)
|
|
Total
|
$511
|
$42
|
$—
|
$(1,388
)
|
$1,087
|
$(677
)
|
$1,458
|
$—
|
$1,033
|
$(1,388
)
|
|
(1) Quantitative Information about Level 3 Fair Value Measurements:
|
||||||||||
|
Investment type
|
Fair value
at
4/30/2024
|
Valuation
approach
|
Significant unobservable
input(s)
|
Input value/
range
|
Weighted
average(a)
|
Impact to
valuation
from
increase
in input(b)
|
|
Municipal Notes
|
$536,773
|
Market Approach
|
Recovery Value (of Par Value)
|
0.0% - 17.5%
|
16.5%
|
Increase
|
|
Loan Assignments
|
495,745
|
Market Approach
|
Recovery Value (of Par Value)
|
0.0% - 100.0%
|
100.0%
|
Increase
|
|
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
|
||||||
|
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
|
||||||
The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used
to value the Fund’s outstanding Variable Rate Municipal Term Preferred Shares as of April 30, 2024:
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Variable Rate Municipal Term Preferred Shares(a)
|
$—
|
$(227,900,000
)
|
$—
|
$(227,900,000
)
|
|
Total Variable Rate Municipal Term Preferred
Shares
|
$—
|
$(227,900,000
)
|
$—
|
$(227,900,000
)
|
|
(a)
|
The Fund may hold liabilities in which the fair value approximates the carrying amount for
financial
statement purposes.
|
See Notes to Financial Statements
21
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
^
A balance indicated with a "—", reflects either a zero balance or an amount that
rounds to less than 1.
See Notes to Financial Statements
22
Statement of Assets and Liabilities (Unaudited)
Neuberger Berman
|
|
Municipal
Fund Inc.
|
|
|
April 30, 2024
|
|
Assets
|
|
|
Investments in securities, at value* (Note
A)—see Schedule of Investments:
|
|
|
Unaffiliated issuers(a)
|
$571,207,228
|
|
Interest receivable
|
8,554,845
|
|
Receivable for securities sold
|
436,616
|
|
Prepaid expenses and other assets
|
14,678
|
|
Total Assets
|
580,213,367
|
|
Liabilities
|
|
|
Variable Rate Municipal Term Preferred Shares, Series A ($100,000 liquidation preference per
share; 2,279 shares
outstanding) (Note A)
|
227,900,000
|
|
Distributions payable—preferred shares
|
868,330
|
|
Distributions payable—common stock
|
1,117,786
|
|
Payable to investment manager (Note B)
|
118,902
|
|
Due to custodian
|
1,041,020
|
|
Payable for securities purchased
|
255,742
|
|
Payable to administrator (Note B)
|
142,683
|
|
Payable to directors
|
3,012
|
|
Other accrued expenses and payables
|
248,177
|
|
Total Liabilities
|
231,695,652
|
|
Net Assets applicable to Common Stockholders
|
$348,517,715
|
|
Net Assets applicable to Common Stockholders consist of:
|
|
|
Paid-in capital—common stock
|
$404,692,716
|
|
Total distributable earnings/(losses)
|
(56,175,001
)
|
|
Net Assets applicable to Common Stockholders
|
$348,517,715
|
|
Shares of Common Stock Outstanding ($0.0001 par value; 999,989,384 shares authorized)
|
29,618,059
|
|
Net Asset Value Per Share of Common Stock Outstanding
|
$11.77
|
|
*Cost of Investments:
|
|
|
(a) Unaffiliated issuers
|
$584,590,773
|
|
|
See Notes to Financial Statements
23
Statement of Operations (Unaudited)
Neuberger Berman
|
|
Municipal
Fund Inc.
|
|
|
For the Six
Months Ended
April 30,
2024
|
|
Investment Income:
|
|
|
Income (Note A):
|
|
|
Interest and other income—unaffiliated issuers
|
$13,428,496
|
|
Expenses:
|
|
|
Investment management fees (Note B)
|
720,513
|
|
Administration fees (Note B)
|
864,615
|
|
Audit fees
|
25,380
|
|
Basic maintenance (Note A)
|
6,216
|
|
Custodian and accounting fees
|
34,461
|
|
Insurance
|
4,702
|
|
Legal fees
|
147,634
|
|
Stockholder reports
|
8,525
|
|
Stock exchange listing fees
|
5,635
|
|
Stock transfer agent fees
|
10,603
|
|
Distributions to Variable Rate Municipal Term Preferred Shareholders (Note A)
|
5,060,130
|
|
Directors' fees and expenses
|
32,185
|
|
Miscellaneous and other fees
|
38,032
|
|
Total expenses
|
6,958,631
|
|
Net investment income/(loss)
|
$6,469,865
|
|
Realized and Unrealized Gain/(Loss) on Investments (Note A):
|
|
|
Net realized gain/(loss) on:
|
|
|
Transactions in investment securities of unaffiliated issuers
|
(9,474,865
)
|
|
Change in net unrealized appreciation/(depreciation) in
value of:
|
|
|
Investment securities of unaffiliated issuers
|
41,924,352
|
|
Net gain/(loss) on investments
|
32,449,487
|
|
Net increase/(decrease) in net assets applicable to Common Stockholders
resulting from operations
|
$38,919,352
|
See Notes to Financial Statements
24
Statements of Changes in Net Assets
Neuberger Berman
|
|
Municipal
Fund Inc.
|
|
|
|
Six Months
Ended
|
Fiscal Year
Ended
|
|
|
April 30,
2024
(Unaudited)
|
October 31,
2023
|
|
Increase/(Decrease) in Net Assets Applicable to Common Stockholders:
|
|
|
|
From Operations (Note A):
|
|
|
|
Net investment income/(loss)
|
$6,469,865
|
$8,325,800
|
|
Net realized gain/(loss) on investments
|
(9,474,865
)
|
(3,822,452
)
|
|
Change in net unrealized appreciation/(depreciation) of investments
|
41,924,352
|
(2,368,623
)
|
|
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from
operations
|
38,919,352
|
2,134,725
|
|
Distributions to Common Stockholders From (Note A):
|
|
|
|
Distributable earnings
|
(6,706,713
)
|
(9,647,520
)
|
|
From Capital Share Transactions (Note D):
|
|
|
|
Proceeds from common stock issued in connection with tax-free reorganizations (Note E)
|
—
|
115,678,555
|
|
Net Increase/(Decrease) in Net Assets Applicable to Common
Stockholders
|
32,212,639
|
108,165,760
|
|
Net Assets Applicable to Common Stockholders:
|
|
|
|
Beginning of period
|
316,305,076
|
208,139,316
|
|
End of period
|
$348,517,715
|
$316,305,076
|
See Notes to Financial Statements
25
Notes to Financial Statements Municipal Fund Inc. (Unaudited)
Note A—Summary of Significant Accounting Policies:
1
General: Neuberger Berman Municipal Fund Inc. (the "Fund") was organized as a Maryland corporation on July 29, 2002 as a diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"). The Fund’s
Board of Directors (the "Board") may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of stockholders.
A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less
than 1.
The Fund is an investment company and accordingly follows the investment company accounting and
reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."
The preparation of financial statements in accordance with U.S. generally accepted accounting
principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.
2
Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by the Fund are carried at the value that 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. At times, Management may need to apply significant judgment 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 bid quotations, or if quotations are not available, by methods that 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.
The value of loan assignments is determined by Management primarily by obtaining valuations from
independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).
The value of the Fund's Variable Rate Municipal Term Preferred Shares ("VMTPS") is estimated to
be their liquidation preference (Level 2 inputs).
26
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 available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation
will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair
value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of 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 or pricing services; information obtained from the issuer and 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 traded.
3
Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Interest income, including accretion of discount (adjusted for original issue discount,
where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost and stated separately in the
Statement of Operations.
4
Income tax information: It is the policy of the Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue
Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its stockholders. To the extent the Fund distributes substantially all of its net investment income and net
realized capital gains to stockholders, no federal income or excise tax provision is required.
ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a
tax position taken, or expected to be taken, in a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statement of Operations. The Fund is subject to
examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. Management has analyzed the Fund's tax positions taken or expected to be
taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.
For federal income tax purposes, the estimated cost of investments held at April 30, 2024 was
$585,046,418. The estimated gross unrealized appreciation was $18,624,319 and estimated gross unrealized depreciation was $32,463,509 resulting in net unrealized depreciation in value of investments of $13,839,190 based on cost for U.S.
federal income tax purposes.
Income distributions and capital gain distributions are determined in accordance with income tax
regulations, which may differ from GAAP. These differences, if any, are primarily due to differing treatments of income and gains on various investment securities held by the Fund and net operating losses written off.
Any permanent differences resulting from different book and tax treatment are reclassified at
year-end and have no impact on net income, net asset value ("NAV") or NAV per share of common stock of the Fund. For the year ended October 31, 2023, the Fund recorded permanent differences primarily related to book to tax differences
transferred to the Fund due to reorganizations (see Note E).
27
For the year ended October 31, 2023, the Fund recorded the following permanent reclassifications:
|
|
Paid-in Capital
|
Total Distributable
Earnings/(Losses)
|
|
|
$9,570,497
|
$(9,570,497
)
|
The tax character of distributions paid during the years ended October 31, 2023, and October 31,
2022, was as follows:
|
|
Distributions Paid From:
|
|||||||||
|
|
Ordinary
Income
|
Tax-Exempt
Income
|
Long-Term
Capital Gain
|
Return of Capital
|
Total
|
|||||
|
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
|
|
$254,692
|
$214,885
|
$15,471,302
|
$15,201,041
|
$—
|
$—
|
$—
|
$—
|
$15,725,994
|
$15,415,926
|
|
|
|
|
|
|
|
|
|
|
|
|
As of October 31, 2023, the components of distributable earnings (accumulated losses) on a U.S.
federal income tax basis were as follows:
|
|
Undistributed
Ordinary
Income
|
Undistributed
Tax-Exempt
Income
|
Undistributed
Long-Term
Capital Gain
|
Unrealized
Appreciation/
(Depreciation)
|
Loss
Carryforwards
and Deferrals
|
Other
Temporary
Differences
|
Total
|
|
|
$—
|
$76,254
|
$—
|
$(55,763,543
)
|
$(30,738,212
)
|
$(1,962,139
)
|
$(88,387,640
)
|
The temporary differences between book basis and tax basis distributable earnings are primarily
due to: defaulted bond adjustments and timing differences of fund level distributions.
To the extent the Fund’s net realized capital gains, if any, can be offset by capital loss
carryforwards, it is the policy of the Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as
short-term or long-term. As determined at October 31, 2023, the Fund had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:
|
Capital Loss Carryforwards
|
|
|
Long-Term
|
Short-Term
|
|
$26,442,000
*
|
$4,296,212
*
|
|
*
|
Future utilization is limited under current tax regulations.
|
5
Distributions to common stockholders: The Fund earns income, net of expenses, daily on its investments. It is the policy of the Fund to declare and pay monthly distributions to common stockholders. Distributions
from net realized capital gains, if any, are normally distributed in December. Distributions to common stockholders are recorded on the ex-date. Distributions to preferred stockholders are accrued and determined as described in Note
A-7.
On April 15, 2024, the Fund declared a monthly distribution to common stockholders in the amount
of $0.037740 per share, payable on May 15, 2024 to stockholders of record on April 30, 2024, with an ex-date of April 29, 2024. Subsequent to April 30, 2024, the Fund declared a monthly distribution on May 15, 2024 to common
stockholders in the amount of $0.037740 per share, payable on June 17, 2024 to stockholders of record on May 31, 2024, with an ex-date of May 31, 2024.
6
Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to the Fund are charged to the Fund.
Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular
28
investment company (e.g., the Fund) are allocated among the Fund and the other investment companies or series
thereof in the complex on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly.
7
Financial leverage: On July 1, 2014, the Fund issued 1,794 VMTPS. On April 1, 2019, and December 16, 2021, the Fund extended the term of the VMTPS, most recently to December 15, 2024.
The Fund’s VMTPS have a liquidation preference of $100,000 per share plus any accumulated unpaid
distributions, whether or not earned or declared by the Fund, but excluding interest thereon ("VMTPS Liquidation Value"). Distributions on the VMTPS are accrued daily and paid monthly at a floating rate. For financial reporting purposes
only, the liquidation preference of the VMTPS is recognized as a liability in the Fund’s Statement of Assets and Liabilities.
Partial redemptions and shares outstanding after each partial redemption are as follows:
|
|
April 1, 2019
|
August 15, 2022
|
November 9, 2022
|
|||
|
|
Shares
Redeemed
|
Shares
Outstanding
|
Shares
Redeemed
|
Shares
Outstanding
|
Shares
Redeemed
|
Shares
Outstanding
|
|
|
90
|
1704
|
47
|
1,657
|
200
|
1,457
|
On October 23, 2023, in connection with the reorganizations of Neuberger Berman California
Municipal Fund Inc. and Neuberger Berman New York Municipal Fund Inc. with and into the Fund (see Note E), the Fund issued 822 VMTPS. After such issuance, the Fund had 2,279 VMTPS outstanding.
The distribution rate for the Fund’s VMTPS is calculated based on the applicable SIFMA
("Securities Industry and Financial Markets Association") Municipal Swap Index plus a spread. The table below sets forth key terms of the Fund’s VMTPS at April 30, 2024.
|
|
Series
|
Term
Redemption
Date
|
Shares
Outstanding
|
Aggregate
Liquidation
Preference
|
|
|
Series A
|
12/15/2024
|
2,279
|
$227,900,000
|
The Fund may redeem its VMTPS, in whole or in part, at its option after giving notice to the
relevant holders of its VMTPS. The Fund is also subject to certain restrictions relating to the VMTPS. Failure to comply with these restrictions could preclude the Fund from declaring any distributions to common stockholders or
repurchasing common stock and/or could trigger the mandatory redemption of its VMTPS at the VMTPS Liquidation Value. The holders of the VMTPS are entitled to one vote per share and will vote with holders of common stock as a single
class, except that the holders of the VMTPS will vote separately as a class on certain matters, as required by law or the Fund’s organizational documents. The holders of the VMTPS, voting as a separate class, are entitled at all times
to elect two Directors of the Fund, and to elect a majority of the Directors of the Fund if the Fund fails to pay distributions on its VMTPS for two consecutive years.
During the six months ended April 30, 2024, the average aggregate liquidation preference
outstanding and average annualized distribution rate of the VMTPS were $227,900,000 and 4.45%, respectively.
8
Concentration of risk: The ability of the issuers of the debt securities held by the Fund to meet its obligations may be affected by economic developments, including those particular to a specific
industry or region. The value of the Fund's securities are more susceptible to adverse economic, political, regulatory or other factors affecting the issuers of such municipal bonds than a fund that does not limit its investments to
such issuers.
9
Securities lending: The Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated
lender’s fees. These fees, if any, would be disclosed within the Statement of Operations under the caption "Income from securities loaned—net" and are net of expenses retained by State Street as compensation for its services as
lending agent.
29
The initial collateral received by the Fund at the beginning of each transaction shall have a value equal to at
least 102% of the prior day’s market value of the loaned securities (105% in the case of international securities). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent
to at least 100% of the market value of securities, is maintained at all times. Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a counterparty and the Fund until the close of
the transaction. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street and is included in the Statement of Assets and Liabilities under the caption
"Investments in securities, at value—Unaffiliated issuers." The total value of securities received as collateral for securities on loan is included in a footnote following the Schedule of Investments, but is not included within the
Statement of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. The risks associated with lending portfolio securities include, but are not limited to,
possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities
during the term of the loan would accrue to the Fund.
During the six months ended April 30, 2024, the Fund did not participate in securities lending.
10
Indemnifications: Like many other companies, the Fund's organizational documents provide that its officers ("Officers") and directors ("Directors") are indemnified against certain liabilities
arising out of the performance of their duties to the Fund. In addition, both in some of its principal service contracts and in the normal course of its business, the Fund enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against the Fund.
11
Arrangements with certain non-affiliated service
providers: In order to satisfy rating agency requirements, the Fund is required to provide the rating agency that rates its VMTPS a report on a monthly basis
verifying that the Fund is maintaining eligible assets having a discounted value equal to or greater than the Preferred Shares Basic Maintenance Amount, which is a minimum level set by the rating agency as one of the conditions to
maintain its rating on the VMTPS. "Discounted value" refers to the fact that the rating agency requires the Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the
rating agency. The Fund pays a fee to State Street for the preparation of this report which is reflected in the Statement of Operations under the caption "Basic maintenance (Note A)."
Note B—Investment Management Fees, Administration Fees, and Other Transactions with Affiliates:
The Fund retains NBIA as its investment manager under a Management Agreement. For such investment
management services, the Fund pays NBIA an investment management fee at an annual rate of 0.25% of the Fund's average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate
indebtedness entered into for purposes of leverage. For purposes of calculating Managed Assets, any VMTPS liquidation preference is not considered a liability.
The Fund retains NBIA as its administrator under an Administration Agreement. The Fund pays NBIA
an administration fee at an annual rate of 0.30% of its average daily Managed Assets under this agreement. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a
fee for all services received under the Sub-Administration Agreement.
Note C—Securities Transactions:
During the six months ended April 30, 2024, there were purchase and sale transactions of
long-term securities of $154,932,125 and $162,370,518, respectively.
30
Note D—Capital:
Transactions in shares of common stock for the six months ended April 30, 2024 and the year ended
October 31, 2023 were as follows:
|
|
For the Six Months Ended April 30, 2024
|
For the Year Ended October 31, 2023
|
|||
|
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
Stock Issued on
Reinvestment of
Dividends
and Distributions
|
Stock Issued in
Connection
with Tax-Free
Reorganizations
(see Note E)
|
Net Increase/
(Decrease)
in Common Stock
Outstanding
|
|
|
—
|
—
|
—
|
10,774,895
|
10,774,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note E—Reorganizations:
On April 3, 2023, Neuberger Berman California Municipal Fund Inc. ("California Fund"),
Neuberger Berman New York Municipal Fund Inc. ("New York Fund") (individually, an "Acquired Fund" and together with California Fund, the "Acquired Funds") and Municipal Fund ("Acquiring Fund") each announced that its Board approved
proposal(s) to reorganize each Acquired Fund with and into Acquiring Fund, with the Acquiring Fund continuing as the surviving fund in each case. On July 26, 2023, the Acquired Funds and Acquiring Fund announced that common and
preferred stockholders of each Fund approved the applicable reorganization proposals. The reorganizations of each Acquired Fund with and into the Acquiring Fund were successfully completed prior to the opening of the New York Stock
Exchange on October 23, 2023. The Acquiring Fund acquired the assets and liabilities of each Acquired Fund in tax-free transactions, and common stockholders of each Acquired Fund received an amount of Acquiring Fund common stock with a
net asset value equal to the aggregate net asset value of their holdings of the applicable Acquired Fund's common stock as determined at the close of business on October 20, 2023. Cash was distributed for any fractional shares.
Preferred stockholders of each Acquired Fund received on a one-for-one basis Acquiring Fund
preferred stock with a liquidation preference equal to the aggregate liquidation preference of the preferred stock held by such Acquired Fund preferred stockholder immediately prior to the reorganizations.
The reorganizations were accomplished by a tax-free exchange of shares of common and preferred
stock of the Acquiring Fund in the following amounts and at the following conversion ratios:
|
|
Shares of
Common Stock
Outstanding Prior
to Reorganization
|
Conversion Ratio
|
Shares of Common
Stock Issued by
the Acquiring
Fund(a)
|
Net Assets
Applicable to
Common
Stockholders Prior
to Reorganization
|
|
California Fund
|
5,551,044
|
1.070651
|
5,943,200
|
$63,806,095
|
|
New York Fund
|
5,077,417
|
0.951611
|
4,831,695
|
51,873,147
|
|
(a)
|
Fractional shares of the Acquiring Fund's common stock were not issued in the reorganizations
and
consequently cash was distributed for any such fractional shares.
|
|
|
Shares of VMTPS
Outstanding Prior to
Reorganization
|
Conversion Ratio
|
Shares of VMTPS
Issued by the
Acquiring Fund
|
|
California Fund
|
457
|
1
|
457
|
|
New York Fund
|
365
|
1
|
365
|
The unrealized depreciation of California Fund and New York Fund were $(9,634,127) and
$(11,330,220), respectively, as of the date of the reorganizations. The combined net assets applicable to common
31
stockholders of the Acquiring Fund immediately after the reorganizations were $317,977,485. For financial
reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the
Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to stockholders for tax purposes.
Note F—Unaudited Financial Information:
The financial information included in this interim report is taken from the records of the Fund
without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.
32
Financial Highlights
Municipal Fund Inc.
The following table includes selected data for a share of common stock outstanding throughout each fiscal period
and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented
as 0.00% or (0.00)%, respectively. A "—" indicates that the line item was not applicable in the corresponding fiscal period.
|
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||
|
|
2024
(Unaudited)
|
2023
|
2022
|
2021
|
2020
|
2019
|
|
Common Stock Net Asset Value,
Beginning of Period
|
$10.68
|
$11.05
|
$14.88
|
$14.75
|
$15.33
|
$14.52
|
|
Income/(Loss) From Investment
Operations Applicable to Common
Stockholders:
|
|
|
|
|
|
|
|
Net Investment Income/(Loss)a
|
0.22
|
0.44
|
0.61
|
0.73
|
0.68
|
0.66
|
|
Net Gains or (Losses) on Securities (both
realized and unrealized)
|
1.10
|
(0.32
)
|
(3.78
)
|
0.15
|
(0.51
)
|
0.90
|
|
Total From Investment Operations
Applicable to Common Stockholders
|
1.32
|
0.12
|
(3.17
)
|
0.88
|
0.17
|
1.56
|
|
Less Distributions to Common
Stockholders From:
|
|
|
|
|
|
|
|
Net Investment Income
|
(0.23
)
|
(0.49
)
|
(0.66
)
|
(0.75
)
|
(0.75
)
|
(0.75
)
|
|
Common Stock Net Asset Value, End of
Period
|
$11.77
|
$10.68
|
$11.05
|
$14.88
|
$14.75
|
$15.33
|
|
Common Stock Market Value, End of
Period
|
$10.09
|
$8.86
|
$9.64
|
$15.22
|
$14.15
|
$15.57
|
|
Total Return, Common Stock Net Asset
Valueb
|
12.64
%c
|
1.34
%
|
(21.57
)%
|
5.91
%
|
1.40
%
|
11.18
%
|
|
Total Return, Common Stock Market
Valueb
|
16.40
%c
|
(3.64
)%
|
(33.11
)%
|
12.92
%
|
(4.23
)%
|
29.92
%
|
|
Supplemental Data/Ratios
|
|
|
|
|
|
|
|
Net Assets Applicable to Common
Stockholders, End of Period (in millions)
|
$348.5
|
$316.3
|
$208.1
|
$280.2
|
$277.6
|
$288.2
|
|
Preferred Stock Outstanding, End of Period
(in millions)
|
$227.9
|
$227.9
|
$165.7
|
$170.4
d
|
$170.4
d
|
$170.4
d
|
|
Preferred Stock Liquidation Value Per Share
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
|
Ratios are Calculated Using Average
Net Assets Applicable to Common
Stockholders
|
|
|
|
|
|
|
|
Ratio of Gross Expensese
|
3.98
%f
|
3.90
%
|
2.25
%
|
1.58
%
|
2.03
%
|
2.66
%
|
|
Ratio of Net Expensese
|
3.98
%f
|
3.90
%
|
2.25
%
|
1.58
%
|
2.03
%
|
2.66
%
|
|
Ratio of Net Investment Income/(Loss)
|
3.70
%f
|
3.70
%
|
4.62
%
|
4.77
%
|
4.54
%
|
4.39
%
|
|
Portfolio Turnover Rate
|
27
%c
|
32
%g
|
36
%
|
13
%
|
39
%
|
44
%
|
|
Asset Coverage Per Share of Preferred
Stock, End of Periodh
|
$253,307
|
$239,162
|
$225,878
|
$264,533
|
$262,958
|
$269,321
|
|
|
See Notes to Financial Highlights
33
Notes to Financial Highlights Municipal Fund Inc. (Unaudited)
|
a
|
Calculated based on the average number of shares of common stock outstanding during each
fiscal period.
|
|
b
|
Total return based on per share NAV reflects the effects of changes in NAV on the performance
of each
Fund during each fiscal period. Total return based on per share market value assumes the
purchase of
shares of common stock at the market price on the first day and sale of common stock at the
market price
on the last day of the period indicated. Dividends and distributions, if any, are assumed to
be reinvested at
prices obtained under each Fund's distribution reinvestment plan. Results represent past
performance and
do not indicate future results. Current returns may be lower or higher than the performance
data quoted.
Investment returns will fluctuate and shares of common stock when sold may be worth more or
less than
original cost.
|
|
c
|
Not annualized.
|
|
d
|
Net of unamortized deferred issuance costs. The unamortized deferred issuance costs were:
|
|
|
Year Ended October 31,
|
||
|
|
2021
|
2020
|
2019
|
|
|
$5,962
|
$20,475
|
$35,027
|
|
e
|
Distributions on VMTPS are included in expense ratios. The annualized ratios of distributions
on VMTPS to
average net assets applicable to common stockholders were:
|
|
|
Six Months Ended April 30,
|
Year Ended October 31,
|
||||
|
|
2024
|
2023
|
2022
|
2021
|
2020
|
2019
|
|
|
2.89%
|
2.70%
|
1.16%
|
0.56%
|
1.00%
|
1.59%
|
|
f
|
Annualized.
|
|
g
|
After the close of business on October 20, 2023, the Fund acquired the assets and liabilities
of Neuberger
Berman California Municipal Inc. ("California Fund") and Neuberger Berman New York Municipal
Fund Inc.
("New York Fund") in a tax-free exchange of shares pursuant to Agreements and Plans of
Reorganization
approved, as applicable, by each Fund’s Board of Directors and stockholders. Portfolio
turnover excludes
purchases and sales of securities by California Fund and New York Fund.
|
|
h
|
Calculated by subtracting the Fund's total liabilities (excluding the liquidation preference
of VMTPS and
accumulated unpaid distributions on VMTPS) from the Fund's total assets and dividing by the
number of
VMTPS outstanding.
|
34
Distribution Reinvestment Plan for the Fund
Equiniti Trust Company, LLC (the "Plan Agent") will act as Plan Agent for stockholders who have not elected in
writing to receive dividends and distributions in cash (each a "Participant"), will open an account for each Participant under the Distribution Reinvestment Plan ("Plan") in the same name as their then-current shares of the Fund’s
common stock ("Shares") are registered, and will put the Plan into effect for each Participant as of the first record date for a dividend or capital gains distribution.
Whenever the Fund declares a dividend or distribution with respect to the Shares, each Participant will receive
such dividends and distributions in additional Shares, including fractional Shares acquired by the Plan Agent and credited to each Participant’s account. If on the payment date for a cash dividend or distribution, the net asset value is
equal to or less than the market price per Share plus estimated brokerage commissions, the Plan Agent shall automatically receive such Shares, including fractions, for each Participant’s account. Except in the circumstances described in
the next paragraph, the number of additional Shares to be credited to each Participant’s account shall be determined by dividing the dollar amount of the dividend or distribution payable on their Shares by the greater of the net asset
value per Share determined as of the date of purchase or 95% of the then-current market price per Share on the payment date.
Should the net asset value per Share exceed the market price per Share plus estimated brokerage commissions on the
payment date for a cash dividend or distribution, the Plan Agent or a broker-dealer selected by the Plan Agent shall endeavor, for a purchase period lasting until the last business day before the next date on which the Shares trade on
an "ex-dividend" basis, but in no event, except as provided below, more than 30 days after the payment date, to apply the amount of such dividend or distribution on each Participant’s Shares (less their pro rata share of brokerage
commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of such dividend or distribution) to purchase Shares on the open market for each Participant’s account. No such purchases
may be made more than 30 days after the payment date for such dividend or distribution except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. If, at the
close of business on any day during the purchase period the net asset value per Share equals or is less than the market price per Share plus estimated brokerage commissions, the Plan Agent will not make any further open-market purchases
in connection with the reinvestment of such dividend or distribution. If the Plan Agent is unable to invest the full dividend or distribution amount through open-market purchases during the purchase period, the Plan Agent shall request
that, with respect to the uninvested portion of such dividend or distribution amount, the Fund issue new Shares at the close of business on the earlier of the last day of the purchase period or the first day during the purchase period
on which the net asset value per Share equals or is less than the market price per Share, plus estimated brokerage commissions, such Shares to be issued in accordance with the terms specified in the third paragraph hereof. These newly
issued Shares will be valued at the then-current market price per Share at the time such Shares are to be issued.
For purposes of making the reinvestment purchase comparison under the Plan, (a) the market price of the Shares on
a particular date shall be the last sales price on the New York Stock Exchange (or if the Shares are not listed on the New York Stock Exchange, such other exchange on which the Shares are principally traded) on that date, or, if there
is no sale on such Exchange (or if not so listed, in the over-the-counter market) on that date, then the mean between the closing bid and asked quotations for such Shares on such Exchange on such date and (b) the net asset value per
Share on a particular date shall be the net asset value per Share most recently calculated by or on behalf of the Fund. All dividends, distributions and other payments (whether made in cash or Shares) shall be made net of any applicable
withholding tax.
Open-market purchases provided for above may be made on any securities exchange where the Fund’s Shares are
traded, in the over-the-counter market or in negotiated transactions and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Each Participant’s uninvested funds held by the Plan Agent will not
bear interest, and it is understood that, in any event, the Plan Agent shall have no liability in
35
connection with any inability to purchase Shares within 30 days after the initial date of such purchase as herein provided, or
with the timing of any purchases effected. The Plan Agent shall have no responsibility as to the value of the Shares acquired for each Participant’s account. For the purpose of cash investments, the Plan Agent may commingle each
Participant’s funds with those of other stockholders of the Fund for whom the Plan Agent similarly acts as agent, and the average price (including brokerage commissions) of all Shares purchased by the Plan Agent as Plan Agent shall be
the price per Share allocable to each Participant in connection therewith.
The Plan Agent may hold each Participant’s Shares acquired pursuant to the Plan together with the Shares of other
stockholders of the Fund acquired pursuant to the Plan in noncertificated form in the Plan Agent’s name or that of the Plan Agent’s nominee. The Plan Agent will forward to each Participant any proxy solicitation material and will vote
any Shares so held for each Participant only in accordance with the instructions set forth on proxies returned by the Participant to the Fund.
The Plan Agent will confirm to each Participant each acquisition made for their account as soon as practicable but
not later than 60 days after the date thereof. Although each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Share, no certificates for a fractional Share will be issued.
However, dividends and distributions on fractional Shares will be credited to each Participant’s account. In the event of termination of a Participant’s account under the Plan, the Plan Agent will adjust for any such undivided
fractional interest in cash at the market value of the Shares at the time of termination, less the pro rata expense of any sale required to make such an adjustment.
Any Share dividends or split Shares distributed by the Fund on Shares held by the Plan Agent for Participants will
be credited to their accounts. In the event that the Fund makes available to its stockholders rights to purchase additional Shares or other securities, the Shares held for each Participant under the Plan will be added to other Shares
held by the Participant in calculating the number of rights to be issued to each Participant.
The Plan Agent’s service fee for handling capital gains and other distributions or income dividends will be paid
by the Fund. Participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Each Participant may terminate their account under the Plan by notifying the Plan Agent in writing. Such
termination will be effective immediately if the Participant’s notice is received by the Plan Agent not less than ten days prior to any dividend or distribution record date, otherwise such termination will be effective the first trading
day after the payment date for such dividend or distribution with respect to any subsequent dividend or distribution. The Plan may be terminated by the Plan Agent or the Fund upon notice in writing mailed to each Participant at least 30
days prior to any record date for the payment of any dividend or distribution by the Fund.
These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time or times but,
except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at
least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Agent receives written notice of the termination of
their account under the Plan. Any such amendment may include an appointment by the Plan Agent in its place and stead of a successor Plan Agent under these terms and conditions, with full power and authority to perform all or any of the
acts to be performed by the Plan Agent under these terms and conditions. Upon any such appointment of any Plan Agent for the purpose of receiving dividends and distributions, the Fund will be authorized to pay to such successor Plan
Agent, for each Participant’s account, all dividends and distributions payable on Shares held in their name or under the Plan for retention or application by such successor Plan Agent as provided in these terms and conditions.
The Plan Agent shall at all times act in good faith and agrees to use its best efforts within reasonable limits to
ensure the accuracy of all services performed under this Agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by
36
the Plan Agent’s negligence, bad faith, or willful misconduct or that of its employees. These terms and conditions are governed
by the laws of the State of Maryland.
Reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions — i.e.,
reinvestment in additional Shares does not relieve stockholders of, or defer the need to pay, any income tax that may be payable (or that is required to be withheld) on Fund dividends and distributions. Participants should contact their
tax professionals for information on how the Plan impacts their personal tax situation. For additional information about the Plan, please contact the Plan Agent by telephone at 1-866-227-2136 or by mail at P.O. Box 500, Newark, NJ 07101
or online at https://equiniti.com/us/ast-access/individuals.
37
Directory
Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
877.461.1899
1290 Avenue of the Americas
New York, NY 10104-0002
877.461.1899
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
Equiniti Trust Company, LLC
48 Wall Street, Floor 23
New York, NY 10005
Shareholder Services 866.227.2136
48 Wall Street, Floor 23
New York, NY 10005
Shareholder Services 866.227.2136
Plan Agent
Equiniti Trust Company, LLC
P.O. Box 500
Newark, NJ 07101
P.O. Box 500
Newark, NJ 07101
Overnight correspondence should be sent to:
Equiniti Trust Company, LLC
55 Challenger Road 2nd Floor
Ridgefield Park, NJ 07660
Equiniti Trust Company, LLC
55 Challenger Road 2nd Floor
Ridgefield Park, NJ 07660
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600
1601 K Street, NW
Washington, DC 20006-1600
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
200 Clarendon Street
Boston, MA 02116
38
Proxy Voting Policies and Procedures
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to
portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 is also available, without charge upon request, by calling 800-877-9700 (toll-free), on the SEC’s website at www.sec.gov, and on Neuberger Berman’s website at www.nb.com.
Quarterly Portfolio Schedule
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each
fiscal year as an exhibit to its report on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The portfolio holdings information on Forms N-PORT are available upon request, without charge, by calling
800-877-9700 (toll-free).
39
|
FACTS
|
WHAT DOES NEUBERGER BERMAN
DO WITH YOUR PERSONAL INFORMATION?
|
|
Why?
|
Financial companies choose how they share your personal
information. Federal law
gives consumers the right to limit some but not all sharing. Federal law
also requires
us to tell you how we collect, share, and protect your personal
information. Please
read this notice carefully to understand what we do.
|
|
What?
|
The types of personal information we collect and share
depend on the product or
service you have with us. This information can include:
■ Social Security numbers, dates of birth and other numerical identifiers
■ Names and addresses
■ Driver’s licenses, passports and other identification documents
■ Usernames and passwords
■ Internet protocol addresses and other network activity information
■ Income, credit history, credit scores, assets, transaction history and other
financial information
|
|
How?
|
All financial companies need to share customers’ personal
information to run their
everyday business. In the section below, we list the reasons financial
companies can
share their customers’ personal information; the reasons Neuberger Berman
chooses to share; and whether you can limit this sharing.
|
|
Reasons we can share your personal information
|
Does Neuberger
Berman share?
|
Can you limit this sharing?
|
|
For our everyday business purposes—
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus
|
Yes
|
No
|
|
For our marketing purposes—
to offer our products and services to you
|
Yes
|
No
|
|
For joint marketing with other financial
companies
|
No
|
We don’t share
|
|
For our Affiliates’ everyday business purposes—
information about your transactions and
experiences
|
Yes
|
No
|
|
For our Affiliates’ everyday business purposes—
information about your creditworthiness
|
No
|
We don’t share
|
|
For Nonaffiliates to market to you
|
No
|
We don’t share
|
|
Questions?
|
This is not part of the Fund's stockholder report.
Page 2
|
Who we are?
|
|
|
Who is providing this notice?
|
Entities within the Neuberger Berman family of companies,
mutual funds, and private investment funds.
|
|
What we do?
|
|
|
How does Neuberger Berman
protect my personal information?
|
To protect your personal information from unauthorized access
and use, we use security measures that comply with federal law
and include physical, electronic and procedural safeguards.
|
|
How does Neuberger Berman
collect my personal information?
|
We collect your personal information directly from you or your
representatives, for example, when you
■ seek advice about your investments
■ give us your contact or income information
■ provide account information or open an account
■ direct us to buy or sell securities, or complete other
transactions
■ visit one of our websites, portals or other online locations
We also collect your personal information from others, such as
credit bureaus, affiliates, or other companies.
|
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only:
■ sharing with Affiliates’ for everyday business
purposes—information about your creditworthiness
■ Affiliates from using your information to market to you
■ sharing with Nonaffiliates to market to you
State laws and individual companies may give you additional
rights to limit sharing.
|
|
Definitions
|
|
|
Affiliates
|
Companies related by common ownership or control. They can
be financial and nonfinancial companies.
■ Our affiliates include, but are not limited to, companies with a
Neuberger Berman name; financial companies, such as
investment advisers or broker dealers; mutual funds,
and
private investment funds.
|
|
Nonaffiliates
|
Companies not related by common ownership or control. They
can be financial and nonfinancial companies.
■ Nonaffiliates we share with can include companies that
perform administrative services on our behalf (such
as
vendors that provide data processing, transaction
processing,
and printing services) or other companies such as
brokers,
dealers, or counterparties in connection with
servicing your
account.
|
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies
that together market financial products or services to you.
■ Neuberger Berman doesn’t jointly market.
|
This is not part of the Fund's stockholder report.
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.nb.com
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.nb.com
Statistics and projections in this report are derived from sources deemed to be reliable
but cannot be regarded as a representation of future results of the Fund. This report is prepared for the general information of stockholders and is not an offer for shares of
the Fund.
but cannot be regarded as a representation of future results of the Fund. This report is prepared for the general information of stockholders and is not an offer for shares of
the Fund.
I0208 06/24
| (b) |
Not applicable to the Registrant.
|
Item 2. Code of Ethics.
The Board of Directors (“Board”) of Neuberger Berman Municipal Fund Inc. (“Registrant” or “Fund”) has adopted a code of ethics that applies
to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”). During the period covered by this Form N-CSR, there were no
substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing
similar functions.
A copy of the Code of Ethics is incorporated by
reference to Neuberger Berman Real Estate Securities Income Fund Inc.’s Form N-CSRS, Investment Company Act file number 811-21421 (filed June 26, 2023). The Code of Ethics is also available,
without charge, by calling 1-800-877-9700 (toll-free).
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
(a) Not applicable to semi-annual reports on Form N-CSR.
(b) Not applicable to the Registrant.
Item 6. Investments.
|
(a)
|
The complete schedule of investments for the Registrant is disclosed in the Registrant’s semi-annual report, which is included in Item 1 of this Form N-CSR.
|
|
(b)
|
Not applicable to the Registrant.
|
Item 7. Reserved.
Item 8. Reserved.
Item 9. Reserved.
Item 10. Reserved.
Item 11. Reserved.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to semi-annual reports on Form N-CSR.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
|
(a)
|
Not applicable to semi-annual reports on Form N-CSR.
|
|
(b)
|
There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR.
|
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No reportable purchases for the period covered by this report.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which stockholders may recommend nominees to the Board.
Item 16. Controls and Procedures.
| (a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and
Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is
accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
|
| (b) |
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
| (a) |
The Fund did not engage in any securities lending activity during its most recent fiscal year.
|
| (b) |
The Fund did not engage in any securities lending activity and no services were provided by the securities lending agent to the Fund during its most recent fiscal year.
|
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable to the Registrant.
Item 19. Exhibits.
| (a)(1) |
| (a)(2) |
Not applicable to the Registrant.
|
| (a)(3) |
| (a)(4) |
Not applicable to the Registrant.
|
| (a)(5) |
Not applicable to the Registrant.
|
| (b) |
The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is
furnished herewith.
|
The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Municipal Fund Inc.
By: /s/ Joseph V. Amato
Joseph V. Amato
Chief Executive Officer and President
Date: July 2, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Joseph V. Amato
Joseph V. Amato
Chief Executive Officer and President
Date: July 2, 2024
By: /s/ John M. McGovern
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
Date: July 2, 2024