As filed with the Securities and Exchange Commission on September 28, 2018
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-21168
NEUBERGER BERMAN MUNICIPAL FUND INC.
(Exact Name of Registrant as Specified in Charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
 (Address of Principal Executive Offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Joseph V. Amato, Chief Executive Officer and President
Neuberger Berman Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002


 Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and Addresses of Agents for Service)
Date of fiscal year end:  October 31
Date of reporting period:  July 31, 2018
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of their first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (“1940 Act”) (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.
Schedule of Investments Municipal Fund Inc.(a)
 
(Unaudited) July 31, 2018


Principal Amount
    
Value†
  
(000's omitted)
      
(000's omitted)
  
           
Municipal Notes 162.3%
 
Alabama 0.7%
 
$
1,900
  
Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35
$
2,029
  
               
American Samoa 0.6%
   
1,700
  
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29
  
1,708
  
               
Arizona 4.6%
   
5,000
  
Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21 Pre-Refunded 9/1/18
  
5,000
  
   
500
  
Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/36
  
515
(b)
   
1,500
  
Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/26
  
1,520
(b)(c)
   
2,250
  
Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25
  
2,405
(b)
   
2,615
  
Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24
  
2,665
  
   
400
  
Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living  Proj.), Ser. 2016-A, 5.13%, due 7/1/36
  
404
  
   
1,500
  
Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28
  
76
(c)(d)
   
400
  
Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24
  
440
  
 
13,025
  
California 34.9%
   
2,250
  
California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39 Pre-Refunded 8/15/19
  
2,334
  
   
1,000
  
California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26
  
1,104
  
   
1,725
  
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/24
  
1,821
  
       
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
      
   
645
  
Ser. 2014, 5.00%, due 7/1/24
  
665
(b)(c)
   
630
  
Ser. 2014, 5.13%, due 7/1/29
  
642
(b)(c)
       
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
      
   
850
  
Ser. 2014, 5.00%, due 7/1/24
  
875
(c)
   
430
  
Ser. 2014, 5.13%, due 7/1/29
  
437
(c)
   
500
  
California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/31
  
523
(b)
   
570
  
California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30
  
604
(b)
   
585
  
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/26
  
610
  
   
1,300
  
California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/30
  
1,426
(b)
       
California St. Dept. of  Veterans Affairs Home Purchase Ref. Rev.
      
   
2,155
  
Ser. 2016-A, 2.90%, due 6/1/28
  
2,109
  
   
2,450
  
Ser. 2016-A, 2.95%, due 12/1/28
  
2,398
  
   
50
  
California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27
  
50
  
   
500
  
California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. Proj.), Ser. 2016-A, 5.00%, due 1/1/36
  
486
(b)
   
485
  
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/27
  
468
(b)(c)
   
5,000
  
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27
  
5,432
(b)
   
4,000
  
California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25
  
4,111
  
 
 
4,600
  
Deutsche Bank Spears/Lifers Trust Rev. (Floaters) (Deutsche Bank AG), Ser. 2017-7007, 1.44%, due 3/1/42
 
4,600
(b)(e)
   
2,700
  
Deutsche Bank Spears/Lifers Trust Rev. (Starwood Comm. Dev. Au. Mutli-Family Hsg.), Ser. 2017-DBE-7006, (LOC: Deutsche Bank AG), 1.44%, due 4/1/52
  
2,700
(b)(e)
   
2,000
  
Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33 Pre-Refunded 8/1/21
  
2,284
  
   
2,000
  
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/40 Pre-Refunded 8/1/25
  
2,607
  
   
1,115
  
Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/18
  
1,115
  
   
590
  
La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29
  
628
  
   
2,250
  
Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27
  
2,351
  
   
3,620
  
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/24
  
3,133
  
   
5,750
  
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (Assured Guaranty Insured), 0.00%, due 8/1/29
  
6,120
(f)
   
5,000
  
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/34
  
6,442
  
   
815
  
Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/19
  
803
  
   
4,000
  
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26
  
4,883
  
   
2,000
  
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%, due 8/1/34
  
2,366
(g)
   
2,000
  
San Francisco City & Co. Arpt. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25
  
2,050
  
   
6,000
  
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/32
  
5,900
(h)
   
1,540
  
Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26
  
1,694
  
   
2,040
  
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25
  
2,323
  
       
Vernon Elec. Sys. Rev.
      
   
510
  
Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19
  
529
  
   
1,105
  
Ser. 2009-A, 5.13%, due 8/1/21
  
1,136
  
   
9,070
  
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
  
11,917
(i)
   
5,095
  
Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured Guaranty Insured), 0.00%, due 8/1/26
  
4,056
  
   
3,000
  
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
  
2,723
(j)
 
98,455
  
Colorado 4.5%
       
Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
      
   
500
  
Ser. 2015, 4.50%, due 4/1/25
  
510
(b)
   
1,000
  
Ser. 2015, 5.13%, due 4/1/35
  
1,014
(b)
       
Colorado Ed. & Cultural Facs. Au. Rev. Ref.
      
   
305
  
Ser. 2014, 4.00%, due 11/1/24
  
312
(c)
   
750
  
Ser. 2014, 4.50%, due 11/1/29
  
769
(c)
   
5,000
  
Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24
  
5,440
  
   
2,550
  
Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23
  
2,631
(b)
   
8,000
  
Villages at Castle Rock Co. Metro. Dist. #6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2, 0.00%, due 12/1/37
  
2,150
  
 
12,826
  
Connecticut 0.3%
   
750
  
Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25
  
763
  
               
District of Columbia 3.0%
 
 
1,615
  
Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/26
 
1,690
  
   
2,470
  
Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22
  
2,541
  
   
520
  
Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23
  
552
  
   
650
  
Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/45
  
649
  
       
Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev.
      
   
1,000
  
Ser. 2008-A, 5.50%, due 10/1/18
  
1,006
  
   
2,000
  
Ser. 2011-C, 5.00%, due 10/1/26
  
2,166
  
 
8,604
  
Florida 6.9%
   
1,600
  
Cap. Trust Agcy. Rev. (Tuscan Gardens Palm Coast Proj.), Ser. 2017-A, 7.00%, due 10/1/49
  
1,536
(b)(c)
   
800
  
Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C, 7.50%, due 7/1/53
  
768
(b)
   
1,000
  
Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26
  
1,120
  
   
200
  
Escambia Co. Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.), Ser. 2009, 1.52%, due 4/1/39
  
200
(e)
   
1,075
  
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36
  
1,011
  
       
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
      
   
895
  
Ser. 2012-A, 5.50%, due 6/15/22
  
911
(b)
   
3,120
  
Ser. 2013-A, 6.75%, due 12/15/27
  
3,305
  
   
1,750
  
Ser. 2014-A, 5.75%, due 6/15/29
  
1,828
  
   
1,200
  
Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.38%, due 6/1/46
  
1,098
(b)
   
100
  
Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/36
  
103
  
   
1,000
  
Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 8/15/19
  
1,075
  
   
1,135
  
Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27
  
1,245
  
   
2,000
  
Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25
  
2,193
  
   
2,000
  
Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25
  
2,027
(b)
   
955
  
Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29
  
959
  
 
19,379
  
Georgia 1.0%
   
1,750
  
Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, due 7/1/36
  
1,621
(b)(c)
   
1,100
  
Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25
  
1,082
(b)(c)
 
2,703
  
Guam 1.7%
       
Guam Gov't Hotel Occupancy Tax Rev.
      
   
1,220
  
Ser. 2011-A, 5.75%, due 11/1/20
  
1,301
  
   
650
  
Ser. 2011-A, 5.75%, due 11/1/21
  
700
  
   
2,630
  
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 Pre-Refunded 7/1/20
  
2,807
  
 
4,808
  
Hawaii 2.7%
   
5,200
  
Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24
  
5,461
  
 
 
2,000
  
Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009, 6.50%, due 7/1/39
 
2,066
  
 
7,527
  
Illinois 23.8%
   
5,705
  
Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27
  
6,008
  
       
Chicago G.O.
      
   
250
  
Ser. 2002-2002B, 5.13%, due 1/1/27
  
264
  
   
2,000
  
Ser. 2002-B, 5.00%, due 1/1/25
  
2,119
  
   
2,000
  
Ser. 2009-C, 5.00%, due 1/1/27
  
2,011
  
       
Chicago Ref. G.O.
      
   
1,000
  
Ser. 2005-D, 5.50%, due 1/1/40
  
1,057
  
   
2,500
  
Ser. 2012-C, 5.00%, due 1/1/24
  
2,604
  
   
700
  
Ser. 2014-A, 5.00%, due 1/1/27
  
729
  
   
3,000
  
Ser. 2017-A, 6.00%, due 1/1/38
  
3,372
  
       
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
      
   
1,350
  
Ser. 2013-C, 5.45%, due 12/1/30
  
1,472
  
   
1,960
  
Ser. 2013-C, 5.50%, due 12/1/31
  
2,141
  
   
1,560
  
Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/31
  
1,799
  
   
4,000
  
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24
  
4,135
  
   
3,340
  
Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20
  
3,593
  
   
2,000
  
Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A, 4.00%, due 7/15/47
  
2,034
  
   
1,905
  
Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/26
  
1,373
  
       
Illinois St. G.O.
      
   
2,900
  
Ser. 2009-A, 5.00%, due 9/1/29
  
2,903
  
   
3,900
  
Ser. 2012, 4.00%, due 8/1/25
  
3,934
  
   
1,000
  
Ser. 2013, 5.00%, due 7/1/23
  
1,067
  
   
5,200
  
Ser. 2017-D, 5.00%, due 11/1/28
  
5,573
  
   
4,250
  
Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/24
  
4,547
  
   
1,470
  
Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26 Pre-Refunded 6/1/21
  
1,683
  
       
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
      
   
945
  
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27
  
1,019
  
   
1,375
  
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28
  
1,475
  
   
715
  
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29
  
763
  
       
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
      
   
2,725
  
Ser. 2013, 5.00%, due 10/1/27
  
2,944
  
   
2,875
  
Ser. 2013, 5.75%, due 10/1/28
  
3,226
  
   
1,500
  
Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 5.25%, due 12/1/47
  
1,512
(b)
   
1,850
  
Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31
  
2,019
  
 
67,376
  
Indiana 2.9%
   
4,000
  
Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29 Pre-Refunded 2/1/19
  
4,080
  
   
3,055
  
Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21
  
3,438
  
   
740
  
Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24
  
811
  
 
8,329
  
Iowa 2.4%
   
5,110
  
Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22 Pre-Refunded 8/1/18
  
5,110
  
       
Iowa Std. Loan Liquidity Corp. Rev.
      
 
 
1,255
  
Ser. 2011-A-1, 5.00%, due 12/1/21
 
1,319
  
   
355
  
Ser. 2011-A-1, 5.30%, due 12/1/23
  
374
  
 
6,803
  
Kentucky 1.0%
   
2,585
  
Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A, 5.50%, due 11/15/27
  
2,589
  
   
150
  
Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31
  
151
  
 
2,740
  
Louisiana 2.1%
   
1,500
  
Louisiana Local Gov't Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/35
  
1,642
  
   
1,715
  
Louisiana Local Govt. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A, 5.75%, due 2/1/32
  
1,742
(b)
   
775
  
Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/28
  
820
  
   
1,655
  
St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/40 Putable 6/1/22
  
1,750
  
 
5,954
  
Massachusetts 4.1%
       
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
      
   
200
  
Ser. 2014-F, 5.00%, due 7/15/24
  
217
  
   
415
  
Ser. 2014-F, 5.00%, due 7/15/25
  
448
  
   
200
  
Ser. 2014-F, 5.00%, due 7/15/26
  
214
  
   
190
  
Ser. 2014-F, 5.00%, due 7/15/27
  
203
  
   
150
  
Ser. 2014-F, 5.00%, due 7/15/28
  
159
  
       
Massachusetts St. Ed. Fin. Au. Rev.
      
   
1,505
  
Ser. 2011-J, 5.00%, due 7/1/23
  
1,610
  
   
2,115
  
Ser. 2012-J, 4.70%, due 7/1/26
  
2,229
  
   
3,410
  
Ser. 2013-K, 4.50%, due 7/1/24
  
3,641
  
   
1,995
  
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25
  
2,072
  
   
795
  
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19
  
797
  
 
11,590
  
Michigan 1.9%
       
Jackson College Dormitories Hsg. Rev.
      
   
1,000
  
Ser. 2015, 6.50%, due 5/1/35
  
1,037
  
   
500
  
Ser. 2015, 6.75%, due 5/1/46
  
520
  
       
Michigan St. Hsg. Dev. Au. Rev.
      
   
1,935
  
Ser. 2016-C, 2.05%, due 12/1/22
  
1,900
  
   
1,835
  
Ser. 2016-C, 2.15%, due 6/1/23
  
1,801
  
   
100
  
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35
  
100
  
 
5,358
  
Minnesota 0.8%
   
2,250
  
Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children's Hlth. Care Facs.), Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/24
  
2,364
  
               
Mississippi 1.3%
   
2,585
  
Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24
  
2,633
  
   
1,100
  
Mississippi St. Bus. Fin. Commission Gulf Opportunity Zone Rev. (Chevron U.S.A., Inc. Proj.), Ser. 2009-G, 1.45%, due 12/1/30
  
1,100
(e)
 
3,733
  
Missouri 0.8%
       
Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children's Mercy Hosp.)
      
 
 
1,885
  
Ser. 2009, 5.13%, due 5/15/24 Pre-Refunded 5/15/19
 
1,938
  
   
390
  
Ser. 2009, 5.13%, due 5/15/24
  
400
  
 
2,338
  
Nevada 2.1%
       
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
      
   
1,650
  
Ser. 2015-A, 4.00%, due 12/15/25
  
1,663
(b)
   
500
  
Ser. 2015-A, 5.13%, due 12/15/45
  
518
(b)
   
3,545
  
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19
  
3,726
  
 
5,907
  
New Hampshire 0.5%
   
1,500
  
New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 4.00%, due 4/1/29 Putable 10/1/19
  
1,502
(b)
               
New Jersey 4.9%
   
2,500
  
New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23
  
2,739
  
       
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
      
   
500
  
Ser. 2013, 5.25%, due 1/1/25
  
564
  
   
500
  
Ser. 2013, 5.50%, due 1/1/26
  
569
  
       
New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
      
   
1,420
  
Ser. 2013, 3.50%, due 7/1/24
  
1,441
  
   
1,470
  
Ser. 2013, 3.63%, due 7/1/25
  
1,491
  
   
1,520
  
Ser. 2013, 3.75%, due 7/1/26
  
1,542
  
   
765
  
Ser. 2013, 4.00%, due 7/1/27
  
782
  
   
180
  
New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 5.25%, due 12/15/20
  
192
  
   
3,420
  
New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26
  
3,605
  
   
1,000
  
New Jersey Trans. Trust Fund Au. (Federal Hwy. Reimbursement Notes), Ser. 2016-A-2, 5.00%, due 6/15/21 Pre-Refunded 8/24/18
  
1,000
  
 
13,925
  
New Mexico 0.5%
       
Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax Increment Bond)
      
   
500
  
Ser. 2015, 5.25%, due 5/1/25
  
499
(b)(c)
   
1,000
  
Ser. 2015, 5.75%, due 5/1/30
  
1,013
(b)(c)
 
1,512
  
New York 12.5%
   
225
  
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 5.00%, due 6/1/35
  
243
  
   
625
  
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29
  
691
  
       
Build NYC Res. Corp. Rev.
      
   
1,100
  
Ser. 2014, 5.00%, due 11/1/24
  
1,154
  
   
835
  
Ser. 2014, 5.25%, due 11/1/29
  
874
  
   
250
  
Build NYC Res. Corp. Rev. (Met Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/47
  
261
(b)
       
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)
      
   
500
  
Ser. 2013-A, 3.88%, due 4/15/23
  
503
  
   
1,450
  
Ser. 2013-A, 5.00%, due 4/15/43
  
1,472
  
   
1,000
  
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/25
  
1,087
(b)
 
 
300
  
Deutsche Bank Spears/Lifers Trust Rev. (Build NYC Res. Corp.), Ser. 2017-DBE-7004, (LOC: Deutsche Bank AG), 1.34%, due 12/1/39
 
300
(b)(e)
       
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
      
   
700
  
Ser. 2014, 5.00%, due 7/1/23
  
781
  
   
735
  
Ser. 2014, 5.00%, due 7/1/24
  
830
  
   
1,400
  
Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24
  
1,294
(b)
   
500
  
New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40
  
542
(b)
   
4,000
  
New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 5.25%, due 7/1/33 Pre-Refunded 7/1/19
  
4,137
  
   
3,200
  
New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28
  
3,593
  
   
2,000
  
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41
  
2,012
  
   
2,000
  
New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27
  
2,013
  
   
2,000
  
New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-Laguardia Arpt. Term. C&D Redev.), Ser. 2018, 5.00%, due 1/1/33
  
2,237
  
   
2,000
  
New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20
  
2,031
  
   
710
  
Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20
  
745
  
       
Newburgh G.O. (Deficit Liquidation)
      
   
495
  
Ser. 2012-B, 5.00%, due 6/15/20
  
519
  
   
520
  
Ser. 2012-B, 5.00%, due 6/15/21
  
556
  
   
550
  
Ser. 2012-B, 5.00%, due 6/15/22
  
596
  
   
1,435
  
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23
  
1,573
  
   
1,000
  
Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), Ser. 2012-B, 4.00%, due 11/1/24
  
1,000
(b)
   
1,155
  
Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/26
  
1,236
  
   
2,000
  
Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28
  
2,287
  
   
600
  
Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30
  
607
(b)
 
35,174
  
North Carolina 3.5%
   
1,605
  
North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/24
  
1,666
  
   
100
  
North Carolina Med. Care Commission Hosp. Rev. (Moses Cone Hlth. Sys.), Ser. 2001-B, (LOC: Bank of Montreal), 1.45%, due 10/1/35
  
100
(e)
   
1,705
  
North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23
  
1,806
  
       
North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev.
      
   
3,740
  
Ser. 2009-A, 5.00%, due 1/1/26 Pre-Refunded 1/1/19
  
3,797
  
   
1,510
  
Ser. 2009-A, 5.00%, due 1/1/26
  
1,531
  
   
1,000
  
Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24 Pre-Refunded 6/1/19
  
1,034
  
 
9,934
  
Ohio 4.0%
   
8,875
  
Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47
  
8,946
  
   
2,060
  
Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27
  
2,219
  
 
11,165
  
Oklahoma 1.0%
   
2,000
  
Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%, due 8/15/33
  
2,230
  
       
Tulsa Arpt. Imp. Trust Ref. Rev.
      
 
 
250
  
Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24
 
280
  
   
400
  
Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25
  
446
  
 
2,956
  
Oregon 0.1%
   
240
  
Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/27
  
242
  
               
Pennsylvania 5.9%
       
Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
      
   
500
  
Ser. 2012, 3.50%, due 5/1/25
  
518
  
   
350
  
Ser. 2012, 3.60%, due 5/1/26
  
362
  
   
2,830
  
Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A, 4.25%, due 7/1/30
  
2,930
  
   
1,250
  
Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28
  
1,373
  
   
3,430
  
Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27
  
3,597
  
   
2,625
  
Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/24
  
2,879
  
   
1,600
  
Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/53
  
1,650
(b)
       
Pennsylvania St. Turnpike Commission Rev.
      
   
150
  
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
  
165
  
   
705
  
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
  
773
  
   
145
  
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
  
159
  
   
2,000
  
Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27
  
2,174
  
 
16,580
  
South Carolina 0.8%
   
1,500
  
South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%, due 10/1/57
  
1,490
  
   
750
  
South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), Ser. 2017, 6.25%, due 2/1/45
  
771
(b)
 
2,261
  
Tennessee 1.9%
   
535
  
Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22
  
433
(b)
   
2,705
  
Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19
  
2,795
  
   
2,000
  
Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/23
  
2,250
  
 
5,478
  
Texas 6.6%
   
250
  
Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45
  
267
  
       
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
      
   
500
  
Ser. 2014-A, 5.88%, due 3/1/24
  
506
  
   
1,000
  
Ser. 2014-A, 6.63%, due 3/1/29
  
1,022
  
   
730
  
Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/42
  
746
  
   
770
  
Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22
  
783
  
   
250
  
Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28
  
261
(b)
   
2,000
  
Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42
  
2,036
  
   
500
  
Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25
  
516
  
   
120
  
Gulf Coast Ind. Dev. Au. Rev. (Exxon Mobil Corp. Proj.), Ser. 2012, 1.50%, due 11/1/41
  
120
(e)
 
 
1,000
  
Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 5.75%, due 1/1/28
 
1,107
  
   
2,900
  
Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33 Pre-Refunded 8/15/18
  
2,900
  
       
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
      
   
320
  
Ser. 2012-A, 4.00%, due 2/15/22
  
329
  
   
1,000
  
Ser. 2012-A, 5.00%, due 2/15/32
  
1,055
  
   
500
  
New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.), Ser. 2016, 5.00%, due 7/1/36
  
512
  
   
500
  
New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage), Ser. 2016-C, 5.75%, due 7/1/51
  
542
  
       
North Texas Tollway Au. Dallas North Tollway Sys. Rev.
      
   
2,435
  
Ser. 2005-C, 6.00%, due 1/1/23 Pre-Refunded 1/1/19
  
2,480
  
   
565
  
Ser. 2005-C, 6.00%, due 1/1/23
  
576
  
   
1,500
  
Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21
  
1,621
  
   
1,175
  
West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35
  
1,216
  
 
18,595
  
Utah 2.7%
       
Salt Lake City Arpt. Rev.
      
   
1,000
  
Ser. 2017-A, 5.00%, due 7/1/42
  
1,117
  
   
2,000
  
Ser. 2017-A, 5.00%, due 7/1/47
  
2,216
  
   
3,000
  
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28
  
3,394
  
   
500
  
Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45
  
516
(b)
       
Utah Hsg. Corp. Single Family Mtge. Rev.
      
   
85
  
Ser. 2011-A2, Class I, 5.00%, due 7/1/20
  
89
  
   
80
  
Ser. 2011-A2, Class I, 5.25%, due 7/1/21
  
85
  
   
105
  
Ser. 2011-A2, Class I, 5.45%, due 7/1/22
  
109
  
 
7,526
  
Vermont 2.9%
       
Vermont Std. Assist. Corp. Ed. Loan Rev.
      
   
1,600
  
Ser. 2012-A, 5.00%, due 6/15/21
  
1,701
  
   
355
  
Ser. 2013-A, 4.25%, due 6/15/24
  
369
  
   
840
  
Ser. 2013-A, 4.35%, due 6/15/25
  
873
  
   
1,250
  
Ser. 2013-A, 4.45%, due 6/15/26
  
1,297
  
   
405
  
Ser. 2013-A, 4.55%, due 6/15/27
  
420
  
   
1,800
  
Ser. 2014-A, 5.00%, due 6/15/24
  
1,995
  
   
1,345
  
Ser. 2015-A, 4.13%, due 6/15/27
  
1,397
  
 
8,052
  
Virginia 0.3%
   
850
  
Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/22
  
880
  
               
Washington 3.9%
   
6,700
  
Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28
  
6,850
  
   
1,250
  
Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Columbia Pulp I LLC Proj.), Ser. 2017-A, 7.50%, due 1/1/32
  
1,434
(b)
   
2,525
  
Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29 Pre-Refunded 10/1/19
  
2,633
  
 
10,917
  
Wisconsin 6.2%
   
870
  
Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30
  
914
(b)
 
 
200
  
Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35
 
199
(b)
   
3,000
  
Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 4.25%, due 12/1/51
  
2,939
  
   
500
  
Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36
  
485
  
   
250
  
Pub. Fin. Au. Multi-Family Hsg. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A, 4.00%, due 12/1/36
  
246
  
   
1,790
  
Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25
  
1,893
  
       
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College)
      
   
1,100
  
Ser. 2010-A, 6.13%, due 6/1/35 Pre-Refunded 6/1/20
  
1,188
  
   
1,225
  
Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20
  
1,322
  
       
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.)
      
   
1,340
  
Ser. 2008-B3, 5.00%, due 10/1/30 Pre-Refunded 12/23/19
  
1,402
  
   
3,660
  
Ser. 2008-B3, 5.00%, due 10/1/30
  
3,796
  
   
3,000
  
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29 Pre-Refunded 12/1/18
  
3,041
  
 
17,425
  
       
 
Total Investments 162.3% (Cost $427,171)
458,443
  
       
 
Other Assets Less Liabilities 1.2%
3,426
  
       
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of approximately $52,000) (63.5)%
(179,348)
  
       
 
Net Assets Applicable to Common Stockholders 100.0%
$282,521
  
 
(a)
Effective August 28, 2018. Formerly Intermediate Municipal Fund through August 27, 2018.
(b)
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At July 31, 2018, these securities amounted to approximately $54,902,000, which represents 19.4% of net assets applicable to common stockholders of the Fund. Securities denoted with (b) but without (c) have been deemed by the investment manager to be liquid.
(c)
Illiquid security.
(d)
Defaulted security.
(e)
Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at July 31, 2018.
(f)
Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
(g)
Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
(h)
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(i)
Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
(j)
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
 
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.(a)
 
(Unaudited) (cont’d)
     
  
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2018:
 
 
Asset Valuation Inputs
  
(000's omitted)
Level 1
  
Level 2
   Level 3  
Total
  
Investments:
      
Municipal Notes(a)
  
$
—
    
$
458,443
    
$
—
    
$
458,443
  
Total Investments
  
$
—
    
$
458,443
    
$
—
    
$
458,443
  
      
(a)
The Schedule of Investments provides a categorization by state/territory for the portfolio.
   
As of the period ended July 31, 2018, no securities were transferred from one level (as of October 31, 2017) to another.
 
 
 
See Notes to Schedule of Investments
July 31, 2018
Notes to Schedule of Investments (Unaudited)

†
In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of Neuberger Berman California Municipal Fund Inc. (Formerly, Neuberger Berman California Intermediate Municipal Fund Inc.), Neuberger Berman Municipal Fund Inc. (Formerly, Neuberger Berman Intermediate Municipal Fund Inc.) and Neuberger Berman New York Municipal Fund Inc. (Formerly, Neuberger Berman New York Intermediate Municipal Fund Inc.), (each individually a “Fund,” and collectively, the “Funds”) are carried at the value that Neuberger Berman Investment Advisers LLC ("Management") believes a 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 Funds' investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.
   
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
       
•
Level 1 – 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 a 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 Funds’ investments in municipal notes and liquidating trust - real estate is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal securities and units include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues.
  
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
  
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Funds’ Board of Directors has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts and whether the issuer of the security being fair valued has other securities outstanding.
  
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
 

 
 
 

 
For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent stockholder reports.

Item 2. Controls and Procedures.
(a)
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 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-Q 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 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.
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:  September 28, 2018
 
 
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:  September 28, 2018
   
By:
/s/ John M. McGovern
  
John M. McGovern 
Treasurer and Principal Financial 
and Accounting Officer 
   
Date:  September 28, 2018