As filed with the Securities and Exchange Commission on June 26, 2026
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 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 Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
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, 2026
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090.  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.
 
 
 
 
 
 
 
Neuberger Municipal
 
Fund Inc.
Semi-Annual Report
April 30, 2026
 
 
 
 
 
 
 
 
 
Table of Contents
 
 
2
3
7
21
24
30
32
35
36
36
Privacy NoticeLocated after the Fund's Report
 
 
The "Neuberger Berman" and "Neuberger" names and logos 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. ©2026 Neuberger Berman Investment Advisers LLC. All rights reserved.
 
1
 
 
 
 
 
 
President’s Letter
Dear Stockholder,
I am pleased to present this semi-annual report for Neuberger Municipal Fund Inc. (the Fund) for the six months ended April 30, 2026 (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.
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 Municipal Fund Inc.
 
2
 
 
 
 
Neuberger Municipal Fund Inc. Portfolio Commentary (Unaudited)
 
Neuberger Municipal Fund Inc. generated a 1.55% total return on a net asset value (NAV) basis for the six months ended April 30, 2026 (the reporting period), versus a 0.72% return for its benchmark, the Bloomberg 10-Year Municipal Bond Index (the Index). (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 modestly outperformed the taxable investment-grade bond market during the reporting period. All told, the Bloomberg Municipal Bond Index returned 1.29% for the reporting period, whereas the overall taxable bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 0.54%. The fixed income market was impacted by a number of factors, including resilient economic growth, "sticky" inflation, questions over future Federal Reserve (Fed) monetary policy, the impact from the Trump administration’s tariffs, and several geopolitical issues, including the war in Iran.
In terms of the Fund’s results, yield curve exposure produced mixed results. Having an overall longer duration than the Index was negative for relative results during a rising rate environment. On the upside, having a more barbelled structure was a positive factor relative to the Index, which was focused at 10 years. Credit allocation was also additive for returns, as credits rated BBB outperformed credits rated AAA in the investment grade space, and below investment grade credits generally outperformed higher rated securities. The Fund experienced negative contributions from select project financings within the nursing home, charter school and higher education sectors, as well as an overweight to a tobacco related financing. There were no significant changes to the Fund’s portfolio during the reporting period.
Looking ahead, we are optimistic about the muni market’s prospects. We have a constructive view on the economy and believe stimulus from the "One Big Beautiful Bill Act" and deregulation should create tailwinds. However, federal policies including potential Medicaid cuts could affect certain parts of the market. Active credit decisions and "what you don’t own" may end up driving return outcomes. We are expecting another record year of supply. As bond pickers, we love having more bonds to choose from and recognize that when supply is heavy, sometimes deals fall through the cracks. While we do not anticipate a market move of the magnitude of the "Liberation Day" selloff, there should be no shortage of events that could cause market shifts, albeit smaller ones. Changes at the Fed, midterm elections and geopolitics could all cause pockets of volatility and, in turn, present opportunities. In our view, it should be a market environment where active management will matter.
Sincerely,
James L. Iselin and S. Blake Miller
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.
The bond rating(s) noted above represent segments of the Bloomberg 10-Year Municipal Bond Index, which are determined based on the average ratings issued by S&P Global, Moody's and Fitch.
 
3
 
 
 
 
Municipal Fund Inc. (Unaudited)
 
 
 
TICKER SYMBOL
Municipal Fund Inc.
NBH
 
 
PORTFOLIO BY STATE,
TERRITORY OR SECTOR
(as a % of Total Investments*)
Alabama
3.1
%
Arizona
0.6
California
15.0
Colorado
0.9
Connecticut
1.7
District of Columbia
0.1
Florida
2.9
Georgia
2.1
Guam
0.8
Illinois
6.7
Indiana
0.4
Kansas
0.1
Kentucky
0.3
Louisiana
2.1
Maine
0.2
Maryland
0.1
Massachusetts
1.1
Michigan
1.5
Minnesota
0.4
Mississippi
0.2
Nebraska
1.9
Nevada
0.1
New Hampshire
0.1
New Jersey
3.4
New Mexico
0.3
New York
20.1
North Carolina
1.2
Ohio
5.2
Oregon
0.7
Pennsylvania
3.0
Puerto Rico
3.9
South Carolina
1.2
Tennessee
0.7
Texas
6.6
Utah
1.7
Vermont
0.3
Virginia
0.7
Washington
1.1
West Virginia
0.8
Wisconsin
6.7
Common Stocks
—
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
04/30/2026
Average Annual Total Return
Ended 04/30/2026
 
1 Year
5 Years
10 Years
Life of Fund
At NAV2
Municipal
Fund Inc.
09/24/2002
1.55%
7.01%
-0.73%
1.63%
4.51%
At Market Price3
Municipal
Fund Inc.
09/24/2002
1.88%
7.06%
-4.38%
0.44%
3.88%
Index
 
 
 
 
 
 
Bloomberg 10-Year
Municipal Bond Index4
 
0.72%
6.64%
1.04%
2.28%
3.79%
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.neuberger.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.
 
4
 
 
 
 
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 Municipal Fund Inc., call Neuberger Berman Investment Advisers LLC at (877) 461-1899, or visit our website at www.neuberger.com.
 
5
 
 
 
 
 
 
Legend April 30, 2026 (Unaudited)
 
Neuberger Municipal Fund Inc. 
Other Abbreviations:
Management or NBIA
= Neuberger Berman Investment Advisers LLC
 
 
6
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited) 
 
April 30, 2026
 

 
Principal Amount
Value
Municipal Notes 167.1%
Alabama 5.2%
$3,125,000
Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due 11/1/2053 Putable
1/1/2031
$3,356,416
9,000,000
Mobile County Industrial Development Authority Revenue (AM/NS Calvert LLC Project),
Series 2024-A, 5.00%, due 6/1/2054
8,721,892
5,000,000
Southeast Energy Authority A Cooperative District Revenue, Series 2025-A, 5.00%, due 1/1/2056
Putable 6/1/2035
5,119,467
 
 
17,197,775
Arizona 1.0%
500,000
Maricopa County Industrial Development Authority Education Revenue Refunding (Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
500,203
(a)
1,500,000
Maricopa County Industrial Development Authority Revenue (Bonesta Project), Series 2026-A-1,
7.00%, due 5/1/2066
1,501,897
(b)
1,500,000
Sierra Vista Industrial Development Authority Revenue (American Leadership Academy Project),
Series 2024, 5.00%, due 6/15/2054
1,295,510
(a)
 
 
3,297,610
California 25.1%
3,000,000
California Community Choice Financing Authority Revenue (Clean Energy Project), Series 2026-B,
5.00%, due 3/1/2036
3,136,299
1,000,000
California Educational Facilities Authority Revenue (Green Bond- Loyola Marymount University),
Series 2018-B, 5.00%, due 10/1/2048
1,016,534
 
California Educational Facilities Authority Revenue Refunding (University of Redlands)
 
260,000
Series 2016-A, 3.00%, due 10/1/2029
253,194
400,000
Series 2016-A, 3.00%, due 10/1/2030
385,510
480,000
California Infrastructure & Economic Development Bank Revenue (Wonderful Foundations Charter
School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055
417,231
(a)
 
California Municipal Finance Authority Charter School Lease Revenue (Sycamore Academy Project)
 
630,000
Series 2014, 5.13%, due 7/1/2029
630,276
(a)
1,000,000
Series 2014, 5.63%, due 7/1/2044
1,000,071
(a)
760,000
California Municipal Finance Authority Charter School Lease Revenue (Vista Charter Middle School
Project), Series 2014, 5.13%, due 7/1/2029
760,371
1,115,000
California Municipal Finance Authority Charter School Revenue (John Adams Academics Project),
Series 2019-A, 5.00%, due 10/1/2049
1,032,147
(a)
1,500,000
California Municipal Finance Authority Charter School Revenue (Palmdale Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
1,501,064
(a)
1,070,000
California Municipal Finance Authority Revenue (Baptist University), Series 2015-A, 5.00%, due
11/1/2030
1,070,787
(a)
 
California Municipal Finance Authority Revenue (Northbay Healthcare Group)
 
350,000
Series 2015, 5.00%, due 11/1/2035
350,087
500,000
Series 2015, 5.00%, due 11/1/2040
500,003
300,000
Series 2015, 5.00%, due 11/1/2044
296,116
500,000
Series 2017-A, 5.25%, due 11/1/2036
502,093
2,000,000
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I LLC-West Village
Student Housing Project), Series 2018, (BAM), 4.00%, due 5/15/2048
1,821,897
1,500,000
California School Facility Finance Authority Revenue (Green Dot Public School Project), Series 2018-A,
5.00%, due 8/1/2048
1,454,819
(a)
400,000
California School Finance Authority Revenue (Alliance College - Ready Public School Project),
Series 2015-A, 5.00%, due 7/1/2030
392,425
(a)
 
See Notes to Financial Statements
 
7
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
California – cont'd
$1,000,000
California State General Obligation, Series 2022, 5.00%, due 9/1/2052
$1,042,860
2,000,000
California State Pollution Control Financing Authority Revenue (San Jose Water Co. Project),
Series 2016, 4.75%, due 11/1/2046
1,992,308
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
25
(a)(c)
2,760,000
California State Pollution Control Financing Authority Water Furnishing Revenue, Series 2012,
5.00%, due 7/1/2027
2,765,951
(a)
415,000
California State School Finance Authority Charter School Revenue (Downtown College
Prep-Obligation Group), Series 2016, 4.50%, due 6/1/2031
249,000
(a)(c)
400,000
California State School Finance Authority Charter School Revenue (Rocketship Education),
Series 2016-A, 5.00%, due 6/1/2031
393,496
(a)
1,325,000
California Statewide Communities Development Authority Hospital Revenue (Methodist Hospital of
Southern Project), Series 2018, 4.25%, due 1/1/2043
1,329,295
500,000
California Statewide Communities Development Authority Revenue (Loma Linda University Medical
Center), Series 2018-A, 5.50%, due 12/1/2058
504,636
(a)
600,000
California Statewide Communities Development Authority Revenue Refunding (Lancer Education
Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036
600,331
(a)
1,230,000
California Statewide Communities Development Authority Revenue Refunding (Loma Linda University
Medical Center), Series 2014-A, 5.25%, due 12/1/2029
1,231,276
1,500,000
California Statewide Communities Development Authority Revenue Refunding (Redlands Community
Hospital), Series 2016, 4.00%, due 10/1/2041
1,457,973
500,000
California Statewide Communities Development Authority Student Housing Revenue Refunding
(Baptist University), Series 2017-A, 5.00%, due 11/1/2032
506,541
(a)
 
Irvine Special Tax (Community Facility District No. 2005-2)
 
645,000
Series 2013, 3.50%, due 9/1/2026
646,031
690,000
Series 2013, 3.63%, due 9/1/2027
690,956
1,775,000
Los Angeles Department of Airports Revenue, Series 2022-G, 4.00%, due 5/15/2047
1,637,897
500,000
Los Angeles Department of Water & Power Revenue Refunding, Series 2025-A, (BAM), 5.00%, due
7/1/2053
512,932
3,000,000
North Orange County Community College District General Obligation, Series 2022-C, 4.00%, due
8/1/2047
2,906,393
5,125,000
Norwalk-La Mirada Unified School District General Obligation Capital Appreciation (Election 2002),
Series 2009-E, (AG), 5.50%, due 8/1/2029
5,400,950
5,000,000
Redondo Beach Unified School District General Obligation, Series 2009, 6.38%, due 8/1/2034
Pre-Refunded 8/1/2026
5,046,194
 
Romoland School District Special Tax Refunding (Community Facilities District No. 2006-1)
 
100,000
Series 2017, 4.00%, due 9/1/2029
100,785
200,000
Series 2017, 4.00%, due 9/1/2030
201,324
525,000
Series 2017, 3.25%, due 9/1/2031
517,284
1,700,000
Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment District No. 2),
Series 2016-A, 5.00%, due 10/1/2047
1,706,838
500,000
Sacramento Special Tax (Natomas Meadows Community Facilities District No. 2007-01), Series 2017,
5.00%, due 9/1/2047
500,394
(a)
2,000,000
San Luis Coastal Unified School District General Obligation (Election 2022), Series 2023-A, 4.00%,
due 8/1/2053
1,881,676
6,000,000
San Mateo Foster City School District General Obligation Capital Appreciation (Election 2008),
Series 2010, 6.13%, due 8/1/2032
6,480,946
2,000,000
Twin Rivers Unified School District General Obligation (Election 2022), Series 2023-A, (BAM), 4.13%,
due 8/1/2047
1,965,608
 
See Notes to Financial Statements
 
8
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
California – cont'd
$12,070,000
Victor Valley Community College District General Obligation Capital Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
$13,515,580
5,095,000
Victor Valley Joint Union High School District General Obligation Capital Appreciation Bonds,
Series 2009, (AG), 0.00%, due 8/1/2026
5,062,068
5,250,000
Wiseburn School District General Obligation Capital Appreciation (Election 2010), Series 2011-B,
(AG), 0.00%, due 8/1/2036
6,189,986
(d)(e)
 
 
83,558,458
Colorado 1.6%
1,045,000
Platte River Metropolitan District General Obligation Refunding, Series 2023-A, 6.50%, due 8/1/2053
1,067,005
(a)
2,665,000
Pueblo Urban Renewal Authority Tax Increment Revenue (Evraz Project), Series 2021-A, 4.75%, due
12/1/2045
2,542,087
(a)
4,029,411
Villages at Castle Rock Metropolitan District No. 6 (Cabs - Cobblestone Ranch Project), Series 2007-2,
0.00%, due 12/1/2037
1,628,473
 
 
5,237,565
Connecticut 2.8%
4,585,000
Norwalk Housing Authority Revenue (Monterey Village Apartments), Class PT, Series 2024, (FNMA),
4.40%, due 9/1/2042
4,599,490
1,000,000
Stamford Housing Authority Revenue Refunding (Mozaic Concierge Living Project), Series 2025-A,
6.50%, due 10/1/2055
1,033,611
3,695,000
Waterbury Housing Authority Revenue (Laurel Estates Preservation Project), Series 2025-A, (FHLMC),
(HUD), 4.50%, due 2/1/2042
3,719,440
 
 
9,352,541
District of Columbia 0.2%
650,000
District of Columbia Student Dormitory Revenue (Provident Group-Howard Property), Series 2013,
5.00%, due 10/1/2045
619,041
Florida 4.9%
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
30,400
(a)(c)
2,000,000
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School Project), Series 2020-A-1,
5.00%, due 1/1/2055
1,714,110
(a)
270,000
Cityplace Community Development District Special Assessment Revenue Refunding, Series 2012,
5.00%, due 5/1/2026
270,000
1,235,000
Florida Development Finance Corp. Education Facilities Revenue (Renaissance Charter School, Inc.),
Series 2014-A, 5.75%, due 6/15/2029
1,236,144
(a)
1,075,000
Florida Development Finance Corp. Education Facilities Revenue Refunding (Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
1,069,295
3,400,000
Florida Development Finance Corp. Revenue (Tampa General Hospital Project), Series 2024-A, 4.50%,
due 8/1/2055
3,177,819
2,000,000
Lee County Airport Revenue, Series 2024, 5.25%, due 10/1/2049
2,073,467
4,000,000
Orange County Health Facilities Authority Revenue (Orlando Health Obligated Group), Series 2025-A,
4.50%, due 10/1/2056
3,824,003
1,000,000
Palm Beach County Health Facilities Authority Revenue (Lifespace Communities, Inc.), Series 2026-B,
5.63%, due 5/15/2061
1,005,091
510,000
Village Community Development District No. 11 Special Assessment Revenue, Series 2014, 4.13%,
due 5/1/2029
509,691
940,000
Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.70%,
due 5/1/2050
749,115
 
See Notes to Financial Statements
 
9
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
Florida – cont'd
$695,000
Village Community Development District No. 15 Special Assessment Revenue, Series 2024, 4.80%,
due 5/1/2055
$658,388
(a)
 
 
16,317,523
Georgia 3.5%
700,000
Atlanta Development Authority Revenue (Westside Gulch Area Project), Series 2024-A, 5.50%, due
4/1/2039
715,594
(a)
2,000,000
Atlanta Urban Residential Finance Authority Revenue, Series 2024-A, (FNMA), 4.85%, due 9/1/2043
2,115,557
 
Main Street Natural Gas, Inc. Gas Supply Revenue
 
6,000,000
Series 2022-C, 4.00%, due 8/1/2052 Putable 11/1/2027
5,995,618
(a)
1,600,000
Series 2024-C, 5.00%, due 12/1/2054 Putable 12/1/2031
1,693,393
1,000,000
Savannah Georgia Convention Center Authority Revenue (Convention Center Hotel-Second Tier),
Series 2025-B, 6.25%, due 6/1/2061
1,016,974
(a)
 
 
11,537,136
Guam 1.4%
 
Antonio B Won Pat International Airport Authority Revenue Refunding
 
525,000
Series 2023-A, 5.38%, due 10/1/2040
558,557
750,000
Series 2023-A, 5.38%, due 10/1/2043
784,587
 
Guam Power Authority Revenue
 
1,000,000
Series 2022-A, 5.00%, due 10/1/2035
1,069,184
1,035,000
Series 2022-A, 5.00%, due 10/1/2036
1,104,477
1,075,000
Series 2022-A, 5.00%, due 10/1/2037
1,139,270
 
 
4,656,075
Illinois 11.2%
3,895,000
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
3,897,592
1,250,000
Chicago Midway International Airport Revenue Refunding, Series 2023-A, (BAM), 5.50%, due
1/1/2053
1,301,843
 
Chicago O'Hare International Airport Revenue
 
4,100,000
Series 2022-A, 5.00%, due 1/1/2055
4,067,700
2,500,000
Series 2024-A, 5.50%, due 1/1/2059
2,581,090
2,000,000
Series 2025-E, (BAM), 5.00%, due 1/1/2060
1,988,705
1,500,000
Series 2026-A, 5.25%, due 1/1/2061
1,553,470
3,000,000
Chicago Refunding General Obligation, Series 2017-A, 6.00%, due 1/1/2038
3,028,226
4,250,000
Illinois Finance Authority Revenue (CenterPoint Joliet Terminal Railroad Project), Series 2010, 4.80%,
due 12/1/2043 Putable 7/2/2035
4,395,037
(a)
1,790,000
Illinois Finance Authority Revenue Refunding (Moorings of Arlington Heights), Series 2025-A, 5.38%,
due 11/1/2050
1,784,810
1,560,000
Illinois Finance Authority Revenue Refunding (Presence Health Network Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
1,582,742
 
Illinois State General Obligation
 
5,200,000
Series 2017-D, 5.00%, due 11/1/2028
5,360,807
775,000
Series 2021-A, 5.00%, due 3/1/2046
790,413
5,000,000
Series 2023-B, 4.50%, due 5/1/2048
4,815,342
 
 
37,147,777
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
2,085,951
 
See Notes to Financial Statements
 
10
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
Kansas 0.2%
$720,000
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond Project), Series 2021,
3.50%, due 6/1/2034
$700,158
Kentucky 0.5%
 
Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health)
 
500,000
Series 2017-A, 5.00%, due 6/1/2041
501,169
1,000,000
Series 2017-A, 5.00%, due 6/1/2045
1,001,216
 
 
1,502,385
Louisiana 3.5%
534,223
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
489,575
(a)
1,545,000
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
Refunding (Westside Habilitation Center Project), Series 2017-A, 5.75%, due 2/1/2032
1,535,356
(a)
8,000,000
Louisiana Public Facilities Authority Revenue (I-10 Calcasieu River Bridge), Series 2024, 5.00%, due
9/1/2066
7,654,800
1,885,000
Louisiana Stadium & Exposition District Revenue Refunding, Series 2023-A, 5.25%, due 7/1/2053
1,943,075
 
 
11,622,806
Maine 0.4%
1,348,497
Maine State Finance Authority Revenue (TimberHP Madison LLC), Series 2025, 8.50%, due 6/1/2035
1,281,072
#(f)(g)
Maryland 0.1%
300,000
Baltimore Special Obligation Revenue Senior Lien (Harbor Point Project), Series 2022, 5.00%, due
6/1/2051
300,660
Massachusetts 1.8%
2,900,000
Massachusetts Development Finance Agency Revenue (Care Communities LLC Obligated),
Series 2025-A-1, 6.50%, due 7/15/2060
2,882,989
(a)
1,200,000
Massachusetts Development Finance Agency Revenue (Merrimack College Student Housing Project),
Series 2024-A, 5.00%, due 7/1/2054
1,157,763
(a)
2,000,000
Massachusetts Development Finance Agency Revenue Refunding (Suffolk University), Series 2025,
5.25%, due 7/1/2055
1,964,693
125,000
Massachusetts State Educational Financing Authority Revenue, Series 2023-C, 5.00%, due 7/1/2053
120,095
 
 
6,125,540
Michigan 2.5%
2,500,000
Grand Rapids Economic Development Corp. Revenue (Beacon Hill At Eastgate Project), Series 2025-A,
6.13%, due 11/1/2060
2,500,496
 
Michigan State Building Authority Revenue (Facilities Program)
 
2,000,000
Series 2022-I, 5.00%, due 10/15/2047
2,091,832
2,880,000
Series 2022-I , 5.25%, due 10/15/2057
3,002,315
750,000
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project), Series 2018, 5.00%,
due 6/30/2048
741,885
 
 
8,336,528
Minnesota 0.6%
2,000,000
Minnesota Agricultural & Economic Development Board Revenue (HealthPartners Obligated Group),
Series 2024, 5.25%, due 1/1/2054
2,060,087
Mississippi 0.4%
1,365,000
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project), Series 2021, 3.63%,
due 11/1/2036
1,305,567
(a)
 
See Notes to Financial Statements
 
11
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
Nebraska 3.2%
$10,250,000
Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due 5/1/2054 Putable
11/1/2029
$10,784,515
Nevada 0.1%
500,000
Director of the State of Nevada Department of Business & Industrial Revenue (Somerset Academy),
Series 2015-A, 5.13%, due 12/15/2045
482,649
(a)
New Hampshire 0.2%
750,000
New Hampshire Business Finance Authority Revenue Refunding (Green Bond), Series 2020-B, 3.75%,
due 7/1/2045 Putable 7/2/2040
610,354
(a)
New Jersey 5.6%
7,000,000
New Jersey State Economic Development Authority Revenue (School Facilities Construction Program),
Series 2019, 4.00%, due 6/15/2049
6,470,209
 
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
1,055,566
(a)
725,000
Series 2019-A, 5.00%, due 6/15/2054
684,260
(a)
998,428
New Jersey State Housing & Mortgage Finance Agency Multi-Family Revenue (Riverview Towers
Apartments), Class PT, Series 2024-B, (FHA), (GNMA), 5.25%, due 12/20/2065
1,075,546
4,150,000
New Jersey State Transportation Trust Fund Authority Transportation Program Revenue,
Series 2023-BB, 5.25%, due 6/15/2050
4,360,788
 
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding
 
4,000,000
Series 2018-A, 4.25%, due 12/15/2038
4,024,815
1,000,000
Series 2018-A, (BAM), 4.00%, due 12/15/2037
1,006,350
 
 
18,677,534
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
1,440,345
(a)
New York 33.5%
1,455,000
Albany Capital Resource Corp. Revenue Refunding (Albany Medical Center Hospital Project),
Series 2025-A, 5.50%, due 5/1/2055
1,544,800
500,000
Buffalo & Erie County Industrial Land Development Corp. Revenue (Tapestry Charter School Project),
Series 2017-A, 5.00%, due 8/1/2047
490,987
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
1,567,717
 
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Orchard Park)
 
500,000
Series 2015, 5.00%, due 11/15/2027
500,665
500,000
Series 2015, 5.00%, due 11/15/2028
500,667
625,000
Series 2015, 5.00%, due 11/15/2029
625,823
 
Build NYC Resource Corp. Revenue
 
301,820
Series 2014, 5.25%, due 11/1/2029
241,456
(c)
235,112
Series 2014, 5.25%, due 11/1/2034
188,090
(c)
352,214
Series 2014, 5.50%, due 11/1/2044
281,771
(c)
 
Build NYC Resource Corp. Revenue (261 Walton Facility LLC - Zeta Charter Schools, Inc. Project)
 
750,000
Series 2026-A, 5.50%, due 6/1/2056
726,122
(a)
1,000,000
Series 2026-A, 5.63%, due 6/1/2061
977,838
(a)
1,000,000
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School Project), Series 2017-A,
5.00%, due 6/1/2047
931,078
(a)
 
See Notes to Financial Statements
 
12
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
New York – cont'd
$1,400,000
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series 2019, 5.75%, due
2/1/2049
$1,394,182
(a)
1,500,000
Build NYC Resource Corp. Revenue (Riverspring Health Senior Living, Inc. Project), Series 2026-A,
7.00%, due 12/15/2065
1,489,876
(a)
750,000
Build NYC Resource Corp. Revenue (Senior Airport Facilities), Series 2025, 5.50%, due 7/1/2055
771,142
 
Build NYC Resource Corp. Revenue Refunding (City University - Queens College)
 
270,000
Series 2014-A, 5.00%, due 6/1/2026
270,435
225,000
Series 2014-A, 5.00%, due 6/1/2029
225,290
2,595,000
Build NYC Resource Corp. Revenue Refunding (New York Law School Project), Series 2016, 4.00%,
due 7/1/2045
2,134,768
 
Build NYC Resource Corp. Revenue Refunding (Packer Collegiate Institute Project)
 
155,000
Series 2015, 5.00%, due 6/1/2026
155,238
125,000
Series 2015, 5.00%, due 6/1/2027
125,199
195,000
Series 2015, 5.00%, due 6/1/2028
195,281
220,000
Series 2015, 5.00%, due 6/1/2029
220,296
325,000
Series 2015, 5.00%, due 6/1/2030
325,413
 
Dutchess County Local Development Corp. Revenue (Culinary Institute of America Project)
 
200,000
Series 2016-A-1, 5.00%, due 7/1/2041
200,153
275,000
Series 2016-A-1, 5.00%, due 7/1/2046
275,032
 
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
 
390,000
Series 2018, 5.00%, due 7/1/2030
402,804
405,000
Series 2018, 5.00%, due 7/1/2031
417,442
425,000
Series 2018, 5.00%, due 7/1/2032
437,158
450,000
Series 2018, 5.00%, due 7/1/2033
461,787
 
Metropolitan Transportation Authority Revenue (Green Bond)
 
1,500,000
Series 2020-C-1, 5.00%, due 11/15/2050
1,513,558
10,500,000
Series 2020-D-3, 4.00%, due 11/15/2049
9,382,032
3,000,000
Series 2020-D-3, 4.00%, due 11/15/2050
2,633,494
300,000
Monroe County Industrial Development Corp. Revenue (Monroe Community College), Series 2014,
(AG), 5.00%, due 1/15/2029
300,545
250,000
Monroe County Industrial Development Corp. Revenue (Nazareth College of Rochester Project),
Series 2013-A, 4.00%, due 10/1/2026
250,060
1,000,000
Nassau County Local Economic Assistance Corp. Revenue Refunding (Catholic Health Services of
Long Island Obligated Group Project), Series 2014, 5.00%, due 7/1/2027
1,004,857
3,135,000
New York City Municipal Water Finance Authority Water & Sewer System Revenue (Second General
Resolution Revenue Bonds), Series 2026-BB, 5.00%, due 6/15/2056
3,239,973
2,000,000
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters), Series 2005, 5.25%,
due 10/1/2035
2,288,497
1,000,000
New York Liberty Development Corp. Revenue Refunding (3 World Trade Center Project), Class 2-3,
Series 2014, 5.38%, due 11/15/2040
1,000,652
(a)
3,390,000
New York State Dormitory Authority Revenue Refunding, Series 2024-A, 4.00%, due 3/15/2054
3,043,972
500,000
New York State Environmental Facilities Corp. Solid Waste Disposal Revenue (Casella Waste System,
Inc. Project), Series 2014, 2.88%, due 12/1/2044 Putable 12/3/2029
486,899
(a)
265,000
New York State Housing Finance Agency Revenue (Affordable Housing), Series 2012-F, (SONYMA),
3.05%, due 11/1/2027
265,059
2,545,000
New York State Mortgage Agency Homeowner Mortgage Revenue Refunding, Series 2014-189,
3.45%, due 4/1/2027
2,545,134
4,000,000
New York State Transportation Development Corp. Special Facility Revenue (Delta Airlines,
Inc.-LaGuardia Airport Terminal C & D Redevelopment), Series 2020, 4.38%, due 10/1/2045
3,838,544
 
See Notes to Financial Statements
 
13
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
New York – cont'd
 
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
$779,954
3,000,000
Series 2023, 5.38%, due 6/30/2060
2,968,419
10,000,000
Series 2024, 5.50%, due 6/30/2054
10,088,410
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
1,064,347
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
2,117,583
1,500,000
New York State Transportation Development Corp. Special Facility Revenue Refunding (American
Airlines, Inc.-John F Kennedy International Airport Project), Series 2016, 5.00%, due 8/1/2031
1,496,872
11,010,000
New York State Transportation Development Corp. Special Facility Revenue Refunding (JFK Airport
Terminal 6 Redevelopment Project), Series 2024-A, 5.50%, due 12/31/2060
11,128,014
 
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
93,164
500,000
Series 2022, 5.00%, due 12/1/2039
524,857
1,000,000
Niagara Area Development Corp. Solid Waste Disposal Facility Revenue Refunding (Covanta Project),
Series 2018-A, 4.75%, due 11/1/2042
893,318
(a)
 
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara International Airport)
 
375,000
Series 2019-A, 5.00%, due 4/1/2037
385,282
350,000
Series 2019-A, 5.00%, due 4/1/2038
358,804
350,000
Series 2019-A, 5.00%, due 4/1/2039
358,043
500,000
Oneida Indian Nation of New York Revenue, Series 2024-B, 6.00%, due 9/1/2043
540,385
(a)
175,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred And
Forty Six), Series 2024, 5.00%, due 9/1/2033
194,477
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
7,285,799
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
1,875,574
500,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred),
Series 2017, 5.00%, due 4/15/2057
503,422
1,000,000
State of New York Mortgage Agency Homeowner Mortgage Revenue, Series 2024-264, (SONYMA),
4.60%, due 10/1/2054
987,672
4,000,000
Triborough Bridge & Tunnel Authority Revenue, Series 2025-A, 5.50%, due 12/1/2059
4,294,272
3,000,000
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Series 2024-A-1, 5.25%, due 5/15/2059
3,117,033
 
TSASC, Inc. Revenue Refunding
 
580,000
Series 2017-A, 5.00%, due 6/1/2028
592,366
3,000,000
Series 2017-A, 5.00%, due 6/1/2041
3,021,125
1,000,000
Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson Project),
Series 2022-B, 5.00%, due 1/1/2051
1,002,696
665,000
Yonkers Economic Development Corp. Education Revenue (Charter School of Education Excellence
Project), Series 2019-A, 5.00%, due 10/15/2049
610,528
5,000,000
Yonkers Industrial Development Agency School Facilities Revenue (New Community School Project),
Series 2022, (ST AID WITHHLDG), 5.00%, due 5/1/2047
5,201,409
 
 
111,355,611
North Carolina 2.1%
 
Charlotte Airport Revenue
 
1,250,000
Series 2023-B, 5.00%, due 7/1/2044
1,305,633
 
See Notes to Financial Statements
 
14
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
North Carolina – cont'd
$1,500,000
Series 2023-B, 5.00%, due 7/1/2048
$1,534,158
4,000,000
North Carolina Turnpike Authority Revenue (Triangle Expressway System), Series 2024-A, (AG),
5.00%, due 1/1/2058
4,064,769
 
 
6,904,560
Ohio 8.7%
30,795,000
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Revenue Refunding, Class 2,
Series 2020-B-2, 5.00%, due 6/1/2055
24,424,158
2,500,000
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
2,274,149
(a)
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
2,321,707
 
 
29,020,014
Oregon 1.2%
2,165,000
Albany Hospital Facility Authority Revenue (Mennonite Village Project), Series 2026-A, 5.38%, due
5/15/2061
2,177,090
10,000
Oregon State Housing & Community Service Department Multi-Family Revenue, Series 2012-B, (FHA),
(FHLMC), (FNMA), (GNMA), 3.50%, due 7/1/2027
10,001
2,180,000
Portland General Obligation (Transportation Project), Series 2022-A, 2.25%, due 10/1/2041
1,682,441
 
 
3,869,532
Pennsylvania 5.1%
1,860,000
Allentown Neighborhood Improvement Zone Development Authority Revenue (City Center Project),
Series 2024, 5.00%, due 5/1/2042
1,927,319
(a)
2,830,000
Lancaster County Hospital Authority Revenue Refunding (Health Centre-Landis Homes Retirement
Community Project), Series 2015-A, 4.25%, due 7/1/2030
2,825,797
1,035,000
Pennsylvania Economic Development Financing Authority Revenue (PA Bridges Finco LP-P3 Project),
Series 2015, 5.00%, due 6/30/2042
1,035,381
3,500,000
Pennsylvania Economic Development Financing Authority Revenue Refunding (Energy Supply LLC),
Series 2009-C, 5.25%, due 12/1/2037 Putable 6/1/2027
3,503,757
2,350,000
Pennsylvania Economic Development Financing Authority Revenue Refunding (Tapestry Moon Senior
Housing Project), Series 2018-A, 6.75%, due 12/1/2053
282,000
(a)(c)
7,255,000
Philadelphia Water & Wastewater Revenue Refunding, Series 2023-B, (AG), 4.50%, due 9/1/2048
7,303,755
 
 
16,878,009
Puerto Rico 6.5%
1,750,000
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1, 4.00%, due
7/1/2046
1,523,140
20,552,000
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1, 5.00%, due 7/1/2058
19,962,260
 
 
21,485,400
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
3,338,008
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
60,500
(a)(c)
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
2,325
#(c)
2,500,000
South Carolina Jobs-Economic Development Authority Revenue (Novant Health Obligated Group),
Series 2024-A, 4.50%, due 11/1/2054
2,408,186
 
See Notes to Financial Statements
 
15
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
South Carolina – cont'd
$695,000
South Carolina State Housing Finance & Development Authority Mortgage Revenue, Series 2024-A,
4.75%, due 1/1/2054
$695,625
 
 
6,504,644
Tennessee 1.1%
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
1,764,428
 
Shelby County Health & Educational Facilities Board Revenue (Madrone Memphis Student Housing I
LLC)
 
1,000,000
Series 2024-A1, 5.00%, due 6/1/2044
1,005,977
(a)
1,000,000
Series 2024-A1, 5.25%, due 6/1/2056
968,779
(a)
 
 
3,739,184
Texas 10.9%
250,000
Anson Educational Facilities Corp. Educational Revenue (Arlington Classics Academy), Series 2016-A,
5.00%, due 8/15/2045
246,350
 
Arlington Higher Education Finance Corp. Revenue (Basis Texas Charter Schools, Inc.)
 
1,000,000
Series 2024, 4.88%, due 6/15/2059
892,262
(a)
700,000
Series 2024, 5.00%, due 6/15/2064
627,785
(a)
640,000
Arlington Higher Education Finance Corp. Revenue (Universal Academy), Series 2014-A, 6.63%, due
3/1/2029
640,503
730,000
Austin Community College District Public Facility Corp. Lease Revenue, Series 2018-C, 4.00%, due
8/1/2042
730,230
125,000
Dallas County Flood Control District No. 1 Refunding General Obligation, Series 2015, 5.00%, due
4/1/2028
125,030
(a)
3,000,000
Dallas Fort Worth International Airport Revenue Refunding, Series 2023-B, 5.00%, due 11/1/2047
3,122,579
2,085,000
Dallas Independent School District General Obligation, Series 2022, (PSF-GTD), 2.75%, due
2/15/2052
1,441,679
1,500,000
Elm Ridge Water Control & Improvement District of Denton County General Obligation, Series 2013,
5.00%, due 9/1/2037
1,480,710
3,050,000
EP Tuscany Zaragosa PFC Revenue (Home Essential Function Housing Program), Series 2023, 4.00%,
due 12/1/2033
3,051,759
2,000,000
Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.), Series 2012-B, 4.75%,
due 11/1/2042
2,000,274
7,100,000
Fort Bend County Texas Public Facility Corp. Revenue, Series 2023, 5.00%, due 3/1/2053
7,307,600
1,500,000
Houston Airport System Revenue (United Airlines, Inc.), Series 2024-B, 5.50%, due 7/15/2038
1,597,200
1,000,000
New Hope Cultural Education Facilities Finance Corp. Revenue, Series 2025-A, 6.50%, due
10/1/2055
1,028,640
 
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy)
 
545,000
Series 2019-A, 5.00%, due 8/15/2039
538,589
(a)
520,000
Series 2019-A, 5.00%, due 8/15/2049
474,220
(a)
1,000,000
New Hope Cultural Education Facilities Finance Corp. Revenue Refunding (Brazos Presbyterian
Homes, Inc. Project), Series 2025, 5.38%, due 1/1/2055
1,005,861
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
326,250
(c)
 
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
1,849,058
1,000,000
Series 2023, 5.38%, due 6/30/2039
1,053,218
1,000,000
Series 2023, 5.50%, due 6/30/2040
1,053,159
 
See Notes to Financial Statements
 
16
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
Texas – cont'd
$2,350,000
Series 2023, 5.50%, due 6/30/2041
$2,471,422
3,500,000
Texas Water Development Board Revenue (Master Trust), Series 2024-A, 4.38%, due 10/15/2059
3,307,023
 
 
36,371,401
Utah 2.9%
1,500,000
Mida Mountain Village Public Infrastructure District Revenue, Series 2024-2, 6.00%, due 6/15/2054
1,543,351
(a)
 
Salt Lake City Airport Revenue
 
1,000,000
Series 2017-A, 5.00%, due 7/1/2042
1,002,001
2,000,000
Series 2017-A, 5.00%, due 7/1/2047
2,001,983
1,000,000
Series 2018-A, 5.00%, due 7/1/2043
1,015,771
3,000,000
Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001, (AMBAC), 5.40%, due
2/15/2028
3,032,037
 
Utah Infrastructure Agency Telecommunication Revenue
 
450,000
Series 2024, 5.50%, due 10/15/2044
473,125
500,000
Series 2024, 5.50%, due 10/15/2048
512,899
 
 
9,581,167
Vermont 0.5%
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
1,009,833
(a)
700,000
Vermont Student Assistant Corp. Education Loan Revenue, Series 2015-A, 4.13%, due 6/15/2027
700,525
 
 
1,710,358
Virginia 1.2%
3,700,000
Virginia Beach Development Authority Revenue, Series 2023-A, 7.00%, due 9/1/2059
4,031,502
Washington 1.8%
2,145,000
Vancouver Downtown Redevelopment Authority Revenue (Conference Center Project), Series 2013,
4.00%, due 1/1/2028
2,146,603
1,000,000
Washington State Economic Development Finance Authority Environmental Facilities Revenue (Green
Bond), Series 2020-A, 5.63%, due 12/1/2040
1,025,675
(a)
2,665,000
Washington State Housing Finance Commission Revenue Refunding (Horizon House Project),
Series 2025-A, 6.25%, due 1/1/2056
2,693,979
 
 
5,866,257
West Virginia 1.4%
 
West Virginia Hospital Finance Authority Revenue (Vandalia Health Group)
 
1,500,000
Series 2023-B, 6.00%, due 9/1/2053
1,597,283
1,500,000
Series 2023-B, (AG), 5.38%, due 9/1/2053
1,551,382
1,400,000
West Virginia Hospital Finance Authority Revenue Refunding (Charleston Area Medical Center, Inc.),
Series 2019-A, 5.00%, due 9/1/2039
1,423,015
 
 
4,571,680
Wisconsin 11.2%
2,000,000
Public Finance Authority Airport Facility Revenue Refunding (Trips Obligation Group), Series 2012-B,
5.00%, due 7/1/2042
2,000,502
200,000
Public Finance Authority Education Revenue (Resh Triangle High School Project), Series 2015-A,
5.38%, due 7/1/2035
200,044
(a)
600,000
Public Finance Authority Retirement Facility Revenue Refunding (Friends Homes), Series 2019, 5.00%,
due 9/1/2054
568,505
(a)
372,000
Public Finance Authority Revenue (Candela Project), Series 2023, 6.13%, due 12/15/2029
376,046
(a)
 
See Notes to Financial Statements
 
17
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
Principal Amount
Value
Wisconsin – cont'd
$18,000,000
Public Finance Authority Revenue (Georgia Sr. 400 Express Lanes Project), Series 2025, 5.75%, due
12/31/2065
$18,399,105
2,389,428
Public Finance Authority Revenue (Mayfair Project), Series 2024-A-4, 5.50%, due 11/15/2032
2,391,024
(a)
2,605,000
Public Finance Authority Revenue (Signorelli Project), Series 2024, 5.38%, due 12/15/2032
2,604,637
(a)
3,000,000
Public Finance Authority Revenue Refunding (Celanese Project), Series 2016-D, 4.05%, due
11/1/2030
2,980,714
6,000,000
Public Finance Authority Special Facility Revenue (Sky Harbour Capital LLC Aviation Facility Project),
Series 2021, 4.25%, due 7/1/2054
4,985,224
800,000
Saint Croix Chippewa Indians of Wisconsin Revenue Refunding, Series 2021, 5.00%, due 9/30/2041
738,940
(a)
 
Wisconsin Health & Educational Facilities Authority Revenue (Chiara Housing & Services, Inc. Project)
 
1,000,000
Series 2024, 6.00%, due 7/1/2060
1,008,745
1,000,000
Series 2025, 6.63%, due 7/1/2060
1,049,501
 
 
37,302,987
 
Total Municipal Notes (Cost $559,062,688)
555,429,958
Number of Shares
 
Common Stocks 0.0%‡
 
Materials 0.0%‡
104,203
TimberHP, Inc. (Cost $0)
0
*#(f)(g)
Total Investments 167.1% (Cost $559,062,688)
555,429,958
Other Assets Less Liabilities 1.4%
4,947,135
Liquidation Preference of Variable Rate Municipal Term Preferred Shares (68.5)%
(227,900,000
)(h)
Net Assets Applicable to Common Stockholders 100.0%
$332,477,093
 
 
‡
Represents less than 0.05% of net assets of the Fund.
 
*
Non-income producing security.
(a)
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only
be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2026, these
securities amounted to $73,905,703, which represents 22.2% of net assets applicable to common
stockholders of the Fund.
(b)
When-issued security. Total value of all such securities at April 30, 2026 amounted to $1,501,897, which
represents 0.5% of net assets applicable to common stockholders of the Fund.
(c)
Defaulted security.
(d)
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(e)
Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in
the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of
April 30, 2026.
 
See Notes to Financial Statements
 
18
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
(f)
Value determined using significant unobservable inputs.
(g)
Security fair valued as of April 30, 2026 in accordance with procedures approved by the valuation designee.
Total value of all such securities at April 30, 2026 amounted to $1,281,072, which represents 0.4% of net
assets applicable to common stockholders of the Fund.
(h)
Fair valued as of April 30, 2026 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, 2026 amounted to $1,283,397, which represents 0.4% 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
4/30/2026
Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
4/30/2026
Maine State Finance Authority Revenue (TimberHP
Madison LLC)
6/20/2025-12/3/2025
$718,663
$1,281,072
0.4%
South Carolina Jobs Economic Development
Authority Solid Waste Disposal Revenue (Green
Bond-Jasper Pellets LLC Project)
12/4/2018-06/25/2020
2,231,104
2,325
0.0%
TimberHP, Inc.
6/23/2025
—
—
0.0%
Total
 
$2,949,767
$1,283,397
0.4%
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, 2026: 
 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Municipal Notes
 
 
 
 
Maine
$—
$—
$1,281,072
$1,281,072
Other Municipal Notes#
 
—
554,148,886
—
554,148,886
Total Municipal Notes
—
554,148,886
1,281,072
555,429,958
Common Stocks#
 
—
—
—
—
Total Investments
$—
$554,148,886
$1,281,072
$555,429,958
 
#
The Schedule of Investments provides information on the industry, state/territory or sector categorization.
 
See Notes to Financial Statements
 
19
 
 
 
 
 
 
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
 
(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
11/1/2025
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales/
Other
Reductions
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
4/30/2026
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
4/30/2026
Investments in
Securities:
 
 
 
 
 
 
 
 
 
 
Municipal Notes(1)
$1,300
$12
$—
$(79
)
$48
$—
$—
$—
$1,281
$(79
)
Common Stocks(2)
—
—
—
—
—
—
—
—
—
—
Total
$1,300
$12
$—
$(79
)
$48
$—
$—
$—
$1,281
$(79
)
(1) Quantitative Information about Level 3 Fair Value Measurements:
 
 
Investment type
Fair value
at
4/30/2026
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Municipal Notes
$1,281,072
Market Approach
Discount rate
8.3%
8.3%
Decrease
 
 
Income Approach
Liquidity Discount
5.0%
5.0%
Decrease
(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.
 
(2) At April 30, 2026, these investments were valued in accordance with procedures approved by the
valuation designee. These investments did not have a material impact on the Fund's net assets and,
therefore, disclosure of significant unobservable inputs used in formulating valuations is not
presented.
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, 2026: 
 
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.
 
^   A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
 
See Notes to Financial Statements
 
20
 
 
 
 
 
 
Statement of Assets and Liabilities (Unaudited)
 
 
 
 
Neuberger
Municipal
Fund Inc.
 
April 30, 2026
Assets
 
Investments in securities, at value* (Note A)—see Schedule of Investments:
 
Unaffiliated issuers(a)
$555,429,958
Cash
90,333
Interest receivable
8,804,441
Receivable for securities sold
316,022
Prepaid expenses and other assets
9,742
Total Assets
564,650,496
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
771,426
Distributions payable—common stock
1,604,410
Payable to investment manager (Note B)
115,347
Payable for securities purchased
1,451,265
Payable to administrator (Note B)
138,417
Payable to directors
2,939
Other accrued expenses and payables
189,599
Total Liabilities
232,173,403
Net Assets applicable to Common Stockholders
$332,477,093
Net Assets applicable to Common Stockholders consist of:
 
Paid-in capital—common stock
$398,325,946
Total distributable earnings/(losses)
(65,848,853
)
Net Assets applicable to Common Stockholders
$332,477,093
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
$11.23
*Cost of Investments:
 
(a) Unaffiliated issuers
$559,062,688
 
 
 
 
See Notes to Financial Statements
 
21
 
 
 
 
 
 
Statement of Operations (Unaudited)
 
 
 
 
Neuberger
Municipal
Fund Inc.
 
For the Six
Months Ended
April 30,
2026
Investment Income:
 
Income (Note A):
 
Interest income—unaffiliated issuers
$14,110,111
Other income
5
Total income
$14,110,116
Expenses:
 
Investment management fees (Note B)
698,320
Administration fees (Note B)
837,984
Audit fees
26,142
Basic maintenance (Note A)
6,199
Custodian and accounting fees
30,198
Insurance
8,448
Legal fees
56,306
Stockholder reports
15,885
Stock exchange listing fees
8,045
Stock transfer agent fees
11,137
Distributions to Variable Rate Municipal Term Preferred Shareholders (Note A)
4,228,450
Directors' fees and expenses
32,307
Miscellaneous and other fees
21,157
Total expenses
5,980,578
Net investment income/(loss)
$8,129,538
Realized and Unrealized Gain/(Loss) on Investments (Note A):
 
Net realized gain/(loss) on:
 
Transactions in investment securities of unaffiliated issuers
(979,881
)
Change in net unrealized appreciation/(depreciation) in value of:
 
Investment securities of unaffiliated issuers
(2,874,714
)
Net gain/(loss) on investments
(3,854,595
)
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from operations
$4,274,943
 
 
See Notes to Financial Statements
 
22
 
 
 
 
 
 
Statements of Changes in Net Assets
 
 
 
 
Neuberger
Municipal
Fund Inc.
 
Six Months
Ended
Fiscal Year
Ended
 
April 30, 2026
(Unaudited)
October 31, 2025
Increase/(Decrease) in Net Assets Applicable to Common Stockholders:
 
 
From Operations (Note A):
 
 
Net investment income/(loss)
$8,129,538
$14,740,014
Net realized gain/(loss) on investments
(979,881
)
(11,214,987
)
Change in net unrealized appreciation/(depreciation) of investments
(2,874,714
)
1,279,724
Net increase/(decrease) in net assets applicable to Common Stockholders resulting from
operations
4,274,943
4,804,751
Distributions to Common Stockholders From (Note A):
 
 
Distributable earnings
(9,626,462
)
(14,676,692
)
Tax return of capital
—
(4,576,231
)
Total distributions to Common Stockholders
(9,626,462
)
(19,252,923
)
Net Increase/(Decrease) in Net Assets Applicable to Common Stockholders
(5,351,519
)
(14,448,172
)
Net Assets Applicable to Common Stockholders:
 
 
Beginning of period
337,828,612
352,276,784
End of period
$332,477,093
$337,828,612
 
 
See Notes to Financial Statements
 
23
 
 
 
 
 
 
Notes to Financial Statements Municipal Fund Inc. (Unaudited)
Note A—Summary of Significant Accounting Policies:
1
General: Neuberger Municipal Fund Inc. (the "Fund") (formerly, Neuberger Berman Municipal Fund Inc.) 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.
 
Effective December 18, 2025, the Fund's name was changed from Neuberger Berman Municipal Fund Inc. to Neuberger Municipal Fund Inc.
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 equity securities, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.
 
24
 
 
 
 
 
 
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 the Fund's Variable Rate Municipal Term Preferred Shares ("VMTPS") is estimated to be their liquidation preference (Level 2 inputs).
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.
 
25
 
 
 
 
 
 
For federal income tax purposes, the estimated cost of investments held at April 30, 2026 was $559,134,045. The estimated gross unrealized appreciation was $17,922,061 and estimated gross unrealized depreciation was $21,626,148 resulting in net unrealized depreciation in value of investments of $3,704,087 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, 2025, there were no permanent differences requiring a reclassification between total distributable earnings/(losses) and paid-in-capital.
The tax character of distributions paid during the years ended October 31, 2025, and October 31, 2024, was as follows: 
 
 
Distributions Paid From:
 
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital Gain
Return of Capital
Total
 
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
 
$393,570
$424,283
$23,452,881
$23,277,477
$—
$—
$4,576,231
$1,790,538
$28,422,682
$25,492,298
 
 
 
 
 
 
 
 
 
 
 
As of October 31, 2025, 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
 
$—
$—
$—
$(829,373
)
$(57,322,657
)
$(2,345,304
)
$(60,497,334
)
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, 2025, 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
$51,098,545
*
$6,224,112
*
 
*
Future utilization of losses may be 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, 2026, the Fund declared a monthly distribution to common stockholders in the amount of $0.05417 per share, payable on May 15, 2026 to stockholders of record on April 30, 2026, with an ex-date of April 30, 2026. Subsequent to April 30, 2026, the Fund declared a monthly distribution on May 15, 2026
 
26
 
 
 
 
 
 
to common stockholders in the amount of $0.05417 per share, payable on June 15, 2026 to stockholders of record on May 29, 2026, with an ex-date of May 29, 2026.
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 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, December 16, 2021, and September 16, 2024, the Fund extended the term of the VMTPS, most recently to December 14, 2029.
 
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
1,704
47
1,657
200
1,457
On October 23, 2023 in connection with the reorganizations of two funds with and into the Fund, 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, 2026.  
 
 
Series
Term
Redemption
Date
Shares
Outstanding
Aggregate
Liquidation
Preference
 
Series A
12/14/2029
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, 2026, the average aggregate liquidation preference outstanding and average annualized distribution rate of the VMTPS were $227,900,000 and 3.77%, respectively.
 
27
 
 
 
 
 
 
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.
 
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, 2026, 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)."
 
12
Segment Reporting: The Fund has adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. NBIA acts as the Fund's CODM through its portfolio managers and management and operating committees, which are responsible for assessing performance and making decisions about
 
 
28
 
 
 
 
 
 
resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and evaluates performance in accordance with the Fund’s principal investment strategy as disclosed in its prospectus and/or annual report. The CODM uses these measures to assess Fund performance and allocate resources effectively. The Fund’s total returns, expense ratios, and changes in net assets, which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for the Fund’s single segment, are consistent with that presented within the Fund’s financial statements.
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 monthly, 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 monthly, 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, 2026, there were purchase and sale transactions of long-term securities of $53,715,134 and $54,760,117, respectively.
Note D—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.
 
29
 
 
 
 
 
 
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,
 
2026
(Unaudited)
2025
2024
2023
2022
2021
Common Stock Net Asset Value,
Beginning of Period
$11.41
$11.89
$10.68
$11.05
$14.88
$14.75
Income/(Loss) From Investment
Operations Applicable to Common
Stockholders:
 
 
 
 
 
 
Net Investment Income/(Loss)a
0.27
0.50
0.44
0.44
0.61
0.73
Net Gains or (Losses) on Securities (both
realized and unrealized)
(0.12
)
(0.33
)
1.29
(0.32
)
(3.78
)
0.15
Total From Investment Operations
Applicable to Common Stockholders
0.15
0.17
1.73
0.12
(3.17
)
0.88
Less Distributions to Common
Stockholders From:
 
 
 
 
 
 
Net Investment Income
(0.33
)
(0.50
)
(0.46
)
(0.49
)
(0.66
)
(0.75
)
Tax Return of Capital
—
(0.15
)
(0.06
)
—
—
—
Total Distributions to Common
Stockholders
(0.33
)
(0.65
)
(0.52
)
(0.49
)
(0.66
)
(0.75
)
Common Stock Net Asset Value, End of
Period
$11.23
$11.41
$11.89
$10.68
$11.05
$14.88
Common Stock Market Value, End of
Period
$10.18
$10.31
$10.84
$8.86
$9.64
$15.22
Total Return, Common Stock Net Asset
Valueb,c
1.55
%d
2.24
%
16.84
%
1.34
%
(21.57
)%
5.91
%
Total Return, Common Stock Market
Valueb,c
1.88
%d
1.33
%
28.40
%
(3.64
)%
(33.11
)%
12.92
%
Supplemental Data/Ratios
 
 
 
 
 
 
Net Assets Applicable to Common
Stockholders, End of Period (in millions)
$332.5
$337.8
$352.3
$316.3
$208.1
$280.2
Preferred Stock Outstanding, End of Period
(in millions)
$227.9
$227.9
$227.9
$227.9
$165.7
$170.4
e
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 Expensesf
3.60
%g
3.87
%
4.04
%
3.90
%
2.25
%
1.58
%
Ratio of Net Expensesf
3.60
%g
3.87
%
4.04
%
3.90
%
2.25
%
1.58
%
Ratio of Net Investment Income/(Loss)
4.89
%g
4.38
%
3.65
%
3.70
%
4.62
%
4.77
%
Portfolio Turnover Rate
10
%d
35
%
59
%
32
%h
36
%
13
%
Asset Coverage Per Share of Preferred
Stock, End of Periodi
$246,226
$248,561
$254,959
$239,162
$225,878
$264,533
 
 
 
 
See Notes to Financial Highlights
 
30
 
 
 
 
 
 
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
The class action proceeds received in 2024 had no impact on the Fund's total return for the year ended
October 31, 2024.
c
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.
d
Not annualized.
e
Net of unamortized deferred issuance costs. The unamortized deferred issuance costs were:              
 
 
 
Year Ended October 31,
 
2021
 
$5,962
 
f
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,
 
2026
2025
2024
2023
2022
2021
 
2.54%
2.73%
2.86%
2.70%
1.16%
0.56%
 
g
Annualized.
h
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.
i
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 the result by the
outstanding liquidation preference per share of the VMTPS.
 
 
31
 
 
 
 
 
 
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
 
32
 
 
 
 
 
 
Agent will not bear interest, and it is understood that, in any event, the Plan Agent shall have no liability in 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.
 
33
 
 
 
 
 
 
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 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 10027, Newark, NJ 07101-3027 or online at https://equiniti.com/us/ast-access/individuals.
 
34
 
 
 
 
 
 
Directory
 
Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
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
Transfer Agent
Equiniti Trust Company, LLC
48 Wall Street, Floor 23
New York, NY 10005
Shareholder Services 866.227.2136
 
Plan Agent
Equiniti Trust Company, LLC
P.O. Box 10027
Newark, NJ 07101-3027
 
Overnight correspondence should be sent to:
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
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
35
 
 
 
 
 
 
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’s website at www.neuberger.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).
 
36
 
 
 
Rev. June 2026
 
 
    
 
 
Facts
What Does Neuberger
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
When you are no longer our customer, we continue to share your information as
described in this notice.
 
 
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 chooses to
share; and whether you can limit this sharing.
 
 
Reasons we can share your personal information
Does Neuberger
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?
Call 646.497.4003 or 866.483.1046 (toll-free)
Email NBPrivacyOfficer@nb.com
or go to www.neuberger.com
 
This is not part of the Fund's stockholder report.
 
 
 
Rev. June 2026
 
 
 
Who we are?
 
Who is providing this notice?
Entities within the Neuberger family of companies, mutual funds, and private
investment funds.
 
 
What we do?
 
How does Neuberger 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 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 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 doesn’t jointly market.
 
 
This is not part of the Fund's stockholder report.
 
Page 2
 
 
This page has been left blank intentionally
 
 
This page has been left blank intentionally
 
 
 
 
 
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.
 
 
 
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.neuberger.com
 
I0208 06/26
 
 
(b) Not applicable.
 
Item 2. Code of Ethics.
The Board of Directors (“Board”) of Neuberger 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 High Yield Strategies Fund Inc. Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025). 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 as Item 1 of this Form N-CSR.
 
(b) Not applicable.
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
Not applicable to closed-end investment companies.
 
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
 
Not applicable to closed-end investment companies.
 
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable to closed-end investment companies.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable to closed-end investment companies.
 
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
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 copy of the Code of Ethics is incorporated by reference to Neuberger High Yield Strategies Fund Inc.’s Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025).
(a)(2)
Not applicable to the Registrant.
(a)(3)
The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.
(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 Municipal Fund Inc.
By: /s/ Joseph V. Amato
Joseph V. Amato
Chief Executive Officer and President
Date: June 26, 2026
 
 
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: June 26, 2026
 
 
By: /s/ John M. McGovern
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
 
Date: June 26, 2026
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS REQUIRED BY RULE 30A-2(A) UNDER THE ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION REQUIRED BY RULE 30A-2(B) UNDER THE ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT