As filed with the Securities and Exchange Commission on July 6, 2022

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: 811-21167

NEUBERGER BERMAN CALIFORNIA MUNICIPAL FUND INC.

(Exact name of registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of principal executive offices – Zip Code)

Registrant's telephone number, including area code: (212) 476-8800

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman California 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)

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the 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 Berman
Municipal Closed-End Funds

Neuberger Berman California
Municipal Fund Inc.

Neuberger Berman
Municipal Fund Inc.

Neuberger Berman New York
Municipal Fund Inc.

Semi-Annual Report

April 30, 2022

	Contents
	PRESIDENT’S LETTER	1
	PORTFOLIO COMMENTARY	2
	SCHEDULE OF INVESTMENTS
	California Municipal Fund Inc.	7
	Municipal Fund Inc.	12
	New York Municipal Fund Inc.	22
	FINANCIAL STATEMENTS	28
	NOTES TO FINANCIAL STATEMENTS	33
	FINANCIAL HIGHLIGHTS
	California Municipal Fund Inc.	40
	Municipal Fund Inc.	41
	New York Municipal Fund Inc.	42
	Distribution Reinvestment Plan for each Fund	45
	Directory	48
	Proxy Voting Policies and Procedures	49
	Quarterly Portfolio Schedule	49
	Privacy Notice	Located after the Funds’ Report
The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2022 Neuberger Berman Investment Advisers LLC. All rights reserved.

President’s Letter

Dear Stockholder,

I am pleased to present this semi-annual report for Neuberger Berman California Municipal Fund Inc. (NBW), Neuberger Berman Municipal Fund Inc. (NBH) and Neuberger Berman New York Municipal Fund Inc. (NBO and, together with NBW and NBH, the Funds) for the six months ended April 30, 2022 (the reporting period). The report includes for each Fund a portfolio commentary, a listing of the Fund’s investments and its unaudited financial statements for the reporting period.

Each Fund’s investment objective is to provide a high level of current income exempt from federal income tax and, for the state-specific Funds, NBW seeks to provide income that is also exempt from California personal income taxes and NBO seeks to provide income that is also exempt from New York State and New York City personal income taxes. The Funds may invest in securities the interest on which is subject to the federal alternative minimum tax.

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

As previously communicated, in December 2021, each Fund announced that it extended the term of its existing Variable Rate Municipal Term Preferred Shares (VMTP Shares) to December 15, 2024. Each Fund’s VMTP Shares previously had a term redemption date of March 31, 2022.

On April 18, 2022, NBH announced a decrease in its monthly distribution rate to $0.05025 per share of common stock from the prior monthly distribution rate of $0.06244 per share. The decrease in the Fund’s distribution rate was the result of numerous factors, including the expected level of yields available in the municipal market and the corresponding impact on the Fund’s level of earnings, expected increased costs of leverage associated with forecasted interest-rate hikes and the amount of available undistributed net investment income.

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

Sincerely,

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

1

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

For the six-month period ended April 30, 2022 (the reporting period), on a net asset value (NAV) basis, all three of the Neuberger Berman Municipal Closed-End Funds underperformed their benchmark, the Bloomberg 10-Year Municipal Bond Index (the Index). Neuberger Berman California Municipal Fund Inc. (NBW), Neuberger Berman Municipal Fund Inc. (NBH) and Neuberger Berman New York Municipal Fund Inc. (NBO and, together with NBW and NBH, the Funds) posted -11.82%, -12.45% and -12.29% total returns, respectively, whereas the Index generated a -7.86% total return for the same period. (Fund performance on a market price basis is provided in the table immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) was negative for performance given the negative price return for the municipal market during the reporting period.

The investment-grade municipal bond market generated weak results, but outperformed the taxable investment-grade bond market during the reporting period. All told, the Bloomberg Municipal Bond Index returned -7.90% for the reporting period, whereas the overall taxable investment-grade bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned -9.47%. U.S. Treasury yields moved sharply higher as inflation hit a four-decade high, the U.S. Federal Reserve Board (Fed) indicated it would aggressively raise interest rates, and the tragic war in Ukraine triggered numerous supply shortages. Meanwhile, consumer spending was generally resilient and the impact from COVID-19 and its variants appeared to wane. Rising yields caused the overall bond market to post poor results, as yields and bond prices move in the opposite direction.

Looking at the Funds’ performance, our allocation decisions across ratings categories were additive. In addition, our curve positioning was also additive. Our overweights to lower coupon bonds versus the Index was a headwind for performance. Overall, our allocation to revenue bonds was not rewarded, as they underperformed their general obligation bond counterparts. In particular, allocations to tobacco and housing bonds negatively impacted returns. On the upside, security selection of municipal bonds issued by Puerto Rico and the Virgin Islands, security selection within revenue bonds and an overweight to the short end of the yield curve were additive for performance.

In terms of portfolio changes, given the market’s downturn we used available cash to take advantage of attractive opportunities. We increased the overall credit quality of each Fund’s portfolio, as the rising rate environment allowed us to capture higher absolute yields from certain investment-grade securities.

We believe that the Fed’s transition to tighter monetary policy will continue to lead to more volatility in the municipal bond market. The selloff in municipals has been driven by a sharp move higher in rates as the market repriced for a more hawkish Fed. It is our view that in order for the municipal market to find an equilibrium, we will likely need to see more stability in the Treasury market. Calling market bottoms is a tough endeavor but we believe, given the size of the rates selloff, the worst may be behind us. Valuations have also improved when AAA municipals are measured against Treasuries. In addition, we believe that the technical environment may improve during the summer as net supply of municipal bonds is expected to turn negative. We have always believed that the best and most consistent way to add value in the municipal market is through security selection. In our view, the opportunities to add value through security selection will continue to increase. We believe our duration positioning and historically high levels of portfolio liquidity should allow us to deploy capital when pockets of volatility arise. We think our investment style, which is centered on a spirited relative value debate as we consider investments, is well suited to the market environment which may lie ahead.

Sincerely,

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

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

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

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

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.

2

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

CALIFORNIA MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY
(as a % of Total Investments*)
American Samoa	0.5	%
California	85.8
Guam	2.1
Illinois	0.8
Kansas	0.4
Louisiana	0.4
New Jersey	0.3
New York	0.5
Ohio	3.2
Puerto Rico	3.7
South Carolina	0.5
Texas	0.3
Virgin Islands	1.2
Wisconsin	0.3
Total	100.0	%

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

NEW YORK MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY
(as a % of Total Investments*)
American Samoa	0.5	%
California	2.9
Guam	2.2
Illinois	0.9
Kansas	0.6
Louisiana	0.5
New York	84.2
Ohio	0.2
Puerto Rico	4.8
South Carolina	0.2
Texas	0.3
Virgin Islands	0.9
Wisconsin	0.9
Other	0.9
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS1
		Six Month			Average Annual Total Return
		Period			Ended 04/30/2022
	Inception	Ended
At NAV2	Date	04/30/2022			1 Year			5 Years		10 Years			Life of Fund
California Municipal Fund Inc.	9/24/2002		-11.82	%		-11.55	%		1.57%		3.06	%		4.70	%
Municipal Fund Inc.	9/24/2002		-12.45	%		-12.46	%		1.40%		3.44	%		4.94	%
New York Municipal Fund Inc.	9/24/2002		-12.29	%		-12.53	%		0.83%		2.36	%		4.11	%
At Market Price3
California Municipal Fund Inc.	9/24/2002		-14.82	%		-13.72	%		-0.03%		1.33	%		3.74	%
Municipal Fund Inc.	9/24/2002		-19.19	%		-24.40	%		0.76%		2.48	%		4.39	%
New York Municipal Fund Inc.	9/24/2002		-16.32	%		-15.23	%		-0.17%		0.51	%		3.07	%
Index
Bloomberg 10-Year
Municipal Bond Index**,4			-7.86	%		-8.04	%		1.83%		2.53	%		3.86	%

** Effective August 24, 2021, the Bloomberg Barclays 10-Year Municipal Bond Index changed its name to Bloomberg 10-Year Municipal Bond Index.

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

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

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

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

Returns would have been lower if Neuberger Berman Investment Advisers LLC (“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.

MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY
(as a % of Total Investments*)
American Samoa	0.4	%	New Hampshire	0.2
Arizona	1.2		New Jersey	6.4
California	20.8		New Mexico	0.3
Colorado	2.0		New York	11.3
Connecticut	0.2		North Carolina	1.5
District of Columbia	0.7		Ohio	4.6
Florida	4.3		Oklahoma	0.7
Georgia	0.3		Oregon	0.0
Guam	0.3		Pennsylvania	2.8
Hawaii	0.5		Puerto Rico	4.1
Illinois	13.8		Rhode Island	0.6
Indiana	0.1		South Carolina	0.9
Iowa	0.5		Tennessee	0.5
Kansas	0.4		Texas	4.1
Kentucky	0.3		Utah	1.8
Louisiana	1.4		Vermont	0.7
Maine	0.4		Virgin Islands	1.3
Massachusetts	1.0		Virginia	0.6
Michigan	3.9		Washington	2.5
Minnesota	0.1		Wisconsin	1.8
Mississippi	0.4		Total	100.0	%
Nevada	0.3

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

3

Endnotes (Unaudited)

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

For more complete information on any of the Neuberger Berman Municipal Closed-End Funds, call Neuberger Berman Investment Advisers LLC at (877) 461-1899, or visit our website at www.nb.com.

4

Description of Index (Unaudited)

Bloomberg 10-Year Municipal Bond Index: The 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. Effective August 24, 2021 all Bloomberg Barclays fixed income indices were rebranded as “Bloomberg indices”.

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. Each Fund may invest in securities not included in the above described index and generally does not invest in all securities included in the index.

5

Legend April 30, 2022 (Unaudited)

Neuberger Berman Municipal Closed-End Funds

Other Abbreviations
Management or NBIA = Neuberger Berman Investment Advisers LLC

6

Schedule of Investments California Municipal Fund Inc.^

(Unaudited) April 30, 2022

PRINCIPAL AMOUNT			VALUE
Municipal Notes 173.2%
American Samoa 0.9%
$	600,000	American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029	$	651,069
California 148.6%
	1,000,000	Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/2027 Pre-Refunded		1,027,774
		4/1/2023
	1,875,000	California Comm. Choice Fin. Clean Energy Proj. Au. Rev. Green Bond, Ser. 2021-B-1,		1,902,434
		(LOC: Morgan Stanley), 4.00%, due 2/1/2052 Putable 8/1/2031
		California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
	250,000	Ser. 2016-A, 5.00%, due 10/1/2028		264,819
	260,000	Ser. 2016-A, 3.00%, due 10/1/2029		248,899
	400,000	Ser. 2016-A, 3.00%, due 10/1/2030		375,854
	1,000,000	California Ed. Facs. Au. Rev. (Green Bond- Loyola Marymount Univ.), Ser. 2018-B, 5.00%,		1,070,748
		due 10/1/2048
	1,252,634	California HFA Muni. Cert., Ser. 2019-2, Class A, 4.00%, due 3/20/2033		1,286,682
	1,000,000	California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%,		1,012,990
		due 11/15/2026
	984,384	California Hsg. Fin. Agcy. Muni. Cert., Ser. 2021-1, Class A, 3.50%, due 11/20/2035		984,331
	500,000	California Infrastructure & Econ. Dev. Bank Rev. (Wonderful Foundations Charter Sch.		471,616	(a)
		Portfolio Proj.), Ser. 2020-A-1, 5.00%, due 1/1/2055
	770,000	California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union		771,003
		High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/2024
	1,000,000	California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014,		1,028,043	(a)
		5.63%, due 7/1/2044
	500,000	California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.),		511,820
		Ser. 2014, 5.13%, due 7/1/2029
		California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.)
	210,000	Ser. 2015-A, 4.50%, due 10/1/2025		212,682
	1,115,000	Ser. 2019-A, 5.00%, due 10/1/2049		1,069,989	(a)
	1,000,000	California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.),		1,027,889	(a)
		Ser. 2016, 5.00%, due 7/1/2031
	500,000	California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030		530,892	(a)
		California Muni. Fin. Au. Rev. (Biola Univ.)
	375,000	Ser. 2013, 4.00%, due 10/1/2025		380,726
	410,000	Ser. 2013, 4.00%, due 10/1/2026		415,650
	455,000	Ser. 2013, 4.00%, due 10/1/2027		460,855
		California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
	605,000	Ser. 2014-A, 4.00%, due 1/1/2027		607,338
	630,000	Ser. 2014-A, 4.00%, due 1/1/2028		631,137
	330,000	Ser. 2014-A, 4.00%, due 1/1/2029		330,121
	2,000,000	California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West Village Std. Hsg. Proj.),		1,946,981	(b)
		Ser. 2018, (BAM Insured), 4.00%, due 5/15/2048
		California Pub. Fin. Au. Ref. (Henry Mayo Newhall Hosp.)
	400,000	Ser. 2021-A, 4.00%, due 10/15/2027		420,729
	360,000	Ser. 2021-A, 4.00%, due 10/15/2028		380,295
	400,000	California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A,		413,741	(a)
		5.00%, due 7/1/2030
	1,500,000	California Sch. Fac. Fin. Au. Rev. (Green Dot Pub. Sch. Proj.), Ser. 2018-A, 5.00%,		1,535,595	(a)
		due 8/1/2048
		California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
	400,000	Ser. 2017-A, 4.00%, due 7/1/2023		405,352	(a)
	250,000	Ser. 2014-A, 4.13%, due 7/1/2024		252,913
	375,000	Ser. 2017-A, 5.00%, due 7/1/2025		394,019	(a)
	130,000	Ser. 2017-A, 5.00%, due 7/1/2027		139,133	(a)
	2,195,000	California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%,		2,149,082	(b)
		due 6/1/2029

See Notes to Financial Statements 7

Schedule of Investments California Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
		California St. G.O.
$	2,000,000	Ser. 2020, 3.00%, due 11/1/2050	$	1,670,043
	4,000,000	Ser. 2022, 3.00%, due 4/1/2052		3,324,015
	1,390,000	California St. Hlth. Fac. Fin. Au. Rev. (Commonspirit Hlth. Oblig.), Ser. 2020-A, 4.00%,		1,311,698
		due 4/1/2049
	1,125,000	California St. Infrastructure & Econ. Dev. Bank Rev. (California Academy of Sciences),		1,118,371
		Ser. 2018-D, (SIFMA), 0.79%, due 8/1/2047 Putable 8/1/2024
	2,000,000	California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%,		2,056,061
		due 11/1/2046
	710,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So.		71,000	(a)(c)
		California LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027
	600,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.),		14,973	(a)(c)
		Ser. 2019, 7.50%, due 12/1/2039
	550,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Green Bond-Rialto Bioenergy Fac.		368,521	(a)
		LLC, Proj.), Ser. 2019, 7.50%, due 12/1/2040
	1,770,000	California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027		1,888,684	(a)
	415,000	California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group),		418,834	(a)
		Ser. 2016, 4.50%, due 6/1/2031
	400,000	California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Ed.), Ser. 2016-A, 5.00%,		412,633	(a)
		due 6/1/2031
	1,060,000	California St. Sch. Fin. Au. Ed. Facs. Rev. (New Designs Charter Sch. Administration		1,066,092	(a)
		Campus Proj.), Ser. 2019-A, 5.00%, due 6/1/2050
	280,000	California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.),		286,098	(a)
		Ser. 2014-A, 5.35%, due 8/1/2024
	1,000,000	California Statewide CDA College Hsg. Rev. (NCCD-Hooper Street LLC-College of the Arts		893,387	(a)
		Proj.), Ser. 2019, 5.25%, due 7/1/2052
	1,325,000	California Statewide CDA Hosp. Rev. (Methodist Hosp. of Southern Proj.), Ser. 2018,		1,350,626
		4.25%, due 1/1/2043
	1,000,000	California Statewide CDA Multi-Family Hsg. Rev. (Irvine Apt. Comm. LP), Ser. 2001-W-1,		1,000,000	(d)
		(LOC: Wells Fargo Bank N.A.), 0.33%, due 8/1/2034
	720,000	California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A,		763,126
		(AGM Insured), 5.00%, due 10/1/2026 Pre-Refunded 10/1/2024
	500,000	California Statewide CDA Rev. (Loma Linda Univ. Med. Ctr.), Ser. 2018-A, 5.50%,		529,304	(a)
		due 12/1/2058
	700,000	California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/2028		729,477
		Pre-Refunded 11/15/2023
	600,000	California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%,		619,614	(a)
		due 6/1/2036
	1,500,000	California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%,		1,568,946
		due 12/1/2029
	1,500,000	California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%,		1,503,933
		due 10/1/2041
	480,000	California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda		497,948
		Wilder Proj.), Ser. 2015, 4.50%, due 9/1/2025
	2,055,000	California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus Apts. Phase IV),		2,197,079
		Ser. 2017-A, 5.00%, due 5/15/2032
	500,000	California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%,		536,676	(a)
		due 11/1/2032
	2,000,000	Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A,		2,208,730
		(BAM Insured), 5.00%, due 8/1/2031
		Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
	350,000	Ser. 2013-A, 5.00%, due 9/1/2026 Pre-Refunded 9/1/2023		363,026
	560,000	Ser. 2013-A, 5.00%, due 9/1/2027 Pre-Refunded 9/1/2023		580,841
	2,000,000	Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured),		2,065,276
		4.00%, due 8/1/2024
	1,250,000	Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A,		1,321,569
		(AGM Insured), 5.00%, due 9/1/2025
	1,500,000	Foothill-Eastern Trans. Corridor Agcy. Toll Road Rev. Ref., Subser. 2014-B2, 3.50%,		1,221,504
		due 1/15/2053

See Notes to Financial Statements 8

Schedule of Investments California Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
		Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref.
$	2,000,000	Ser. 2018-A-1, 5.00%, due 6/1/2047 Pre-Refunded 6/1/2022	$	2,005,676
	5,000,000	Ser. 2018-A-2, 5.00%, due 6/1/2047 Pre-Refunded 6/1/2022		5,014,986
	3,935,000	Ser. 2021-B-2, 0.00%, due 6/1/2066		423,629
	1,000,000	Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A,		1,129,622
		(AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
	1,000,000	Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%,		1,071,430
		due 10/15/2026
		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
	150,000	Ser. 2013, 4.00%, due 9/1/2023		153,690
	300,000	Ser. 2013, 4.00%, due 9/1/2024		306,464
	450,000	Ser. 2013, 4.00%, due 9/1/2025		459,562
	645,000	Ser. 2013, 3.50%, due 9/1/2026		651,002
	690,000	Ser. 2013, 3.63%, due 9/1/2027		696,873
	680,000	Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/2024		715,971
		La Verne Cert. of Participation (Brethren Hillcrest Homes)
	315,000	Ser. 2014, 5.00%, due 5/15/2026 Pre-Refunded 5/15/2022		318,543
	500,000	Ser. 2014, 5.00%, due 5/15/2029 Pre-Refunded 5/15/2022		505,624
	1,500,000	Los Angeles City Dept. of Arpts. Arpt. Rev., Ser. 2020-C, 4.00%, due 5/15/2050		1,459,085
	2,650,000	Los Angeles Co. Metro. Trans. Au. Rev. (Green Bond), Ser. 2020-A, 5.00%, due 6/1/2031		3,050,563
	1,385,000	Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/2029		1,060,290
		Pre-Refunded 8/1/2024
	1,305,000	Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/2024		1,325,412
	1,250,000	Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/2039		1,275,255
	1,000,000	Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.),		1,057,021
		Ser. 2014, (AGM Insured), 5.00%, due 9/1/2027
	600,000	Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 5.00%,		604,076
		due 9/1/2025
	500,000	Riverside Co. Trans. Commission Toll Rev. Ref. Sr. Lien (RCTC Number 91 Express Lanes),		475,369
		Ser. 2021-B-1, 4.00%, due 6/1/2046
		Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation)
	1,320,000	Ser. 2013-B, 0.00%, due 6/1/2022		1,318,667
	1,500,000	Ser. 2013-B, 0.00%, due 6/1/2023		1,464,698
		Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1)
	100,000	Ser. 2017, 4.00%, due 9/1/2029		101,347
	200,000	Ser. 2017, 4.00%, due 9/1/2030		200,445
	525,000	Ser. 2017, 3.25%, due 9/1/2031		488,537
	1,700,000	Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Cap. Assessment Dist. Number 2), Ser.		1,827,533
		2016-A, 5.00%, due 10/1/2047
		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.)
	1,000,000	Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024		1,067,738
	400,000	Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026		445,043
	1,950,000	Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/2033		2,091,838
	500,000	Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017,		522,026	(a)
		5.00%, due 9/1/2047
	120,000	San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured),		120,108
		4.95%, due 12/1/2022
	685,000	San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/2029		719,445
		Pre-Refunded 8/1/2025
		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.)
	310,000	Ser. 2013, (BAM Insured), 3.25%, due 6/1/2025		312,116
	575,000	Ser. 2013, (BAM Insured), 3.50%, due 6/1/2026		580,178
	325,000	Ser. 2013, (BAM Insured), 3.50%, due 6/1/2027		327,592
	270,000	Ser. 2013, (BAM Insured), 3.50%, due 6/1/2028		271,813
	1,000,000	Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/2027 Pre-		1,010,931
		Refunded 8/1/2023
	1,000,000	Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser.		1,006,034
		2013, 5.00%, due 8/1/2026

See Notes to Financial Statements 9

Schedule of Investments California Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
		Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds
$	125,000	Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037	$	131,845
	525,000	Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025		595,980
	620,000	Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037		697,262
	2,000,000	Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%,		2,068,028
		due 9/1/2025
	500,000	Tobacco Securitization Au. Southern California Tobacco Settlement Rev. Ref. (San Diego Co.		526,047
		Asset Securitization Corp.), Ser. 2019-A, Class 1, 5.00%, due 6/1/2048
	3,000,000	Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,		3,780,496
		6.88%, due 8/1/2037
	3,500,000	William S. Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B,		3,076,913
		(AGM Insured), 0.00%, due 9/1/2026
	2,250,000	Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),		2,268,696	(e)
		0.00%, due 8/1/2036
				109,401,716
Guam 3.6%
	500,000	Guam Gov’t Bus. Privilege Tax Rev. Ref., Ser. 2021-F, 4.00%, due 1/1/2036		467,528
	1,000,000	Guam Gov’t Hotel Occupancy Tax Rev. Ref., Ser. 2021-A, 5.00%, due 11/1/2040		1,041,669
	1,075,000	Guam Pwr. Au. Rev., Ser. 2022-A, 5.00%, due 10/1/2037		1,134,801	(f)
				2,643,998
Illinois 1.4%
	1,000,000	Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/2023		1,020,854
Kansas 0.7%
		Goddard Kansas Sales Tax Spec. Oblig. Rev. Ref. (Olympic Park Star Bond Proj.)
	310,000	Ser. 2019, 3.60%, due 6/1/2030		290,669
	300,000	Ser. 2021, 3.50%, due 6/1/2034		257,347
				548,016
Louisiana 0.7%
	500,000	Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser.		512,911
		2013-A, 7.63%, due 12/15/2028
New Jersey 0.5%
	400,000	New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due		406,688
		9/15/2023
New York 0.9%
	650,000	Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/2034		675,683
Ohio 5.5%
	3,885,000	Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, Class 2,		3,778,181
		5.00%, due 6/1/2055
	280,000	So. Ohio Port Exempt Fac. Au. Rev., (PureCycle Ohio LLC), Ser. 2020-A, 7.00%,		257,740	(a)
		due 12/1/2042
				4,035,921
Puerto Rico 6.4%
	875,000	Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Hosp. Auxilio Mutuo Oblig. Group		953,285
		Proj.), Ser. 2021, 5.00%, due 7/1/2027
	3,662,000	Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058		3,753,403
				4,706,688

See Notes to Financial Statements 10

Schedule of Investments California Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
South Carolina 0.9%
$	250,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Last Step Recycling	$	207,894	(a)
		LLC Proj.), Ser. 2021-A, 6.50%, due 6/1/2051
	395,000	South Carolina St. Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.),		423,702
		Ser. 2017-A, 7.75%, due 10/1/2057
				631,596
Texas 0.6%
	294,783	Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015,		23,583	(a)(c)
		7.75%, due 1/1/2045
	450,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A,		405,000	(c)
		7.25%, due 12/1/2053
				428,583
Virgin Islands 2.1%
	1,500,000	Matching Fund Spec. Purp. Securization Corp. Ref., Ser. 2022-A, 5.00%, due 10/1/2039		1,532,895
Wisconsin 0.4%
	300,000	Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054		308,314	(a)
		Total Investments 173.2% (Cost $129,149,920)		127,504,932
		Other Assets Less Liabilities 1.5%		1,119,291
		Liquidation Preference of Variable Rate Municipal Term Preferred Shares (74.7)%		(55,000,000	)
		Net Assets Applicable to Common Stockholders 100.0%	$	73,624,223

(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, 2022, these securities amounted to $15,441,642, which represents 21.0% of net assets applicable to common stockholders of the Fund.
(b)	All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of $4,096,063.
(c)	Defaulted security.
(d)	Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at April 30, 2022.
(e)	Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(f)	When-issued security. Total value of all such securities at April 30, 2022, amounted to $1,134,801, which represents 1.5% of net assets applicable to common stockholders of the Fund.

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, 2022:

Asset Valuation Inputs	Level 1	Level 2	Level 3	Total
Investments:
Municipal Notes(a)	$—	$127,504,932	$—	$127,504,932
Total Investments	$—	$127,504,932	$—	$127,504,932

(a)	The Schedule of Investments provides a categorization by state/territory.
^	A balance indicated with a “—”, reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements 11

Schedule of Investments Municipal Fund Inc.^

(Unaudited) April 30, 2022

PRINCIPAL AMOUNT			VALUE
Municipal Notes 169.5%
American Samoa 0.8%
$	1,700,000	American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029	$	1,844,696
Arizona 2.1%
	500,000	Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.),		519,354	(a)
		Ser. 2016, 5.00%, due 7/1/2036
	2,250,000	Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025		2,330,596	(a)
	1,385,000	Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%,		1,379,595
		due 7/1/2024
	395,000	Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%,		333,816
		due 7/1/2036
	400,000	Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%,		402,049
		due 7/1/2024
				4,965,410
California 35.3%
	1,000,000	California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%,		1,012,990
		due 11/15/2026
	1,325,000	California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High		1,326,726
		Sch.), Ser. 2010, 5.13%, due 8/15/2024
		California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
	465,000	Ser. 2014, 5.00%, due 7/1/2024		474,381	(a)
	630,000	Ser. 2014, 5.13%, due 7/1/2029		648,450	(a)
		California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
	455,000	Ser. 2014, 5.00%, due 7/1/2024		461,718
	430,000	Ser. 2014, 5.13%, due 7/1/2029		440,165
	500,000	California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016,		513,944	(a)
		5.00%, due 7/1/2031
	570,000	California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030		605,217	(a)
	585,000	California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A,		588,469
		4.00%, due 1/1/2026
	2,000,000	California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West Village Std. Hsg. Proj.),		2,087,078
		Ser. 2018, 5.00%, due 5/15/2051
	1,000,000	California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis II, LLC, Green Bond-Orchard Park Std.		742,654
		Hsg. Proj.), Ser. 2021, (BAM Insured), 3.00%, due 5/15/2054
	1,300,000	California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A,		1,344,659	(a)
		5.00%, due 7/1/2030
		California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.
	2,155,000	Ser. 2016-A, 2.90%, due 6/1/2028		2,110,012
	2,450,000	Ser. 2016-A, 2.95%, due 12/1/2028		2,398,562
	8,000,000	California St. G.O., Ser. 2022, 3.00%, due 4/1/2052		6,648,030
	470,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California		47,000	(a)(b)
		LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027
	2,000,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.),		49,909	(a)(b)
		Ser. 2019, 7.50%, due 12/1/2039
	1,855,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Green Bond-Rialto Bioenergy Fac. LLC,		1,242,921	(a)
		Proj.), Ser. 2019, 7.50%, due 12/1/2040
	4,430,000	California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027		4,727,045	(a)
		Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref.
	1,000,000	Ser. 2018-A-2, 5.00%, due 6/1/2047 Pre-Refunded 6/1/2022		1,002,997
	12,665,000	Ser. 2021-B-2, 0.00%, due 6/1/2066		1,363,471
	2,000,000	Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM		2,259,245
		Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
	590,000	La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%,		596,637
		due 5/15/2029 Pre-Refunded 5/15/2022
	3,620,000	Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),		3,405,184
		0.00%, due 8/1/2024

See Notes to Financial Statements 12

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
$	5,750,000	Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E,	$	6,623,203
		(Assured Guaranty Insured), 5.50%, due 8/1/2029
	5,000,000	Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/2034 Pre-Refunded		5,785,300
		8/1/2026
	4,000,000	Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),		4,450,432
		5.25%, due 12/1/2026
	2,000,000	San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 6.38%,		2,173,790
		due 8/1/2034 Pre-Refunded 8/1/2024
	6,000,000	San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A,		6,614,081	(c)
		0.00%, due 8/1/2032
	1,540,000	Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.),		1,549,293
		Ser. 2013, 5.00%, due 8/1/2026
	2,040,000	Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%,		2,109,388
		due 9/1/2025
	9,070,000	Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,		11,429,700
		6.88%, due 8/1/2037
	5,095,000	Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured		4,496,726
		Guaranty Insured), 0.00%, due 8/1/2026
	3,000,000	Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),		3,024,928	(d)
		0.00%, due 8/1/2036
				84,354,305
Colorado 3.4%
		Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
	805,000	Ser. 2015, 4.50%, due 4/1/2025		801,574	(a)
	1,000,000	Ser. 2015, 5.13%, due 4/1/2035		974,620	(a)
	1,350,000	Ser. 2015, 5.25%, due 4/1/2045		1,259,689	(a)
	750,000	Colorado Ed. & Cultural Facs. Au. Rev. Ref., Ser. 2014, 4.50%, due 11/1/2029		757,975
	2,550,000	Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/2023		2,555,286	(a)(e)
	5,866,666	Villages at Castle Rock Co. Metro. Dist. Number 6 (Cabs - Cobblestone Ranch Proj.),		1,808,681
		Ser. 2007-2, 0.00%, due 12/1/2037
				8,157,825
Connecticut 0.3%
	750,000	Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/2025		754,815
District of Columbia 1.2%
	1,470,000	Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured),		1,471,530
		4.10%, due 12/1/2026
	650,000	Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/2022		651,060
	650,000	Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%,		654,684
		due 10/1/2045
				2,777,274
Florida 7.3%
	800,000	Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier),		28,000	(a)(b)
		Ser. 2018-C, 7.50%, due 7/1/2053
	1,000,000	Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/2026		1,049,612
		Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
	110,000	Ser. 2012-A, 5.50%, due 6/15/2022		110,531	(a)
	3,120,000	Ser. 2013-A, 6.75%, due 12/15/2027 Pre-Refunded 6/15/2023		3,272,023	(e)
	1,750,000	Ser. 2014-A, 5.75%, due 6/15/2029		1,821,589
	1,075,000	Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%,		999,499
		due 7/1/2036
	100,000	Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013,		101,360
		5.00%, due 11/15/2036
	9,000,000	Hillsborough Co. Ind. Dev. Au. Hosp. Rev. (Tampa General Hosp. Proj.), Ser. 2020-A, 3.50%,		7,135,489
		due 8/1/2055
	1,135,000	Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/2027		1,143,010

See Notes to Financial Statements 13

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
$	860,000	Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%,	$	861,618
		due 5/1/2029
	970,000	Village Comm. Dev. Dist. Number 13 Spec. Assessment Rev., Ser. 2019, 3.70%,		829,141
		due 5/1/2050
				17,351,872
Georgia 0.6%
	2,000,000	DeKalb Co. Hsg. Au. Sr. Living Rev. Ref. (Baptist Retirement Comm. of Georgia Proj.),		1,398,001	(a)
		Ser. 2019-A, 5.13%, due 1/1/2049
Guam 0.4%
	1,000,000	Guam Pwr. Au. Rev., Ser. 2022-A, 5.00%, due 10/1/2035		1,057,984	(f)
Hawaii 0.9%
	2,250,000	Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaiian Elec. Co., Inc. - Subsidiary),		2,047,117
		Ser. 2019, 3.50%, due 10/1/2049
Illinois 23.5%
	5,705,000	Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/2027		5,779,446
		Chicago G.O.
	250,000	Ser. 2002-2002B, 5.13%, due 1/1/2027		261,933
	2,000,000	Ser. 2002-B, 5.00%, due 1/1/2025		2,094,255
	1,000,000	Ser. 2019-A, 5.00%, due 1/1/2044		1,047,871
		Chicago Ref. G.O.
	1,000,000	Ser. 2005-D, 5.50%, due 1/1/2040		1,053,509
	700,000	Ser. 2014-A, 5.00%, due 1/1/2027		720,997
	3,000,000	Ser. 2017-A, 6.00%, due 1/1/2038		3,282,449
	3,000,000	Ser. 2021-A, 4.00%, due 1/1/2035		2,838,894
		Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
	1,350,000	Ser. 2013-C, 5.45%, due 12/1/2030		1,418,558
	1,960,000	Ser. 2013-C, 5.50%, due 12/1/2031		2,061,048
	1,560,000	Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%,		1,692,603
		due 2/15/2031
	2,000,000	Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A,		2,000,843
		4.00%, due 7/15/2047
	1,905,000	Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC		1,646,910
		Insured), 0.00%, due 6/15/2026
		Illinois St. G.O.
	3,900,000	Ser. 2012, 4.00%, due 8/1/2025		3,921,121
	1,000,000	Ser. 2013, 5.00%, due 7/1/2023		1,027,031
	5,200,000	Ser. 2017-D, 5.00%, due 11/1/2028		5,584,116
	3,000,000	Ser. 2021-A, 4.00%, due 3/1/2039		2,813,546
	2,175,000	Ser. 2021-A, 4.00%, due 3/1/2040		2,028,436
	4,250,000	Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/2024		4,407,187
		So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
	945,000	Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027		981,166
	1,375,000	Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028		1,426,404
	715,000	Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029		741,098
		Univ. of Illinois (Hlth. Svc. Facs. Sys.)
	2,725,000	Ser. 2013, 5.00%, due 10/1/2027		2,801,977
	2,875,000	Ser. 2013, 5.75%, due 10/1/2028		2,987,454
	1,500,000	Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A,		1,432,927	(a)
		5.25%, due 12/1/2047
				56,051,779
Indiana 0.1%
	295,000	Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/2024		302,586

See Notes to Financial Statements 14

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
Iowa 0.8%
		Iowa St. Higher Ed. Loan Au. Rev. (Des Moines Univ. Proj.)
$	1,105,000	Ser. 2020, 5.00%, due 10/1/2028	$	1,204,795
	775,000	Ser. 2020, 4.00%, due 10/1/2045		752,825
				1,957,620
Kansas 0.6%
	1,500,000	Wyandotte Co. & Kansas City Kanuni Gov't. G.O. Temporary Notes, Ser. 2022-I, 1.25%,		1,490,344
		due 4/1/2023
Kentucky 0.5%
	1,350,000	Ashland City, Kentucky Med. Ctr. Ref. Rev. (Ashland Hosp. Corp. DBA Kings Daughter Med.		1,140,192
		Ctr.), Ser. 2019, (AGM Insured), 3.00%, due 2/1/2040
Louisiana 2.3%
	1,715,000	Louisiana Local Gov't Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.),		1,723,294	(a)
		Ser. 2017-A, 5.75%, due 2/1/2032
	775,000	Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.),		795,013
		Ser. 2013-A, 7.63%, due 12/15/2028
	700,000	Louisiana St. Local Gov’t Env. Facs. & Comm. Dev. Au. Rev. (Lafourche Parish Gomesa Proj.),		593,998	(a)
		Ser. 2019, 3.95%, due 11/1/2043
	1,655,000	St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%,		1,657,567	(e)
		due 12/1/2040 Putable 6/1/2022
	800,000	St. John the Baptist Parish LA Rev. Ref. (Marathon Oil Corp. Proj.), Subser. 2017-A-1, 2.00%,		790,590
		due 6/1/2037 Putable 4/1/2023
				5,560,462
Maine 0.7%
	2,200,000	Maine St. Fin. Au. (Green Bond-Go Lab Madison, LLC Proj.), Ser. 2021, 8.00%,		1,777,361	(a)
		due 12/1/2051
Massachusetts 1.7%
		Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
	200,000	Ser. 2014-F, 5.00%, due 7/15/2024		204,812
	415,000	Ser. 2014-F, 5.00%, due 7/15/2025		424,656
	200,000	Ser. 2014-F, 5.00%, due 7/15/2026		204,547
	190,000	Ser. 2014-F, 5.00%, due 7/15/2027		194,183
	150,000	Ser. 2014-F, 5.00%, due 7/15/2028		153,168
		Massachusetts St. Ed. Fin. Au. Rev.
	730,000	Ser. 2011-J, 5.00%, due 7/1/2023		730,568
	1,065,000	Ser. 2012-J, 4.70%, due 7/1/2026		1,066,552
	1,120,000	Ser. 2013-K, 4.50%, due 7/1/2024		1,124,935
				4,103,421
Michigan 6.6%
		City of Detroit MI G.O.
	3,000,000	Ser. 2021-A, 5.00%, due 4/1/2046		3,090,930
	3,850,000	Ser. 2021-A, 5.00%, due 4/1/2050		3,954,092
	1,500,000	Detroit Downtown Dev. Au. Tax Increment Rev. Ref. (Catalyst Dev. Proj.), Ser. 2018-A,		1,560,404
		(AGM Insured), 5.00%, due 7/1/2048
		Michigan St. Hsg. Dev. Au. Rev.
	1,935,000	Ser. 2016-C, 2.05%, due 12/1/2022		1,932,450
	1,835,000	Ser. 2016-C, 2.15%, due 6/1/2023		1,824,101
	2,500,000	Michigan St. Strategic Fund Ltd. Oblig. Rev. (Green Bond-Recycled Board Machine Proj.),		2,552,674
		Ser. 2021, 4.00%, due 10/1/2061 Putable 10/1/2026
	750,000	Michigan St. Strategic Fund Ltd. Oblig. Rev. (Improvement Proj.), Ser. 2018, 5.00%,		764,939
		due 6/30/2048
	100,000	Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/2035		100,004
				15,779,594

See Notes to Financial Statements 15

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
Minnesota 0.2%
$	400,000	St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A,	$	406,317	(a)
		5.00%, due 6/15/2038
Mississippi 0.6%
	1,700,000	Mississippi Dev. Bank Spec. Oblig. (Jackson Co. Gomesa Proj.), Ser. 2021, 3.63%,		1,451,546	(a)
		due 11/1/2036
Nevada 0.6%
		Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
	850,000	Ser. 2015-A, 4.00%, due 12/15/2025		850,137	(a)
	500,000	Ser. 2015-A, 5.13%, due 12/15/2045		511,471	(a)
				1,361,608
New Hampshire 0.3%
	750,000	Nat'l Fin. Au. Rev. (Green Bond), Ser. 2020-B, 3.75%, due 7/1/2045 Putable 7/2/2040		649,453	(a)
New Jersey 10.8%
	1,325,000	New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%,		1,347,153
		due 9/15/2023
	1,230,000	New Jersey Econ. Dev. Au. Rev. (Sch. Facs. Construction), Ser. 2019-LLL, 5.00%,		1,341,389
		due 6/15/2028
		New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
	500,000	Ser. 2013, 5.25%, due 1/1/2025		518,454
	500,000	Ser. 2013, 5.50%, due 1/1/2026		520,362
		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
	1,420,000	Ser. 2013, 3.50%, due 7/1/2024		1,409,446
	1,470,000	Ser. 2013, 3.63%, due 7/1/2025		1,451,149
	1,520,000	Ser. 2013, 3.75%, due 7/1/2026		1,494,069
	765,000	Ser. 2013, 4.00%, due 7/1/2027		751,665
	1,145,000	New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/2026		1,156,694
		New Jersey St. Econ. Dev. Au. Sch. Rev. (Beloved Comm. Charter, Sch., Inc. Proj.)
	1,105,000	Ser. 2019-A, 5.00%, due 6/15/2049		1,110,384	(a)
	725,000	Ser. 2019-A, 5.00%, due 6/15/2054		726,830	(a)
	8,250,000	New Jersey St. Trans. Trust Fund Au., Ser. 2019-BB, 4.00%, due 6/15/2050		7,673,991
		New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref.
	1,250,000	Ser. 2018-A, 5.00%, due 12/15/2036		1,334,103
	4,000,000	Ser. 2018-A, 4.25%, due 12/15/2038		4,012,514
	1,000,000	Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/2037		990,308
				25,838,511
New Mexico 0.5%
	1,500,000	Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 (Sr. Lien), Ser. 2022, 4.25%,		1,298,332	(a)
		due 5/1/2040
New York 19.2%
	225,000	Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies		235,367
		Proj.), Ser. 2017-A, 5.00%, due 6/1/2035
	625,000	Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%,		658,661
		due 11/15/2029
	1,345,000	Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/2045		1,364,040
		Build NYC Res. Corp. Rev.
	1,100,000	Ser. 2014, 5.00%, due 11/1/2024		1,153,305
	835,000	Ser. 2014, 5.25%, due 11/1/2029		873,070
	975,000	Ser. 2014, 5.50%, due 11/1/2044		1,011,738
	250,000	Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%,		254,700	(a)
		due 6/1/2047

See Notes to Financial Statements 16

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
$	825,000	Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049	$	843,560	(a)
		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)
	100,000	Ser. 2013-A, 3.88%, due 4/15/2023		100,681
	1,450,000	Ser. 2013-A, 5.00%, due 4/15/2043		1,458,106
	620,000	Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%,		632,247	(a)
		due 1/1/2025
		Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
	700,000	Ser. 2014, 5.00%, due 7/1/2023		718,923
	735,000	Ser. 2014, 5.00%, due 7/1/2024		765,538
	390,000	Ser. 2018, 5.00%, due 7/1/2030		423,188
	1,400,000	Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond-Reenergy Black River LLC Proj.),		1,339,387	(a)
		Ser. 2014, 5.25%, due 1/1/2024
		Metro. Trans. Au. Rev. (Green Bond)
	8,500,000	Ser. 2020-D-3, 4.00%, due 11/15/2049		8,064,682
	3,000,000	Ser. 2020-D-3, 4.00%, due 11/15/2050		2,839,533
	5,000,000	New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020, 3.00%, due 3/1/2049		3,839,946
	200,000	New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Gen. Resolution Rev. Bonds),		200,000	(g)
		Ser. 2022-DD, 0.64%, due 6/15/2033
	500,000	New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%,		511,919	(a)
		due 11/15/2040
	3,200,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%,		3,307,384
		due 7/1/2028 Pre-Refunded 7/1/2023
	2,300,000	New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Montefiore Oblig. Group),		2,401,224
		Ser. 2018-A, 5.00%, due 8/1/2035
	1,000,000	New York St. Dorm. Au. Rev. St. Supported Debt (New Sch.), Ser. 2022-A, 4.00%,		957,656
		due 7/1/2052
	2,000,000	New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027		2,005,677
	1,000,000	New York St. Trans. Dev. Corp. Fac. Rev. (Empire St. Thruway Svc. Areas Proj.), Ser. 2021,		952,164
		4.00%, due 4/30/2053
	2,000,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D		2,093,535
		Redev.), Ser. 2018, 5.00%, due 1/1/2033
	500,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. Ref. (JFK Int'l Arpt. Term. 4 Proj.), Ser. 2022,		522,549
		5.00%, due 12/1/2039
	550,000	Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/2022		551,991
	1,435,000	Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/2023		1,435,000
		Pre-Refunded 5/1/2022
	1,155,000	Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%,		1,177,443
		due 11/1/2026
	2,000,000	Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028		2,085,809
	500,000	Westchester Co. Local Dev. Corp. Rev. (Purchase Sr. Learning Comm., Inc. Proj.), Ser. 2021-A,		454,510	(a)
		5.00%, due 7/1/2056
	600,000	Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%,		540,947	(a)
		due 6/1/2030
				45,774,480
North Carolina 2.6%
	3,665,000	North Carolina HFA Homeownership Ref. Rev., Ser. 2020-45, (GNMA/FNMA/FHLMC Insured),		2,866,405
		2.20%, due 7/1/2040
		North Carolina Med. Care Commission Retirement Facs. Rev.
	735,000	Ser. 2013, 5.13%, due 7/1/2023		750,638
	2,000,000	Ser. 2020-A, 4.00%, due 9/1/2050		1,796,354
	700,000	North Carolina Med. Care Commission Retirement Facs. Rev. (Twin Lakes Comm.), Ser. 2019-A,		724,390
		5.00%, due 1/1/2049
				6,137,787
Ohio 7.7%
	13,190,000	Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, 5.00%,		12,827,337
		due 6/1/2055

See Notes to Financial Statements 17

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
$	1,000,000	Jefferson Co. Port Econ. Dev. Au. Rev. (JSW Steel USA, Ohio, Inc. Proj.), Ser. 2021, 3.50%,	$	754,483	(a)
		due 12/1/2051
	500,000	Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019, 5.00%,		490,496	(a)
		due 7/1/2049
	1,000,000	Ohio St. Air Quality Dev. Au. Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2014-B, 2.60%,		930,314
		due 6/1/2041 Putable 10/1/2029
	3,500,000	Port Au. of Greater Cincinnati Dev. Rev. (Convention Ctr. Hotel Acquisition and Demolition		3,480,131
		Proj.), Ser. 2020-A, 3.00%, due 5/1/2023
				18,482,761
Oklahoma 1.1%
	2,000,000	Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%,		2,052,758
		due 8/15/2033
		Tulsa Arpt. Imp. Trust Ref. Rev.
	250,000	Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2024		260,342
	400,000	Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024		418,607
				2,731,707
Oregon 0.0%(h)
	30,000	Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA/GNMA/FNMA/		30,001
		FHLMC Insured), 3.50%, due 7/1/2027
Pennsylvania 4.8%
		Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
	500,000	Ser. 2012, 3.50%, due 5/1/2025		500,254
	350,000	Ser. 2012, 3.60%, due 5/1/2026		350,214
	2,830,000	Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.),		2,849,011
		Ser. 2015-A, 4.25%, due 7/1/2030
	1,250,000	Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/2028		1,290,629
		Pre-Refunded 5/1/2023
	2,625,000	Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%,		2,661,444
		due 11/1/2024
	2,350,000	Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%,		940,000	(a)(b)
		due 12/1/2053
	3,000,000	Pennsylvania St. Turnpike Commission Turnpike Rev., Subser. 2019-A, 4.00%, due 12/1/2049		2,828,827
				11,420,379
Puerto Rico 7.0%
	16,373,000	Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058		16,781,670
Rhode Island 1.0%
	3,045,000	Rhode Island St. Hsg. & Mtge. Fin. Corp. Rev. (Homeownership Opportunity), Ser. 2020-73-A,		2,428,923
		2.30%, due 10/1/2040
South Carolina 1.5%
	1,480,000	South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A,		1,587,540
		7.75%, due 10/1/2057
	2,325,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Jasper Pellets LLC,		1,719,626	(a)
		Proj.), Ser. 2018-A, 7.00%, due 11/1/2038
	750,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (RePower South Berkeley LLC		300,000	(a)(b)
		Proj.), Ser. 2017, 6.25%, due 2/1/2045
				3,607,166
Tennessee 0.9%
	2,000,000	Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A,		2,060,179
		5.25%, due 9/1/2023

See Notes to Financial Statements 18

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
Texas 6.9%
$	250,000	Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%,	$	253,997
		due 8/15/2045
		Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
	235,000	Ser. 2014-A, 5.88%, due 3/1/2024		241,008
	1,000,000	Ser. 2014-A, 6.63%, due 3/1/2029		1,041,625
	730,000	Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/2042		745,697
	750,000	Central Texas Reg. Mobility Au. Sr. Lien Ref. Rev., Ser. 2020-E, 5.00%, due 1/1/2045		797,868
	165,000	Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/2022		165,440
	250,000	Dallas Co. Flood Ctrl. Dist. Number 1 Ref. G.O., Ser. 2015, 5.00%, due 4/1/2028		250,738	(a)
	2,000,000	Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/2042		2,016,338
		Hale Ctr. Ed. Fac. Corp. Rev. Ref. (Wayland Baptist Univ. Proj.)
	405,000	Ser. 2022, 5.00%, due 3/1/2033		429,488
	1,000,000	Ser. 2022, 5.00%, due 3/1/2034		1,056,926
	2,275,000	Ser. 2022, 4.00%, due 3/1/2035		2,174,924
	1,000,000	Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B,		1,016,831	(e)
		5.75%, due 1/1/2028
		New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy)
	545,000	Ser. 2019, 5.00%, due 8/15/2039		548,462	(a)
	520,000	Ser. 2019, 5.00%, due 8/15/2049		520,626	(a)
	1,225,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A,		1,102,500	(b)
		7.25%, due 12/1/2053
	500,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park		250,000
		Carriage), Ser. 2016-C, 5.50%, due 7/1/2046
		Parkway Utils. Dist. Wtr. & Swr. Sys. Rev.
	495,000	Ser. 2022, (AGM Insured), 3.00%, due 3/1/2033		460,946
	790,000	Ser. 2022, (AGM Insured), 3.00%, due 3/1/2034		730,100
	545,000	Ser. 2022, (AGM Insured), 3.00%, due 3/1/2035		493,421
	1,250,000	Texas Private Activity Bond Surface Trans. Corp. Sr. Lien Rev. Ref. (North Tarrant Express		1,251,574
		Managed Lanes Proj.), Ser. 2019-A, 4.00%, due 12/31/2039
	1,000,000	Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019,		1,031,486
		5.00%, due 6/30/2058
				16,579,995
Utah 3.1%
		Salt Lake City Arpt. Rev.
	1,000,000	Ser. 2017-A, 5.00%, due 7/1/2042		1,051,786
	2,000,000	Ser. 2017-A, 5.00%, due 7/1/2047		2,098,916
	1,000,000	Ser. 2018-A, 5.00%, due 7/1/2043		1,058,810
	3,000,000	Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%,		3,204,558
		due 2/15/2028
	30,000	Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/2022		30,047
				7,444,117
Vermont 1.2%
		Vermont Std. Assist. Corp. Ed. Loan Rev.
	25,000	Ser. 2013-A, 4.25%, due 6/15/2024		25,048
	55,000	Ser. 2013-A, 4.35%, due 6/15/2025		55,100
	85,000	Ser. 2013-A, 4.45%, due 6/15/2026		85,149
	25,000	Ser. 2013-A, 4.55%, due 6/15/2027		25,042
	1,800,000	Ser. 2014-A, 5.00%, due 6/15/2024		1,877,565
	895,000	Ser. 2015-A, 4.13%, due 6/15/2027		904,952
				2,972,856
Virgin Islands 2.1%
	5,000,000	Matching Fund Spec. Purp. Securization Corp. Ref., Ser. 2022-A, 5.00%, due 10/1/2039		5,109,648

See Notes to Financial Statements 19

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
Virginia 1.0%
$	185,000	Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%,	$	187,413
		due 12/1/2022
	2,000,000	Virginia St. Small Bus. Fin. Au. Rev. Ref. (Sr. Lien I-495, Hot Lanes Proj.), Ser. 2022, 5.00%,		2,132,586
		due 12/31/2047
				2,319,999
Washington 4.2%
	6,700,000	Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%,		6,811,201
		due 1/1/2028
	1,000,000	Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Green Bond), Ser. 2020-A, 5.63%,		1,037,470	(a)
		due 12/1/2040
	790,000	Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.), Ser. 2017, 5.00%,		843,299
		due 8/15/2026
	1,480,494	Washington St. Hsg. Fin. Commission, Ser. 2021-A-1, 3.50%, due 12/20/2035		1,350,844
				10,042,814
Wisconsin 3.1%
	2,000,000	Pub. Fin. Au. Arpt. Fac. Rev. Ref. (Trips Oblig. Group), Ser. 2012-B, 5.00%, due 7/1/2042		2,003,794
	870,000	Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/2030		894,043	(a)
	200,000	Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/2035		205,090	(a)
	870,000	Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/2025		900,443
	2,000,000	Pub. Fin. Au. Sr. Rev. (Wonderful Foundations Charter Sch. Portfolio Proj.), Ser. 2020-A-1,		1,843,267	(a)
		5.00%, due 1/1/2055
	1,448,000	Tender Option Bond Trust Receipts/CTFS Various St. (Floaters), Ser. 2020, (LOC: Mizuho Cap.		1,448,000	(a)(g)
		Markets LLC), 0.66%, due 11/1/2025
				7,294,637
		Total Investments 169.5% (Cost $409,729,624)		405,097,544
		Other Assets Less Liabilities 1.8%		4,325,844
		Liquidation Preference of Variable Rate Municipal Term Preferred Shares (71.3)%		(170,400,000	)
		Net Assets Applicable to Common Stockholders 100.0%	$	239,023,388

(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, 2022, these securities amounted to $47,692,798, which represents 20.0% of net assets applicable to common stockholders of the Fund.
(b)	Defaulted security.
(c)	Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(d)	Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(e)	All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of $8,501,707.
(f)	When-issued security. Total value of all such securities at April 30, 2022 amounted to $1,057,984, which represents 0.4% of net assets applicable to common stockholders of the Fund.
(g)	Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at April 30, 2022.
(h)	Represents less than 0.05% of net assets applicable to common stockholders of the Fund.

See Notes to Financial Statements 20

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund’s investments as of April 30, 2022:

Asset Valuation Inputs	Level 1	Level 2	Level 3	Total
Investments:
Municipal Notes(a)	$—	$405,097,544	$ —	$405,097,544
Total Investments	$—	$405,097,544	$ —	$405,097,544

(a)	The Schedule of Investments provides a categorization by state/territory.
^	A balance indicated with a “—”, reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements 21

Schedule of Investments New York Municipal Fund Inc.^

(Unaudited) April 30, 2022

PRINCIPAL AMOUNT			VALUE
Municipal Notes 176.0%
American Samoa 0.9%
$	500,000	American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029	$	542,558
California 5.2%
	250,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redak Svcs. So. California LLC		25,000	(a)(b)
		Proj.), Ser. 2016, 7.00%, due 12/1/2027
	345,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Green Bond-Rialto Bioenergy Fac. LLC, Proj.),		231,163	(a)
		Ser. 2019, 7.50%, due 12/1/2040
	3,115,000	Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM		2,926,910
		Insured), 0.00%, due 8/1/2024
				3,183,073
Guam 3.9%
	750,000	Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2021-A, 5.00%, due 11/1/2035		792,580
	500,000	Guam Gov’t Bus. Previlege Tax Rev. Ref., Ser. 2021-F, 4.00%, due 1/1/2036		467,529
	1,035,000	Guam Pwr. Au. Rev., Ser. 2022-A, 5.00%, due 10/1/2036		1,094,405	(e)
				2,354,514
Illinois 1.7%
	1,000,000	Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/2023		1,020,854
Kansas 1.1%
		Goddard Kansas Sales Tax Spec. Oblig. Rev. (Olympic Park Star Bond Proj.)
	315,000	Ser. 2019, 3.60%, due 6/1/2030		295,358
	420,000	Ser. 2021, 3.50%, due 6/1/2034		360,285
				655,643
Louisiana 0.8%
	500,000	Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser.		512,911	(d)
		2013-A, 7.63%, due 12/15/2028
New York 149.4%
		Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences)
	380,000	Ser. 2014-A, 5.00%, due 12/1/2027		398,774
	375,000	Ser. 2014-A, 5.00%, due 12/1/2028		392,631
	270,000	Ser. 2014-A, 5.00%, due 12/1/2029		282,185
	750,000	Broome Co. Local Dev. Corp. Rev. (Good Shepherd Village at Endwell, Inc. Proj.), Ser. 2021, 4.00%,		707,863
		due 1/1/2047
	1,645,000	Broome Co. Local Dev. Corp. Rev. (United Hlth. Svc.), Ser. 2020, (AGM Insured), 3.00%, due		1,287,795
		4/1/2045
	500,000	Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry Charter Sch. Proj.), Ser. 2017-A, 5.00%, due		506,633
		8/1/2047
	1,325,000	Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser.		1,386,053
		2017-A, 5.00%, due 6/1/2035
		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park)
	500,000	Ser. 2015, 5.00%, due 11/15/2027		530,352
	500,000	Ser. 2015, 5.00%, due 11/15/2028		528,466
		Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
	270,000	Ser. 2014-A, 5.00%, due 6/1/2026		284,522
	225,000	Ser. 2014-A, 5.00%, due 6/1/2029		236,353
		Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.)
	250,000	Ser. 2014, 5.00%, due 7/1/2022		251,470
	500,000	Ser. 2014, 5.00%, due 7/1/2029 Pre-Refunded 7/1/2024		526,790
	1,250,000	Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/2045		1,267,695

See Notes to Financial Statements 22

Schedule of Investments New York Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
		Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.)
$	155,000	Ser. 2015, 5.00%, due 6/1/2026	$	163,474
	125,000	Ser. 2015, 5.00%, due 6/1/2027		131,496
	195,000	Ser. 2015, 5.00%, due 6/1/2028		204,491
	220,000	Ser. 2015, 5.00%, due 6/1/2029		229,920
	325,000	Ser. 2015, 5.00%, due 6/1/2030		338,786
	565,000	Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/2024		592,379
	750,000	Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due		764,100	(a)
		6/1/2047
	575,000	Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049		587,936	(a)
	450,000	Build NYC Res. Corp. Rev. (New World Preparatory Charter Sch. Proj.), Ser. 2021-A, 4.00%, due		376,031
		6/15/2056
	750,000	Build NYC Res. Corp. Rev. (Shefa Sch. Proj.), Ser. 2021-A, 5.00%, due 6/15/2051		763,149	(a)
	100,000	Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int’l Cultures), Ser. 2013-A, 3.88%, due		100,681	(d)
		4/15/2023
	120,000	Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due		122,370	(a)
		1/1/2025
		Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.)
	200,000	Ser. 2016-A-1, 5.00%, due 7/1/2041		208,490
	275,000	Ser. 2016-A-1, 5.00%, due 7/1/2046		285,310
		Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
	405,000	Ser. 2018, 5.00%, due 7/1/2031		438,141
	425,000	Ser. 2018, 5.00%, due 7/1/2032		459,316
	450,000	Ser. 2018, 5.00%, due 7/1/2033		485,305
		Metro. Trans. Au. Rev. (Green Bond)
	1,500,000	Ser. 2020-C-1, 5.00%, due 11/15/2050		1,559,277
	2,000,000	Ser. 2020-D-3, 4.00%, due 11/15/2049		1,897,572
	300,000	Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due		310,952
		1/15/2029
		Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.)
	500,000	Ser. 2013-A, 5.00%, due 10/1/2024		516,605
	500,000	Ser. 2013-A, 5.00%, due 10/1/2025		516,112
	250,000	Ser. 2013-A, 4.00%, due 10/1/2026		254,035
		Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
	1,120,000	Ser. 2012-A, 5.00%, due 6/1/2023		1,122,224
	210,000	Ser. 2012-A, 5.00%, due 6/1/2025		210,340
	1,265,000	Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (AGM Insured),		1,329,573
		5.00%, due 9/1/2027
	2,000,000	Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/2028 Pre-Refunded 4/1/2023		2,055,180
		Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.)
	500,000	Ser. 2014, 5.00%, due 7/1/2023		516,136
	1,000,000	Ser. 2014, 5.00%, due 7/1/2027		1,048,832
	4,175,000	Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser. 2006-A-3, 5.13%, due 6/1/2046		4,238,813
	1,500,000	New York City IDA Rev. (Queens Ballpark Co. LLC), Ser. 2021-A, (AGM Insured), 3.00%, due		1,215,791
		1/1/2046
	3,000,000	New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020, (AGM Insured), 3.00%, due 3/1/2049		2,363,403
	750,000	New York City Trust for Cultural Res. Ref. Rev. (Lincoln Ctr. for the Performing Arts, Inc.), Ser. 2020-		776,682
		A, 4.00%, due 12/1/2035
	500,000	New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/2040		511,919	(a)(d)
	2,000,000	New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/2035		2,270,159

See Notes to Financial Statements 23

Schedule of Investments New York Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
$	750,000	New York Liberty Dev. Corp. Rev. Ref. (Bank of America Tower at One Bryant Park Proj.), Ser. 2019,	$	692,131
		Class 3, 2.80%, due 9/15/2069
	1,815,000	New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A, 3.00%, due		1,830,955
		7/1/2027 Pre-Refunded 7/1/2024
	780,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013,		795,981
		4.63%, due 7/1/2025
	750,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Fordham Univ.), Ser. 2020, 4.00%, due		737,255
		7/1/2046
	1,375,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012,		1,380,995
		4.00%, due 7/1/2028 Pre-Refunded 7/1/2022
	2,540,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Univ. Dorm. Fac.), Ser. 2018-A, 5.00%,		2,800,023
		due 7/1/2048
		New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group)
	460,000	Ser. 2014-A, 4.00%, due 1/1/2026		462,728
	470,000	Ser. 2014-A, 4.00%, due 1/1/2027		471,816
	200,000	Ser. 2014-A, 4.00%, due 1/1/2028		200,361
	275,000	Ser. 2014-A, 4.13%, due 1/1/2029		275,806
	1,350,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due		1,395,303
		7/1/2028 Pre-Refunded 7/1/2023
	750,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Vaughn College of Aeronautics &		764,078	(a)
		Technology), Ser. 2016, 5.00%, due 12/1/2026
	1,500,000	New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Montefiore Oblig. Group), Ser. 2018-A,		1,566,015
		5.00%, due 8/1/2035
		New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Orange Reg. Med. Ctr.)
	400,000	Ser. 2017, 5.00%, due 12/1/2035		434,354	(a)
	200,000	Ser. 2017, 5.00%, due 12/1/2036		217,006	(a)
	400,000	Ser. 2017, 5.00%, due 12/1/2037		433,862	(a)
	2,000,000	New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/2026		2,035,519
	500,000	New York St. Dorm. Au. Rev. St. Supported Debt (New Sch.), Ser. 2022-A, 4.00%, due 7/1/2052		478,828
		New York St. Env. Facs. Corp. Solid Waste Disp. Rev. (Casella Waste Sys. Inc. Proj.)
	500,000	Ser. 2014, 2.88%, due 12/1/2044 Putable 12/3/2029		467,878	(a)
	500,000	Ser. 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025		490,607
	930,000	New York St. HFA Rev., Ser. 2020-H, 2.45%, due 11/1/2044		694,294
	660,000	New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/2027		657,138
	1,045,000	New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027		1,047,966
	2,000,000	New York St. Trans. Dev. Corp. Fac. Rev. (Empire St. Thruway Svc. Areas Proj.), Ser. 2021, 4.00%,		1,904,329
		due 4/30/2053
	1,500,000	New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American Airlines, Inc.-John F Kennedy Int’l		1,480,244
		Arpt. Proj.), Ser. 2016, 5.00%, due 8/1/2031
	2,000,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D		2,093,535
		Redev.), Ser. 2018, 5.00%, due 1/1/2033
	1,545,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term. B Redev. Proj.), Ser. 2016-A,		1,489,937
		4.00%, due 7/1/2041
		New York St. Trans. Dev. Corp. Spec. Fac. Rev. Ref. (JFK Int’l Arpt. Term. 4 Proj.)
	100,000	Ser. 2020-A, 4.00%, due 12/1/2042		93,181
	500,000	Ser. 2020-C, 4.00%, due 12/1/2042		476,879
	785,000	Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/2022		787,841
	300,000	Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/2026		300,000
		Pre-Refunded 5/1/2022

See Notes to Financial Statements 24

Schedule of Investments New York Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
$	1,000,000	Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. Ref. (Covanta Proj.), Ser. 2018-A, 4.75%, due	$	973,170	(a)
		11/1/2042
	1,100,000	Niagara Falls City Sch. Dist. Ref. Cert. of Participation (High Sch. Fac.), Ser. 2015, (AGM Insured),		1,129,542
		4.00%, due 6/15/2026
		Niagara Frontier Trans. Au. Rev. Ref. (Buffalo Niagara Int’l Arpt.)
	375,000	Ser. 2019-A, 5.00%, due 4/1/2037		399,280
	350,000	Ser. 2019-A, 5.00%, due 4/1/2038		372,121
	350,000	Ser. 2019-A, 5.00%, due 4/1/2039		371,588
		Oneida Co. Local Dev. Corp. Rev. Ref. (Mohawk Valley Hlth. Sys. Proj.)
	1,250,000	Ser. 2019-A, (AGM Insured), 3.00%, due 12/1/2044		1,081,610
	2,000,000	Ser. 2019-A, (AGM Insured), 4.00%, due 12/1/2049		2,039,639
	500,000	Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred), Ser. 2017, 5.00%, due		538,672
		4/15/2057
	1,410,000	St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/2028		1,431,749
	1,980,000	Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/2025		2,041,505
	1,750,000	Suffolk Tobacco Asset Securitization Corp. Ref. (Tobacco Settle Asset Backed Sub. Bonds), Ser. 2021-		1,629,722
		B-1, 4.00%, due 6/1/2050
	70,000	Triborough Bridge & Tunnel Au. Spec. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp.		71,472
		Insured), 4.75%, due 1/1/2024
		TSASC Inc. Rev. Ref.
	580,000	Ser. 2017-A, 5.00%, due 6/1/2028		620,865
	3,000,000	Ser. 2017-A, 5.00%, due 6/1/2041		3,137,727
	3,000,000	Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028		3,128,714
	1,000,000	Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030		901,579	(a)
		Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.)
	825,000	Ser. 2016, 5.00%, due 11/1/2030		882,725
	1,000,000	Ser. 2016, 3.75%, due 11/1/2037		965,630
	1,000,000	Westchester Co. Local Dev. Corp. Rev. (Purchase Sr. Learning Comm., Inc. Proj.), Ser. 2021-A,		909,021	(a)
		5.00%, due 7/1/2056
	1,000,000	Westchester Co. Local Dev. Corp. Rev. Ref. (Kendal on Hudson Proj.), Ser. 2022-B, 5.00%, due		1,031,880
		1/1/2051
	665,000	Yonkers Econ. Dev. Corp. Ed. Rev. (Charter Sch. of Ed. Excellence Proj.), Ser. 2019-A, 5.00%, due		666,622
		10/15/2049
				90,834,240
Ohio 0.3%
	230,000	So. Ohio Port Exempt Fac. Au. Rev., Ser. 2020-A, 7.00%, due 12/1/2042		211,715	(a)
Puerto Rico 8.5%
	5,017,000	Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058		5,142,224
South Carolina 0.4%
	300,000	South Carolina Jobs-Econ. Dev. Au. Solid Waste Disp. Rev. (AMT-Green Bond-Last Step Recycling		249,473	(a)
		LLC Proj.), Ser. 2021-A, 6.50%, due 6/1/2051
Texas 0.5%
	393,043	Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%,		31,444	(a)(b)
		due 1/1/2045
	325,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%,		292,500	(b)
		due 12/1/2053
				323,944
Virgin Islands 1.7%
	1,000,000	Matching Fund Spec. Purp. Securization Corp. Ref., Ser. 2022-A, 5.00%, due 10/1/2039		1,021,930

See Notes to Financial Statements 25

Schedule of Investments New York Municipal Fund Inc.^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE
Wisconsin 1.6%
$	300,000	Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054	$	308,314	(a)
	800,000	St. Croix Chippewa Indians of Wisconsin Ref., Ser. 2021, 5.00%, due 9/30/2041		643,817	(a)
				952,131
		Total Municipal Notes (Cost $110,958,818)		107,005,210
UNITS
Liquidating Trust - Real Estate 1.5%
	600	CMS Liquidating Trust (Cost $3,105,388)		917,400	*(c)(f)(g)
		Total Investments 177.5% (Cost $114,064,206)		107,922,610
		Liabilities Less Other Assets (1.4)%		(836,947	)
		Liquidation Value of Variable Rate Municipal Term Preferred Shares (76.1)%		(46,300,000	)
		Net Assets Applicable to Common Stockholders 100.0%	$	60,785,663

*	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, 2022, these securities amounted to $9,551,348, which represents 15.7% of net assets applicable to common stockholders of the Fund.
(b)	Defaulted security.
(c)	Value determined using significant unobservable inputs.
(d)	All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of $1,125,511.
(e)	When-issued security. Total value of all such securities at April 30, 2022 amounted to $1,094,405, which represents 1.8% of net assets applicable to common stockholders of the Fund.
(f)	Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Directors. Total value of all such securities at April 30, 2022 amounted to approximately $917,400, which represents 1.5% of net assets applicable to common stockholders of the Fund.
(g)	This security has been deemed by Management to be illiquid, and is subject to restrictions on resale. At April 30, 2022, this security amounted to $917,400, which represents 1.5% of net assets applicable to common stockholders of the Fund.

			Acquisition Cost		Fair Value
			Percentage of Net		Percentage of Net
			Assets Applicable		Assets Applicable
			to Common		to Common
			Stockholders as of	Value as of	Stockholders as
Restricted Security	Acquisition Date	Acquisition Cost	Acquisition Date	4/30/2022	of 4/30/2022
CMS Liquidating Trust	11/21/2012	$3,105,388	4.1%	$917,400	1.5%

See Notes to Financial Statements 26

Schedule of Investments New York Municipal Fund Inc.^

(Unaudited) (cont’d)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund’s investments as of April 30, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3(b)		Total
Investments:
Municipal Notes(a)	$	—	$	107,005,210	$	—	$	107,005,210
Liquidating Trust - Real Estate		—		—		917,400		917,400
Total Investments	$	—	$	107,005,210	$	917,400	$	107,922,610

(a)	The Schedule of Investments provides a categorization by state/territory.
(b)	The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

																			Net change
																			in unrealized
																			appreciation/
																			(depreciation)
	Beginning						Change in												from
	balance,		Accrued				unrealized						Transfers		Transfers		Balance,		investments
(000’s	as of		discounts/		Realized		appreciation/						into		out of		as of		still held as of
omitted)	11/1/2021		(premiums)		gain/(loss)		(depreciation)		Purchases		Sales		Level 3		Level 3		4/30/2022		4/30/2022
Investments in
Securities:
Units
Liquidating
Trust—Real
Estate(c)	$	750	$	—	$	—	$	167	$	—	$	—	$	—	$	—	$	917	$	167
Total	$	750	$	—	$	—	$	167	$	—	$	—	$	—	$	—	$	917	$	167

(c) Quantitative Information about Level 3 Fair Value Measurements:

						Impact to valuation
Investment	Fair value	Valuation	Unobservable	Input value/	Weighted	from increase
type	at 4/30/2022	approach	input(s)	range	average(d)	in input(e)
Units	$917,400	Income Approach	Discount Rate	10.0%	10.0%	Decrease
		Market Approach	Transaction Price	$20.00	$20.00	Increase

(d)	The weighted averages disclosed in the table above were weighted by relative fair value.
(e)	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.
^	A balance indicated with a “—”, reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements 27

Statements of Assets and Liabilities (Unaudited)

Neuberger Berman

	CALIFORNIA						NEW YORK
	MUNICIPAL			MUNICIPAL			MUNICIPAL
	FUND INC.			FUND INC.			FUND INC.
	April 30, 2022			April 30, 2022			April 30, 2022
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers(a)	$	127,504,932		$	405,097,544		$	107,922,610
Cash		1,121,661			296,990			112,516
Interest receivable		1,594,452			5,484,320			1,570,932
Receivable for securities sold		—			1,050,000			—
Prepaid expenses and other assets		2,443			7,786			2,039
Total Assets		130,223,488			411,936,640			109,608,097
Liabilities
Variable Rate Municipal Term Preferred Shares, Series A (100,000 liquidation
preference per share; 550, 1,704 and 463 shares outstanding for California Fund,
Municipal Fund and New York Fund, respectively) (Note A)		55,000,000			170,400,000			46,300,000
Distributions payable—preferred shares		64,207			198,925			54,051
Distributions payable—common stock		248,687			946,869			199,695
Payable to investment manager (Note B)		26,858			85,510			22,372
Payable for securities purchased		1,158,861			1,079,750			2,148,521
Payable to administrator (Note B)		32,230			102,611			26,846
Payable to directors		2,731			2,617			2,740
Other accrued expenses and payables		65,691			96,970			68,209
Total Liabilities		56,599,265			172,913,252			48,822,434
Net Assets applicable to Common Stockholders	$	73,624,223		$	239,023,388		$	60,785,663
Net Assets applicable to Common Stockholders consist of:
Paid-in capital—common stock	$	77,388,677		$	258,485,280		$	70,235,667
Total distributable earnings/(losses)		(3,764,454	)		(19,461,892	)		(9,450,004	)
Net Assets applicable to Common Stockholders	$	73,624,223		$	239,023,388		$	60,785,663
Shares of Common Stock Outstanding ($0.0001 par value; 999,996,410,
999,990,206 and 999,996,517 shares authorized for California Fund, Municipal
Fund and New York Fund, respectively)		5,551,044			18,843,164			5,077,417
Net Asset Value Per Share of Common Stock Outstanding	$	13.26		$	12.68		$	11.97
* Cost of Investments:
(a) Unaffiliated Issuers	$	129,149,920		$	409,729,624		$	114,064,206

See Notes to Financial Statements 28

Statements of Operations (Unaudited)

Neuberger Berman

	CALIFORNIA MUNICIPAL FUND INC.		MUNICIPAL FUND INC.		NEW YORK MUNICIPAL FUND INC.
	For the Six Months Ended April 30, 2022		For the Six Months Ended April 30, 2022		For the Six Months Ended April 30, 2022
Investment Income:
Income (Note A):
Interest and other income-unaffiliated issuers	$2,447,604		$8,596,726		$2,079,974
Expenses:
Investment management fees (Note B)	170,314		545,970		142,358
Administration fees (Note B)	204,377		655,163		170,830
Audit fees	25,147		25,296		25,147
Basic maintenance (Note A)	6,198		6,199		6,199
Custodian and accounting fees	36,706		47,898		35,512
Insurance	1,876		6,063		1,570
Legal fees	32,775		39,001		37,055
Stockholder reports	4,301		12,264		4,016
Stock exchange listing fees	2,095		6,768		1,754
Stock transfer agent fees	11,545		11,537		11,527
Distributions to Variable Rate Municipal Term Preferred Shareholders and
amortization of offering costs (Note A)	313,635		959,175		264,967
Directors’ fees and expenses	22,305		22,308		22,305
Interest	42		84		—
Miscellaneous	14,385		14,080		14,345
Total expenses	845,701		2,351,806		737,585
Net investment income/(loss)	$1,601,903		$6,244,920		$1,342,389
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers	(44,288	)	(356,012	)	(108,111	)
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers	(11,687,411	)	(40,388,512	)	(10,002,957	)
Net gain/(loss) on investments	(11,731,699	)	(40,744,524	)	(10,111,068	)
Net increase/(decrease) in net assets applicable to Common Stockholders
resulting from operations	$(10,129,796	)	$(34,499,604	)	$(8,768,679	)

See Notes to Financial Statements 29

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30

Statements of Changes in Net Assets

Neuberger Berman

	CALIFORNIA MUNICIPAL FUND INC.				MUNICIPAL FUND INC.
	Six Months Ended April 30, 2022 (Unaudited)		Fiscal Year Ended October 31, 2021		Six Months Ended April 30, 2022 (Unaudited)		Fiscal Year Ended October 31, 2021
Increase/(Decrease) in Net Assets Applicable
to Common Stockholders:
From Operations (Note A):
Net investment income/(loss)	$1,601,903		$3,544,533		$6,244,920		$13,693,864
Net realized gain/(loss) on investments	(44,288	)	386,863		(356,012	)	(644,299	)
Change in net unrealized appreciation/(depreciation) of
investments	(11,687,411	)	(67,176	)	(40,388,512	)	3,473,886
Net increase/(decrease) in net assets applicable to
Common Stockholders resulting from operations	(10,129,796	)	3,864,220		(34,499,604	)	16,523,451
Distributions to Common Stockholders From (Note A):
Distributable earnings	(1,492,121	)	(2,984,241	)	(6,828,756	)	(14,105,250	)
From Capital Share Transactions (Note D):
Proceeds from reinvestment of dividends and distributions	—		—		119,234		260,779
Net Increase/(Decrease) in Net Assets Applicable to
Common Stockholders	(11,621,917	)	879,979		(41,209,126	)	2,678,980
Net Assets Applicable to Common Stockholders:
Beginning of period	85,246,140		84,366,161		280,232,514		277,553,534
End of period	$73,624,223		$85,246,140		$239,023,388		$280,232,514

See Notes to Financial Statements 31

NEW YORK MUNICIPAL FUND INC.
Six Months Ended April 30, 2022 (Unaudited)		Fiscal Year Ended October 31, 2021
$1,342,389		$2,660,743
(108,111	)	388,882
(10,002,957	)	433,463
(8,768,679	)	3,483,088
(1,198,169	)	(2,396,338	)
—		—
(9,966,848	)	1,086,750
70,752,511		69,665,761
$60,785,663		$70,752,511

See Notes to Financial Statements 32

Notes to Financial Statements Municipal Closed-End Funds
(Unaudited)

Note A—Summary of Significant Accounting Policies:

1

General: Neuberger Berman California Municipal Fund Inc. (“California Fund”), Neuberger Berman Municipal Fund Inc. (“Municipal Fund”) and Neuberger Berman New York Municipal Fund Inc. (“New York Fund”) (each individually a “Fund”, and collectively, the “Funds”) were organized as Maryland corporations on July 29, 2002. California Fund and New York Fund registered as non-diversified, closed-end management investment companies and Municipal Fund registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund. Each Fund is currently a diversified fund. Each Fund’s Board of Directors (“Board”) may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of stockholders. A balance indicated with a “—”, reflects either a zero balance or a balance that rounds to less than 1. The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board 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 each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds’ investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820. ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. ● Level 1 –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 a Fund’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. The value of the Funds’ investments in municipal notes and liquidating trust - real estate is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes and liquidating trust - real estate include current trades, bid-wanted

33

	lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues. Management has developed a process to periodically review information provided by independent pricing services for all types of securities. If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company’s or issuer’s financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades. In December 2020, the Securities and Exchange Commission (“SEC”) adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act, which is the threshold for determining whether a fund must fair value a security. The rule became effective on March 8, 2021, however, the SEC adopted an eighteen-month transition period beginning from the effective date. Management is currently evaluating the rule.
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 Statements of Operations.
4	Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each 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 a 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 Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are 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. As of April 30, 2022, the Funds did not have any unrecognized tax positions.

34

For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments held at April 30, 2022 were as follows:

			Gross		Gross		Net Unrealized
			Unrealized		Unrealized		Appreciation/
	Cost		Appreciation		Depreciation		(Depreciation)
California Fund	$	129,274,441	$	4,738,679	$	6,508,188	$	(1,769,509	)
Municipal Fund		410,001,864		19,477,869		24,382,189		(4,904,320	)
New York Fund		114,288,835		1,236,400		7,602,625		(6,366,225	)

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 each 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 Funds. For the year ended October 31, 2021, the Funds recorded permanent reclassifications primarily related to one or more of the following: non-deductible stock issuance costs, adjustments to the prior period accumulated balances and net operating losses written off. For the year ended October 31, 2021, the Funds recorded the following permanent reclassifications:

				Total Distributable
	Paid-in Capital			Earnings/(Losses)
California Fund	$	(14,512	)	$	14,512
Municipal Fund		(14,512	)		14,512
New York Fund		(54,463	)		54,463

The tax character of distributions paid during the years ended October 31, 2021, and October 31, 2020, was as follows:

	Distributions Paid From:
									Long-Term
	Tax-Exempt				Ordinary				Capital				Return of
	Income				Income				Gain				Capital				Total
	2021		2020		2021		2020		2021		2020		2021		2020		2021		2020
California Fund	$	3,505,199	$	3,871,277	$	1,768	$	15,220	$	—	$	—	$	—	$	—	$	3,506,967	$	3,886,497
Municipal Fund		15,511,565		16,662,963		213,186		228,692		—		—		—		—		15,724,751		16,891,655
New York Fund		2,836,378		3,155,873		—		—		—		—		—		—		2,836,378		3,155,873

As of October 31, 2021, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

	Undistributed		Undistributed		Undistributed		Unrealized		Loss			Other
	Ordinary		Tax-Exempt		Long-Term		Appreciation/		Carryforwards			Temporary
	Income		Income		Capital Gain		(Depreciation)		and Deferrals			Differences			Total
California Fund	$	—	$	1,041,609	$	—	$	9,917,902	$	(2,808,983	)	$	(293,065	)	$	7,857,463
Municipal Fund		—		1,472,260		—		35,485,482		(13,777,729	)		(1,313,545	)		21,866,468
New York Fund		—		361,191		—		3,645,132		(3,252,427	)		(237,052	)		516,844

The temporary differences between book basis and tax basis distributable earnings are primarily due to: defaulted bond adjustments, timing differences of fund level distributions and tax adjustments related to partnerships and other investments.

35

To the extent each Fund’s net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each 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, 2021, the Funds 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
California Fund	$	2,122,096	$	686,887
Municipal Fund		12,493,833		1,283,896
New York Fund		2,508,184		744,243

	During the year ended October 31, 2021, California Fund and New York Fund utilized capital loss carryforwards of $385,915 and $387,618, respectively.
5	Distributions to common stockholders: Each Fund earns income, net of expenses, daily on its investments. It is the policy of each 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 May 3, 2022, each Fund declared a monthly distribution to common stockholders payable June 15, 2022, to stockholders of record on May 31, 2022, with an ex-date of May 27, 2022 as follows:

	Distribution per share
California Fund	$	0.04480
Municipal Fund		0.05025
New York Fund		0.03933

On June 15, 2022, each Fund declared a monthly distribution to common stockholders payable July 15, 2022, to stockholders of record on June 30, 2022, with an ex-date of June 29, 2022 as follows:

	Distribution per share
California Fund	$	0.04480
Municipal Fund		0.05025
New York Fund		0.03933

6

Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a fund are charged to that 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., a Fund) are allocated among the Funds 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: California Fund, Municipal Fund and New York Fund issued Variable Rate Municipal Term Preferred Shares (“VMTPS”) on June 30, 2014, July 1, 2014 and July 2, 2014, respectively, as follows:

	Shares
California Fund		590
Municipal Fund		1,794
New York Fund		483

36

On April 1, 2019, the Funds extended the maturity and completed a partial redemption of VMTPS. After such partial redemptions, the Funds had VMTPS outstanding as follows:

	Shares	Shares
	Redeemed	Outstanding
California Fund	40		550
Municipal Fund	90		1,704
New York Fund	20		463

On December 16, 2021, each Fund extended the term of its existing VMTPS to December 15, 2024. Each 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 each Fund’s Statement of Assets and Liabilities.

The distribution rate for each 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 each Fund’s VMTPS.

		Term		Aggregate
		Redemption	Shares	Liquidation
Fund	Series	Date	Outstanding	Preference
California Fund	Series A	12/15/2024	550	$55,000,000
Municipal Fund	Series A	12/15/2024	1,704	$170,400,000
New York Fund	Series A	12/15/2024	463	$46,300,000

	The Funds have paid up front expenses in connection with offering the VMTPS. The expenses are included in the “Distributions to Variable Rate Municipal Term Preferred Shareholders and amortization of offering costs (Note A)” line item that is reflected in the Statements of Operations.
	Each Fund may redeem its VMTPS, in whole or in part, at its option after giving notice to the relevant holders of its VMTPS. Each Fund is also subject to certain restrictions relating to the VMTPS. Failure to comply with these restrictions could preclude a 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, 2022, the average aggregate liquidation preference outstanding and average annualized distribution rate of the VMTPS were $55,000,000 and 1.13%, $170,400,000 and 1.13%, and $46,300,000 and 1.13%, for California Fund, Municipal Fund and New York Fund, respectively.
8	Securities lending: Each 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 Statements 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 cash collateral received by a 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). Thereafter, the value of the cash collateral is monitored on a daily basis, and cash collateral is moved daily between a counterparty and a Fund until the close of the transaction. A Fund may only receive collateral in the form of cash (U.S. dollars). Cash collateral is generally invested in a money market fund registered under the 1940 Act that is

37

	managed by an affiliate of State Street. 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, 2022, the Funds did not participate in securities lending.
9	Concentration of risk: The ability of the issuers of the debt securities held by the Funds to meet their obligations may be affected by economic developments, including those particular to a specific industry or region. California Fund and New York Fund normally invest a substantial portion of their assets in municipal bonds of issuers located in the state of California and the state of New York, respectively. The value of each of these Funds’ 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.
10	Indemnifications: Like many other companies, the Funds’ organizational documents provide that their officers (“Officers”) and directors (“Directors”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, both in some of their principal service contracts and in the normal course of their business, the Funds enter into contracts that provide indemnifications to other parties for certain types of losses or liabilities. Each Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against each Fund.
11	Arrangements with certain non-affiliated service providers: In order to satisfy rating agency requirements, each Fund is required to provide the rating agency that rates its VMTPS a report on a monthly basis verifying that each 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 each Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the rating agency. Each Fund pays a fee to State Street for the preparation of this report which is reflected in the Statements of Operations under the caption “Basic maintenance (Note A).”
Note B—Investment Management Fees, Administration Fees, and Other Transactions with Affiliates:
	Each Fund retains NBIA as its investment manager under a Management Agreement. For such investment management services, each Fund pays NBIA an investment management fee at an annual rate of 0.25% of the Fund’s average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered into for purposes of leverage. For purposes of calculating Managed Assets, any VMTPS liquidation preference is not considered a liability.
	Each Fund retains NBIA as its administrator under an Administration Agreement. Each Fund pays NBIA an administration fee at an annual rate of 0.30% of its average daily Managed Assets under this agreement. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

38

Note C—Securities Transactions:

During the six months ended April 30, 2022, there were purchase and sale transactions of long-term securities as follows:

	Purchases		Sales
California Fund	$	16,452,693	$	15,421,437
Municipal Fund		103,296,678		103,674,504
New York Fund		7,440,590		5,455,004

Note D—Capital:

Transactions in shares of common stock for the six months ended April 30, 2022, and for the year ended October 31, 2021 were as follows:

	For the Six Months Ended April 30, 2022		For the Year Ended October 31, 2021
	Stock Issued on	Net Increase/	Stock Issued on	Net Increase/
	Reinvestment of	(Decrease)	Reinvestment of	(Decrease)
	Dividends	In Common Stock	Dividends	In Common Stock
	and Distributions	Outstanding	and Distributions	Outstanding
California Fund	—	—	—	—
Municipal Fund	8,175	8,175	16,893	16,893
New York Fund	—	—	—	—

Note E—Other Matters:
	Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Funds and in turn, may impact the financial performance of the Funds.
	Russia’s Invasion of Ukraine: Russia’s invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia’s actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.
Note F—Unaudited Financial Information:
	The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

39

Financial Highlights

California Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each 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 period.

	Six Months
	Ended
	April 30, 2022			Year Ended October 31,
	(Unaudited)			2021			2020			2019			2018			2017
Common Stock Net Asset Value,
Beginning of Period	$	15.36		$	15.20		$	15.58		$	14.33		$	15.22		$	15.67
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss)@		0.29			0.64			0.62			0.54			0.51			0.61
Net Gains or (Losses) on Securities
(both realized and unrealized)		(2.12	)		0.06			(0.46	)		1.25			(0.83	)		(0.41	)
Total From Investment Operations
Applicable to Common Stockholders		(1.83	)		0.70			0.16			1.79			(0.32	)		0.20
Less Distributions to Common
Stockholders From:
Net Investment Income		(0.27	)		(0.54	)		(0.54	)		(0.52	)		(0.54	)		(0.65	)
Tax Return of Capital		—			—			—			(0.02	)		(0.03	)		—
Total Distributions to
Common Stockholders		(0.27	)		(0.54	)		(0.54	)		(0.54	)		(0.57	)		(0.65	)
Common Stock Net Asset Value,
End of Period	$	13.26		$	15.36		$	15.20		$	15.58		$	14.33		$	15.22
Common Stock Market Value,
End of Period	$	11.60		$	13.91		$	12.86		$	13.92		$	12.08		$	13.91
Total Return, Common Stock Net
Asset Value†		(11.82	)%*		4.97	%		1.57	%		13.19	%		(1.59	)%		1.60	%a
Total Return, Common Stock Market Value†		(14.82	)%*		12.36	%		(3.82	)%		19.96	%		(9.23	)%		(6.55	)%a
Supplemental Data/Ratios
Net Assets Applicable to Common
Stockholders, End of Period (in millions)	$	73.6		$	85.2		$	84.4		$	86.5		$	79.6		$	84.5
Preferred Stock Outstanding,
End of Period (in millions)	$	55.0		$	55.0	ØØ	$	55.0	ØØ	$	55.0	ØØ	$	59.0	ØØ	$	59.0	ØØ
Preferred Stock Liquidation Preference
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 ExpensesØ		2.07	%**		1.86	%		2.35	%		3.05	%		3.17	%		2.76	%
Ratio of Net ExpensesØ		2.07	%**		1.86	%		2.35	%		3.05	%		3.17	%		2.70	%b
Ratio of Net Investment Income/(Loss)		3.92	%**		4.08	%		4.06	%		3.59	%		3.41	%		4.04	%b
Portfolio Turnover Rate		11	%*		10	%		27	%		25	%		30	%		36	%
Asset Coverage Per Share of Preferred
Stock, End of Period¢	$	233,979		$	255,063		$	253,442		$	257,409		$	235,042		$	243,283

See Notes to Financial Highlights 40

Financial Highlights

Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each 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 period.

		Six Months
		Ended
		April 30, 2022			Year Ended October 31,
		(Unaudited)			2021			2020			2019				2018			2017
Common Stock Net Asset Value, Beginning of Period		$	14.88		$	14.75		$	15.33		$	14.52			$	15.49		$	16.06
Income From Investment Operations Applicable to Common Stockholders:
Net Investment Income/(Loss)@			0.33			0.73			0.68			0.66				0.69			0.74
Net Gains or (Losses) on Securities (both realized and unrealized)			(2.17	)		0.15			(0.51	)		0.90				(0.89	)		(0.48	)
Total From Investment Operations Applicable to Common Stockholders			(1.84	)		0.88			0.17			1.56				(0.20	)		0.26
Less Distributions to Common Stockholders From:
Net Investment Income			(0.36	)		(0.75	)		(0.75	)		(0.75	)			(0.77	)		(0.83	)
Common Stock Net Asset Value, End of Period		$	12.68		$	14.88		$	14.75		$	15.33			$	14.52		$	15.49
Common Stock Market Value, End of Period		$	11.97		$	15.22		$	14.15		$	15.57			$	12.62		$	14.92
Total Return, Common Stock Net Asset Value†			(12.45	)%*		5.91	%		1.40	%		11.18	%			(0.85	)%		1.83	%a
Total Return, Common Stock Market Value†			(19.19	)%*		12.92	%		(4.23	)%		29.92	%		(10.54		)%		2.68	%a
Supplemental Data/Ratios
Net Assets Applicable to Common Stockholders, End of Period (in millions)		$	239.0		$	280.2		$	277.6		$	288.2			$	273.0		$	291.3
Preferred Stock Outstanding, End of Period (in millions)		$	170.4		$	170.4	ØØ	$	170.4	ØØ	$	170.4	ØØ		$	179.4	ØØ	$	179.3	ØØ
Preferred Stock Liquidation Preference 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 ExpensesØ			1.76	%**		1.58	%		2.03	%		2.66	%			2.69	%		2.31	%
Ratio of Net ExpensesØ			1.76	%**		1.58	%		2.03	%		2.66	%			2.69	%		2.29	%b
Ratio of Net Investment Income/(Loss)			4.66	%**		4.77	%		4.54	%		4.39	%			4.54	%		4.78	%b
Portfolio Turnover Rate			24	%*		13	%		39	%		44	%			24	%		20	%
Asset Coverage Per Share of Preferred Stock, End of Period¢	$	240,389			$	264,533		$	262,958		$	269,321		$	252,390			$	262,497

See Notes to Financial Highlights 41

Financial Highlights

New York Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each 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 period.

	Six Months
	Ended
	April 30, 2022			Year Ended October 31,
	(Unaudited)			2021			2020			2019			2018			2017
Common Stock Net Asset Value,
Beginning of Period	$	13.93		$	13.72		$	14.06		$	13.29		$	14.10		$	14.56
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss) @		0.26			0.52			0.49			0.48			0.50			0.55
Net Gains or (Losses) on Securities
(both realized and unrealized)		(1.98	)		0.16			(0.36	)		0.76			(0.82	)		(0.47	)
Total From Investment Operations
Applicable to Common Stockholders		(1.72	)		0.68			0.13			1.24			(0.32	)		0.08
Less Distributions to Common
Stockholders From:
Net Investment Income		(0.24	)		(0.47	)		(0.47	)		(0.45	)		(0.49	)		(0.54	)
Tax Return of Capital		—			—			—			(0.02	)		—			—
Total Distributions to
Common Stockholders		(0.24	)		(0.47	)		(0.47	)		(0.47	)		(0.49	)		(0.54	)
Common Stock Net Asset Value,
End of Period	$	11.97		$	13.93		$	13.72		$	14.06		$	13.29		$	14.10
Common Stock Market Value,
End of Period	$	10.28		$	12.54		$	11.64		$	12.39		$	11.13		$	12.44
Total Return, Common Stock Net
Asset Value†		(12.29	)%*		5.32	%		1.45	%		9.96	%		(1.69	)%		1.04	%a
Total Return, Common Stock
Market Value†		(16.32	)%*		11.75	%		(2.33	)%		15.71	%		(6.68	)%		(3.43	)%a
Supplemental Data/Ratios
Net Assets Applicable to Common
Stockholders, End of Period (in millions)	$	60.8		$	70.8		$	69.7		$	71.4		$	67.5		$	71.6
Preferred Stock Outstanding,
End of Period (in millions)	$	46.3		$	46.3	ØØ	$	46.3	ØØ	$	46.3	ØØ	$	48.3	ØØ	$	48.3	ØØ
Preferred Stock Liquidation Preference
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 ExpensesØ		2.17	%**		1.94	%		2.44	%		3.10	%		3.16	%		2.75	%
Ratio of Net ExpensesØ		2.17	%**		1.94	%		2.44	%		3.10	%		3.16	%		2.69	%b
Ratio of Net Investment Income/(Loss)		3.95	%**		3.68	%		3.56	%		3.45	%		3.65	%		3.92	%b
Portfolio Turnover Rate		5	%*		15	%		29	%		29	%		19	%		25	%
Asset Coverage Per Share of
Preferred Stock, End of Period¢	$	231,403		$	252,881		$	250,508		$	254,281		$	239,886		$	248,341

See Notes to Financial Highlights 42

Notes to Financial Highlights Municipal Closed-End

Funds (Unaudited)

@	Calculated based on the average number of shares of common stock outstanding during each fiscal period.
†	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.
*	Not annualized.
**	Annualized.
Ø	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,
	2022			2021		2020		2019		2018		2017
California Fund		0.75	%	0.60	%	1.07	%	1.75	%	1.83	%	1.41	%
Municipal Fund		0.71	%	0.56	%	1.00	%	1.59	%	1.62	%	1.24	%
New York Fund		0.76	%	0.61	%	1.09	%	1.74	%	1.78	%	1.36	%

ØØ Net of unamortized deferred issuance costs. The unamortized deferred issuance costs were:

	Year Ended October 31,
	2021		2020		2019		2018		2017
California Fund	$	5,966	$	20,479	$	35,031	$	19,412	$	48,977
Municipal Fund		5,962		20,475		35,027		37,703		94,807
New York Fund		5,966		20,479		35,031		18,355		46,048

¢

Calculated by subtracting the Fund’s total liabilities (excluding the liquidation preference of VMTPS and accumulated unpaid distributions on VMTPS) from the Fund’s total assets and dividing by the number of VMTPS outstanding.

a

In May 2016, the Funds’ custodian, State Street, announced that it had identified inconsistencies in the way in which the Funds were invoiced for categories of expenses, particularly those deemed “out-of-pocket” costs, from 1998 through November 2015, and refunded to the Funds certain expenses, plus interest, determined to be payable to the Funds for the period. These amounts had no impact on the Funds’ total returns for the year ended October 31, 2017.

43

b The custodian expenses refund noted in (a) above is non-recurring and is included in these ratios. Had the Funds not received the refund, the annualized ratio of net expenses to average net assets applicable to common stockholders and the annualized ratio of net investment income/(loss) to average net assets applicable to common stockholders would have been:

	Ratio of Net Expenses			Ratio of Net Investment
	to Average Net Assets			Income/(Loss) to Average
	Applicable to Common			Net Assets Applicable to
	Stockholders			Common Stockholders
	Year Ended			Year Ended
	October 31, 2017			October 31, 2017
California Fund		2.76	%		3.98	%
Municipal Fund		2.31	%		4.75	%
New York Fund		2.75	%		3.86	%

44

Distribution Reinvestment Plan for each Fund

American Stock Transfer & Trust Company, LLC (the “Plan Agent”) will act as Plan Agent for stockholders who have not elected in writing to receive dividends and distributions in cash (each a “Participant”), will open an account for each Participant under the Distribution Reinvestment Plan (“Plan”) in the same name as their then-current shares of the Fund’s common stock (“Shares”) are registered, and will put the Plan into effect for each Participant as of the first record date for a dividend or capital gains distribution.

Whenever the Fund declares a dividend or distribution with respect to the Shares, each Participant will receive such dividends and distributions in additional Shares, including fractional Shares acquired by the Plan Agent and credited to each Participant’s account. If on the payment date for a cash dividend or distribution, the net asset value is equal to or less than the market price per Share plus estimated brokerage commissions, the Plan Agent shall automatically receive such Shares, including fractions, for each Participant’s account. Except in the circumstances described in the next paragraph, the number of additional Shares to be credited to each Participant’s account shall be determined by dividing the dollar amount of the dividend or distribution payable on their Shares by the greater of the net asset value per Share determined as of the date of purchase or 95% of the then-current market price per Share on the payment date.

Should the net asset value per Share exceed the market price per Share plus estimated brokerage commissions on the payment date for a cash dividend or distribution, the Plan Agent or a broker-dealer selected by the Plan Agent shall endeavor, for a purchase period lasting until the last business day before the next date on which the Shares trade on an “ex-dividend” basis, but in no event, except as provided below, more than 30 days after the payment date, to apply the amount of such dividend or distribution on each Participant’s Shares (less their pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of such dividend or distribution) to purchase Shares on the open market for each Participant’s account. No such purchases may be made more than 30 days after the payment date for such dividend or distribution except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. If, at the close of business on any day during the purchase period the net asset value per Share equals or is less than the market price per Share plus estimated brokerage commissions, the Plan Agent will not make any further open-market purchases in connection with the reinvestment of such dividend or distribution. If the Plan Agent is unable to invest the full dividend or distribution amount through open-market purchases during the purchase period, the Plan Agent shall request that, with respect to the uninvested portion of such dividend or distribution amount, the Fund issue new Shares at the close of business on the earlier of the last day of the purchase period or the first day during the purchase period on which the net asset value per Share equals or is less than the market price per Share, plus estimated brokerage commissions, such Shares to be issued in accordance with the terms specified in the third paragraph hereof. These newly issued Shares will be valued at the then-current market price per Share at the time such Shares are to be issued.

For purposes of making the reinvestment purchase comparison under the Plan, (a) the market price of the Shares on a particular date shall be the last sales price on the New York Stock Exchange (or if the Shares are not listed on the New York Stock Exchange, such other exchange on which the Shares are principally traded) on that date, or, if there is no sale on such Exchange (or if not so listed, in the over-the-counter market) on that date, then the mean between the closing bid and asked quotations for such Shares on such Exchange on such date and (b) the net asset value per Share on a particular date shall be the net asset value per Share most recently calculated by or on behalf of the Fund. All dividends, distributions and other payments (whether made in cash or Shares) shall be made net of any applicable withholding tax.

Open-market purchases provided for above may be made on any securities exchange where the Fund’s Shares are traded, in the over-the-counter market or in negotiated transactions and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Each Participant’s uninvested funds held by the Plan Agent will not bear interest, and it is understood that, in any event, the Plan Agent shall have no liability in connection with any inability to purchase Shares within 30 days after the initial date of such purchase as herein provided, or with the timing

45

of any purchases effected. The Plan Agent shall have no responsibility as to the value of the Shares acquired for each Participant’s account. For the purpose of cash investments, the Plan Agent may commingle each Participant’s funds with those of other stockholders of the Fund for whom the Plan Agent similarly acts as agent, and the average price (including brokerage commissions) of all Shares purchased by the Plan Agent as Plan Agent shall be the price per Share allocable to each Participant in connection therewith.

The Plan Agent may hold each Participant’s Shares acquired pursuant to the Plan together with the Shares of other stockholders of the Fund acquired pursuant to the Plan in noncertificated form in the Plan Agent’s name or that of the Plan Agent’s nominee. The Plan Agent will forward to each Participant any proxy solicitation material and will vote any Shares so held for each Participant only in accordance with the instructions set forth on proxies returned by the Participant to the Fund.

The Plan Agent will confirm to each Participant each acquisition made for their account as soon as practicable but not later than 60 days after the date thereof. Although each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Share, no certificates for a fractional Share will be issued. However, dividends and distributions on fractional Shares will be credited to each Participant’s account. In the event of termination of a Participant’s account under the Plan, the Plan Agent will adjust for any such undivided fractional interest in cash at the market value of the Shares at the time of termination, less the pro rata expense of any sale required to make such an adjustment.

Any Share dividends or split Shares distributed by the Fund on Shares held by the Plan Agent for Participants will be credited to their accounts. In the event that the Fund makes available to its stockholders rights to purchase additional Shares or other securities, the Shares held for each Participant under the Plan will be added to other Shares held by the Participant in calculating the number of rights to be issued to each Participant.

The Plan Agent’s service fee for handling capital gains and other distributions or income dividends will be paid by the Fund. Participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Each Participant may terminate their account under the Plan by notifying the Plan Agent in writing. Such termination will be effective immediately if the Participant’s notice is received by the Plan Agent not less than ten days prior to any dividend or distribution record date, otherwise such termination will be effective the first trading day after the payment date for such dividend or distribution with respect to any subsequent dividend or distribution. The Plan may be terminated by the Plan Agent or the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund.

These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Agent receives written notice of the termination of their account under the Plan. Any such amendment may include an appointment by the Plan Agent in its place and stead of a successor Plan Agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Agent under these terms and conditions. Upon any such appointment of any Plan Agent for the purpose of receiving dividends and distributions, the Fund will be authorized to pay to such successor Plan Agent, for each Participant’s account, all dividends and distributions payable on Shares held in their name or under the Plan for retention or application by such successor Plan Agent as provided in these terms and conditions.

The Plan Agent shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by 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.

46

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 6201 15th Avenue, Brooklyn, NY, 11219 or online at www.astfinancial.com.

47

Directory

Investment Manager and Administrator Neuberger Berman Investment Advisers LLC 1290 Avenue of the Americas New York, NY 10104-0002 877.461.1899	Plan Agent American Stock Transfer & Trust Company, LLC Plan Administration Department P.O. Box 922 Wall Street Station New York, NY 10269-0560
Custodian State Street Bank and Trust Company One Lincoln Street Boston, MA 02111	Overnight correspondence should be sent to: American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219
Transfer Agent American Stock Transfer & Trust Company, LLC 6201 15th Avenue Brooklyn, NY 11219 Shareholder Services 866.227.2136	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

48

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use 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 Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available, upon request, without charge, by calling 800-877-9700 (toll-free), on the SEC’s website at www.sec.gov, and on Neuberger Berman’s website at www.nb.com.

Quarterly Portfolio Schedule

Each 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. Each Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. The portfolio holdings information on Forms N-PORT is available upon request, without charge, by calling 800-877-9700 (toll-free).

49

FACTS	WHAT DOES NEUBERGER BERMAN DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■Social Security numbers, dates of birth and other numerical identifiers ■Names and addresses ■Driver’s licenses, passports and other identification documents ■Usernames and passwords ■Internet protocol addresses and other network activity information ■Income, credit history, credit scores, assets, transaction history and other financial information 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 Berman chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Neuberger Berman share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes— information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 646.497.4003 or 866.483.1046 (toll-free)
 
Email NBPrivacyOfficer@nb.com

This is not part of the Funds’ stockholder report.

Page 2

Who we are
Who is providing this notice?	Entities within the Neuberger Berman family of companies, mutual funds, and private investment funds.
What we do
How does Neuberger Berman protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include physical, electronic and procedural safeguards, including secured files and buildings. We restrict access to customer information to those employees who need to know such information in order to perform their job responsibilities.
How does Neuberger Berman collect my personal information?	We collect your personal information directly from you or your representatives, for example, when you ■seek advice about your investments ■give us your contact or income information ■provide account information or open an account ■direct us to buy or sell securities, or complete other transactions ■visit one of our websites, portals or other online locations We may 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 for affiliates’ everyday business purposes—information about your creditworthiness ■affiliates from using your information to market to you ■sharing for 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 companies with a Neuberger Berman name; financial companies, such as investment advisers or broker dealers; mutual funds, and private investment funds.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■Nonaffiliates we share with can include companies that perform administrative services on our behalf (such as vendors that provide data processing, transaction processing, and printing services) or other companies such as brokers, dealers, or counterparties in connection with servicing your account.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■Neuberger Berman doesn’t jointly market.

This is not part of the Funds’ stockholder report.

Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.nb.com

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 Funds. This report is prepared for the general information of stockholders and is not an offer for shares of the Funds.

  IO208 06/22

(b) Not applicable to the Registrant.

Item 2.  Code of Ethics.

The Board of Directors (“Board”) of Neuberger Berman California Municipal Fund Inc. (“Registrant” or “Fund”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”).  During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Income Funds’ Form N-CSR, Investment Company Act file number 811-03802 (filed June 30, 2020). 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.

Not applicable to semi-annual reports on Form N-CSR.

Item 6.  Schedule of 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.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to semi-annual reports on Form N-CSR.

Item 8.  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 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

No reportable purchases for the period covered by this report.

Item 10.  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 11.  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 Registrant’s most recent fiscal half-year 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 12.  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 13.  Exhibits.

(a)(1) A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Income Funds’ Form N-CSR, Investment Company Act file number 811-03802 (filed June 30, 2020).

(a)(2) 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)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

(b) The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section.  Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Neuberger Berman California Municipal Fund Inc.

By:	/s/ Joseph V. Amato
	Joseph V. Amato
	Chief Executive Officer and President

Date: July 6, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Joseph V. Amato
	Joseph V. Amato
	Chief Executive Officer and President

Date: July 6, 2022

By:	/s/ John M. McGovern
	John M. McGovern
	Treasurer and Principal Financial
	and Accounting Officer

Date: July 6, 2022