Schedule of Investments Municipal Fund Inc.^ (Unaudited) 
July 31, 2024

 
Principal Amount
Value
Loan Assignments(a) 0.1%
Oil, Gas & Consumable Fuels 0.1%
 
Rialto Bioenergy Facility LLC
$221,845
Term Loan DIP, (3 mo. USD Term SOFR + 10.00%), 15.33%, due 6/6/2025
$221,845
#(b)(c)(d)
641,479
Term Loan, (1 mo. USD Term SOFR + 10.00%), 15.33%, due 6/6/2025
112,771
#(b)(c)(d)
Total Loan Assignments (Cost $863,324)
334,616
Municipal Notes 160.7%
Alabama 0.9%
3,125,000
Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due 11/1/2053 Putable
1/1/2031
3,399,346
American Samoa 0.8%
2,800,000
American Samoa Economic Development Authority General Revenue Refunding, Series 2015-A,
6.25%, due 9/1/2029
2,858,483
Arizona 0.6%
500,000
Maricopa County Industrial Development Authority Education Refunding Revenue (Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
503,578
(e)
1,545,000
Navajo Nation Refunding Revenue, Series 2015-A, 5.00%, due 12/1/2025
1,558,220
(e)
 
2,061,798
California 29.3%
 
California Educational Facilities Authority Refunding Revenue (University of Redlands)
250,000
Series 2016-A, 5.00%, due 10/1/2028
255,303
260,000
Series 2016-A, 3.00%, due 10/1/2029
249,478
400,000
Series 2016-A, 3.00%, due 10/1/2030
380,206
1,000,000
California Educational Facilities Authority Revenue (Green Bond- Loyola Marymount University),
Series 2018-B, 5.00%, due 10/1/2048
1,039,773
1,201,674
California Housing Finance Agency Municipal Certificate, Class A, Series 2019-2, 4.00%, due
3/20/2033
1,219,525
2,000,000
California Infrastructure & Economic Development Bank Revenue (Brightline West Passenger Rail
Project), Series 2020-A, 8.00%, due 1/1/2050 Putable 8/15/2025
2,027,509
(e)(f)
480,000
California Infrastructure & Economic Development Bank Revenue (Wonderful Foundations Charter
School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055
472,572
(e)
530,000
California Infrastructure & Economic Development Bank State School Fund Revenue (King City Joint
Union High School), Series 2010, 5.13%, due 8/15/2024
530,508
 
California Municipal Finance Authority Charter School Lease Revenue (Sycamore Academy Project)
630,000
Series 2014, 5.13%, due 7/1/2029
630,210
(e)
1,000,000
Series 2014, 5.63%, due 7/1/2044
1,000,234
(e)
930,000
California Municipal Finance Authority Charter School Lease Revenue (Vista Charter Middle School
Project), Series 2014, 5.13%, due 7/1/2029
930,870
 
California Municipal Finance Authority Charter School Revenue (John Adams Academics Project)
110,000
Series 2015-A, 4.50%, due 10/1/2025
109,888
1,115,000
Series 2019-A, 5.00%, due 10/1/2049
1,094,501
(e)
1,500,000
California Municipal Finance Authority Charter School Revenue (Palmdale Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
1,529,193
(e)
1,070,000
California Municipal Finance Authority Revenue (Baptist University), Series 2015-A, 5.00%, due
11/1/2030
1,083,353
(e)
 
California Municipal Finance Authority Revenue (Northbay Healthcare Group)
350,000
Series 2015, 5.00%, due 11/1/2035
346,808
500,000
Series 2015, 5.00%, due 11/1/2040
492,416
300,000
Series 2015, 5.00%, due 11/1/2044
281,381
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
California – cont'd
$500,000
Series 2017-A, 5.25%, due 11/1/2036
$503,566
2,000,000
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I LLC-West Village
Student Housing Project), Series 2018, (BAM), 4.00%, due 5/15/2048
1,916,212
1,500,000
California School Facility Finance Authority Revenue (Green Dot Public School Project),
Series 2018-A, 5.00%, due 8/1/2048
1,512,312
(e)
400,000
California School Finance Authority Revenue (Alliance College - Ready Public School Project),
Series 2015-A, 5.00%, due 7/1/2030
403,199
(e)
1,000,000
California State General Obligation, Series 2022, 5.00%, due 9/1/2052
1,096,963
2,000,000
California State Pollution Control Financing Authority Revenue (San Jose Water Co. Project),
Series 2016, 4.75%, due 11/1/2046
2,008,662
2,549,157
California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Calplant I
Green Bond Project), Series 2019, 7.50%, due 12/1/2039
255
(b)(e)
2,151,455
California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Green
Bond-Rialto Bioenergy Facility LLC Project), Series 2019, 7.50%, due 12/1/2040
0
#(b)(c)(d)
3,865,000
California State Pollution Control Financing Authority Water Furnishing Revenue, Series 2012,
5.00%, due 7/1/2027
3,895,324
(e)
415,000
California State School Finance Authority Charter School Revenue (Downtown College
Prep-Obligation Group), Series 2016, 4.50%, due 6/1/2031
398,351
(e)
400,000
California State School Finance Authority Charter School Revenue (Rocketship Education),
Series 2016-A, 5.00%, due 6/1/2031
403,244
(e)
1,060,000
California State School Finance Authority Education Facility Revenue (New Designs Charter School
Administration Campus Project), Series 2019-A, 5.00%, due 6/1/2050
1,067,706
(e)
1,000,000
California Statewide Communities Development Authority College Housing Revenue (NCCD-Hooper
Street LLC-College of the Arts Project), Series 2019, 5.25%, due 7/1/2052
1,012,037
(e)
1,325,000
California Statewide Communities Development Authority Hospital Revenue (Methodist Hospital of
Southern Project), Series 2018, 4.25%, due 1/1/2043
1,339,244
720,000
California Statewide Communities Development Authority Revenue (Henry Mayo Newhall Memorial
Hospital), Series 2014-A, (AGM), 5.00%, due 10/1/2026 Pre-Refunded 10/1/2024
722,207
500,000
California Statewide Communities Development Authority Revenue (Loma Linda University Medical
Center), Series 2018-A, 5.50%, due 12/1/2058
516,007
(e)
600,000
California Statewide Communities Development Authority Revenue Refunding (Lancer Education
Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036
609,410
(e)
1,500,000
California Statewide Communities Development Authority Revenue Refunding (Loma Linda
University Medical Center), Series 2014-A, 5.25%, due 12/1/2029
1,507,678
1,500,000
California Statewide Communities Development Authority Revenue Refunding (Redlands
Community Hospital), Series 2016, 4.00%, due 10/1/2041
1,460,106
425,000
California Statewide Communities Development Authority Special Tax Revenue Refunding
(Community Facility District No. 2007-01 Orinda Wilder Project), Series 2015, 4.50%, due 9/1/2025
428,108
500,000
California Statewide Communities Development Authority Student Housing Revenue Refunding
(Baptist University), Series 2017-A, 5.00%, due 11/1/2032
514,883
(e)
1,250,000
Emeryville Redevelopment Agency Successor Agency Tax Allocation Refunding Revenue,
Series 2014-A, (AGM), 5.00%, due 9/1/2025
1,251,674
1,500,000
Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding, Subseries 2014-B2,
3.50%, due 1/15/2053
1,285,105
3,935,000
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
452,064
1,000,000
Imperial Community College District General Obligation Capital Appreciation (Election 2010),
Series 2011-A, (AGM), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
1,038,595
1,000,000
Inglewood Unified School District Facilities Financing Authority Revenue, Series 2007, (AGM),
5.25%, due 10/15/2026
1,014,002
 
Irvine Special Tax (Community Facility District No. 2005-2)
300,000
Series 2013, 4.00%, due 9/1/2024
300,168
450,000
Series 2013, 4.00%, due 9/1/2025
450,291
645,000
Series 2013, 3.50%, due 9/1/2026
643,984
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
California – cont'd
$690,000
Series 2013, 3.63%, due 9/1/2027
$689,996
680,000
Jurupa Public Financing Authority Special Tax Revenue, Series 2014-A, 5.00%, due 9/1/2024
681,062
1,775,000
Los Angeles Department of Airports Revenue, Series 2022-G, 4.00%, due 5/15/2047
1,726,230
3,000,000
North Orange County Community College District General Obligation, Series 2022-C, 4.00%, due
8/1/2047
3,019,091
5,750,000
Norwalk-La Mirada Unified School District General Obligation Capital Appreciation (Election 2002),
Series 2009-E, (AGC), 5.50%, due 8/1/2029
6,274,019
450,000
Oxnard Harbor District Revenue, Series 2011-B, 4.50%, due 8/1/2024
450,000
1,000,000
Rancho Cucamonga Redevelopment Agency Successor Agency Tax Allocation Revenue (Rancho
Redevelopment Project), Series 2014, (AGM), 5.00%, due 9/1/2027
1,002,285
5,000,000
Redondo Beach Unified School District General Obligation, Series 2009, 6.38%, due 8/1/2034
Pre-Refunded 8/1/2026
5,348,231
 
Romoland School District Special Tax Refunding (Community Facilities District No. 2006-1)
100,000
Series 2017, 4.00%, due 9/1/2029
100,412
200,000
Series 2017, 4.00%, due 9/1/2030
200,600
525,000
Series 2017, 3.25%, due 9/1/2031
499,860
1,700,000
Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment District No. 2),
Series 2016-A, 5.00%, due 10/1/2047
1,749,005
 
Sacramento City Finance Authority Refunding Revenue (Master Lease Program Facilities)
1,000,000
Series 2006-E, (AMBAC), 5.25%, due 12/1/2024
1,007,795
400,000
Series 2006-E, (AMBAC), 5.25%, due 12/1/2026
422,393
500,000
Sacramento Special Tax (Natomas Meadows Community Facilities District No. 2007-01), Series 2017,
5.00%, due 9/1/2047
508,292
(e)
2,000,000
San Bernardino Community College District General Obligation Capital Appreciation (Election),
Series 2009-B, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2024
2,000,000
2,000,000
San Luis Coastal Unified School District General Obligation (Election 2022), Series 2023-A, 4.00%,
due 8/1/2053
1,977,534
6,000,000
San Mateo Foster City School District General Obligation Capital Appreciation (Election 2008),
Series 2010, 6.13%, due 8/1/2032
6,780,920
30,000
Sulphur Springs Union School District Certificate of Participation Conv. Capital Appreciation Bonds,
Series 2010, (AGM), 6.50%, due 12/1/2037
30,327
2,000,000
Sweetwater Union High School District Public Financing Authority Revenue, Series 2013, (BAM),
5.00%, due 9/1/2025
2,003,162
2,000,000
Twin Rivers Unified School District General Obligation (Election 2022), Series 2023-A, (BAM),
4.13%, due 8/1/2047
2,022,013
12,070,000
Victor Valley Community College District General Obligation Capital Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
14,192,798
5,095,000
Victor Valley Joint Union High School District General Obligation Capital Appreciation Bonds,
Series 2009, (AGC), 0.00%, due 8/1/2026
4,783,326
5,250,000
Wiseburn School District General Obligation Capital Appreciation (Election 2010), Series 2011-B,
(AGM), 0.00%, due 8/1/2036
5,856,511
(g)(h)
 
104,750,947
Colorado 1.7%
 
Colorado Educational & Cultural Facilities Authority Revenue (Charter School- Atlas Preparatory
School Project)
280,000
Series 2015, 4.50%, due 4/1/2025
281,933
(e)
1,000,000
Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
1,010,982
(e)
1,350,000
Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
1,365,927
(e)
1,678,000
Platte River Metropolitan District General Obligation Refunding, Series 2023-A, 6.50%, due
8/1/2053
1,742,954
(e)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Colorado – cont'd
$5,066,666
Villages at Castle Rock Metropolitan District No. 6 (Cabs - Cobblestone Ranch Project),
Series 2007-2, 0.00%, due 12/1/2037
$1,770,883
 
6,172,679
Connecticut 1.5%
750,000
Hamden General Obligation, Series 2013, (AGM), 3.13%, due 8/15/2025
747,062
4,585,000
Norwalk Housing Authority Revenue (Monterey Village Apartments), Class PT, (FNMA), 4.40%, due
9/1/2042
4,599,894
 
5,346,956
District of Columbia 0.2%
650,000
District of Columbia Student Dormitory Revenue (Provident Group-Howard Property), Series 2013,
5.00%, due 10/1/2045
644,090
Florida 7.0%
800,000
Capital Trust Agency Senior Living Revenue (H-Bay Ministries, Inc. Superior Residences-Third Tier),
Series 2018-C, 7.50%, due 7/1/2053
8,000
(b)(e)
2,000,000
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School Project),
Series 2020-A-1, 5.00%, due 1/1/2055
1,924,245
(e)
525,000
Cityplace Community Development District Special Assessment Refunding Revenue, Series 2012,
5.00%, due 5/1/2026
532,884
1,750,000
Florida Development Finance Corp. Education Facilities Revenue (Renaissance Charter School, Inc.),
Series 2014-A, 5.75%, due 6/15/2029
1,751,608
(e)
1,075,000
Florida Development Finance Corp. Education Facilities Revenue Refunding (Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
1,076,052
 
Florida Development Finance Corp. Revenue Refunding (Brightline Florida Passenger Rail Expansion
Project)
2,000,000
Series 2022-C, 8.25%, due 7/1/2057 Putable 8/15/2024
2,088,147
(e)
9,250,000
Series 2024, 5.50%, due 7/1/2053
9,606,392
8,000,000
Hillsborough County Industrial Development Authority Hospital Revenue (Tampa General Hospital
Project), Series 2020, 3.50%, due 8/1/2055
6,417,454
835,000
Village Community Development District No. 11 Special Assessment Revenue, Series 2014, 4.13%,
due 5/1/2029
835,259
955,000
Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.70%,
due 5/1/2050
822,950
 
25,062,991
Georgia 2.7%
2,000,000
Atlanta Urban Residential Finance Authority Revenue, Series 2024-A, (FNMA), 4.85%, due 9/1/2043
2,085,479
 
Main Street Natural Gas, Inc. Gas Supply Revenue
6,000,000
Series 2022-C, 4.00%, due 8/1/2052 Putable 11/1/2027
5,907,047
(e)
1,600,000
Series 2024-C, 5.00%, due 12/1/2054 Putable 12/1/2031
1,704,428
 
9,696,954
Guam 1.3%
 
Antonio B Won Pat International Airport Authority Revenue Refunding
525,000
Series 2023-A, 5.38%, due 10/1/2040
537,671
750,000
Series 2023-A, 5.38%, due 10/1/2043
762,703
 
Guam Power Authority Revenue
1,000,000
Series 2022-A, 5.00%, due 10/1/2035
1,095,180
1,035,000
Series 2022-A, 5.00%, due 10/1/2036
1,127,966
1,075,000
Series 2022-A, 5.00%, due 10/1/2037
1,169,649
 
4,693,169
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Illinois 10.4%
$5,705,000
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
$5,708,228
 
Chicago General Obligation
2,000,000
Series 2002-B, 5.00%, due 1/1/2025
2,009,128
90,000
Series 2002-B, 5.13%, due 1/1/2027 Pre-Refunded 1/1/2025
90,742
160,000
Series 2002-B, 5.13%, due 1/1/2027
160,675
1,000,000
Series 2019-A, 5.00%, due 1/1/2044
1,020,988
1,250,000
Chicago Midway International Airport Revenue Refunding, Series 2023-A, (BAM), 5.50%, due
1/1/2053
1,361,592
4,100,000
Chicago O'Hare International Airport Revenue, Series 2022-A, 5.00%, due 1/1/2055
4,244,120
 
Chicago Refunding General Obligation
1,000,000
Series 2005-D, 5.50%, due 1/1/2040
1,002,648
3,000,000
Series 2017-A, 6.00%, due 1/1/2038
3,114,377
1,560,000
Illinois Finance Authority Refunding Revenue (Presence Health Network Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
1,626,250
1,000,000
Illinois Finance Authority Revenue Refunding (Northwestern Memorial Health Care Obligated
Group), Series 2017-A, 4.00%, due 7/15/2047
954,308
 
Illinois State General Obligation
5,200,000
Series 2017-D, 5.00%, due 11/1/2028
5,460,644
775,000
Series 2021-A, 5.00%, due 3/1/2046
818,935
5,000,000
Series 2023-B, 4.50%, due 5/1/2048
5,038,555
 
Southern Illinois University Certificate of Participation (Capital Improvement Project)
945,000
Series 2014-A-1, (BAM), 5.00%, due 2/15/2027
946,066
1,375,000
Series 2014-A-1, (BAM), 5.00%, due 2/15/2028
1,376,493
715,000
Series 2014-A-1, (BAM), 5.00%, due 2/15/2029
715,746
1,500,000
Upper Illinois River Valley Development Authority Revenue Refunding (Cambridge Lakes Learning
Center), Series 2017-A, 5.25%, due 12/1/2047
1,426,277
(e)
 
37,075,772
Indiana 0.6%
2,000,000
Indianapolis Local Public Improvement Bond Bank Revenue (Convention Center Hotel),
Series 2023-E, 6.13%, due 3/1/2057
2,204,311
Kansas 0.2%
 
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond Project)
90,000
Series 2019, 3.60%, due 6/1/2030
87,717
720,000
Series 2021, 3.50%, due 6/1/2034
648,583
 
736,300
Kentucky 0.7%
1,350,000
Ashland City Kentucky Medical Center Refunding Revenue (Ashland Hospital Corp. DBA Kings
Daughter Medical Center), Series 2019, (AGM), 3.00%, due 2/1/2040
1,154,845
 
Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health)
500,000
Series 2017-A, 5.00%, due 6/1/2041
507,154
1,000,000
Series 2017-A, 5.00%, due 6/1/2045
1,009,287
 
2,671,286
Louisiana 1.7%
630,825
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
591,235
(e)
1,715,000
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
Refunding (Westside Habilitation Center Project), Series 2017-A, 5.75%, due 2/1/2032
1,682,390
(e)
1,885,000
Louisiana Stadium & Exposition District Revenue Refunding, Series 2023-A, 5.25%, due 7/1/2053
2,052,130
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Louisiana – cont'd
$1,625,000
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana Charter Academy
Foundation Project), Series 2013-A, 7.63%, due 12/15/2028
$1,626,870
 
5,952,625
Maine 0.4%
2,600,000
Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project), Series 2021, 8.00%, due
12/1/2051
1,565,719
(e)
Maryland 0.1%
300,000
Baltimore Special Obligation Refunding Revenue Senior Lien (Harbor Point Project), Series 2022,
5.00%, due 6/1/2051
301,657
Massachusetts 0.2%
 
Massachusetts State Development Finance Agency Revenue (Milford Regional Medical Center)
415,000
Series 2014-F, 5.00%, due 7/15/2025
415,308
200,000
Series 2014-F, 5.00%, due 7/15/2026
200,158
190,000
Series 2014-F, 5.00%, due 7/15/2027
190,157
125,000
Massachusetts State Education Financing Authority Revenue, Series 2023-C, 5.00%, due 7/1/2053
125,460
 
931,083
Michigan 2.1%
1,500,000
Detroit Downtown Development Authority Tax Increment Revenue Refunding (Catalyst Development
Project), Series 2018-A, (AGM), 5.00%, due 7/1/2048 Pre-Refunded 9/25/2024
1,504,047
 
Michigan State Building Authority Revenue (Facilities Program)
2,000,000
Series 2022-I, 5.00%, due 10/15/2047
2,153,669
2,880,000
Series 2022-I , 5.25%, due 10/15/2057
3,117,711
750,000
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project), Series 2018, 5.00%,
due 6/30/2048
759,980
 
7,535,407
Minnesota 0.7%
2,000,000
Minnesota Agricultural & Economic Development Board Revenue (HealthPartners Obligated Group),
Series 2024, 5.25%, due 1/1/2054
2,165,019
400,000
Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Metro Deaf School
Project), Series 2018-A, 5.00%, due 6/15/2038
400,236
(e)
 
2,565,255
Mississippi 0.7%
900,000
Mississippi Business Finance Corp. Revenue (Chevron USA, Inc. Project), Series 2010-K, 4.00%, due
11/1/2035
900,000
(i)
1,625,000
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project), Series 2021,
3.63%, due 11/1/2036
1,540,368
(e)
 
2,440,368
Nebraska 3.0%
10,250,000
Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due 5/1/2054 Putable
11/1/2029
10,827,457
Nevada 0.3%
 
Director of the State of Nevada Department of Business & Industrial Revenue (Somerset Academy)
445,000
Series 2015-A, 4.00%, due 12/15/2025
442,545
(e)
500,000
Series 2015-A, 5.13%, due 12/15/2045
500,590
(e)
 
943,135
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New Hampshire 0.2%
$750,000
New Hampshire Business Finance Authority Revenue (Green Bond), Series 2020-B, 3.75%, due
7/1/2045 Putable 7/2/2040
$633,611
(e)
New Jersey 6.0%
 
New Jersey Economic Development Authority Revenue (The Goethals Bridge Replacement Project)
250,000
Series 2013-A, 5.25%, due 1/1/2025
250,335
500,000
Series 2013-A, 5.50%, due 1/1/2026
500,738
7,000,000
New Jersey State Economic Development Authority Revenue (School Facilities Construction
Program), Series 2019, 4.00%, due 6/15/2049
6,795,291
 
New Jersey State Economic Development Authority School Revenue (Beloved Community Charter,
School, Inc. Project)
1,105,000
Series 2019-A, 5.00%, due 6/15/2049
1,075,670
(e)
725,000
Series 2019-A, 5.00%, due 6/15/2054
698,789
(e)
1,000,000
New Jersey State Housing & Mortgage Finance Agency Multi-Family Revenue (Riverview Towers
Apartments), Class PT, Series 2024-B, (FHA), (GNMA), 5.25%, due 12/20/2065
1,054,586
4,150,000
New Jersey State Transportation Trust Fund Authority Transportation Program Revenue,
Series 2023-BB, 5.25%, due 6/15/2050
4,546,589
 
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding
1,250,000
Series 2018-A, 5.00%, due 12/15/2036
1,324,512
4,000,000
Series 2018-A, 4.25%, due 12/15/2038
4,061,420
1,000,000
Series 2018-A, (BAM), 4.00%, due 12/15/2037
1,011,308
 
21,319,238
New Mexico 0.4%
1,500,000
Winrock Town Center Tax Increment Development District No. 1 (Senior Lien), Series 2022, 4.25%,
due 5/1/2040
1,414,311
(e)
New York 31.2%
 
Albany Capital Resource Corp. Refunding Revenue (Albany College of Pharmacy & Health Sciences)
380,000
Series 2014-A, 5.00%, due 12/1/2027
381,039
375,000
Series 2014-A, 5.00%, due 12/1/2028
375,980
270,000
Series 2014-A, 5.00%, due 12/1/2029
270,686
750,000
Broome County Local Development Corp. Revenue (Good Shepherd Village at Endwell, Inc. Project),
Series 2021, 4.00%, due 7/1/2047
618,021
500,000
Buffalo & Erie County Industrial Land Development Corp. Revenue (Tapestry Charter School Project),
Series 2017, 5.00%, due 8/1/2047
500,951
1,550,000
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Charter School for
Applied Technologies Project), Series 2017-A, 5.00%, due 6/1/2035
1,592,448
 
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Orchard Park)
500,000
Series 2015, 5.00%, due 11/15/2027
507,197
500,000
Series 2015, 5.00%, due 11/15/2028
507,260
625,000
Series 2015, 5.00%, due 11/15/2029
633,996
 
Build NYC Resource Corp. Refunding Revenue (City University - Queens College)
270,000
Series 2014-A, 5.00%, due 6/1/2026
270,200
225,000
Series 2014-A, 5.00%, due 6/1/2029
225,228
2,595,000
Build NYC Resource Corp. Refunding Revenue (New York Law School Project), Series 2016, 4.00%,
due 7/1/2045
2,191,321
 
Build NYC Resource Corp. Refunding Revenue (Packer Collegiate Institute Project)
155,000
Series 2015, 5.00%, due 6/1/2026
156,984
125,000
Series 2015, 5.00%, due 6/1/2027
126,497
195,000
Series 2015, 5.00%, due 6/1/2028
197,158
220,000
Series 2015, 5.00%, due 6/1/2029
222,218
325,000
Series 2015, 5.00%, due 6/1/2030
328,037
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York – cont'd
 
Build NYC Resource Corp. Revenue
$1,665,000
Series 2014, 5.00%, due 11/1/2024
$999,000
835,000
Series 2014, 5.25%, due 11/1/2029
501,000
650,000
Series 2014, 5.25%, due 11/1/2034
390,000
975,000
Series 2014, 5.50%, due 11/1/2044
585,000
1,000,000
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School Project),
Series 2017-A, 5.00%, due 6/1/2047
1,006,134
(e)
1,400,000
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series 2019, 5.75%, due
2/1/2049
1,389,024
(e)
750,000
Build NYC Resource Corp. Revenue (Shefa School Project), Series 2021-A, 5.00%, due 6/15/2051
739,481
(e)
135,000
Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt Paper, Inc. Project),
Series 2014, 4.50%, due 1/1/2025
135,190
(e)
 
Dutchess County Local Development Corp. Revenue (Culinary Institute of America Project)
200,000
Series 2016-A-1, 5.00%, due 7/1/2041
202,239
275,000
Series 2016-A-1, 5.00%, due 7/1/2046
276,828
 
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
390,000
Series 2018, 5.00%, due 7/1/2030
401,597
405,000
Series 2018, 5.00%, due 7/1/2031
416,341
425,000
Series 2018, 5.00%, due 7/1/2032
436,239
450,000
Series 2018, 5.00%, due 7/1/2033
461,262
938,214
Jefferson County Industrial Development Agency Solid Waste Disposal Revenue (Green
Bond-Reenergy Black River LLC Project), Series 2014, 5.25%, due 1/1/2024
0
(b)(c)(d)
 
Metropolitan Transportation Authority Revenue (Green Bond)
1,500,000
Series 2020-C-1, 5.00%, due 11/15/2050
1,567,962
10,500,000
Series 2020-D-3, 4.00%, due 11/15/2049
10,093,791
3,000,000
Series 2020-D-3, 4.00%, due 11/15/2050
2,876,834
300,000
Monroe County Industrial Development Corp. Revenue (Monroe Community College), Series 2014,
(AGM), 5.00%, due 1/15/2029
300,463
 
Monroe County Industrial Development Corp. Revenue (Nazareth College of Rochester Project)
500,000
Series 2013-A, 5.00%, due 10/1/2024
500,430
500,000
Series 2013-A, 5.00%, due 10/1/2025
500,472
250,000
Series 2013-A, 4.00%, due 10/1/2026
250,007
210,000
Monroe County Industrial Development Corp. Revenue (Saint John Fisher College), Series 2012-A,
5.00%, due 6/1/2025
210,244
1,000,000
Nassau County Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island
Obligated Group Project), Series 2014, 5.00%, due 7/1/2027
1,000,836
4,175,000
Nassau County Tobacco Settlement Corp. Asset Backed, Series 2006-A-3, 5.13%, due 6/1/2046
3,847,614
 
New York City Municipal Water Finance Authority Water & Sewer System Refunding Revenue
(Second General Resolution Revenue Bonds)
200,000
(LOC: JP Morgan Chase Bank N.A.), Series 2013-AA-1, 4.05%, due 6/15/2050
200,000
(i)
250,000
Series 2022-DD, 4.25%, due 6/15/2033
250,000
(i)
100,000
New York General Obligation, Series 2012-2, 4.25%, due 4/1/2042
100,000
(i)
1,000,000
New York Liberty Development Corp. Refunding Revenue (3 World Trade Center Project), Class 2-3,
Series 2014, 5.38%, due 11/15/2040
1,002,269
(e)
2,000,000
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters), Series 2005, 5.25%,
due 10/1/2035
2,322,815
750,000
New York Liberty Development Corp. Revenue Refunding (Bank of America Tower at One Bryant
Park Project), Class 3, Series 2019, 2.80%, due 9/15/2069
675,706
780,000
New York State Dormitory Authority Revenue Non State Supported Debt (Culinary Institute of
America), Series 2013, 4.63%, due 7/1/2025
780,372
3,390,000
New York State Dormitory Authority Revenue Refunding, Series 2024-A, 4.00%, due 3/15/2054
3,262,964
400,000
New York State Dormitory Authority Revenue Refunding Non State Supported Debt (Garnet Health
Medical Center), Series 2017, 5.00%, due 12/1/2035
392,793
(e)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York – cont'd
 
New York State Dormitory Authority Revenue Refunding Non State Supported Debt (Orange
Regional Medical Center)
$200,000
Series 2017, 5.00%, due 12/1/2036
$195,381
(e)
400,000
Series 2017, 5.00%, due 12/1/2037
388,947
(e)
1,000,000
New York State Dormitory Authority Revenue State Supported Debt (New School), Series 2022-A,
4.00%, due 7/1/2052
921,216
 
New York State Environmental Facilities Corp. Solid Waste Disposal Revenue (Casella Waste System,
Inc. Project)
500,000
Series 2014, 2.88%, due 12/1/2044 Putable 12/3/2029
464,404
(e)
500,000
Series 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025
491,309
585,000
New York State Housing Finance Agency Revenue (Affordable Housing), Series 2012-F, (SONYMA),
3.05%, due 11/1/2027
584,661
3,045,000
New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series 2014-189,
3.45%, due 4/1/2027
3,021,346
1,500,000
New York State Transportation Development Corp. Special Facility Refunding Revenue (American
Airlines, Inc.-John F Kennedy International Airport Project), Series 2016, 5.00%, due 8/1/2031
1,500,317
4,000,000
New York State Transportation Development Corp. Special Facility Revenue (Delta Airlines,
Inc.-LaGuardia Airport Terminal C&D Redevelopment), Series 2018-A, 5.00%, due 1/1/2033
4,123,816
 
New York State Transportation Development Corp. Special Facility Revenue (JFK International Airport
New Terminal 1 Project)
750,000
Series 2023, 6.00%, due 6/30/2054
816,349
3,000,000
Series 2023, 5.38%, due 6/30/2060
3,118,897
17,500,000
Series 2024, 5.50%, due 6/30/2060
18,618,936
1,145,000
New York State Transportation Development Corp. Special Facility Revenue (LaGuardia Airport
Terminal B Redevelopment Project), Series 2016-A, 4.00%, due 7/1/2041
1,094,349
2,000,000
New York State Transportation Development Corp. Special Facility Revenue (LaGuardia Airport
Terminal C&D Redevelopment Project), Series 2023, 5.63%, due 4/1/2040
2,162,035
 
New York State Transportation Development Corp. Special Facility Revenue Refunding (JFK
International Airport Terminal 4 Project)
100,000
Series 2020-A, 4.00%, due 12/1/2042
95,998
500,000
Series 2022, 5.00%, due 12/1/2039
531,475
1,000,000
Niagara Area Development Corp. Solid Waste Disposal Facility Revenue Refunding (Covanta Project),
Series 2018-A, 4.75%, due 11/1/2042
947,826
(e)
 
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara International Airport)
375,000
Series 2019-A, 5.00%, due 4/1/2037
387,833
350,000
Series 2019-A, 5.00%, due 4/1/2038
361,126
350,000
Series 2019-A, 5.00%, due 4/1/2039
360,362
500,000
Oneida Indian Nation of New York Revenue, Series 2024-B, 6.00%, due 9/1/2043
548,494
(e)
7,125,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred And
Forty Two), Series 2023-242, 5.00%, due 12/1/2053
7,484,492
1,920,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred And
Thirty Two), Series 2022-232, 4.63%, due 8/1/2052
1,962,357
500,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred),
Series 2017, 5.00%, due 4/15/2057
513,624
 
TSASC, Inc. Revenue Refunding
580,000
Series 2017-A, 5.00%, due 6/1/2028
603,498
3,000,000
Series 2017-A, 5.00%, due 6/1/2041
3,055,283
1,500,000
Westchester County Local Development Corp. Revenue (Purchase Senior Learning Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
1,469,470
(e)
1,000,000
Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson Project),
Series 2022-B, 5.00%, due 1/1/2051
1,020,855
1,600,000
Westchester County Local Development Corp. Revenue Refunding (Wartburg Senior Housing
Project), Series 2015-A, 5.00%, due 6/1/2030
1,511,557
(e)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York – cont'd
$665,000
Yonkers Economic Development Corp. Education Revenue (Charter School of Education Excellence
Project), Series 2019-A, 5.00%, due 10/15/2049
$667,356
5,000,000
Yonkers Industrial Development Agency School Facilities Revenue (New Community School Project),
Series 2022, (ST AID WITHHLDG), 5.00%, due 5/1/2047
5,322,202
 
111,525,899
North Carolina 2.6%
 
Charlotte Airport Revenue
1,250,000
Series 2023-B, 5.00%, due 7/1/2044
1,332,411
1,500,000
Series 2023-B, 5.00%, due 7/1/2048
1,581,142
1,700,000
North Carolina Medical Care Commission Retirement Facilities Revenue, Series 2020-A, 4.00%, due
9/1/2050
1,381,251
700,000
North Carolina Medical Care Commission Retirement Facilities Revenue (Twin Lakes Community),
Series 2019-A, 5.00%, due 1/1/2049
696,062
4,000,000
North Carolina Turnpike Authority Revenue (Triangle Expressway System), Series 2024-A, (AGM),
5.00%, due 1/1/2058
4,260,639
 
9,251,505
Ohio 9.0%
28,045,000
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding Revenue, Class 2,
Series 2020-B-2, 5.00%, due 6/1/2055
25,971,493
1,000,000
Jefferson County Port Economic Development Authority Revenue (JSW Steel USA, Ohio, Inc.
Project), Series 2021, 3.50%, due 12/1/2051
772,779
(e)
2,500,000
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
2,354,012
(e)
1,000,000
Ohio State Air Quality Development Authority Revenue (Ohio Valley Electric Corp. Project),
Series 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029
908,442
2,335,000
Ohio State Air Quality Development Authority Revenue Refunding (Ohio Valley Electric Corp.
Project), Series 2019-A, 3.25%, due 9/1/2029
2,255,081
 
32,261,807
Oregon 0.4%
20,000
Oregon State Housing & Community Service Department Multi-Family Revenue, Series 2012-B,
(FHA), (FHLMC), (FNMA), (GNMA), 3.50%, due 7/1/2027
19,767
2,180,000
Portland General Obligation (Transportation Project), Series 2022-A, 2.25%, due 10/1/2041
1,597,289
 
1,617,056
Pennsylvania 4.7%
2,000,000
Allentown Neighborhood Improvement Zone Development Authority Revenue (City Center Project),
Series 2024, 5.00%, due 5/1/2042
2,038,962
(e)
2,830,000
Lancaster County Hospital Authority Refunding Revenue (Health Centre-Landis Homes Retirement
Community Project), Series 2015-A, 4.25%, due 7/1/2030
2,780,542
3,500,000
Pennsylvania Economic Development Financing Authority Revenue Refunding (Energy Supply LLC),
Series 2009-C, 5.25%, due 12/1/2037 Putable 6/1/2027
3,555,868
2,350,000
Pennsylvania Economic Development Financing Authority Revenue Refunding (Tapestry Moon Senior
Housing Project), Series 2018-A, 6.75%, due 12/1/2053
895,937
(b)(e)
7,255,000
Philadelphia Water & Wastewater Revenue Refunding, Series 2023-B, (AGM), 4.50%, due 9/1/2048
7,399,540
 
16,670,849
Puerto Rico 8.2%
1,750,000
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1, 4.00%, due
7/1/2046
1,601,403
27,552,000
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1, 5.00%, due 7/1/2058
27,667,435
 
29,268,838
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
South Carolina 2.6%
$3,110,000
Patriots Energy Group Financing Agency Revenue Refunding, Series 2023-B-1, 5.25%, due 2/1/2054
Putable 3/1/2031
$3,378,784
1,875,000
South Carolina Jobs Economic Development Authority Economic Development Revenue (River Park
Senior Living Project), Series 2017-A, 7.75%, due 10/1/2057
1,999,035
550,000
South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (AMT-Green
Bond-Last Step Recycling LLC Project), Series 2021-A, 6.50%, due 6/1/2051
192,500
(b)(e)
2,325,000
South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (Green
Bond-Jasper Pellets LLC Project), Series 2018-A, 7.00%, due 11/1/2038
406,642
#(b)(c)(d)
750,000
South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (RePower
South Berkeley LLC Project), Series 2017, 6.25%, due 2/1/2045
75,000
(b)(e)
2,500,000
South Carolina Jobs-Economic Development Authority Revenue (Novant Health Obligated Group),
Series 2024-A, 4.50%, due 11/1/2054
2,508,413
750,000
South Carolina State Housing Finance & Development Authority Mortgage Revenue, Series 2024-A,
4.75%, due 1/1/2054
754,301
 
9,314,675
Tennessee 0.5%
2,000,000
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue (Blakeford At Green Hills), Series 2020-A, 4.00%, due 11/1/2045
1,702,551
Texas 13.0%
250,000
Anson Educational Facilities Corp. Educational Revenue (Arlington Classics Academy),
Series 2016-A, 5.00%, due 8/15/2045
251,042
 
Arlington Higher Education Finance Corp. Revenue (Basis Texas Charter Schools, Inc.)
1,000,000
Series 2024, 4.88%, due 6/15/2059
989,120
(e)
700,000
Series 2024, 5.00%, due 6/15/2064
695,119
(e)
1,000,000
Arlington Higher Education Finance Corp. Revenue (Universal Academy), Series 2014-A, 6.63%, due
3/1/2029
1,000,693
730,000
Austin Community College District Public Facility Corp. Lease Revenue, Series 2018-C, 4.00%, due
8/1/2042
719,960
250,000
Dallas County Flood Control District No. 1 Refunding General Obligation, Series 2015, 5.00%, due
4/1/2028
249,987
(e)
3,000,000
Dallas Fort Worth International Airport Revenue Refunding, Series 2023-B, 5.00%, due 11/1/2047
3,271,561
2,085,000
Dallas Independent School District General Obligation, Series 2022, (PSF-GTD), 2.75%, due
2/15/2052
1,468,172
1,500,000
Elm Ridge Water Control & Improvement District of Denton County General Obligation, Series 2013,
5.00%, due 9/1/2037
1,479,870
3,050,000
EP Tuscany Zaragosa PFC Revenue (Home Essential Function Housing Program), Series 2023, 4.00%,
due 12/1/2033
2,979,867
2,000,000
Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.), Series 2012-B, 4.75%,
due 11/1/2042
2,000,152
7,100,000
Fort Bend County Texas Public Facility Corp. Revenue, Series 2023, 5.00%, due 3/1/2053
7,512,827
960,000
Harris County Cultural Education Facilities Finance Corp. Revenue (Brazos Presbyterian Homes, Inc.
Project), Series 2013-B, 5.75%, due 1/1/2028
961,008
 
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy)
545,000
Series 2019-A, 5.00%, due 8/15/2039
545,007
(e)
520,000
Series 2019-A, 5.00%, due 8/15/2049
504,075
(e)
500,000
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue (Cardinal Bay, Inc.
Village On The Park Carriage), Series 2016-C, 5.50%, due 7/1/2046
112,500
(b)
 
Texas Private State Activity Bond Surface Transportation Corp. Revenue (Senior Lien-Blueridge
Transportation Group LLC)
5,460,000
Series 2016, 5.00%, due 12/31/2045
5,495,966
4,750,000
Series 2016, 5.00%, due 12/31/2050
4,781,649
3,750,000
Series 2016, 5.00%, due 12/31/2055
3,774,480
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Texas – cont'd
$1,000,000
Texas State Private Activity Bond Surface Transportation Corp. Revenue (Segment 3C Project),
Series 2019, 5.00%, due 6/30/2058
$1,005,361
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue Refunding (Senior Lien-NTE
Mobility Partners Segments 3 LLC)
1,750,000
Series 2023, 5.38%, due 6/30/2037
1,900,947
1,000,000
Series 2023, 5.38%, due 6/30/2039
1,079,696
1,000,000
Series 2023, 5.50%, due 6/30/2040
1,081,984
2,350,000
Series 2023, 5.50%, due 6/30/2041
2,534,032
 
46,395,075
Utah 2.0%
 
Salt Lake City Airport Revenue
1,000,000
Series 2017-A, 5.00%, due 7/1/2042
1,020,055
2,000,000
Series 2017-A, 5.00%, due 7/1/2047
2,028,723
1,000,000
Series 2018-A, 5.00%, due 7/1/2043
1,024,505
3,000,000
Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001, (AMBAC), 5.40%, due
2/15/2028
3,024,951
 
7,098,234
Vermont 0.5%
1,000,000
Vermont Economic Development Authority Solid Waste Disposal Revenue (Casella Waste System,
Inc.), Series 2022-A-1, 5.00%, due 6/1/2052 Putable 6/1/2027
1,014,873
(e)
755,000
Vermont Student Assistant Corp. Education Loan Revenue, Series 2015-A, 4.13%, due 6/15/2027
759,139
 
1,774,012
Virgin Islands 2.2%
7,500,000
Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A, 5.00%, due
10/1/2039
7,796,715
Virginia 1.2%
3,700,000
Virginia Beach Development Authority Revenue, Series 2023-A, 7.00%, due 9/1/2059
4,218,606
Washington 2.0%
5,290,000
Vancouver Downtown Redevelopment Authority Revenue (Conference Center Project), Series 2013,
4.00%, due 1/1/2028
5,292,899
1,000,000
Washington State Economic Development Finance Authority Environmental Facilities Revenue
(Green Bond), Series 2020-A, 5.63%, due 12/1/2040
1,011,851
(e)
790,000
Washington State Health Care Facilities Authority Revenue Refunding (Virginia Mason Medical
Center), Series 2017, 5.00%, due 8/15/2026
803,087
 
7,107,837
West Virginia 1.3%
 
West Virginia Hospital Finance Authority Revenue (Vandalia Health Group)
1,500,000
Series 2023-B, 6.00%, due 9/1/2053
1,698,908
1,500,000
Series 2023-B, (AGM), 5.38%, due 9/1/2053
1,640,643
1,400,000
West Virginia Hospital Finance Authority Revenue Refunding (Charleston Area Medical Center, Inc.),
Series 2019-A, 5.00%, due 9/1/2039
1,427,610
 
4,767,161
Wisconsin 5.6%
2,000,000
Public Finance Authority Airport Facility Revenue Refunding (Trips Obligation Group), Series 2012-B,
5.00%, due 7/1/2042
2,000,293
870,000
Public Finance Authority Education Revenue (Pine Lake Preparatory, Inc.), Series 2015, 4.95%, due
3/1/2030
873,117
(e)
200,000
Public Finance Authority Education Revenue (Resh Triangle High School Project), Series 2015-A,
5.38%, due 7/1/2035
201,218
(e)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Wisconsin – cont'd
$600,000
Public Finance Authority Retirement Facility Revenue Refunding (Friends Homes), Series 2019,
5.00%, due 9/1/2054
$557,751
(e)
1,500,000
Public Finance Authority Revenue (Astro Tex Land Project), Series 2024, 5.50%, due 12/15/2028
1,505,763
(e)
1,140,000
Public Finance Authority Revenue (Candela Project), Series 2023, 6.13%, due 12/15/2029
1,127,710
(e)
2,500,000
Public Finance Authority Revenue (Mayfair Project), Series 2024-A-4, 5.50%, due 11/15/2032
2,500,171
(e)
3,420,000
Public Finance Authority Revenue (Signorelli Project), Series 2024, 5.38%, due 12/15/2032
3,426,967
(e)
 
Public Finance Authority Revenue Refunding (Celanese Project)
210,000
Series 2016-C, 4.30%, due 11/1/2030
209,760
3,000,000
Series 2016-D, 4.05%, due 11/1/2030
2,955,884
310,000
Public Finance Authority Revenue Refunding (Roseman University Health Sciences Project),
Series 2015, 5.00%, due 4/1/2025
311,405
4,500,000
Public Finance Authority Special Facility Revenue (Sky Harbour Capital LLC Aviation Facility Project),
Series 2021, 4.25%, due 7/1/2054
3,680,951
800,000
Saint Croix Chippewa Indians of Wisconsin Refunding, Series 2021, 5.00%, due 9/30/2041
602,369
(e)
 
19,953,359
Total Municipal Notes (Cost $574,315,218)
574,529,127
Total Investments 160.8% (Cost $575,178,542)
574,863,743
Other Assets Less Liabilities 3.0%
10,443,506
Liquidation Preference of Variable Rate Municipal Term Preferred Shares (63.8)%
(227,900,000
)(j)
Net Assets Applicable to Common Stockholders 100.0%
$357,407,249
 
(a)
Variable or floating rate security. The interest rate shown was the current rate as of July 31, 2024 and
changes periodically.
(b)
Defaulted security.
(c)
Value determined using significant unobservable inputs.
(d)
Security fair valued as of July 31, 2024 in accordance with procedures approved by the valuation designee.
Total value of all such securities at July 31, 2024 amounted to $741,258, which represents 0.2% of net
assets applicable to common stockholders of the Fund.
(e)
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only
be sold to qualified institutional investors or may have other restrictions on resale. At July 31, 2024, these
securities amounted to $81,118,232, which represents 22.7% of net assets applicable to common
stockholders of the Fund.
(f)
All or a portion of this security was purchased on a delayed delivery basis.
(g)
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(h)
Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in
the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of
July 31, 2024.
(i)
Variable rate demand obligation where the stated interest rate is not based on a published reference rate
and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing
agent. The rate shown represents the rate in effect at July 31, 2024.
(j)
Fair valued as of July 31, 2024 in accordance with procedures approved by the valuation designee.
#  This security is subject to restrictions on resale. Total value of all such securities at July 31, 2024 amounted to $741,258, which represents 0.2% of net assets applicable to common stockholders of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table. 
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
7/31/2024
Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
7/31/2024
California State Pollution Control Financing Authority Solid
Waste Disposal Revenue (Green Bond-Rialto Bioenergy
Facility LLC Project)
1/17/2019
$2,050,475
$—
0.0%
Rialto Bioenergy Facility LLC
11/21/2023
221,845
221,845
0.1%
Rialto Bioenergy Facility LLC
11/30/2023-2/28/2024
641,479
112,771
0.0%
South Carolina Jobs Economic Development Authority Solid
Waste Disposal Revenue (Green Bond-Jasper Pellets LLC
Project)
12/4/2018-6/25/2020
2,223,561
406,642
0.1%
Total
$5,137,360
$741,258
0.2%
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of July 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Loan Assignments#
$—
$—
$334,616
$334,616
Municipal Notes
South Carolina
—
8,908,033
406,642
9,314,675
Other Municipal Notes#
—
565,214,452
—
565,214,452
Total Municipal Notes
—
574,122,485
406,642
574,529,127
Total Investments
$—
$574,122,485
$741,258
$574,863,743
 
#
The Schedule of Investments provides information on the industry, state/territory or sector categorization.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 11/1/2023
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
7/31/2024
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2024
Investments in
Securities:
 
 
 
 
 
 
 
 
 
 
Loan Assignments(1)
$—
$42
$—
$(529
)
$1,095
$(274
)
$—
$—
$334
$(529
)
Municipal Notes(1)
511
3
—
(888
)
—
(677
)
1,458
—
407
(888
)
Total
$511
$45
$—
$(1,417
)
$1,095
$(951
)
$1,458
$—
$741
$(1,417
)
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
7/31/2024
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Municipal Notes
$406,642
Market Approach
Recovery Value (of Par Value)
0.0% - 17.5%
17.5%
Increase
Loan Assignments
334,616
Market Approach
Recovery Value (of Par Value)
17.5% - 100.0%
72.2%
Increase
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
 
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s outstanding Variable Rate Municipal Term Preferred Shares as of July 31, 2024: 
Other Financial Instruments
Level 1
Level 2
Level 3
Total
Variable Rate Municipal Term Preferred Shares(a)
$—
$(227,900,000
)
$—
$(227,900,000
)
Total Variable Rate Municipal Term Preferred
Shares
$—
$(227,900,000
)
$—
$(227,900,000
)
 
(a)
The Fund may hold liabilities in which the fair value approximates the carrying amount for financial
statement purposes.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
July 31, 2024
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited) 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by Neuberger Berman Municipal Fund Inc. (the "Fund") are carried at the value that Management believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund's investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. 
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. 
The value of the Fund's investments in municipal notes is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues. 
The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available). 
The value of the Fund's Variable Rate Municipal Term Preferred Shares ("VMTPS") is estimated to be their liquidation preference (Level 2 inputs). 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund's Board of Directors designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. 
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited)  (cont’d)
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded. 
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited) (cont'd)
Legend
 
Other Abbreviations:
Management
= Neuberger Berman Investment Advisers LLC
Reference Rate Benchmarks:
SOFR
= Secured Overnight Financing Rate
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Neuberger Berman Municipal (AMEX:NBH)
Historical Stock Chart
Von Nov 2024 bis Dez 2024 Click Here for more Neuberger Berman Municipal Charts.
Neuberger Berman Municipal (AMEX:NBH)
Historical Stock Chart
Von Dez 2023 bis Dez 2024 Click Here for more Neuberger Berman Municipal Charts.