Schedule of Investments Municipal Fund Inc.^
(Unaudited) January 31, 2022
| Principal Amount | Value | |||||||
| Municipal Notes 163.5% | ||||||||
| American Samoa 0.7% | ||||||||
| $ | 1,700,000 | American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029 | $ | 1,924,971 | ||||
| Arizona 3.7% | ||||||||
| 4,000,000 | Arizona Hlth. Fac. Au. Rev. (Banner Hlth.), Ser. 2015-C, (LOC: Bank of America N.A.), 0.12%, due 1/1/2046 | 4,000,000 | (a) | |||||
| 500,000 | Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/2036 | 550,163 | (b) | |||||
| 985,000 | Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/2026 | 973,607 | (b) | |||||
| 2,250,000 | Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025 | 2,421,280 | (b) | |||||
| 1,385,000 | Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/2024 | 1,422,656 | ||||||
| 395,000 | Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%, due 7/1/2036 | 383,812 | ||||||
| 400,000 | Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/2024 | 407,026 | ||||||
| 10,158,544 | ||||||||
| California 33.3% | ||||||||
| 1,000,000 | California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/2026 | 1,029,485 | ||||||
| 1,325,000 | California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/2024 | 1,327,512 | ||||||
| California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.) | ||||||||
| 465,000 | Ser. 2014, 5.00%, due 7/1/2024 | 485,885 | (b) | |||||
| 630,000 | Ser. 2014, 5.13%, due 7/1/2029 | 671,545 | (b) | |||||
| California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.) | ||||||||
| 455,000 | Ser. 2014, 5.00%, due 7/1/2024 | 477,107 | ||||||
| 430,000 | Ser. 2014, 5.13%, due 7/1/2029 | 460,978 | ||||||
| 500,000 | California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/2031 | 557,235 | (b) | |||||
| 570,000 | California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030 | 637,332 | (b) | |||||
| 585,000 | California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/2026 | 619,252 | ||||||
| 2,000,000 | California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West Village Std. Hsg. Proj.), Ser. 2018, 5.00%, due 5/15/2051 | 2,303,210 | ||||||
| 1,000,000 | California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis II, LLC, Green Bond-Orchard Park Std. Hsg. Proj.), Ser. 2021, (BAM Insured), 3.00%, due 5/15/2054 | 1,003,919 | ||||||
| 1,300,000 | California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/2030 | 1,432,426 | (b) | |||||
| California St. Dept. of Veterans Affairs Home Purchase Ref. Rev. | ||||||||
| 2,155,000 | Ser. 2016-A, 2.90%, due 6/1/2028 | 2,224,134 | ||||||
| 2,450,000 | Ser. 2016-A, 2.95%, due 12/1/2028 | 2,529,038 | ||||||
| 470,000 | California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027 | 211,500 | (b)(c) | |||||
| 2,000,000 | California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.), Ser. 2019, 7.50%, due 12/1/2039 | 49,988 | (b)(c) | |||||
| 1,855,000 | California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Green Bond-Rialto Bioenergy Fac. LLC, Proj.), Ser. 2019, 7.50%, due 12/1/2040 | 1,381,312 | (b) | |||||
| 4,430,000 | California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027 | 4,736,898 | (b) | |||||
| 3,000,000 | California Statewide CDA Multi-Family Hsg. Rev. (Irvine Apt. Comm. LP), Ser. 2001-W-1, (LOC: Wells Fargo Bank N.A.), 0.13%, due 8/1/2034 | 3,000,000 | (a) | |||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| $ | 4,000,000 | Deutsche Bank Spears/Lifers Trust Rev., Ser. 2021-DBE-8081, (LOC: Deutsche Bank AG), 0.46%, due 10/1/2058 | $ | 4,000,000 | (a)(b) | |||
| 1,000,000 | Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2018-A-2, 5.00%, due 6/1/2047 Pre-Refunded 6/1/2022 | 1,015,064 | ||||||
| 2,000,000 | Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025 | 2,369,600 | ||||||
| 590,000 | La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/2029 Pre-Refunded 5/15/2022 | 603,551 | ||||||
| 2,250,000 | Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/2027 | 2,277,634 | ||||||
| 3,620,000 | Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/2024 | 3,508,576 | ||||||
| 5,750,000 | Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (Assured Guaranty Insured), 5.50%, due 8/1/2029 | 7,059,198 | ||||||
| 5,000,000 | Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/2034 | 6,064,714 | ||||||
| 4,000,000 | Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026 | 4,722,810 | ||||||
| 2,000,000 | San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2024 | 2,259,917 | ||||||
| 6,000,000 | San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/2032 | 7,011,606 | (d) | |||||
| 1,540,000 | Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/2026 | 1,568,807 | ||||||
| 2,040,000 | Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/2025 | 2,163,501 | ||||||
| 150,000 | Tender Option Bond Trust Receipts/Certificates, Ser. 2020, (LOC: Mizuho Cap. Markets LLC), 0.19%, due 7/1/2032 | 150,000 | (a)(b) | |||||
| 9,070,000 | Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 6.88%, due 8/1/2037 | 12,429,862 | ||||||
| 5,095,000 | Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured Guaranty Insured), 0.00%, due 8/1/2026 | 4,733,114 | ||||||
| 3,000,000 | Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/2036 | 3,315,796 | (e) | |||||
| 90,392,506 | ||||||||
| Colorado 3.2% | ||||||||
| Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.) | ||||||||
| 1,050,000 | Ser. 2015, 4.50%, due 4/1/2025 | 1,072,001 | (b) | |||||
| 1,000,000 | Ser. 2015, 5.13%, due 4/1/2035 | 1,033,068 | (b) | |||||
| 1,350,000 | Ser. 2015, 5.25%, due 4/1/2045 | 1,384,667 | (b) | |||||
| 750,000 | Colorado Ed. & Cultural Facs. Au. Rev. Ref., Ser. 2014, 4.50%, due 11/1/2029 | 790,143 | ||||||
| 2,550,000 | Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/2023 | 2,589,202 | (b) | |||||
| 5,866,666 | Villages at Castle Rock Co. Metro. Dist. Number 6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2, 0.00%, due 12/1/2037 | 1,915,147 | ||||||
| 8,784,228 | ||||||||
Connecticut 0.3% | ||||||||
| 750,000 | Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/2025 | 771,106 | ||||||
| District of Columbia 1.1% | ||||||||
| 1,615,000 | Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/2026 | 1,618,617 | ||||||
| 650,000 | Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/2022 | 656,574 | ||||||
| 650,000 | Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/2045 | 663,476 | ||||||
| 2,938,667 | ||||||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| Florida 8.2% | ||||||||
| $ | 800,000 | Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C, 7.50%, due 7/1/2053 | $ | 28,000 | (b)(c) | |||
| 1,000,000 | Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/2026 | 1,090,311 | ||||||
| Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.) | ||||||||
| 110,000 | Ser. 2012-A, 5.50%, due 6/15/2022 | 111,468 | (b) | |||||
| 3,120,000 | Ser. 2013-A, 6.75%, due 12/15/2027 Pre-Refunded 6/15/2023 | 3,366,321 | ||||||
| 1,750,000 | Ser. 2014-A, 5.75%, due 6/15/2029 | 1,886,294 | ||||||
| 1,075,000 | Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/2036 | 1,103,616 | ||||||
| 1,200,000 | Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.38%, due 6/1/2046 | 840,000 | (b)(c) | |||||
| 100,000 | Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/2036 | 103,412 | ||||||
| 9,000,000 | Hillsborough Co. Ind. Dev. Au. Hosp. Rev. (Tampa General Hosp. Proj.), Ser. 2020-A, 3.50%, due 8/1/2055 | 9,395,093 | ||||||
| 1,135,000 | Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/2027 | 1,158,129 | ||||||
| 1,200,000 | St. Lucie Co. PCR Rev. Ref. (Florida Pwr. & Lt. Co. Proj.), Ser. 2000, 0.10%, due 9/1/2028 | 1,200,000 | (a) | |||||
| 870,000 | Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/2029 | 889,927 | ||||||
| 980,000 | Village Comm. Dev. Dist. Number 13 Spec. Assessment Rev., Ser. 2019, 3.70%, due 5/1/2050 | 1,013,660 | ||||||
| 22,186,231 | ||||||||
| Georgia 0.6% | ||||||||
| 2,000,000 | DeKalb Co. Hsg. Au. Sr. Living Rev. Ref. (Baptist Retirement Comm. of Georgia Proj.), Ser. 2019-A, 5.13%, due 1/1/2049 | 1,632,916 | (b) | |||||
| Hawaii 2.8% | ||||||||
| 5,200,000 | Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/2024 | 5,210,706 | ||||||
| 2,250,000 | Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaiian Elec. Co., Inc. - Subsidiary), Ser. 2019, 3.50%, due 10/1/2049 | 2,309,559 | ||||||
| 7,520,265 | ||||||||
| Illinois 19.9% | ||||||||
| 5,705,000 | Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/2027 | 5,936,062 | ||||||
| Chicago G.O. | ||||||||
| 250,000 | Ser. 2002-2002B, 5.13%, due 1/1/2027 | 275,035 | ||||||
| 2,000,000 | Ser. 2002-B, 5.00%, due 1/1/2025 | 2,190,097 | ||||||
| 1,000,000 | Ser. 2019-A, 5.00%, due 1/1/2044 | 1,140,078 | ||||||
| Chicago Ref. G.O. | ||||||||
| 1,000,000 | Ser. 2005-D, 5.50%, due 1/1/2040 | 1,106,438 | ||||||
| 700,000 | Ser. 2014-A, 5.00%, due 1/1/2027 | 746,895 | ||||||
| 3,000,000 | Ser. 2017-A, 6.00%, due 1/1/2038 | 3,519,734 | ||||||
| 3,000,000 | Ser. 2021-A, 4.00%, due 1/1/2035 | 3,279,638 | ||||||
| Cook Co. Sch. Dist. Number 83 G.O. (Mannheim) | ||||||||
| 1,350,000 | Ser. 2013-C, 5.45%, due 12/1/2030 | 1,463,704 | ||||||
| 1,960,000 | Ser. 2013-C, 5.50%, due 12/1/2031 | 2,126,859 | ||||||
| 1,560,000 | Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/2031 | 1,820,748 | ||||||
| 2,000,000 | Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A, 4.00%, due 7/15/2047 | 2,233,497 | ||||||
| 1,905,000 | Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/2026 | 1,756,556 | ||||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| Illinois St. G.O. | ||||||||
| $ | 3,900,000 | Ser. 2012, 4.00%, due 8/1/2025 | $ | 3,956,716 | ||||
| 1,000,000 | Ser. 2013, 5.00%, due 7/1/2023 | 1,054,965 | ||||||
| 5,200,000 | Ser. 2017-D, 5.00%, due 11/1/2028 | 5,996,478 | ||||||
| 4,250,000 | Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/2024 | 4,562,836 | ||||||
| So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.) | ||||||||
| 945,000 | Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027 | 1,010,619 | ||||||
| 1,375,000 | Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028 | 1,469,045 | ||||||
| 715,000 | Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029 | 763,159 | ||||||
| Univ. of Illinois (Hlth. Svc. Facs. Sys.) | ||||||||
| 2,725,000 | Ser. 2013, 5.00%, due 10/1/2027 | 2,871,933 | ||||||
| 2,875,000 | Ser. 2013, 5.75%, due 10/1/2028 | 3,067,105 | ||||||
| 1,500,000 | Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 5.25%, due 12/1/2047 | 1,582,780 | (b) | |||||
| 53,930,977 | ||||||||
| Indiana 0.1% | ||||||||
| 295,000 | Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/2024 | 312,264 | ||||||
| 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 | 1,305,522 | ||||||
| 775,000 | Ser. 2020, 4.00%, due 10/1/2045 | 845,660 | ||||||
| 2,151,182 | ||||||||
| Kentucky 0.5% | ||||||||
| 1,350,000 | Ashland City, Kentucky Med. Ctr. Ref. Rev. (Ashland Hosp. Corp. DBA Kings Daughter Med. Ctr.), Ser. 2019, (AGM Insured), 3.00%, due 2/1/2040 | 1,372,237 | ||||||
| Louisiana 2.2% | ||||||||
| 1,715,000 | Louisiana Local Gov't Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A, 5.75%, due 2/1/2032 | 1,837,695 | (b) | |||||
| 775,000 | Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/2028 | 817,186 | ||||||
| 700,000 | Louisiana St. Local Gov’t Env. Facs. & Comm. Dev. Au. Rev. (Lafourche Parish Gomesa Proj.), Ser. 2019, 3.95%, due 11/1/2043 | 733,783 | (b) | |||||
| 1,655,000 | St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/2040 Putable 6/1/2022 | 1,673,416 | ||||||
| 800,000 | St. John the Baptist Parish LA Rev. Ref. (Marathon Oil Corp. Proj.), Subser. 2017-A-1, 2.00%, due 6/1/2037 Putable 4/1/2023 | 808,206 | ||||||
| 5,870,286 | ||||||||
| Maine 0.4% | ||||||||
| 1,200,000 | Maine St. Fin. Au. (Green Bond-Go Lab Madison, LLC Proj,), Ser. 2021, 8.00%, due 12/1/2051 | 1,171,874 | (b) | |||||
| Massachusetts 1.5% | ||||||||
| Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.) | ||||||||
| 200,000 | Ser. 2014-F, 5.00%, due 7/15/2024 | 210,255 | ||||||
| 415,000 | Ser. 2014-F, 5.00%, due 7/15/2025 | 435,605 | ||||||
| 200,000 | Ser. 2014-F, 5.00%, due 7/15/2026 | 209,661 | ||||||
| 190,000 | Ser. 2014-F, 5.00%, due 7/15/2027 | 198,936 | ||||||
| 150,000 | Ser. 2014-F, 5.00%, due 7/15/2028 | 156,848 | ||||||
| Massachusetts St. Ed. Fin. Au. Rev. | ||||||||
| 730,000 | Ser. 2011-J, 5.00%, due 7/1/2023 | 730,890 | ||||||
| 1,065,000 | Ser. 2012-J, 4.70%, due 7/1/2026 | 1,067,219 | ||||||
| 1,120,000 | Ser. 2013-K, 4.50%, due 7/1/2024 | 1,136,941 | ||||||
| 4,146,355 | ||||||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| Michigan 6.3% | ||||||||
| City of Detroit MI G.O. | ||||||||
| $ | 3,000,000 | Ser. 2021-A, 5.00%, due 4/1/2046 | $ | 3,498,736 | ||||
| 3,850,000 | Ser. 2021-A, 5.00%, due 4/1/2050 | 4,467,734 | ||||||
| 1,500,000 | Detroit Downtown Dev. Au. Tax Increment Rev. Ref. (Catalyst Dev. Proj.), Ser. 2018-A, (AGM Insured), 5.00%, due 7/1/2048 | 1,614,111 | ||||||
| Michigan St. Hsg. Dev. Au. Rev. | ||||||||
| 1,935,000 | Ser. 2016-C, 2.05%, due 12/1/2022 | 1,949,267 | ||||||
| 1,835,000 | Ser. 2016-C, 2.15%, due 6/1/2023 | 1,853,223 | ||||||
| 2,500,000 | Michigan St. Strategic Fund Ltd. Oblig. Rev. (Green Bond-Recycled Board Machine Proj.), Ser. 2021, 4.00%, due 10/1/2061 Putable 10/1/2026 | 2,730,847 | ||||||
| 750,000 | Michigan St. Strategic Fund Ltd. Oblig. Rev. (Improvement Proj.), Ser. 2018, 5.00%, due 6/30/2048 | 862,218 | ||||||
| 100,000 | Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/2035 | 100,075 | ||||||
| 17,076,211 | ||||||||
| Minnesota 0.2% | ||||||||
| 400,000 | St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A, 5.00%, due 6/15/2038 | 424,783 | (b) | |||||
| Mississippi 0.8% | ||||||||
| 1,700,000 | Mississippi Dev. Bank Spec. Oblig. (Jackson Co. Gomesa Proj.), Ser. 2021, 3.63%, due 11/1/2036 | 1,611,219 | (b) | |||||
| 565,000 | Mississippi St. Bus. Fin. Corp. Rev. Ref. (Sys. Energy Res., Inc. Proj.), Ser. 2019, 2.50%, due 4/1/2022 | 567,775 | ||||||
| 2,178,994 | ||||||||
| Nevada 0.5% | ||||||||
| Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy) | ||||||||
| 850,000 | Ser. 2015-A, 4.00%, due 12/15/2025 | 883,410 | (b) | |||||
| 500,000 | Ser. 2015-A, 5.13%, due 12/15/2045 | 538,147 | (b) | |||||
| 1,421,557 | ||||||||
| 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 | 771,057 | (b) | |||||
| New Jersey 10.4% | ||||||||
| 1,325,000 | New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/2023 | 1,363,384 | ||||||
| 1,230,000 | New Jersey Econ. Dev. Au. Rev. (Sch. Facs. Construction), Ser. 2019-LLL, 5.00%, due 6/15/2028 | 1,461,570 | ||||||
| New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.) | ||||||||
| 500,000 | Ser. 2013, 5.25%, due 1/1/2025 | 538,039 | ||||||
| 500,000 | Ser. 2013, 5.50%, due 1/1/2026 | 540,396 | ||||||
| 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 | 1,441,963 | ||||||
| 1,470,000 | Ser. 2013, 3.63%, due 7/1/2025 | 1,491,170 | ||||||
| 1,520,000 | Ser. 2013, 3.75%, due 7/1/2026 | 1,541,544 | ||||||
| 765,000 | Ser. 2013, 4.00%, due 7/1/2027 | 776,559 | ||||||
| 1,145,000 | New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/2026 | 1,171,621 | ||||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| 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 | $ | 1,173,576 | (b) | |||
| 725,000 | Ser. 2019-A, 5.00%, due 6/15/2054 | 768,076 | (b) | |||||
| 8,250,000 | New Jersey St. Trans. Trust Fund Au., Ser. 2019-BB, 4.00%, due 6/15/2050 | 8,906,998 | ||||||
| New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref. | ||||||||
| 1,250,000 | Ser. 2018-A, 5.00%, due 12/15/2036 | 1,464,505 | ||||||
| 4,000,000 | Ser. 2018-A, 4.25%, due 12/15/2038 | 4,448,468 | ||||||
| 1,000,000 | Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/2037 | 1,112,270 | ||||||
| 28,200,139 | ||||||||
| New Mexico 0.5% | ||||||||
| Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax Increment Bond) | ||||||||
| 443,000 | Ser. 2015, 5.25%, due 5/1/2025 | 447,973 | (b) | |||||
| 1,000,000 | Ser. 2015, 5.75%, due 5/1/2030 | 1,011,163 | (b) | |||||
| 1,459,136 | ||||||||
| New York 22.4% | ||||||||
| 225,000 | Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 5.00%, due 6/1/2035 | 245,235 | ||||||
| 625,000 | Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/2029 | 695,681 | ||||||
| 1,345,000 | Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/2045 | 1,432,858 | ||||||
| Build NYC Res. Corp. Rev. | ||||||||
| 1,100,000 | Ser. 2014, 5.00%, due 11/1/2024 | 1,201,035 | ||||||
| 835,000 | Ser. 2014, 5.25%, due 11/1/2029 | 908,334 | ||||||
| 975,000 | Ser. 2014, 5.50%, due 11/1/2044 | 1,051,882 | ||||||
| 250,000 | Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/2047 | 272,174 | (b) | |||||
| 825,000 | Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049 | 879,414 | (b) | |||||
| Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts) | ||||||||
| 205,000 | Ser. 2013-A, 3.88%, due 4/15/2023 | 208,222 | ||||||
| 1,450,000 | Ser. 2013-A, 5.00%, due 4/15/2043 | 1,486,021 | ||||||
| 620,000 | Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/2025 | 657,178 | (b) | |||||
| Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.) | ||||||||
| 700,000 | Ser. 2014, 5.00%, due 7/1/2023 | 737,576 | ||||||
| 735,000 | Ser. 2014, 5.00%, due 7/1/2024 | 793,454 | ||||||
| 390,000 | Ser. 2018, 5.00%, due 7/1/2030 | 456,167 | ||||||
| 1,400,000 | Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond-Reenergy Black River LLC Proj.), Ser. 2014, 5.25%, due 1/1/2024 | 1,362,307 | (b) | |||||
| 4,000,000 | Metro. Trans. Au. Rev., Subser. 2012-G-1, (LOC: Barclays Bank PLC), 0.12%, due 11/1/2032 | 4,000,000 | (a) | |||||
| Metro. Trans. Au. Rev. (Green Bond) | ||||||||
| 8,500,000 | Ser. 2020-D-3, 4.00%, due 11/15/2049 | 9,106,921 | ||||||
| 3,000,000 | Ser. 2020-D-3, 4.00%, due 11/15/2050 | 3,212,068 | ||||||
| 5,000,000 | New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020, 3.00%, due 3/1/2049 | 5,005,082 | ||||||
| 6,150,000 | New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Generation Rev. Bonds), Ser. 2010-DD-2, (LOC: JP Morgan Chase Bank N.A.), 0.12%, due 6/15/2043 | 6,150,000 | (a) | |||||
| 2,200,000 | New York City Transitional Fin. Au. Rev. (Future Tax Secured), Subser. 2016-E-4, (LOC: JP Morgan Chase Bank N.A.), 0.12%, due 2/1/2045 | 2,200,000 | (a) | |||||
| 500,000 | New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/2040 | 545,350 | (b) | |||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| $ | 100,000 | New York St. Dorm. Au. Rev. (Rockefeller Univ.), Ser. 2008-A, (LOC: JP Morgan Chase Bank N.A.), 0.06%, due 7/1/2039 | $ | 100,000 | (a) | |||
| 3,200,000 | New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/2028 Pre-Refunded 7/1/2023 | 3,389,008 | ||||||
| 2,300,000 | New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Montefiore Oblig. Group), Ser. 2018-A, 5.00%, due 8/1/2035 | 2,706,582 | ||||||
| 2,000,000 | New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027 | 2,045,212 | ||||||
| 1,000,000 | New York St. Trans. Dev. Corp. Fac. Rev. (Empire St. Thruway Svc. Areas Proj.), Ser. 2021, 4.00%, due 4/30/2053 | 1,098,029 | ||||||
| 2,000,000 | New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.), Ser. 2018, 5.00%, due 1/1/2033 | 2,308,008 | ||||||
| 550,000 | Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/2022 | 557,896 | ||||||
| 1,435,000 | Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/2023 Pre-Refunded 5/1/2022 | 1,451,094 | ||||||
| 1,155,000 | Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/2026 | 1,206,321 | ||||||
| 2,000,000 | Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028 | 2,147,079 | ||||||
| 500,000 | Westchester Co. Local Dev. Corp. Rev. (Purchase Sr. Learning Comm., Inc. Proj.), Ser. 2021-A, 5.00%, due 7/1/2056 | 523,294 | (b) | |||||
| 600,000 | Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030 | 595,525 | (b) | |||||
| 60,735,007 | ||||||||
| North Carolina 3.0% | ||||||||
| 3,800,000 | North Carolina HFA Homeownership Ref. Rev., Ser. 2020-45, (GNMA/FNMA/FHLMC Insured), 2.20%, due 7/1/2040 | 3,589,926 | ||||||
| 855,000 | North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/2024 Pre-Refunded 3/1/2022 | 857,600 | ||||||
| North Carolina Med. Care Commission Retirement Facs. Rev. | ||||||||
| 735,000 | Ser. 2013, 5.13%, due 7/1/2023 | 764,031 | ||||||
| 2,000,000 | Ser. 2020-A, 4.00%, due 9/1/2050 | 2,107,287 | ||||||
| 700,000 | North Carolina Med. Care Commission Retirement Facs. Rev. (Twin Lakes Comm.), Ser. 2019-A, 5.00%, due 1/1/2049 | 772,488 | ||||||
| 8,091,332 | ||||||||
| Ohio 6.8% | ||||||||
| 11,190,000 | Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, 5.00%, due 6/1/2055 | 12,299,928 | ||||||
| 1,000,000 | Jefferson Co. Port Econ. Dev. Au. Rev. (JSW Steel USA, Ohio, Inc. Proj.), Ser. 2021, 3.50%, due 12/1/2051 | 960,485 | (b) | |||||
| 500,000 | Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019, 5.00%, due 7/1/2049 | 554,096 | (b) | |||||
| 1,000,000 | Ohio St. Air Quality Dev. Au. Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029 | 1,037,432 | ||||||
| 3,500,000 | Port Au. of Greater Cincinnati Dev. Rev. (Convention Ctr. Hotel Acquisition and Demolition Proj.), Ser. 2020-A, 3.00%, due 5/1/2023 | 3,506,250 | ||||||
| 18,358,191 | ||||||||
| Oklahoma 1.1% | ||||||||
| 2,000,000 | Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%, due 8/15/2033 | 2,363,900 | ||||||
| Tulsa Arpt. Imp. Trust Ref. Rev. | ||||||||
| 250,000 | Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2024 | 271,242 | ||||||
| 400,000 | Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024 | 434,567 | ||||||
| 3,069,709 | ||||||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| Oregon 0.0%(f) | ||||||||
| $ | 30,000 | Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA/GNMA/FNMA/FHLMC Insured), 3.50%, due 7/1/2027 | $ | 30,151 | ||||
| Pennsylvania 5.7% | ||||||||
| Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.) | ||||||||
| 500,000 | Ser. 2012, 3.50%, due 5/1/2025 | 502,510 | ||||||
| 350,000 | Ser. 2012, 3.60%, due 5/1/2026 | 351,829 | ||||||
| 2,830,000 | Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A, 4.25%, due 7/1/2030 | 2,989,141 | ||||||
| 1,250,000 | Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/2028 Pre-Refunded 5/1/2023 | 1,321,030 | ||||||
| 3,430,000 | Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/2027 Pre-Refunded 4/1/2022 | 3,451,768 | ||||||
| 2,625,000 | Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/2024 | 2,705,086 | ||||||
| 2,350,000 | Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/2053 | 940,000 | (b)(c) | |||||
| 3,000,000 | Pennsylvania St. Turnpike Commission Turnpike Rev., Subser. 2019-A, 4.00%, due 12/1/2049 | 3,303,281 | ||||||
| 15,564,645 | ||||||||
| Puerto Rico 6.7% | ||||||||
| 16,373,000 | Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058 | 18,199,022 | ||||||
| Rhode Island 1.1% | ||||||||
| 3,045,000 | Rhode Island St. Hsg. & Mtge. Fin. Corp. Rev. (Homeownership Opportunity), Ser. 2020-73-A, 2.30%, due 10/1/2040 | 2,876,336 | ||||||
| South Carolina 1.4% | ||||||||
| 1,480,000 | South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%, due 10/1/2057 | 1,627,443 | ||||||
| 2,325,000 | South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Jasper Pellets LLC, Proj.), Ser. 2018-A, 7.00%, due 11/1/2038 | 1,924,861 | (b) | |||||
| 750,000 | South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), Ser. 2017, 6.25%, due 2/1/2045 | 300,000 | (b)(c) | |||||
| 3,852,304 | ||||||||
| Tennessee 0.8% | ||||||||
| 2,000,000 | Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/2023 | 2,126,284 | ||||||
| Texas 4.7% | ||||||||
| 250,000 | Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/2045 | 268,346 | ||||||
| Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy) | ||||||||
| 340,000 | Ser. 2014-A, 5.88%, due 3/1/2024 | 352,969 | ||||||
| 1,000,000 | Ser. 2014-A, 6.63%, due 3/1/2029 | 1,075,493 | ||||||
| 730,000 | Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/2042 | 794,446 | ||||||
| 750,000 | Central Texas Reg. Mobility Au. Sr. Lien Ref. Rev., Ser. 2020-E, 5.00%, due 1/1/2045 | 889,966 | ||||||
| 165,000 | Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/2022 | 167,520 | ||||||
| 250,000 | Dallas Co. Flood Ctrl. Dist. Number 1 Ref. G.O., Ser. 2015, 5.00%, due 4/1/2028 | 254,242 | (b) | |||||
| 2,000,000 | Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/2042 | 2,049,496 | ||||||
| 1,000,000 | Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 5.75%, due 1/1/2028 | 1,036,834 | ||||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation) | ||||||||
| $ | 85,000 | Ser. 2012-A, 4.00%, due 2/15/2022 | $ | 85,113 | ||||
| 1,000,000 | Ser. 2012-A, 5.00%, due 2/15/2032 Pre-Refunded 2/15/2022 | 1,001,691 | ||||||
| New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy) | ||||||||
| 545,000 | Ser. 2019, 5.00%, due 8/15/2039 | 573,877 | (b) | |||||
| 520,000 | Ser. 2019, 5.00%, due 8/15/2049 | 544,431 | (b) | |||||
| 1,225,000 | New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/2053 | 904,759 | (c) | |||||
| 500,000 | New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage), Ser. 2016-C, 5.50%, due 7/1/2046 | 250,000 | ||||||
| 1,250,000 | Texas Private Activity Bond Surface Trans. Corp. Sr. Lien Rev. Ref. (North Tarrant Express Managed Lanes Proj.), Ser. 2019-A, 4.00%, due 12/31/2039 | 1,399,495 | ||||||
| 1,000,000 | Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019, 5.00%, due 6/30/2058 | 1,159,349 | ||||||
| 12,808,027 | ||||||||
| Utah 2.9% | ||||||||
| Salt Lake City Arpt. Rev. | ||||||||
| 1,000,000 | Ser. 2017-A, 5.00%, due 7/1/2042 | 1,155,626 | ||||||
| 2,000,000 | Ser. 2017-A, 5.00%, due 7/1/2047 | 2,311,347 | ||||||
| 1,000,000 | Ser. 2018-A, 5.00%, due 7/1/2043 | 1,172,692 | ||||||
| 3,000,000 | Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/2028 | 3,336,515 | ||||||
| 30,000 | Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/2022 | 30,065 | ||||||
| 8,006,245 | ||||||||
| Vermont 1.5% | ||||||||
| Vermont Std. Assist. Corp. Ed. Loan Rev. | ||||||||
| 135,000 | Ser. 2013-A, 4.25%, due 6/15/2024 | 136,203 | ||||||
| 315,000 | Ser. 2013-A, 4.35%, due 6/15/2025 | 317,735 | ||||||
| 470,000 | Ser. 2013-A, 4.45%, due 6/15/2026 | 473,974 | ||||||
| 155,000 | Ser. 2013-A, 4.55%, due 6/15/2027 | 156,275 | ||||||
| 1,800,000 | Ser. 2014-A, 5.00%, due 6/15/2024 | 1,942,079 | ||||||
| 895,000 | Ser. 2015-A, 4.13%, due 6/15/2027 | 927,067 | ||||||
| 3,953,333 | ||||||||
| Virginia 0.1% | ||||||||
| 185,000 | Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/2022 | 190,085 | ||||||
| Washington 3.9% | ||||||||
| 6,700,000 | Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/2028 | 6,957,327 | ||||||
| 1,000,000 | Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Green Bond), Ser. 2020-A, 5.63%, due 12/1/2040 | 1,151,967 | (b) | |||||
| 790,000 | Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.), Ser. 2017, 5.00%, due 8/15/2026 | 898,599 | ||||||
| 1,485,909 | Washington St. Hsg. Fin. Commission, Ser. 2021-A-1, 3.50%, due 12/20/2035 | 1,570,534 | ||||||
| 10,578,427 | ||||||||
| Wisconsin 1.6% | ||||||||
| 870,000 | Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/2030 | 938,073 | (b) | |||||
| 200,000 | Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/2035 | 214,626 | (b) | |||||
| 1,115,000 | Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/2025 | 1,176,673 | ||||||
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | Value | |||||||
| $ | 2,000,000 | Pub. Fin. Au. Sr. Rev. (Wonderful Foundations Charter Sch. Portfolio Proj.), Ser. 2020-A-1, 5.00%, due 1/1/2055 | $ | 2,121,084 | (b) | |||
| 4,450,456 | ||||||||
| Wyoming 1.5% | ||||||||
| 4,000,000 | Sweetwater Co. Wyoming Env. Imp. Rev. Ref. (PacifiCorp Proj.), Ser. 1995, 0.14%, due 11/1/2025 | 4,000,000 | (a) | |||||
| Total Investments 163.5% (Cost $416,186,889) | 443,686,040 | |||||||
| Liabilities Less Other Assets (0.7)% | (1,852,131 | ) | ||||||
| Liquidation Preference of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $2,304) (62.8)% | (170,397,696 | ) | ||||||
| Net Assets Applicable to Common Stockholders 100.0% | $ | 271,436,213 | ||||||
| (a) | 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 January 31, 2022. |
| (b) | Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At January 31, 2022, these securities amounted to $55,219,013, which represents 20.3% of net assets applicable to common stockholders of the Fund. |
| (c) | Defaulted security. |
| (d) | Currently a zero coupon security; will convert to 6.13% on August 1, 2023. |
| (e) | Currently a zero coupon security; will convert to 7.30% on August 1, 2026. |
| (f) | Represents less than 0.05% of net assets applicable to common stockholders of the Fund. |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^
(Unaudited) (cont’d)
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of January 31, 2022:
| Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Investments: | ||||||||||||||||
| Municipal Notes(a) | $ | — | $ | 443,686,040 | $ | — | $ | 443,686,040 | ||||||||
| Total Investments | $ | — | $ | 443,686,040 | $ | — | $ | 443,686,040 | ||||||||
| (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 Schedule of Investments
January 31, 2022
Notes
to Schedule of Investments Neuberger Berman 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 Neuberger Berman Investment Advisers LLC ("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. 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 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 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 include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues.
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount 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 readily available, the security is valued using methods the Fund's Board of Directors 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, 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 this guidance.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
Notes
to Schedule of Investments Neuberger Berman Municipal Fund Inc.
(Unaudited) (cont’d)
Other matters:
Russia’s Invasion of Ukraine: Russia’s invasion of the 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, 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.
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 Fund and in turn, may impact the financial performance of the Fund.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.