Schedule of Investments Municipal Fund Inc.^ (Unaudited) 
July 31, 2023

 
Principal Amount
Value
Municipal Notes 163.3%
Alabama 1.7%
$3,125,000
Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due 11/1/2053 Putable
1/1/2031
$3,363,146
750,000
Sumter County Industrial Development Authority (Green Bond-Enviva, Inc.), Series 2022, 6.00%,
due 7/15/2052 Putable 7/15/2032
507,359
 
3,870,505
American Samoa 0.8%
1,700,000
American Samoa Economic Development Authority General Revenue Refunding, Series 2015-A,
6.25%, due 9/1/2029
1,769,165
Arizona 1.5%
500,000
Maricopa County Industrial Development Authority Education Refunding Revenue (Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
497,159
(a)
2,250,000
Navajo Nation Refunding Revenue, Series 2015-A, 5.00%, due 12/1/2025
2,282,258
(a)
480,000
Phoenix Industrial Development Authority Education Revenue (Great Hearts Academies Project),
Series 2014, 3.75%, due 7/1/2024
475,181
205,000
Phoenix-Mesa Gateway Airport Authority Special Facility Revenue (Mesa Project), Series 2012,
5.00%, due 7/1/2024
205,197
 
3,459,795
California 34.5%
260,000
California Infrastructure & Economic Development Bank State School Fund Revenue (King City Joint
Union High School), Series 2010, 5.13%, due 8/15/2024
260,233
 
California Municipal Finance Authority Charter School Lease Revenue (Sycamore Academy Project)
215,000
Series 2014, 5.00%, due 7/1/2024
214,082
(a)
630,000
Series 2014, 5.13%, due 7/1/2029
628,542
(a)
 
California Municipal Finance Authority Charter School Lease Revenue (Vista Charter Middle School
Project)
160,000
Series 2014, 5.00%, due 7/1/2024
160,219
430,000
Series 2014, 5.13%, due 7/1/2029
430,227
500,000
California Municipal Finance Authority Charter School Revenue (Palmdale Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
504,020
(a)
570,000
California Municipal Finance Authority Revenue (Baptist University), Series 2015-A, 5.00%, due
11/1/2030
578,301
(a)
500,000
California Municipal Finance Authority Revenue (Northbay Healthcare Group), Series 2017-A,
5.25%, due 11/1/2036
503,326
585,000
California Municipal Finance Authority Revenue (Touro College & University Systems Obligated
Group), Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
589,575
2,000,000
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I LLC-West Village
Student Housing Project), Series 2018, 5.00%, due 5/15/2051
2,022,058
275,000
California Municipal Finance Authority Student Housing Revenue (CHF-Davis II LLC, Green
Bond-Orchard Park Student Housing Project), Series 2021, (BAM Insured), 3.00%, due 5/15/2054
201,094
1,300,000
California School Finance Authority Revenue (Alliance College - Ready Public School Project),
Series 2015-A, 5.00%, due 7/1/2030
1,327,566
(a)
 
California State Department of Veterans Affairs Home Purchase Program Refunding Revenue
2,155,000
Series 2016-A, 2.90%, due 6/1/2028
2,121,006
2,450,000
Series 2016-A, 2.95%, due 12/1/2028
2,417,717
8,000,000
California State General Obligation, Series 2022, 3.00%, due 4/1/2052
6,207,263
470,000
California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Aemerage
Redak Services Southern California LLC Project), Series 2016, 7.00%, due 12/1/2027
47,000
(a)(b)
2,000,000
California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Calplant I
Green Bond Project), Series 2019, 7.50%, due 12/1/2039
49,353
(a)(b)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
California – cont'd
$1,855,000
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
$1,112,984
(a)(b)
3,420,000
California State Pollution Control Financing Authority Water Furnishing Revenue, Series 2012,
5.00%, due 7/1/2027
3,436,636
(a)
12,665,000
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
1,359,081
2,000,000
Imperial Community College District General Obligation Capital Appreciation (Election 2010),
Series 2011-A, (AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
2,139,036
2,000,000
North Orange County Community College District General Obligation, Series 2022-C, 4.00%, due
8/1/2047
1,977,290
3,620,000
Norwalk-La Mirada Unified School District General Obligation Capital Appreciation, Series 2005-B,
(AGM Insured), 0.00%, due 8/1/2024
3,498,555
5,750,000
Norwalk-La Mirada Unified School District General Obligation Capital Appreciation (Election 2002),
Series 2009-E, (Assured Guaranty Insured), 5.50%, due 8/1/2029
6,445,356
5,000,000
Redondo Beach Unified School District General Obligation, Series 2009, 6.38%, due 8/1/2034
Pre-Refunded 8/1/2026
5,519,879
4,000,000
Sacramento City Finance Authority Refunding Revenue (Master Lease Program Facilities),
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026
4,294,259
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
2,060,212
6,000,000
San Mateo Foster City School District General Obligation Capital Appreciation (Election 2008),
Series 2010, 0.00%, due 8/1/2032
6,910,630
(c)
2,040,000
Sweetwater Union High School District Public Financing Authority Revenue, Series 2013, (BAM
Insured), 5.00%, due 9/1/2025
2,042,199
9,070,000
Victor Valley Community College District General Obligation Capital Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
10,858,642
5,095,000
Victor Valley Joint Union High School District General Obligation Capital Appreciation Bonds,
Series 2009, (Assured Guaranty Insured), 0.00%, due 8/1/2026
4,628,725
3,000,000
Wiseburn School District General Obligation Capital Appreciation (Election 2010), Series 2011-B,
(AGM Insured), 0.00%, due 8/1/2036
3,191,937
(d)
 
77,737,003
Colorado 3.5%
 
Colorado Educational & Cultural Facilities Authority Revenue (Charter School- Atlas Preparatory
School Project)
550,000
Series 2015, 4.50%, due 4/1/2025
554,306
(a)
1,000,000
Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
1,028,526
(a)
1,350,000
Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
1,391,217
(a)
750,000
Colorado Educational & Cultural Facility Authority Revenue Refunding, Series 2014, 4.50%, due
11/1/2029
738,134
2,550,000
Plaza Metropolitan District No. 1 Tax Allocation Revenue, Series 2013, 4.00%, due 12/1/2023
2,546,512
(a)
5,333,333
Villages at Castle Rock Metropolitan District No. 6 (Cabs - Cobblestone Ranch Project),
Series 2007-2, 0.00%, due 12/1/2037
1,731,477
 
7,990,172
Connecticut 0.3%
750,000
Hamden General Obligation, Series 2013, (AGM Insured), 3.13%, due 8/15/2025
740,198
Delaware 1.3%
3,000,000
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2023-DBE-8110,
4.60%, due 12/1/2062
3,000,000
(a)(e)
District of Columbia 0.3%
650,000
District of Columbia Student Dormitory Revenue (Provident Group-Howard Property), Series 2013,
5.00%, due 10/1/2045
620,625
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Florida 5.7%
$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
$16,000
(a)(b)
2,000,000
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School Project),
Series 2020-A-1, 5.00%, due 1/1/2055
1,560,731
(a)
770,000
Cityplace Community Development District Special Assessment Refunding Revenue, Series 2012,
5.00%, due 5/1/2026
785,069
1,750,000
Florida Development Finance Corp. Education Facilities Revenue (Renaissance Charter School, Inc.),
Series 2014-A, 5.75%, due 6/15/2029
1,765,513
(a)
1,075,000
Florida Development Finance Corp. Education Facilities Revenue Refunding (Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
965,867
8,000,000
Hillsborough County Industrial Development Authority Hospital Revenue (Tampa General Hospital
Project), Series 2020, 3.50%, due 8/1/2055
6,156,900
845,000
Village Community Development District No. 11 Special Assessment Revenue, Series 2014, 4.13%,
due 5/1/2029
845,009
960,000
Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.70%,
due 5/1/2050
757,609
 
12,852,698
Guam 0.6%
250,000
Antonio B Won Pat International Airport Authority Revenue Refunding, Series 2023-A, 5.38%, due
10/1/2043
246,122
1,000,000
Guam Power Authority Revenue, Series 2022-A, 5.00%, due 10/1/2035
1,068,748
 
1,314,870
Hawaii 0.8%
2,250,000
Hawaii State Department of Budget & Finance Special Purpose Revenue (Hawaiian Electric Co., Inc. -
Subsidiary), Series 2019, 3.50%, due 10/1/2049
1,852,619
Illinois 22.7%
5,705,000
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
5,721,841
 
Chicago General Obligation
2,000,000
Series 2002-B, 5.00%, due 1/1/2025
2,033,980
90,000
Series 2002-B, 5.13%, due 1/1/2027 Pre-Refunded 1/1/2025
92,339
160,000
Series 2002-B, 5.13%, due 1/1/2027
162,623
1,000,000
Series 2019-A, 5.00%, due 1/1/2044
1,020,245
 
Chicago Refunding General Obligation
1,000,000
Series 2005-D, 5.50%, due 1/1/2040
1,014,426
700,000
Series 2014-A, 5.00%, due 1/1/2027
704,703
3,000,000
Series 2017-A, 6.00%, due 1/1/2038
3,184,634
 
Cook County School District No. 83 General Obligation (Mannheim)
1,350,000
Series 2013-C, 5.45%, due 12/1/2030
1,359,621
1,960,000
Series 2013-C, 5.50%, due 12/1/2031
1,974,287
1,560,000
Illinois Finance Authority Refunding Revenue (Presence Health Network Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
1,653,543
1,000,000
Illinois Finance Authority Revenue Refunding (Northwestern Memorial Health Care Obligated
Group), Series 2017-A, 4.00%, due 7/15/2047
953,294
1,905,000
Illinois Sports Facilities Authority Capital Appreciation Revenue (Saint Tax Supported), Series 2001,
(AMBAC Insured), 0.00%, due 6/15/2026
1,675,771
 
Illinois State General Obligation
3,900,000
Series 2012, 4.00%, due 8/1/2025 Pre-Refunded 8/8/2023
3,900,358
5,200,000
Series 2017-D, 5.00%, due 11/1/2028
5,534,277
3,000,000
Series 2021-A, 4.00%, due 3/1/2039
2,941,503
2,175,000
Series 2021-A, 4.00%, due 3/1/2040
2,115,987
775,000
Series 2021-A, 5.00%, due 3/1/2046
808,932
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Illinois – cont'd
$4,250,000
Illinois State General Obligation Refunding, Series 2016, 5.00%, due 2/1/2024
$4,278,279
 
Southern Illinois University Certificate of Participation (Capital Improvement Project)
945,000
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027
951,032
1,375,000
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028
1,383,413
715,000
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029
719,186
 
University of Illinois (Health Service Facilities System)
2,725,000
Series 2013, 5.00%, due 10/1/2027
2,732,468
2,875,000
Series 2013, 5.75%, due 10/1/2028
2,887,045
1,500,000
Upper Illinois River Valley Development Authority Revenue Refunding (Cambridge Lakes Learning
Center), Series 2017-A, 5.25%, due 12/1/2047
1,313,556
(a)
 
51,117,343
Indiana 0.0%(f)
100,000
Valparaiso Exempt Facilities Revenue (Pratt Paper LLC Project), Series 2013, 5.88%, due 1/1/2024
101,074
Iowa 0.5%
1,105,000
Iowa State Higher Education Loan Authority Revenue (Des Moines University Project), Series 2020,
5.00%, due 10/1/2028
1,165,509
Kentucky 0.7%
1,350,000
Ashland City Kentucky Medical Center Refunding Revenue (Ashland Hospital Corp. DBA Kings
Daughter Medical Center), Series 2019, (AGM Insured), 3.00%, due 2/1/2040
1,087,646
500,000
Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health),
Series 2017-A, 5.00%, due 6/1/2041
496,352
 
1,583,998
Louisiana 2.2%
675,243
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
597,387
(a)
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
1,631,018
(a)
1,885,000
Louisiana Stadium & Exposition District Revenue Refunding, Series 2023-A, 5.25%, due 7/1/2053
2,058,401
775,000
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana Charter Academy
Foundation Project), Series 2013-A, 7.63%, due 12/15/2028
777,597
 
5,064,403
Maine 0.8%
2,600,000
Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project), Series 2021, 8.00%, due
12/1/2051
1,705,864
(a)
Maryland 0.1%
300,000
Baltimore Special Obligation Refunding Revenue Senior Lien (Harbor Point Project), Series 2022,
5.00%, due 6/1/2051
285,742
Massachusetts 0.9%
 
Massachusetts State Development Finance Agency Revenue (Milford Regional Medical Center)
200,000
Series 2014-F, 5.00%, due 7/15/2024
200,148
415,000
Series 2014-F, 5.00%, due 7/15/2025
415,235
200,000
Series 2014-F, 5.00%, due 7/15/2026
200,140
190,000
Series 2014-F, 5.00%, due 7/15/2027
190,153
 
Massachusetts State Education Financing Authority Revenue
860,000
Series 2012-J, 4.70%, due 7/1/2026
860,143
125,000
Series 2023-C, 5.00%, due 7/1/2053
123,079
 
1,988,898
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Michigan 6.1%
$1,500,000
Detroit Downtown Development Authority Tax Increment Revenue Refunding (Catalyst Development
Project), Series 2018-A, (AGM Insured), 5.00%, due 7/1/2048
$1,504,679
 
Detroit General Obligation
3,000,000
Series 2021-A, 5.00%, due 4/1/2046
3,015,054
3,850,000
Series 2021-A, 5.00%, due 4/1/2050
3,847,391
2,000,000
Michigan State Building Authority Revenue (Facilities Program), Series 2022-I, 5.00%, due
10/15/2047
2,175,957
2,500,000
Michigan State Strategic Fund Ltd. Obligation Revenue (Green Bond-Recycled Board Machine
Project), Series 2021, 4.00%, due 10/1/2061 Putable 10/1/2026
2,484,484
750,000
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project), Series 2018, 5.00%,
due 6/30/2048
754,640
100,000
Summit Academy Public School Academy Refunding Revenue, Series 2005, 6.38%, due 11/1/2035
40,000
(b)
 
13,822,205
Minnesota 0.2%
400,000
Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Metro Deaf School
Project), Series 2018-A, 5.00%, due 6/15/2038
381,010
(a)
Mississippi 0.7%
1,700,000
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project), Series 2021,
3.63%, due 11/1/2036
1,533,706
(a)
Nevada 0.5%
 
Director of the State of Nevada Department of Business & Industrial Revenue (Somerset Academy)
655,000
Series 2015-A, 4.00%, due 12/15/2025
635,390
(a)
500,000
Series 2015-A, 5.13%, due 12/15/2045
459,143
(a)
 
1,094,533
New Hampshire 0.3%
750,000
New Hampshire Business Finance Authority Revenue (Green Bond), Series 2020-B, 3.75%, due
7/1/2045 Putable 7/2/2040
584,973
(a)
New Jersey 7.3%
 
New Jersey Economic Development Authority Revenue (The Goethals Bridge Replacement Project)
500,000
Series 2013-A, 5.25%, due 1/1/2025
502,537
500,000
Series 2013-A, 5.50%, due 1/1/2026
503,137
685,000
New Jersey State Economic Development Authority Revenue (Continental Airlines, Inc., Project),
Series 1999, 5.13%, due 9/15/2023
685,142
7,000,000
New Jersey State Economic Development Authority Revenue (School Facilities Construction
Program), Series 2019, 4.00%, due 6/15/2049
6,729,986
 
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
1,007,880
(a)
725,000
Series 2019-A, 5.00%, due 6/15/2054
651,622
(a)
 
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding
1,250,000
Series 2018-A, 5.00%, due 12/15/2036
1,329,738
4,000,000
Series 2018-A, 4.25%, due 12/15/2038
4,039,015
1,000,000
Series 2018-A, (BAM Insured), 4.00%, due 12/15/2037
1,008,673
 
16,457,730
New Mexico 0.6%
1,500,000
Winrock Town Center Tax Increment Development District No. 1 (Senior Lien), Series 2022, 4.25%,
due 5/1/2040
1,260,581
(a)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York 18.4%
$225,000
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Charter School for
Applied Technologies Project), Series 2017-A, 5.00%, due 6/1/2035
$230,029
625,000
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Orchard Park),
Series 2015, 5.00%, due 11/15/2029
630,728
1,345,000
Build NYC Resource Corp. Refunding Revenue (New York Law School Project), Series 2016, 4.00%,
due 7/1/2045
1,119,583
 
Build NYC Resource Corp. Revenue
1,100,000
Series 2014, 5.00%, due 11/1/2024
1,077,224
835,000
Series 2014, 5.25%, due 11/1/2029
786,509
975,000
Series 2014, 5.50%, due 11/1/2044
801,375
250,000
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School Project),
Series 2017-A, 5.00%, due 6/1/2047
227,929
(a)
825,000
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series 2019, 5.75%, due
2/1/2049
762,880
(a)
1,450,000
Build NYC Resource Corp. Revenue (South Bronx Charter School for International Cultures & the
Arts), Series 2013-A, 5.00%, due 4/15/2043
1,356,701
(a)
320,000
Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt Paper, Inc. Project),
Series 2014, 4.50%, due 1/1/2025
321,469
(a)
 
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
735,000
Series 2014, 5.00%, due 7/1/2024
742,542
390,000
Series 2018, 5.00%, due 7/1/2030
407,257
1,400,000
Jefferson County Industrial Development Agency Solid Waste Disposal Revenue (Green
Bond-Reenergy Black River LLC Project), Series 2014, 5.25%, due 1/1/2024
140,000
(a)(g)(h)
 
Metropolitan Transportation Authority Revenue (Green Bond)
8,500,000
Series 2020-D-3, 4.00%, due 11/15/2049
7,870,788
3,000,000
Series 2020-D-3, 4.00%, due 11/15/2050
2,770,004
4,000,000
New York City Industrial Development Agency Revenue (Yankee Stadium Project), Series 2020-A,
3.00%, due 3/1/2049
2,879,547
800,000
New York City Municipal Water Finance Authority Water & Sewer System Refunding Revenue
(Second General Resolution Revenue Bonds), Series 2022-DD, 4.18%, due 6/15/2033
800,000
(e)
2,100,000
New York City Transitional Finance Authority Revenue (Future Tax Secured), (LOC: Barclays Bank
PLC), Series 2014-B3, 4.48%, due 11/1/2042
2,100,000
(e)
500,000
New York Liberty Development Corp. Refunding Revenue (3 World Trade Center Project),
Series 2014, 5.38%, due 11/15/2040
500,664
(a)
2,300,000
New York State Dormitory Authority Revenue Refunding Non State Supported Debt (Montefiore
Obligation Group), Series 2018-A, 5.00%, due 8/1/2035
2,313,268
1,000,000
New York State Dormitory Authority Revenue State Supported Debt (New School), Series 2022-A,
4.00%, due 7/1/2052
895,210
2,000,000
New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series 2014-189,
3.45%, due 4/1/2027
1,974,727
1,000,000
New York State Transportation Development Corp. Facility Revenue (Empire State Thruway Service
Areas Project), Series 2021, 4.00%, due 4/30/2053
847,284
2,000,000
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
2,068,338
500,000
New York State Transportation Development Corp. Special Facility Revenue Refunding (JFK
International Airport Terminal 4 Project), Series 2022, 5.00%, due 12/1/2039
524,032
1,155,000
Suffolk County Judicial Facilities Agency Lease Revenue (H. Lee Dennison Building), Series 2013,
4.25%, due 11/1/2026
1,158,205
2,000,000
Utility Debt Securitization Authority Revenue, Series 2013-TE, 5.00%, due 12/15/2028
2,012,432
500,000
Westchester County Local Development Corp. Revenue (Purchase Senior Learning Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
390,311
(a)
600,000
Westchester County Local Development Corp. Revenue Refunding (Wartburg Senior Housing
Project), Series 2015-A, 5.00%, due 6/1/2030
548,456
(a)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York – cont'd
$3,000,000
Yonkers Industrial Development Agency School Facilities Revenue (New Community School Project),
Series 2022, 5.00%, due 5/1/2047
$3,232,131
 
41,489,623
North Carolina 2.0%
3,590,000
North Carolina Housing Finance Agency Homeownership Refunding Revenue, Series 2020-45,
(GNMA/FNMA/FHLMC Insured), 2.20%, due 7/1/2040
2,593,707
1,700,000
North Carolina Medical Care Commission Retirement Facilities Revenue, Series 2020-A, 4.00%, due
9/1/2050
1,253,009
700,000
North Carolina Medical Care Commission Retirement Facilities Revenue (Twin Lakes Community),
Series 2019-A, 5.00%, due 1/1/2049
653,263
 
4,499,979
Ohio 7.2%
12,820,000
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding Revenue,
Series 2020-B-2, 5.00%, due 6/1/2055
11,915,190
1,000,000
Jefferson County Port Economic Development Authority Revenue (JSW Steel USA, Ohio, Inc.
Project), Series 2021, 3.50%, due 12/1/2051
695,745
(a)
500,000
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
457,297
(a)
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
875,606
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
2,200,323
 
16,144,161
Oklahoma 1.2%
2,000,000
Oklahoma State Development Finance Authority Health Systems Revenue (OU Medicine Project),
Series 2018-B, 5.00%, due 8/15/2033
1,961,844
 
Tulsa Airport Improvement Trust Refunding Revenue
250,000
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2024
252,061
400,000
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024
404,083
 
2,617,988
Oregon 0.7%
25,000
Oregon State Housing & Community Service Department Multi-Family Revenue, Series 2012-B,
(FHA/GNMA/FNMA/FHLMC Insured), 3.50%, due 7/1/2027
24,693
2,180,000
Portland General Obligation (Transportation Project), Series 2022-A, 2.25%, due 10/1/2041
1,576,789
 
1,601,482
Pennsylvania 3.7%
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
2,647,269
5,000,000
Leigh County Industrial Development Authority Pollution Control Revenue Refunding,
Series 2016-A, 3.00%, due 9/1/2029
4,851,995
2,350,000
Pennsylvania Economic Development Financing Authority Revenue Refunding (Tapestry Moon Senior
Housing Project), Series 2018-A, 6.75%, due 12/1/2053
895,938
(a)(b)
 
8,395,202
Puerto Rico 7.3%
500,000
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1, 4.00%, due
7/1/2046
416,074
16,373,000
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1, 5.00%, due 7/1/2058
15,935,244
 
16,351,318
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Rhode Island 1.0%
$3,045,000
Rhode Island State Housing & Mortgage Finance Corp. Revenue (Homeownership Opportunity),
Series 2020-73, 2.30%, due 10/1/2040
$2,294,232
South Carolina 1.3%
1,480,000
South Carolina Jobs Economic Development Authority Economic Development Revenue (River Park
Senior Living Project), Series 2017-A, 7.75%, due 10/1/2057
1,580,384
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
1,046,250
#(a)(b)(g)(h)
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
300,000
(a)(b)
 
2,926,634
Tennessee 1.0%
400,000
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue (Blakeford At Green Hills), Series 2020-A, 4.00%, due 11/1/2045
310,209
2,000,000
Tennessee State Energy Acquisition Corp. Gas Revenue (Goldman Sachs Group, Inc.), Series 2006-A,
5.25%, due 9/1/2023
2,001,500
 
2,311,709
Texas 7.0%
250,000
Anson Educational Facilities Corp. Educational Revenue (Arlington Classics Academy),
Series 2016-A, 5.00%, due 8/15/2045
250,888
 
Arlington Higher Education Finance Corp. Revenue (Universal Academy)
120,000
Series 2014-A, 5.88%, due 3/1/2024
119,652
1,000,000
Series 2014-A, 6.63%, due 3/1/2029
1,002,432
730,000
Austin Community College District Public Facility Corp. Lease Revenue, Series 2018-C, 4.00%, due
8/1/2042
717,667
250,000
Dallas County Flood Control District No. 1 Refunding General Obligation, Series 2015, 5.00%, due
4/1/2028
250,010
(a)
2,085,000
Dallas Independent School District General Obligation, Series 2022, (PSF-GTD Insured), 2.75%, due
2/15/2052
1,512,158
2,000,000
Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.), Series 2012-B, 4.75%,
due 11/1/2042
1,941,139
 
Hale Center Education Facilities Corp. Revenue Refunding (Wayland Baptist University Project)
405,000
Series 2022, 5.00%, due 3/1/2033
426,292
1,000,000
Series 2022, 5.00%, due 3/1/2034
1,049,759
1,825,000
Series 2022, 4.00%, due 3/1/2035
1,743,562
1,000,000
Harris County Cultural Education Facilities Finance Corp. Revenue (Brazos Presbyterian Homes, Inc.
Project), Series 2013-B, 5.75%, due 1/1/2028
1,000,316
 
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy)
545,000
Series 2019-A, 5.00%, due 8/15/2039
520,670
(a)
520,000
Series 2019-A, 5.00%, due 8/15/2049
467,019
(a)
1,225,000
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue (Bridgemoor Plano
Project), Series 2018-A, 7.25%, due 12/1/2053
1,280,125
(b)
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
225,000
(b)
 
Parkway Utility District Water & Sewer System Revenue
495,000
Series 2022, (AGM Insured), 3.00%, due 3/1/2033
467,565
690,000
Series 2022, (AGM Insured), 3.00%, due 3/1/2034
651,471
545,000
Series 2022, (AGM Insured), 3.00%, due 3/1/2035
499,498
625,000
Texas Private Activity Bond Surface Transportation Corp. Senior Lien Revenue Refunding (North
Tarrant Express Managed Lanes Project), Series 2019-A, 4.00%, due 12/31/2039
612,698
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
$1,009,632
 
15,747,553
Utah 3.2%
 
Salt Lake City Airport Revenue
1,000,000
Series 2017-A, 5.00%, due 7/1/2042
1,020,993
2,000,000
Series 2017-A, 5.00%, due 7/1/2047
2,035,112
1,000,000
Series 2018-A, 5.00%, due 7/1/2043
1,024,769
3,000,000
Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001, (AMBAC Insured), 5.40%,
due 2/15/2028
3,077,968
 
7,158,842
Vermont 1.6%
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
1,002,557
(a)
 
Vermont Student Assistant Corp. Education Loan Revenue
1,800,000
Series 2014-A, 5.00%, due 6/15/2024
1,817,013
755,000
Series 2015-A, 4.13%, due 6/15/2027
753,097
 
3,572,667
Virgin Islands 2.2%
5,000,000
Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A, 5.00%, due
10/1/2039
4,983,196
Virginia 0.9%
2,000,000
Virginia State Small Business Finance Authority Revenue Refunding (Senior Lien I-495, Hot Lanes
Project), Series 2022, 5.00%, due 12/31/2047
2,061,322
Washington 4.4%
6,700,000
Vancouver Downtown Redevelopment Authority Revenue (Conference Center Project), Series 2013,
4.00%, due 1/1/2028
6,704,576
1,000,000
Washington State Economic Development Finance Authority Environmental Facilities Revenue
(Green Bond), Series 2020-A, 5.63%, due 12/1/2040
973,485
(a)
790,000
Washington State Health Care Facilities Authority Revenue Refunding (Virginia Mason Medical
Center), Series 2017, 5.00%, due 8/15/2026
813,212
1,452,526
Washington State Housing Finance Commission, Series 2021-A-1, 3.50%, due 12/20/2035
1,341,868
 
9,833,141
Wisconsin 5.5%
8,500,000
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2023-DBE-8109,
4.38%, due 4/1/2055
8,500,000
(a)(e)
2,000,000
Public Finance Authority Airport Facility Revenue Refunding (Trips Obligation Group), Series 2012-B,
5.00%, due 7/1/2042
1,999,948
870,000
Public Finance Authority Education Revenue (Pine Lake Preparatory, Inc.), Series 2015, 4.95%, due
3/1/2030
876,317
(a)
200,000
Public Finance Authority Education Revenue (Resh Triangle High School Project), Series 2015-A,
5.38%, due 7/1/2035
200,512
(a)
210,000
Public Finance Authority Revenue Refunding (Celanese Project), Series 2016-C, 4.30%, due
11/1/2030
208,311
590,000
Public Finance Authority Revenue Refunding (Roseman University Health Sciences Project),
Series 2015, 5.00%, due 4/1/2025
590,159
 
12,375,247
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Other 0.1%
$300,000
JPMorgan Chase Putters/Drivers Trust Various States Revenue (Putters), (LOC: JP Morgan Chase Bank
N.A.), Series 2019, 5.20%, due 3/20/2024
$300,000
(a)(e)
Total Investments 163.3% (Cost $381,423,224)
368,019,515
Other Assets Less Liabilities 1.4%
2,992,092
Liquidation Preference of Variable Rate Municipal Term Preferred Shares (64.7%)
(145,700,000
)
Net Assets Applicable to Common Stockholders 100.0%
$225,311,607
 
(a)
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only
be sold to qualified institutional investors or may have other restrictions on resale. At July 31, 2023, these
securities amounted to $55,037,046, which represents 24.4% of net assets applicable to common
stockholders of the Fund.
(b)
Defaulted security.
(c)
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(d)
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(e)
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, 2023.
(f)
Represents less than 0.05% of net assets applicable to common stockholders of the Fund.
(g)
Value determined using significant unobservable inputs.
(h)
Security fair valued as of July 31, 2023 in accordance with procedures approved by the valuation designee.
Total value of all such securities at July 31, 2023 amounted to $1,186,250, which represents 0.5% of net
assets applicable to common stockholders of the Fund.
#       This security has been deemed by Management to be illiquid, and is subject to restrictions on resale. Total value of all such securities at July 31, 2023 amounted to $1,046,250, which represents 0.5% of net assets applicable to common stockholders of the Fund. Acquisition dates shown with a range, if any, represent a security that was acquired over the period shown. 
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
7/31/2023
Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
7/31/2023
South Carolina Jobs Economic Development Authority Solid
Waste Disposal Revenue (Green Bond-Jasper Pellets LLC
Project)
12/4/2018-6/25/2020
$2,219,658
$1,046,250
0.5%
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, 2023: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Municipal Notes
New York
$—
$41,349,623
$140,000
$41,489,623
South Carolina
—
1,880,384
1,046,250
2,926,634
Other Municipal Notes#
—
323,603,258
—
323,603,258
Total Municipal Notes
—
366,833,265
1,186,250
368,019,515
Total Investments
$—
$366,833,265
$1,186,250
$368,019,515
 
#
The Schedule of Investments provides a categorization by state/territory.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 11/1/2022
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
7/31/2023
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2023
Investments in
Securities:
 
 
 
 
 
 
 
 
 
 
Municipal Notes(1)
$140
$2
$—
$(1,164
)
$—
$—
$2,208
$—
$1,186
$(1,164
)
Total
$140
$2
$—
$(1,164
)
$—
$—
$2,208
$—
$1,186
$(1,164
)
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
7/31/2023
Valuation
approach
Unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Municipal Notes
$1,186,250
Market Approach
Recovery Value
$10.00 - $45.00
$40.87
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.
 
 
^  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, 2023
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 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 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, as amended, 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 any and all Fund investments. 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. 
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
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
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