As filed with the Securities and Exchange Commission on January 5, 2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21168
NEUBERGER BERMAN MUNICIPAL FUND INC.
(Exact Name of Registrant as specified in charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
(Address of Principal Executive Offices – Zip Code)
Joseph V. Amato
Chief Executive Officer and President
Neuberger Berman Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
Lori L. Schneider, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and Addresses of agents for service)
Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: October 31
Date of reporting period: October 31, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.
(a) Following is a copy of the annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.

Neuberger Berman
Municipal Fund Inc.
Annual Report
October 31, 2023


Contents
The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC. ©2023 Neuberger Berman Investment Advisers LLC. All rights reserved.

President’s Letter
Dear Stockholder,
I am pleased to present this annual report for Neuberger Berman Municipal Fund Inc. (NBH) (the Fund) for the 12 months ended October 31, 2023 (the reporting period). The report includes a portfolio commentary, a listing of the Fund’s investments and its audited financial statements for the reporting period.
The Fund’s investment objective is to provide a high level of current income exempt from federal income tax. The Fund may invest in securities the interest on which is subject to the federal alternative minimum tax. We maintain a conservative investment philosophy and disciplined investment process in an effort to provide you with tax-exempt current income over the long term with less volatility and risk.
As previously communicated, the reorganizations of each of Neuberger Berman California Municipal Fund Inc. (NBW) and Neuberger Berman New York Municipal Fund Inc. (NBO) with and into NBH were successfully completed in October 2023 prior to the end of the reporting period. In the reorganizations, NBH acquired the assets and liabilities of each of NBO and NBW in tax-free transactions, and common stockholders of NBO and NBW received NBH common stock with an aggregate net asset value equal to the aggregate net asset value of their holdings of NBO and NBW common stock, respectively, as determined at the close of business on October 20, 2023. Each share of NBW common stock was converted into 1.070651 shares of NBH common stock, while each share of NBO common stock was converted into 0.951611 shares of NBH common stock. Fractional shares of NBH common stock were not issued by the Fund to stockholders in the reorganizations and cash was distributed for any such fractional shares. In addition, NBO and NBW preferred stockholders received on a one-for-one basis NBH preferred stock with an aggregate liquidation preference equal to the aggregate liquidation preference of preferred stock held by NBO and NBW preferred stockholders, respectively, immediately prior to the reorganizations.
We are pleased to welcome former stockholders of NBO and NBW as stockholders of NBH. We will continue to do our best to retain your trust in the years to come.
Sincerely,
Joseph V. Amato
President and CEO
Neuberger Berman Municipal Fund Inc.
1

Neuberger Berman Municipal Fund Inc. Portfolio Commentary (Unaudited)
Neuberger Berman Municipal Fund Inc. (the Fund) generated a 1.34% total return on a net asset value (NAV) basis for 12 months ended October 31, 2023, underperforming its benchmark, the Bloomberg 10-Year Municipal Bond Index (the Index), which posted a 2.77% total return for the same period. (Fund performance on a market price basis is provided in the table immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) modestly impacted the Fund’s performance during the reporting period as a whole.
The investment-grade municipal (muni) bond market generated a positive return and outperformed the taxable investment-grade bond market during the reporting period. All told, the Bloomberg Municipal Bond Index returned 2.64% for the reporting period, whereas the overall taxable investment-grade bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 0.36%. A number of factors impacted the fixed income market, including elevated and persistent inflation, aggressive rate hikes by the U.S. Federal Reserve Board, unrest in the regional banking industry, and several geopolitical events. Despite several headwinds, the U.S. economy was resilient and continued to expand. All told, both short- and long-term yields moved higher (yields and bond prices generally move in the opposite direction) during the reporting period.
Looking at the Fund’s performance, security selection of issues rated AAA and BBB detracted from performance. This more than offset the benefit of the Fund’s overweight exposure in those rating categories versus the Index. Within the revenue bond sector, several project-related securities were headwinds for results. On the upside, duration positioning contributed to performance. Within the general obligation sector, the Fund’s exposure to securities issued by the state of Illinois was rewarded, as they were upgraded during the reporting period.
In terms of portfolio changes, on October 20, 2023, Neuberger Berman California Municipal Fund Inc. and Neuberger Berman New York Municipal Fund Inc. were reorganized with and into the Fund. As a result, the Fund’s exposure to securities issued by the states of California and New York increased at the end of the reporting period.
We believed the muni market was compelling before the recent backup in rates, so we like it even more now. High quality, short and intermediate munis ended the reporting period with yields pushing up against 4%. With increased supply and market volatility, munis have cheapened relative to U.S. Treasury securities. For example, for someone in the highest federal tax bracket, 10-year AAA munis have the potential to offer a higher taxable equivalent yield over the comparable U.S. Treasury. In volatile and rising rate environments, we believe active management should shine as more selling pressure exists and bonds get mispriced. In our view, munis are a durable asset class and a good place to be if economic activity slows down more than is currently anticipated.
Sincerely,
James L. Iselin and S. Blake Miller
Portfolio Co-Managers
The portfolio composition, industries and holdings of the Fund are subject to change without notice.
The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.
The value of securities owned by the Fund, as well as the market value of shares of the Fund’s common stock, may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; regulatory or legislative developments; price and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.
The bond rating(s) noted above represent segments of the Bloomberg 10-Year Municipal Bond Index, which are determined based on the average ratings issued by S&P Global, Moody’s and Fitch.
2

Municipal Fund Inc. (Unaudited)
TICKER SYMBOL
Municipal Fund Inc.
NBH
PORTFOLIO BY STATE AND
TERRITORY
(as a % of Total Investments*)
Alabama
1.2
%
American Samoa
0.5
Arizona
0.5
California
24.6
Colorado
1.8
Connecticut
0.1
Delaware
0.4
District of Columbia
1.2
Florida
2.3
Guam
1.1
Illinois
7.6
Indiana
0.0
Iowa
0.2
Kansas
0.2
Kentucky
0.3
Louisiana
1.1
Maine
0.3
Maryland
0.0
Massachusetts
0.4
Michigan
2.3
Minnesota
0.1
Mississippi
0.6
Nebraska
1.9
Nevada
0.2
New Hampshire
0.1
New Jersey
2.6
New Mexico
0.2
New York
23.0
North Carolina
1.2
Ohio
4.5
Oklahoma
0.4
Oregon
0.3
Other
0.0
Pennsylvania
2.7
Puerto Rico
4.4
Rhode Island
0.4
South Carolina
0.5
Tennessee
0.0
Texas
3.3
Utah
1.3
Vermont
0.6
Virgin Islands
1.3
Virginia
0.3
Washington
1.8
West Virginia
0.6
Wisconsin
1.6
Total
100.0
%
*
Does not include the impact of the Fund’s
open positions in derivatives, if any.
PERFORMANCE HIGHLIGHTS1
 
Inception
Date
Average Annual Total Return
Ended 10/31/2023
 
1 Year
5 Years
10 Years
Life of Fund
At NAV2
Municipal
Fund Inc.
09/24/2002
1.34%
-1.04%
2.29%
4.10%
At Market Price3
Municipal
Fund Inc.
09/24/2002
-3.64%
-1.96%
0.71%
2.96%
Index
 
 
 
 
 
Bloomberg
10-Year
Municipal Bond
Index4
 
2.77%
1.51%
2.32%
3.58%
Listed closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and, once issued, shares of common stock of closed-end funds are sold in the secondary market on a stock exchange.
The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For current performance data, please visit www.nb.com/cef-performance.
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of shares of the Fund's common stock.  
The investment return and market price will fluctuate and shares of the Fund’s common stock may trade at prices above or below NAV. Shares of the Fund’s common stock, when sold, may be worth more or less than their original cost.
Returns would have been lower if Neuberger Berman Investment Advisers LLC ("NBIA") had not waived a portion of its investment management fees during certain of the periods shown. The waived fees are from prior years that are no longer disclosed in the Financial Highlights.
3

Municipal Fund Inc. (Unaudited)
COMPARISON OF A $10,000 INVESTMENT
This graph shows the change in value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years. The graph is based on the Fund’s shares of common stock both at net asset value (NAV) and at market price. The Fund’s common stock may trade at market prices above or below NAV per share (see Performance Highlights chart). The result is compared with a broad-based market index. The market index has not been reduced to reflect any of the fees and costs of investing. The results shown in the graph reflect the reinvestment of income dividends and other distributions, if any, at prices obtained under the Fund’s Distribution Reinvestment Plan. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of Fund shares. Results represent past performance and do not indicate future results.
Impact of the Fund’s Distribution Policy
The Fund has a practice of seeking to maintain a relatively stable level of distributions to common stockholders. In general, this practice does not affect the Fund’s investment strategy and may reduce the Fund’s NAV. Management believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and its premium/discount to the Fund’s NAV per share. During the 12-month period ended October 31, 2023, the Fund made distributions to common stockholders totaling $0.49 per share, of which $0.00 will be treated as a return of capital for tax purposes.
4

Endnotes (Unaudited)
1
A portion of the Fund’s income may be a tax preference item for purposes of the federal alternative
minimum tax for certain stockholders.
2
Returns based on the NAV of the Fund.
3
Returns based on the market price of shares of the Fund’s common stock on the NYSE American.
4
The Bloomberg 10-Year Municipal Bond Index is the 10-year (8-12 years to maturity) component of the
Bloomberg Municipal Bond Index. The Bloomberg Municipal Bond Index measures the investment grade,
U.S. dollar-denominated, long-term, tax-exempt bond market and has four main sectors: state and local
general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. Please note that the index
does not take into account any fees and expenses or any tax consequences of investing in the individual
securities that it tracks and that individuals cannot invest directly in any index. Data about the performance
of this index are prepared or obtained by NBIA and include reinvestment of all income dividends and other
distributions, if any. The Fund may invest in securities not included in the above described index and
generally does not invest in all securities included in the index.
For more complete information on Neuberger Berman Municipal Fund Inc., call Neuberger Berman Investment Advisers LLC at (877) 461-1899, or visit our website at www.nb.com. 
5

Legend October 31, 2023 (Unaudited)
Neuberger Berman Municipal Fund Inc.
Other Abbreviations:
Management or NBIA
= Neuberger Berman Investment Advisers LLC
6

Schedule of Investments Municipal Fund Inc.^
October 31, 2023

Principal Amount
Value
Municipal Notes 172.7%
Alabama 2.0%
$3,125,000
Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due 11/1/2053 Putable
1/1/2031
$3,178,101
750,000
Sumter County Industrial Development Authority (Green Bond-Enviva, Inc.), Series 2022, 6.00%, due
7/15/2052 Putable 7/15/2032
506,214
2,000,000
Tender Option Bond Trust Receipts/Certificates Special Tax (Putters), Series 2022-XM1090, 4.05%,
due 2/1/2046
2,000,000
(a)(b)
725,000
Wilsonville Industrial Development Board PCR Revenue Refunding (Alabama Power Co.),
Series 2005-D, 4.12%, due 1/1/2024
725,000
(b)

 
6,409,315
American Samoa 0.9%
2,800,000
American Samoa Economic Development Authority General Revenue Refunding, Series 2015-A,
6.25%, due 9/1/2029
2,850,871
Arizona 0.9%
500,000
Maricopa County Industrial Development Authority Education Refunding Revenue (Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
466,982
(a)
1,545,000
Navajo Nation Refunding Revenue, Series 2015-A, 5.00%, due 12/1/2025
1,551,447
(a)
480,000
Phoenix Industrial Development Authority Education Revenue (Great Hearts Academies Project),
Series 2014, 3.75%, due 7/1/2024
474,617
205,000
Phoenix-Mesa Gateway Airport Authority Special Facility Revenue (Mesa Project), Series 2012,
5.00%, due 7/1/2024
205,073

 
2,698,119
California 42.4%
1,875,000
California Community Choice Financing Clean Energy Project Authority Revenue Green Bond,
Series 2021 B-1, 4.00%, due 2/1/2052 Putable 8/1/2031
1,736,361
 
California Educational Facilities Authority Refunding Revenue (University of Redlands)
 
250,000
Series 2016-A, 5.00%, due 10/1/2028
251,504
260,000
Series 2016-A, 3.00%, due 10/1/2029
232,995
400,000
Series 2016-A, 3.00%, due 10/1/2030
351,779
1,000,000
California Educational Facilities Authority Revenue (Green Bond- Loyola Marymount University),
Series 2018-B, 5.00%, due 10/1/2048
962,742
 
California Housing Finance Agency Municipal Certificate
 
1,219,280
Class A, Series 2019-2, 4.00%, due 3/20/2033
1,148,955
961,511
Class A, Series 2021-1-A, 3.50%, due 11/20/2035
832,134
480,000
California Infrastructure & Economic Development Bank Revenue (Wonderful Foundations Charter
School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055
340,007
(a)
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
530,346
 
California Municipal Finance Authority Charter School Lease Revenue (Sycamore Academy Project)
 
215,000
Series 2014, 5.00%, due 7/1/2024
213,672
(a)
630,000
Series 2014, 5.13%, due 7/1/2029
609,078
(a)
1,000,000
Series 2014, 5.63%, due 7/1/2044
907,503
(a)
 
California Municipal Finance Authority Charter School Lease Revenue (Vista Charter Middle School
Project)
 
160,000
Series 2014, 5.00%, due 7/1/2024
159,504
930,000
Series 2014, 5.13%, due 7/1/2029
917,147
 
California Municipal Finance Authority Charter School Revenue (John Adams Academics Project)
 
110,000
Series 2015-A, 4.50%, due 10/1/2025
107,478
1,115,000
Series 2019-A, 5.00%, due 10/1/2049
924,755
(a)
See Notes to Financial Statements
7

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
California – cont'd
$1,500,000
California Municipal Finance Authority Charter School Revenue (Palmdale Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
$1,467,658
(a)
1,070,000
California Municipal Finance Authority Revenue (Baptist University), Series 2015-A, 5.00%, due
11/1/2030
1,053,887
(a)
 
California Municipal Finance Authority Revenue (Northbay Healthcare Group)
 
350,000
Series 2015, 5.00%, due 11/1/2035
340,360
500,000
Series 2015, 5.00%, due 11/1/2040
430,291
300,000
Series 2015, 5.00%, due 11/1/2044
249,139
500,000
Series 2017-A, 5.25%, due 11/1/2036
470,758
 
California Municipal Finance Authority Revenue (Touro College & University Systems Obligated
Group)
 
585,000
Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
586,100
605,000
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
606,138
630,000
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
631,185
330,000
Series 2014-A, 4.00%, due 1/1/2029 Pre-Refunded 7/1/2024
330,621
2,000,000
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I LLC-West Village
Student Housing Project), Series 2018, (BAM Insured), 4.00%, due 5/15/2048
1,642,944
 
California Public Finance Authority Refunding (Henry Mayo Newhall Hospital)
 
400,000
Series 2021-A, 4.00%, due 10/15/2027
386,038
360,000
Series 2021-A, 4.00%, due 10/15/2028
344,365
1,500,000
California School Facility Finance Authority Revenue (Green Dot Public School Project), Series 2018-A,
5.00%, due 8/1/2048
1,316,494
(a)
 
California School Facility Finance Authority Revenue (KIPP LA Project)
 
127,000
Series 2014-A, 4.13%, due 7/1/2024
126,469
(a)
375,000
Series 2017-A, 5.00%, due 7/1/2025
375,202
(a)
130,000
Series 2017-A, 5.00%, due 7/1/2027
131,658
(a)
400,000
California School Finance Authority Revenue (Alliance College - Ready Public School Project),
Series 2015-A, 5.00%, due 7/1/2030
400,424
(a)
2,195,000
California State Department of Veterans Affairs Home Purchase Refunding Revenue, Series 2016-A,
3.00%, due 6/1/2029
2,053,294
 
California State General Obligation
 
2,000,000
Series 2020, 3.00%, due 11/1/2050
1,404,238
3,900,000
Series 2022, 3.00%, due 4/1/2052
2,725,784
1,000,000
Series 2022, 5.00%, due 9/1/2052
1,025,094
1,125,000
California State Infrastructure & Economic Development Bank Revenue (California Academy of
Sciences), Series 2018-D, (SIFMA), 4.54%, due 8/1/2047 Putable 8/1/2024
1,115,397
2,000,000
California State Pollution Control Financing Authority Revenue (San Jose Water Co. Project),
Series 2016, 4.75%, due 11/1/2046
1,862,697
1,430,000
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
143,000
(a)(c)
2,600,000
California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Calplant I Green
Bond Project), Series 2019, 7.50%, due 12/1/2039
64,146
(a)(c)
2,750,000
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
1,457,500
(a)(c)
4,785,000
California State Pollution Control Financing Authority Water Furnishing Revenue, Series 2012,
5.00%, due 7/1/2027
4,788,858
(a)
415,000
California State School Finance Authority Charter School Revenue (Downtown College
Prep-Obligation Group), Series 2016, 4.50%, due 6/1/2031
397,225
(a)
400,000
California State School Finance Authority Charter School Revenue (Rocketship Education),
Series 2016-A, 5.00%, due 6/1/2031
394,777
(a)
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
894,052
(a)
See Notes to Financial Statements
8

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
California – cont'd
$100,000
California State School Finance Authority Education Facility Revenue (Partnerships Uplifts Community
Valley Project), Series 2014-A, 5.35%, due 8/1/2024 Pre-Refunded 2/1/2024
$100,277
(a)
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
885,462
(a)
1,325,000
California Statewide Communities Development Authority Hospital Revenue (Methodist Hospital of
Southern Project), Series 2018, 4.25%, due 1/1/2043
1,135,575
720,000
California Statewide Communities Development Authority Revenue (Henry Mayo Newhall Memorial
Hospital), Series 2014-A, (AGM Insured), 5.00%, due 10/1/2026 Pre-Refunded 10/1/2024
729,350
500,000
California Statewide Communities Development Authority Revenue (Loma Linda University Medical
Center), Series 2018-A, 5.50%, due 12/1/2058
456,672
(a)
700,000
California Statewide Communities Development Authority Revenue (Redwoods Project), Series 2013,
5.00%, due 11/15/2028 Pre-Refunded 11/15/2023
700,327
600,000
California Statewide Communities Development Authority Revenue Refunding (Lancer Education
Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036
547,504
(a)
1,500,000
California Statewide Communities Development Authority Revenue Refunding (Loma Linda University
Medical Center), Series 2014-A, 5.25%, due 12/1/2029
1,507,501
1,500,000
California Statewide Communities Development Authority Revenue Refunding (Redlands Community
Hospital), Series 2016, 4.00%, due 10/1/2041
1,235,326
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
423,146
2,055,000
California Statewide Communities Development Authority Student Housing Revenue (University of
Irvin Campus Apartments Phase IV), Series 2017-A, 5.00%, due 5/15/2032
2,064,865
500,000
California Statewide Communities Development Authority Student Housing Revenue Refunding
(Baptist University), Series 2017-A, 5.00%, due 11/1/2032
488,676
(a)
3,115,000
Corona-Norca Unified School District General Obligation Capital Appreciation (Election 2006),
Series 2009-C, (AGM Insured), 0.00%, due 8/1/2024
3,018,822
2,000,000
Davis Joint Unified School District Certificate of Participation (Yolo Co.), Series 2014, (BAM Insured),
4.00%, due 8/1/2024
2,002,111
1,250,000
Emeryville Redevelopment Agency Successor Agency Tax Allocation Refunding Revenue,
Series 2014-A, (AGM Insured), 5.00%, due 9/1/2025
1,261,489
1,500,000
Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding, Subseries 2014-B2,
3.50%, due 1/15/2053
1,071,178
3,935,000
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
321,426
1,000,000
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
1,052,114
1,000,000
Inglewood Unified School District Facilities Financing Authority Revenue, Series 2007, (AGM Insured),
5.25%, due 10/15/2026
1,012,988
 
Irvine Special Tax (Community Facility District No. 2005-2)
 
300,000
Series 2013, 4.00%, due 9/1/2024
299,970
450,000
Series 2013, 4.00%, due 9/1/2025
449,963
645,000
Series 2013, 3.50%, due 9/1/2026
628,413
690,000
Series 2013, 3.63%, due 9/1/2027
670,024
680,000
Jurupa Public Financing Authority Special Tax Revenue, Series 2014-A, 5.00%, due 9/1/2024
685,719
2,650,000
Los Angeles County Metropolitan Transportation Authority Revenue (Green Bond), Series 2020-A,
5.00%, due 6/1/2031
2,888,185
1,500,000
Los Angeles Department of Airports Airport Revenue, Series 2020-C, 4.00%, due 5/15/2050
1,217,566
1,500,000
Los Angeles Department of Water & Power Revenue Refunding, (LOC: Barclays Bank PLC),
Series 2001-B-6, 2.80%, due 7/1/2034
1,500,000
(b)
3,000,000
North Orange County Community College District General Obligation, Series 2022-C, 4.00%, due
8/1/2047
2,640,694
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
6,181,785
See Notes to Financial Statements
9

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
California – cont'd
$1,385,000
Ohlone Community College District General Obligation (Election 2010), Series 2014-B, 0.00%, due
8/1/2029 Pre-Refunded 8/1/2024
$1,089,630
450,000
Oxnard Harbor District Revenue, Series 2011-B, 4.50%, due 8/1/2024
450,271
1,000,000
Rancho Cucamonga Redevelopment Agency Successor Agency Tax Allocation Revenue (Rancho
Redevelopment Project), Series 2014, (AGM Insured), 5.00%, due 9/1/2027
1,005,950
5,000,000
Redondo Beach Unified School District General Obligation, Series 2009, 6.38%, due 8/1/2034
Pre-Refunded 8/1/2026
5,371,353
335,000
Riverside County Community Facilities District Special Tax Revenue (Scott Road), Series 2013, 5.00%,
due 9/1/2025
335,112
300,000
Riverside County Transportation Commission Toll Revenue Refunding Senior Lien (RCTC No. 91
Express Lanes), Series 2021-B1, 4.00%, due 6/1/2046
252,783
 
Romoland School District Special Tax Refunding (Community Facilities District No. 2006-1)
 
100,000
Series 2017, 4.00%, due 9/1/2029
95,669
200,000
Series 2017, 4.00%, due 9/1/2030
189,654
525,000
Series 2017, 3.25%, due 9/1/2031
454,847
1,700,000
Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment District No. 2),
Series 2016-A, 5.00%, due 10/1/2047
1,700,186
 
Sacramento City Finance Authority Refunding Revenue (Master Lease Program Facilities)
 
1,000,000
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024
1,016,844
400,000
Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026
418,877
1,950,000
Sacramento County Airport System Revenue Refunding, Series 2018-C, 5.00%, due 7/1/2033
1,971,109
500,000
Sacramento Special Tax (Natomas Meadows Community Facilities District No. 2007-01), Series 2017,
5.00%, due 9/1/2047
467,216
(a)
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
2,036,120
2,000,000
San Luis Coastal Unified School District General Obligation (Election 2022), Series 2023-A, 4.00%,
due 8/1/2053
1,717,596
6,000,000
San Mateo Foster City School District General Obligation Capital Appreciation (Election 2008),
Series 2010, 6.13%, due 8/1/2032
6,680,406
 
Sulphur Springs Union School District Certificate of Participation Conv. Capital Appreciation Bonds
 
30,000
Series 2010, (AGM Insured), 6.50%, due 12/1/2037
30,296
525,000
Series 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025
553,748
450,000
Series 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025
473,257
170,000
Series 2010, (AGM Insured), 6.50%, due 12/1/2037
177,853
2,000,000
Sweetwater Union High School District Public Financing Authority Revenue, Series 2013, (BAM
Insured), 5.00%, due 9/1/2025
2,009,728
500,000
Tobacco Securitization Authority Southern California Tobacco Settlement Revenue Refunding (San
Diego Co. Asset Securitization Corp.), Series 2019-A, 5.00%, due 6/1/2048
492,536
2,000,000
Twin Rivers Unified School District General Obligation (Election 2022), Series 2023-A, (BAM Insured),
4.13%, due 8/1/2047
1,764,241
200,000
University of California Regents Medical Center Pooled Revenue Refunding, Series 2020-0-1, 2.95%,
due 5/15/2045
200,000
(b)
12,070,000
Victor Valley Community College District General Obligation Capital Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
13,718,454
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
4,558,470
3,500,000
William S. Hart Union High School District General Obligation Capital Appreciation (Election 2001),
Series 2005-B, (AGM Insured), 0.00%, due 9/1/2026
3,106,123
5,250,000
Wiseburn School District General Obligation Capital Appreciation (Election 2010), Series 2011-B,
(AGM Insured), 0.00%, due 8/1/2036
5,271,967
(d)

 
134,229,177
See Notes to Financial Statements
10

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
Colorado 3.1%
 
Colorado Educational & Cultural Facilities Authority Revenue (Charter School- Atlas Preparatory
School Project)
 
$550,000
Series 2015, 4.50%, due 4/1/2025
$550,184
(a)
1,000,000
Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
1,014,915
(a)
1,350,000
Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
1,372,432
(a)
750,000
Colorado Educational & Cultural Facility Authority Revenue Refunding, Series 2014, 4.50%, due
11/1/2029
715,612
2,000,000
Platte River Metropolitan District General Obligation Refunding, Series 2023-A, 6.50%, due 8/1/2053
1,872,954
(a)(e)
2,550,000
Plaza Metropolitan District No. 1 Tax Allocation Revenue, Series 2013, 4.00%, due 12/1/2023
2,546,827
(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
1,703,878

 
9,776,802
Connecticut 0.2%
750,000
Hamden General Obligation, Series 2013, (AGM Insured), 3.13%, due 8/15/2025
728,018
Delaware 0.8%
2,400,000
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2023-DBE-8110,
4.45%, due 12/1/2062
2,400,000
(a)(b)
District of Columbia 2.2%
6,250,000
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2020-DBE-8070,
4.54%, due 8/1/2040
6,250,000
(a)(b)
650,000
District of Columbia Student Dormitory Revenue (Provident Group-Howard Property), Series 2013,
5.00%, due 10/1/2045
557,165

 
6,807,165
Florida 4.0%
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
(a)(c)
2,000,000
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School Project), Series 2020-A-1,
5.00%, due 1/1/2055
1,394,951
(a)
770,000
Cityplace Community Development District Special Assessment Refunding Revenue, Series 2012,
5.00%, due 5/1/2026
774,113
1,750,000
Florida Development Finance Corp. Education Facilities Revenue (Renaissance Charter School, Inc.),
Series 2014-A, 5.75%, due 6/15/2029
1,735,819
(a)
1,075,000
Florida Development Finance Corp. Education Facilities Revenue Refunding (Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
919,713
1,200,000
Gainesville Utilities System Revenue, (LOC: Barclays Bank PLC), Series 2006-A, 4.03%, due 10/1/2026
1,200,000
(b)
8,000,000
Hillsborough County Industrial Development Authority Hospital Revenue (Tampa General Hospital
Project), Series 2020, 3.50%, due 8/1/2055
5,199,810
840,000
Village Community Development District No. 11 Special Assessment Revenue, Series 2014, 4.13%,
due 5/1/2029
811,268
960,000
Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.70%,
due 5/1/2050
674,537

 
12,718,211
Guam 1.9%
 
Antonio B Won Pat International Airport Authority Revenue Refunding
 
525,000
Series 2023-A, 5.38%, due 10/1/2040
463,767
750,000
Series 2023-A, 5.38%, due 10/1/2043
654,793
700,000
Guam Government Business Privilege Tax Revenue Refunding, Series 2021-F, 4.00%, due 1/1/2036
627,983
650,000
Guam Government Hotel Occupancy Tax Revenue, Series 2021-A, 5.00%, due 11/1/2035
642,877
600,000
Guam Government Hotel Occupancy Tax Revenue Refunding, Series 2021-A, 5.00%, due 11/1/2040
556,938
See Notes to Financial Statements
11

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
Guam – cont'd
 
Guam Power Authority Revenue
 
$1,000,000
Series 2022-A, 5.00%, due 10/1/2035
$1,004,532
1,035,000
Series 2022-A, 5.00%, due 10/1/2036
1,027,338
1,075,000
Series 2022-A, 5.00%, due 10/1/2037
1,051,858

 
6,030,086
Illinois 13.1%
5,705,000
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
5,705,265
 
Chicago General Obligation
 
2,000,000
Series 2002-B, 5.00%, due 1/1/2025
2,010,192
90,000
Series 2002-B, 5.13%, due 1/1/2027 Pre-Refunded 1/1/2025
91,257
160,000
Series 2002-B, 5.13%, due 1/1/2027
160,774
1,000,000
Series 2019-A, 5.00%, due 1/1/2044
941,872
1,250,000
Chicago Midway International Airport Revenue Refunding, Series 2023-A, (BAM Insured), 5.50%,
due 1/1/2053
1,256,915
(e)
 
Chicago Refunding General Obligation
 
1,000,000
Series 2005-D, 5.50%, due 1/1/2040
981,564
700,000
Series 2014-A, 5.00%, due 1/1/2027 Pre-Refunded 1/1/2024
701,031
3,000,000
Series 2017-A, 6.00%, due 1/1/2038
3,071,817
 
Cook County School District No. 83 General Obligation (Mannheim)
 
1,350,000
Series 2013-C, 5.45%, due 12/1/2030
1,351,705
1,960,000
Series 2013-C, 5.50%, due 12/1/2031
1,962,552
1,560,000
Illinois Finance Authority Refunding Revenue (Presence Health Network Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
1,597,434
1,000,000
Illinois Finance Authority Revenue Refunding (Northwestern Memorial Health Care Obligated Group),
Series 2017-A, 4.00%, due 7/15/2047
829,292
1,905,000
Illinois Sports Facilities Authority Capital Appreciation Revenue (Saint Tax Supported), Series 2001,
(AMBAC Insured), 0.00%, due 6/15/2026
1,660,514
 
Illinois State General Obligation
 
5,200,000
Series 2017-D, 5.00%, due 11/1/2028
5,315,910
3,000,000
Series 2021-A, 4.00%, due 3/1/2039
2,592,063
2,175,000
Series 2021-A, 4.00%, due 3/1/2040
1,851,691
775,000
Series 2021-A, 5.00%, due 3/1/2046
727,468
4,250,000
Illinois State General Obligation Refunding, Series 2016, 5.00%, due 2/1/2024
4,255,348
 
Southern Illinois University Certificate of Participation (Capital Improvement Project)
 
945,000
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027
946,603
1,375,000
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028
1,377,136
715,000
Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029
716,009
1,500,000
Upper Illinois River Valley Development Authority Revenue Refunding (Cambridge Lakes Learning
Center), Series 2017-A, 5.25%, due 12/1/2047
1,197,906
(a)

 
41,302,318
Indiana 0.0%(f)
100,000
Valparaiso Exempt Facilities Revenue (Pratt Paper LLC Project), Series 2013, 5.88%, due 1/1/2024
100,211
Iowa 0.4%
1,105,000
Iowa State Higher Education Loan Authority Revenue (Des Moines University Project), Series 2020,
5.00%, due 10/1/2028
1,127,047
See Notes to Financial Statements
12

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
Kansas 0.3%
 
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond Project)
 
$325,000
Series 2019, 3.60%, due 6/1/2030
$302,162
720,000
Series 2021, 3.50%, due 6/1/2034
599,470

 
901,632
Kentucky 0.4%
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
946,666
500,000
Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health),
Series 2017-A, 5.00%, due 6/1/2041
464,735

 
1,411,401
Louisiana 1.8%
675,243
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
542,916
(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
1,560,207
(a)
1,885,000
Louisiana Stadium & Exposition District Revenue Refunding, Series 2023-A, 5.25%, due 7/1/2053
1,888,054
1,775,000
Louisiana State Public Facilities Authority Revenue (Southwest Louisiana Charter Academy Foundation
Project), Series 2013-A, 7.63%, due 12/15/2028
1,775,368

 
5,766,545
Maine 0.5%
2,600,000
Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project), Series 2021, 8.00%, due
12/1/2051
1,609,789
(a)
Maryland 0.1%
300,000
Baltimore Special Obligation Refunding Revenue Senior Lien (Harbor Point Project), Series 2022,
5.00%, due 6/1/2051
261,228
Massachusetts 0.6%
 
Massachusetts State Development Finance Agency Revenue (Milford Regional Medical Center)
 
200,000
Series 2014-F, 5.00%, due 7/15/2024
200,048
415,000
Series 2014-F, 5.00%, due 7/15/2025
414,996
200,000
Series 2014-F, 5.00%, due 7/15/2026
200,018
190,000
Series 2014-F, 5.00%, due 7/15/2027
190,029
 
Massachusetts State Education Financing Authority Revenue
 
860,000
Series 2012-J, 4.70%, due 7/1/2026
854,227
125,000
Series 2023-C, 5.00%, due 7/1/2053
104,835

 
1,964,153
Michigan 4.0%
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
1,395,576
 
Detroit General Obligation
 
3,000,000
Series 2021-A, 5.00%, due 4/1/2046
2,695,903
3,850,000
Series 2021-A, 5.00%, due 4/1/2050
3,395,237
2,000,000
Michigan State Building Authority Revenue (Facilities Program), Series 2022-I, 5.00%, due
10/15/2047
2,013,541
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
2,422,376
750,000
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project), Series 2018, 5.00%,
due 6/30/2048
680,871

 
12,603,504
See Notes to Financial Statements
13

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
Minnesota 0.1%
$400,000
Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Metro Deaf School
Project), Series 2018-A, 5.00%, due 6/15/2038
$356,028
(a)
Mississippi 1.0%
1,800,000
Mississippi Business Finance Corp. Revenue (Chevron USA, Inc.), Series 2010-G, 4.00%, due
11/1/2035
1,800,000
(b)
1,625,000
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project), Series 2021, 3.63%,
due 11/1/2036
1,363,491
(a)

 
3,163,491
Nebraska 3.2%
10,250,000
Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due 5/1/2054 Putable
11/1/2029
10,196,851
Nevada 0.3%
 
Director of the State of Nevada Department of Business & Industrial Revenue (Somerset Academy)
 
655,000
Series 2015-A, 4.00%, due 12/15/2025
631,012
(a)
500,000
Series 2015-A, 5.13%, due 12/15/2045
424,033
(a)

 
1,055,045
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
529,231
(a)
New Jersey 4.5%
 
New Jersey Economic Development Authority Revenue (The Goethals Bridge Replacement Project)
 
500,000
Series 2013-A, 5.25%, due 1/1/2025
500,333
500,000
Series 2013-A, 5.50%, due 1/1/2026
500,512
7,000,000
New Jersey State Economic Development Authority Revenue (School Facilities Construction Program),
Series 2019, 4.00%, due 6/15/2049
5,777,170
 
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
910,081
(a)
725,000
Series 2019-A, 5.00%, due 6/15/2054
584,481
(a)
 
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding
 
1,250,000
Series 2018-A, 5.00%, due 12/15/2036
1,266,957
4,000,000
Series 2018-A, 4.25%, due 12/15/2038
3,745,577
1,000,000
Series 2018-A, (BAM Insured), 4.00%, due 12/15/2037
933,898

 
14,219,009
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
1,164,570
(a)
New York 39.7%
 
Albany Capital Resource Corp. Refunding Revenue (Albany College of Pharmacy & Health Sciences)
 
380,000
Series 2014-A, 5.00%, due 12/1/2027
380,697
375,000
Series 2014-A, 5.00%, due 12/1/2028
375,605
270,000
Series 2014-A, 5.00%, due 12/1/2029
270,282
750,000
Broome County Local Development Corp. Revenue (Good Shepherd Village at Endwell, Inc. Project),
Series 2021, 4.00%, due 7/1/2047
492,246
500,000
Buffalo & Erie County Industrial Land Development Corp. Revenue (Tapestry Charter School Project),
Series 2017, 5.00%, due 8/1/2047
418,276
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
1,539,605
See Notes to Financial Statements
14

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
New York – cont'd
 
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Orchard Park)
 
$500,000
Series 2015, 5.00%, due 11/15/2027
$500,373
500,000
Series 2015, 5.00%, due 11/15/2028
500,468
625,000
Series 2015, 5.00%, due 11/15/2029
625,466
 
Build NYC Resource Corp. Refunding Revenue (City University - Queens College)
 
270,000
Series 2014-A, 5.00%, due 6/1/2026
270,787
225,000
Series 2014-A, 5.00%, due 6/1/2029
225,605
500,000
Build NYC Resource Corp. Refunding Revenue (Methodist Hospital Project), Series 2014, 5.00%, due
7/1/2029 Pre-Refunded 7/1/2024
503,202
2,595,000
Build NYC Resource Corp. Refunding Revenue (New York Law School Project), Series 2016, 4.00%,
due 7/1/2045
1,910,442
 
Build NYC Resource Corp. Refunding Revenue (Packer Collegiate Institute Project)
 
155,000
Series 2015, 5.00%, due 6/1/2026
156,639
125,000
Series 2015, 5.00%, due 6/1/2027
126,151
195,000
Series 2015, 5.00%, due 6/1/2028
196,469
220,000
Series 2015, 5.00%, due 6/1/2029
221,257
325,000
Series 2015, 5.00%, due 6/1/2030
326,415
 
Build NYC Resource Corp. Revenue
 
1,665,000
Series 2014, 5.00%, due 11/1/2024
1,248,750
835,000
Series 2014, 5.25%, due 11/1/2029
626,250
650,000
Series 2014, 5.25%, due 11/1/2034
487,500
975,000
Series 2014, 5.50%, due 11/1/2044
731,250
1,000,000
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School Project), Series 2017-A,
5.00%, due 6/1/2047
883,810
(a)
1,400,000
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series 2019, 5.75%, due
2/1/2049
1,189,464
(a)
450,000
Build NYC Resource Corp. Revenue (New World Preparatory Charter School Project), Series 2021-A,
4.00%, due 6/15/2056
289,339
(a)
750,000
Build NYC Resource Corp. Revenue (Shefa School Project), Series 2021-A, 5.00%, due 6/15/2051
567,689
(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
1,140,435
(a)
420,000
Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt Paper, Inc. Project),
Series 2014, 4.50%, due 1/1/2025
418,472
(a)
 
Dutchess County Local Development Corp. Revenue (Culinary Institute of America Project)
 
200,000
Series 2016-A-1, 5.00%, due 7/1/2041
185,426
275,000
Series 2016-A-1, 5.00%, due 7/1/2046
246,746
 
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
 
735,000
Series 2014, 5.00%, due 7/1/2024
737,598
390,000
Series 2018, 5.00%, due 7/1/2030
389,997
405,000
Series 2018, 5.00%, due 7/1/2031
403,819
425,000
Series 2018, 5.00%, due 7/1/2032
422,636
450,000
Series 2018, 5.00%, due 7/1/2033
445,993
1,044,830
Jefferson County Industrial Development Agency Solid Waste Disposal Revenue (Green
Bond-Reenergy Black River LLC Project), Series 2014, 5.25%, due 1/1/2024
104,483
(a)(g)(h)
1,295,000
Metropolitan Transportation Authority Revenue, (LOC: Barclays Bank PLC), Series 2015-E-1, 4.00%,
due 11/15/2050
1,295,000
(b)
 
Metropolitan Transportation Authority Revenue (Green Bond)
 
1,500,000
Series 2020-C-1, 5.00%, due 11/15/2050
1,424,559
10,500,000
Series 2020-D-3, 4.00%, due 11/15/2049
8,456,902
3,000,000
Series 2020-D-3, 4.00%, due 11/15/2050
2,406,142
100,000
Metropolitan Transportation Authority Revenue Refunding, (LOC: Barclays Bank PLC),
Series 2012-G-1, 4.00%, due 11/1/2032
100,000
(b)
See Notes to Financial Statements
15

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
New York – cont'd
$300,000
Monroe County Industrial Development Corp. Revenue (Monroe Community College), Series 2014,
(AGM Insured), 5.00%, due 1/15/2029
$300,657
 
Monroe County Industrial Development Corp. Revenue (Nazareth College of Rochester Project)
 
500,000
Series 2013-A, 5.00%, due 10/1/2024
500,085
500,000
Series 2013-A, 5.00%, due 10/1/2025
500,123
250,000
Series 2013-A, 4.00%, due 10/1/2026
243,693
210,000
Monroe County Industrial Development Corp. Revenue (Saint John Fisher College), Series 2012-A,
5.00%, due 6/1/2025
210,083
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
1,004,112
4,175,000
Nassau County Tobacco Settlement Corp. Asset Backed, Series 2006-A-3, 5.13%, due 6/1/2046
3,530,396
1,375,000
New York City Industrial Development Agency Revenue (Queens Ballpark Co. LLC), Series 2021-A,
(AGM Insured), 3.00%, due 1/1/2046
916,284
 
New York City Industrial Development Agency Revenue (Yankee Stadium Project)
 
4,000,000
Series 2020-A, 3.00%, due 3/1/2049
2,452,168
2,000,000
Series 2020-A, (AGM Insured), 3.00%, due 3/1/2049
1,291,259
875,000
New York City Municipal Water Finance Authority Water & Sewer System Refunding Revenue
(Second General Resolution Revenue Bonds), Series 2022-DD, 4.28%, due 6/15/2033
875,000
(b)
 
New York City Municipal Water Finance Authority Water & Sewer System Revenue (Second General
Resolution Revenue Bonds)
 
2,400,000
(LOC: Barclays Bank PLC), Subseries 2014-BB-4, 4.00%, due 6/15/2050
2,400,000
(b)
2,000,000
Series 2016-BB-1A, 4.00%, due 6/15/2049
2,000,000
(b)
1,200,000
New York City Transitional Finance Authority Revenue (Future Tax Secured), (LOC: Barclays Bank PLC),
Series 2019-C-4, 4.00%, due 11/1/2044
1,200,000
(b)
750,000
New York City Trust for Cultural Resource Refunding Revenue (Lincoln Center for the Performing
Arts, Inc.), Series 2020-A, 4.00%, due 12/1/2035
714,096
 
New York General Obligation
 
150,000
(LOC: Barclays Bank PLC), Series 2017-B4, 4.00%, due 10/1/2046
150,000
(b)
400,000
(LOC: Barclays Bank PLC), Series 2017-B-5, 4.00%, due 10/1/2046
400,000
(b)
800,000
(LOC: State Street Bank & Trust Co.), Series 2022-D-3, 4.00%, due 5/1/2052
800,000
(b)
6,500,000
Series 2012-3, 4.28%, due 4/1/2042
6,500,000
(b)
1,800,000
Series 2019-B3, 4.28%, due 10/1/2046
1,800,000
(b)
1,000,000
New York Liberty Development Corp. Refunding Revenue (3 World Trade Center Project),
Series 2014, 5.38%, due 11/15/2040
923,821
(a)
2,000,000
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters), Series 2005, 5.25%,
due 10/1/2035
2,096,426
750,000
New York Liberty Development Corp. Revenue Refunding (Bank of America Tower at One Bryant Park
Project), Series 2019, Class 3, 2.80%, due 9/15/2069
638,324
1,450,000
New York State Dormitory Authority Revenue, Series 2018-A, 5.00%, due 7/1/2048
1,447,865
780,000
New York State Dormitory Authority Revenue Non State Supported Debt (Culinary Institute of
America), Series 2013, 4.63%, due 7/1/2025
777,899
 
New York State Dormitory Authority Revenue Non State Supported Debt (Touro College & University
System Obligated Group)
 
460,000
Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024
460,416
470,000
Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024
470,425
200,000
Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024
200,181
275,000
Series 2014-A, 4.13%, due 1/1/2029 Pre-Refunded 7/1/2024
275,471
475,000
New York State Dormitory Authority Revenue Non State Supported Debt (Vaughn College of
Aeronautics & Technology), Series 2016, 5.00%, due 12/1/2026
462,897
(a)
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
359,093
(a)
3,800,000
New York State Dormitory Authority Revenue Refunding Non State Supported Debt (Montefiore
Obligation Group), Series 2018-A, 5.00%, due 8/1/2035
3,716,734
See Notes to Financial Statements
16

Schedule of Investments Municipal Fund Inc.^  (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
$177,835
(a)
400,000
Series 2017, 5.00%, due 12/1/2037
352,343
(a)
1,000,000
New York State Dormitory Authority Revenue State Supported Debt (New School), Series 2022-A,
4.00%, due 7/1/2052
743,901
 
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
427,038
(a)
500,000
Series 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025
473,150
660,000
New York State Housing Finance Agency Revenue (Affordable Housing), Series 2012-F, (SONYMA
Insured), 3.05%, due 11/1/2027
632,309
830,000
New York State Housing Finance Agency Revenue Refunding (Affordable Housing), Series 2020-H,
2.45%, due 11/1/2044
517,799
3,045,000
New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series 2014-189,
3.45%, due 4/1/2027
2,929,571
3,000,000
New York State Transportation Development Corp. Facility Revenue (Empire State Thruway Service
Areas Project), Series 2021, 4.00%, due 4/30/2053
2,251,132
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
1,449,407
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
3,866,544
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
940,319
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
1,986,137
(e)
 
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
80,653
400,000
Series 2020-C, 4.00%, due 12/1/2042
341,366
500,000
Series 2022, 5.00%, due 12/1/2039
483,487
1,000,000
Niagara Area Development Corp. Solid Waste Disposal Facility Revenue Refunding (Covanta Project),
Series 2018-A, 4.75%, due 11/1/2042
765,552
(a)
 
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara International Airport)
 
375,000
Series 2019-A, 5.00%, due 4/1/2037
367,484
350,000
Series 2019-A, 5.00%, due 4/1/2038
339,564
350,000
Series 2019-A, 5.00%, due 4/1/2039
339,109
 
Oneida County Local Development Corp. Revenue Refunding (Mohawk Valley Health Systems Project)
 
1,250,000
Series 2019-A, (AGM Insured), 3.00%, due 12/1/2044
838,931
2,000,000
Series 2019-A, (AGM Insured), 4.00%, due 12/1/2049
1,554,832
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
6,711,809
500,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred),
Series 2017, 5.00%, due 4/15/2057
490,316
 
Suffolk County Judicial Facilities Agency Lease Revenue (H. Lee Dennison Building)
 
1,980,000
Series 2013, 5.00%, due 11/1/2025
1,980,750
1,155,000
Series 2013, 4.25%, due 11/1/2026
1,155,258
1,640,000
Suffolk Tobacco Asset Securitization Corp. Refunding (Tobacco Settle Asset Backed Subordinated
Bonds), Series 2021-B1, 4.00%, due 6/1/2050
1,453,089
35,000
Triborough Bridge & Tunnel Authority Special Obligation, Series 1998-A, (National Public Finance
Guarantee Corp. Insured), 4.75%, due 1/1/2024 Pre-Refunded 1/1/2024
35,037
See Notes to Financial Statements
17

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
New York – cont'd
 
TSASC, Inc. Revenue Refunding
 
$580,000
Series 2017-A, 5.00%, due 6/1/2028
$593,047
3,000,000
Series 2017-A, 5.00%, due 6/1/2041
2,934,660
5,000,000
Utility Debt Securitization Authority Revenue, Series 2013-TE, 5.00%, due 12/15/2028
5,001,920
 
Westchester County Local Development Corp. Refunding Revenue (Westchester Medical Center)
 
825,000
Series 2016, 5.00%, due 11/1/2030
785,193
1,000,000
Series 2016, 3.75%, due 11/1/2037
741,394
1,500,000
Westchester County Local Development Corp. Revenue (Purchase Senior Learning Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
1,062,850
(a)
1,000,000
Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson Project),
Series 2022-B, 5.00%, due 1/1/2051
850,165
1,600,000
Westchester County Local Development Corp. Revenue Refunding (Wartburg Senior Housing Project),
Series 2015-A, 5.00%, due 6/1/2030
1,411,054
(a)
665,000
Yonkers Economic Development Corp. Education Revenue (Charter School of Education Excellence
Project), Series 2019-A, 5.00%, due 10/15/2049
536,453
5,000,000
Yonkers Industrial Development Agency School Facilities Revenue (New Community School Project),
Series 2022, 5.00%, due 5/1/2047
5,008,124

 
125,469,335
North Carolina 2.1%
 
Charlotte Airport Revenue
 
1,250,000
Series 2023-B, 5.00%, due 7/1/2044
1,206,203
1,500,000
Series 2023-B, 5.00%, due 7/1/2048
1,430,424
3,590,000
North Carolina Housing Finance Agency Homeownership Refunding Revenue, Series 2020-45,
(GNMA/FNMA/FHLMC Insured), 2.20%, due 7/1/2040
2,286,446
1,700,000
North Carolina Medical Care Commission Retirement Facilities Revenue, Series 2020-A, 4.00%, due
9/1/2050
1,134,828
700,000
North Carolina Medical Care Commission Retirement Facilities Revenue (Twin Lakes Community),
Series 2019-A, 5.00%, due 1/1/2049
594,392

 
6,652,293
Ohio 7.7%
22,595,000
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding Revenue,
Series 2020-B-2, 5.00%, due 6/1/2055
18,483,444
1,000,000
Jefferson County Port Economic Development Authority Revenue (JSW Steel USA, Ohio, Inc. Project),
Series 2021, 3.50%, due 12/1/2051
616,808
(a)
2,500,000
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
1,990,046
(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
831,760
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
2,140,321
510,000
Southern Ohio Port Exempt Facility Authority Revenue (PureCycle Project), Series 2020-A, 7.00%, due
12/1/2042
342,593
(a)

 
24,404,972
Oklahoma 0.8%
2,000,000
Oklahoma State Development Finance Authority Health Systems Revenue (OU Medicine Project),
Series 2018-B, 5.00%, due 8/15/2033
1,810,887
 
Tulsa Airport Improvement Trust Refunding Revenue
 
250,000
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2024
250,601
400,000
Series 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024
401,440

 
2,462,928
See Notes to Financial Statements
18

Schedule of Investments Municipal Fund Inc.^  (cont’d)
Principal Amount
Value
Oregon 0.5%
$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
$23,704
2,180,000
Portland General Obligation (Transportation Project), Series 2022-A, 2.25%, due 10/1/2041
1,388,078

 
1,411,782
Pennsylvania 4.6%
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
2,566,837
5,000,000
Leigh County Industrial Development Authority Pollution Control Revenue Refunding, Series 2016-A,
3.00%, due 9/1/2029
4,520,806
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)(c)
7,255,000
Philadelphia Water & Wastewater Revenue Refunding, Series 2023-B, (AGM Insured), 4.50%, due
9/1/2048
6,695,609

 
14,679,190
Puerto Rico 7.6%
1,750,000
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1, 4.00%, due
7/1/2046
1,277,738
875,000
Puerto Rico Industrial Tourist Education Medical & Environmental Control Facilities Authority Revenue
(Hospital Auxilio Mutuo Obligation Group Project), Series 2021, 5.00%, due 7/1/2027
886,454
25,052,000
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1, 5.00%, due 7/1/2058
21,870,594

 
24,034,786
Rhode Island 0.6%
3,045,000
Rhode Island State Housing & Mortgage Finance Corp. Revenue (Homeownership Opportunity),
Series 2020-73, 2.30%, due 10/1/2040
2,018,930
South Carolina 0.9%
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
1,948,118
550,000
South Carolina Jobs Economic Development Authori