Schedule of Investments Municipal Fund Inc.^ (Unaudited) 
January 31, 2025

 
Principal Amount
Value
Loan Assignments(a) 0.0%(b)
Oil, Gas & Consumable Fuels 0.0%(b)
 
Rialto Bioenergy Facility LLC
$74,841
Term Loan DIP, (1 mo. USD Term SOFR + 10.00%), 15.33%, due 6/6/2024
$1,489
#(c)(d)(e)
641,479
Term Loan, (1 mo. USD Term SOFR + 10.00%), 15.33%, due 6/6/2024
0
#(c)(d)(e)
Total Loan Assignments (Cost $716,320)
1,489
Municipal Notes 164.3%
Alabama 3.9%
3,125,000
Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due 11/1/2053 Putable
1/1/2031
3,371,667
5,000,000
Mobile County Industrial Development Authority Revenue (AM/NS Calvert LLC Project),
Series 2024-B, 4.75%, due 12/1/2054
4,903,645
5,000,000
Southeast Energy Authority A Cooperative District Revenue, Series 2025-A, 5.00%, due 1/1/2056
Putable 6/1/2035
5,245,562
 
13,520,874
American Samoa 0.8%
2,800,000
American Samoa Economic Development Authority General Revenue Refunding, Series 2015-A,
6.25%, due 9/1/2029
2,838,266
Arizona 0.8%
500,000
Maricopa County Industrial Development Authority Education Revenue Refunding (Paradise School
Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036
503,765
(f)
770,000
Navajo Nation Revenue Refunding, Series 2015-A, 5.00%, due 12/1/2025
775,873
(f)
1,500,000
Sierra Vista Industrial Development Authority Revenue (American Leadership Academy Project),
Series 2024, 5.00%, due 6/15/2054
1,461,601
(f)
 
2,741,239
California 27.0%
1,000,000
California Educational Facilities Authority Revenue (Green Bond- Loyola Marymount University),
Series 2018-B, 5.00%, due 10/1/2048
1,033,393
 
California Educational Facilities Authority Revenue Refunding (University of Redlands)
250,000
Series 2016-A, 5.00%, due 10/1/2028
253,788
260,000
Series 2016-A, 3.00%, due 10/1/2029
250,251
400,000
Series 2016-A, 3.00%, due 10/1/2030
381,121
2,000,000
California Infrastructure & Economic Development Bank Revenue (Brightline West Passenger Rail
Project), Series 2020-A4, 8.00%, due 1/1/2050 Putable 8/15/2025
2,059,721
(f)
480,000
California Infrastructure & Economic Development Bank Revenue (Wonderful Foundations Charter
School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055
462,672
(f)
 
California Municipal Finance Authority Charter School Lease Revenue (Sycamore Academy Project)
630,000
Series 2014, 5.13%, due 7/1/2029
630,174
(f)
1,000,000
Series 2014, 5.63%, due 7/1/2044
1,000,150
(f)
930,000
California Municipal Finance Authority Charter School Lease Revenue (Vista Charter Middle School
Project), Series 2014, 5.13%, due 7/1/2029
930,802
 
California Municipal Finance Authority Charter School Revenue (John Adams Academics Project)
55,000
Series 2015-A, 4.50%, due 10/1/2025
55,001
1,115,000
Series 2019-A, 5.00%, due 10/1/2049
1,064,752
(f)
1,500,000
California Municipal Finance Authority Charter School Revenue (Palmdale Aerospace Academy
Project), Series 2016, 5.00%, due 7/1/2031
1,513,129
(f)
1,070,000
California Municipal Finance Authority Revenue (Baptist University), Series 2015-A, 5.00%, due
11/1/2030
1,077,087
(f)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
California – cont'd
 
California Municipal Finance Authority Revenue (Northbay Healthcare Group)
$350,000
Series 2015, 5.00%, due 11/1/2035
$350,062
500,000
Series 2015, 5.00%, due 11/1/2040
499,998
300,000
Series 2015, 5.00%, due 11/1/2044
294,680
500,000
Series 2017-A, 5.25%, due 11/1/2036
505,359
2,000,000
California Municipal Finance Authority Student Housing Revenue (CHF-Davis I LLC-West Village
Student Housing Project), Series 2018, (BAM), 4.00%, due 5/15/2048
1,872,372
1,500,000
California School Facility Finance Authority Revenue (Green Dot Public School Project),
Series 2018-A, 5.00%, due 8/1/2048
1,516,642
(f)
400,000
California School Finance Authority Revenue (Alliance College - Ready Public School Project),
Series 2015-A, 5.00%, due 7/1/2030
402,125
(f)
1,000,000
California State General Obligation, Series 2022, 5.00%, due 9/1/2052
1,070,963
2,000,000
California State Pollution Control Financing Authority Revenue (San Jose Water Co. Project),
Series 2016, 4.75%, due 11/1/2046
2,003,178
2,549,157
California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Calplant I
Green Bond Project), Series 2019, 7.50%, due 12/1/2039
25
(c)(f)
1,917,008
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
69
#(c)(d)(e)
3,865,000
California State Pollution Control Financing Authority Water Furnishing Revenue, Series 2012,
5.00%, due 7/1/2027
3,880,752
(f)
415,000
California State School Finance Authority Charter School Revenue (Downtown College
Prep-Obligation Group), Series 2016, 4.50%, due 6/1/2031
249,000
(f)
400,000
California State School Finance Authority Charter School Revenue (Rocketship Education),
Series 2016-A, 5.00%, due 6/1/2031
400,895
(f)
1,325,000
California Statewide Communities Development Authority Hospital Revenue (Methodist Hospital of
Southern Project), Series 2018, 4.25%, due 1/1/2043
1,327,759
500,000
California Statewide Communities Development Authority Revenue (Loma Linda University Medical
Center), Series 2018-A, 5.50%, due 12/1/2058
511,410
(f)
600,000
California Statewide Communities Development Authority Revenue Refunding (Lancer Education
Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036
603,945
(f)
1,500,000
California Statewide Communities Development Authority Revenue Refunding (Loma Linda
University Medical Center), Series 2014-A, 5.25%, due 12/1/2029
1,501,088
1,500,000
California Statewide Communities Development Authority Revenue Refunding (Redlands
Community Hospital), Series 2016, 4.00%, due 10/1/2041
1,461,936
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
427,413
500,000
California Statewide Communities Development Authority Student Housing Revenue Refunding
(Baptist University), Series 2017-A, 5.00%, due 11/1/2032
508,958
(f)
1,500,000
Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding, Subseries 2014-B2,
3.50%, due 1/15/2053
1,244,941
3,935,000
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Refunding, Series 2021-B-2,
0.00%, due 6/1/2066
460,319
1,000,000
Imperial Community College District General Obligation Capital Appreciation (Election 2010),
Series 2011-A, (AGM), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025
1,019,852
545,000
Inglewood Unified School District Facilities Financing Authority Revenue, Series 2007, (AGM),
5.25%, due 10/15/2026
553,885
 
Irvine Special Tax (Community Facility District No. 2005-2)
450,000
Series 2013, 4.00%, due 9/1/2025
452,336
645,000
Series 2013, 3.50%, due 9/1/2026
646,516
690,000
Series 2013, 3.63%, due 9/1/2027
691,129
1,775,000
Los Angeles Department of Airports Revenue, Series 2022-G, 4.00%, due 5/15/2047
1,672,115
3,000,000
North Orange County Community College District General Obligation, Series 2022-C, 4.00%, due
8/1/2047
2,982,755
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
California – cont'd
$5,750,000
Norwalk-La Mirada Unified School District General Obligation Capital Appreciation (Election 2002),
Series 2009-E, (AGC), 5.50%, due 8/1/2029
$6,225,748
1,700,000
Nuveen California AMT-Free Quality Municipal Income Fund Revenue, Series 2017-A, 2.70%, due
10/1/2047
1,700,000
(f)(g)
5,000,000
Redondo Beach Unified School District General Obligation, Series 2009, 6.38%, due 8/1/2034
Pre-Refunded 8/1/2026
5,272,563
 
Romoland School District Special Tax Refunding (Community Facilities District No. 2006-1)
100,000
Series 2017, 4.00%, due 9/1/2029
100,749
200,000
Series 2017, 4.00%, due 9/1/2030
201,201
525,000
Series 2017, 3.25%, due 9/1/2031
508,142
1,700,000
Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment District No. 2),
Series 2016-A, 5.00%, due 10/1/2047
1,737,961
400,000
Sacramento City Finance Authority Revenue Refunding (Master Lease Program Facilities),
Series 2006-E, (AMBAC), 5.25%, due 12/1/2026
418,858
500,000
Sacramento Special Tax (Natomas Meadows Community Facilities District No. 2007-01), Series 2017,
5.00%, due 9/1/2047
505,766
(f)
2,000,000
San Luis Coastal Unified School District General Obligation (Election 2022), Series 2023-A, 4.00%,
due 8/1/2053
1,968,133
6,000,000
San Mateo Foster City School District General Obligation Capital Appreciation (Election 2008),
Series 2010, 6.13%, due 8/1/2032
6,671,261
2,000,000
Sweetwater Union High School District Public Financing Authority Revenue, Series 2013, (BAM),
5.00%, due 9/1/2025
2,003,527
2,000,000
Twin Rivers Unified School District General Obligation (Election 2022), Series 2023-A, (BAM),
4.13%, due 8/1/2047
1,995,697
12,070,000
Victor Valley Community College District General Obligation Capital Appreciation (Election 2008),
Series 2009-C, 6.88%, due 8/1/2037
13,865,813
5,095,000
Victor Valley Joint Union High School District General Obligation Capital Appreciation Bonds,
Series 2009, (AGC), 0.00%, due 8/1/2026
4,866,553
5,250,000
Wiseburn School District General Obligation Capital Appreciation (Election 2010), Series 2011-B,
(AGM), 0.00%, due 8/1/2036
5,911,939
(h)(i)
 
93,778,429
Colorado 2.4%
 
Colorado Educational & Cultural Facilities Authority Revenue (Charter School- Atlas Preparatory
School Project)
280,000
Series 2015, 4.50%, due 4/1/2025
280,684
(f)
1,000,000
Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
1,003,436
(f)
1,350,000
Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
1,354,907
(f)
1,603,000
Platte River Metropolitan District General Obligation Refunding, Series 2023-A, 6.50%, due
8/1/2053
1,654,576
(f)
2,700,000
Pueblo Urban Renewal Authority Tax Increment Revenue (Evraz Project), Series 2021-A, 4.75%, due
12/1/2045
2,344,869
(f)
4,566,666
Villages at Castle Rock Metropolitan District No. 6 (Cabs - Cobblestone Ranch Project),
Series 2007-2, 0.00%, due 12/1/2037
1,716,546
 
8,355,018
Connecticut 1.3%
4,585,000
Norwalk Housing Authority Revenue (Monterey Village Apartments), Class PT, Series 2024, (FNMA),
4.40%, due 9/1/2042
4,557,824
District of Columbia 1.9%
6,150,000
Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2020-DBE-8070,
2.65%, due 8/1/2040
6,150,000
(f)(g)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
District of Columbia – cont'd
$650,000
District of Columbia Student Dormitory Revenue (Provident Group-Howard Property), Series 2013,
5.00%, due 10/1/2045
$626,674
 
6,776,674
Florida 8.9%
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
14,000
(c)(f)
2,000,000
Capital Trust Agency Senior Living Revenue (Wonderful Foundations School Project),
Series 2020-A-1, 5.00%, due 1/1/2055
1,898,889
(f)
525,000
Cityplace Community Development District Special Assessment Revenue Refunding, Series 2012,
5.00%, due 5/1/2026
530,448
1,600,000
Florida Development Finance Corp. Education Facilities Revenue (Renaissance Charter School, Inc.),
Series 2014-A, 5.75%, due 6/15/2029
1,601,270
(f)
1,075,000
Florida Development Finance Corp. Education Facilities Revenue Refunding (Pepin Academies, Inc.),
Series 2016-A, 5.00%, due 7/1/2036
1,072,121
 
Florida Development Finance Corp. Revenue Refunding (Brightline Florida Passenger Rail Expansion
Project)
9,250,000
Series 2024, 5.50%, due 7/1/2053
9,341,800
2,000,000
Series 2024-A, 8.25%, due 7/1/2057 Putable 2/14/2025
2,076,958
(f)
8,000,000
Hillsborough County Industrial Development Authority Hospital Revenue (Tampa General Hospital
Project), Series 2020-A, 3.50%, due 8/1/2055
6,160,821
 
Lee County Airport Revenue
1,000,000
Series 2024, 5.25%, due 10/1/2049
1,051,512
1,000,000
Series 2024, 5.25%, due 10/1/2054
1,043,435
4,000,000
Orange County Health Facilities Authority Revenue (Orlando Health Obligated Group),
Series 2025-A, 4.50%, due 10/1/2056
3,920,604
830,000
Village Community Development District No. 11 Special Assessment Revenue, Series 2014, 4.13%,
due 5/1/2029
830,175
950,000
Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.70%,
due 5/1/2050
789,190
700,000
Village Community Development District No. 15 Special Assessment Revenue, Series 2024, 4.80%,
due 5/1/2055
684,925
(f)
 
31,016,148
Georgia 3.0%
700,000
Atlanta Development Authority Revenue (Westside Gulch Area Project), Series 2024-A, 5.50%, due
4/1/2039
717,190
(f)
2,000,000
Atlanta Urban Residential Finance Authority Revenue, Series 2024-A, (FNMA), 4.85%, due 9/1/2043
2,071,388
 
Main Street Natural Gas, Inc. Gas Supply Revenue
6,000,000
Series 2022-C, 4.00%, due 8/1/2052 Putable 11/1/2027
5,952,373
(f)
1,600,000
Series 2024-C, 5.00%, due 12/1/2054 Putable 12/1/2031
1,681,277
 
10,422,228
Guam 1.4%
 
Antonio B Won Pat International Airport Authority Revenue Refunding
525,000
Series 2023-A, 5.38%, due 10/1/2040
557,580
750,000
Series 2023-A, 5.38%, due 10/1/2043
786,731
 
Guam Power Authority Revenue
1,000,000
Series 2022-A, 5.00%, due 10/1/2035
1,083,141
1,035,000
Series 2022-A, 5.00%, due 10/1/2036
1,115,010
1,075,000
Series 2022-A, 5.00%, due 10/1/2037
1,152,502
 
4,694,964
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Illinois 9.4%
$5,705,000
Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027
$5,707,387
1,250,000
Chicago Midway International Airport Revenue Refunding, Series 2023-A, (BAM), 5.50%, due
1/1/2053
1,323,255
 
Chicago O'Hare International Airport Revenue
4,100,000
Series 2022-A, 5.00%, due 1/1/2055
4,142,453
2,500,000
Series 2024-A, 5.50%, due 1/1/2059
2,664,502
3,000,000
Chicago Refunding General Obligation, Series 2017-A, 6.00%, due 1/1/2038
3,085,732
1,560,000
Illinois Finance Authority Revenue Refunding (Presence Health Network Obligated Group),
Series 2016-C, 5.00%, due 2/15/2031
1,613,421
 
Illinois State General Obligation
5,200,000
Series 2017-D, 5.00%, due 11/1/2028
5,435,155
775,000
Series 2021-A, 5.00%, due 3/1/2046
804,371
5,000,000
Series 2023-B, 4.50%, due 5/1/2048
4,916,988
 
Southern Illinois University Certificate of Participation (Capital Improvement Project)
945,000
Series 2014-A-1, (BAM), 5.00%, due 2/15/2027
946,313
1,375,000
Series 2014-A-1, (BAM), 5.00%, due 2/15/2028
1,376,827
715,000
Series 2014-A-1, (BAM), 5.00%, due 2/15/2029
715,920
 
32,732,324
Indiana 0.6%
2,000,000
Indianapolis Local Public Improvement Bond Bank Revenue (Convention Center Hotel),
Series 2023-E, 6.13%, due 3/1/2057
2,134,161
Kansas 0.2%
720,000
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond Project), Series 2021,
3.50%, due 6/1/2034
649,132
Kentucky 0.4%
 
Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health)
500,000
Series 2017-A, 5.00%, due 6/1/2041
504,675
1,000,000
Series 2017-A, 5.00%, due 6/1/2045
1,004,551
 
1,509,226
Louisiana 3.5%
580,583
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue
(Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043
536,625
(f)
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
1,683,502
(f)
8,000,000
Louisiana Public Facilities Authority Revenue (I-10 Calcasieu River Bridge), Series 2024, 5.00%, due
9/1/2066
8,103,234
1,885,000
Louisiana Stadium & Exposition District Revenue Refunding, Series 2023-A, 5.25%, due 7/1/2053
1,986,682
 
12,310,043
Maine 0.2%
2,600,000
Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project), Series 2021, 8.00%, due
12/1/2051
844,398
(c)(f)
Maryland 0.1%
300,000
Baltimore Special Obligation Revenue Refunding Senior Lien (Harbor Point Project), Series 2022,
5.00%, due 6/1/2051
300,082
Massachusetts 0.6%
1,200,000
Massachusetts Development Finance Agency Revenue (Merrimack College Student Housing Project),
Series 2024-A, 5.00%, due 7/1/2054
1,203,960
(f)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Massachusetts – cont'd
 
Massachusetts State Development Finance Agency Revenue (Milford Regional Medical Center)
$415,000
Series 2014-F, 5.00%, due 7/15/2025 Pre-Refunded 2/6/2025
$415,073
200,000
Series 2014-F, 5.00%, due 7/15/2026 Pre-Refunded 2/6/2025
200,035
190,000
Series 2014-F, 5.00%, due 7/15/2027 Pre-Refunded 2/6/2025
190,033
125,000
Massachusetts State Education Financing Authority Revenue, Series 2023-C, 5.00%, due 7/1/2053
125,660
 
2,134,761
Michigan 1.7%
 
Michigan State Building Authority Revenue (Facilities Program)
2,000,000
Series 2022-I, 5.00%, due 10/15/2047
2,111,494
2,880,000
Series 2022-I , 5.25%, due 10/15/2057
3,059,563
750,000
Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project), Series 2018, 5.00%,
due 6/30/2048
754,544
 
5,925,601
Minnesota 0.7%
2,000,000
Minnesota Agricultural & Economic Development Board Revenue (HealthPartners Obligated Group),
Series 2024, 5.25%, due 1/1/2054
2,129,915
400,000
Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Metro Deaf School
Project), Series 2018-A, 5.00%, due 6/15/2038
390,823
(f)
 
2,520,738
Mississippi 0.4%
1,475,000
Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project), Series 2021,
3.63%, due 11/1/2036
1,386,731
(f)
Nebraska 3.1%
10,250,000
Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due 5/1/2054 Putable
11/1/2029
10,733,141
Nevada 0.2%
 
Director of the State of Nevada Department of Business & Industrial Revenue (Somerset Academy)
255,000
Series 2015-A, 4.00%, due 12/15/2025
254,108
(f)
500,000
Series 2015-A, 5.13%, due 12/15/2045
500,157
(f)
 
754,265
New Hampshire 0.2%
750,000
New Hampshire Business Finance Authority Revenue Refunding (Green Bond), Series 2020-B,
3.75%, due 7/1/2045 Putable 7/2/2040
636,858
(f)
New Jersey 5.6%
500,000
New Jersey Economic Development Authority Revenue (The Goethals Bridge Replacement Project),
Series 2013-A, 5.50%, due 1/1/2026
500,780
7,000,000
New Jersey State Economic Development Authority Revenue (School Facilities Construction
Program), Series 2019, 4.00%, due 6/15/2049
6,677,687
 
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
1,104,983
(f)
725,000
Series 2019-A, 5.00%, due 6/15/2054
721,637
(f)
1,000,000
New Jersey State Housing & Mortgage Finance Agency Multi-Family Revenue (Riverview Towers
Apartments), Class PT, Series 2024-B, (FHA), (GNMA), 5.25%, due 12/20/2065
1,027,864
4,150,000
New Jersey State Transportation Trust Fund Authority Transportation Program Revenue,
Series 2023-BB, 5.25%, due 6/15/2050
4,464,069
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New Jersey – cont'd
 
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding
$4,000,000
Series 2018-A, 4.25%, due 12/15/2038
$4,023,166
1,000,000
Series 2018-A, (BAM), 4.00%, due 12/15/2037
1,011,174
 
19,531,360
New Mexico 0.6%
850,000
New Mexico Finance Authority Revenue (Enchantment Water LLC Project), Series 2024, 8.25%, due
12/1/2045
856,360
(f)
1,500,000
Winrock Town Center Tax Increment Development District No. 1 (Senior Lien), Series 2022, 4.25%,
due 5/1/2040
1,395,977
(f)
 
2,252,337
New York 32.4%
 
Albany Capital Resource Corp. Revenue Refunding (Albany College of Pharmacy & Health Sciences)
380,000
Series 2014-A, 5.00%, due 12/1/2027
380,280
375,000
Series 2014-A, 5.00%, due 12/1/2028
375,248
270,000
Series 2014-A, 5.00%, due 12/1/2029
270,167
500,000
Buffalo & Erie County Industrial Land Development Corp. Revenue (Tapestry Charter School Project),
Series 2017-A, 5.00%, due 8/1/2047
498,619
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
1,582,688
 
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Orchard Park)
500,000
Series 2015, 5.00%, due 11/15/2027
504,434
500,000
Series 2015, 5.00%, due 11/15/2028
504,476
625,000
Series 2015, 5.00%, due 11/15/2029
630,550
 
Build NYC Resource Corp. Revenue
1,665,000
Series 2014, 5.00%, due 11/1/2024
1,015,650
(c)
835,000
Series 2014, 5.25%, due 11/1/2029
509,350
650,000
Series 2014, 5.25%, due 11/1/2034
396,500
975,000
Series 2014, 5.50%, due 11/1/2044
594,750
1,000,000
Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School Project),
Series 2017-A, 5.00%, due 6/1/2047
996,961
(f)
1,400,000
Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series 2019, 5.75%, due
2/1/2049
1,373,220
(f)
 
Build NYC Resource Corp. Revenue Refunding (City University - Queens College)
270,000
Series 2014-A, 5.00%, due 6/1/2026
270,241
225,000
Series 2014-A, 5.00%, due 6/1/2029
225,286
2,595,000
Build NYC Resource Corp. Revenue Refunding (New York Law School Project), Series 2016, 4.00%,
due 7/1/2045
2,119,545
 
Build NYC Resource Corp. Revenue Refunding (Packer Collegiate Institute Project)
155,000
Series 2015, 5.00%, due 6/1/2026
155,924
125,000
Series 2015, 5.00%, due 6/1/2027
125,707
195,000
Series 2015, 5.00%, due 6/1/2028
196,033
220,000
Series 2015, 5.00%, due 6/1/2029
221,079
325,000
Series 2015, 5.00%, due 6/1/2030
326,497
 
Dutchess County Local Development Corp. Revenue (Culinary Institute of America Project)
200,000
Series 2016-A-1, 5.00%, due 7/1/2041
200,893
275,000
Series 2016-A-1, 5.00%, due 7/1/2046
275,293
 
Hempstead Town Local Development Corp. Revenue (Molloy College Project)
390,000
Series 2018, 5.00%, due 7/1/2030
403,917
405,000
Series 2018, 5.00%, due 7/1/2031
418,565
425,000
Series 2018, 5.00%, due 7/1/2032
438,039
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York – cont'd
$450,000
Series 2018, 5.00%, due 7/1/2033
$462,614
 
Metropolitan Transportation Authority Revenue (Green Bond)
1,500,000
Series 2020-C-1, 5.00%, due 11/15/2050
1,534,552
10,500,000
Series 2020-D-3, 4.00%, due 11/15/2049
9,684,336
3,000,000
Series 2020-D-3, 4.00%, due 11/15/2050
2,753,546
300,000
Monroe County Industrial Development Corp. Revenue (Monroe Community College), Series 2014,
(AGM), 5.00%, due 1/15/2029
300,471
 
Monroe County Industrial Development Corp. Revenue (Nazareth College of Rochester Project)
500,000
Series 2013-A, 5.00%, due 10/1/2025
500,558
250,000
Series 2013-A, 4.00%, due 10/1/2026
250,042
210,000
Monroe County Industrial Development Corp. Revenue (Saint John Fisher College), Series 2012-A,
5.00%, due 6/1/2025
210,288
1,000,000
Nassau County Local Economic Assistance Corp. Revenue (Catholic Health Services of Long Island
Obligated Group Project), Series 2014, 5.00%, due 7/1/2027
1,000,929
4,175,000
Nassau County Tobacco Settlement Corp. Asset Backed, Series 2006-A-3, 5.13%, due 6/1/2046
3,666,924
2,000,000
New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters), Series 2005, 5.25%,
due 10/1/2035
2,297,192
1,000,000
New York Liberty Development Corp. Revenue Refunding (3 World Trade Center Project), Class 2-3,
Series 2014, 5.38%, due 11/15/2040
1,000,936
(f)
780,000
New York State Dormitory Authority Revenue Non State Supported Debt (Culinary Institute of
America), Series 2013, 4.63%, due 7/1/2025
780,525
3,390,000
New York State Dormitory Authority Revenue Refunding, Series 2024-A, 4.00%, due 3/15/2054
3,160,380
500,000
New York State Environmental Facilities Corp. Solid Waste Disposal Revenue (Casella Waste System,
Inc. Project), Series 2014, 2.88%, due 12/1/2044 Putable 12/3/2029
474,352
(f)
505,000
New York State Housing Finance Agency Revenue (Affordable Housing), Series 2012-F, (SONYMA),
3.05%, due 11/1/2027
505,010
2,545,000
New York State Mortgage Agency Homeowner Mortgage Revenue Refunding, Series 2014-189,
3.45%, due 4/1/2027
2,538,351
4,000,000
New York State Transportation Development Corp. Special Facility Revenue (Delta Airlines,
Inc.-LaGuardia Airport Terminal C & D Redevelopment), Series 2020, 4.38%, due 10/1/2045
3,849,897
 
New York State Transportation Development Corp. Special Facility Revenue (JFK International Airport
New Terminal 1 Project)
750,000
Series 2023, 6.00%, due 6/30/2054
807,097
3,000,000
Series 2023, 5.38%, due 6/30/2060
3,090,785
17,500,000
Series 2024, 5.50%, due 6/30/2060
18,351,351
1,145,000
New York State Transportation Development Corp. Special Facility Revenue (LaGuardia Airport
Terminal B Redevelopment Project), Series 2016-A, 4.00%, due 7/1/2041
1,046,571
2,000,000
New York State Transportation Development Corp. Special Facility Revenue (LaGuardia Airport
Terminal C&D Redevelopment Project), Series 2023, 5.63%, due 4/1/2040
2,130,834
1,500,000
New York State Transportation Development Corp. Special Facility Revenue Refunding (American
Airlines, Inc.-John F Kennedy International Airport Project), Series 2016, 5.00%, due 8/1/2031
1,501,679
3,500,000
New York State Transportation Development Corp. Special Facility Revenue Refunding (JFK Airport
Terminal 6 Redevelopment Project), Series 2024-A, 5.50%, due 12/31/2060
3,697,043
 
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
93,108
500,000
Series 2022, 5.00%, due 12/1/2039
520,636
1,000,000
Niagara Area Development Corp. Solid Waste Disposal Facility Revenue Refunding (Covanta Project),
Series 2018-A, 4.75%, due 11/1/2042
943,361
(f)
 
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara International Airport)
375,000
Series 2019-A, 5.00%, due 4/1/2037
383,435
350,000
Series 2019-A, 5.00%, due 4/1/2038
356,760
350,000
Series 2019-A, 5.00%, due 4/1/2039
355,862
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York – cont'd
$500,000
Oneida Indian Nation of New York Revenue, Series 2024-B, 6.00%, due 9/1/2043
$544,525
(f)
7,125,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred And
Forty Two), Series 2023-242, 5.00%, due 12/1/2053
7,358,010
1,920,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred And
Thirty Two), Series 2022-232, 4.63%, due 8/1/2052
1,925,244
500,000
Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred),
Series 2017, 5.00%, due 4/15/2057
509,243
1,000,000
State of New York Mortgage Agency Homeowner Mortgage Revenue, Series 2024-264, (SONYMA),
4.60%, due 10/1/2054
999,265
4,000,000
Triborough Bridge & Tunnel Authority Revenue, Series 2025-A, 5.50%, due 12/1/2059
4,403,804
 
TSASC, Inc. Revenue Refunding
580,000
Series 2017-A, 5.00%, due 6/1/2028
598,299
3,000,000
Series 2017-A, 5.00%, due 6/1/2041
3,035,166
1,500,000
Westchester County Local Development Corp. Revenue (Purchase Senior Learning Community, Inc.
Project), Series 2021-A, 5.00%, due 7/1/2056
1,468,287
(f)
1,000,000
Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson Project),
Series 2022-B, 5.00%, due 1/1/2051
1,019,627
1,600,000
Westchester County Local Development Corp. Revenue Refunding (Wartburg Senior Housing
Project), Series 2015-A, 5.00%, due 6/1/2030
1,518,036
(f)
665,000
Yonkers Economic Development Corp. Education Revenue (Charter School of Education Excellence
Project), Series 2019-A, 5.00%, due 10/15/2049
656,589
5,000,000
Yonkers Industrial Development Agency School Facilities Revenue (New Community School Project),
Series 2022, (ST AID WITHHLDG), 5.00%, due 5/1/2047
5,241,356
 
112,536,788
North Carolina 2.4%
 
Charlotte Airport Revenue
1,250,000
Series 2023-B, 5.00%, due 7/1/2044
1,299,335
1,500,000
Series 2023-B, 5.00%, due 7/1/2048
1,552,124
1,700,000
North Carolina Medical Care Commission Retirement Facilities Revenue, Series 2020-A, 4.00%, due
9/1/2050
1,407,716
4,000,000
North Carolina Turnpike Authority Revenue (Triangle Expressway System), Series 2024-A, (AGM),
5.00%, due 1/1/2058
4,172,314
 
8,431,489
Ohio 9.0%
29,795,000
Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Revenue Refunding, Class 2,
Series 2020-B-2, 5.00%, due 6/1/2055
26,798,648
2,500,000
Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC),
Series 2019, 5.00%, due 7/1/2049
2,334,062
(f)
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
2,277,682
 
31,410,392
Oregon 0.5%
15,000
Oregon State Housing & Community Service Department Multi-Family Revenue, Series 2012-B,
(FHA), (FHLMC), (FNMA), (GNMA), 3.50%, due 7/1/2027
14,954
2,180,000
Portland General Obligation (Transportation Project), Series 2022-A, 2.25%, due 10/1/2041
1,562,175
 
1,577,129
Pennsylvania 5.0%
2,000,000
Allentown Neighborhood Improvement Zone Development Authority Revenue (City Center Project),
Series 2024, 5.00%, due 5/1/2042
2,034,847
(f)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Pennsylvania – cont'd
$2,830,000
Lancaster County Hospital Authority Revenue Refunding (Health Centre-Landis Homes Retirement
Community Project), Series 2015-A, 4.25%, due 7/1/2030
$2,833,839
1,035,000
Pennsylvania Economic Development Financing Authority Revenue (PA Bridges Finco LP-P3 Project),
Series 2015, 5.00%, due 6/30/2042
1,042,242
3,500,000
Pennsylvania Economic Development Financing Authority Revenue Refunding (Energy Supply LLC),
Series 2009-C, 5.25%, due 12/1/2037 Putable 6/1/2027
3,537,934
2,350,000
Pennsylvania Economic Development Financing Authority Revenue Refunding (Tapestry Moon Senior
Housing Project), Series 2018-A, 6.75%, due 12/1/2053
705,000
(c)(f)
7,255,000
Philadelphia Water & Wastewater Revenue Refunding, Series 2023-B, (AGM), 4.50%, due 9/1/2048
7,329,139
 
17,483,001
Puerto Rico 8.4%
1,750,000
Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1, 4.00%, due
7/1/2046
1,572,857
27,552,000
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1, 5.00%, due 7/1/2058
27,543,619
 
29,116,476
South Carolina 2.6%
3,110,000
Patriots Energy Group Financing Agency Revenue Refunding, Series 2023-B-1, 5.25%, due 2/1/2054
Putable 3/1/2031
3,348,400
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
1,977,956
550,000
South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (AMT-Green
Bond-Last Step Recycling LLC Project), Series 2021-A, 6.50%, due 6/1/2051
82,500
(c)(f)
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
191,348
#(c)(d)(e)
750,000
South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (RePower
South Berkeley LLC Project), Series 2017, 6.25%, due 2/1/2045
75,000
(c)(f)
2,500,000
South Carolina Jobs-Economic Development Authority Revenue (Novant Health Obligated Group),
Series 2024-A, 4.50%, due 11/1/2054
2,467,630
735,000
South Carolina State Housing Finance & Development Authority Mortgage Revenue, Series 2024-A,
4.75%, due 1/1/2054
738,181
 
8,881,015
Tennessee 1.1%
2,000,000
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue (Blakeford At Green Hills), Series 2020-A, 4.00%, due 11/1/2045
1,707,435
 
Shelby County Health & Educational Facilities Board Revenue (Madrone Memphis Student Housing I
LLC)
1,000,000
Series 2024-A1, 5.00%, due 6/1/2044
1,004,595
(f)
1,000,000
Series 2024-A1, 5.25%, due 6/1/2056
1,006,743
(f)
 
3,718,773
Texas 10.6%
250,000
Anson Educational Facilities Corp. Educational Revenue (Arlington Classics Academy),
Series 2016-A, 5.00%, due 8/15/2045
248,242
 
Arlington Higher Education Finance Corp. Revenue (Basis Texas Charter Schools, Inc.)
1,000,000
Series 2024, 4.88%, due 6/15/2059
966,783
(f)
700,000
Series 2024, 5.00%, due 6/15/2064
684,633
(f)
825,000
Arlington Higher Education Finance Corp. Revenue (Universal Academy), Series 2014-A, 6.63%, due
3/1/2029
825,524
730,000
Austin Community College District Public Facility Corp. Lease Revenue, Series 2018-C, 4.00%, due
8/1/2042
706,329
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Texas – cont'd
$250,000
Dallas County Flood Control District No. 1 Refunding General Obligation, Series 2015, 5.00%, due
4/1/2028
$249,095
(f)
3,000,000
Dallas Fort Worth International Airport Revenue Refunding, Series 2023-B, 5.00%, due 11/1/2047
3,173,755
2,085,000
Dallas Independent School District General Obligation, Series 2022, (PSF-GTD), 2.75%, due
2/15/2052
1,433,827
1,500,000
Elm Ridge Water Control & Improvement District of Denton County General Obligation, Series 2013,
5.00%, due 9/1/2037
1,438,754
3,050,000
EP Tuscany Zaragosa PFC Revenue (Home Essential Function Housing Program), Series 2023, 4.00%,
due 12/1/2033
2,986,871
2,000,000
Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.), Series 2012-B, 4.75%,
due 11/1/2042
1,999,887
7,100,000
Fort Bend County Texas Public Facility Corp. Revenue, Series 2023, 5.00%, due 3/1/2053
7,423,449
915,000
Harris County Cultural Education Facilities Finance Corp. Revenue (Brazos Presbyterian Homes, Inc.
Project), Series 2013-B, 5.75%, due 1/1/2028
916,466
1,500,000
Houston Airport System Revenue (United Airlines, Inc.), Series 2024-B, 5.50%, due 7/15/2038
1,610,740
 
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy)
545,000
Series 2019-A, 5.00%, due 8/15/2039
539,989
(f)
520,000
Series 2019-A, 5.00%, due 8/15/2049
495,286
(f)
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
165,000
(c)
1,000,000
Texas State Private Activity Bond Surface Transportation Corp. Revenue (Segment 3C Project),
Series 2019, 5.00%, due 6/30/2058
1,009,415
 
Texas State Private Activity Bond Surface Transportation Corp. Revenue Refunding (Senior Lien-NTE
Mobility Partners Segments 3 LLC)
1,750,000
Series 2023, 5.38%, due 6/30/2037
1,865,373
1,000,000
Series 2023, 5.38%, due 6/30/2039
1,062,367
1,000,000
Series 2023, 5.50%, due 6/30/2040
1,065,196
2,350,000
Series 2023, 5.50%, due 6/30/2041
2,497,065
3,500,000
Texas Water Development Board Revenue (Master Trust), Series 2024-A, 4.38%, due 10/15/2059
3,466,087
 
36,830,133
Utah 2.8%
1,500,000
Mida Mountain Village Public Infrastructure District Revenue, Series 2024-2, 6.00%, due 6/15/2054
1,555,111
(f)
 
Salt Lake City Airport Revenue
1,000,000
Series 2017-A, 5.00%, due 7/1/2042
1,012,836
2,000,000
Series 2017-A, 5.00%, due 7/1/2047
2,015,219
1,000,000
Series 2018-A, 5.00%, due 7/1/2043
1,015,225
3,000,000
Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001, (AMBAC), 5.40%, due
2/15/2028
3,035,083
 
Utah Infrastructure Agency Telecommunication Revenue
450,000
Series 2024, 5.50%, due 10/15/2044
479,383
500,000
Series 2024, 5.50%, due 10/15/2048
525,208
 
9,638,065
Vermont 0.5%
1,000,000
Vermont Economic Development Authority Solid Waste Disposal Revenue (Casella Waste System,
Inc.), Series 2022-A-1, 5.00%, due 6/1/2052 Putable 6/1/2027
1,019,308
(f)
700,000
Vermont Student Assistant Corp. Education Loan Revenue, Series 2015-A, 4.13%, due 6/15/2027
702,220
 
1,721,528
Virginia 1.2%
3,700,000
Virginia Beach Development Authority Revenue, Series 2023-A, 7.00%, due 9/1/2059
4,170,253
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Washington 1.4%
$3,770,000
Vancouver Downtown Redevelopment Authority Revenue (Conference Center Project), Series 2013,
4.00%, due 1/1/2028
$3,772,357
1,000,000
Washington State Economic Development Finance Authority Environmental Facilities Revenue
(Green Bond), Series 2020-A, 5.63%, due 12/1/2040
1,009,496
(f)
 
4,781,853
West Virginia 1.3%
 
West Virginia Hospital Finance Authority Revenue (Vandalia Health Group)
1,500,000
Series 2023-B, 6.00%, due 9/1/2053
1,657,202
1,500,000
Series 2023-B, (AGM), 5.38%, due 9/1/2053
1,602,135
1,400,000
West Virginia Hospital Finance Authority Revenue Refunding (Charleston Area Medical Center, Inc.),
Series 2019-A, 5.00%, due 9/1/2039
1,426,981
 
4,686,318
Wisconsin 6.2%
2,000,000
Public Finance Authority Airport Facility Revenue Refunding (Trips Obligation Group), Series 2012-B,
5.00%, due 7/1/2042
1,999,873
870,000
Public Finance Authority Education Revenue (Pine Lake Preparatory, Inc.), Series 2015, 4.95%, due
3/1/2030
870,492
(f)
200,000
Public Finance Authority Education Revenue (Resh Triangle High School Project), Series 2015-A,
5.38%, due 7/1/2035
200,477
(f)
600,000
Public Finance Authority Retirement Facility Revenue Refunding (Friends Homes), Series 2019,
5.00%, due 9/1/2054
574,449
(f)
1,060,000
Public Finance Authority Revenue (Astro Tex Land Project), Series 2024, 5.50%, due 12/15/2028
1,061,694
(f)
951,000
Public Finance Authority Revenue (Candela Project), Series 2023, 6.13%, due 12/15/2029
947,936
(f)
2,500,000
Public Finance Authority Revenue (Mayfair Project), Series 2024-A-4, 5.50%, due 11/15/2032
2,501,617
(f)
3,287,000
Public Finance Authority Revenue (Signorelli Project), Series 2024, 5.38%, due 12/15/2032
3,288,487
(f)
3,000,000
Public Finance Authority Revenue Refunding (Celanese Project), Series 2016-D, 4.05%, due
11/1/2030
2,972,026
310,000
Public Finance Authority Revenue Refunding (Roseman University Health Sciences Project),
Series 2015, 5.00%, due 4/1/2025
310,241
6,000,000
Public Finance Authority Special Facility Revenue (Sky Harbour Capital LLC Aviation Facility Project),
Series 2021, 4.25%, due 7/1/2054
5,001,434
800,000
Saint Croix Chippewa Indians of Wisconsin Revenue Refunding, Series 2021, 5.00%, due 9/30/2041
723,823
(f)
1,000,000
Wisconsin Health & Educational Facilities Authority Revenue (Chiara Housing & Services, Inc.
Project), Series 2024, 6.00%, due 7/1/2060
1,018,205
 
21,470,754
Total Municipal Notes (Cost $576,170,115)
571,510,789
Total Investments 164.3% (Cost $576,886,435)
571,512,278
Other Assets Less Liabilities 1.2%
4,168,978
Liquidation Preference of Variable Rate Municipal Term Preferred Shares (65.5)%
(227,900,000
)(j)
Net Assets Applicable to Common Stockholders 100.0%
$347,781,256
 
(a)
Variable or floating rate security. The interest rate shown was the current rate as of January 31, 2025 and
changes periodically.
(b)
Represents less than 0.05% of net assets of the Fund.
(c)
Defaulted security.
(d)
Value determined using significant unobservable inputs.
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
(e)
Security fair valued as of January 31, 2025 in accordance with procedures approved by the valuation
designee. Total value of all such securities at January 31, 2025 amounted to $192,906, which represents
0.1% of net assets applicable to common stockholders of the Fund.
(f)
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only
be sold to qualified institutional investors or may have other restrictions on resale. At January 31, 2025,
these securities amounted to $90,329,739, which represents 26.0% of net assets applicable to common
stockholders of the Fund.
(g)
Variable rate demand obligation where the stated interest rate is not based on a published reference rate
and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing
agent. The rate shown represents the rate in effect at January 31, 2025.
(h)
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(i)
Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in
the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of
January 31, 2025.
(j)
Fair valued as of January 31, 2025 in accordance with procedures approved by the valuation designee.
#  This security is subject to restrictions on resale. Total value of all such securities at January 31, 2025 amounted to $192,906, which represents 0.1% of net assets applicable to common stockholders of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table. 
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
1/31/2025
Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
1/31/2025
California State Pollution Control Financing Authority Solid
Waste Disposal Revenue (Green Bond-Rialto Bioenergy
Facility LLC Project)
1/17/2019
$1,827,031
$69
0.0%
Rialto Bioenergy Facility LLC
11/21/2023-1/31/2024
74,841
1,489
0.0%
Rialto Bioenergy Facility LLC
11/30/2023-5/29/2024
641,479
—
0.0%
South Carolina Jobs Economic Development Authority Solid
Waste Disposal Revenue (Green Bond-Jasper Pellets LLC
Project)
12/4/2018-6/25/2020
2,225,639
191,348
0.1%
Total
$4,768,990
$192,906
0.1%
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 January 31, 2025: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
(a)
Total
Investments:
 
 
 
 
Loan Assignments#
$—
$—
$1,489
$1,489
Municipal Notes
California
—
93,778,360
69
93,778,429
South Carolina
—
8,689,667
191,348
8,881,015
Other Municipal Notes#
—
468,851,345
—
468,851,345
Total Municipal Notes
—
571,319,372
191,417
571,510,789
Total Investments
$—
$571,319,372
$192,906
$571,512,278
 
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
#
The Schedule of Investments provides information on the industry, state/territory or sector categorization.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 11/1/2024
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
1/31/2025
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
1/31/2025
Investments in
Securities:
 
 
 
 
 
 
 
 
 
 
Loan Assignments(1)
$75
$—
$—
$(6
)
$—
$(67
)
$—
$—
$2
$(6
)
Municipal Notes(1)
453
1
11
(40
)
—
(234
)
—
—
191
(40
)
Total
$528
$1
$11
$(46
)
$—
$(301
)
$—
$—
$193
$(46
)
 
(1) Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
1/31/2025
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Municipal Notes
$191,417
Market Approach
Recovery Value (of Par Value)
8.2% - 12.2%
8.2%
Increase
Loan Assignments
1,489
Market Approach
Recovery Value (of Par Value)
0.0% - 2.0%
2.0%
Increase
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
 
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s outstanding Variable Rate Municipal Term Preferred Shares as of January 31, 2025: 
Other Financial Instruments
Level 1
Level 2
Level 3
Total
Variable Rate Municipal Term Preferred Shares(a)
$—
$(227,900,000
)
$—
$(227,900,000
)
Total Other Financial Instruments
$—
$(227,900,000
)
$—
$(227,900,000
)
 
(a)
The Fund may hold liabilities in which the fair value approximates the carrying amount for financial
statement purposes.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
January 31, 2025
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited) 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by Neuberger Berman Municipal Fund Inc. (the "Fund") are carried at the value that Management believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund's investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. 
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. 
The value of the Fund's investments in municipal notes is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues. 
The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available). 
The value of the Fund's Variable Rate Municipal Term Preferred Shares is estimated to be their liquidation preference (Level 2 inputs). 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund's Board of Directors designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. 
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited)  (cont’d)
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded. 
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited) (cont'd)
Legend
 
Other Abbreviations:
Management
= Neuberger Berman Investment Advisers LLC
Reference Rate Benchmarks:
SOFR
= Secured Overnight Financing Rate
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
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