Schedule of Investments Municipal Fund Inc.^

(Unaudited) July 31, 2020

Principal Amount			Value
Municipal Notes 159.6%
Alabama 2.8%
$	1,400,000	Black Belt Energy Gas Dist. Rev. (Goldman Sachs Group, Inc.), Ser. 2018-A, 4.00%, due 12/1/2048 Putable 12/1/2023	$	1,539,706
	4,400,000	Mizuho Floater/Residual Trust, Ser. 2020, (LOC: Mizuho Bank Ltd.), 0.66%, due 12/1/2048		4,400,000	(a)(b)
	1,900,000	Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/2035		1,988,749
				7,928,455
American Samoa 0.7%
	1,700,000	American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029		1,993,964
Arizona 2.5%
	500,000	Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/2036		535,840	(a)
	1,410,000	Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/2026		1,407,293	(a)
	2,250,000	Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025		2,441,092	(a)
	1,810,000	Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/2024		1,891,921
	395,000	Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%, due 7/1/2036		373,800
	400,000	Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/2024		430,308
			7,080,254
California 31.7%
	1,000,000	California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/2026		1,083,770
	1,725,000	California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/2024		1,727,674
		California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
	465,000	Ser. 2014, 5.00%, due 7/1/2024		482,047	(a)
	630,000	Ser. 2014, 5.13%, due 7/1/2029		655,383	(a)
		California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
	595,000	Ser. 2014, 5.00%, due 7/1/2024		625,952
	430,000	Ser. 2014, 5.13%, due 7/1/2029		458,053
	500,000	California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/2031		538,320	(a)
	570,000	California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030		609,746	(a)
	585,000	California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/2026		613,016
	2,000,000	California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West Village Std. Hsg. Proj.), Ser. 2018, 5.00%, due 5/15/2051		2,262,280
	1,300,000	California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/2030		1,469,299	(a)
		California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.
	2,155,000	Ser. 2016-A, 2.90%, due 6/1/2028		2,327,486
	2,450,000	Ser. 2016-A, 2.95%, due 12/1/2028		2,648,940
	470,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/2027		235,000	(a)(c)
	2,000,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.), Ser. 2019, 7.50%, due 12/1/2039		320,000	(a)
	1,855,000	California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Green Bond-Rialto Bioenergy Fac. LLC, Proj.), Ser. 2019, 7.50%, due 12/1/2040		1,798,423	(a)

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount				Value
$	4,780,000	California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027	$	5,069,333	(a)
	2,000,000	Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/2033 Pre-Refunded 8/1/2021		2,125,180
	1,000,000	Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2018-A-2, 5.00%, due 6/1/2047		1,021,890
	2,000,000	Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025		2,627,040
	590,000	La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/2029 Pre-Refunded 5/15/2022		645,855
	2,250,000	Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/2027		2,308,208
	3,620,000	Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/2024		3,538,731
	5,750,000	Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (Assured Guaranty Insured), 0.00%, due 8/1/2029		7,257,132	(d)
	5,000,000	Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/2034		6,573,850
	4,000,000	Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026		5,220,760
	2,000,000	San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 6.38%, due 8/1/2034		2,445,120
	6,000,000	San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/2032		7,220,820	(e)
	1,540,000	Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/2026		1,662,861
	2,040,000	Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/2025		2,317,542
	9,070,000	Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 6.88%, due 8/1/2037		13,365,280
	5,095,000	Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured Guaranty Insured), 0.00%, due 8/1/2026		4,811,769
	3,000,000	Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/2036		3,406,800	(f)
			89,473,560
Colorado 5.0%
		Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
	500,000	Ser. 2015, 4.50%, due 4/1/2025		512,315	(a)
	1,000,000	Ser. 2015, 5.13%, due 4/1/2035		1,016,280	(a)
	1,350,000	Ser. 2015, 5.25%, due 4/1/2045		1,363,216	(a)
		Colorado Ed. & Cultural Facs. Au. Rev. Ref.
	100,000	Ser. 2014, 4.00%, due 11/1/2024		104,564
	750,000	Ser. 2014, 4.50%, due 11/1/2029		812,910
	5,000,000	Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/2024		5,273,950
	2,550,000	Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/2023		2,605,029	(a)
	8,000,000	Villages at Castle Rock Co. Metro. Dist. #6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2, 0.00%, due 12/1/2037		2,276,240
			13,964,504
Connecticut 0.3%
	750,000	Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/2025		786,473
District of Columbia 2.2%
	1,615,000	Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/2026		1,685,430
	1,275,000	Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/2022		1,303,790
	520,000	Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/2023 Pre-Refunded 4/1/2021		540,368

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount			Value
$	650,000	Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/2045	$	622,161
	2,000,000	Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/2026		2,093,960
			6,245,709
Florida 5.3%
	800,000	Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C, 7.50%, due 7/1/2053		401,048	(a)
	1,000,000	Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/2026		1,153,120
		Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
	470,000	Ser. 2012-A, 5.50%, due 6/15/2022		480,599	(a)
	3,120,000	Ser. 2013-A, 6.75%, due 12/15/2027		3,469,502
	1,750,000	Ser. 2014-A, 5.75%, due 6/15/2029		1,893,693
	1,075,000	Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/2036		1,054,156
	1,200,000	Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.38%, due 6/1/2046		840,000	(a)(c)
	100,000	Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/2036		101,029
	1,135,000	Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/2027		1,209,978
	2,000,000	Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/2025		2,088,880
	370,000	Lee Co. Ind. Dev. Au. Rev. (Florida Pwr. & Lt. Co. Proj.), Ser. 2016-A, 0.23%, due 12/1/2046		370,000	(b)
	920,000	Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/2029		955,622
	1,000,000	Village Comm. Dev. Dist. Number 13 Spec. Assessment Rev., Ser. 2019, 3.70%, due 5/1/2050		1,019,450
			15,037,077
Georgia 1.1%
	1,750,000	Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, due 7/1/2036		1,409,713	(a)(c)
	2,000,000	DeKalb Co. Hsg. Au. Sr. Living Rev. Ref. (Baptist Retirement Comm. of Georgia Proj.), Ser. 2019-A, 5.13%, due 1/1/2049		1,544,040	(a)
			2,953,753
Guam 0.4%
	1,220,000	Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/2020		1,224,343
Hawaii 2.7%
	5,200,000	Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/2024		5,353,712
	2,250,000	Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaiian Elec. Co., Inc. - Subsidiary), Ser. 2019, 3.50%, due 10/1/2049		2,314,620
			7,668,332
Illinois 20.4%
	5,705,000	Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/2027		6,114,106

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount				Value
		Chicago G.O.
$	250,000	Ser. 2002-2002B, 5.13%, due 1/1/2027	$	271,885
	2,000,000	Ser. 2002-B, 5.00%, due 1/1/2025		2,186,440
	1,000,000	Ser. 2019-A, 5.00%, due 1/1/2044		1,091,340
		Chicago Ref. G.O.
	1,000,000	Ser. 2005-D, 5.50%, due 1/1/2040		1,076,600
	2,500,000	Ser. 2012-C, 5.00%, due 1/1/2024		2,580,250
	700,000	Ser. 2014-A, 5.00%, due 1/1/2027		746,473
	3,000,000	Ser. 2017-A, 6.00%, due 1/1/2038		3,475,590
		Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
	1,350,000	Ser. 2013-C, 5.45%, due 12/1/2030		1,565,271
	1,960,000	Ser. 2013-C, 5.50%, due 12/1/2031		2,275,776
	1,560,000	Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/2031		1,930,781
	2,000,000	Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A, 4.00%, due 7/15/2047		2,208,580
	1,905,000	Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/2026		1,611,592
		Illinois St. G.O.
	3,900,000	Ser. 2012, 4.00%, due 8/1/2025		4,022,382
	1,000,000	Ser. 2013, 5.00%, due 7/1/2023		1,077,960
	5,200,000	Ser. 2017-D, 5.00%, due 11/1/2028		5,960,344
	4,250,000	Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/2024		4,638,407
	450,000	Peoria G.O., Ser. 2016-A, (LOC: BMO Harris Bank N.A.), 0.58%, due 1/1/2031		450,000	(b)
	1,180,000	Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/2026 Pre-Refunded 6/1/2021		1,254,092
		So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
	945,000	Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027		1,018,313
	1,375,000	Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028		1,478,551
	715,000	Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029		767,481
		Univ. of Illinois (Hlth. Svc. Facs. Sys.)
	2,725,000	Ser. 2013, 5.00%, due 10/1/2027		3,020,908
	2,875,000	Ser. 2013, 5.75%, due 10/1/2028		3,248,606
	1,500,000	Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 5.25%, due 12/1/2047		1,521,735	(a)
	1,850,000	Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/2031		1,894,640
			57,488,103
Indiana 1.4%
	3,055,000	Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/2021		3,282,628
	500,000	Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/2024		532,580
			3,815,208
Kentucky 0.5%
	1,350,000	Ashland City, Kentucky Med. Ctr. Ref. Rev. (Ashland Hosp. Corp. DBA Kings Daughter Med. Ctr.), Ser. 2019, (AGM Insured), 3.00%, due 2/1/2040		1,393,821
Louisiana 2.6%
	1,500,000	Louisiana Local Gov't Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/2035		1,515,150
	1,715,000	Louisiana Local Gov't. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A, 5.75%, due 2/1/2032		1,742,800	(a)
	775,000	Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/2028		832,404
	700,000	Louisiana St. Local Gov’t Env. Facs. & Comm. Dev. Au. Rev. (Lafourche Parish Gomesa Proj.), Ser. 2019, 3.95%, due 11/1/2043		658,294	(a)

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount				Value
$	1,655,000	St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/2040 Putable 6/1/2022	$	1,731,610
	800,000	St. John the Baptist Parish LA Rev. Ref. (Marathon Oil Corp. Proj.), Subser. 2017-A-1, 2.00%, due 6/1/2037 Putable 4/1/2023		795,880
			7,276,138
Massachusetts 2.3%
		Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
	200,000	Ser. 2014-F, 5.00%, due 7/15/2024		212,902
	415,000	Ser. 2014-F, 5.00%, due 7/15/2025		440,651
	200,000	Ser. 2014-F, 5.00%, due 7/15/2026		211,592
	190,000	Ser. 2014-F, 5.00%, due 7/15/2027		200,551
	150,000	Ser. 2014-F, 5.00%, due 7/15/2028		157,890
		Massachusetts St. Ed. Fin. Au. Rev.
	1,150,000	Ser. 2011-J, 5.00%, due 7/1/2023		1,183,281
	1,615,000	Ser. 2012-J, 4.70%, due 7/1/2026		1,663,095
	2,245,000	Ser. 2013-K, 4.50%, due 7/1/2024		2,354,915
			6,424,877
Michigan 2.3%
	1,500,000	Detroit Downtown Dev. Au. Tax Increment Rev. Ref. (Catalyst Dev. Proj.), Ser. 2018-A, (AGM Insured), 5.00%, due 7/1/2048		1,684,230
		Michigan St. Hsg. Dev. Au. Rev.
	1,935,000	Ser. 2016-C, 2.05%, due 12/1/2022		1,986,684
	1,835,000	Ser. 2016-C, 2.15%, due 6/1/2023		1,896,656
	750,000	Michigan St. Strategic Fund Ltd. Oblig. Rev. (Improvement Proj.), Ser. 2018, 5.00%, due 6/30/2048		836,557
	100,000	Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/2035		100,065
			6,504,192
Minnesota 4.6%
	2,250,000	Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children's Hlth. Care Facs.), Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/2024 Pre-Refunded 8/15/2020		2,252,947
	400,000	St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A, 5.00%, due 6/15/2038		415,172	(a)
	10,440,000	Tender Option Bond Trust Receipts/Cert., Ser. 2020, (LOC: Mizuho Bank Ltd.), 0.66%, due 7/2/2022		10,440,000	(a)(b)
			13,108,119
Mississippi 0.5%
	1,500,000	Mississippi St. Bus. Fin. Corp. Rev. Ref. (Sys. Energy Res., Inc. Proj.), Ser. 2019, 2.50%, due 4/1/2022		1,512,750
Nevada 0.6%
		Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
	1,300,000	Ser. 2015-A, 4.00%, due 12/15/2025		1,311,622	(a)
	500,000	Ser. 2015-A, 5.13%, due 12/15/2045		508,520	(a)
			1,820,142
New Jersey 10.7%
	2,500,000	New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/2023		2,558,650
	1,230,000	New Jersey Econ. Dev. Au. Rev. (Sch. Facs. Construction), Ser. 2019-LLL, 5.00%, due 6/15/2028		1,478,165

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount				Value
		New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
$	500,000	Ser. 2013, 5.25%, due 1/1/2025	$	564,875
	500,000	Ser. 2013, 5.50%, due 1/1/2026		567,245
		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
	1,420,000	Ser. 2013, 3.50%, due 7/1/2024		1,400,574
	1,470,000	Ser. 2013, 3.63%, due 7/1/2025		1,449,479
	1,520,000	Ser. 2013, 3.75%, due 7/1/2026		1,498,568
	765,000	Ser. 2013, 4.00%, due 7/1/2027		764,977
	180,000	New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 5.25%, due 12/15/2020		182,896
	2,065,000	New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/2026		2,175,126
		New Jersey St. Econ. Dev. Au. Sch. Rev. (Beloved Comm. Charter, Sch., Inc. Proj.)
	1,105,000	Ser. 2019-A, 5.00%, due 6/15/2049		1,150,471	(a)
	725,000	Ser. 2019-A, 5.00%, due 6/15/2054		749,882	(a)
	8,250,000	New Jersey St. Trans. Trust Fund Au., Ser. 2019-BB, 4.00%, due 6/15/2050		8,780,888
		New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref.
	1,250,000	Ser. 2018-A, 5.00%, due 12/15/2036		1,462,350
	4,000,000	Ser. 2018-A, 4.25%, due 12/15/2038		4,393,960
	1,000,000	Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/2037		1,141,210
			30,319,316
New Mexico 0.5%
		Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax Increment Bond)
	500,000	Ser. 2015, 5.25%, due 5/1/2025		502,745	(a)
	1,000,000	Ser. 2015, 5.75%, due 5/1/2030		1,008,970	(a)
			1,511,715
New York 12.3%
	225,000	Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 5.00%, due 6/1/2035		246,744
	625,000	Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/2029		668,569
		Build NYC Res. Corp. Rev.
	1,100,000	Ser. 2014, 5.00%, due 11/1/2024		1,191,520
	835,000	Ser. 2014, 5.25%, due 11/1/2029		900,631
	975,000	Ser. 2014, 5.50%, due 11/1/2044		1,030,302
	250,000	Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/2047		260,543	(a)
	825,000	Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049		863,247	(a)
		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)
	305,000	Ser. 2013-A, 3.88%, due 4/15/2023		308,309
	1,450,000	Ser. 2013-A, 5.00%, due 4/15/2043		1,471,808
	910,000	Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/2025		957,657	(a)
		Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
	700,000	Ser. 2014, 5.00%, due 7/1/2023		764,379
	735,000	Ser. 2014, 5.00%, due 7/1/2024		823,207
	390,000	Ser. 2018, 5.00%, due 7/1/2030		465,520
	1,400,000	Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond-Reenergy Black River LLC Proj.), Ser. 2014, 5.25%, due 1/1/2024		1,328,768	(a)
	1,800,000	New York City G.O., Subser. 2010-G-4, (LOC: Barclays Bank PLC), 0.14%, due 3/1/2039		1,800,000	(b)

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount				Value
$	500,000	New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/2040	$	529,170	(a)
	3,200,000	New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/2028 Pre-Refunded 7/1/2023		3,649,216
	2,300,000	New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Montefiore Oblig. Group), Ser. 2018-A, 5.00%, due 8/1/2035		2,771,937
	2,000,000	New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027		2,136,320
	70,000	New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 2007-142, (LOC: Royal Bank of Canada), 0.19%, due 10/1/2037		70,000	(b)
	2,000,000	New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.), Ser. 2018, 5.00%, due 1/1/2033		2,184,980
	3,000,000	New York St. Urban Dev. Corp. Rev., Ser. 2020-A, 4.00%, due 3/15/2045		3,537,450
		Newburgh G.O. (Deficit Liquidation)
	520,000	Ser. 2012-B, 5.00%, due 6/15/2021		535,917
	550,000	Ser. 2012-B, 5.00%, due 6/15/2022		585,755
	1,435,000	Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/2023 Pre-Refunded 5/1/2022		1,540,831
	1,155,000	Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/2026		1,216,134
	2,000,000	Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028		2,307,780
	600,000	Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/2030		579,624	(a)
			34,726,318
North Carolina 1.1%
	1,115,000	North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/2024		1,126,150
	1,070,000	North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/2023		1,087,067
	700,000	North Carolina Med. Care Commission Retirement Facs. Rev. (Twin Lakes Comm.), Ser. 2019-A, 5.00%, due 1/1/2049		738,794
			2,952,011
Ohio 6.2%
	9,220,000	Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, Class 2, 5.00%, due 6/1/2055		10,160,624
	2,060,000	Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/2027 Pre-Refunded 1/1/2022		2,200,513
	500,000	Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019, 5.00%, due 7/1/2049		508,970	(a)
	1,000,000	Ohio St. Air Quality Dev. Au. Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029		1,040,790
	3,500,000	Port Au. of Greater Cincinnati Dev. Rev. (Convention Ctr. Hotel Acquisition and Demolition Proj.), Ser. 2020-A, 3.00%, due 5/1/2023		3,504,585
			17,415,482
Oklahoma 1.1%
	2,000,000	Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%, due 8/15/2033		2,385,680
		Tulsa Arpt. Imp. Trust Ref. Rev.
	250,000	Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2024		288,230
	400,000	Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2025		459,540
			3,133,450
Oregon 0.0%(g)
	30,000	Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/2027		30,331

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount			Value
Pennsylvania 6.6%
		Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
$	500,000	Ser. 2012, 3.50%, due 5/1/2025	$	516,310
	350,000	Ser. 2012, 3.60%, due 5/1/2026		361,246
	2,830,000	Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A, 4.25%, due 7/1/2030		2,836,113
	1,250,000	Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/2028 Pre-Refunded 5/1/2023		1,402,212
	3,430,000	Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/2027 Pre-Refunded 4/1/2022		3,659,227
	2,625,000	Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/2024		2,881,436
	2,350,000	Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/2053		2,259,619	(a)
	500,000	Pennsylvania St. Econ. Dev. Fin. Au. Solid Waste Disp. Rev. (CarbonLite P LLC Proj.), Ser. 2019, 5.75%, due 6/1/2036		491,300	(a)
		Pennsylvania St. Turnpike Commission Rev.
	150,000	Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020		152,835
	705,000	Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020		718,324
	145,000	Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020		147,741
	3,000,000	Pennsylvania St. Turnpike Commission Turnpike Rev., Subser. 2019-A, 4.00%, due 12/1/2049		3,292,200
			18,718,563
Puerto Rico 6.3%
	16,373,000	Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058		17,691,845
South Carolina 1.5%
	1,500,000	South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%, due 10/1/2057		1,387,560
	2,325,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Jasper Pellets LLC, Proj.), Ser. 2018-A, 7.00%, due 11/1/2038		2,194,707	(a)
	750,000	South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), Ser. 2017, 6.25%, due 2/1/2045		607,268	(a)
			4,189,535
Tennessee 0.8%
	2,000,000	Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/2023		2,268,000
Texas 5.2%
	250,000	Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/2045		268,930
		Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
	425,000	Ser. 2014-A, 5.88%, due 3/1/2024		448,936
	1,000,000	Ser. 2014-A, 6.63%, due 3/1/2029		1,096,370
	730,000	Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/2042		832,047
	475,000	Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/2022		480,975
	250,000	Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/2028		264,033	(a)
	2,000,000	Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/2042		2,067,960
	1,000,000	Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 5.75%, due 1/1/2028		1,053,390

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount				Value
		Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
$	165,000	Ser. 2012-A, 4.00%, due 2/15/2022	$	170,641
	1,000,000	Ser. 2012-A, 5.00%, due 2/15/2032		1,047,940
		New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy)
	545,000	Ser. 2019, 5.00%, due 8/15/2039		566,124	(a)
	520,000	Ser. 2019, 5.00%, due 8/15/2049		535,465	(a)
	1,225,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/2053		1,146,539
	500,000	New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage), Ser. 2016-C, 5.75%, due 7/1/2051		425,750
	1,250,000	Texas Private Activity Bond Surface Trans. Corp. Sr. Lien Rev. Ref. (North Tarrant Express Managed Lanes Proj.), Ser. 2019-A, 4.00%, due 12/31/2039		1,393,112
	1,500,000	Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/2021		1,567,725
	1,000,000	Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019, 5.00%, due 6/30/2058		1,167,170
			14,533,107
Utah 3.2%
		Salt Lake City Arpt. Rev.
	1,000,000	Ser. 2017-A, 5.00%, due 7/1/2042		1,187,250
	2,000,000	Ser. 2017-A, 5.00%, due 7/1/2047		2,357,300
	1,000,000	Ser. 2018-A, 5.00%, due 7/1/2043		1,205,860
	3,000,000	Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/2028		3,570,690
	500,000	Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/2045		500,355	(a)
		Utah Hsg. Corp. Single Family Mtge. Rev.
	50,000	Ser. 2011-A2, Class I, 5.25%, due 7/1/2021		50,734
	55,000	Ser. 2011-A2, Class I, 5.45%, due 7/1/2022		55,976
			8,928,165
Vermont 2.3%
		Vermont Std. Assist. Corp. Ed. Loan Rev.
	1,600,000	Ser. 2012-A, 5.00%, due 6/15/2021		1,646,176
	210,000	Ser. 2013-A, 4.25%, due 6/15/2024		219,253
	480,000	Ser. 2013-A, 4.35%, due 6/15/2025		500,861
	720,000	Ser. 2013-A, 4.45%, due 6/15/2026		750,449
	230,000	Ser. 2013-A, 4.55%, due 6/15/2027		239,556
	1,800,000	Ser. 2014-A, 5.00%, due 6/15/2024		2,025,954
	1,105,000	Ser. 2015-A, 4.13%, due 6/15/2027		1,191,488
			6,573,737
Virginia 0.2%
	530,000	Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/2022		541,135
Washington 2.9%
	6,700,000	Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/2028		7,284,642
	790,000	Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.), Ser. 2017, 5.00%, due 8/15/2026		900,853
			8,185,495
Wisconsin 2.5%
	870,000	Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/2030		914,240	(a)
	200,000	Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/2035		206,820	(a)
	2,800,000	Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 4.25%, due 12/1/2051		2,497,628

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

Principal Amount				Value
$	1,330,000	Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/2025	$	1,402,751
	2,000,000	Pub. Fin. Au. Sr. Rev. (Wonderful Foundations Charter Sch. Portfolio Proj.), Ser. 2020-A-1, 5.00%, due 1/1/2055		2,035,580	(a)
			7,057,019
Other 6.3%
		JP Morgan Chase Putters/Drivers Trust Var. Sts. (Putters)
	14,400,000	Ser. 2019-5027, (LOC: JP Morgan Chase Bank N.A.), 0.42%, due 6/1/2021		14,400,000	(a)(b)
	3,375,000	Ser. 2020-5033, (LOC: JP Morgan Chase Bank N.A.), 0.42%, due 2/16/2022		3,375,000	(a)(b)
			17,775,000
		Total Investments 159.6% (Cost $413,675,192)	450,249,998
		Other Assets Less Liabilities 0.8%	2,279,159
		Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $24,133) (60.4)%	(170,375,867		)
		Net Assets Applicable to Common Stockholders 100.0%	$	282,153,290

(a)	Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At July 31, 2020, these securities amounted to $83,522,717, which represents 29.6% of net assets applicable to common stockholders of the Fund.
(b)	Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at July 31, 2020.
(c)	Defaulted security.
(d)	Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
(e)	Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(f)	Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(g)	Represents less than 0.05% of net assets applicable to common stockholders of the Fund.

See Notes to Schedule of Investments

Schedule of Investments Municipal Fund Inc.^

(Unaudited) (cont’d)

The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2020:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Municipal Notes(a)	$	—	$	450,249,998	$	—	$	450,249,998
Total Investments	$	—	$	450,249,998	$	—	$	450,249,998

^(a)   The Schedule of Investments provides a categorization by state/territory for the portfolio.

^    A balance indicated with a "-", reflects either a zero balance or an amount that rounds to less than 1.

July 31, 2020

Notes to Schedule of Investments Neuberger Berman Municipal Fund Inc. (Unaudited)

In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman Municipal Fund Inc. (the “Fund”) are carried at the value that Neuberger Berman Investment Advisers LLC ("Management") believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund’s investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Fund’s investments in municipal notes is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues.

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Fund’s Board of Directors has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts and whether the issuer of the security being fair valued has other securities outstanding.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820: “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”) (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 will require the disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 will also require that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the disclosure requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.

For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.

Notes to Schedule of Investments Neuberger Berman Municipal Fund Inc. (Unaudited) (cont’d)

Other matters—Coronavirus: The outbreak of the novel coronavirus in many countries, which is a rapidly evolving situation, has, among other things, disrupted global travel and supply chains, and has adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility, in ways that cannot necessarily be foreseen at the present time. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on economic and market conditions and trigger a period of global economic slowdown. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact the issuers of the securities held by the Fund.

For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.