NPORT-EX 2 NPORT_9W47_29434715_0123.htm EDGAR HTML
Schedule of Investments Municipal Fund Inc.^ (Unaudited) 
January 31, 2023
 
Principal Amount
Value
Municipal Notes 161.6%
Alabama 0.3%
$   750,000
Sumter Co. Ind. Dev. Au.(Green Bond-Enviva, Inc.), Ser. 2022, 6.00%, due 7/15/2052 Putable
7/15/2032
$687,574
American Samoa 0.8%
 1,700,000
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029
1,792,138
Arizona 1.8%
   500,000
Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016,
5.00%, due 7/1/2036
    504,189(a)
 2,250,000
Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/2025
  2,308,788(a)
   940,000
Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/2024
    936,714
   400,000
Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/2024
    400,720
 
 
4,150,411
California 34.7%
   905,000
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.),
Ser. 2010, 5.13%, due 8/15/2024
    906,124
 
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
   420,000
Ser. 2014, 5.00%, due 7/1/2024
    425,268(a)
   630,000
Ser. 2014, 5.13%, due 7/1/2029
    639,713(a)
 
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
   310,000
Ser. 2014, 5.00%, due 7/1/2024
    311,640
   430,000
Ser. 2014, 5.13%, due 7/1/2029
    432,863
   500,000
California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%,
due 7/1/2031
    503,406(a)
   570,000
California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030
    582,421(a)
   585,000
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%,
due 1/1/2026 Pre-Refunded 7/1/2024
    598,708
 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
  2,024,895
   275,000
California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis II, LLC, Green Bond-Orchard Park Std. Hsg. Proj.),
Ser. 2021, (BAM Insured), 3.00%, due 5/15/2054
    214,238
 1,300,000
California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due
7/1/2030
  1,349,573(a)
 
California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.
 2,155,000
Ser. 2016-A, 2.90%, due 6/1/2028
  2,146,001
 2,450,000
Ser. 2016-A, 2.95%, due 12/1/2028
  2,444,944
 8,000,000
California St. G.O., Ser. 2022, 3.00%, due 4/1/2052
  6,554,377
   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
     47,000(a)(b)
 2,000,000
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.), Ser. 2019,
7.50%, due 12/1/2039
     49,451(a)(b)
 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
  1,242,048(a)
 3,990,000
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027
  4,010,393(a)
12,665,000
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2021-B-2, 0.00%, due
6/1/2066
  1,594,591
 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
  2,213,551
 2,000,000
North Orange Co. Comm. College Dist. G.O., Ser. 2022-C, 4.00%, due 8/1/2047
  2,032,287
 3,620,000
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%,
due 8/1/2024
  3,477,222
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 Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (Assured
Guaranty Insured), 5.50%, due 8/1/2029
$  6,657,793
 5,000,000
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2026
  5,716,507
 4,000,000
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),
5.25%, due 12/1/2026
  4,446,104
 2,000,000
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 6.38%, due
8/1/2034 Pre-Refunded 8/1/2024
  2,113,258
 6,000,000
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due
8/1/2032
  6,951,910(c)
 2,040,000
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due
9/1/2025
  2,067,490
 9,070,000
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 6.88%, due
8/1/2037
 11,170,031
 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
  4,647,267
 3,000,000
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%,
due 8/1/2036
  3,170,405(d)
 
 
80,741,479
Colorado 3.6%
 
Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
   805,000
Ser. 2015, 4.50%, due 4/1/2025
    819,707(a)
 1,000,000
Ser. 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025
  1,054,803(a)
 1,350,000
Ser. 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025
  1,427,516(a)
   750,000
Colorado Ed. & Cultural Facs. Au. Rev. Ref., Ser. 2014, 4.50%, due 11/1/2029
    753,401
 2,550,000
Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/2023
  2,546,379(a)
 5,333,333
Villages at Castle Rock Co. Metro. Dist. Number 6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2,
0.00%, due 12/1/2037
  1,693,464
 
 
8,295,270
Connecticut 0.3%
   750,000
Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/2025
752,424
District of Columbia 0.3%
   650,000
Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due
10/1/2045
641,280
Florida 7.2%
   800,000
Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C,
7.50%, due 7/1/2053
     24,000(a)(b)
 2,000,000
Cap. Trust Agcy. Sr. Living Rev. (Wonderful Foundations Sch. Proj.), Ser. 2020-A-1, 5.00%, due
1/1/2055
  1,658,382(a)
 1,000,000
CityPlace Comm. Dev. Dist. Spec. Assessment Ref. Rev., Ser. 2012, 5.00%, due 5/1/2026
  1,037,688
 
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
 3,120,000
Ser. 2013-A, 6.75%, due 12/15/2027 Pre-Refunded 6/15/2023
  3,165,508
 1,750,000
Ser. 2014-A, 5.75%, due 6/15/2029
  1,784,231(a)
 1,075,000
Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/2036
    993,645
 8,000,000
Hillsborough Co. Ind. Dev. Au. Hosp. Rev. (Tampa General Hosp. Proj.), Ser. 2020-A, 3.50%, due
8/1/2055
  6,441,204
   850,000
Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/2029
    845,385
   965,000
Village Comm. Dev. Dist. Number 13 Spec. Assessment Rev., Ser. 2019, 3.70%, due 5/1/2050
    752,926
 
 
16,702,969
Guam 0.6%
   250,000
A.B. Won Pat Int'l Arpt. Au. Rev. Ref., Ser. 2023-A, 5.38%, due 10/1/2043
    253,147(e)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Guam – cont'd
$ 1,000,000
Guam Pwr. Au. Rev., Ser. 2022-A, 5.00%, due 10/1/2035
$  1,102,563
 
 
1,355,710
Hawaii 0.8%
 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
1,832,071
Illinois 22.6%
 5,705,000
Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/2027
  5,759,196
 
Chicago G.O.
   250,000
Ser. 2002-2002B, 5.13%, due 1/1/2027
    255,953
 2,000,000
Ser. 2002-B, 5.00%, due 1/1/2025
  2,047,698
 1,000,000
Ser. 2019-A, 5.00%, due 1/1/2044
  1,003,758
 
Chicago Ref. G.O.
 1,000,000
Ser. 2005-D, 5.50%, due 1/1/2040
  1,019,276
   700,000
Ser. 2014-A, 5.00%, due 1/1/2027
    704,756
 3,000,000
Ser. 2017-A, 6.00%, due 1/1/2038
  3,196,244
 
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
 1,350,000
Ser. 2013-C, 5.45%, due 12/1/2030
  1,384,450
 1,960,000
Ser. 2013-C, 5.50%, due 12/1/2031
  2,010,817
 1,560,000
Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due
2/15/2031
  1,703,510
 1,000,000
Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A, 4.00%,
due 7/15/2047
    994,430
 1,905,000
Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured),
0.00%, due 6/15/2026
  1,708,595
 
Illinois St. G.O.
 3,900,000
Ser. 2012, 4.00%, due 8/1/2025
  3,903,290
 1,000,000
Ser. 2013, 5.00%, due 7/1/2023
  1,009,048
 5,200,000
Ser. 2017-D, 5.00%, due 11/1/2028
  5,577,431
 3,000,000
Ser. 2021-A, 4.00%, due 3/1/2039
  2,894,748
 2,175,000
Ser. 2021-A, 4.00%, due 3/1/2040
  2,078,799
   775,000
Ser. 2021-A, 5.00%, due 3/1/2046
    796,749
 4,250,000
Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/2024
  4,340,180
 
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
   945,000
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027
    965,239
 1,375,000
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028
  1,403,741
   715,000
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029
    729,577
 
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
 2,725,000
Ser. 2013, 5.00%, due 10/1/2027
  2,767,014
 2,875,000
Ser. 2013, 5.75%, due 10/1/2028
  2,934,547
 1,500,000
Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A, 5.25%,
due 12/1/2047
  1,366,360(a)
 
 
52,555,406
Indiana 0.1%
   150,000
Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/2024
152,667
Iowa 0.5%
 1,105,000
Iowa St. Higher Ed. Loan Au. Rev. (Des Moines Univ. Proj.), Ser. 2020, 5.00%, due 10/1/2028
1,189,017
Kansas 0.6%
 1,500,000
Wyandotte Co. & Kansas City Kanuni Gov't. G.O. Temporary Notes, Ser. 2022-I, 1.25%, due
4/1/2023
1,496,969
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
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
$1,132,519
Louisiana 1.6%
 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
  1,677,452(a)
   675,243
Louisiana St. Local Gov’t Env. Facs. & Comm. Dev. Au. Rev. (Lafourche Parish Gomesa Proj.),
Ser. 2019, 3.95%, due 11/1/2043
    597,882(a)
   775,000
Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.),
Ser. 2013-A, 7.63%, due 12/15/2028
    784,319
   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
    798,551
 
 
3,858,204
Maine 0.7%
 2,200,000
Maine St. Fin. Au. (Green Bond-Go Lab Madison, LLC Proj.), Ser. 2021, 8.00%, due 12/1/2051
1,540,480(a)
Maryland 0.1%
   300,000
Baltimore Spec. Oblig. Ref. Rev. Sr. Lien (Harbor Point Proj.), Ser. 2022, 5.00%, due 6/1/2051
292,481
Massachusetts 0.8%
 
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
   200,000
Ser. 2014-F, 5.00%, due 7/15/2024
    201,671
   415,000
Ser. 2014-F, 5.00%, due 7/15/2025
    417,984
   200,000
Ser. 2014-F, 5.00%, due 7/15/2026
    201,506
   190,000
Ser. 2014-F, 5.00%, due 7/15/2027
    191,444
   860,000
Massachusetts St. Ed. Fin. Au. Rev., Ser. 2012-J, 4.70%, due 7/1/2026
    860,568
 
 
1,873,173
Michigan 5.9%
 
City of Detroit MI G.O.
 3,000,000
Ser. 2021-A, 5.00%, due 4/1/2046
  2,972,029
 3,850,000
Ser. 2021-A, 5.00%, due 4/1/2050
  3,766,791
 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
  1,511,232
 2,000,000
Michigan St. Bldg. Au. Rev. (Facilities Prog.), Ser. 2022-I, 5.00%, due 10/15/2047
  2,236,886
 2,500,000
Michigan St. Strategic Fund Ltd. Oblig. Rev. (Green Bond-Recycled Board Machine Proj.), Ser. 2021,
4.00%, due 10/1/2061 Putable 10/1/2026
  2,473,874
   750,000
Michigan St. Strategic Fund Ltd. Oblig. Rev. (Improvement Proj.), Ser. 2018, 5.00%, due 6/30/2048
    760,003
   100,000
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/2035
     91,006
 
 
13,811,821
Minnesota 0.2%
   400,000
St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A, 5.00%, due
6/15/2038
394,075(a)
Mississippi 0.7%
 1,700,000
Mississippi Dev. Bank Spec. Oblig. (Jackson Co. Gomesa Proj.), Ser. 2021, 3.63%, due 11/1/2036
1,548,649(a)
Nevada 0.5%
 
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
   655,000
Ser. 2015-A, 4.00%, due 12/15/2025
    653,218(a)
   500,000
Ser. 2015-A, 5.13%, due 12/15/2045
    494,986(a)
 
 
1,148,204
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New Hampshire 0.3%
$   750,000
National Fin. Au. Rev. (Green Bond), Ser. 2020-B, 3.75%, due 7/1/2045 Putable 7/2/2040
$604,092(a)
New Jersey 9.9%
 
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
   500,000
Ser. 2013, 5.25%, due 1/1/2025
    508,574
   500,000
Ser. 2013, 5.50%, due 1/1/2026
    509,528
 
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 Pre-Refunded 7/1/2023
  1,426,377
 1,470,000
Ser. 2013, 3.63%, due 7/1/2025 Pre-Refunded 7/1/2023
  1,477,354
 1,520,000
Ser. 2013, 3.75%, due 7/1/2026 Pre-Refunded 7/1/2023
  1,528,381
   765,000
Ser. 2013, 4.00%, due 7/1/2027 Pre-Refunded 7/1/2023
    770,095
 1,115,000
New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/2026
  1,115,614
   685,000
New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due
9/15/2023
    688,176
 
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
  1,052,104(a)
   725,000
Ser. 2019-A, 5.00%, due 6/15/2054
    682,386(a)
 7,250,000
New Jersey St. Trans. Trust Fund Au., Ser. 2019-BB, 4.00%, due 6/15/2050
  6,892,629
 
New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref.
 1,250,000
Ser. 2018-A, 5.00%, due 12/15/2036
  1,342,354
 4,000,000
Ser. 2018-A, 4.25%, due 12/15/2038
  4,071,319
 1,000,000
Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/2037
  1,019,976
 
 
23,084,867
New Mexico 0.5%
 1,500,000
Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 (Sr. Lien), Ser. 2022, 4.25%, due 5/1/2040
1,275,403(a)
New York 18.8%
   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
    233,238
   625,000
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/2029
    639,134
 1,345,000
Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/2045
  1,160,187
 
Build NYC Res. Corp. Rev.
 1,100,000
Ser. 2014, 5.00%, due 11/1/2024
  1,104,113
   835,000
Ser. 2014, 5.25%, due 11/1/2029
    838,800
   975,000
Ser. 2014, 5.50%, due 11/1/2044
    953,148
   250,000
Build NYC Res. Corp. Rev. (Metro. Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/2047
    237,501(a)
   825,000
Build NYC Res. Corp. Rev. (New Dawn Charter Sch. Proj.), Ser. 2019, 5.75%, due 2/1/2049
    831,984(a)
 
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)
   100,000
Ser. 2013-A, 3.88%, due 4/15/2023
     99,972(a)
 1,450,000
Ser. 2013-A, 5.00%, due 4/15/2043
  1,408,591(a)
   425,000
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due
1/1/2025
    431,319(a)
 
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
   700,000
Ser. 2014, 5.00%, due 7/1/2023
    705,638
   735,000
Ser. 2014, 5.00%, due 7/1/2024
    755,544
   390,000
Ser. 2018, 5.00%, due 7/1/2030
    418,588
 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
    140,000(a)(f)(g)
 
Metro. Trans. Au. Rev. (Green Bond)
 8,500,000
Ser. 2020-D-3, 4.00%, due 11/15/2049
  7,586,858
 3,000,000
Ser. 2020-D-3, 4.00%, due 11/15/2050
  2,667,386
 4,000,000
New York City IDA Rev. (Yankee Stadium Proj.), Ser. 2020, 3.00%, due 3/1/2049
  3,016,901
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
New York – cont'd
$   500,000
New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Gen. Resolution Rev. Bonds),
Ser. 2016-BB-1A, 1.20%, due 6/15/2049
$    500,000(h)
   500,000
New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due
11/15/2040
    500,335(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
  3,234,402
 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
  2,350,193
 1,000,000
New York St. Dorm. Au. Rev. St. Supported Debt (New Sch.), Ser. 2022-A, 4.00%, due 7/1/2052
    905,393
 2,000,000
New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/2027
  2,003,950
 1,000,000
New York St. Trans. Dev. Corp. Fac. Rev. (Empire St. Thruway Svc. Areas Proj.), Ser. 2021, 4.00%,
due 4/30/2053
    854,637
 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
  2,084,339
   500,000
New York St. Trans. Dev. Corp. Spec. Fac. Rev. Ref. (JFK Int'l Arpt. Term. 4 Proj.), Ser. 2022, 5.00%,
due 12/1/2039
    521,749
 1,155,000
Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/2026
  1,171,282
 2,000,000
Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/2028
  2,042,604
   500,000
Westchester Co. Local Dev. Corp. Rev. (Purchase Sr. Learning Comm., Inc. Proj.), Ser. 2021-A,
5.00%, due 7/1/2056
    386,054(a)
   600,000
Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due
6/1/2030
    560,057(a)
 3,000,000
Yonkers Ind. Dev. Agcy. Sch. Facs. Rev. (New Community Sch. Proj.), Ser. 2022, 5.00%, due
5/1/2047
  3,298,970
 
 
43,642,867
North Carolina 2.2%
 3,590,000
North Carolina HFA Homeownership Ref. Rev., Ser. 2020-45, (GNMA/FNMA/FHLMC Insured),
2.20%, due 7/1/2040
  2,673,631
 
North Carolina Med. Care Commission Retirement Facs. Rev.
   380,000
Ser. 2013, 5.13%, due 7/1/2023
    383,806
 1,700,000
Ser. 2020-A, 4.00%, due 9/1/2050
  1,334,070
   700,000
North Carolina Med. Care Commission Retirement Facs. Rev. (Twin Lakes Comm.), Ser. 2019-A,
5.00%, due 1/1/2049
    685,039
 
 
5,076,546
Ohio 8.6%
12,955,000
Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, 5.00%, due
6/1/2055
 12,352,818
 1,000,000
Jefferson Co. Port Econ. Dev. Au. Rev. (JSW Steel USA, Ohio, Inc. Proj.), Ser. 2021, 3.50%, due
12/1/2051
    723,813(a)
   500,000
Ohio St. Air Quality Dev. Au. Exempt Facs. Rev. (AMG Vanadium LLC), Ser. 2019-D, 5.00%, due
7/1/2049
    455,020(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
    918,072
 2,335,000
Ohio St. Air Quality Dev. Au. Rev. Ref. (Ohio Valley Elec. Corp. Proj.), Ser. 2019-A, 3.25%, due
9/1/2029
  2,168,873
 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
  3,494,518
 
 
20,113,114
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
  1,990,651
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Oklahoma – cont'd
 
Tulsa Arpt. Imp. Trust Ref. Rev.
$   250,000
Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2024
$    256,162
   400,000
Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024
    411,761
 
 
2,658,574
Oregon 0.0%(i)
    30,000
Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA/GNMA/FNMA/FHLMC
Insured), 3.50%, due 7/1/2027
30,006
Pennsylvania 4.3%
 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
  2,709,897
 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
  1,258,971
 5,000,000
Leigh Co. Ind. Dev. Au. Poll. Ctrl. Rev. Ref., Ser. 2016-A, 3.00%, due 9/1/2029
  5,083,847
 2,350,000
Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due
12/1/2053
    895,938(a)(b)
 
 
9,948,653
Puerto Rico 7.1%
   500,000
Puerto Rico Commonwealth G.O. (Restructured), Ser. 2021-A-1, 4.00%, due 7/1/2046
    416,905
16,373,000
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058
 16,131,477
 
 
16,548,382
Rhode Island 1.0%
 3,045,000
Rhode Island St. Hsg. & Mtge. Fin. Corp. Rev. (Homeownership Opportunity), Ser. 2020-73-A,
2.30%, due 10/1/2040
2,329,487
South Carolina 1.8%
 1,480,000
South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%,
due 10/1/2057
  1,618,674
 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
  2,208,750(a)(b)
   750,000
South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (RePower South Berkeley LLC Proj.),
Ser. 2017, 6.25%, due 2/1/2045
    300,000(a)(b)
 
 
4,127,424
Tennessee 0.9%
 2,000,000
Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%,
due 9/1/2023
2,017,213
Texas 6.2%
   250,000
Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/2045
    253,724
 
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
   120,000
Ser. 2014-A, 5.88%, due 3/1/2024
    121,040
 1,000,000
Ser. 2014-A, 6.63%, due 3/1/2029
  1,020,847
   730,000
Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/2042
    732,816
   250,000
Dallas Co. Flood Ctrl. Dist. Number 1 Ref. G.O., Ser. 2015, 5.00%, due 4/1/2028
    250,270(a)
 2,000,000
Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/2042
  1,999,903
 
Hale Ctr. Ed. Fac. Corp. Rev. Ref. (Wayland Baptist Univ. Proj.)
   405,000
Ser. 2022, 5.00%, due 3/1/2033
    441,341
 1,000,000
Ser. 2022, 5.00%, due 3/1/2034
  1,081,348
 1,825,000
Ser. 2022, 4.00%, due 3/1/2035
  1,791,594
 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
  1,000,813
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Texas – cont'd
 
New Hope Cultural Ed. Facs. Fin. Corp. Rev. (Beta Academy)
$   545,000
Ser. 2019, 5.00%, due 8/15/2039
$    539,549(a)
   520,000
Ser. 2019, 5.00%, due 8/15/2049
    487,360(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
  1,102,500(b)
   500,000
New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park
Carriage), Ser. 2016-C, 5.50%, due 7/1/2046
    225,000
 
Parkway Utils. Dist. Wtr. & Swr. Sys. Rev.
   495,000
Ser. 2022, (AGM Insured), 3.00%, due 3/1/2033
    492,569
   690,000
Ser. 2022, (AGM Insured), 3.00%, due 3/1/2034
    682,404
   545,000
Ser. 2022, (AGM Insured), 3.00%, due 3/1/2035
    517,400
   625,000
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
    588,382
 1,000,000
Texas St. Private Activity Bond Surface Trans. Corp. Rev. (Segment 3C Proj.), Ser. 2019, 5.00%, due
6/30/2058
  1,011,977
 
 
14,340,837
Utah 3.1%
 
Salt Lake City Arpt. Rev.
 1,000,000
Ser. 2017-A, 5.00%, due 7/1/2042
  1,038,660
 2,000,000
Ser. 2017-A, 5.00%, due 7/1/2047
  2,057,615
 1,000,000
Ser. 2018-A, 5.00%, due 7/1/2043
  1,045,068
 3,000,000
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/2028
  3,153,279
 
 
7,294,622
Vermont 1.6%
 1,000,000
Vermont Econ. Dev. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2022-A-1, 5.00%, due
6/1/2052 Putable 6/1/2027
  1,004,722(a)
 
Vermont Std. Assist. Corp. Ed. Loan Rev.
 1,800,000
Ser. 2014-A, 5.00%, due 6/15/2024
  1,843,292
   785,000
Ser. 2015-A, 4.13%, due 6/15/2027
    788,641
 
 
3,636,655
Virgin Islands 2.1%
 5,000,000
Matching Fund Spec. Purp. Securitization Corp. Ref., Ser. 2022-A, 5.00%, due 10/1/2039
4,993,942
Virginia 0.9%
 2,000,000
Virginia St. Small Bus. Fin. Au. Rev. Ref. (Sr. Lien I-495, Hot Lanes Proj.), Ser. 2022, 5.00%, due
12/31/2047
2,076,608
Washington 4.3%
 6,700,000
Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/2028
  6,745,071
 1,000,000
Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Green Bond), Ser. 2020-A, 5.63%, due
12/1/2040
    997,126(a)
   790,000
Washington St. Hlth. Care Fac. Au. Rev. Ref. (Virginia Mason Med. Ctr.), Ser. 2017, 5.00%, due
8/15/2026
    836,292
 1,463,895
Washington St. Hsg. Fin. Commission, Ser. 2021-A-1, 3.50%, due 12/20/2035
  1,379,547
 
 
9,958,036
Wisconsin 1.7%
 2,000,000
Pub. Fin. Au. Arpt. Fac. Rev. Ref. (Trips Oblig. Group), Ser. 2012-B, 5.00%, due 7/1/2042
  2,005,713
   870,000
Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/2030
    887,015(a)
   200,000
Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/2035
    202,220(a)
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
Principal Amount
Value
Wisconsin – cont'd
$   870,000
Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/2025
$    875,058
 
 
3,970,006
Total Investments 161.6% (Cost $382,726,731)
375,672,325
Other Assets Less Liabilities 1.1%
2,489,372
Liquidation Preference of Variable Rate Municipal Term Preferred Shares (62.7%)
(145,700,000)
Net Assets Applicable to Common Stockholders 100.0%
$232,461,697
 
(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 January 31, 2023,
these securities amounted to $46,411,951, which represents 20.0% of net assets applicable to common
stockholders of the Fund.
(b)
Defaulted security.
(c)
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(d)
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(e)
When-issued security. Total value of all such securities at January 31, 2023 amounted to $253,147, which
represents 0.1% of net assets applicable to common stockholders of the Fund.
(f)
Value determined using significant unobservable inputs.
(g)
Security fair valued as of January 31, 2023 in accordance with procedures approved by the valuation
designee. Total value of all such securities at January 31, 2023 amounted to $140,000, which represents
0.1% of net assets applicable to common stockholders of the Fund.
(h)
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, 2023.
(i)
Represents less than 0.05% of net assets applicable to common stockholders of the Fund.
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, 2023: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Municipal Notes
 
 
 
 
New York
$—
$43,502,867
$140,000
$43,642,867
Other Municipal Notes#
—
332,029,458
—
332,029,458
Total Municipal Notes
—
375,532,325
140,000
375,672,325
Total Investments
$—
$375,532,325
$140,000
$375,672,325
 
#
The Schedule of Investments provides a categorization by state/territory.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
unobservable inputs (Level 3) were used in determining value:
 
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited)  (cont’d)
(000's
omitted)
Beginning
balance as
of 11/1/2022
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
1/31/2023
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
1/31/2023
Investments in
Securities:
 
 
 
 
 
 
 
 
 
 
Municipal Notes(1)
$140
$—
$—
$—
$—
$—
$—
$—
$140
$—
Total
$140
$—
$—
$—
$—
$—
$—
$—
$140
$—
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
1/31/2023
Valuation
approach
Unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Municipal Notes
$140,000
Market Approach
Recovery Value
10.00
10.00
Increase
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
 
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
January 31, 2023
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited) 
 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by Neuberger Berman Municipal Fund Inc. (the "Fund") are carried at the value that Management believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund’s investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. 
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. 
The value of the Fund’s investments in municipal notes is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues. 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund's Board of Directors designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for any and all Fund investments. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company’s or issuer’s financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. 
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades. 
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Schedule of Investments Municipal Fund Inc. (Unaudited)  (cont’d)
Other Matters: 
Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Fund and in turn, may impact the financial performance of the Fund. 
Russia's Invasion of Ukraine: Russia's invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia's actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted. 
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)
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Other Abbreviations:
Management
= Neuberger Berman Investment Advisers LLC
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.