Schedule of Investments Municipal Fund Inc.^ (Unaudited) January 31, 2024
Principal Amount | Value | |
Loan Assignments(a) 0.2% | ||
Oil, Gas & Consumable Fuels 0.2% | ||
Rialto Bioenergy Facility LLC | ||
$494,337 | Term Loan, (1 mo. USD Term SOFR + 10.00%), 15.33%, due 4/30/2024 | $494,337 #(b)(c)(d) |
411,064 | Term Loan, (1 mo. USD Term SOFR + 10.00%), 15.33%, due 4/30/2024 | 374,804 #(c)(d) |
Total Loan Assignments (Cost $884,038) | 869,141 | |
Municipal Notes 163.8% | ||
Alabama 1.0% | ||
3,125,000 | Energy Southeast A Cooperative District Revenue, Series 2023 A-1, 5.50%, due 11/1/2053 Putable 1/1/2031 | 3,408,388 |
American Samoa 0.8% | ||
2,800,000 | American Samoa Economic Development Authority General Revenue Refunding, Series 2015-A, 6.25%, due 9/1/2029 | 2,897,710 |
Arizona 0.8% | ||
500,000 | Maricopa County Industrial Development Authority Education Refunding Revenue (Paradise School Project Paragon Management, Inc.), Series 2016, 5.00%, due 7/1/2036 | 501,442 (e) |
1,545,000 | Navajo Nation Refunding Revenue, Series 2015-A, 5.00%, due 12/1/2025 | 1,565,013 (e) |
480,000 | Phoenix Industrial Development Authority Education Revenue (Great Hearts Academies Project), Series 2014, 3.75%, due 7/1/2024 | 478,114 |
205,000 | Phoenix-Mesa Gateway Airport Authority Special Facility Revenue (Mesa Project), Series 2012, 5.00%, due 7/1/2024 | 205,212 |
2,749,781 | ||
California 35.7% | ||
California Educational Facilities Authority Refunding Revenue (University of Redlands) | ||
250,000 | Series 2016-A, 5.00%, due 10/1/2028 | 258,036 |
260,000 | Series 2016-A, 3.00%, due 10/1/2029 | 252,098 |
400,000 | Series 2016-A, 3.00%, due 10/1/2030 | 385,524 |
1,000,000 | California Educational Facilities Authority Revenue (Green Bond- Loyola Marymount University), Series 2018-B, 5.00%, due 10/1/2048 | 1,042,878 |
California Housing Finance Agency Municipal Certificate | ||
1,213,479 | Class A, Series 2019-2, 4.00%, due 3/20/2033 | 1,220,035 |
957,552 | Class A, Series 2021-1-A, 3.50%, due 11/20/2035 | 902,230 |
480,000 | California Infrastructure & Economic Development Bank Revenue (Wonderful Foundations Charter School Portfolio Project), Series 2020-A-1, 5.00%, due 1/1/2055 | 385,610 (e) |
530,000 | California Infrastructure & Economic Development Bank State School Fund Revenue (King City Joint Union High School), Series 2010, 5.13%, due 8/15/2024 | 530,513 |
California Municipal Finance Authority Charter School Lease Revenue (Sycamore Academy Project) | ||
215,000 | Series 2014, 5.00%, due 7/1/2024 | 214,719 (e) |
630,000 | Series 2014, 5.13%, due 7/1/2029 | 630,263 (e) |
1,000,000 | Series 2014, 5.63%, due 7/1/2044 | 999,342 (e) |
California Municipal Finance Authority Charter School Lease Revenue (Vista Charter Middle School Project) | ||
160,000 | Series 2014, 5.00%, due 7/1/2024 | 160,136 |
930,000 | Series 2014, 5.13%, due 7/1/2029 | 932,134 |
California Municipal Finance Authority Charter School Revenue (John Adams Academics Project) | ||
110,000 | Series 2015-A, 4.50%, due 10/1/2025 | 109,281 |
1,115,000 | Series 2019-A, 5.00%, due 10/1/2049 | 1,027,246 (e) |
1,500,000 | California Municipal Finance Authority Charter School Revenue (Palmdale Aerospace Academy Project), Series 2016, 5.00%, due 7/1/2031 | 1,513,842 (e) |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
California – cont'd | ||
$1,070,000 | California Municipal Finance Authority Revenue (Baptist University), Series 2015-A, 5.00%, due 11/1/2030 | $1,083,127 (e) |
California Municipal Finance Authority Revenue (Northbay Healthcare Group) | ||
350,000 | Series 2015, 5.00%, due 11/1/2035 | 350,595 |
500,000 | Series 2015, 5.00%, due 11/1/2040 | 491,288 |
300,000 | Series 2015, 5.00%, due 11/1/2044 | 288,174 |
500,000 | Series 2017-A, 5.25%, due 11/1/2036 | 505,965 |
California Municipal Finance Authority Revenue (Touro College & University Systems Obligated Group) | ||
585,000 | Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024 | 587,529 |
605,000 | Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024 | 607,615 |
630,000 | Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024 | 632,724 |
330,000 | Series 2014-A, 4.00%, due 1/1/2029 Pre-Refunded 7/1/2024 | 331,427 |
2,000,000 | California Municipal Finance Authority Student Housing Revenue (CHF-Davis I LLC-West Village Student Housing Project), Series 2018, (BAM Insured), 4.00%, due 5/15/2048 | 1,880,618 |
California Public Finance Authority Refunding (Henry Mayo Newhall Hospital) | ||
400,000 | Series 2021-A, 4.00%, due 10/15/2027 | 405,188 |
360,000 | Series 2021-A, 4.00%, due 10/15/2028 | 365,836 |
1,500,000 | California School Facility Finance Authority Revenue (Green Dot Public School Project), Series 2018-A, 5.00%, due 8/1/2048 | 1,505,852 (e) |
California School Facility Finance Authority Revenue (KIPP LA Project) | ||
127,000 | Series 2014-A, 4.13%, due 7/1/2024 | 127,066 (e) |
375,000 | Series 2017-A, 5.00%, due 7/1/2025 | 379,959 (e) |
130,000 | Series 2017-A, 5.00%, due 7/1/2027 | 134,905 (e) |
400,000 | California School Finance Authority Revenue (Alliance College - Ready Public School Project), Series 2015-A, 5.00%, due 7/1/2030 | 404,865 (e) |
2,195,000 | California State Department of Veterans Affairs Home Purchase Refunding Revenue, Series 2016-A, 3.00%, due 6/1/2029 | 2,174,389 |
1,000,000 | California State General Obligation, Series 2022, 5.00%, due 9/1/2052 | 1,116,220 |
1,125,000 | California State Infrastructure & Economic Development Bank Revenue (California Academy of Sciences), Series 2018-D, (SIFMA), 4.90%, due 8/1/2047 Putable 2/1/2024 | 1,118,645 |
2,000,000 | California State Pollution Control Financing Authority Revenue (San Jose Water Co. Project), Series 2016, 4.75%, due 11/1/2046 | 2,039,329 |
1,430,000 | California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Aemerage Redak Services Southern California LLC Project), Series 2016, 7.00%, due 12/1/2027 | 143,000 (e)(f) |
2,600,000 | California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Calplant I Green Bond Project), Series 2019, 7.50%, due 12/1/2039 | 35,100 (e)(f) |
2,350,970 | 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 | 355,650 #(c)(d)(e)(f) |
4,785,000 | California State Pollution Control Financing Authority Water Furnishing Revenue, Series 2012, 5.00%, due 7/1/2027 | 4,811,426 (e) |
415,000 | California State School Finance Authority Charter School Revenue (Downtown College Prep-Obligation Group), Series 2016, 4.50%, due 6/1/2031 | 411,655 (e) |
400,000 | California State School Finance Authority Charter School Revenue (Rocketship Education), Series 2016-A, 5.00%, due 6/1/2031 | 404,179 (e) |
1,060,000 | California State School Finance Authority Education Facility Revenue (New Designs Charter School Administration Campus Project), Series 2019-A, 5.00%, due 6/1/2050 | 1,007,842 (e) |
100,000 | California State School Finance Authority Education Facility Revenue (Partnerships Uplifts Community Valley Project), Series 2014-A, 5.35%, due 8/1/2024 Pre-Refunded 2/1/2024 | 100,000 (e) |
1,000,000 | California Statewide Communities Development Authority College Housing Revenue (NCCD-Hooper Street LLC-College of the Arts Project), Series 2019, 5.25%, due 7/1/2052 | 999,952 (e) |
1,325,000 | California Statewide Communities Development Authority Hospital Revenue (Methodist Hospital of Southern Project), Series 2018, 4.25%, due 1/1/2043 | 1,287,417 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
California – cont'd | ||
$720,000 | California Statewide Communities Development Authority Revenue (Henry Mayo Newhall Memorial Hospital), Series 2014-A, (AGM Insured), 5.00%, due 10/1/2026 Pre-Refunded 10/1/2024 | $729,415 |
500,000 | California Statewide Communities Development Authority Revenue (Loma Linda University Medical Center), Series 2018-A, 5.50%, due 12/1/2058 | 510,049 (e) |
600,000 | California Statewide Communities Development Authority Revenue Refunding (Lancer Education Student Housing Project), Series 2016-A, 5.00%, due 6/1/2036 | 602,839 (e) |
1,500,000 | California Statewide Communities Development Authority Revenue Refunding (Loma Linda University Medical Center), Series 2014-A, 5.25%, due 12/1/2029 | 1,518,418 |
1,500,000 | California Statewide Communities Development Authority Revenue Refunding (Redlands Community Hospital), Series 2016, 4.00%, due 10/1/2041 | 1,479,229 |
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 | 429,734 |
2,055,000 | California Statewide Communities Development Authority Student Housing Revenue (University of Irvin Campus Apartments Phase IV), Series 2017-A, 5.00%, due 5/15/2032 | 2,118,330 |
500,000 | California Statewide Communities Development Authority Student Housing Revenue Refunding (Baptist University), Series 2017-A, 5.00%, due 11/1/2032 | 511,614 (e) |
3,115,000 | Corona-Norca Unified School District General Obligation Capital Appreciation (Election 2006), Series 2009-C, (AGM Insured), 0.00%, due 8/1/2024 | 3,063,441 |
2,000,000 | Davis Joint Unified School District Certificate of Participation (Yolo Co.), Series 2014, (BAM Insured), 4.00%, due 8/1/2024 | 2,009,211 |
1,250,000 | Emeryville Redevelopment Agency Successor Agency Tax Allocation Refunding Revenue, Series 2014-A, (AGM Insured), 5.00%, due 9/1/2025 | 1,265,006 |
1,500,000 | Foothill-Eastern Transportation Corridor Agency Toll Road Revenue Refunding, Subseries 2014-B2, 3.50%, due 1/15/2053 | 1,261,202 |
3,935,000 | Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue Refunding, Series 2021-B-2, 0.00%, due 6/1/2066 | 455,370 |
1,000,000 | Imperial Community College District General Obligation Capital Appreciation (Election 2010), Series 2011-A, (AGM Insured), 6.75%, due 8/1/2040 Pre-Refunded 8/1/2025 | 1,059,026 |
1,000,000 | Inglewood Unified School District Facilities Financing Authority Revenue, Series 2007, (AGM Insured), 5.25%, due 10/15/2026 | 1,025,160 |
Irvine Special Tax (Community Facility District No. 2005-2) | ||
300,000 | Series 2013, 4.00%, due 9/1/2024 | 301,354 |
450,000 | Series 2013, 4.00%, due 9/1/2025 | 452,470 |
645,000 | Series 2013, 3.50%, due 9/1/2026 | 645,333 |
690,000 | Series 2013, 3.63%, due 9/1/2027 | 691,032 |
680,000 | Jurupa Public Financing Authority Special Tax Revenue, Series 2014-A, 5.00%, due 9/1/2024 | 687,143 |
1,775,000 | Los Angeles Department of Airports Revenue, Series 2022-G, 4.00%, due 5/15/2047 | 1,728,322 |
3,000,000 | North Orange County Community College District General Obligation, Series 2022-C, 4.00%, due 8/1/2047 | 3,054,181 |
5,750,000 | Norwalk-La Mirada Unified School District General Obligation Capital Appreciation (Election 2002), Series 2009-E, (Assured Guaranty Insured), 5.50%, due 8/1/2029 | 6,428,789 |
1,385,000 | Ohlone Community College District General Obligation (Election 2010), Series 2014-B, 0.00%, due 8/1/2029 Pre-Refunded 8/1/2024 | 1,104,129 |
450,000 | Oxnard Harbor District Revenue, Series 2011-B, 4.50%, due 8/1/2024 | 451,935 |
1,000,000 | Rancho Cucamonga Redevelopment Agency Successor Agency Tax Allocation Revenue (Rancho Redevelopment Project), Series 2014, (AGM Insured), 5.00%, due 9/1/2027 | 1,010,690 |
5,000,000 | Redondo Beach Unified School District General Obligation, Series 2009, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2026 | 5,470,315 |
335,000 | Riverside County Community Facilities District Special Tax Revenue (Scott Road), Series 2013, 5.00%, due 9/1/2025 | 335,396 |
300,000 | Riverside County Transportation Commission Toll Revenue Refunding Senior Lien (RCTC No. 91 Express Lanes), Series 2021-B1, 4.00%, due 6/1/2046 | 297,042 |
Romoland School District Special Tax Refunding (Community Facilities District No. 2006-1) | ||
100,000 | Series 2017, 4.00%, due 9/1/2029 | 101,089 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
California – cont'd | ||
$200,000 | Series 2017, 4.00%, due 9/1/2030 | $202,092 |
525,000 | Series 2017, 3.25%, due 9/1/2031 | 509,370 |
1,700,000 | Sacramento Area Flood Control Agency Refunding (Consol Capital Assessment District No. 2), Series 2016-A, 5.00%, due 10/1/2047 | 1,760,706 |
Sacramento City Finance Authority Refunding Revenue (Master Lease Program Facilities) | ||
1,000,000 | Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024 | 1,019,930 |
400,000 | Series 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026 | 429,867 |
1,950,000 | Sacramento County Airport System Revenue Refunding, Series 2018-C, 5.00%, due 7/1/2033 | 2,059,953 |
500,000 | Sacramento Special Tax (Natomas Meadows Community Facilities District No. 2007-01), Series 2017, 5.00%, due 9/1/2047 | 510,861 (e) |
2,000,000 | San Bernardino Community College District General Obligation Capital Appreciation (Election), Series 2009-B, 6.38%, due 8/1/2034 Pre-Refunded 8/1/2024 | 2,032,075 |
2,000,000 | San Luis Coastal Unified School District General Obligation (Election 2022), Series 2023-A, 4.00%, due 8/1/2053 | 2,010,463 |
6,000,000 | San Mateo Foster City School District General Obligation Capital Appreciation (Election 2008), Series 2010, 6.13%, due 8/1/2032 | 6,983,968 |
30,000 | Sulphur Springs Union School District Certificate of Participation Conv. Capital Appreciation Bonds, Series 2010, (AGM Insured), 6.50%, due 12/1/2037 | 30,846 |
2,000,000 | Sweetwater Union High School District Public Financing Authority Revenue, Series 2013, (BAM Insured), 5.00%, due 9/1/2025 | 2,011,712 |
2,000,000 | Twin Rivers Unified School District General Obligation (Election 2022), Series 2023-A, (BAM Insured), 4.13%, due 8/1/2047 | 2,038,644 |
200,000 | University of California Regents Medical Center Pooled Revenue Refunding, Series 2020-0-1, 2.90%, due 5/15/2045 | 200,000 (g) |
12,070,000 | Victor Valley Community College District General Obligation Capital Appreciation (Election 2008), Series 2009-C, 6.88%, due 8/1/2037 | 14,521,066 |
5,095,000 | Victor Valley Joint Union High School District General Obligation Capital Appreciation Bonds, Series 2009, (Assured Guaranty Insured), 0.00%, due 8/1/2026 | 4,719,122 |
3,500,000 | William S. Hart Union High School District General Obligation Capital Appreciation (Election 2001), Series 2005-B, (AGM Insured), 0.00%, due 9/1/2026 | 3,225,532 |
5,250,000 | Wiseburn School District General Obligation Capital Appreciation (Election 2010), Series 2011-B, (AGM Insured), 0.00%, due 8/1/2036 | 5,884,573 (h) |
127,599,468 | ||
Colorado 1.9% | ||
Colorado Educational & Cultural Facilities Authority Revenue (Charter School- Atlas Preparatory School Project) | ||
550,000 | Series 2015, 4.50%, due 4/1/2025 | 553,078 (e) |
1,000,000 | Series 2015, 5.13%, due 4/1/2035 Pre-Refunded 4/1/2025 | 1,022,452 (e) |
1,350,000 | Series 2015, 5.25%, due 4/1/2045 Pre-Refunded 4/1/2025 | 1,382,222 (e) |
2,000,000 | Platte River Metropolitan District General Obligation Refunding, Series 2023-A, 6.50%, due 8/1/2053 | 2,059,512 (e) |
5,066,666 | Villages at Castle Rock Metropolitan District No. 6 (Cabs - Cobblestone Ranch Project), Series 2007-2, 0.00%, due 12/1/2037 | 1,700,795 |
6,718,059 | ||
Connecticut 0.2% | ||
750,000 | Hamden General Obligation, Series 2013, (AGM Insured), 3.13%, due 8/15/2025 | 746,036 |
District of Columbia 1.7% | ||
5,600,000 | Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2020-DBE-8070, 4.95%, due 8/1/2040 | 5,600,000 (e)(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 | $620,978 |
6,220,978 | ||
Florida 3.7% | ||
800,000 | Capital Trust Agency Senior Living Revenue (H-Bay Ministries, Inc. Superior Residences-Third Tier), Series 2018-C, 7.50%, due 7/1/2053 | 8,000 (e)(f) |
2,000,000 | Capital Trust Agency Senior Living Revenue (Wonderful Foundations School Project), Series 2020-A-1, 5.00%, due 1/1/2055 | 1,580,171 (e) |
770,000 | Cityplace Community Development District Special Assessment Refunding Revenue, Series 2012, 5.00%, due 5/1/2026 | 783,489 |
1,750,000 | Florida Development Finance Corp. Education Facilities Revenue (Renaissance Charter School, Inc.), Series 2014-A, 5.75%, due 6/15/2029 | 1,755,164 (e) |
1,075,000 | Florida Development Finance Corp. Education Facilities Revenue Refunding (Pepin Academies, Inc.), Series 2016-A, 5.00%, due 7/1/2036 | 1,042,086 |
8,000,000 | Hillsborough County Industrial Development Authority Hospital Revenue (Tampa General Hospital Project), Series 2020, 3.50%, due 8/1/2055 | 6,237,036 |
840,000 | Village Community Development District No. 11 Special Assessment Revenue, Series 2014, 4.13%, due 5/1/2029 | 840,017 |
960,000 | Village Community Development District No. 13 Special Assessment Revenue, Series 2019, 3.70%, due 5/1/2050 | 789,454 |
13,035,417 | ||
Georgia 1.6% | ||
6,000,000 | Main Street Natural Gas, Inc. Gas Supply Revenue, Series 2022-C, 4.00%, due 8/1/2052 Putable 11/1/2027 | 5,791,948 (e) |
Guam 1.9% | ||
Antonio B Won Pat International Airport Authority Revenue Refunding | ||
525,000 | Series 2023-A, 5.38%, due 10/1/2040 | 526,887 |
750,000 | Series 2023-A, 5.38%, due 10/1/2043 | 751,703 |
700,000 | Guam Government Business Privilege Tax Revenue Refunding, Series 2021-F, 4.00%, due 1/1/2036 | 707,181 |
650,000 | Guam Government Hotel Occupancy Tax Revenue, Series 2021-A, 5.00%, due 11/1/2035 | 697,877 |
600,000 | Guam Government Hotel Occupancy Tax Revenue Refunding, Series 2021-A, 5.00%, due 11/1/2040 | 621,871 |
Guam Power Authority Revenue | ||
1,000,000 | Series 2022-A, 5.00%, due 10/1/2035 | 1,095,650 |
1,035,000 | Series 2022-A, 5.00%, due 10/1/2036 | 1,123,663 |
1,075,000 | Series 2022-A, 5.00%, due 10/1/2037 | 1,157,387 |
6,682,219 | ||
Illinois 10.9% | ||
5,705,000 | Berwyn General Obligation, Series 2013-A, 5.00%, due 12/1/2027 | 5,709,099 |
Chicago General Obligation | ||
2,000,000 | Series 2002-B, 5.00%, due 1/1/2025 | 2,022,727 |
90,000 | Series 2002-B, 5.13%, due 1/1/2027 Pre-Refunded 1/1/2025 | 91,679 |
160,000 | Series 2002-B, 5.13%, due 1/1/2027 | 161,741 |
1,000,000 | Series 2019-A, 5.00%, due 1/1/2044 | 1,023,112 |
1,250,000 | Chicago Midway International Airport Revenue Refunding, Series 2023-A, (BAM Insured), 5.50%, due 1/1/2053 | 1,366,088 |
Chicago Refunding General Obligation | ||
1,000,000 | Series 2005-D, 5.50%, due 1/1/2040 | 1,005,953 |
3,000,000 | Series 2017-A, 6.00%, due 1/1/2038 | 3,141,434 |
1,560,000 | Illinois Finance Authority Refunding Revenue (Presence Health Network Obligated Group), Series 2016-C, 5.00%, due 2/15/2031 | 1,640,129 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
Illinois – cont'd | ||
$1,000,000 | Illinois Finance Authority Revenue Refunding (Northwestern Memorial Health Care Obligated Group), Series 2017-A, 4.00%, due 7/15/2047 | $975,675 |
1,905,000 | Illinois Sports Facilities Authority Capital Appreciation Revenue (Saint Tax Supported), Series 2001, (AMBAC Insured), 0.00%, due 6/15/2026 | 1,723,294 |
Illinois State General Obligation | ||
5,200,000 | Series 2017-D, 5.00%, due 11/1/2028 | 5,548,227 |
775,000 | Series 2021-A, 5.00%, due 3/1/2046 | 820,290 |
5,000,000 | Series 2023-B, 4.50%, due 5/1/2048 | 5,016,696 |
4,250,000 | Illinois State General Obligation Refunding, Series 2016, 5.00%, due 2/1/2024 | 4,250,000 |
Southern Illinois University Certificate of Participation (Capital Improvement Project) | ||
945,000 | Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2027 | 946,033 |
1,375,000 | Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2028 | 1,376,444 |
715,000 | Series 2014-A-1, (BAM Insured), 5.00%, due 2/15/2029 | 715,721 |
1,500,000 | Upper Illinois River Valley Development Authority Revenue Refunding (Cambridge Lakes Learning Center), Series 2017-A, 5.25%, due 12/1/2047 | 1,327,064 (e) |
38,861,406 | ||
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 | 2,167,622 |
Iowa 0.3% | ||
1,105,000 | Iowa State Higher Education Loan Authority Revenue (Des Moines University Project), Series 2020, 5.00%, due 10/1/2028 | 1,169,197 |
Kansas 0.2% | ||
Goddard Kansas Sales Tax Special Obligation Revenue (Olympic Park Star Bond Project) | ||
230,000 | Series 2019, 3.60%, due 6/1/2030 | 225,826 |
720,000 | Series 2021, 3.50%, due 6/1/2034 | 654,246 |
880,072 | ||
Kentucky 0.5% | ||
1,350,000 | Ashland City Kentucky Medical Center Refunding Revenue (Ashland Hospital Corp. DBA Kings Daughter Medical Center), Series 2019, (AGM Insured), 3.00%, due 2/1/2040 | 1,108,104 |
500,000 | Kentucky Economic Development Finance Authority Revenue Refunding (Owensboro Health), Series 2017-A, 5.00%, due 6/1/2041 | 506,029 |
1,614,133 | ||
Louisiana 1.7% | ||
630,825 | Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (Lafourche Parish Gomesa Project), Series 2019, 3.95%, due 11/1/2043 | 560,641 (e) |
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 | 1,644,060 (e) |
1,885,000 | Louisiana Stadium & Exposition District Revenue Refunding, Series 2023-A, 5.25%, due 7/1/2053 | 2,078,305 |
1,775,000 | Louisiana State Public Facilities Authority Revenue (Southwest Louisiana Charter Academy Foundation Project), Series 2013-A, 7.63%, due 12/15/2028 | 1,776,458 |
6,059,464 | ||
Maine 0.5% | ||
2,600,000 | Maine State Finance Authority (Green Bond-Go Lab Madison LLC Project), Series 2021, 8.00%, due 12/1/2051 | 1,838,496 (e) |
Maryland 0.1% | ||
300,000 | Baltimore Special Obligation Refunding Revenue Senior Lien (Harbor Point Project), Series 2022, 5.00%, due 6/1/2051 | 300,677 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
Massachusetts 0.6% | ||
Massachusetts State Development Finance Agency Revenue (Milford Regional Medical Center) | ||
$200,000 | Series 2014-F, 5.00%, due 7/15/2024 | $200,156 |
415,000 | Series 2014-F, 5.00%, due 7/15/2025 | 415,348 |
200,000 | Series 2014-F, 5.00%, due 7/15/2026 | 200,196 |
190,000 | Series 2014-F, 5.00%, due 7/15/2027 | 190,203 |
Massachusetts State Education Financing Authority Revenue | ||
860,000 | Series 2012-J, 4.70%, due 7/1/2026 | 860,205 |
125,000 | Series 2023-C, 5.00%, due 7/1/2053 | 124,278 |
1,990,386 | ||
Michigan 2.1% | ||
1,500,000 | Detroit Downtown Development Authority Tax Increment Revenue Refunding (Catalyst Development Project), Series 2018-A, (AGM Insured), 5.00%, due 7/1/2048 | 1,489,010 |
Michigan State Building Authority Revenue (Facilities Program) | ||
2,880,000 | Series 2022-I, 5.25%, due 10/15/2057 | 3,145,238 |
2,000,000 | Series 2022-I, 5.00%, due 10/15/2047 | 2,177,547 |
750,000 | Michigan State Strategic Fund Ltd. Obligation Revenue (Improvement Project), Series 2018, 5.00%, due 6/30/2048 | 765,601 |
7,577,396 | ||
Minnesota 0.7% | ||
2,000,000 | Minnesota Agricultural & Economic Development Board Revenue (HealthPartners Obligated Group), Series 2024, 5.25%, due 1/1/2054 | 2,202,053 (i) |
400,000 | Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue (Metro Deaf School Project), Series 2018-A, 5.00%, due 6/15/2038 | 386,839 (e) |
2,588,892 | ||
Mississippi 0.4% | ||
1,625,000 | Mississippi Development Bank Special Obligation (Jackson Co. Gomesa Project), Series 2021, 3.63%, due 11/1/2036 | 1,494,071 (e) |
Nebraska 3.0% | ||
10,250,000 | Central Plains Energy Project Revenue Refunding, Series 2023-A, 5.00%, due 5/1/2054 Putable 11/1/2029 | 10,831,030 |
Nevada 0.3% | ||
Director of the State of Nevada Department of Business & Industrial Revenue (Somerset Academy) | ||
445,000 | Series 2015-A, 4.00%, due 12/15/2025 | 437,285 (e) |
500,000 | Series 2015-A, 5.13%, due 12/15/2045 | 478,120 (e) |
915,405 | ||
New Hampshire 0.2% | ||
750,000 | New Hampshire Business Finance Authority Revenue (Green Bond), Series 2020-B, 3.75%, due 7/1/2045 Putable 7/2/2040 | 594,006 (e) |
New Jersey 5.7% | ||
New Jersey Economic Development Authority Revenue (The Goethals Bridge Replacement Project) | ||
500,000 | Series 2013-A, 5.25%, due 1/1/2025 | 500,536 |
500,000 | Series 2013-A, 5.50%, due 1/1/2026 | 500,551 |
7,000,000 | New Jersey State Economic Development Authority Revenue (School Facilities Construction Program), Series 2019, 4.00%, due 6/15/2049 | 6,745,454 |
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 | 1,015,639 (e) |
725,000 | Series 2019-A, 5.00%, due 6/15/2054 | 656,903 (e) |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
New Jersey – cont'd | ||
$4,150,000 | New Jersey State Transportation Trust Fund Authority Transportation Program Revenue, Series 2023-BB, 5.25%, due 6/15/2050 | $4,575,411 |
New Jersey State Transportation Trust Fund Authority Transportation System Revenue Refunding | ||
1,250,000 | Series 2018-A, 5.00%, due 12/15/2036 | 1,343,445 |
4,000,000 | Series 2018-A, 4.25%, due 12/15/2038 | 4,067,027 |
1,000,000 | Series 2018-A, (BAM Insured), 4.00%, due 12/15/2037 | 1,019,022 |
20,423,988 | ||
New Mexico 0.4% | ||
1,500,000 | Winrock Town Center Tax Increment Development District No. 1 (Senior Lien), Series 2022, 4.25%, due 5/1/2040 | 1,405,069 (e) |
New York 31.0% | ||
Albany Capital Resource Corp. Refunding Revenue (Albany College of Pharmacy & Health Sciences) | ||
380,000 | Series 2014-A, 5.00%, due 12/1/2027 | 383,850 |
375,000 | Series 2014-A, 5.00%, due 12/1/2028 | 378,829 |
270,000 | Series 2014-A, 5.00%, due 12/1/2029 | 272,813 |
750,000 | Broome County Local Development Corp. Revenue (Good Shepherd Village at Endwell, Inc. Project), Series 2021, 4.00%, due 7/1/2047 | 543,145 |
500,000 | Buffalo & Erie County Industrial Land Development Corp. Revenue (Tapestry Charter School Project), Series 2017, 5.00%, due 8/1/2047 | 464,721 |
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 | 1,601,507 |
Buffalo & Erie County Industrial Land Development Corp. Revenue Refunding (Orchard Park) | ||
500,000 | Series 2015, 5.00%, due 11/15/2027 | 506,869 |
500,000 | Series 2015, 5.00%, due 11/15/2028 | 506,955 |
625,000 | Series 2015, 5.00%, due 11/15/2029 | 633,586 |
Build NYC Resource Corp. Refunding Revenue (City University - Queens College) | ||
270,000 | Series 2014-A, 5.00%, due 6/1/2026 | 271,113 |
225,000 | Series 2014-A, 5.00%, due 6/1/2029 | 225,942 |
500,000 | Build NYC Resource Corp. Refunding Revenue (Methodist Hospital Project), Series 2014, 5.00%, due 7/1/2029 Pre-Refunded 7/1/2024 | 503,601 |
2,595,000 | Build NYC Resource Corp. Refunding Revenue (New York Law School Project), Series 2016, 4.00%, due 7/1/2045 | 2,203,486 |
Build NYC Resource Corp. Refunding Revenue (Packer Collegiate Institute Project) | ||
155,000 | Series 2015, 5.00%, due 6/1/2026 | 158,284 |
125,000 | Series 2015, 5.00%, due 6/1/2027 | 127,501 |
195,000 | Series 2015, 5.00%, due 6/1/2028 | 198,620 |
220,000 | Series 2015, 5.00%, due 6/1/2029 | 223,740 |
325,000 | Series 2015, 5.00%, due 6/1/2030 | 330,144 |
Build NYC Resource Corp. Revenue | ||
1,665,000 | Series 2014, 5.00%, due 11/1/2024 | 999,000 |
835,000 | Series 2014, 5.25%, due 11/1/2029 | 501,000 |
650,000 | Series 2014, 5.25%, due 11/1/2034 | 390,000 |
975,000 | Series 2014, 5.50%, due 11/1/2044 | 585,000 |
1,000,000 | Build NYC Resource Corp. Revenue (Metropolitan Lighthouse Charter School Project), Series 2017-A, 5.00%, due 6/1/2047 | 992,174 (e) |
1,400,000 | Build NYC Resource Corp. Revenue (New Dawn Charter School Project), Series 2019, 5.75%, due 2/1/2049 | 1,317,090 (e) |
750,000 | Build NYC Resource Corp. Revenue (Shefa School Project), Series 2021-A, 5.00%, due 6/15/2051 | 657,002 (e) |
280,000 | Build NYC Resource Corp. Solid Waste Disposal Refunding Revenue (Pratt Paper, Inc. Project), Series 2014, 4.50%, due 1/1/2025 | 280,310 (e) |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
New York – cont'd | ||
Dutchess County Local Development Corp. Revenue (Culinary Institute of America Project) | ||
$200,000 | Series 2016-A-1, 5.00%, due 7/1/2041 | $202,423 |
275,000 | Series 2016-A-1, 5.00%, due 7/1/2046 | 277,055 |
Hempstead Town Local Development Corp. Revenue (Molloy College Project) | ||
735,000 | Series 2014, 5.00%, due 7/1/2024 | 738,960 |
390,000 | Series 2018, 5.00%, due 7/1/2030 | 409,113 |
405,000 | Series 2018, 5.00%, due 7/1/2031 | 424,024 |
425,000 | Series 2018, 5.00%, due 7/1/2032 | 444,329 |
450,000 | Series 2018, 5.00%, due 7/1/2033 | 469,769 |
1,044,830 | Jefferson County Industrial Development Agency Solid Waste Disposal Revenue (Green Bond-Reenergy Black River LLC Project), Series 2014, 5.25%, due 1/1/2024 | 104,483 (c)(d) |
Metropolitan Transportation Authority Revenue (Green Bond) | ||
1,500,000 | Series 2020-C-1, 5.00%, due 11/15/2050 | 1,572,269 |
10,500,000 | Series 2020-D-3, 4.00%, due 11/15/2049 | 9,945,452 |
3,000,000 | Series 2020-D-3, 4.00%, due 11/15/2050 | 2,828,811 |
300,000 | Monroe County Industrial Development Corp. Revenue (Monroe Community College), Series 2014, (AGM Insured), 5.00%, due 1/15/2029 | 300,550 |
Monroe County Industrial Development Corp. Revenue (Nazareth College of Rochester Project) | ||
500,000 | Series 2013-A, 5.00%, due 10/1/2024 | 500,432 |
500,000 | Series 2013-A, 5.00%, due 10/1/2025 | 500,542 |
250,000 | Series 2013-A, 4.00%, due 10/1/2026 | 250,011 |
210,000 | Monroe County Industrial Development Corp. Revenue (Saint John Fisher College), Series 2012-A, 5.00%, due 6/1/2025 | 210,251 |
700,000 | Nassau County Industrial Development Agency Revenue Refunding (Cold Spring), (LOC: TD Bank N.A.), Series 1999, 2.80%, due 1/1/2034 | 700,000 (g) |
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 | 1,005,483 |
4,175,000 | Nassau County Tobacco Settlement Corp. Asset Backed, Series 2006-A-3, 5.13%, due 6/1/2046 | 3,959,350 |
New York City Industrial Development Agency Revenue (Yankee Stadium Project) | ||
4,000,000 | Series 2020-A, 3.00%, due 3/1/2049 | 3,015,326 |
2,000,000 | Series 2020-A, (AGM Insured), 3.00%, due 3/1/2049 | 1,542,253 |
2,990,000 | New York City Municipal Water Finance Authority Water & Sewer System Refunding Revenue (Second General Resolution Revenue Bonds), Series 2022-DD, 4.50%, due 6/15/2033 | 2,990,000 (g) |
New York General Obligation | ||
1,000,000 | Series 2012-3, 3.95%, due 4/1/2042 | 1,000,000 (g) |
1,000,000 | Series 2019-B3, 4.50%, due 10/1/2046 | 1,000,000 (g) |
1,000,000 | New York Liberty Development Corp. Refunding Revenue (3 World Trade Center Project), Series 2014, 5.38%, due 11/15/2040 | 1,000,713 (e) |
2,000,000 | New York Liberty Development Corp. Revenue (Goldman Sachs Headquarters), Series 2005, 5.25%, due 10/1/2035 | 2,356,072 |
750,000 | New York Liberty Development Corp. Revenue Refunding (Bank of America Tower at One Bryant Park Project), Series 2019, Class 3, 2.80%, due 9/15/2069 | 680,787 |
1,450,000 | New York State Dormitory Authority Revenue, Series 2018-A, 5.00%, due 7/1/2048 | 1,513,701 |
780,000 | New York State Dormitory Authority Revenue Non State Supported Debt (Culinary Institute of America), Series 2013, 4.63%, due 7/1/2025 | 780,450 |
New York State Dormitory Authority Revenue Non State Supported Debt (Touro College & University System Obligated Group) | ||
460,000 | Series 2014-A, 4.00%, due 1/1/2026 Pre-Refunded 7/1/2024 | 461,723 |
470,000 | Series 2014-A, 4.00%, due 1/1/2027 Pre-Refunded 7/1/2024 | 471,761 |
200,000 | Series 2014-A, 4.00%, due 1/1/2028 Pre-Refunded 7/1/2024 | 200,749 |
275,000 | Series 2014-A, 4.13%, due 1/1/2029 Pre-Refunded 7/1/2024 | 276,170 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
New York – cont'd | ||
$475,000 | New York State Dormitory Authority Revenue Non State Supported Debt (Vaughn College of Aeronautics & Technology), Series 2016, 5.00%, due 12/1/2026 | $473,542 (e) |
400,000 | New York State Dormitory Authority Revenue Refunding Non State Supported Debt (Garnet Health Medical Center), Series 2017, 5.00%, due 12/1/2035 | 379,991 (e) |
New York State Dormitory Authority Revenue Refunding Non State Supported Debt (Orange Regional Medical Center) | ||
200,000 | Series 2017, 5.00%, due 12/1/2036 | 187,388 (e) |
400,000 | Series 2017, 5.00%, due 12/1/2037 | 369,260 (e) |
1,000,000 | New York State Dormitory Authority Revenue State Supported Debt (New School), Series 2022-A, 4.00%, due 7/1/2052 | 933,248 |
New York State Environmental Facilities Corp. Solid Waste Disposal Revenue (Casella Waste System, Inc. Project) | ||
500,000 | Series 2014, 2.88%, due 12/1/2044 Putable 12/3/2029 | 451,730 (e) |
500,000 | Series 2020-R-1, 2.75%, due 9/1/2050 Putable 9/2/2025 | 483,654 |
660,000 | New York State Housing Finance Agency Revenue (Affordable Housing), Series 2012-F, (SONYMA Insured), 3.05%, due 11/1/2027 | 660,081 |
830,000 | New York State Housing Finance Agency Revenue Refunding (Affordable Housing), Series 2020-H, 2.45%, due 11/1/2044 | 615,468 |
3,045,000 | New York State Mortgage Agency Homeowner Mortgage Refunding Revenue, Series 2014-189, 3.45%, due 4/1/2027 | 3,041,684 |
1,500,000 | New York State Transportation Development Corp. Special Facility Refunding Revenue (American Airlines, Inc.-John F Kennedy International Airport Project), Series 2016, 5.00%, due 8/1/2031 | 1,500,009 |
4,000,000 | New York State Transportation Development Corp. Special Facility Revenue (Delta Airlines, Inc.-LaGuardia Airport Terminal C&D Redevelopment), Series 2018-A, 5.00%, due 1/1/2033 | 4,120,042 |
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 | 827,829 |
3,000,000 | Series 2023, 5.38%, due 6/30/2060 | 3,139,424 |
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 | 1,087,876 |
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 | 2,166,542 |
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 | 93,821 |
400,000 | Series 2020-C, 4.00%, due 12/1/2042 | 387,152 |
500,000 | Series 2022, 5.00%, due 12/1/2039 | 532,319 |
1,000,000 | Niagara Area Development Corp. Solid Waste Disposal Facility Revenue Refunding (Covanta Project), Series 2018-A, 4.75%, due 11/1/2042 | 877,743 (e) |
Niagara Frontier Transportation Authority Revenue Refunding (Buffalo Niagara International Airport) | ||
375,000 | Series 2019-A, 5.00%, due 4/1/2037 | 393,240 |
350,000 | Series 2019-A, 5.00%, due 4/1/2038 | 365,190 |
350,000 | Series 2019-A, 5.00%, due 4/1/2039 | 364,694 |
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 | 7,504,899 |
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 | 1,963,164 |
500,000 | Port Authority New York & New Jersey Consolidated Bonds Revenue Refunding (Two Hundred), Series 2017, 5.00%, due 4/15/2057 | 516,131 |
TSASC, Inc. Revenue Refunding | ||
580,000 | Series 2017-A, 5.00%, due 6/1/2028 | 606,093 |
3,000,000 | Series 2017-A, 5.00%, due 6/1/2041 | 3,045,712 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
New York – cont'd | ||
$5,000,000 | Utility Debt Securitization Authority Revenue, Series 2013-TE, 5.00%, due 12/15/2028 Pre-Refunded 12/15/2024 | $5,010,222 |
Westchester County Local Development Corp. Refunding Revenue (Westchester Medical Center) | ||
825,000 | Series 2016, 5.00%, due 11/1/2030 | 829,647 |
1,000,000 | Series 2016, 3.75%, due 11/1/2037 | 846,829 |
1,500,000 | Westchester County Local Development Corp. Revenue (Purchase Senior Learning Community, Inc. Project), Series 2021-A, 5.00%, due 7/1/2056 | 1,235,385 (e) |
1,000,000 | Westchester County Local Development Corp. Revenue Refunding (Kendal on Hudson Project), Series 2022-B, 5.00%, due 1/1/2051 | 986,845 |
1,600,000 | Westchester County Local Development Corp. Revenue Refunding (Wartburg Senior Housing Project), Series 2015-A, 5.00%, due 6/1/2030 | 1,477,691 (e) |
665,000 | Yonkers Economic Development Corp. Education Revenue (Charter School of Education Excellence Project), Series 2019-A, 5.00%, due 10/15/2049 | 633,533 |
5,000,000 | Yonkers Industrial Development Agency School Facilities Revenue (New Community School Project), Series 2022, 5.00%, due 5/1/2047 | 5,407,356 |
110,904,728 | ||
North Carolina 3.3% | ||
Charlotte Airport Revenue | ||
1,250,000 | Series 2023-B, 5.00%, due 7/1/2044 | 1,350,753 |
1,500,000 | Series 2023-B, 5.00%, due 7/1/2048 | 1,604,234 |
3,590,000 | North Carolina Housing Finance Agency Homeownership Refunding Revenue, Series 2020-45, (GNMA/FNMA/FHLMC Insured), 2.20%, due 7/1/2040 | 2,664,571 |
1,700,000 | North Carolina Medical Care Commission Retirement Facilities Revenue, Series 2020-A, 4.00%, due 9/1/2050 | 1,304,825 |
700,000 | North Carolina Medical Care Commission Retirement Facilities Revenue (Twin Lakes Community), Series 2019-A, 5.00%, due 1/1/2049 | 662,779 |
4,000,000 | North Carolina Turnpike Authority Revenue (Triangle Expressway System), Series 2024-A, (AGM Insured), 5.00%, due 1/1/2058 | 4,288,563 |
11,875,725 | ||
Ohio 7.9% | ||
23,045,000 | Buckeye Tobacco Settlement Finance Authority Asset-Backed Senior Refunding Revenue, Series 2020-B-2, 5.00%, due 6/1/2055 | 21,757,292 |
1,000,000 | Jefferson County Port Economic Development Authority Revenue (JSW Steel USA, Ohio, Inc. Project), Series 2021, 3.50%, due 12/1/2051 | 727,957 (e) |
2,500,000 | Ohio State Air Quality Development Authority Exempt Facilities Revenue (AMG Vanadium LLC), Series 2019, 5.00%, due 7/1/2049 | 2,266,452 (e) |
1,000,000 | Ohio State Air Quality Development Authority Revenue (Ohio Valley Electric Corp. Project), Series 2014-B, 2.60%, due 6/1/2041 Putable 10/1/2029 | 890,272 |
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 | 2,240,008 |
510,000 | Southern Ohio Port Exempt Facility Authority Revenue (PureCycle Project), Series 2020-A, 7.00%, due 12/1/2042 | 405,417 (e) |
28,287,398 | ||
Oklahoma 0.7% | ||
2,000,000 | Oklahoma State Development Finance Authority Health Systems Revenue (OU Medicine Project), Series 2018-B, 5.00%, due 8/15/2033 | 2,008,188 |
Tulsa Airport Improvement Trust Refunding Revenue | ||
250,000 | Series 2015-A, (BAM Insured), 5.00%, due 6/1/2024 | 250,956 |
400,000 | Series 2015-A, (BAM Insured), 5.00%, due 6/1/2025 Pre-Refunded 6/1/2024 | 401,662 |
2,660,806 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
Oregon 0.5% | ||
$25,000 | Oregon State Housing & Community Service Department Multi-Family Revenue, Series 2012-B, (FHA/GNMA/FNMA/FHLMC Insured), 3.50%, due 7/1/2027 | $24,984 |
2,180,000 | Portland General Obligation (Transportation Project), Series 2022-A, 2.25%, due 10/1/2041 | 1,622,679 |
1,647,663 | ||
Pennsylvania 5.0% | ||
2,000,000 | Allentown Neighborhood Improvement Zone Development Authority Revenue (City Center Project), Series 2024, 5.00%, due 5/1/2042 | 2,016,737 (e) |
2,830,000 | Lancaster County Hospital Authority Refunding Revenue (Health Centre-Landis Homes Retirement Community Project), Series 2015-A, 4.25%, due 7/1/2030 | 2,737,255 |
5,000,000 | Leigh County Industrial Development Authority Pollution Control Revenue Refunding, Series 2016-A, 3.00%, due 9/1/2029 | 4,879,171 |
2,350,000 | Pennsylvania Economic Development Financing Authority Revenue Refunding (Tapestry Moon Senior Housing Project), Series 2018-A, 6.75%, due 12/1/2053 | 895,937 (e)(f) |
7,255,000 | Philadelphia Water & Wastewater Revenue Refunding, Series 2023-B, (AGM Insured), 4.50%, due 9/1/2048 | 7,476,198 |
18,005,298 | ||
Puerto Rico 7.7% | ||
1,750,000 | Puerto Rico Commonwealth General Obligation (Restructured), Series 2021-A1, 4.00%, due 7/1/2046 | 1,552,395 |
875,000 | Puerto Rico Industrial Tourist Education Medical & Environmental Control Facilities Authority Revenue (Hospital Auxilio Mutuo Obligation Group Project), Series 2021, 5.00%, due 7/1/2027 | 916,011 |
25,052,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series 2018-A-1, 5.00%, due 7/1/2058 | 25,070,508 |
27,538,914 | ||
Rhode Island 0.7% | ||
3,045,000 | Rhode Island State Housing & Mortgage Finance Corp. Revenue (Homeownership Opportunity), Series 2020-73, 2.30%, due 10/1/2040 | 2,370,284 |
South Carolina 1.9% | ||
3,110,000 | Patriots Energy Group Financing Agency Revenue Refunding, Series 2023-B-1, 5.25%, due 2/1/2054 Putable 3/1/2031 | 3,365,954 |
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 | 1,994,209 |
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 | 330,830 (e) |
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 | 406,643 #(c)(d)(e)(f) |
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 (e)(f) |
750,000 | South Carolina State Housing Finance & Development Authority Mortgage Revenue, Series 2024-A, 4.75%, due 1/1/2054 | 763,215 (i) |
6,935,851 | ||
Tennessee 0.4% | ||
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 | 1,511,525 |
Texas 14.2% | ||
250,000 | Anson Educational Facilities Corp. Educational Revenue (Arlington Classics Academy), Series 2016-A, 5.00%, due 8/15/2045 | 251,986 |
Arlington Higher Education Finance Corp. Revenue (Universal Academy) | ||
120,000 | Series 2014-A, 5.88%, due 3/1/2024 | 119,954 |
1,000,000 | Series 2014-A, 6.63%, due 3/1/2029 | 1,000,372 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
Texas – cont'd | ||
$730,000 | Austin Community College District Public Facility Corp. Lease Revenue, Series 2018-C, 4.00%, due 8/1/2042 | $727,489 |
250,000 | Dallas County Flood Control District No. 1 Refunding General Obligation, Series 2015, 5.00%, due 4/1/2028 | 250,052 (e) |
3,000,000 | Dallas Fort Worth International Airport Revenue Refunding, Series 2023-B, 5.00%, due 11/1/2047 | 3,330,192 |
2,085,000 | Dallas Independent School District General Obligation, Series 2022, (PSF-GTD Insured), 2.75%, due 2/15/2052 | 1,510,816 |
3,050,000 | EP Tuscany Zaragosa PFC Revenue (Home Essential Function Housing Program), Series 2023, 4.00%, due 12/1/2033 | 3,005,475 |
2,000,000 | Fort Bend County Industrial Development Corp. Revenue (NRG Energy, Inc.), Series 2012-B, 4.75%, due 11/1/2042 | 2,000,387 |
7,100,000 | Fort Bend County Texas Public Facility Corp. Revenue, Series 2023, 5.00%, due 3/1/2053 | 7,654,120 |
Hale Center Education Facilities Corp. Revenue Refunding (Wayland Baptist University Project) | ||
405,000 | Series 2022, 5.00%, due 3/1/2033 | 434,711 |
1,000,000 | Series 2022, 5.00%, due 3/1/2034 | 1,071,438 |
1,825,000 | Series 2022, 4.00%, due 3/1/2035 | 1,807,016 |
960,000 | Harris County Cultural Education Facilities Finance Corp. Revenue (Brazos Presbyterian Homes, Inc. Project), Series 2013-B, 5.75%, due 1/1/2028 | 960,698 |
New Hope Cultural Education Facilities Finance Corp. Revenue (Beta Academy) | ||
545,000 | Series 2019-A, 5.00%, due 8/15/2039 | 528,386 (e) |
520,000 | Series 2019-A, 5.00%, due 8/15/2049 | 475,895 (e) |
New Hope Cultural Education Facilities Finance Corp. Revenue (Bridgemoor Plano Project) | ||
2,000,000 | Series 2018-A-1, 7.25%, due 12/31/2030 | 1,996,541 |
354,958 | Series 2018-A-2, 0.00%, due 12/31/2030 | 196,706 |
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 | 175,000 (f) |
Parkway Utility District Water & Sewer System Revenue | ||
495,000 | Series 2022, (AGM Insured), 3.00%, due 3/1/2033 | 471,540 |
690,000 | Series 2022, (AGM Insured), 3.00%, due 3/1/2034 | 658,044 |
545,000 | Series 2022, (AGM Insured), 3.00%, due 3/1/2035 | 505,366 |
Texas Private State Activity Bond Surface Transportation Corp. Revenue (Senior Lien-Blueridge Transportation Group LLC) | ||
5,460,000 | Series 2016, 5.00%, due 12/31/2045 | 5,478,190 |
4,750,000 | Series 2016, 5.00%, due 12/31/2050 | 4,754,675 |
3,750,000 | Series 2016, 5.00%, due 12/31/2055 | 3,728,276 |
1,000,000 | Texas State Private Activity Bond Surface Transportation Corp. Revenue (Segment 3C Project), Series 2019, 5.00%, due 6/30/2058 | 1,011,279 |
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 | 1,873,443 |
1,000,000 | Series 2023, 5.38%, due 6/30/2039 | 1,068,860 |
1,000,000 | Series 2023, 5.50%, due 6/30/2040 | 1,072,996 |
2,350,000 | Series 2023, 5.50%, due 6/30/2041 | 2,519,566 |
50,639,469 | ||
Utah 2.0% | ||
Salt Lake City Airport Revenue | ||
1,000,000 | Series 2017-A, 5.00%, due 7/1/2042 | 1,022,952 |
2,000,000 | Series 2017-A, 5.00%, due 7/1/2047 | 2,031,408 |
1,000,000 | Series 2018-A, 5.00%, due 7/1/2043 | 1,026,476 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
Utah – cont'd | ||
$3,000,000 | Salt Lake County Hospital Revenue (IHC Health Service, Inc.), Series 2001, (AMBAC Insured), 5.40%, due 2/15/2028 | $3,056,541 |
7,137,377 | ||
Vermont 1.0% | ||
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 | 1,005,062 (e) |
Vermont Student Assistant Corp. Education Loan Revenue | ||
1,800,000 | Series 2014-A, 5.00%, due 6/15/2024 | 1,808,374 |
755,000 | Series 2015-A, 4.13%, due 6/15/2027 | 754,623 |
3,568,059 | ||
Virgin Islands 2.2% | ||
7,500,000 | Matching Fund Special Purpose Securitization Corp. Refunding, Series 2022-A, 5.00%, due 10/1/2039 | 7,690,193 |
Virginia 1.1% | ||
3,700,000 | Virginia Beach Development Authority Revenue, Series 2023-A, 7.00%, due 9/1/2059 | 3,985,963 |
Washington 2.4% | ||
5,290,000 | Vancouver Downtown Redevelopment Authority Revenue (Conference Center Project), Series 2013, 4.00%, due 1/1/2028 | 5,294,232 |
1,000,000 | Washington State Economic Development Finance Authority Environmental Facilities Revenue (Green Bond), Series 2020-A, 5.63%, due 12/1/2040 | 991,863 (e) |
790,000 | Washington State Health Care Facilities Authority Revenue Refunding (Virginia Mason Medical Center), Series 2017, 5.00%, due 8/15/2026 | 810,548 |
1,440,911 | Washington State Housing Finance Commission, Series 2021-A-1, 3.50%, due 12/20/2035 | 1,356,786 |
8,453,429 | ||
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 | 1,721,620 |
1,500,000 | Series 2023-B, (AGM Insured), 5.38%, due 9/1/2053 | 1,638,089 |
1,400,000 | West Virginia Hospital Finance Authority Revenue Refunding (Charleston Area Medical Center, Inc.), Series 2019-A, 5.00%, due 9/1/2039 | 1,444,704 |
4,804,413 | ||
Wisconsin 3.0% | ||
1,600,000 | Deutsche Bank Spears/Lifers Trust Revenue, (LOC: Deutsche Bank A.G.), Series 2023-DBE-8109, 3.43%, due 4/1/2055 | 1,600,000 (e)(g) |
2,000,000 | Public Finance Authority Airport Facility Revenue Refunding (Trips Obligation Group), Series 2012-B, 5.00%, due 7/1/2042 | 2,000,422 |
870,000 | Public Finance Authority Education Revenue (Pine Lake Preparatory, Inc.), Series 2015, 4.95%, due 3/1/2030 | 877,342 (e) |
200,000 | Public Finance Authority Education Revenue (Resh Triangle High School Project), Series 2015-A, 5.38%, due 7/1/2035 | 200,786 (e) |
600,000 | Public Finance Authority Retirement Facility Revenue Refunding (Friends Homes), Series 2019, 5.00%, due 9/1/2054 | 527,740 (e) |
1,140,000 | Public Finance Authority Revenue (Candela Project), Series 2023, 6.13%, due 12/15/2029 | 1,135,805 (e) |
Public Finance Authority Revenue Refunding (Celanese Project) | ||
210,000 | Series 2016-C, 4.30%, due 11/1/2030 | 205,652 |
3,000,000 | Series 2016-D, 4.05%, due 11/1/2030 | 2,894,914 |
590,000 | Public Finance Authority Revenue Refunding (Roseman University Health Sciences Project), Series 2015, 5.00%, due 4/1/2025 | 590,192 |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Principal Amount | Value | |
Wisconsin – cont'd | ||
$800,000 | Saint Croix Chippewa Indians of Wisconsin Refunding, Series 2021, 5.00%, due 9/30/2041 | $597,080 (e) |
10,629,933 | ||
Total Municipal Notes (Cost $592,418,662) | 585,208,342 | |
Total Investments 164.0% (Cost $593,302,700) | 586,077,483 | |
Liabilities Less Other Assets (0.2)% | (912,198 ) | |
Liquidation Preference of Variable Rate Municipal Term Preferred Shares (63.8%) | (227,900,000 )(j) | |
Net Assets Applicable to Common Stockholders 100.0% | $357,265,285 |
(a) | Variable or floating rate security. The interest rate shown was the current rate as of January 31, 2024 and changes periodically. |
(b) | All or a portion of this security was purchased on a delayed delivery basis. |
(c) | Value determined using significant unobservable inputs. |
(d) | Security fair valued as of January 31, 2024 in accordance with procedures approved by the valuation designee. Total value of all such securities at January 31, 2024 amounted to $1,735,917, which represents 0.5% of net assets applicable to common stockholders of the Fund. |
(e) | 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, 2024, these securities amounted to $77,483,161, which represents 21.7% of net assets applicable to common stockholders of the Fund. |
(f) | Defaulted security. |
(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, 2024. |
(h) | Currently a zero coupon security; will convert to 7.30% on August 1, 2026. |
(i) | When-issued security. Total value of all such securities at January 31, 2024 amounted to $2,965,268, which represents 0.8% of net assets applicable to common stockholders of the Fund. |
(j) | Security fair valued as of January 31, 2024 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, 2024 amounted to $1,631,434, which represents 0.5% 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 1/31/2024 | Fair Value Percentage of Net Assets Applicable to Common Stockholders as of 1/31/2024 |
California State Pollution Control Financing Authority Solid Waste Disposal Revenue (Green Bond-Rialto Bioenergy Facility LLC Project) | 1/17/2019 | $2,240,625 | $355,650 | 0.1% |
Rialto Bioenergy Facility LLC | 11/21/2023-12/31/2023 | 483,941 | 494,337 | 0.2% |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
Restricted Security | Acquisition Date(s) | Acquisition Cost | Value as of 1/31/2024 | Fair Value Percentage of Net Assets Applicable to Common Stockholders as of 1/31/2024 |
Rialto Bioenergy Facility LLC | 11/30/2023-1/31/2024 | $400,098 | $374,804 | 0.1% |
South Carolina Jobs Economic Development Authority Solid Waste Disposal Revenue (Green Bond-Jasper Pellets LLC Project) | 12/4/2018-6/25/2020 | 2,221,585 | 406,643 | 0.1% |
Total | $5,346,249 | $1,631,434 | 0.5% |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of January 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3(a) | Total |
Investments: | ||||
Loan Assignments# | $— | $— | $869,141 | $869,141 |
Municipal Notes | ||||
California | — | 127,243,818 | 355,650 | 127,599,468 |
New York | — | 110,800,245 | 104,483 | 110,904,728 |
South Carolina | — | 6,529,208 | 406,643 | 6,935,851 |
Other Municipal Notes# | — | 339,768,295 | — | 339,768,295 |
Total Municipal Notes | — | 584,341,566 | 866,776 | 585,208,342 |
Total Investments | $— | $584,341,566 | $1,735,917 | $586,077,483 |
# | The Schedule of Investments provides information on the state/territory 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 11/1/2023 | 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 1/31/2024 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 1/31/2024 |
Investments in Securities: | ||||||||||
Loan Assignments(1) | $— | $12 | $— | $(15 ) | $872 | $— | $— | $— | $869 | $(15 ) |
Municipal Notes(1) | 511 | 1 | — | (722 ) | — | (380 ) | 1,457 | — | 867 | (722 ) |
Total | $511 | $13 | $— | $(737 ) | $872 | $(380 ) | $1,457 | $— | $1,736 | $(737 ) |
(1) Quantitative Information about Level 3 Fair Value Measurements: | ||||||
Investment type | Fair value at 1/31/2024 | Valuation approach | Significant unobservable input(s) | Input value/ range | Weighted average(a) | Impact to valuation from increase in input(b) |
Municipal Notes | $866,776 | Market Approach | Recovery Value (of Par Value) | 10.0% - 17.5% | 15.6% | Increase |
Loan Assignments | 869,141 | Market Approach | Transaction Price (of Par Value) | 91.1% - 100.0% | 96.3% | 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, 2024:
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Variable Rate Municipal Term Preferred Shares(a) | $— | $(227,900,000 ) | $— | $(227,900,000 ) |
Total Variable Rate Municipal Term Preferred Shares | $— | $(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. |
See Notes to Schedule of Investments
Schedule of Investments Municipal Fund Inc.^ (Unaudited) (cont’d)
^ 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, 2024
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.
The value of the Fund's Variable Rate Municipal Term Preferred Shares ("VMTPS") 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.
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
Benchmarks: | |
SOFR | = Secured Overnight Financing Rate |
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.