Schedule of Investments California Municipal Fund Inc.^
(Unaudited) July 31, 2020
| Principal Amount | | Value | |
| Municipal Notes 163.1% | | | | |
| American Samoa 0.8% | | | | |
| | $ | 600,000 | | | American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029 | | $ | 703,752 | |
| California 143.4% | | | | |
| | | 1,000,000 | | | Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/2027 Pre-Refunded 4/1/2023 | | | 1,128,620 | |
| | | | | | California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands) | | | | |
| | | 250,000 | | | Ser. 2016-A, 5.00%, due 10/1/2028 | | | 292,855 | |
| | | 260,000 | | | Ser. 2016-A, 3.00%, due 10/1/2029 | | | 274,399 | |
| | | 400,000 | | | Ser. 2016-A, 3.00%, due 10/1/2030 | | | 419,196 | |
| | | 1,000,000 | | | California Ed. Facs. Au. Rev. (Green Bond- Loyola Marymount Univ.), Ser. 2018-B, 5.00%, due 10/1/2048 | | | 1,189,630 | |
| | | 1,288,653 | | | California HFA Muni. Cert., Ser. 2019-2, Class A, 4.00%, due 3/20/2033 | | | 1,412,235 | |
| | | 1,000,000 | | | California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/2026 | | | 1,083,770 | |
| | | 500,000 | | | California Infrastructure & Econ. Dev. Bank Rev. (Wonderful Foundations Charter Sch. Portfolio Proj.), Ser. 2020-A-1, 5.00%, due 1/1/2055 | | | 524,685 | (a) |
| | | 1,000,000 | | | California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/2024 | | | 1,001,550 | |
| | | 1,000,000 | | | California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.63%, due 7/1/2044 | | | 1,034,790 | (a) |
| | | 500,000 | | | California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, due 7/1/2029 | | | 532,620 | |
| | | | | | California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.) | | | | |
| | | 255,000 | | | Ser. 2015-A, 4.50%, due 10/1/2025 | | | 264,665 | |
| | | 1,115,000 | | | Ser. 2019-A, 5.00%, due 10/1/2049 | | | 1,152,386 | (a) |
| | | 1,000,000 | | | California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/2031 | | | 1,076,640 | (a) |
| | | 500,000 | | | California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030 | | | 534,865 | (a) |
| | | | | | California Muni. Fin. Au. Rev. (Biola Univ.) | | | | |
| | | 375,000 | | | Ser. 2013, 4.00%, due 10/1/2025 | | | 400,778 | |
| | | 410,000 | | | Ser. 2013, 4.00%, due 10/1/2026 | | | 436,646 | |
| | | 455,000 | | | Ser. 2013, 4.00%, due 10/1/2027 | | | 483,169 | |
| | | 500,000 | | | California Muni. Fin. Au. Rev. (Chevron U.S.A.-Rec. Zone BDS), Ser. 2010-A, 0.12%, due 11/1/2035 | | | 500,000 | (b) |
| | | 600,000 | | | California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/2026 | | | 635,472 | |
| | | | | | California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group) | | | | |
| | | 605,000 | | | Ser. 2014-A, 4.00%, due 1/1/2027 | | | 631,463 | |
| | | 630,000 | | | Ser. 2014-A, 4.00%, due 1/1/2028 | | | 655,893 | |
| | | 330,000 | | | Ser. 2014-A, 4.00%, due 1/1/2029 | | | 342,695 | |
| | | 2,000,000 | | | California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West Village Std. Hsg. Proj.), Ser. 2018, (BAM Insured), 4.00%, due 5/15/2048 | | | 2,136,520 | |
| | | 400,000 | | | California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/2030 | | | 452,092 | (a) |
| | | 1,500,000 | | | California Sch. Fac. Fin. Au. Rev. (Green Dot Pub. Sch. Proj.), Ser. 2018-A, 5.00%, due 8/1/2048 | | | 1,711,740 | (a) |
| | | | | | California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.) | | | | |
| | | 400,000 | | | Ser. 2017-A, 4.00%, due 7/1/2023 | | | 430,456 | (a) |
| | | 290,000 | | | Ser. 2014-A, 4.13%, due 7/1/2024 | | | 309,958 | |
| | | 375,000 | | | Ser. 2017-A, 5.00%, due 7/1/2025 | | | 436,174 | (a) |
| | | 130,000 | | | Ser. 2017-A, 5.00%, due 7/1/2027 | | | 156,412 | (a) |
| | | 2,195,000 | | | California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/2029 | | | 2,369,217 | |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| | $ | 15,000 | | | California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.) | | $ | 15,960 | |
| | | | | | Ser. 2012-AN, 5.00%, due 12/1/2021 | | | | |
| | | 540,000 | | | Ser. 2012-AN, 5.00%, due 12/1/2021 | | | 575,402 | |
| | | | | | California St. G.O. | | | | |
| | | 1,500,000 | | | Ser. 2012, 5.00%, due 2/1/2027 | | | 1,603,530 | |
| | | 1,450,000 | | | (LOC: Bank of Montreal) , Ser. 2003-A-2, 0.11%, due 5/1/2033 | | | 1,450,000 | (b) |
| | | 2,000,000 | | | California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%, due 11/1/2046 | | | 2,304,580 | |
| | | 710,000 | | | 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 | | | 355,000 | (a)(c) |
| | | 600,000 | | | California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Calplant I Green Bond Proj.), Ser. 2019, 7.50%, due 12/1/2039 | | | 96,000 | (a) |
| | | 550,000 | | | 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 | | | 533,225 | (a) |
| | | 1,910,000 | | | California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027 | | | 2,025,612 | (a) |
| | | 415,000 | | | California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, 4.50%, due 6/1/2031 | | | 434,671 | (a) |
| | | 400,000 | | | California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Ed.), Ser. 2016-A, 5.00%, due 6/1/2031 | | | 426,224 | (a) |
| | | 1,060,000 | | | California St. Sch. Fin. Au. Ed. Facs. Rev. (New Designs Charter Sch. Administration Campus Proj.), Ser. 2019-A, 5.00%, due 6/1/2050 | | | 1,098,351 | (a) |
| | | 365,000 | | | California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 5.35%, due 8/1/2024 | | | 381,067 | (a) |
| | | 1,200,000 | | | California Statewide CDA College Hsg. Rev. (NCCD-Hooper Street LLC-College of the Arts Proj.), Ser. 2019, 5.25%, due 7/1/2052 | | | 1,207,572 | (a) |
| | | 1,325,000 | | | California Statewide CDA Hosp. Rev. (Methodist Hosp. of Southern Proj.), Ser. 2018, 4.25%, due 1/1/2043 | | | 1,435,134 | |
| | | 720,000 | | | California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 5.00%, due 10/1/2026 | | | 832,205 | |
| | | 500,000 | | | California Statewide CDA Rev. (Loma Linda Univ. Med. Ctr.), Ser. 2018-A, 5.50%, due 12/1/2058 | | | 556,240 | (a) |
| | | 700,000 | | | California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/2028 | | | 806,897 | |
| | | 600,000 | | | California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/2036 | | | 617,352 | (a) |
| | | 1,500,000 | | | California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/2029 | | | 1,673,700 | |
| | | 1,500,000 | | | California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/2041 | | | 1,622,835 | |
| | | 1,115,000 | | | California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.), Ser. 2015, 4.50%, due 9/1/2025 | | | 1,251,554 | |
| | | 2,055,000 | | | California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus Apts. Phase IV), Ser. 2017-A, 5.00%, due 5/15/2032 | | | 2,369,374 | |
| | | 500,000 | | | California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/2032 | | | 537,645 | (a) |
| | | 2,000,000 | | | Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured), 5.00%, due 8/1/2031 | | | 2,542,180 | |
| | | | | | Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev. | | | | |
| | | 350,000 | | | Ser. 2013-A, 5.00%, due 9/1/2026 | | | 394,632 | |
| | | 560,000 | | | Ser. 2013-A, 5.00%, due 9/1/2027 | | | 629,950 | |
| | | 1,365,000 | | | Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/2021 | | | 1,369,887 | |
| | | 2,000,000 | | | Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, due 8/1/2024 | | | 2,281,460 | |
| | | 1,250,000 | | | Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, due 9/1/2025 | | | 1,474,775 | |
| | | 1,500,000 | | | Foothill-Eastern Trans. Corridor Agcy. Toll Road Rev. Ref., Subser. 2014-B2, 3.50%, due 1/15/2053 | | | 1,578,075 | |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| | | | | | Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref. | | | | |
| | $ | 2,000,000 | | | Ser. 2018-A-1, 5.00%, due 6/1/2047 | | $ | 2,043,780 | |
| | | 5,000,000 | | | Ser. 2018-A-2, 5.00%, due 6/1/2047 | | | 5,109,450 | |
| | | 1,000,000 | | | 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 | | | 1,313,520 | |
| | | 1,000,000 | | | Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/2026 | | | 1,210,460 | |
| | | 1,450,000 | | | Irvine Ranch Wtr. Dist. Imp. Dist. Cons. Rev., (LOC: U.S. Bank N.A.), Ser. 2009-A, 0.10%, due 10/1/2041 | | | 1,450,000 | (b) |
| | | | | | Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2) | | | | |
| | | 150,000 | | | Ser. 2013, 4.00%, due 9/1/2023 | | | 167,135 | |
| | | 300,000 | | | Ser. 2013, 4.00%, due 9/1/2024 | | | 333,300 | |
| | | 450,000 | | | Ser. 2013, 4.00%, due 9/1/2025 | | | 498,244 | |
| | | 645,000 | | | Ser. 2013, 3.50%, due 9/1/2026 | | | 700,180 | |
| | | 690,000 | | | Ser. 2013, 3.63%, due 9/1/2027 | | | 749,664 | |
| | | 680,000 | | | Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/2024 | | | 801,876 | |
| | | | | | La Verne Cert. of Participation (Brethren Hillcrest Homes) | | | | |
| | | 315,000 | | | Ser. 2014, 5.00%, due 5/15/2026 Pre-Refunded 5/15/2022 | | | 344,821 | |
| | | 500,000 | | | Ser. 2014, 5.00%, due 5/15/2029 Pre-Refunded 5/15/2022 | | | 547,335 | |
| | | 1,105,000 | | | Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/2026 | | | 1,191,787 | |
| | | 400,000 | | | Los Angeles City Multi-Family Rev., (LOC: JP Morgan Chase Bank N.A.), Ser. 1994-A, 0.20%, due 8/1/2026 | | | 400,000 | (b) |
| | | | | | Los Angeles Dept. of Wtr. & Pwr. Rev. Ref. | | | | |
| | | 800,000 | | | (LOC: Barclays Bank PLC), Subser. 2001-B-3, 0.12%, due 7/1/2034 | | | 800,000 | (b) |
| | | 1,450,000 | | | (LOC: TD Bank N.A.), Ser. 2019-A-2, 0.12%, due 7/1/2045 | | | 1,450,000 | (b) |
| | | 2,000,000 | | | Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/2027 | | | 2,143,060 | |
| | | 1,385,000 | | | Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/2029 | | | 1,077,405 | |
| | | 500,000 | | | Oroville Rev. (Oroville Hosp.), Ser. 2019, 5.25%, due 4/1/2049 | | | 537,205 | |
| | | 1,490,000 | | | Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/2024 | | | 1,625,664 | |
| | | 1,250,000 | | | Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/2039 | | | 1,292,987 | |
| | | 1,000,000 | | | Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), Ser. 2014, (AGM Insured), 5.00%, due 9/1/2027 | | | 1,171,390 | |
| | | | | | Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road) | | | | |
| | | 105,000 | | | Ser. 2013, 4.00%, due 9/1/2021 | | | 106,810 | |
| | | 600,000 | | | Ser. 2013, 5.00%, due 9/1/2025 | | | 644,364 | |
| | | | | | Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation) | | | | |
| | | 1,320,000 | | | Ser. 2013-B, 0.00%, due 6/1/2022 | | | 1,257,630 | |
| | | 1,500,000 | | | Ser. 2013-B, 0.00%, due 6/1/2023 | | | 1,421,505 | |
| | | | | | Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1) | | | | |
| | | 100,000 | | | Ser. 2017, 4.00%, due 9/1/2029 | | | 113,523 | |
| | | 200,000 | | | Ser. 2017, 4.00%, due 9/1/2030 | | | 224,448 | |
| | | 525,000 | | | Ser. 2017, 3.25%, due 9/1/2031 | | | 552,935 | |
| | | 1,700,000 | | | Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Cap. Assessment Dist. Number 2), Ser. 2016-A, 5.00%, due 10/1/2047 | | | 2,069,869 | |
| | | | | | Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.) | | | | |
| | | 1,000,000 | | | Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024 | | | 1,218,930 | |
| | | 400,000 | | | Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026 | | | 522,076 | |
| | | 1,950,000 | | | Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/2033 | | | 2,402,673 | |
| | | 500,000 | | | Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%, due 9/1/2047 | | | 554,025 | (a) |
| | | 1,000,000 | | | San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/2025 | | | 1,002,970 | |
| | | 280,000 | | | San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/2022 | | | 280,538 | |
| | | 1,070,000 | | | San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/2025 | | | 1,110,553 | |
| | | 685,000 | | | San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/2029 Pre-Refunded 8/1/2025 | | | 813,848 | |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| | | | | | San Mateo Union High Sch. Dist. G.O. (Election 2010) | | |
| | $ | 105,000 | | | Ser. 2011-A, 0.00%, due 9/1/2025 | | $ | 82,442 | |
| | | 895,000 | | | Ser. 2011-A, 0.00%, due 9/1/2025 Pre-Refunded 9/1/2021 | | | 703,551 | |
| | | 1,390,000 | | | San Rafael Redev. Agcy. Tax Allocation Ref. (Central San Rafael Redev. Proj.), Ser. 2009, (Assured Guaranty Insured), 5.00%, due 12/1/2021 | | | 1,395,087 | |
| | | | | | Santa Clara Valley Trans. Au. Sales Tax Rev. Ref. | | |
| | | 530,000 | | | (LOC: TD Bank N.A.), Ser. 2008-D, 0.11%, due 4/1/2036 | | | 530,000 | (b) |
| | | 1,250,000 | | | (LOC: TD Bank N.A.), Ser. 2008-C, 0.14%, due 4/1/2036 | | | 1,250,000 | (b) |
| | | | | Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.) | | |
| | | 310,000 | | | Ser. 2013, (BAM Insured), 3.25%, due 6/1/2025 | | | 333,796 | |
| | | 575,000 | | | Ser. 2013, (BAM Insured), 3.50%, due 6/1/2026 | | | 621,333 | |
| | | 325,000 | | | Ser. 2013, (BAM Insured), 3.50%, due 6/1/2027 | | | 349,973 | |
| | | 270,000 | | | Ser. 2013, (BAM Insured), 3.50%, due 6/1/2028 | | | 289,996 | |
| | | 1,000,000 | | | Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/2027 | | | 1,078,490 | |
| | | 1,000,000 | | | Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/2026 | | | 1,079,780 | |
| | | 215,000 | | | Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037 | | | 240,521 | |
| | | 1,145,000 | | | Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded), Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037 | | | 1,463,814 | |
| | | 2,000,000 | | | Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/2025 | | | 2,272,100 | |
| | | 500,000 | | | Tobacco Securitization Au. Southern California Tobacco Settlement Rev. Ref. (San Diego Co. Asset Securitization Corp.), Ser. 2019-A, Class 1, 5.00%, due 6/1/2048 | | | 605,885 | |
| | | 3,000,000 | | | Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 6.88%, due 8/1/2037 | | | 4,420,710 | |
| | | 3,500,000 | | | William S. Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, (AGM Insured), 0.00%, due 9/1/2026 | | | 3,309,425 | |
| | | 2,250,000 | | | Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/2036 | | | 2,555,100 | (d) |
| | | | 122,330,643 | |
| Illinois 1.3% |
| | | 1,000,000 | | | Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/2023 | | | 1,055,060 | |
| Kansas 0.5% |
| | | 440,000 | | | Goddard Kansas Sales Tax Spec. Oblig. Rev. Ref. (Olympic Park Star Bond Proj.), Ser. 2019, 3.60%, due 6/1/2030 | | | 429,647 | |
| Louisiana 0.6% |
| | | 500,000 | | | Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/2028 | | | 537,035 | |
| New Jersey 0.9% |
| | | 750,000 | | | New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/2023 | | | 767,595 | |
| New York 0.8% |
| | | 650,000 | | | Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/2034 | | | 690,748 | |
| North Carolina 0.5% |
| | | 450,000 | | | North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/2024 | | | 454,500 | |
| Ohio 5.1% |
| | | 3,900,000 | | | Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, Class 2, 5.00%, due 6/1/2055 | | | 4,297,878 | |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| Pennsylvania 2.4% |
| | | | | | Pennsylvania St. Turnpike Commission Rev. | | | |
| | $ | 285,000 | | | Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020 | | $ | 290,387 | |
| | | 305,000 | | | Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020 | | | 310,764 | |
| | | 1,410,000 | | | Subser. 2010-B2, 6.00%, due 12/1/2034 Pre-Refunded 12/1/2020 | | | 1,436,649 | |
| | | | | 2,037,800 | |
| Puerto Rico 5.8% |
| | | 1,000,000 | | | Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/2021 | | | 1,006,780 | |
| | | 3,662,000 | | | Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058 | | | 3,956,974 | |
| | | | | 4,963,754 | |
| Texas 0.6% |
| | | 300,000 | | | Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, due 1/1/2045 | | | 60,000 | (a)(c) |
| | | 450,000 | | | New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/2053 | | | 421,178 | |
| | | | | 481,178 | |
| Wisconsin 0.4% |
| | | 300,000 | | | Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054 | | | 301,509 | (a) |
| | | | | | Total Investments 163.1% (Cost $127,894,670) | | | 139,051,099 | |
| | | | | | Other Assets Less Liabilities 1.4% | | | 1,212,034 | |
| | | | | | Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $24,137) (64.5)% | | | (54,975,863 | ) |
| | | | | | Net Assets Applicable to Common Stockholders 100.0% | | $ | 85,287,270 | |
| (a) | Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At July 31, 2020, these securities amounted to $16,694,733, which represents 19.6% of net assets applicable to common stockholders of the Fund. |
| (b) | Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at July 31, 2020. |
| (c) | Defaulted security. |
| (d) | Currently a zero coupon security; will convert to 7.30% on August 1, 2026. |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of July 31, 2020:
| Asset Valuation Inputs | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Investments: | | | | | | | | | | | | | | | | |
| Municipal Notes(a) | | $ | — | | | $ | 139,051,099 | | | $ | — | | | $ | 139,051,099 | |
| Total Investments | | $ | — | | | $ | 139,051,099 | | | $ | — | | | $ | 139,051,099 | |
| (a) | The Schedule of Investments provides a categorization by state/territory for the portfolio. |
^ A balance indicated with a "-", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
July 31, 2020
Notes to Schedule of Investments Neuberger Berman California Municipal Fund Inc. (Unaudited)
In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman California Municipal Fund Inc. (the “Fund”) are carried at the value that Neuberger Berman Investment Advisers LLC ("Management") believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund’s investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
The value of the Fund’s investments in municipal notes is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal notes include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues.
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Fund’s Board of Directors has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts and whether the issuer of the security being fair valued has other securities outstanding.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.
In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820: “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”) (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 will require the disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 will also require that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the disclosure requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
Notes to Schedule of Investments Neuberger Berman California Municipal Fund Inc. (Unaudited) (cont’d)
Other matters—Coronavirus: The outbreak of the novel coronavirus in many countries, which is a rapidly evolving situation, has, among other things, disrupted global travel and supply chains, and has adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility, in ways that cannot necessarily be foreseen at the present time. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on economic and market conditions and trigger a period of global economic slowdown. Within the United States, California is among the hardest-hit states. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact the issuers of the securities held by the Fund.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
