Schedule of Investments California Municipal Fund Inc.^
(Unaudited) January 31, 2022
| Principal Amount | | Value | |
| Municipal Notes 164.9% | | | | |
| American Samoa 0.8% | | | | |
| $ | 600,000 | | | American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/2029 | | $ | 679,401 | |
| California 144.3% | | | | |
| | 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 | | | 1,049,752 | |
| | 1,875,000 | | | California Comm. Choice Fin. Clean Energy Proj. Au. Rev. Green Bond, Ser. 2021-B-1, (LOC: Morgan Stanley), 4.00%, due 2/1/2052 Putable 8/1/2031 | | | 2,154,781 | |
| | | | | California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands) | | | | |
| | 250,000 | | | Ser. 2016-A, 5.00%, due 10/1/2028 | | | 280,238 | |
| | 260,000 | | | Ser. 2016-A, 3.00%, due 10/1/2029 | | | 267,435 | |
| | 400,000 | | | Ser. 2016-A, 3.00%, due 10/1/2030 | | | 408,837 | |
| | 1,000,000 | | | California Ed. Facs. Au. Rev. (Green Bond- Loyola Marymount Univ.), Ser. 2018-B, 5.00%, due 10/1/2048 | | | 1,178,106 | |
| | 1,257,963 | | | California HFA Muni. Cert., Ser. 2019-2, Class A, 4.00%, due 3/20/2033 | | | 1,393,847 | |
| | 1,000,000 | | | California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/2026 | | | 1,029,485 | |
| | 988,054 | | | California Hsg. Fin. Agcy. Muni. Cert., Ser. 2021-1, Class A, 3.50%, due 11/20/2035 | | | 1,073,819 | |
| | 500,000 | | | California Infrastructure & Econ. Dev. Bank Rev. (Wonderful Foundations Charter Sch. Portfolio Proj.), Ser. 2020-A-1, 5.00%, due 1/1/2055 | | | 535,776 | (a) |
| | 770,000 | | | 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 | | | 771,460 | |
| | 1,000,000 | | | California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.63%, due 7/1/2044 | | | 1,063,782 | (a) |
| | 500,000 | | | California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, due 7/1/2029 | | | 536,021 | |
| | | | | California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.) | | | | |
| | 210,000 | | | Ser. 2015-A, 4.50%, due 10/1/2025 | | | 217,828 | |
| | 1,115,000 | | | Ser. 2019-A, 5.00%, due 10/1/2049 | | | 1,178,476 | (a) |
| | 1,000,000 | | | California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/2031 | | | 1,114,470 | (a) |
| | 500,000 | | | California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/2030 | | | 559,063 | (a) |
| | | | | California Muni. Fin. Au. Rev. (Biola Univ.) | | | | |
| | 375,000 | | | Ser. 2013, 4.00%, due 10/1/2025 | | | 390,708 | |
| | 410,000 | | | Ser. 2013, 4.00%, due 10/1/2026 | | | 426,445 | |
| | 455,000 | | | Ser. 2013, 4.00%, due 10/1/2027 | | | 472,560 | |
| | 1,500,000 | | | California Muni. Fin. Au. Rev. (Chevron U.S.A.-Rec. Zone BDS), Ser. 2010-C, 0.08%, due 11/1/2035 | | | 1,500,000 | (b) |
| | | | | California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group) | | | | |
| | 605,000 | | | Ser. 2014-A, 4.00%, due 1/1/2027 | | | 639,093 | |
| | 630,000 | | | Ser. 2014-A, 4.00%, due 1/1/2028 | | | 663,201 | |
| | 330,000 | | | Ser. 2014-A, 4.00%, due 1/1/2029 | | | 346,430 | |
| | 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 | | | 2,188,802 | |
| | | | | California Pub. Fin. Au. Ref. (Henry Mayo Newhall Hosp.) | | | | |
| | 400,000 | | | Ser. 2021-A, 4.00%, due 10/15/2027 | | | 449,050 | |
| | 360,000 | | | Ser. 2021-A, 4.00%, due 10/15/2028 | | | 409,210 | |
| | 400,000 | | | California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/2030 | | | 440,747 | (a) |
| | 1,500,000 | | | California Sch. Fac. Fin. Au. Rev. (Green Dot Pub. Sch. Proj.), Ser. 2018-A, 5.00%, due 8/1/2048 | | | 1,702,466 | (a) |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| | | | | California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.) | | | | |
| $ | 400,000 | | | Ser. 2017-A, 4.00%, due 7/1/2023 | | $ | 415,880 | (a) |
| | 250,000 | | | Ser. 2014-A, 4.13%, due 7/1/2024 | | | 259,191 | |
| | 375,000 | | | Ser. 2017-A, 5.00%, due 7/1/2025 | | | 415,260 | (a) |
| | 130,000 | | | Ser. 2017-A, 5.00%, due 7/1/2027 | | | 150,464 | (a) |
| | 2,195,000 | | | California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/2029 | | | 2,266,850 | |
| | | | | California St. G.O. | | | | |
| | 1,500,000 | | | Ser. 2012, 5.00%, due 2/1/2027 Pre-Refunded 2/1/2022 | | | 1,500,000 | |
| | 2,000,000 | | | Ser. 2020, 3.00%, due 11/1/2050 | | | 2,048,737 | |
| | 1,390,000 | | | California St. Hlth. Fac. Fin. Au. Rev. (Commonspirit Hlth. Oblig.), Ser. 2020-A, 4.00%, due 4/1/2049 | | | 1,524,094 | |
| | 2,000,000 | | | California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%, due 11/1/2046 | | | 2,234,494 | |
| | 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 | | | 319,500 | (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 | | | 14,996 | (a)(c) |
| | 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 | | | 409,553 | (a) |
| | 1,770,000 | | | California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/2027 | | | 1,892,620 | (a) |
| | 415,000 | | | California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, 4.50%, due 6/1/2031 | | | 442,697 | (a) |
| | 400,000 | | | California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Ed.), Ser. 2016-A, 5.00%, due 6/1/2031 | | | 431,753 | (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 | | | 1,152,237 | (a) |
| | 280,000 | | | California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 5.35%, due 8/1/2024 | | | 293,378 | (a) |
| | 1,000,000 | | | California Statewide CDA College Hsg. Rev. (NCCD-Hooper Street LLC-College of the Arts Proj.), Ser. 2019, 5.25%, due 7/1/2052 | | | 1,030,266 | (a) |
| | 1,325,000 | | | California Statewide CDA Hosp. Rev. (Methodist Hosp. of Southern Proj.), Ser. 2018, 4.25%, due 1/1/2043 | | | 1,458,064 | |
| | 1,000,000 | | | California Statewide CDA Multi-Family Hsg. Rev. (Irvine Apt. Comm. LP), Ser. 2001-W-1, (LOC: Wells Fargo Bank N.A.), 0.13%, due 8/1/2034 | | | 1,000,000 | (b) |
| | 720,000 | | | California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 5.00%, due 10/1/2026 Pre-Refunded 10/1/2024 | | | 789,416 | |
| | 500,000 | | | California Statewide CDA Rev. (Loma Linda Univ. Med. Ctr.), Ser. 2018-A, 5.50%, due 12/1/2058 | | | 589,512 | (a) |
| | 700,000 | | | California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/2028 | | | 748,641 | |
| | 600,000 | | | California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/2036 | | | 667,178 | (a) |
| | 1,500,000 | | | California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/2029 | | | 1,655,845 | |
| | 1,500,000 | | | California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/2041 | | | 1,624,021 | |
| | 480,000 | | | California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda Wilder Proj.), Ser. 2015, 4.50%, due 9/1/2025 | | | 523,456 | |
| | 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 | | | 2,391,883 | |
| | 500,000 | | | California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/2032 | | | 577,515 | (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 | | | 2,352,276 | |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| | | | | Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev. | | | | |
| $ | 350,000 | | | Ser. 2013-A, 5.00%, due 9/1/2026 Pre-Refunded 9/1/2023 | | $ | 372,558 | |
| | 560,000 | | | Ser. 2013-A, 5.00%, due 9/1/2027 Pre-Refunded 9/1/2023 | | | 596,092 | |
| | 2,000,000 | | | Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, due 8/1/2024 | | | 2,137,064 | |
| | 1,250,000 | | | Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, due 9/1/2025 | | | 1,371,553 | |
| | 1,500,000 | | | Foothill-Eastern Trans. Corridor Agcy. Toll Road Rev. Ref., Subser. 2014-B2, 3.50%, due 1/15/2053 | | | 1,570,058 | |
| | | | | Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref. | | | | |
| | 2,000,000 | | | Ser. 2018-A-1, 5.00%, due 6/1/2047 Pre-Refunded 6/1/2022 | | | 2,030,128 | |
| | 5,000,000 | | | Ser. 2018-A-2, 5.00%, due 6/1/2047 Pre-Refunded 6/1/2022 | | | 5,075,320 | |
| | 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 | | | 1,184,800 | |
| | 1,000,000 | | | Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/2026 | | | 1,117,718 | |
| | | | | Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2) | | | | |
| | 150,000 | | | Ser. 2013, 4.00%, due 9/1/2023 | | | 157,391 | |
| | 300,000 | | | Ser. 2013, 4.00%, due 9/1/2024 | | | 314,050 | |
| | 450,000 | | | Ser. 2013, 4.00%, due 9/1/2025 | | | 470,581 | |
| | 645,000 | | | Ser. 2013, 3.50%, due 9/1/2026 | | | 667,726 | |
| | 690,000 | | | Ser. 2013, 3.63%, due 9/1/2027 | | | 714,569 | |
| | 680,000 | | | Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/2024 | | | 742,632 | |
| | | | | La Verne Cert. of Participation (Brethren Hillcrest Homes) | | | | |
| | 315,000 | | | Ser. 2014, 5.00%, due 5/15/2026 Pre-Refunded 5/15/2022 | | | 322,235 | |
| | 500,000 | | | Ser. 2014, 5.00%, due 5/15/2029 Pre-Refunded 5/15/2022 | | | 511,484 | |
| | 1,105,000 | | | Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/2026 | | | 1,113,311 | |
| | 1,500,000 | | | Los Angeles City Dept. of Arpts. Arpt. Rev., Ser. 2020-C, 4.00%, due 5/15/2050 | | | 1,642,088 | |
| | 2,650,000 | | | Los Angeles Co. Metro. Trans. Au. Rev. (Green Bond), Ser. 2020-A, 5.00%, due 6/1/2031 | | | 3,342,885 | |
| | 2,000,000 | | | Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/2027 Pre-Refunded 3/1/2022 | | | 2,007,617 | |
| | 1,385,000 | | | Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/2029 Pre-Refunded 8/1/2024 | | | 1,086,749 | |
| | 1,305,000 | | | Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/2024 | | | 1,370,851 | |
| | 1,250,000 | | | Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/2039 | | | 1,349,352 | |
| | 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 | | | 1,093,851 | |
| | 600,000 | | | Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 5.00%, due 9/1/2025 | | | 612,391 | |
| | 500,000 | | | Riverside Co. Trans. Commission Toll Rev. Ref. Sr. Lien (RCTC Number 91 Express Lanes), Ser. 2021-B-1, 4.00%, due 6/1/2046 | | | 566,115 | |
| | | | | Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation) | | | | |
| | 1,320,000 | | | Ser. 2013-B, 0.00%, due 6/1/2022 | | | 1,317,332 | |
| | 1,500,000 | | | Ser. 2013-B, 0.00%, due 6/1/2023 | | | 1,479,959 | |
| | | | | Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1) | | | | |
| | 100,000 | | | Ser. 2017, 4.00%, due 9/1/2029 | | | 109,128 | |
| | 200,000 | | | Ser. 2017, 4.00%, due 9/1/2030 | | | 217,344 | |
| | 525,000 | | | Ser. 2017, 3.25%, due 9/1/2031 | | | 543,454 | |
| | 1,700,000 | | | Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Cap. Assessment Dist. Number 2), Ser. 2016-A, 5.00%, due 10/1/2047 | | | 1,932,651 | |
| | | | | Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.) | | | | |
| | 1,000,000 | | | Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2024 | | | 1,114,016 | |
| | 400,000 | | | Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/2026 | | | 472,281 | |
| | 1,950,000 | | | Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/2033 | | | 2,310,261 | |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| $ | 500,000 | | | Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%, due 9/1/2047 | | $ | 544,377 | (a) |
| | 120,000 | | | San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/2022 | | | 120,233 | |
| | 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 | | | 752,104 | |
| | 400,000 | | | Santa Clara Valley Trans. Au. Sales Tax Rev. Ref., Ser. 2008-D, (LOC: TD Bank N.A.), 0.07%, due 4/1/2036 | | | 400,000 | (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 | | | 317,747 | |
| | 575,000 | | | Ser. 2013, (BAM Insured), 3.50%, due 6/1/2026 | | | 590,531 | |
| | 325,000 | | | Ser. 2013, (BAM Insured), 3.50%, due 6/1/2027 | | | 333,240 | |
| | 270,000 | | | Ser. 2013, (BAM Insured), 3.50%, due 6/1/2028 | | | 276,362 | |
| | 1,000,000 | | | Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/2027 Pre-Refunded 8/1/2023 | | | 1,032,111 | |
| | 1,000,000 | | | Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/2026 | | | 1,018,706 | |
| | | | | Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds | | | | |
| | 525,000 | | | Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037 Pre-Refunded 12/1/2025 | | | 624,309 | |
| | 620,000 | | | Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037 | | | 732,696 | |
| | 125,000 | | | Ser. 2010, (AGM Insured), 6.50%, due 12/1/2037 | | | 135,732 | |
| | 2,000,000 | | | Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/2025 | | | 2,121,079 | |
| | 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 | | | 588,380 | |
| | 1,050,000 | | | Univ. of California Rev. Ref., Ser. 2013-AL-4, 0.07%, due 5/15/2048 | | | 1,050,000 | (b) |
| | 3,000,000 | | | Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 6.88%, due 8/1/2037 | | | 4,111,310 | |
| | 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 | | | 3,253,401 | |
| | 2,250,000 | | | Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/2036 | | | 2,486,847 | (d) |
| | | | | | | | 119,148,425 | |
| Guam 2.1% | | | | |
| | 500,000 | | | Guam Gov't Bus. Privilege Tax Rev. Ref., Ser. 2021-F, 4.00%, due 1/1/2042 | | | 543,896 | |
| | 1,000,000 | | | Guam Gov't Hotel Occupancy Tax Rev. Ref., Ser. 2021-A, 5.00%, due 11/1/2040 | | | 1,198,927 | |
| | | | | | | | 1,742,823 | |
| Illinois 1.3% | | | | |
| | 1,000,000 | | | Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/2023 | | | 1,038,973 | |
| Kansas 0.7% | | | | |
| | | | | Goddard Kansas Sales Tax Spec. Oblig. Rev. Ref. (Olympic Park Star Bond Proj.) | | | | |
| | 310,000 | | | Ser. 2019, 3.60%, due 6/1/2030 | | | 310,998 | |
| | 300,000 | | | Ser. 2021, 3.50%, due 6/1/2034 | | | 285,712 | |
| | | | | | | | 596,710 | |
| 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 | | | 527,217 | |
| New Jersey 0.5% | | | | |
| | 400,000 | | | New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/2023 | | | 411,588 | |
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.^
(Unaudited) (cont’d)
| Principal Amount | | Value | |
| New York 0.8% | | | | |
| $ | 650,000 | | | Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/2034 | | $ | 702,547 | |
| North Carolina 0.4% | | | | |
| | 345,000 | | | 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 Pre-Refunded 3/1/2022 | | | 346,049 | |
| Ohio 5.6% | | | | |
| | 3,885,000 | | | Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Ref. Rev., Ser. 2020-B-2, Class 2, 5.00%, due 6/1/2055 | | | 4,270,351 | |
| | 280,000 | | | So. Ohio Port Exempt Fac. Au. Rev., (PureCycle Ohio LLC), Ser. 2020-A, 7.00%, due 12/1/2042 | | | 314,445 | (a) |
| | | | | | | | 4,584,796 | |
| Puerto Rico 6.2% | | | | |
| | 875,000 | | | Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Hosp. Auxilio Mutuo Oblig. Group Proj.), Ser. 2021, 5.00%, due 7/1/2027 | | | 1,015,181 | |
| | 3,662,000 | | | Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2018-A-1, 5.00%, due 7/1/2058 | | | 4,070,410 | |
| | | | | | | | 5,085,591 | |
| South Carolina 0.8% | | | | |
| | 250,000 | | | South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Green Bond-Last Step Recycling LLC Proj.), Ser. 2021-A, 6.50%, due 6/1/2051 | | | 251,011 | (a) |
| | 395,000 | | | South Carolina St. Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 7.75%, due 10/1/2057 | | | 434,352 | |
| | | | | | | | 685,363 | |
| Texas 0.4% | | | | |
| | 294,783 | | | Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, due 1/1/2045 | | | 23,583 | (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 | | | 332,360 | (c) |
| | | | | | | | 355,943 | |
| Wisconsin 0.4% | | | | |
| | 300,000 | | | Pub. Fin. Au. Retirement Fac. Rev. Ref. (Friends Homes), Ser. 2019, 5.00%, due 9/1/2054 | | | 332,386 | (a) |
| | | | | Total Investments 164.9% (Cost $128,906,804) | | | 136,237,812 | |
| | | | | Other Assets Less Liabilities 1.7% | | | 1,354,881 | |
| | | | | Liquidation Preference of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of $2,308) (66.6)% | | | (54,997,692 | ) |
| | | | | Net Assets Applicable to Common Stockholders 100.0% | | $ | 82,595,001 | |
| (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, 2022, these securities amounted to $16,863,391, which represents 20.4% 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 January 31, 2022. |
| (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 the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of January 31, 2022:
| Asset Valuation Inputs | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Investments: | | | | | | | | | | | | | | | | |
| Municipal Notes(a) | | $ | — | | | $ | 136,237,812 | | | $ | — | | | $ | 136,237,812 | |
| Total Investments | | $ | — | | | $ | 136,237,812 | | | $ | — | | | $ | 136,237,812 | |
| (a) | The Schedule of Investments provides a categorization by state/territory. |
| ^ | 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, 2022
Notes to Schedule of Investments 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 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 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. 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.
In December 2020, the Securities and Exchange Commission ("SEC") adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act, the threshold for determining whether a fund must fair value a security. The rule became effective on March 8, 2021, however, the SEC adopted an eighteen-month transition period beginning from the effective date. Management is currently evaluating the rule.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
Notes to Schedule of Investments California Municipal Fund Inc.
(Unaudited) (cont’d)
Other matters:
Russia’s Invasion of Ukraine: Russia’s invasion of the 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, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a 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 a Fund and its investments or operations could be negatively impacted.
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.
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent stockholder reports.
