As filed with the Securities and Exchange Commission on September 28, 2018
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-21167
NEUBERGER BERMAN CALIFORNIA MUNICIPAL FUND INC.
(Exact Name of Registrant as Specified in Charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
 New York, New York 10104-0002
(Address of Principal Executive Offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Joseph V. Amato, Chief Executive Officer and President
Neuberger Berman California Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002

Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and Addresses of Agents for Service)
Date of fiscal year end:  October 31
Date of reporting period:  July 31, 2018
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of their first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (“1940 Act”) (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.
 
 
Schedule of Investments California Municipal Fund Inc.(a)
 
(Unaudited) July 31, 2018

Principal Amount
    
Value†
  
(000's omitted)
      
(000's omitted)
  
           
Municipal Notes 169.3%
 
American Samoa 0.7%
 
$
600
  
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29
$
603
  
               
California 151.6%
   
1,000
  
Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 Pre-Refunded 4/1/23
  
1,143
  
   
1,500
  
Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21
  
1,634
  
       
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
      
   
250
  
Ser. 2016-A, 5.00%, due 10/1/28
  
290
  
   
260
  
Ser. 2016-A, 3.00%, due 10/1/29
  
260
  
   
400
  
Ser. 2016-A, 3.00%, due 10/1/30
  
395
  
   
1,000
  
California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26
  
1,104
  
   
1,000
  
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
  
1,055
  
   
1,000
  
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.63%, due 7/1/44
  
1,018
(b)(c)
   
500
  
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, due 7/1/29
  
508
(c)
   
255
  
California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%, due 10/1/25
  
260
  
   
1,000
  
California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/31
  
1,045
(b)
   
500
  
California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30
  
530
(b)
       
California Muni. Fin. Au. Rev. (Biola Univ.)
      
   
375
  
Ser. 2013, 4.00%, due 10/1/25
  
402
  
   
410
  
Ser. 2013, 4.00%, due 10/1/26
  
436
  
   
455
  
Ser. 2013, 4.00%, due 10/1/27
  
483
  
   
600
  
California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26
  
667
  
       
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
      
   
605
  
Ser. 2014-A, 4.00%, due 1/1/27
  
627
  
   
630
  
Ser. 2014-A, 4.00%, due 1/1/28
  
650
  
   
330
  
Ser. 2014-A, 4.00%, due 1/1/29
  
339
  
   
400
  
California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/30
  
439
(b)
       
California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
      
   
400
  
Ser. 2017-A, 4.00%, due 7/1/23
  
424
(b)
   
400
  
Ser. 2014-A, 4.13%, due 7/1/24
  
419
  
   
375
  
Ser. 2017-A, 5.00%, due 7/1/25
  
422
(b)
   
130
  
Ser. 2017-A, 5.00%, due 7/1/27
  
148
(b)
   
2,195
  
California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29
  
2,148
  
       
California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.)
      
   
15
  
Ser. 2012-AN, 5.00%, due 12/1/21
  
17
  
   
540
  
Ser. 2012-AN, 5.00%, due 12/1/21
  
601
  
       
California St. Dept. of Wtr. Res. Pwr. Supply Rev.
      
   
1,240
  
Ser. 2010-L, 5.00%, due 5/1/22 Pre-Refunded 5/1/20
  
1,316
  
   
760
  
Ser. 2010-L, 5.00%, due 5/1/22
  
806
  
   
1,500
  
California St. G.O., Ser. 2012, 5.00%, due 2/1/27
  
1,659
  
   
565
  
California St. G.O. (Kindergarten Univ.), (LOC: State Street Bank & Trust Co.), Ser. 2004, 1.10%, due 5/1/34
  
565
(d)
   
1,000
  
California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. Proj.), Ser. 2016-A, 5.00%, due 1/1/36
  
972
(b)
 
 
2,000
  
California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%, due 11/1/46
 
2,171
  
   
730
  
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/27
  
704
(b)(c)
   
2,000
  
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27
  
2,173
(b)
   
1,095
  
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, due 6/1/20
  
1,098
  
   
415
  
California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, 4.50%, due 6/1/31
  
419
(b)
   
400
  
California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31
  
422
(b)
   
520
  
California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 5.35%, due 8/1/24
  
546
(b)
   
1,000
  
California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21
  
1,071
  
   
720
  
California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 5.00%, due 10/1/26
  
812
  
   
700
  
California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28
  
794
  
   
550
  
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, due 11/15/19
  
566
(b)
   
600
  
California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/36
  
622
(b)
   
1,500
  
California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29
  
1,639
  
   
1,500
  
California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/41
  
1,500
  
   
1,200
  
California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.), Ser. 2015, 4.50%, due 9/1/25
  
1,315
  
   
2,055
  
California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus Apts. Phase IV), Ser. 2017-A, 5.00%, due 5/15/32
  
2,352
  
   
500
  
California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/32
  
531
(b)
   
2,000
  
Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured), 5.00%, due 8/1/31
  
2,370
  
       
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
      
   
350
  
Ser. 2013-A, 5.00%, due 9/1/26
  
393
  
   
560
  
Ser. 2013-A, 5.00%, due 9/1/27
  
627
  
   
1,365
  
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/21
  
1,367
  
   
2,000
  
Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, due 8/1/24
  
2,210
  
   
4,000
  
Deutsche Bank Spears/Lifers Trust Rev. (Floaters) (Deutsche Bank AG), Ser. 2017-7007, 1.44%, due 3/1/42
  
4,000
(b)(d)
   
7,000
  
Deutsche Bank Spears/Lifers Trust Rev. (Starwood Comm. Dev. Au.), Ser. 2017-DBE-7006, (LOC: Deutsche Bank AG), 1.44%, due 4/1/52
  
7,000
(b)(d)
   
1,250
  
Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, due 9/1/25
  
1,452
  
   
2,000
  
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2018-A-1, 5.00%, due 6/1/47
  
2,051
  
   
1,000
  
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/40 Pre-Refunded 8/1/25
  
1,303
  
   
1,000
  
Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18
  
1,000
  
   
1,000
  
Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26
  
1,159
  
       
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
      
 
 
150
  
Ser. 2013, 4.00%, due 9/1/23
 
161
  
   
300
  
Ser. 2013, 4.00%, due 9/1/24
  
320
  
   
450
  
Ser. 2013, 4.00%, due 9/1/25
  
477
  
   
645
  
Ser. 2013, 3.50%, due 9/1/26
  
662
  
   
690
  
Ser. 2013, 3.63%, due 9/1/27
  
710
  
   
680
  
Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24
  
780
  
       
La Verne Cert. of Participation (Brethren Hillcrest Homes)
      
   
315
  
Ser. 2014, 5.00%, due 5/15/26
  
338
  
   
500
  
Ser. 2014, 5.00%, due 5/15/29
  
532
  
   
1,105
  
Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26
  
1,238
  
   
2,000
  
Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27
  
2,223
  
   
500
  
Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27
  
522
  
   
210
  
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
  
207
  
   
1,000
  
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
  
1,002
  
   
1,385
  
Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29
  
939
  
   
1,490
  
Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24
  
1,641
  
   
1,250
  
Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39
  
1,224
  
   
1,500
  
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19
  
1,554
  
   
1,000
  
Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), Ser. 2014, (AGM Insured), 5.00%, due 9/1/27
  
1,155
  
       
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road)
      
   
285
  
Ser. 2013, 4.00%, due 9/1/21
  
293
  
   
600
  
Ser. 2013, 5.00%, due 9/1/25
  
644
  
       
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation)
      
   
1,320
  
Ser. 2013-B, 0.00%, due 6/1/22
  
1,185
  
   
1,500
  
Ser. 2013-B, 0.00%, due 6/1/23
  
1,299
  
       
Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1)
      
   
100
  
Ser. 2017, 4.00%, due 9/1/29
  
104
  
   
200
  
Ser. 2017, 4.00%, due 9/1/30
  
206
  
   
525
  
Ser. 2017, 3.25%, due 9/1/31
  
493
  
   
1,700
  
Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Capital Assessment Dist. Number 2), Ser. 2016-A, 5.00%, due 10/1/47
  
1,940
  
       
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.)
      
   
1,000
  
Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24
  
1,190
  
   
400
  
Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26
  
488
  
   
1,950
  
Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/33
  
2,264
  
   
500
  
Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%, due 9/1/47
  
527
(b)
   
1,350
  
San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24 Pre-Refunded 8/1/18
  
1,350
  
       
San Francisco City & Co. Arpts. Commission Int'l Ref. Rev.
      
   
750
  
Ser. 2009-D2, 3.00%, due 5/1/21
  
776
  
   
1,000
  
Ser. 2009-C2, 5.00%, due 5/1/21
  
1,026
  
   
1,220
  
San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.), Ser. 2003-B, (National Public Finance Guarantee Corp. Insured), 5.25%, due 8/1/18
  
1,220
  
   
2,000
  
San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25
  
2,088
  
   
485
  
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22
  
486
  
       
San Juan Unified Sch. Dist. G.O.
      
 
 
1,000
  
Ser. 2012-C, 4.00%, due 8/1/22
 
1,068
  
   
1,070
  
Ser. 2012-C, 4.00%, due 8/1/25
  
1,137
  
   
685
  
San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29
  
753
  
       
San Mateo Union High Sch. Dist. G.O. (Election 2010)
      
   
105
  
Ser. 2011-A, 0.00%, due 9/1/25
  
79
  
   
895
  
Ser. 2011-A, 0.00%, due 9/1/25 Pre-Refunded 9/1/21
  
667
  
   
1,000
  
San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/18
  
1,000
  
   
1,390
  
San Rafael Redev. Agcy. Tax Allocation Ref. (Central San Rafael Redev. Proj.), Ser. 2009, (Assured Guaranty Insured), 5.00%, due 12/1/21
  
1,445
  
       
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.)
      
   
310
  
Ser. 2013, (BAM Insured), 3.25%, due 6/1/25
  
322
  
   
575
  
Ser. 2013, (BAM Insured), 3.50%, due 6/1/26
  
602
  
   
325
  
Ser. 2013, (BAM Insured), 3.50%, due 6/1/27
  
337
  
   
270
  
Ser. 2013, (BAM Insured), 3.50%, due 6/1/28
  
279
  
   
1,000
  
Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27
  
1,036
  
   
1,000
  
Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26
  
1,100
  
   
290
  
Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, (AGM Insured), 6.50%, due 12/1/37
  
325
  
   
1,145
  
Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded), Ser. 2010, (AGM Insured), 6.50%, due 12/1/37
  
1,389
  
   
2,000
  
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25
  
2,278
  
       
Vernon Elec. Sys. Rev.
      
   
340
  
Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19
  
353
  
   
735
  
Ser. 2009-A, 5.13%, due 8/1/21
  
756
  
   
3,000
  
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
  
3,942
(e)
   
1,500
  
Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21
  
1,651
  
   
3,500
  
William S.Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, (AGM Insured), 0.00%, due 9/1/26
  
2,812
  
   
2,250
  
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
  
2,042
(f)
   
125,086
  
Florida 0.7%
   
525
  
Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24
  
580
  
               
Georgia 0.7%
   
600
  
Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25
  
590
(b)(c)
               
Guam 2.7%
   
1,110
  
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18
  
1,118
  
   
1,000
  
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 Pre-Refunded 7/1/20
  
1,067
  
   
2,185
  
Illinois 2.3%
   
1,000
  
Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23
  
1,056
  
   
750
  
Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23
  
800
  
   
1,856
  
Louisiana 0.6%
 
 
500
  
Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/28
 
529
  
               
Nevada 1.3%
   
1,000
  
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19
  
1,051
  
               
New Jersey 1.0%
   
750
  
New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23
  
822
  
               
North Carolina 0.8%
   
655
  
North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/24
  
680
  
               
Ohio 1.2%
   
1,000
  
Buckeye Tobacco Settlement Fin. Au. Asset-Backed Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47
  
1,008
  
               
Pennsylvania 2.7%
       
Pennsylvania St. Turnpike Commission Rev.
      
   
285
  
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
  
313
  
   
305
  
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
  
334
  
   
1,410
  
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
  
1,547
  
   
2,194
  
Puerto Rico 1.2%
   
1,000
  
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
  
1,030
  
               
Tennessee 0.7%
   
500
  
Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/23
  
563
  
               
Texas 0.3%
   
300
  
Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, due 1/1/45
  
240
(b)(c)(g)
               
Virgin Islands 0.8%
       
Virgin Islands Pub. Fin. Au. Rev.
      
   
250
  
Ser. 2014-A, 5.00%, due 10/1/24
  
237
  
   
500
  
Ser. 2014-A, 5.00%, due 10/1/29
  
456
  
   
693
  
 
Total Investments 169.3% (Cost $132,120)
  
139,710
  
         
 
Other Assets Less Liabilities 2.2%
  
1,780
  
         
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of approximately $27,000) (71.5)%
  
(58,973)
  
         
 
Net Assets Applicable to Common Stockholders 100.0%
$82,517
  
 
(a)
Effective August 28, 2018. Formerly Neuberger Berman California Intermediate Municipal Fund through August 27, 2018.
(b)
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, 2018, these securities amounted to approximately $23,338,000, which represents 28.3% of net assets applicable to common stockholders of the Fund. Securities denoted with (b) but without (c) have been deemed by the investment manager to be liquid.
(c)
Illiquid security.
(d)
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, 2018.
(e)
Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
(f)
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(g)
Defaulted Security.
 
See Notes to Schedule of Investments
Schedule of Investments California Municipal Fund Inc.(a)
 
(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, 2018:
       
Asset Valuation Inputs
  
(000's omitted)
Level 1
  
Level 2
  
Level 3
  
Total
  
Investments:
      
Municipal Notes(a)
  
$
—
  
$
139,710
  
$
—
  
$
139,710
  
Total Investments
  
$
—
  
$
139,710
  
$
—
  
$
139,710
  

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

 As of the period ended July 31, 2018, no securities were transferred from one level (as of October 31, 2017) to another.

 
 
 
 
See Notes to Schedule of Investments
July 31, 2018
Notes to Schedule of Investments (Unaudited)

†
In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of Neuberger Berman California Municipal Fund Inc. (Formerly, Neuberger Berman California Intermediate Municipal Fund Inc.), Neuberger Berman Municipal Fund Inc. (Formerly, Neuberger Berman Intermediate Municipal Fund Inc.) and Neuberger Berman New York Municipal Fund Inc. (Formerly, Neuberger Berman New York Intermediate Municipal Fund Inc.), (each individually a “Fund,” and collectively, the “Funds”) are carried at the value that Neuberger Berman Investment Advisers LLC ("Management") believes a 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 Funds' 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 – 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 Funds’ investments in municipal notes and liquidating trust - real estate 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 securities and units 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 a 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 Funds’ 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.
 

 
 
 

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

Item 2. Controls and Procedures.
(a)
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-Q is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
 (b)
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman California Municipal Fund Inc.
 
 
By:
/s/ Joseph V. Amato
 
 
Joseph V. Amato
 
 
Chief Executive Officer and President
 
 
Date:  September 28, 2018
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
 
 
By:
/s/ Joseph V. Amato
 
 
Joseph V. Amato
 
 
Chief Executive Officer and President
 

Date:  September 28, 2018
 
 
By:
/s/ John M. McGovern
 
 
John M. McGovern
 
 
Treasurer and Principal Financial
and Accounting Officer
 
 
Date:  September 28, 2018