n-q.htm
As filed with the Securities and Exchange Commission on September 28, 2011
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number: 811-21167
 
NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
(Exact Name of the Registrant as Specified in Charter)
c/o Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
(Address of Principal Executive Offices – Zip Code)
 
Registrant's telephone number, including area code: (212) 476-8800
 
Robert Conti, Chief Executive Officer and President
Neuberger Berman California Intermediate Municipal Fund Inc.
c/o Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
 
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, 2011
 
Date of reporting period: July 31, 2011
 
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.
 

 
JULY 31, 2011


Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited)





Principal Amount
 
Security
     
Value
 
($000's omitted)
       
($000's omitted)
             
Arizona (0.9%)
 
   
750
 
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
 
721
 
California (143.0%)
 
   
3,120
 
Abag Fin. Au. Cert. of Participation Rev. (Episcopal Homes Foundation), Ser. 1998, 5.13%, due 7/1/18
 
3,133
ß
   
600
 
Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18
 
622
ß
   
1,250
 
Alameda Co. Cert. of Participation Ref. Rev., Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.38%, due 12/1/17
 
1,275
 
   
1,285
 
Bay Area Gov't Assoc. BART SFO Extension Rev. (Arpt. Premium Fare), Ser. 2002-A, (AMBAC Insured), 5.00%, due 8/1/21
 
1,214
 
   
1,750
 
California Ed. Fac. Au. Ref. Rev. (Stanford Univ.), Ser. 2001-R, 5.00%, due 11/1/21
 
1,765
ß
   
500
 
California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
 
567
ß
   
2,000
 
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17
 
2,011
 
   
1,185
 
California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42
 
1,162
 
   
2,000
 
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I, 4.95%, due 7/1/26 Putable 7/1/14
 
2,168
µß
   
2,000
 
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2009-C, 5.00%, due 7/1/37 Putable 7/2/12
 
2,067
µß
   
2,000
 
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21
 
2,065
ß
   
1,000
 
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Apportionment Lease Revenue Bonds (King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
 
968
 
   
500
 
California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A, 5.00%, due 6/1/16
 
512
 
   
1,040
 
California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21
 
1,092
ß
   
2,500
 
California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002-A, 5.75%, due 5/1/17 Pre-Refunded 5/1/12
 
2,629
 
   
2,250
 
California St. G.O., Ser. 2002, 5.00%, due 10/1/17
 
2,340
 
   
1,095
 
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, due 6/1/20
 
1,151
 
   
1,000
 
California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svc.) (Cap. East End ), Ser. 2002-A, (AMBAC Insured), 5.25%, due 12/1/16
 
1,051
 
   
2,000
 
California Statewide CDA Cert. of Participation Rev. (Children's Hosp. Los Angeles), Ser. 1999, 5.13%, due 8/15/19
 
2,000
ß
   
1,180
 
California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 5.38%, due 4/1/17
 
1,181
ß
   
1,000
 
California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20
 
1,032
ß
   
5,000
 
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
 
5,337
ß
   
1,425
 
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
 
1,447
ß
   
1,000
 
California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22
 
936
ß
   
1,255
 
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, due 11/15/19
 
1,399
ß
   
1,500
 
California Statewide CDA Rev. (St. Joseph Hlth. Sys.), Ser. 2000, (National Public Finance Guarantee Corp. Insured), 5.13%, due 7/1/24
 
1,552
ß
   
355
 
California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17
 
344
ß
   
1,500
 
Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D, (AMBAC Insured), 0.00%, due 6/1/14
 
1,399
 
   
1,365
 
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/21
 
1,307
ß
   
820
 
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/12
 
831
 
   
250
 
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13
 
255
 
   
2,000
 
Fresno Joint Pwr. Fin. Au. Lease Rev. (Master Lease Proj.), Ser. 2008-A, (Assured Guaranty Insured), 5.00%, due 4/1/23
 
2,065
 
   
1,000
 
Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 2/1/17
 
1,151
 
   
2,835
 
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 12/1/16
 
2,890
 
   
2,480
 
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17
 
2,528
 
   
2,000
 
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 5.50%, due 12/1/24
 
1,984
 
   
1,000
 
Imperial Comm.College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 0.00%, due 8/1/40
 
833
i
   
500
 
Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17
 
527
 
   
4,000
 
Los Angeles Dept. of Arpts. Rev. (Los Angeles Int'l Arpt.), Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.25%, due 5/15/18
 
4,099
 
   
1,500
 
Los Angeles Harbor Dept. Ref. Rev., Ser. 2001-B, (AMBAC Insured), 5.50%, due 8/1/17
 
1,500
 
   
500
 
Marin Co. Dixie Elementary Sch. Dist. G.O., Ser. 2000-A, (AGM Insured), 5.38%, due 8/1/17
 
501
 
   
1,045
 
Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.00%, due 7/1/17
 
1,074
 
   
1,300
 
Metro. Wtr. Dist. So. California Waterworks Rev., Ser. 2000-B3, (LOC: BNP Paribas), 0.24%, due 7/1/35
 
1,300
µ
   
1,070
 
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
 
773
 
   
1,090
 
Moreland Sch. Dist. Ref. G.O., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.13%, due 9/1/17
 
1,105
 
   
1,000
 
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
 
948
 
   
535
 
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/16
 
551
 
   
565
 
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/17
 
580
 
   
500
 
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18
 
421
 
   
500
 
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19
 
408
 
   
1,045
 
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/15
 
1,063
 
   
1,210
 
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/18
 
1,226
 
   
605
 
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003, 5.00%, due 9/1/16 Pre-Refunded 3/1/13
 
647
 
   
635
 
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003, 5.00%, due 9/1/17 Pre-Refunded 3/1/13
 
679
 
   
1,290
 
Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Proj.), Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/17
 
1,299
 
   
1,445
 
Oceanside Cert. of Participation Ref. Rev., Ser. 2003-A, (AMBAC Insured), 5.25%, due 4/1/14
 
1,512
 
   
1,500
 
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
 
1,494
 
   
3,890
 
Port of Oakland Ref. Rev., Ser. 2002-N, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/13
 
4,033
 
   
440
 
Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17
 
437
 
   
1,000
 
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24
 
1,042
 
   
2,600
 
Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17
 
3,056
 
   
1,350
 
San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24
 
1,559
 
   
400
 
San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 5.25%, due 2/15/19
 
426
ñ
   
830
 
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15
 
831
 
   
820
 
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16
 
820
 
   
2,000
 
San Diego Unified Sch. Dist. G.O. (Election 1998), Ser. 2002-D, (FGIC Insured), 5.25%, due 7/1/21
 
2,104
 
   
1,000
 
San Francisco City & Co. Arpts. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21
 
1,096
 
   
2,115
 
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
 
2,196
 
   
1,615
 
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/12
 
1,655
 
   
925
 
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22
 
854
ß
   
1,900
 
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured), 5.00%, due 8/1/18
 
1,843
 
   
1,060
 
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured), 5.00%, due 8/1/21
 
989
 
   
1,000
 
San Mateo Union High Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, 0.00%, due 9/1/25
 
435
 
   
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
 
763
 
   
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
 
1,510
 
   
1,620
 
Santa Clara Co. Fremont Union High Sch. Dist. G.O. (Election 1998), Ser. 2002-C, (AGM Insured), 5.00%, due 9/1/20 Pre-Refunded 9/1/12
 
1,704
 
   
485
 
Santa Maria Bonita Sch. Dist. Cert. of Participation (Cap. Imp. & Ref. Proj.), Ser. 1998, (National Public Finance Guarantee Corp. Insured), 5.00%, due 3/1/14
 
486
 
   
525
 
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.40%, due 7/1/13
 
540
 
   
505
 
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14
 
523
 
   
560
 
South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1), Ser. 2002, (XLCA Insured), 5.00%, due 9/1/16
 
566
 
   
1,500
 
Sulphur Springs Union Sch. Dist. Cert. Participation (Cap. Appreciation), Ser. 2010, (AGM Insured), 0.00%, due 12/1/37
 
1,180
g
   
1,250
 
Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21
 
1,328
 
   
1,300
 
Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20
 
1,285
 
   
1,500
 
Turlock Irrigation Dist. Cert. of Participation (Cap. Imp. & Ref. Proj.), Ser. 2001, (LOC: Societe Generale), 0.18%, due 1/1/31
 
1,500
µ
   
3,000
 
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
 
1,854
f
   
2,250
 
Wiseburn Sch. Dist. G.O. Cap Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
 
810
h
   
117,395
     
Guam (3.5%)
 
   
700
 
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
 
738
 
   
1,000
 
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
 
967
 
   
1,110
 
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18
 
1,160
 
   
2,865
     
Illinois (1.6%)
 
   
815
 
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
 
788
 
   
500
 
Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
 
514
ß
   
1,302
     
Massachusetts (1.2%)
 
   
1,000
 
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30
 
958
 
Nevada (1.4%)
 
   
1,000
 
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
 
1,123
 
New York (1.9%)
 
   
1,000
 
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A, 5.88%, due 1/1/18
 
1,030
ß
   
500
 
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
 
504
ß
   
1,534
     
Pennsylvania (3.2%)
 
   
1,000
 
Cumberland Co. West Shore Area Au. Hosp. Rev. (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.), Ser. 2001, 6.00%, due 1/1/18 Pre-Refunded 1/1/12
 
1,024
ß
   
2,000
 
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 0.00%, due 12/1/34
 
1,604
a
   
2,628
     
Puerto Rico (11.3%)
 
   
1,500
 
Puerto Rico Elec. Pwr. Au. Pwr. Ref. Rev., Ser. 2007-VV, 5.50%, due 7/1/20
 
1,652
 
   
1,000
 
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
 
983
 
   
1,000
 
Puerto Rico Ind., Tourist, Ed., Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/15
 
1,014
ß
   
3,000
 
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17
 
3,083
 
   
1,000
 
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
 
1,008
 
   
1,500
 
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24
 
1,582
 
   
9,322
     
Texas (2.0%)
 
   
1,750
 
Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010, 5.25%, due 11/1/40
 
1,648
ß
               
 
Total Investments (170.0%) (Cost $137,374)
 
139,496
##
   
             
 
Cash, receivables and other assets, less liabilities (1.9%)
 
1,572
   
           
 
Liquidation Value of Auction Market Preferred Shares [(71.9%)]
 
(59,000)
   
           
 
Total Net Assets Applicable to Common Shareholders (100.0%)
$82,068
     
 

See Notes to Schedule of Investments


 
 

 
 
July 31, 2011 (Unaudited)
Notes to Schedule of Investments

In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”), all investments held by each of Neuberger Berman California Intermediate Municipal Fund Inc. (“California”), Neuberger Berman Intermediate Municipal Fund Inc. (“Intermediate”), and Neuberger Berman New York Intermediate Municipal Fund Inc. (“New York”) (each individually a “Fund,” and collectively, the “Funds”) are carried at the value that Neuberger Berman Management 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 significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
 
Level 3 – significant 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 securities 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 inputs used by an independent pricing service to value municipal securities include current trades, bid-wanted lists (which informs 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, 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, the applicable Fund seeks to obtain quotations from principal market makers (generally considered Level 3 inputs). If such quotations are not readily available, the security is valued using methods the Fund’s Board of Directors (each Fund’s Board of Directors, a “Board”) has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security based on Level 2 or 3 inputs, including available analyst, media or other reports, trading in futures or ADRs 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.

The following is a summary, categorized by Level, of inputs used to value the Funds’ investments as of July 31, 2011:

Asset Valuation Inputs
       
(000’s omitted)
Level 1
Level 2
Level 3
Total
California
       
Investments:
       
Municipal Notes^
$—
$139,496
$—
$139,496
Total Investments
139,496
139,496
Intermediate
       
Investments:
       
 
Municipal Notes^
446,100
446,100
Total Investments
446,100
446,100
New York
       
Investments:
       
Municipal Notes^
119,671
119,671
Total Investments
119,671
119,671

 
^
The Schedule of Investments provides information on the state categorization for the portfolio.
 
 
 
The Funds had no significant transfers between Levels 1 and 2 during the period ended July 31, 2011.
 
##
At July 31, 2011, selected fund information on a U.S. federal income tax basis was as follows:

 
 
(000’s omitted)
 
 
Cost
 
Gross Unrealized
Appreciation
 
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
California
$137,374
$3,368
$1,246
$2,122
Intermediate
437,088
15,446
6,434
9,012
New York
118,919
3,128
2,376
752
 
ß
Security is guaranteed by the corporate or non-profit obligor.
   
µ
Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of July 31, 2011 and at their final maturity dates.
   
a
Currently a zero coupon security; will convert to 6.00% on December 1, 2015.
   
b
Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
   
c
Currently a zero coupon security; will convert to 6.38% on August 1, 2016.
   
d
Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
   
e
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
   
f
Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
   
g
Currently a zero coupon security; will convert to 6.50% on December 1, 2015.
   
h
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
   
i
Currently a zero coupon security; will convert to 6.75% on August 1, 2015.
   
j
Security is subject to a guarantee provided by Bayerische Landesbank, backing 100% of the total principal.
   
Security had an event of default.
   
ñ
Restricted security subject to restrictions on resale under federal securities laws. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and have been deemed by the investment manager to be liquid. At July 31, 2011, these securities amounted to approximately $426,000 or 0.5% of net assets applicable to common shareholders for California.
   
#
Restricted security subject to restrictions on resale under federal securities laws. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and have been deemed by the investment manager to be illiquid and restricted. At July 31, 2011, these securities amounted to approximately $2,289,000 or 0.8% of net assets applicable to common shareholders for Intermediate and $0 or 0.0% of net assets applicable to common shareholders for New York.
 
 
 
 
 
 
 
 
 
(000’s
omitted)
 
 
 
 
 
 
 
 
 
Restricted Security
 
 
 
 
 
 
 
 
Acquisition
Date
 
 
 
 
 
 
 
 
Acquisition
Cost
Acquisition
 Cost
Percentage of
Net Assets
Applicable to
Common
Shareholders
as of
Acquisition
Date
 
 
 
 
 
 
 
 
Value as of
July 31, 2011
 
 
Fair Value
Percentage of
Net Assets
Applicable to
Common
Shareholders
as of July 31,
2011
Intermediate
New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%,
due 2/15/19
 
 
 
8/4/2006
 
 
 
$1,100
 
 
 
0.4%
 
 
 
$0
 
 
 
0.0%
 
 
Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37
 
 
 
10/2/2006
 
 
 
3,000
 
 
 
1.0
 
 
 
2,289
 
 
 
0.8
 
New York
 
New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%,
due 2/15/19
 
 
 
8/4/2006
 
 
 
660
 
 
 
0.9
 
 
 
0
 
 
 
0.0


For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder 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 Investment Company Act of 1940, as amended (“1940 Act”)), as of a date within 90 days of the filing date of this document, the Chief Executive Officer and 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-CSR and 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 Intermediate Municipal Fund Inc.
 
By:
/s/ Robert Conti_______________________
 
Robert Conti
 
Chief Executive Officer
 
Date: September 23, 2011
 
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/ Robert Conti_______________________
 
Robert Conti
 
Chief Executive Officer
 
Date: September 23, 2011
 
By:
/s/ John M. McGovern  _________________
 
John M. McGovern
 
Treasurer and Principal Financial
 
and Accounting Officer

Date: September 23, 2011