As filed with the Securities and Exchange Commission on March 27, 2019
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:  January 31, 2019
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.^
(Unaudited) January 31, 2019
 
 
Principal
Amount
 
Value
(000's omitted)
   
(000's omitted)
 
Municipal Notes 170.9%
 
American Samoa 0.7%
 
$
600
 
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29
$
597
 
 
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
 
1,141
 
   
1,500
 
Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21
 
1,612
 
       
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
     
   
250
 
Ser. 2016-A, 5.00%, due 10/1/28
 
295
 
   
260
 
Ser. 2016-A, 3.00%, due 10/1/29
 
262
 
   
400
 
Ser. 2016-A, 3.00%, due 10/1/30
 
399
 
   
1,000
 
California Ed. Facs. Au. Rev. (Green Bond- Loyola Marymount Univ.), Ser. 2018-B, 5.00%, due 10/1/48
 
1,128
 
   
1,000
 
California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26
 
1,096
 
   
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
 
1,034
 
   
1,000
 
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.63%, due 7/1/44
 
1,008
(a)(b)
   
500
 
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, due 7/1/29
 
503
 
   
255
 
California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%, due 10/1/25
 
258
 
   
1,000
 
California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/31
 
1,063
(a)
   
500
 
California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30
 
545
(a)
       
California Muni. Fin. Au. Rev. (Biola Univ.)
     
   
375
 
Ser. 2013, 4.00%, due 10/1/25
 
400
 
   
410
 
Ser. 2013, 4.00%, due 10/1/26
 
435
 
   
455
 
Ser. 2013, 4.00%, due 10/1/27
 
481
 
   
600
 
California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26
 
662
 
       
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
     
   
605
 
Ser. 2014-A, 4.00%, due 1/1/27
 
611
 
   
630
 
Ser. 2014-A, 4.00%, due 1/1/28
 
633
 
   
330
 
Ser. 2014-A, 4.00%, due 1/1/29
 
329
 
   
2,000
 
California Muni. Fin. Au. Std. Hsg. Rev. (CHF-Davis I, LLC-West Villiage Std. Hsg. Proj.), Ser. 2018, (BAM Insured), 4.00%, due 5/15/48
 
2,019
 
   
400
 
California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/30
 
435
(a)
   
1,500
 
California Sch. Fac. Fin. Au. Rev. (Green Dot Pub. Sch. Proj.), Ser. 2018-A, 5.00%, due 8/1/48
 
1,594
(a)
       
California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
     
   
400
 
Ser. 2017-A, 4.00%, due 7/1/23
 
425
(a)
   
400
 
Ser. 2014-A, 4.13%, due 7/1/24
 
417
 
   
375
 
Ser. 2017-A, 5.00%, due 7/1/25
 
424
(a)
   
130
 
Ser. 2017-A, 5.00%, due 7/1/27
 
149
(a)
   
2,195
 
California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29
 
2,178
 
       
California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.)
     
 
 
15
 
Ser. 2012-AN, 5.00%, due 12/1/21
 
16
 
   
540
 
Ser. 2012-AN, 5.00%, due 12/1/21
 
593
 
       
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
 
1,294
 
   
760
 
Ser. 2010-L, 5.00%, due 5/1/22
 
792
 
   
1,500
 
California St. G.O., Ser. 2012, 5.00%, due 2/1/27
 
1,638
 
   
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
 
960
(a)(b)
   
2,000
 
California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%, due 11/1/46
 
2,142
 
   
710
 
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
 
683
(a)(b)
   
550
 
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Green Bond-Rialto Bioenergy Fac. LLC, Proj.), Ser. 2019, 7.50%, due 12/1/40
 
525
(a)
   
2,000
 
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27
 
2,145
(a)
   
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
 
418
(a)
   
400
 
California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31
 
415
(a)
   
520
 
California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 5.35%, due 8/1/24
 
539
(a)
   
1,000
 
California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21
 
1,058
 
   
1,200
 
California Statewide CDA College Hsg. Rev. (NCCD-Hooper Street LLC-College of the Arts Proj.), Ser. 2019, 5.25%, due 7/1/52
 
1,252
(a)
   
1,325
 
California Statewide CDA Hosp. Rev. (Methodist Hosp. of Southern Proj.), Ser. 2018, 4.25%, due 1/1/43
 
1,327
 
   
720
 
California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 5.00%, due 10/1/26
 
822
 
   
500
 
California Statewide CDA Rev. (Loma Linda Univ. Med. Ctr.), Ser. 2018-A, 5.50%, due 12/1/58
 
544
(a)
   
700
 
California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28
 
791
 
   
285
 
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, due 11/15/19
 
293
(a)
   
600
 
California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/36
 
642
(a)
   
1,500
 
California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29
 
1,646
 
   
1,500
 
California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/41
 
1,514
 
   
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
 
1,304
 
   
2,055
 
California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus Apts. Phase IV), Ser. 2017-A, 5.00%, due 5/15/32
 
2,333
 
   
500
 
California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/32
 
551
(a)
   
2,000
 
Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured), 5.00%, due 8/1/31
 
2,384
 
       
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
 
1,369
 
   
2,000
 
Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, due 8/1/24
 
2,207
 
 
 
600
 
Deutsche Bank Spears/Lifers Trust Rev. (Floaters) (Deutsche Bank AG), Ser. 2017-7007, 1.88%, due 3/1/42
 
600
(a)(c)
   
1,250
 
Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, due 9/1/25
 
1,461
 
       
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref.
     
   
2,000
 
Ser. 2018-A-1, 5.00%, due 6/1/47
 
1,889
 
   
4,000
 
Ser. 2018-A-2, 5.00%, due 6/1/47
 
3,779
 
   
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
 
1,306
 
   
1,000
 
Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26
 
1,163
 
       
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
     
   
150
 
Ser. 2013, 4.00%, due 9/1/23
 
164
 
   
300
 
Ser. 2013, 4.00%, due 9/1/24
 
325
 
   
450
 
Ser. 2013, 4.00%, due 9/1/25
 
485
 
   
645
 
Ser. 2013, 3.50%, due 9/1/26
 
676
 
   
690
 
Ser. 2013, 3.63%, due 9/1/27
 
723
 
   
450
 
Irvine Unified Sch. Dist. Spec. Tax (Comm. Facs. Dist. # 09-1), (LOC: U.S. Bank N.A.), Ser. 2014, 1.30%, due 9/1/54
 
450
(c)
   
680
 
Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24
 
791
 
       
La Verne Cert. of Participation (Brethren Hillcrest Homes)
     
   
315
 
Ser. 2014, 5.00%, due 5/15/26
 
333
 
   
500
 
Ser. 2014, 5.00%, due 5/15/29
 
522
 
   
1,105
 
Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26
 
1,201
 
   
2,000
 
Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27
 
2,190
 
   
210
 
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
 
208
 
   
820
 
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
 
822
 
   
1,385
 
Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29
 
964
 
   
1,490
 
Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24
 
1,657
 
   
1,250
 
Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39
 
1,214
 
   
1,500
 
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19
 
1,528
 
   
1,000
 
Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), Ser. 2014, (AGM Insured), 5.00%, due 9/1/27
 
1,162
 
       
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
 
645
 
       
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation)
     
   
1,320
 
Ser. 2013-B, 0.00%, due 6/1/22
 
1,194
 
   
1,500
 
Ser. 2013-B, 0.00%, due 6/1/23
 
1,313
 
       
Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1)
     
   
100
 
Ser. 2017, 4.00%, due 9/1/29
 
103
 
   
200
 
Ser. 2017, 4.00%, due 9/1/30
 
206
 
   
525
 
Ser. 2017, 3.25%, due 9/1/31
 
503
 
   
1,700
 
Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Capital Assessment Dist. Number 2), Ser. 2016-A, 5.00%, due 10/1/47
 
1,909
 
       
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.)
     
   
1,000
 
Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24
 
1,189
 
   
400
 
Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26
 
493
 
   
1,950
 
Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/33
 
2,255
 
   
500
 
Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%, due 9/1/47
 
518
(a)
       
San Francisco City & Co. Arpts. Commission Int'l Ref. Rev.
     
 
 
750
 
Ser. 2009-D2, 3.00%, due 5/1/21
 
775
 
   
1,000
 
Ser. 2009-C2, 5.00%, due 5/1/21
 
1,010
 
   
2,000
 
San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25
 
2,061
 
   
435
 
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22
 
435
 
       
San Juan Unified Sch. Dist. G.O.
     
   
1,000
 
Ser. 2012-C, 4.00%, due 8/1/22
 
1,061
 
   
1,070
 
Ser. 2012-C, 4.00%, due 8/1/25
 
1,128
 
   
3,000
 
San Mateo Co. Joint Pwr. Fin. Au. Lease Rev. (Capital Proj.), Ser. 2018-A, 4.00%, due 7/15/52
 
3,062
 
   
685
 
San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29
 
761
 
       
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
 
677
 
   
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
 
1,429
 
       
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.)
     
   
310
 
Ser. 2013, (BAM Insured), 3.25%, due 6/1/25
 
328
 
   
575
 
Ser. 2013, (BAM Insured), 3.50%, due 6/1/26
 
605
 
   
325
 
Ser. 2013, (BAM Insured), 3.50%, due 6/1/27
 
340
 
   
270
 
Ser. 2013, (BAM Insured), 3.50%, due 6/1/28
 
281
 
   
1,000
 
Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27
 
1,033
 
   
1,000
 
Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26
 
1,084
 
   
255
 
Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, (AGM Insured), 6.50%, due 12/1/37
 
280
 
   
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
 
1,411
 
   
2,000
 
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25
 
2,273
 
       
Vernon Elec. Sys. Rev.
     
   
340
 
Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19
 
346
 
   
735
 
Ser. 2009-A, 5.13%, due 8/1/21
 
746
 
   
3,000
 
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
 
3,771
(d)
   
1,500
 
Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21
 
1,629
 
   
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
 
2,934
 
   
2,250
 
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
 
2,044
(e)
 
123,668
 
Georgia 0.7%
   
600
 
Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25
 
559
(a)(b)
 
Guam 1.3%
   
1,000
 
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 Pre-Refunded 7/1/20
 
1,049
 
 
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
 
798
 
 
1,854
 
Louisiana 0.6%
 
 
500
 
Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/28
 
526
 
 
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
 
1,021
 
 
New Jersey 1.0%
   
750
 
New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23
 
809
 
 
New York 0.8%
   
650
 
Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/34
 
660
 
 
North Carolina 0.7%
   
555
 
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
 
576
 
 
Ohio 4.5%
   
3,900
 
Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/30
 
3,641
 
 
Pennsylvania 2.6%
       
Pennsylvania St. Turnpike Commission Rev.
     
   
285
 
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
 
307
 
   
305
 
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
 
328
 
   
1,410
 
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
 
1,518
 
 
2,153
 
Puerto Rico 1.3%
   
1,000
 
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
 
1,025
 
 
Tennessee 0.7%
   
500
 
Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/23
 
555
 
 
Texas 0.8%
   
300
 
Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, due 1/1/45
 
240
(a)(b)(f)
   
450
 
New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Bridgemoor Plano Proj.), Ser. 2018-A, 7.25%, due 12/1/53
 
451
 
 
691
 
 
Total Investments 170.9% (Cost $132,427)
139,384
 
       
 
Other Assets Less Liabilities 1.4%
1,137
 
       
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of approximately $12,000) (72.3)%
(58,988)
 
       
 
Net Assets Applicable to Common Stockholders 100.0%
$81,533
 
 
(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, 2019, these securities amounted to approximately $16,527,000, which represents 20.3% of net assets applicable to common stockholders of the Fund. Securities denoted with (a) but without (b) have been deemed by the investment manager to be liquid.
(b)
 
Illiquid security.
(c)
 
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, 2019.
(d)
 
Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
(e)
 
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(f)
 
Defaulted Security.
 
 
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 January 31, 2019:
 
Asset Valuation Inputs
 
(000's omitted)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
       
Municipal Notes(a)
 
$
   
$
139,384
   
$
   
$
139,384
 
Total Investments
 
$
   
$
139,384
   
$
   
$
139,384
 

(a)    The Schedule of Investments provides a categorization by state/territory for the portfolio.
 
^A balance indicated with a "-", either reflects a zero balance or an amount that rounds to less than 1.
 
 
 
 
See Notes to Schedule of Investments


January 31, 2019
 
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., Neuberger Berman Municipal Fund Inc. and Neuberger Berman New York 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 notes and liquidating trust - real estate 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.

In August 2018, FASB 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 need to disclose 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 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 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:  March 27, 2019
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:  March 27, 2019
By:
/s/ John M. McGovern
 
 
John M. McGovern
 
 
Treasurer and Principal Financial
 
 
and Accounting Officer
 

Date:  March 27, 2019