As filed with the Securities and Exchange Commission on January 7, 2019

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21168

(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 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: October 31, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. Report to Stockholders.

Following is a copy of the annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.

 

 

				Neuberger Berman Municipal Closed-End Funds Neuberger Berman California Municipal Fund Inc. Neuberger Berman Municipal Fund Inc. Neuberger Berman New York Municipal Fund Inc.
				Annual Report October 31, 2018

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.nb.com/CEFliterature, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.877.9700 or by sending an e-mail request to fundinfo@nb.com. Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.877.9700 or send an email request to fundinfo@nb.com to inform the Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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				Contents
				President’s Letter		1
				PORTFOLIO COMMENTARIES		2
				SCHEDULES OF INVESTMENTS
				California Municipal Fund Inc.		6
				Municipal Fund Inc.		12
				New York Municipal Fund Inc.		23
				FINANCIAL STATEMENTS		29
				FINANCIAL HIGHLIGHTS/PER SHARE DATA
				California Municipal Fund Inc.		41
				Municipal Fund Inc.		42
				New York Municipal Fund Inc.		43
				Report of Independent Registered Public Accounting Firm		46
				Distribution Reinvestment Plan for each Fund		47
				Directory		50
				Directors and Officers		51
				Proxy Voting Policies and Procedures		61
				Quarterly Portfolio Schedule		61
				Notice to Stockholders		62
				Report of Votes of Stockholders		63
				Board Consideration of the Management Agreements		64

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President’s Letter

Dear Stockholder,

I am pleased to present this annual report for Neuberger Berman California Municipal Fund Inc. (NBW), Neuberger Berman Municipal Fund Inc. (NBH) and Neuberger Berman New York Municipal Fund Inc. (NBO and, together with NBW and NBH, the Funds) for the 12 months ended October 31, 2018. The report includes portfolio commentaries, listings of the Funds’ investments and their audited financial statements for the reporting period.

Each Fund’s investment objective is to provide a high level of current income exempt from federal income tax and, for the state-specific Funds, NBW seeks to provide income that is also exempt from California’s personal income taxes and NBO seeks to provide income that is also exempt from New York State and New York City personal income tax.

We maintain a conservative investment philosophy and disciplined investment process in an effort to provide you with tax-exempt current income over the long term with less volatility and risk.

On April 16, 2018, NBH decreased its monthly distribution rate to $0.06244 per share of common stock from the prior monthly distribution rate of $0.0675 per share. NBW decreased its monthly distribution rate to $0.04480 per share of common stock from the prior monthly distribution rate of $0.0512 per share. NBO decreased its monthly distribution rate to $0.03933 per share of common stock from the prior monthly distribution rate of $0.0437 per share. The Funds’ decrease in distribution rates was the result of numerous factors, including the current level of yields available in the municipal market and the corresponding impact on the Funds’ levels of earnings, expected increased costs of leverage associated with forecasted interest-rate hikes and the amount of available undistributed net investment income or, with respect to NBW and NBO, the lack thereof.

On June 28, 2018, each Fund’s Board of Directors (each a “Board”) approved certain changes to the Fund’s name and investment policies, which became effective on August 28, 2018. The changes did not alter any Fund’s investment objective. Each Board approved an amended policy allowing its Fund flexibility to invest in municipal obligations without maturity and duration limitations as well as to increase the percentage of lower rated securities from 20% to 30% of each Fund’s total assets. Neuberger Berman and each Fund’s Board believe the changes will allow the portfolio managers to better manage each Fund’s portfolio in pursuit of its investment objective. To reflect this investment policy change, the Board of each Fund also approved changing the name of each Fund by removing the word “Intermediate” from the Fund’s name. The Funds continue to trade on the NYSE American under their existing ticker symbols.

Thank you for your confidence in the Funds. We will continue to do our best to retain your trust in the years to come.

Sincerely,

Joseph V. Amato
President and CEO
Neuberger Berman California Municipal Fund Inc.
Neuberger Berman Municipal Fund Inc.
Neuberger Berman New York Municipal Fund Inc.

1

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Neuberger Berman Municipal Closed-End Funds Portfolio Commentaries (Unaudited)

For the 12 month reporting period ended October 31, 2018, on a net asset value (NAV) basis, Neuberger Berman California Municipal Fund Inc., Neuberger Berman Municipal Fund Inc. and Neuberger Berman New York Municipal Fund Inc. (each a Fund and together, the Funds) generated a -1.59%, -0.85% and -1.69% total return, respectively, whereas the Bloomberg Barclays 10-Year Municipal Bond Index (the Index) generated a -0.93% total return for the same period. (Fund performance on a market basis is provided in the table immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) detracted from each Fund’s performance given the negative price return for the municipal market during the reporting period.

The investment grade municipal bond market posted a negative absolute return, but outperformed the taxable bond market on a relative basis during the reporting period. Both short- and long-term U.S. yields moved higher over the period. As telegraphed, the U.S. Federal Reserve (Fed) raised interest rates on four occasions over the reporting period. The Fed also continued to shrink its balance sheet and reported that it plans to further tighten monetary policy in 2019 (although more recent statements by Fed officials have suggested a less aggressive approach). Municipal securities were supported by overall positive fundamentals as well as solid investor demand, at times, and moderating new supply. All told, the Bloomberg Barclays Municipal Bond Index returned -0.51% for the 12 months ended October 31, 2018, whereas the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned -2.05%.

The Funds’ yield curve positioning contributed to performance as the curve flattened over the reporting period. The Funds maintained a generally lower rated portfolio relative to that of the Index as the Funds sought to generate additional yield. This was positive for results given the relative outperformance of lower quality bonds. From a sector perspective, an overweight to revenue bonds added to results as they largely outperformed general obligation bonds. On the downside, several of the Funds’ project finance-oriented holdings experienced idiosyncratic risks that caused them to generate weak results.

There were a number of adjustments made to the Funds’ portfolios during the reporting period in conjunction with the Funds’ investment policy changes that became effective on August 28, 2018. In particular, we modestly extended the Funds’ duration. We also selectively added to the Funds’ allocation to lower rated securities to take advantage of what we felt were attractive opportunities in that portion of the municipal bond market.

As the current economic expansion in the U.S. extends into its tenth year, interest in pinpointing its end date continues to grow. We believe that tax reform enacted earlier this year has increased the probability that the economic expansion in the U.S. cycle will soldier on for at least a few more quarters. With regard to the municipal bond market, technicals continue to look promising for the fourth quarter of 2018, in our opinion. Municipal securities remain an attractive relative value proposition, in our view, when compared to equivalently rated taxable fixed income alternatives on an after-tax basis. Significantly reduced primary market activity should help maintain a firm bid for municipal securities and we see no reason at this time for retail demand to wane. We continue to closely monitor the primary and secondary markets in search of attractive buying opportunities for our investors.

Sincerely,

James L. Iselin and S. Blake Miller
Portfolio Co-Managers

The portfolio composition, industries and holdings of each Fund are subject to change without notice.

The opinions expressed are those of the Funds’ portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The value of securities owned by a Fund, as well as the market value of shares of the Fund’s common stock, may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; regulatory or legislative developments; price and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.

2

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3

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Endnotes

1		A portion of each Fund’s income may be a tax preference item for purposes of the federal alternative minimum tax for certain stockholders.
2		Returns based on the NAV of each Fund.
3		Returns based on the market price of shares of each Fund’s common stock on the NYSE American.
4		Please see “Description of Index” on page 5 for a description of the index.

For more complete information on any of the Neuberger Berman Municipal Closed-End Funds, call Neuberger Berman Investment Advisers LLC at (800) 877-9700, or visit our website at www.nb.com.

4

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Description of Index

Bloomberg Barclays 10-Year Municipal Bond Index:

The index is the 10-year (8-12 years to maturity) component of the Bloomberg Barclays Municipal Bond Index. The Bloomberg Barclays Municipal Bond Index measures the investment grade, U.S. dollar-denominated, long-term, tax-exempt bond market and has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

Please note that the index does not take into account any fees and expenses or any tax consequences of investing in the individual securities that it tracks and that individuals cannot invest directly in any index. Data about the performance of this index are prepared or obtained by Management and include reinvestment of all income dividends and other distributions, if any. Each Fund may invest in securities not included in the above described index and generally does not invest in all securities included in the index.

5

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Schedule of Investments California Municipal Fund Inc.(a) October 31, 2018

PRINCIPAL AMOUNT					Value
(000’s omitted)					(000’s omitted)
Municipal Notes 173.7%
American Samoa 0.7%
$	600		American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29		$	575
California 152.8%
	1,000		Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 Pre-Refunded 4/1/23			1,124
	1,500		Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21			1,611
			California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
	250		Ser. 2016-A, 5.00%, due 10/1/28			285
	260		Ser. 2016-A, 3.00%, due 10/1/29			247
	400		Ser. 2016-A, 3.00%, due 10/1/30			374
	1,000		California Ed. Facs. Au. Rev. (Green Bond- Loyola Marymount Univ.), Ser. 2018-B, 5.00%, due 10/1/48			1,104	(b)
	1,000		California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26			1,083
	1,000		California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch.			1,037
			Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
	1,000		California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.63%,			1,003	(c)(d)
			due 7/1/44
	500		California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%,			500
			due 7/1/29
	255		California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%,			257
			due 10/1/25
	1,000		California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%,			1,048	(c)
			due 7/1/31
	500		California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30			543	(c)
			California Muni. Fin. Au. Rev. (Biola Univ.)
	375		Ser. 2013, 4.00%, due 10/1/25			394
	410		Ser. 2013, 4.00%, due 10/1/26			428
	455		Ser. 2013, 4.00%, due 10/1/27			473
	600		California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26			658
			California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
	605		Ser. 2014-A, 4.00%, due 1/1/27			609
	630		Ser. 2014-A, 4.00%, due 1/1/28			631
	330		Ser. 2014-A, 4.00%, due 1/1/29			328
	400		California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%,			428	(c)
			due 7/1/30
	1,500		California Sch. Fac. Fin. Au. Rev. (Green Dot Pub. Sch. Proj.), Ser. 2018-A, 5.00%, due 8/1/48			1,583	(c)
			California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
	400		Ser. 2017-A, 4.00%, due 7/1/23			422	(c)
	400		Ser. 2014-A, 4.13%, due 7/1/24			413
	375		Ser. 2017-A, 5.00%, due 7/1/25			421	(c)
	130		Ser. 2017-A, 5.00%, due 7/1/27			147	(c)
	2,195		California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29			2,049
			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			590
			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			1,298
	760		Ser. 2010-L, 5.00%, due 5/1/22			794
	1,500		California St. G.O., Ser. 2012, 5.00%, due 2/1/27			1,629	(e)
	1,000		California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No.			947	(c)(d)
			Proj.), Ser. 2016-A, 5.00%, due 1/1/36
	2,000		California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%, due 11/1/46			2,091
	730		California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC			699	(c)(d)
			Proj.), Ser. 2016, 7.00%, due 12/1/27
	2,000		California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27			2,115	(c)
	1,095		California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%,			1,098
			due 6/1/20

See Notes to Financial Statements

6

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Schedule of Investments California Municipal Fund Inc.(a) (Cont'd)

PRINCIPAL AMOUNT					Value
(000’s omitted)					(000’s omitted)
$	415		California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016,		$	415	(c)
			4.50%, due 6/1/31
	400		California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31			412	(c)
	520		California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A,			536	(c)
			5.35%, due 8/1/24
	1,000		California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21			1,054
	720		California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured),			800
			5.00%, due 10/1/26
	500		California Statewide CDA Rev. (Loma Linda Univ. Med. Ctr.), Ser. 2018-A, 5.50%, due 12/1/58			525	(c)
	700		California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28			775	(e)
	285		California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%,			292	(c)
			due 11/15/19
	600		California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/36			638	(c)
	1,500		California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29			1,604
	1,500		California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/41			1,443
	1,200		California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.),			1,285
			Ser. 2015, 4.50%, due 9/1/25
	2,055		California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus Apts. Phase IV), Ser. 2017-A, 5.00%,			2,286
			due 5/15/32
	500		California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/32			549	(c)
	2,000		Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured),			2,304
			5.00%, due 8/1/31
			Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
	350		Ser. 2013-A, 5.00%, due 9/1/26			384
	560		Ser. 2013-A, 5.00%, due 9/1/27			612
	1,365		Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%,			1,368
			due 12/15/21
	2,000		Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%,			2,147
			due 8/1/24
	4,000		Deutsche Bank Spears/Lifers Trust Rev. (Floaters) (Deutsche Bank AG), Ser. 2017-7007, 2.10%,			4,000	(c)(f)
			due 3/1/42
	3,800		Deutsche Bank Spears/Lifers Trust Rev. (Starwood Comm. Dev. Au.), Ser. 2017-DBE-7006,			3,800	(c)(f)
			(LOC: Deutsche Bank AG), 2.10%, due 4/1/52
	1,250		Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%,			1,425
			due 9/1/25
			Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref.
	2,000		Ser. 2018-A-1, 5.00%, due 6/1/47			1,947
	4,000		Ser. 2018-A-2, 5.00%, due 6/1/47			3,895
	1,000		Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),			1,272
			6.75%, due 8/1/40 Pre-Refunded 8/1/25
	1,000		Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26			1,129
			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			318
	450		Ser. 2013, 4.00%, due 9/1/25			473
	645		Ser. 2013, 3.50%, due 9/1/26			659
	690		Ser. 2013, 3.63%, due 9/1/27			705
	350		Irvine Unified Sch. Dist. Spec. Tax (Comm. Facs. Dist. # 09-1), (LOC: U.S. Bank N.A.), Ser. 2014,			350	(f)
			1.23%, due 9/1/54
	680		Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24			771
			La Verne Cert. of Participation (Brethren Hillcrest Homes)
	315		Ser. 2014, 5.00%, due 5/15/26			334
	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			1,188
	2,000		Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27			2,169
	500		Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27			515
	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			1,003
	1,385		Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29			925
	1,490		Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24			1,613

See Notes to Financial Statements

7

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Schedule of Investments California Municipal Fund Inc.(a) (cont'd)

PRINCIPAL AMOUNT					Value
(000’s omitted)					(000’s omitted)
$	1,250		Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39		$	1,190
	1,500		Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19			1,538
	1,000		Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.),			1,134
			Ser. 2014, (AGM Insured), 5.00%, due 9/1/27
			Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road)
	285		Ser. 2013, 4.00%, due 9/1/21			294
	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			1,181
	1,500		Ser. 2013-B, 0.00%, due 6/1/23			1,292
			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			204
	525		Ser. 2017, 3.25%, due 9/1/31			497
	1,700		Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Capital Assessment Dist. Number 2), Ser. 2016-A,			1,870
			5.00%, due 10/1/47
			Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.)
	1,000		Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24			1,158
	400		Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26			475
	1,950		Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/33			2,183
	500		Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%,			514	(c)
			due 9/1/47
			San Francisco City & Co. Arpts. Commission Int’l Ref. Rev.
	750		Ser. 2009-D2, 3.00%, due 5/1/21			769
	1,000		Ser. 2009-C2, 5.00%, due 5/1/21			1,016
	2,000		San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25			2,059
	485		San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%,			485
			due 12/1/22
			San Juan Unified Sch. Dist. G.O.
	1,000		Ser. 2012-C, 4.00%, due 8/1/22			1,051
	1,070		Ser. 2012-C, 4.00%, due 8/1/25			1,116
	685		San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29			736
			San Mateo Union High Sch. Dist. G.O. (Election 2010)
	895		Ser. 2011-A, 0.00%, due 9/1/25 Pre-Refunded 9/1/21			666
	105		Ser. 2011-A, 0.00%, due 9/1/25			77
	1,390		San Rafael Redev. Agcy. Tax Allocation Ref. (Central San Rafael Redev. Proj.), Ser. 2009, (Assured			1,436
			Guaranty Insured), 5.00%, due 12/1/21
			Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.)
	310		Ser. 2013, (BAM Insured), 3.25%, due 6/1/25			321
	575		Ser. 2013, (BAM Insured), 3.50%, due 6/1/26			591
	325		Ser. 2013, (BAM Insured), 3.50%, due 6/1/27			332
	270		Ser. 2013, (BAM Insured), 3.50%, due 6/1/28			274
	1,000		Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27			1,007
	1,000		Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013,			1,067
			5.00%, due 8/1/26
	290		Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010,			318
			(AGM Insured), 6.50%, due 12/1/37
	1,145		Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded),			1,383
			Ser. 2010, (AGM Insured), 6.50%, due 12/1/37
	2,000		Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25			2,232
			Vernon Elec. Sys. Rev.
	340		Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19			348
	735		Ser. 2009-A, 5.13%, due 8/1/21			750
	3,000		Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%,			3,606	(g)
			due 8/1/37
	1,500		Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21			1,622
	3,500		William S. Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B,			2,791
			(AGM Insured), 0.00%, due 9/1/26
	2,250		Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%,			1,914	(h)
			due 8/1/36
						121,531

See Notes to Financial Statements

8

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Schedule of Investments California Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT					Value
(000’s omitted)					(000’s omitted)
Florida 0.7%
$	525		Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24		$	573
Georgia 0.7%
	600		Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25			566	(c)(d)
Guam 2.7%
	1,110		Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18			1,110
	1,000		Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%,			1,050
			due 7/1/25 Pre-Refunded 7/1/20
						2,160
Illinois 2.3%
	1,000		Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23			1,057
	750		Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23			781
						1,838
Louisiana 0.7%
	500		Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A,			524
			7.63%, due 12/15/28
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			1,034
New Jersey 1.0%
	750		New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23			800
New York 0.8%
	650		Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/34			656
North Carolina 0.9%
	655		North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging,			681
			Inc.), Ser. 2012-A, 4.25%, due 3/1/24
Ohio 3.2%
	2,595		Buckeye Tobacco Settlement Fin. Au. Asset-Backed Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47			2,520
Pennsylvania 2.7%
			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			329
	1,410		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20			1,519
						2,155
Puerto Rico 1.3%
	1,000		Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21			1,041
Tennessee 0.7%
	500		Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%,			552
			due 9/1/23

See Notes to Financial Statements

9

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Schedule of Investments California Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT					Value
(000’s omitted)					(000’s omitted)
Texas 0.3%
$	300		Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015,		$	251	(c)(d)(i)
			7.75%, due 1/1/45
Virgin Islands 0.9%
			Virgin Islands Pub. Fin. Au. Rev.
	250		Ser. 2014-A, 5.00%, due 10/1/24			246
	500		Ser. 2014-A, 5.00%, due 10/1/29			486
						732
			Total Investments 173.7% (Cost $133,422)			138,189
			Other Assets Less Liabilities 0.4%			345
			Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred			(58,981	)
			offering costs of approximately $19,000) (74.1)%
			Net Assets Applicable to Common Stockholders 100.0%		$	79,553

(a)	On June 28, 2018, the Fund’s Board of Directors approved a proposal to change the name of the Fund from “Neuberger Berman California Intermediate Municipal Fund Inc.” to “Neuberger Berman California Municipal Fund Inc.” This name change became effective on August 28, 2018.
(b)	When-issued security. Total value of all such securities at October 31, 2018 amounted to approximately $1,104,000, which represents 1.4% of net assets applicable to common stockholders of the Fund.
(c)	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 October 31, 2018, these securities amounted to approximately $21,854,000, which represents 27.5% of net assets applicable to common stockholders of the Fund. Securities denoted with (c) but without (d) have been deemed by the investment manager to be liquid.
(d)	Illiquid security.
(e)	All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $2,404,000.
(f)	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 October 31, 2018.
(g)	Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
(h)	Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(i)	Defaulted Security.

See Notes to Financial Statements

10

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Schedule of Investments California Municipal Fund Inc.(a) (cont’d)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2018:

Asset Valuation Inputs
(000’s omitted)		Level 1		Level 2			Level 3		Total
Investments:
Municipal Notes(a)		$—		$	138,189		$—		$	138,189
Total Investments		$—		$	138,189		$—		$	138,189

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

See Notes to Financial Statements

11

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Schedule of Investments Municipal Fund Inc.(a) October 31, 2018

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
Municipal Notes 164.0%
Alabama 0.8%
$	1,900		Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35		$	2,054
Alaska 0.0%(b)
	100		Valdez Marine Term. Rev. Ref. (Exxon Pipeline Co. Proj.), Ser. 1993-A, 1.64%, due 12/1/33			100	(c)
American Samoa 0.6%
	1,700		American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29			1,629
Arizona 2.9%
	500		Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016,			510	(d)
			5.00%, due 7/1/36
	1,500		Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016,			1,470	(d)
			5.00%, due 1/1/26
	2,250		Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25			2,439	(d)
	2,615		Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24			2,658
	400		Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 5.13%, due 7/1/36			380
	1,500		Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28			75	(e)(f)
	400		Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24			432
						7,964
California 34.8%
	2,250		California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39			2,307
			Pre-Refunded 8/15/19
	1,000		California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26			1,083
	1,725		California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010,			1,789
			5.13%, due 8/15/24
			California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
	645		Ser. 2014, 5.00%, due 7/1/24			657	(d)(e)
	630		Ser. 2014, 5.13%, due 7/1/29			632	(d)(e)
			California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
	850		Ser. 2014, 5.00%, due 7/1/24			864
	430		Ser. 2014, 5.13%, due 7/1/29			430
	500		California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016,			524	(d)
			5.00%, due 7/1/31
	570		California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30			619	(d)
	585		California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A,			593
			4.00%, due 1/1/26
	1,300		California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A,			1,389	(d)
			5.00%, due 7/1/30
			California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.
	2,155		Ser. 2016-A, 2.90%, due 6/1/28			2,027
	2,450		Ser. 2016-A, 2.95%, due 12/1/28			2,304
	500		California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley &			473	(d)(e)
			No. Proj.), Ser. 2016-A, 5.00%, due 1/1/36
	485		California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.),			464	(d)(e)
			Ser. 2016, 7.00%, due 12/1/27
	5,000		California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27			5,287	(d)
	4,000		California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25			4,062
	4,600		Deutsche Bank Spears/Lifers Trust Rev. (Floaters), Ser. 2017-7007, (LOC: Deutsche Bank AG),			4,600	(c)(d)
			2.10%, due 3/1/42

See Notes to Financial Statements

12

---

Schedule of Investments Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
$	2,700		Deutsche Bank Spears/Lifers Trust Rev. (Starwood Comm. Dev. Au. Mutli-Family Hsg.),		$	2,700	(c)(d)
			Ser. 2017-DBE-7006, (LOC: Deutsche Bank AG), 2.10%, due 4/1/52
	2,000		Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33 Pre-Refunded 8/1/21			2,241
	1,000		Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev. Ref., Ser. 2018-A-2,			974
			5.00%, due 6/1/47
	2,000		Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),			2,543
			6.75%, due 8/1/40 Pre-Refunded 8/1/25
	590		La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29			616
	2,250		Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27			2,318
	3,620		Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),			3,103
			0.00%, due 8/1/24
	5,750		Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E,			5,858	(g)
			(Assured Guaranty Insured), 0.00%, due 8/1/29
	5,000		Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/34			6,194
	405		Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee			399
			Corp. Insured), 0.00%, due 8/1/19
	4,000		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),			4,752
			5.25%, due 12/1/26
	2,000		San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B,			2,322	(h)
			0.00%, due 8/1/34
	2,000		San Francisco City & Co. Arpt. Commission Int’l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25			2,030
	6,000		San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A,			5,702	(i)
			0.00%, due 8/1/32
	1,540		Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013,			1,644
			5.00%, due 8/1/26
	2,040		Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25			2,276
			Vernon Elec. Sys. Rev.
	510		Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19			523
	1,105		Ser. 2009-A, 5.13%, due 8/1/21			1,128
	9,070		Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,			10,902	(j)
			0.00%, due 8/1/37
	5,095		Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009,			4,030
			(Assured Guaranty Insured), 0.00%, due 8/1/26
	3,000		Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),			2,552	(k)
			0.00%, due 8/1/36
						94,911
Colorado 5.1%
			Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
	500		Ser. 2015, 4.50%, due 4/1/25			493	(d)
	1,000		Ser. 2015, 5.13%, due 4/1/35			966	(d)
	1,350		Ser. 2015, 5.25%, due 4/1/45			1,272	(d)
			Colorado Ed. & Cultural Facs. Au. Rev. Ref.
	210		Ser. 2014, 4.00%, due 11/1/24			208	(e)
	750		Ser. 2014, 4.50%, due 11/1/29			731	(e)
	5,000		Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24			5,342
	2,550		Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23			2,593	(d)
	8,000		Villages at Castle Rock Co. Metro. Dist. #6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2,			2,202
			0.00%, due 12/1/37
						13,807
Connecticut 0.3%
	750		Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25			750

See Notes to Financial Statements

13

---

Schedule of Investments Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
District of Columbia 2.7%
$	1,615		Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/26		$	1,675
	2,470		Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22			2,487
	520		Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23			553
	650		Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/45			624
	2,000		Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/26			2,125
						7,464
Florida 8.1%
	800		Cap. Trust Agcy. Sr. Living Rev. (H-Bay Ministries, Inc. Superior Residences-Third Tier), Ser. 2018-C,			757	(d)
			7.50%, due 7/1/53
	1,000		Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26			1,088
			Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
	895		Ser. 2012-A, 5.50%, due 6/15/22			924	(d)
	3,120		Ser. 2013-A, 6.75%, due 12/15/27			3,298
	1,750		Ser. 2014-A, 5.75%, due 6/15/29			1,831
	1,075		Florida Dev. Fin. Corp. Ed. Facs. Rev. Ref. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36			979
	1,200		Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A,			1,064	(d)
			6.38%, due 6/1/46
	100		Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013,			103
			5.00%, due 11/15/36
	1,000		Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 8/15/19			1,056
	1,135		Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27			1,210
	2,000		Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25			2,152
	2,000		Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25			2,027	(d)
	4,700		St. Lucie Co. PCR Ref. (Florida Pwr. & Lt. Co. Proj.), Ser. 2000, 1.73%, due 9/1/28			4,700	(c)
	945		Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29			961
						22,150
Georgia 1.0%
	1,750		Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A,			1,572	(d)(e)
			6.00%, due 7/1/36
	1,100		Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25			1,039	(d)(e)
						2,611
Guam 1.7%
			Guam Gov’t Hotel Occupancy Tax Rev.
	1,220		Ser. 2011-A, 5.75%, due 11/1/20			1,291
	650		Ser. 2011-A, 5.75%, due 11/1/21			694
	2,630		Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25			2,762
			Pre-Refunded 7/1/20
						4,747
Hawaii 2.7%
	5,200		Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24			5,373
	2,000		Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. - Subsidiary), Ser. 2009,			2,053
			6.50%, due 7/1/39
						7,426

See Notes to Financial Statements

14

---

Schedule of Investments Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
Illinois 23.3%
$	5,705		Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27		$	6,100
			Chicago G.O.
	250		Ser. 2002-2002B, 5.13%, due 1/1/27			264
	2,000		Ser. 2002-B, 5.00%, due 1/1/25			2,138
	2,000		Ser. 2009-C, 5.00%, due 1/1/27			2,005
			Chicago Ref. G.O.
	1,000		Ser. 2005-D, 5.50%, due 1/1/40			1,049
	2,500		Ser. 2012-C, 5.00%, due 1/1/24			2,604
	700		Ser. 2014-A, 5.00%, due 1/1/27			733
	3,000		Ser. 2017-A, 6.00%, due 1/1/38			3,328
			Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
	1,350		Ser. 2013-C, 5.45%, due 12/1/30			1,453
	1,960		Ser. 2013-C, 5.50%, due 12/1/31			2,114
	1,560		Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/31			1,752
	4,000		Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24 Pre-Refunded 10/1/19			4,133
	3,340		Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20			3,539
	2,000		Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A,			1,934
			4.00%, due 7/15/47
	1,905		Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured),			1,368
			0.00%, due 6/15/26
			Illinois St. G.O.
	3,900		Ser. 2012, 4.00%, due 8/1/25			3,832
	1,000		Ser. 2013, 5.00%, due 7/1/23			1,042
	5,200		Ser. 2017-D, 5.00%, due 11/1/28			5,356
	4,250		Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/24			4,416
	1,470		Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26			1,632
			Pre-Refunded 6/1/21
			So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
	945		Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27			1,015
	1,375		Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28			1,470
	715		Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29			761
			Univ. of Illinois (Hlth. Svc. Facs. Sys.)
	2,725		Ser. 2013, 5.00%, due 10/1/27			2,955
	2,875		Ser. 2013, 5.75%, due 10/1/28			3,206
	1,500		Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A,			1,427	(d)
			5.25%, due 12/1/47
	1,850		Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31			1,990
						63,616
Indiana 3.0%
	4,000		Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29			4,036
			Pre-Refunded 2/1/19
	3,055		Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured),			3,378
			5.75%, due 12/1/21
	740		Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24			809
						8,223
Iowa 0.6%
			Iowa Std. Loan Liquidity Corp. Rev.
	1,255		Ser. 2011-A-1, 5.00%, due 12/1/21			1,292
	355		Ser. 2011-A-1, 5.30%, due 12/1/23			366
						1,658

See Notes to Financial Statements

15

---

Schedule of Investments Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
Kentucky 1.0%
$	2,585		Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A,		$	2,497
			5.50%, due 11/15/27
	150		Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31			151
						2,648
Louisiana 2.2%
	1,500		Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/35			1,608
	1,715		Louisiana Local Gov’t. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A,			1,745	(d)
			5.75%, due 2/1/32
	775		Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A,			812
			7.63%, due 12/15/28
	1,655		St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/40			1,723
			Putable 6/1/22
						5,888
Massachusetts 4.0%
			Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
	200		Ser. 2014-F, 5.00%, due 7/15/24			212
	415		Ser. 2014-F, 5.00%, due 7/15/25			440
	200		Ser. 2014-F, 5.00%, due 7/15/26			211
	190		Ser. 2014-F, 5.00%, due 7/15/27			200
	150		Ser. 2014-F, 5.00%, due 7/15/28			157
			Massachusetts St. Ed. Fin. Au. Rev.
	1,505		Ser. 2011-J, 5.00%, due 7/1/23			1,555
	2,115		Ser. 2012-J, 4.70%, due 7/1/26			2,159
	3,410		Ser. 2013-K, 4.50%, due 7/1/24			3,527
	1,620		Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25			1,626
	795		Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19			797
						10,884
Michigan 1.9%
			Jackson College Dormitories Hsg. Rev.
	1,000		Ser. 2015, 6.50%, due 5/1/35			1,039
	500		Ser. 2015, 6.75%, due 5/1/46			517
			Michigan St. Hsg. Dev. Au. Rev.
	1,935		Ser. 2016-C, 2.05%, due 12/1/22			1,870
	1,835		Ser. 2016-C, 2.15%, due 6/1/23			1,772
	100		Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35			100
						5,298
Minnesota 1.0%
	2,250		Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), Ser. 2010-A1,			2,328
			(AGM Insured), 4.50%, due 8/15/24
	400		St. Paul Hsg. & Redev. Au. Charter Sch. Lease Rev. (Metro Deaf Sch. Proj.), Ser. 2018-A,			394	(d)
			5.00%, due 6/15/38
						2,722

See Notes to Financial Statements

16

---

Schedule of Investments Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
Mississippi 1.5%
$	2,585		Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24		$	2,613
			Mississippi St. Bus. Fin. Commission Gulf Opportunity Zone Rev. (Chevron U.S.A., Inc. Proj.)
	1,000		Ser. 2009-G, 1.66%, due 12/1/30			1,000	(c)
	500		Ser. 2010-F, 1.59%, due 12/1/30			500	(c)
	100		Ser. 2010-I, 1.66%, due 11/1/35			100	(c)
						4,213
Missouri 0.8%
			Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children’s Mercy Hosp.)
	1,885		Ser. 2009, 5.13%, due 5/15/24 Pre-Refunded 5/15/19			1,917
	390		Ser. 2009, 5.13%, due 5/15/24			397
						2,314
Nevada 2.1%
			Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
	1,650		Ser. 2015-A, 4.00%, due 12/15/25			1,623	(d)
	500		Ser. 2015-A, 5.13%, due 12/15/45			502	(d)
	3,545		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19			3,664
						5,789
New Hampshire 0.5%
	1,500		New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 4.00%,			1,502	(d)
			due 4/1/29 Putable 10/1/19
New Jersey 6.9%
	2,500		New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23			2,665
			New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
	500		Ser. 2013, 5.25%, due 1/1/25			552
	500		Ser. 2013, 5.50%, due 1/1/26			556
			New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
	1,420		Ser. 2013, 3.50%, due 7/1/24			1,428
	1,470		Ser. 2013, 3.63%, due 7/1/25			1,471
	1,520		Ser. 2013, 3.75%, due 7/1/26			1,519
	765		Ser. 2013, 4.00%, due 7/1/27			769
	180		New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured),			189
			5.25%, due 12/15/20
	3,420		New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26			3,511
			New Jersey St. Trans. Trust Fund Au. Trans. Sys. Rev. Ref.
	1,250		Ser. 2018-A, 5.00%, due 12/15/36			1,310
	4,000		Ser. 2018-A, 4.25%, due 12/15/38			3,833
	1,000		Ser. 2018-A, (BAM Insured), 4.00%, due 12/15/37			979
						18,782
New Mexico 0.5%
			Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts
			Tax Increment Bond)
	500		Ser. 2015, 5.25%, due 5/1/25			492	(d)(e)
	1,000		Ser. 2015, 5.75%, due 5/1/30			994	(d)(e)
						1,486

See Notes to Financial Statements

17

---

Schedule of Investments Municipal Fund Inc.(a)  (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
New York 12.9%
$	225		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A,		$	238
			5.00%, due 6/1/35
	625		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29			670
			Build NYC Res. Corp. Rev.
	1,100		Ser. 2014, 5.00%, due 11/1/24			1,137
	835		Ser. 2014, 5.25%, due 11/1/29			855
	975		Ser. 2014, 5.50%, due 11/1/44			983
	250		Build NYC Res. Corp. Rev. (Met Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/47			253	(d)
			Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts)
	500		Ser. 2013-A, 3.88%, due 4/15/23			502
	1,450		Ser. 2013-A, 5.00%, due 4/15/43			1,461
	1,000		Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/25			1,070	(d)
	300		Deutsche Bank Spears/Lifers Trust Rev. (Build NYC Res. Corp.), Ser. 2017-DBE-7004, (LOC: Deutsche			300	(c)(d)
			Bank AG), 2.00%, due 12/1/39
			Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
	700		Ser. 2014, 5.00%, due 7/1/23			766
	735		Ser. 2014, 5.00%, due 7/1/24			812
	390		Ser. 2018, 5.00%, due 7/1/30			430
	1,400		Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24			1,337	(d)
	500		New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40			515	(d)
	4,000		New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009,			4,088
			5.25%, due 7/1/33 Pre-Refunded 7/1/19
	3,200		New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28			3,544
	2,000		New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41			2,010
	2,000		New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27			2,002
	2,000		New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.),			2,162
			Ser. 2018, 5.00%, due 1/1/33
	2,000		New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20			2,010
	710		Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20			738
			Newburgh G.O. (Deficit Liquidation)
	495		Ser. 2012-B, 5.00%, due 6/15/20			515
	520		Ser. 2012-B, 5.00%, due 6/15/21			552
	550		Ser. 2012-B, 5.00%, due 6/15/22			593
	1,435		Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23			1,556
	1,155		Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/26			1,195
	2,000		Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28			2,229
	600		Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30			588	(d)
						35,111
North Carolina 3.8%
	1,605		North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A,			1,668
			4.25%, due 3/1/24
	500		North Carolina Med. Care Commission Hosp. Rev. (Moses Cone Hlth. Sys.), Ser. 2001-B,			500	(c)
			(LOC: Bank of Montreal), 1.67%, due 10/1/35
	1,705		North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23			1,790
			North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev.
	3,740		Ser. 2009-A, 5.00%, due 1/1/26 Pre-Refunded 1/1/19			3,760
	1,510		Ser. 2009-A, 5.00%, due 1/1/26			1,517
	1,000		Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24			1,021
			Pre-Refunded 6/1/19
						10,256

See Notes to Financial Statements

18

---

Schedule of Investments Municipal Fund Inc.(a)  (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
Ohio 4.0%
$	8,875		Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47		$	8,618
	2,060		Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27			2,194
						10,812
Oklahoma 1.1%
	2,000		Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%, due 8/15/33			2,159
			Tulsa Arpt. Imp. Trust Ref. Rev.
	250		Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24			276
	400		Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25			436
						2,871
Oregon 0.1%
	240		Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/27			241
Pennsylvania 6.2%
			Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
	500		Ser. 2012, 3.50%, due 5/1/25			504
	350		Ser. 2012, 3.60%, due 5/1/26			352
	2,830		Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A,			2,835
			4.25%, due 7/1/30
	1,250		Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28			1,346
	3,430		Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27			3,529
	2,625		Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/24			2,817
	2,350		Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 6.75%, due 12/1/53			2,258	(d)
			Pennsylvania St. Turnpike Commission Rev.
	150		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20			162
	705		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20			760
	145		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20			156
	2,000		Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27			2,135
						16,854
South Carolina 0.8%
	1,500		South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A,			1,398
			7.75%, due 10/1/57
	750		South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), Ser. 2017,			751	(d)
			6.25%, due 2/1/45
						2,149
Tennessee 2.0%
	535		Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22			439	(d)
	2,705		Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19			2,762
	2,000		Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A,			2,210
			5.25%, due 9/1/23
						5,411
Texas 6.7%
	250		Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45			259
			Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
	500		Ser. 2014-A, 5.88%, due 3/1/24			500
	1,000		Ser. 2014-A, 6.63%, due 3/1/29			1,013
	730		Austin Comm. College Dist. Pub. Fac. Corp. Lease Rev., Ser. 2018-C, 4.00%, due 8/1/42			710

See Notes to Financial Statements

19

---

Schedule of Investments Municipal Fund Inc.(a)  (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
$	625		Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22		$	613
	250		Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28			257	(d)
	2,000		Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42			2,030
	500		Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25			509
	3,120		Gulf Coast Ind. Dev. Au. Rev. (Exxon Mobil Corp. Proj.), Ser. 2012, 1.68%, due 11/1/41			3,120	(c)
	1,000		Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B,			1,081
			5.75%, due 1/1/28
			Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
	320		Ser. 2012-A, 4.00%, due 2/15/22			327
	1,000		Ser. 2012-A, 5.00%, due 2/15/32			1,034
	500		New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.),			505
			Ser. 2016, 5.00%, due 7/1/36
	500		New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park Carriage),			533
			Ser. 2016-C, 5.75%, due 7/1/51
			North Texas Tollway Au. Dallas North Tollway Sys. Rev.
	2,435		Ser. 2005-C, 6.00%, due 1/1/23 Pre-Refunded 1/1/19			2,451
	565		Ser. 2005-C, 6.00%, due 1/1/23			569
	1,500		Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21			1,599
	1,175		West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35			1,206
						18,316
Utah 3.1%
			Salt Lake City Arpt. Rev.
	1,000		Ser. 2017-A, 5.00%, due 7/1/42			1,075
	2,000		Ser. 2017-A, 5.00%, due 7/1/47			2,144
	1,000		Ser. 2018-A, 5.00%, due 7/1/43			1,084
	3,000		Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28			3,439
	500		Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45			509	(d)
			Utah Hsg. Corp. Single Family Mtge. Rev.
	85		Ser. 2011-A2, Class I, 5.00%, due 7/1/20			86
	80		Ser. 2011-A2, Class I, 5.25%, due 7/1/21			81
	105		Ser. 2011-A2, Class I, 5.45%, due 7/1/22			105
						8,523
Vermont 2.9%
			Vermont Std. Assist. Corp. Ed. Loan Rev.
	1,600		Ser. 2012-A, 5.00%, due 6/15/21			1,682
	355		Ser. 2013-A, 4.25%, due 6/15/24			366
	840		Ser. 2013-A, 4.35%, due 6/15/25			864
	1,250		Ser. 2013-A, 4.45%, due 6/15/26			1,286
	405		Ser. 2013-A, 4.55%, due 6/15/27			413
	1,800		Ser. 2014-A, 5.00%, due 6/15/24			1,962
	1,345		Ser. 2015-A, 4.13%, due 6/15/27			1,349
						7,922
Virginia 0.3%
	850		Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/22			869
Washington 3.9%
	6,700		Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28			6,774
	1,250		Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Columbia Pulp I LLC Proj.), Ser. 2017-A, 7.50%,			1,395	(d)
			due 1/1/32
	2,525		Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29			2,599
			Pre-Refunded 10/1/19
						10,768

See Notes to Financial Statements

20

---

Schedule of Investments Municipal Fund Inc.(a)  (cont’d)

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
Wisconsin 6.2%
$	870		Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30		$	880	(d)
	200		Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35			196	(d)
	3,000		Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 4.25%, due 12/1/51			2,718
	500		Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36			452
	250		Pub. Fin. Au. Multi-Family Hsg. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A,			236
			4.00%, due 12/1/36
	1,790		Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25			1,880
			Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College)
	1,100		Ser. 2010-A, 6.13%, due 6/1/35 Pre-Refunded 6/1/20			1,167
	1,225		Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20			1,300
			Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.)
	1,340		Ser. 2008-B3, 5.00%, due 10/1/30 Pre-Refunded 12/23/19			1,384
	3,660		Ser. 2008-B3, 5.00%, due 10/1/30			3,770
	3,000		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29			3,009
			Pre-Refunded 12/1/18
						16,992
			Total Investments 164.0% (Cost $425,434)			447,731
			Other Assets Less Liabilities 1.7%			4,628
			Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred			(179,362	)
			offering costs of approximately $38,000) (65.7)%
			Net Assets Applicable to Common Stockholders 100.0%		$	272,997

(a)		On June 28, 2018, the Fund’s Board of Directors approved a proposal to change the name of the Fund from “Neuberger Berman Intermediate Municipal Fund Inc.” to “Neuberger Berman Municipal Fund Inc.” This name change became effective on August 28, 2018.
(b)		Represents less than 0.05% of net assets.
(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 October 31, 2018.
(d)		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 October 31, 2018, these securities amounted to approximately $53,898,000, which represents 19.7% of net assets applicable to common stockholders of the Fund. Securities denoted with (d) but without (e) have been deemed by the investment manager to be liquid.
(e)		Illiquid security.
(f)		Defaulted security.
(g)		Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
(h)		Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
(i)		Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
(j)		Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
(k)		Currently a zero coupon security; will convert to 7.30% on August 1, 2026.

See Notes to Financial Statements

21

---

Schedule of Investments Municipal Fund Inc.(a)  (cont’d)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2018:

Asset Valuation Inputs
(000’s omitted)		Level 1		Level 2		Level 3		Total
Investments:
Municipal Notes(a)		$—		$447,731		$—		$447,731
Total Investments		$—		$447,731		$—		$447,731

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

See Notes to Financial Statements

22

---

Schedule of Investments New York Municipal Fund Inc.(a) October 31, 2018

PRINCIPAL AMOUNT					VALUE
(000’s omitted)					(000’s omitted)
Municipal Notes 167.1%
American Samoa 0.7%
$	500		American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29		$	479
California 6.6%
	250		California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC Proj.),			239	(b)(c)
			Ser. 2016, 7.00%, due 12/1/27
	3,115		Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured),			2,672
			0.00%, due 8/1/24
	1,470		Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19			1,507
						4,418
Georgia 0.7%
	500		Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25			472	(b)(c)
Guam 3.3%
	1,135		Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19			1,167
	1,000		Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25			1,050
			Pre-Refunded 7/1/20
						2,217
Illinois 1.6%
	1,000		Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/23			1,057
Louisiana 0.8%
	500		Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A,			524
			7.63%, due 12/15/28
Nevada 1.5%
	1,000		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19			1,034
New York 146.4%
			Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences)
	380		Ser. 2014-A, 5.00%, due 12/1/27			416
	375		Ser. 2014-A, 5.00%, due 12/1/28			409
	270		Ser. 2014-A, 5.00%, due 12/1/29			293
	500		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 8/1/47			511
	1,325		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A,			1,404
			5.00%, due 6/1/35
			Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park)
	500		Ser. 2015, 5.00%, due 11/15/27			542
	500		Ser. 2015, 5.00%, due 11/15/28			539
			Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
	270		Ser. 2014-A, 5.00%, due 6/1/26			306
	225		Ser. 2014-A, 5.00%, due 6/1/29			248
			Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.)
	250		Ser. 2014, 5.00%, due 7/1/22			271
	500		Ser. 2014, 5.00%, due 7/1/29			543
	250		Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/45			221

See Notes to Financial Statements

23

---

Schedule of Investments New York Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT				VALUE
(000’s omitted)				(000’s omitted)
			Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.)
$	155		Ser. 2015, 5.00%, due 6/1/26	$	174
	125		Ser. 2015, 5.00%, due 6/1/27		139
	195		Ser. 2015, 5.00%, due 6/1/28		217
	220		Ser. 2015, 5.00%, due 6/1/29		244
	325		Ser. 2015, 5.00%, due 6/1/30		360
	565		Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24		584
	750		Build NYC Res. Corp. Rev. (Met Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/47		760	(b)
	500		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int’l Cultures), Ser. 2013-A, 3.88%, due 4/15/23		502
			Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.)
	100		Ser. 2014, 3.75%, due 1/1/20		101	(b)
	200		Ser. 2014, 4.50%, due 1/1/25		214	(b)
	100		Deutsche Bank Spears/Lifers Trust Rev. (Build NYC Res. Corp.), Ser. 2017-DBE-7004, (Deutsche Bank AG),		100	(b)(d)
			2.00%, due 12/1/39
			Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.)
	200		Ser. 2016-A-1, 5.00%, due 7/1/41		213
	275		Ser. 2016-A-1, 5.00%, due 7/1/46		293
	1,000		Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21		1,072
	1,050		Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25 Pre-Refunded 5/1/19		1,068
	1,270		Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21		1,363
			Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
	1,500		Ser. 2009, 5.75%, due 7/1/23 Pre-Refunded 7/1/19		1,538
	405		Ser. 2018, 5.00%, due 7/1/31		444
	425		Ser. 2018, 5.00%, due 7/1/32		464
	450		Ser. 2018, 5.00%, due 7/1/33		489
	580		Islip, G.O., Ser. 2012, 3.00%, due 8/1/25		589
	460		Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 4.75%, due 1/1/20		456	(b)
	300		Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due 1/15/29		327
			Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.)
	500		Ser. 2013-A, 5.00%, due 10/1/24		545
	500		Ser. 2013-A, 5.00%, due 10/1/25		542
	250		Ser. 2013-A, 4.00%, due 10/1/26		258
			Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
	1,120		Ser. 2012-A, 5.00%, due 6/1/23		1,212
	210		Ser. 2012-A, 5.00%, due 6/1/25		226
	1,265		Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured),		1,409
			5.00%, due 9/1/27
	500		MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46		512
	2,000		Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28 Pre-Refunded 4/1/23		2,235
			Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.)
	500		Ser. 2014, 5.00%, due 7/1/23		548
	1,000		Ser. 2014, 5.00%, due 7/1/27		1,094
	4,175		Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser. 2006-A-3, 5.13%, due 6/1/46		4,034
			New York City G.O.
	1,000		Ser. 2009-E, 5.00%, due 8/1/21		1,023
	950		Ser. 2009-B, 5.00%, due 8/1/22		972
	200		New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. Second Gen. Resolution Fiscal 2014),		200	(d)
			Ser. 2013-AA-3, (LOC: TD Bank N.A.), 1.65%, due 6/15/49
	500		New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40		515	(b)
	2,000		New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35		2,370
	1,815		New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A,		1,821
			3.00%, due 7/1/27
	780		New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013,		838
			4.63%, due 7/1/25
	500		New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009,		508
			5.00%, due 7/1/24
	1,595		New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009,		1,630
			5.25%, due 7/1/24 Pre-Refunded 7/1/19

See Notes to Financial Statements

24

---

       

Schedule of Investments New York Municipal Fund Inc.(a) (cont’d)

PRINCIPAL AMOUNT				VALUE
(000’s omitted)				(000’s omitted)
$	2,000		New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group),	$	2,110
			Ser. 2011-A, 4.38%, due 5/1/26 Pre-Refunded 5/1/21
	1,375		New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012,		1,431
			4.00%, due 7/1/28
	2,000		New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John’s Univ.), Ser. 2007-C, (National Public		2,042
			Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
	600		New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Joseph’s College), Ser. 2010,		601
			5.25%, due 7/1/25
	2,540		New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Univ. Dorm. Fac.), Ser. 2018-A,		2,804
			5.00%, due 7/1/48
			New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group)
	460		Ser. 2014-A, 4.00%, due 1/1/26		465
	470		Ser. 2014-A, 4.00%, due 1/1/27		472
	200		Ser. 2014-A, 4.00%, due 1/1/28		199
	275		Ser. 2014-A, 4.13%, due 1/1/29		275
	1,350		New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28		1,495
	750		New York St. Dorm. Au. Rev. Non St. Supported Debt (Vaughn College of Aeronautics & Technology),		775	(b)
			Ser. 2016, 5.00%, due 12/1/26
			New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Orange Reg. Med. Ctr.)
	400		Ser. 2017, 5.00%, due 12/1/35		429	(b)
	200		Ser. 2017, 5.00%, due 12/1/36		214	(b)
	400		Ser. 2017, 5.00%, due 12/1/37		427	(b)
	2,000		New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26		2,197
	2,000		New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26		2,109
			New York St. HFA Rev. (Affordable Hsg.)
	1,615		Ser. 2009-B, 4.50%, due 11/1/29		1,623
	960		Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27		950
	1,045		New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27		1,046
			New York St. Muni. Bond Bank Agcy.
	1,230		Subser. 2009-B1, 5.00%, due 12/15/23		1,270
	1,295		Subser. 2009-B1, 5.00%, due 12/15/24		1,337
	1,090		New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 5.00%, due 4/1/19		1,104
	1,500		New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American Airlines, Inc.-John F Kennedy Int’l		1,548
			Arpt. Proj.), Ser. 2016, 5.00%, due 8/1/31
	2,000		New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.),		2,162
			Ser. 2018, 5.00%, due 1/1/33
	1,545		New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term. B Redev. Proj.), Ser. 2016-A,		1,476
			4.00%, due 7/1/41
	1,250		New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20		1,257
	785		Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22		846
			Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.)
	640		Ser. 2012-A, 5.00%, due 5/1/25		694
	300		Ser. 2012-A, 5.00%, due 5/1/26		325
	1,000		Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. Ref. (Covanta Proj.), Ser. 2018-A, 4.75%, due 11/1/42		972	(b)
	1,100		Niagara Falls City Sch. Dist. Ref. Cert. Participation (High Sch. Fac.), Ser. 2015, (AGM Insured),		1,148
			4.00%, due 6/15/26
	1,010		Onondaga Civic Dev. Corp. Ref. Rev., Ser. 2015, 5.00%, due 10/1/29		1,088
	500		Onondaga Civic Dev. Corp. Rev. (St. Josephs Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25		510
			Pre-Refunded 7/1/19
	1,000		Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19		1,033
	1,500		Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21		1,526
	500		Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred -Third), Ser. 2017,		546
			5.00%, due 4/15/57
	1,410		St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28		1,535
	1,980		Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25		2,142
	1,000		Syracuse IDA (Carousel Ctr. Proj.), Ser. 2016-A, 5.00%, due 1/1/31		1,065
	190		Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured),		192
			4.75%, due 1/1/24
	765		Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23		766

See Notes to Financial Statements

25

---

Schedule of Investments New York Municipal Fund Inc.(a) (cont’d)

	PRINCIPAL AMOUNT			VALUE
	(000’s omitted)			(000’s omitted)
			TSASC Inc. Rev. Ref.
$	580		Ser. 2017-A, 5.00%, due 6/1/28	$	635
	3,000		Ser. 2017-A, 5.00%, due 6/1/41		3,071
	1,405		United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22		1,431
	3,000		Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28		3,343
	1,000		Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30		979	(b)
			Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.)
	825		Ser. 2016, 5.00%, due 11/1/30		891
	1,000		Ser. 2016, 3.75%, due 11/1/37		904
	1,350		Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28		1,439
					98,805
	Ohio 0.7%
	500		Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47		485
	Pennsylvania 3.2%
			Pennsylvania St. Turnpike Commission Rev.
	285		Ser. 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		329
	1,410		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20		1,519
					2,155
	Texas 0.5%
	400		Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015,		335(b)	(c)(e)
			7.75%, due 1/1/45
	Virgin Islands 1.1%
			Virgin Islands Pub. Fin. Au. Rev.
	250		Ser. 2014-A, 5.00%, due 10/1/24		246
	500		Ser. 2014-A, 5.00%, due 10/1/29		486
					732
			Total Municipal Notes (Cost $111,504)		112,713
	UNITS
	Liquidating Trust - Real Estate 2.6%
	600		CMS Liquidating Trust (Cost $3,105)		1,770	*(f)(g)
			Total Investments 169.7% (Cost $114,609)		114,483
			Other Assets Less Liabilities 1.9%		1,267
			Liquidation Value of Variable Rate Municipal Term Preferred Shares		(48,282	)
			(net of unamortized deferred offering costs of approximately $18,000) (71.6)%
			Net Assets Applicable to Common Stockholders 100.0%	$	67,468

*

Non-income producing security.

See Notes to Financial Statements

26

---

Schedule of Investments New York Municipal Fund Inc.(a) (cont’d)

(a)		On June 28, 2018, the Fund’s Board of Directors approved a proposal to change the name of the Fund from “Neuberger Berman New York Intermediate Municipal Fund Inc.” to “Neuberger Berman New York Municipal Fund Inc.” This name change became effective on August 28, 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 October 31, 2018, these securities amounted to approximately $6,988,000, which represents 10.4% 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 October 31, 2018.
(e)		Defaulted security.
(f)		Value determined using significant unobservable inputs.
(g)		This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale. At October 31, 2018, this security amounted to approximately $1,770,000 which represents 2.6% of net assets applicable to common stockholders of the Fund.

Acquisition

Cost

Percentage

Fair Value

of Net Assets

Percentage

Applicable

of Net Assets

to Common

Applicable

Stockholders

to Common

as of

Stockholders

(000’s omitted)

Acquisition

Acquisition

Acquisition

Value as of

as of

Restricted Security

Date

Cost

Date

10/31/2018

10/31/2018

CMS Liquidating Trust

11/21/2012

$

3,105

4.0%

$

1,770

2.6%

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2018:

Asset Valuation Inputs
(000’s omitted)		Level 1			Level 2			Level 3(b)			Total
Investments:
Municipal Notes(a)		$	—		$	112,713		$	—		$	112,713
Liquidating Trust - Real Estate			—			—			1,770			1,770
Total Investments		$	—		$	112,713		$	1,770		$	114,483

(a)

The Schedule of Investments provides a categorization by state/territory or industry for the portfolio.

See Notes to Financial Statements

27

---

Schedule of Investments New York Municipal Fund Inc.(a) (cont’d)

(b)

The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

																											Net change
																											in unrealized
																											appreciation/
																											(depreciation)
		Beginning									Change in																from
		balance,			Accrued						unrealized									Transfers		Transfers		Balance			investments
		as of			discounts/			Realized			appreciation/									into		out of		as of			still held as of
		11/1/2017			(premiums)			gain/(loss)			(depreciation)			Purchases			Sales			Level 3		Level 3		10/31/2018			10/31/2018
(000’s omitted)
Investments in
Securities:
Units
Liquidating
Trust—
Real Estate		$	1,710		$	—		$	—		$	60		$	—		$	—		$—		$—		$	1,770		$	60
Total		$	1,710		$	—		$	—		$	60		$	—		$	—		$—		$—		$	1,770		$	60

The following table presents additional information about valuation approach and inputs used for investments that are measured at fair value and categorized within Level 3 as of October 31, 2018.

Impact to

valuation

from

Asset

Fair value

Valuation

Unobservable

Range

Input value

increase

class

at 10/31/2018

approach

input

per unit

per unit

in input

Units

$1,770,000

Income Approach

Appraised value

$2,725 - $3,270

$2,950

Increase

See Notes to Financial Statements

28

---

Statements of Assets and Liabilities

Neuberger Berman
(000’s omitted except per share amounts)

		CALIFORNIA						NEW YORK
		MUNICIPAL			MUNICIPAL			MUNICIPAL
		FUND INC.			FUND INC.			FUND INC.
		October 31, 2018			October 31, 2018			October 31, 2018
Assets
Investments in securities, at value* (Note A)—
see Schedule of Investments:
Unaffiliated issuers(a)		$138,189			$447,731			$114,483
Cash		97			88			25
Interest receivable		1,623			6,217			1,689
Receivable for securities sold		265			250			—
Prepaid expenses and other assets		12			19			13
Total Assets		140,186			454,305			116,210
Liabilities
Variable Rate Municipal Term Preferred Shares, Series A ($100,000 liquidation value per share; 590, 1,794 and 483 shares outstanding for California Fund, Municipal Fund and New York Fund, respectively) † (Note A)		58,981			179,362			48,282
Distributions payable—preferred shares		141			428			115
Distributions payable—common stock		249			1,174			200
Payable to investment manager-net (Note B)		30			97			25
Payable for securities purchased		1,105			—			—
Payable to administrator-net (Note B)		35			116			30
Payable to directors		2			2			2
Accrued expenses and other payables		90			129			88
Total Liabilities		60,633			181,308			48,742
Net Assets applicable to Common Stockholders		$79,553			$272,997			$67,468
Net Assets applicable to Common Stockholders consist of:
Paid-in capital—common stock		$78,240			$257,966			$70,678
Total distributable earnings/(losses)		1,313			15,031			(3,210	)
Net Assets applicable to Common Stockholders		$79,553			$272,997			$67,468
Shares of Common Stock Outstanding ($0.0001 par value; 999,996,410, 999,990,206 and 999,996,517 shares authorized for California Fund, Municipal Fund and New York Fund, respectively)		5,551			18,804			5,077
Net Asset Value Per Share of Common Stock Outstanding		$14.33			$14.52			$13.29
* Cost of Investments
(a) Unaffiliated issuers		$133,422			$425,434			$114,609
† Net of unamortized deferred offering costs of approximately:		$19			$38			$18

See Notes to Financial Statements

29

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Statements of Operations

Neuberger Berman
(000’s omitted)

		CALIFORNIA						NEW YORK
		MUNICIPAL			MUNICIPAL			MUNICIPAL
		FUND INC.			FUND INC.			FUND INC.
		For the Year Ended October 31, 2018			For the Year Ended October 31, 2018			For the Year Ended October 31, 2018
Investment Income:
Income (Note A):
Interest and other income-unaffiliated issuers		$5,430			$20,524			$4,748
Expenses:
Investment management fees (Note B)		354			1,158			295
Administration fees (Note B)		425			1,390			354
Audit fees		58			59			58
Basic maintenance expense (Note A)		22			22			22
Custodian and accounting fees		78			102			75
Insurance expense		5			16			4
Legal fees		25			78			24
Stockholder reports		7			22			5
Stock exchange listing fees		3			10			3
Stock transfer agent fees		23			23			23
Distributions to variable rate municipal term preferred shareholders
and amortization of offering costs (Note A)		1,544			4,662			1,267
Directors’ fees and expenses		46			46			46
Miscellaneous		25			42			25
Total expenses		2,615			7,630			2,201
Total net expenses		2,615			7,630			2,201
Net investment income/(loss)		$2,815			$12,894			$2,547
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		123			(576	)		(263	)
Change in net unrealized appreciation/(depreciation)
in value of:
Investment securities of unaffiliated issuers		(4,704	)		(16,051	)		(3,918	)
Net gain/(loss) on investments		(4,581	)		(16,627	)		(4,181	)
Net increase/(decrease) in net assets applicable to Common
Stockholders resulting from operations		$(1,766	)		$(3,733	)		$(1,634	)

See Notes to Financial Statements

30

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Statements of Changes in Net Assets

Neuberger Berman
(000’s omitted)

		CALIFORNIA
		MUNICIPAL FUND INC.						MUNICIPAL FUND INC.
		Year Ended			Year Ended			Year Ended			Year Ended
		October 31, 2018			October 31, 2017			October 31, 2018			October 31, 2017
Increase/(Decrease) in Net Assets Applicable
to Common Stockholders:
From Operations (Note A):
Net investment income/(loss)		$2,815			$3,391			$12,894			$13,880
Net realized gain/(loss) on investments		123			3			(576	)		(1,300	)
Change in net unrealized appreciation/
(depreciation) of investments		(4,704	)		(2,332	)		(16,051	)		(7,703	)
Net increase/(decrease) in net assets applicable to
Common Stockholders resulting from operations		(1,766	)		1,062			(3,733	)		4,877
Distributions to Common Stockholders
From (Note A):
Distributable earnings(a)		(2,979	)		(3,590	)		(14,565	)		(15,650	)
Tax return of capital		(183	)		—			—			—
Total distributions to Common Stockholders		(3,162	)		(3,590	)		(14,565	)		(15,650	)
From Capital Share Transactions (Note D):
Proceeds from reinvestment of dividends
and distributions		—			12			—			222
Net Increase/(Decrease) in Net Assets
Applicable to Common Stockholders		(4,928	)		(2,516	)		(18,298	)		(10,551	)
Net Assets Applicable to
Common Stockholders:
Beginning of year		84,481			86,997			291,295			301,846
End of year		$79,553			$84,481			$272,997			$291,295

(a)

See Note A of Notes to Financial Statements.

See Notes to Financial Statements

31

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NEW YORK
MUNICIPAL FUND INC.
Year Ended			Year Ended
October 31, 2018			October 31, 2017
$2,547			$2,800
(263	)		(473	)
(3,918	)		(1,914	)
(1,634	)		413
(2,507	)		(2,728	)
—			—
(2,507	)		(2,728	)
—			—
(4,141	)		(2,315	)
71,609			73,924
$67,468			$71,609

See Notes to Financial Statements

32

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Notes to Financial Statements Municipal Closed-End Funds

Note A—Summary of Significant Accounting Policies:

1	General: Neuberger Berman California Municipal Fund Inc. (“California Fund”) (formerly, Neuberger Berman California Intermediate Municipal Fund Inc.), Neuberger Berman Municipal Fund Inc. (“Municipal Fund”) (formerly, Neuberger Berman Intermediate Municipal Fund Inc.) and Neuberger Berman New York Municipal Fund Inc. (“New York Fund”) (formerly, Neuberger Berman New York Intermediate Municipal Fund Inc.), (each individually a “Fund”, and collectively, the “Funds”) were organized as Maryland corporations on July 29, 2002. California Fund and New York Fund registered as non-diversified, closed-end management investment companies and Municipal Fund registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund. Each Fund is currently a diversified fund. The Funds’ Boards of Directors (each Fund’s Board of Directors, a “Board”) may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of stockholders. A balance indicated with a “-”, either reflects a zero balance or a balance that rounds to less than $1,000. The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services—Investment Companies.” The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires Neuberger Berman Investment Advisers LLC (“Management”) to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.
2	Portfolio valuation: In accordance with ASC 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of the Funds are carried at the value that 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

33

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					Gross					Gross					Net Unrealized
					Unrealized					Unrealized					Appreciation/
(000’s omitted)		Cost			Appreciation					Depreciation					(Depreciation)
California Fund		$	133,429			$	6,252				$	1,492				$	4,760
Municipal Fund			425,636				26,763					4,668					22,095
New York Fund			114,855				2,527					2,899					(372	)

34

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As determined on October 31, 2018, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences are attributed to the non-deductible offering costs on Variable Rate Municipal Term Preferred Shares, Series A (“VMTPS”) and expiration of capital loss carryforwards. These reclassifications had no effect on net income, net asset value (“NAV”) or NAV per share of each Fund. For the year ended October 31, 2018, the Funds recorded the following permanent reclassifications:

								Total Distributable
		Paid-in Capital						Earnings/(Losses)
California Fund			$	(29,565	)				$	29,565
Municipal Fund				(359,367	)					359,367
New York Fund				(27,693	)					27,693

The tax character of distributions paid during the years ended October 31, 2018 and October 31, 2017 was as follows:

								Distributions Paid From:
														Long-Term
		Tax Exempt						Ordinary						Capital										Return of
		Income						Income						Gain										Capital								Total
		2018			2017			2018			2017			2018					2017					2018			2017					2018			2017
California Fund		$	4,479,419		$	4,743,113		$	13,796		$	33,345			$	—				$	—			$	183,085			$	—			$	4,676,300		$	4,776,458
Municipal Fund			18,977,618			19,069,206			192,492			187,099				—					—				—				—				19,170,110			19,256,305
New York Fund			3,679,064			3,627,414			67,991			71,711				—					—				—				—				3,747,055			3,699,125

As of October 31, 2018, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

		Undistributed					Undistributed					Undistributed					Unrealized				Loss				Other
		Ordinary					Tax-Exempt					Long-Term					Appreciation/				Carryforwards				Temporary
		Income					Income					Capital Gain					(Depreciation)				and Deferrals				Differences				Total
California Fund			$	—				$	—				$	—			$	4,759,192			$	(3,056,409	)		$	(389,382	)		$	1,313,401
Municipal Fund				—					5,646,621					—				22,095,707				(11,109,401	)			(1,601,932	)			15,030,995
New York Fund				—					515,485					—				(371,549	)			(3,038,888	)			(314,874	)			(3,209,826	)

The temporary differences between book basis and tax basis distributable earnings are primarily due to: timing differences of distribution payments, partnership basis adjustments, capital loss carryforwards and defaulted bond income adjustments.

To the extent each Fund’s net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. The Regulated Investment Company Modernization Act of 2010 made changes to the capital loss carryforward rules allowing for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term (“Post-Enactment”). Rules in effect previously limited the carryforward period to eight years and all carryforwards were considered short-term in character (“Pre-Enactment”). As determined at October 31, 2018, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

		Pre-Enactment
		Expiring in:
		2019
California Fund			$	—
Municipal Fund				—
New York Fund				7,374

35

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		Post-Enactment (No Expiration Date)
			Long-Term			Short-Term
California Fund			$	2,655,048		$	401,361
Municipal Fund				9,482,284			1,627,117
New York Fund				2,452,141			579,373

		Distribution per share
California Fund			$	0.0448
Municipal Fund				0.0624
New York Fund				0.0393

On December 17, 2018, each Fund declared a monthly distribution to common stockholders payable January 15, 2019, to stockholders of record on December 31, 2018, with an ex-date of December 28, 2018 as follows:

		Distribution per share
California Fund			$	0.0448
Municipal Fund				0.0624
New York Fund				0.0393

		Shares
California Fund			590
Municipal Fund			1,794
New York Fund			483

On June 30, 2014, July 1, 2014 and July 2, 2014, the Funds issued VMTPS as follows:

		Shares
California Fund			590
Municipal Fund			1,794
New York Fund			483

36

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Each Fund’s VMTPS have a liquidation preference of $100,000 per share plus any accumulated unpaid distributions, whether or not earned or declared by the Fund, but excluding interest thereon (“VMTPS Liquidation Value”). Distributions on the VMTPS are accrued daily and paid monthly at a floating rate. For financial reporting purposes only, the liquidation preference of the VMTPS is recognized as a liability in each Fund’s Statement of Assets and Liabilities.

The distribution rate for each Fund’s VMTPS is calculated based on the applicable SIFMA (Securities Industry and Financial Markets Association) Municipal Swap Index plus a spread. The table below sets forth key terms of each Fund’s VMTPS.

				Term				Aggregate
				Redemption		Shares		Liquidation
Fund		Series		Date		Outstanding		Preference
California Fund		Series A		6/30/2019		590		$59,000,000
Municipal Fund		Series A		7/1/2019		1,794		$179,400,000
New York Fund		Series A		7/2/2019		483		$48,300,000

37

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9		Concentration of risk: The ability of the issuers of the debt securities held by the Funds to meet their obligations may be affected by economic developments, including those particular to a specific industry or region. California Fund and New York Fund normally invest a substantial portion of their assets in municipal bonds of issuers located in the state of California and the state of New York, respectively. The value of each of these Funds’ securities are more susceptible to adverse economic, political, regulatory or other factors affecting the issuers of such municipal bonds than a fund that does not limit its investments to such issuers.
10		Indemnifications: Like many other companies, the Funds’ organizational documents provide that their officers (“Officers”) and directors (“Directors”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, both in some of their principal service contracts and in the normal course of their business, the Funds enter into contracts that provide indemnifications to other parties for certain types of losses or liabilities. Each Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against each Fund.
11		Arrangements with certain non-affiliated service providers: In order to satisfy rating agency requirements, each Fund is required to provide the rating agency that rates its VMTPS a report on a monthly basis verifying that each Fund is maintaining eligible assets having a discounted value equal to or greater than the Preferred Shares Basic Maintenance Amount, which is a minimum level set by the rating agency as one of the conditions to maintain its rating on the VMTPS. “Discounted value” refers to the fact that the rating agency requires each Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the rating agency. Each Fund pays a fee to State Street Bank for the preparation of this report which is reflected in the Statements of Operations under the caption “Basic maintenance expense (Note A).”

Note B—Investment Management Fees, Administration Fees, and Other Transactions with Affiliates:

	Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee at the annual rate of 0.25% of its average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered into for purposes of leverage. For purposes of calculating Managed Assets, any VMTPS Liquidation Value is not considered a liability.
	Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.30% of its average daily Managed Assets under this agreement. Additionally, Management retains State Street as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement.

Note C—Securities Transactions:

During the year ended October 31, 2018, there were purchase and sale transactions of long-term securities as follows:

(000’s omitted)		Purchases				Sales
California Fund		$	42,665			$	41,624
Municipal Fund			109,175				112,882
New York Fund			22,228				23,309

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Note D—Capital:

Transactions in shares of common stock for the years ended October 31, 2018 and October 31, 2017 were as follows:

		Stock Issued on								Net Increase/(Decrease)
		Reinvestment of Dividends								in Common Stock
		and Distributions								Outstanding
			2018				2017				2018				2017
California Fund			—				804				—				804
Municipal Fund			—				14,429				—				14,429
New York Fund			—				—				—				—

Note E—Custodian Out-of-Pocket Expenses Refunded:

In May 2016, the Funds’ custodian, State Street, announced that it had identified inconsistencies in the way in which the Funds were invoiced for categories of expenses, particularly those deemed “out-of-pocket” costs, from 1998 through November 2015. The amounts in the table below represent the refunded expenses and interest determined to be payable to the Funds for the period in question. These amounts were refunded to the Funds by State Street during the year ended October 31, 2017.

		Expenses				Interest Paid to
		Refunded				the Funds
California Fund		$	44,975			$	2,910
Municipal Fund			65,069				3,963
New York Fund			39,182				2,629

Note F—Recent Accounting Pronouncements:

As of November 5, 2018, pursuant to the Securities and Exchange Commission (“SEC”) Release #33-10532 “Disclosure Update and Simplification”, funds are no longer required to disclose whether the distributions from earnings are either from net investment income or net realized capital gains. The presentation for the year ended October 31, 2017 has been adjusted for this change in the Statements of Changes in Net Assets. At October 31, 2017, the distributions from net investment income, undistributed net investment income (loss) and distributions in excess of net investment income were as follows:

		Net Investment
(000’s omitted)		Income
California Fund		$	(3,590	)
Municipal Fund			(15,650	)
New York Fund			(2,728	)

						Distributions
		Undistributed net				in excess of net
		investment income				investment income
(000’s omitted)		at 10/31/17				at 10/31/17
California Fund		$	—			$	(262	)
Municipal Fund			5,626				—
New York Fund			61				—

39

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	In March 2017, FASB issued Accounting Standards Update No. 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 shortens the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact of applying this guidance.
	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 early adopt the provisions that eliminate disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.

40

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Financial Highlights

California Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each year and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A “-” indicates that the line item was not applicable in the corresponding period.

		Year Ended October 31,
		2018				2017				2016				2015				2014
Common Stock Net Asset Value,
Beginning of Year		$	15.22			$	15.67			$	15.34			$	15.51			$	14.46
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss)@			0.51				0.61				0.63				0.64				0.72
Net Gains or Losses on Securities
(both realized and unrealized)			(0.83	)			(0.41	)			0.47				0.01				1.16
Common Stock Equivalent of Distributions to
AMPS Preferred Stockholders From:
Net Investment Income@			—				—				—				—				(0.01	)
Total From Investment Operations
Applicable to Common Stockholders			(0.32	)			0.20				1.10				0.65				1.87
Less Distributions to Common
Stockholders From:
Net Investment Income			(0.54	)			(0.65	)			(0.77	)			(0.82	)			(0.82	)
Tax Return of Capital			(0.03	)			—				—				—				—
Total Distributions to Common Stockholders			(0.57	)			(0.65	)			(0.77	)			(0.82	)			(0.82	)
Common Stock Net Asset Value,
End of Year		$	14.33			$	15.22			$	15.67			$	15.34			$	15.51
Common Stock Market Value,
End of Year		$	12.08			$	13.91			$	15.57			$	15.33			$	15.53
Total Return, Common Stock Net Asset Value†			(1.59	)%			1.60	%a			7.28	%			4.37	%			13.28	%
Total Return, Common Stock Market Value†			(9.23	)%			(6.55	)%a			6.67	%			4.16	%			15.02	%
Supplemental Data/Ratios††
Net Assets Applicable to Common Stockholders,
End of Year (in millions)		$	79.6			$	84.5			$	87.0			$	85.0			$	85.9
Preferred Stock Outstanding,
End of Year (in millions)^		$	59.0	ØØ		$	59.0	ØØ		$	59.0			$	59.0			$	59.0
Preferred Stock Liquidation Value Per Share^		$	100,000			$	100,000			$	100,000			$	100,000			$	100,000
Ratios are Calculated Using
Average Net Assets Applicable to
Common Stockholders
Ratio of Gross ExpensesØ			3.17	%			2.76	%			2.40	%			2.20	%			1.70	%
Ratio of Net ExpensesØ			3.17	%			2.70	%b			2.40	%			2.20	%			1.70	%
Ratio of Net Investment Income/(Loss) Excluding
AMPS Preferred Stock Distributions^			3.41	%			4.04	%b			3.95	%			4.16	%			4.85	%c
Portfolio Turnover Rate			30	%			36	%			12	%			9	%			24	%
Asset Coverage Per Share, of Preferred
Stock, End of Year¢		$	235,042			$	243,283			$	247,614			$	244,175			$	245,704

See Notes to Financial Highlights

41

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Financial Highlights

Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each year and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A “-” indicates that the line item was not applicable in the corresponding period.

		Year Ended October 31,
		2018				2017				2016				2015				2014
Common Stock Net Asset Value,
Beginning of Year		$	15.49			$	16.06			$	15.84			$	16.11			$	14.54
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss)@			0.69				0.74				0.77				0.81				0.88
Net Gains or Losses on Securities
(both realized and unrealized)			(0.89	)			(0.48	)			0.35				(0.18	)			1.55
Common Stock Equivalent of Distributions to
AMPS Preferred Stockholders From:
Net Investment Income@			—				—				—				—				(0.01	)
Total From Investment Operations
Applicable to Common Stockholders			(0.20	)			0.26				1.12				0.63				2.42
Less Distributions to Common
Stockholders From:
Net Investment Income			(0.77	)			(0.83	)			(0.90	)			(0.90	)			(0.85	)
Common Stock Net Asset Value,
End of Year		$	14.52			$	15.49			$	16.06			$	15.84			$	16.11
Common Stock Market Value,
End of Year		$	12.62			$	14.92			$	15.34			$	15.53			$	15.42
Total Return, Common Stock Net Asset Value†			(0.85	)%			1.83	%a			7.19	%			4.21	%			17.24	%
Total Return, Common Stock Market Value†			(10.54	)%			2.68	%a			4.42	%			6.74	%			15.72	%
Supplemental Data/Ratios††
Net Assets Applicable to Common Stockholders,
End of Year (in millions)		$	273.0			$	291.3			$	301.8			$	297.3			$	302.3
Preferred Stock Outstanding,
End of Year (in millions)^^		$	179.4	ØØ		$	179.3	ØØ		$	179.4			$	179.4			$	179.4
Preferred Stock Liquidation Value Per Share^^		$	100,000			$	100,000			$	100,000			$	100,000			$	100,000
Ratios are Calculated Using
Average Net Assets Applicable to
Common Stockholders
Ratio of Gross ExpensesØ			2.69	%			2.31	%			2.00	%			1.84	%			1.41	%
Ratio of Net ExpensesØ			2.69	%			2.29	%b			2.00	%			1.84	%			1.41	%
Ratio of Net Investment Income/(Loss) Excluding
AMPS Preferred Stock Distributions^^			4.54	%			4.78	%b			4.70	%			5.05	%			5.77	%c
Portfolio Turnover Rate			24	%			20	%			19	%			9	%			24	%
Asset Coverage Per Share, of Preferred
Stock, End of Year¢		$	252,390			$	262,497			$	268,414			$	265,828			$	268,620

See Notes to Financial Highlights

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Financial Highlights New York Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each year and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01)per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A “-” indicates that the line item was not applicable in the corresponding period.

	Year Ended October 31,
	2018				2017					2016			2015				2014
Common Stock Net Asset Value,
Beginning of Year	$	14.10			$	14.56			$	14.31			$	14.52			$	13.71
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss)@		0.50				0.55				0.57				0.60				0.67
Net Gains or Losses on Securities
(both realized and unrealized)		(0.82	)			(0.47	)			0.30				(0.09	)			0.93
Common Stock Equivalent of Distributions to
AMPS Preferred Stockholders From:
Net Investment Income@		—				—				—				—				(0.01	)
Total From Investment Operations
Applicable to Common Stockholders		(0.32	)			0.08				0.87				0.51				1.59
Less Distributions to Common
Stockholders From:
Net Investment Income		(0.49	)			(0.54	)			(0.62	)			(0.72	)			(0.78	)
Common Stock Net Asset Value,
End of Year	$	13.29			$	14.10			$	14.56			$	14.31			$	14.52
Common Stock Market Value,
End of Year	$	11.13			$	12.44			$	13.44			$	13.78			$	14.11
Total Return, Common Stock Net Asset Value†		(1.69	)%			1.04	%a			6.27	%			3.70	%			12.16	%
Total Return, Common Stock Market Value†		(6.68	)%			(3.43	)%a			1.87	%			2.76	%			15.21	%
Supplemental Data/Ratios††
Net Assets Applicable to Common Stockholders,
End of Year (in millions)	$	67.5			$	71.6			$	73.9			$	72.6			$	73.7
Preferred Stock Outstanding,
End of Year (in millions)^^^	$	48.3	ØØ		$	48.3	ØØ		$	48.3			$	48.3			$	48.3
Preferred Stock Liquidation Value Per Share^^^	$	100,000			$	100,000			$	100,000			$	100,000			$	100,000
Ratios are Calculated Using
Average Net Assets Applicable to
Common Stockholders
Ratio of Gross ExpensesØ		3.16	%			2.75	%			2.39	%			2.19	%			1.71	%
Ratio of Net ExpensesØ		3.16	%			2.69	%b			2.39	%			2.19	%			1.71	%
Ratio of Net Investment Income/(Loss) Excluding
AMPS Preferred Stock Distributions^^^		3.65	%			3.92	%b			3.90	%			4.14	%			4.75	%c
Portfolio Turnover Rate		19	%			25	%			10	%			18	%			32	%
Asset Coverage Per Share, of Preferred
Stock, End of Year¢	$	239,886			$	248,341			$	253,212			$	250,512			$	252,753

See Notes to Financial Highlights

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Notes to Financial Highlights

@		Calculated based on the average number of shares of common stock outstanding during each fiscal period.
†		Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Total return based on per share market value assumes the purchase of shares of common stock at the market price on the first day and sale of common stock at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under each Fund’s distribution reinvestment plan. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns will fluctuate and shares of common stock when sold may be worth more or less than original cost.
††		Expense ratios do not include the effect of distributions on Auction Market Preferred Shares (‘’AMPS’’). Income ratios include income earned on assets attributable to the VMTPS (AMPS prior to June 30, 2014, July 1, 2014 and July 2, 2014 for California Fund, Municipal Fund and New York Fund, respectively) outstanding.
^		Prior to June 30, 2014, California Fund had AMPS outstanding. On June 30, 2014, California Fund issued 590 VMTPS and redeemed its outstanding AMPS
^^		Prior to July 1, 2014, Municipal Fund had AMPS outstanding. On July 1, 2014, Municipal Fund issued 1,794 VMTPS and redeemed its outstanding AMPS
^^^		Prior to July 2, 2014, New York Fund had AMPS outstanding. On July 2, 2014, New York Fund issued 483 VMTPS and redeemed its outstanding AMPS.
Ø		Distributions on VMTPS are included in expense ratios. The annualized ratios of distributions on VMTPS to average net assets applicable to common stockholders were:

		Year Ended October 31,
		2018		2017		2016		2015		2014
California Fund		1.83%		1.41%		1.06%		0.89%		0.96%
Municipal Fund		1.62%		1.24%		0.92%		0.77%		0.83%
New York Fund		1.78%		1.36%		1.01%		0.85%		0.91%

ØØ		During the year ended October 31, 2017, each Fund adopted FASB’s Accounting Standards Update No. 2015-03. At October 31, 2018, the Value of Preferred Stock Outstanding is being shown net of unamortized deferred offering costs of approximately $19,000, $38,000 and $18,000 for California Fund, Municipal Fund and New York Fund, respectively. At October 31, 2017, the Value of Preferred Stock Outstanding is being shown net of unamortized deferred offering costs of approximately $49,000, $95,000 and $46,000 for California Fund, Municipal Fund and New York Fund, respectively.
¢		Calculated by subtracting the Fund’s total liabilities (excluding the liquidation preference of VMTPS and accumulated unpaid distributions on VMTPS (AMPS prior to June 30, 2014, July 1, 2014 and July 2, 2014 for California Fund, Municipal Fund and New York Fund, respectively)) from the Fund’s total assets and dividing by the number of VMTPS/AMPS outstanding.
a		The Custodian Out-of-Pocket Expenses Refunded listed in Note E of the Notes to Financial Statements had no impact on the Funds’ total returns for the year ended October 31, 2017.

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b		Custodian Out-of-Pocket Expenses Refunded, as listed in Note E of the Notes to Financial Statements, which is non-recurring, is included in these ratios on a non-annualized basis. Had the Funds not received the refund the annualized ratios of net expenses to average net assets and net investment income/(loss) to average net assets would have been:

		Ratio of Net Expenses		Ratio of Net Investment Income/
		to Average Net Assets		(Loss) to Average Net Assets
		Year Ended		Year Ended
		October 31, 2017		October 31, 2017
California Fund		2.76%		3.98%
Municipal Fund		2.31%		4.75%
New York Fund		2.75%		3.86%

c		The annualized ratios of distributions on AMPS to average net assets applicable to common stockholders were:

		Year Ended
		October 31,
		2014
California Fund		0.05%
Municipal Fund		0.04%
New York Fund		0.05%

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Boards of Directors of:
Neuberger Berman California Municipal Fund Inc.
Neuberger Berman Municipal Fund Inc.
Neuberger Berman New York Municipal Fund Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities 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.) (collectively referred to as the “Funds”), including the schedules of investments, as of October 31, 2018 and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at October 31, 2018, the results of their operations for the year ended, the changes in net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts
December 21, 2018

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Distribution Reinvestment Plan

American Stock Transfer & Trust Company, LLC (the “Plan Agent”) will act as Plan Agent for stockholders who have not elected in writing to receive dividends and distributions in cash (each a “Participant”), will open an account for each Participant under the Distribution Reinvestment Plan (“Plan”) in the same name as their then-current shares of the Fund’s common stock (“Shares”) are registered, and will put the Plan into effect for each Participant as of the first record date for a dividend or capital gains distribution.

Whenever the Fund declares a dividend or distribution with respect to the Shares, each Participant will receive such dividends and distributions in additional Shares, including fractional Shares acquired by the Plan Agent and credited to each Participant’s account. If on the payment date for a cash dividend or distribution, the net asset value is equal to or less than the market price per Share plus estimated brokerage commissions, the Plan Agent shall automatically receive such Shares, including fractions, for each Participant’s account. Except in the circumstances described in the next paragraph, the number of additional Shares to be credited to each Participant’s account shall be determined by dividing the dollar amount of the dividend or distribution payable on their Shares by the greater of the net asset value per Share determined as of the date of purchase or 95% of the then-current market price per Share on the payment date.

Should the net asset value per Share exceed the market price per Share plus estimated brokerage commissions on the payment date for a cash dividend or distribution, the Plan Agent or a broker-dealer selected by the Plan Agent shall endeavor, for a purchase period lasting until the last business day before the next date on which the Shares trade on an “ex-dividend” basis, but in no event, except as provided below, more than 30 days after the payment date, to apply the amount of such dividend or distribution on each Participant’s Shares (less their pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of such dividend or distribution) to purchase Shares on the open market for each Participant’s account. No such purchases may be made more than 30 days after the payment date for such dividend or distribution except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. If, at the close of business on any day during the purchase period the net asset value per Share equals or is less than the market price per Share plus estimated brokerage commissions, the Plan Agent will not make any further open-market purchases in connection with the reinvestment of such dividend or distribution. If the Plan Agent is unable to invest the full dividend or distribution amount through open-market purchases during the purchase period, the Plan Agent shall request that, with respect to the uninvested portion of such dividend or distribution amount, the Fund issue new Shares at the close of business on the earlier of the last day of the purchase period or the first day during the purchase period on which the net asset value per Share equals or is less than the market price per Share, plus estimated brokerage commissions, such Shares to be issued in accordance with the terms specified in the third paragraph hereof. These newly issued Shares will be valued at the then-current market price per Share at the time such Shares are to be issued.

For purposes of making the reinvestment purchase comparison under the Plan, (a) the market price of the Shares on a particular date shall be the last sales price on the New York Stock Exchange (or if the Shares are not listed on the New York Stock Exchange, such other exchange on which the Shares are principally traded) on that date, or, if there is no sale on such Exchange (or if not so listed, in the over-the-counter market) on that date, then the mean between the closing bid and asked quotations for such Shares on such Exchange on such date and (b) the net asset value per Share on a particular date shall be the net asset value per Share most recently calculated by or on behalf of the Fund. All dividends, distributions and other payments (whether made in cash or Shares) shall be made net of any applicable withholding tax.

Open-market purchases provided for above may be made on any securities exchange where the Fund’s Shares are traded, in the over-the-counter market or in negotiated transactions and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Each Participant’s uninvested funds held by the Plan Agent will not bear interest, and it is understood that, in any event, the Plan Agent shall have no liability in connection with any inability to purchase Shares within 30 days after the initial date of such purchase as herein provided, or with the timing of any purchases effected. The Plan Agent shall have no responsibility as to the value of the Shares acquired for each

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Participant’s account. For the purpose of cash investments, the Plan Agent may commingle each Participant’s funds with those of other stockholders of the Fund for whom the Plan Agent similarly acts as agent, and the average price (including brokerage commissions) of all Shares purchased by the Plan Agent as Plan Agent shall be the price per Share allocable to each Participant in connection therewith.

The Plan Agent may hold each Participant’s Shares acquired pursuant to the Plan together with the Shares of other stockholders of the Fund acquired pursuant to the Plan in noncertificated form in the Plan Agent’s name or that of the Plan Agent’s nominee. The Plan Agent will forward to each Participant any proxy solicitation material and will vote any Shares so held for each Participant only in accordance with the instructions set forth on proxies returned by the Participant to the Fund.

The Plan Agent will confirm to each Participant each acquisition made for their account as soon as practicable but not later than 60 days after the date thereof. Although each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Share, no certificates for a fractional Share will be issued. However, dividends and distributions on fractional Shares will be credited to each Participant’s account. In the event of termination of a Participant’s account under the Plan, the Plan Agent will adjust for any such undivided fractional interest in cash at the market value of the Shares at the time of termination, less the pro rata expense of any sale required to make such an adjustment.

Any Share dividends or split Shares distributed by the Fund on Shares held by the Plan Agent for Participants will be credited to their accounts. In the event that the Fund makes available to its stockholders rights to purchase additional Shares or other securities, the Shares held for each Participant under the Plan will be added to other Shares held by the Participant in calculating the number of rights to be issued to each Participant.

The Plan Agent’s service fee for handling capital gains and other distributions or income dividends will be paid by the Fund. Participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Each Participant may terminate their account under the Plan by notifying the Plan Agent in writing. Such termination will be effective immediately if the Participant’s notice is received by the Plan Agent not less than ten days prior to any dividend or distribution record date, otherwise such termination will be effective the first trading day after the payment date for such dividend or distribution with respect to any subsequent dividend or distribution. The Plan may be terminated by the Plan Agent or the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund.

These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Agent receives written notice of the termination of their account under the Plan. Any such amendment may include an appointment by the Plan Agent in its place and stead of a successor Plan Agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Agent under these terms and conditions. Upon any such appointment of any Plan Agent for the purpose of receiving dividends and distributions, the Fund will be authorized to pay to such successor Plan Agent, for each Participant’s account, all dividends and distributions payable on Shares held in their name or under the Plan for retention or application by such successor Plan Agent as provided in these terms and conditions.

The Plan Agent shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Agent’s negligence, bad faith, or willful misconduct or that of its employees. These terms and conditions are governed by the laws of the State of Maryland.

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Reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions — i.e., reinvestment in additional Shares does not relieve stockholders of, or defer the need to pay, any income tax that may be payable (or that is required to be withheld) on Fund dividends and distributions. Participants should contact their tax professionals for information on how the Plan impacts their personal tax situation. For additional information about the Plan, please contact the Plan Agent by telephone at 1-866-227-2136 or by mail at 6201 15th Avenue, Brooklyn, NY, 11219 or online at www.astfinancial.com.

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Directory

Investment Manager and Administrator		Plan Agent
Neuberger Berman Investment Advisers LLC		American Stock Transfer & Trust Company, LLC
1290 Avenue of the Americas		Plan Administration Department
New York, NY 10104-0002		P.O. Box 922
877.461.1899 or 212.476.8800		Wall Street Station
		New York, NY 10269-0560
Custodian		Overnight correspondence should be sent to:
State Street Bank and Trust Company		American Stock Transfer & Trust Company, LLC
One Lincoln Street		6201 15th Avenue
Boston, MA 02111		Brooklyn, NY 11219
Transfer Agent		Legal Counsel
American Stock Transfer & Trust Company, LLC		K&L Gates LLP
6201 15th Avenue		1601 K Street, NW
Brooklyn, NY 11219		Washington, DC 20006-1600
		Independent Registered Public Accounting Firm
		Ernst & Young LLP
		200 Clarendon Street
		Boston, MA 02116

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Directors and Officers

The following tables set forth information concerning the Directors and Officers of each of the Funds. All persons named as Directors and Officers also serve in similar capacities for other funds administered or managed by NBIA (formerly, Neuberger Berman Fixed Income LLC (“NBFI”) and including predecessor entities). Each Fund’s Statement of Additional Information includes additional information about the Directors as of the time of the Fund’s most recent public offering and is available upon request, without charge, by calling (877) 461-1899.

Information about the Board of Directors

Name, (Year of Birth),		Position(s)		Principal Occupation(s)(3)		Number of		Other Directorships Held
and Address(1)		and Length of				Funds in		Outside Fund Complex
		Time Served(2)				Fund Complex		by Director(3)
						Overseen by
						Director
CLASS I
Independent Directors
Marc Gary (1952)		Director since 2015		Executive Vice Chancellor and Chief Operating Officer, Jewish Theological Seminary, since 2012; formerly, Executive Vice President and General Counsel, Fidelity Investments, 2007 to 2012; formerly, Executive Vice President and General Counsel, BellSouth Corporation, 2004 to 2007; formerly, Vice President and Associate General Counsel, BellSouth Corporation, 2000 to 2004; formerly, Associate, Partner, and National Litigation Practice Co-Chair, Mayer, Brown LLP, 1981 to 2000; formerly, Associate Independent Counsel, Office of Independent Counsel, 1990 to 1992.		57		Director, America Press, Inc. (not-for-profit Jesuit publisher), since 2015; Director, Fordham University, since 2001; formerly, Director, The Gabelli Go Anywhere Trust, June 2015 to June 2016; formerly, Director, Skin Cancer Foundation (not-for-profit), 2006 to 2015; formerly, Director, GE Investments Funds, Inc., 1997 to 2014; formerly, Trustee, GE Institutional Funds, 1997 to 2014; formerly, Director, GE Asset Management, 1988 to 2014; formerly, Director, Elfun Trusts, 1988 to 2014; formerly, Trustee, GE Pension & Benefit Plans, 1988 to 2014.

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Name, (Year of Birth),		Position(s)		Principal Occupation(s)(3)		Number of		Other Directorships Held
and Address(1)		and Length of				Funds in		Outside Fund Complex
		Time Served(2)				Fund Complex		by Director(3)
						Overseen by
						Director
Michael M. Knetter (1960)		Director since 2007		President and Chief Executive Officer, University of Wisconsin Foundation, since October 2010; formerly, Dean, School of Business, University of Wisconsin - Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business - Dartmouth College, 1998 to 2002.		57		Board Member, American Family Insurance (a mutual company, not publicly traded), since March 2009; formerly, Trustee, Northwestern Mutual Series Fund, Inc., 2007 to 2011; formerly, Director, Wausau Paper, 2005 to 2011; formerly, Director, Great Wolf Resorts, 2004 to 2009.
Peter P. Trapp (1944)		Director since 2002		Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.		57		None.
Director who is an “Interested Person”
Robert Conti* (1956)		Director since 2008; formerly, Chief Executive Officer and President 2008 to 2018		Formerly, Managing Director, Neuberger Berman BD LLC (“Neuberger Berman”), 2007 to 2018; formerly, President—Mutual Funds, NBIA, 2008 to 2018; formerly, Senior Vice President, Neuberger Berman, 2003 to 2006; formerly, Vice President, Neuberger Berman, 1999 to 2003.		57		Director, Staten Island Mental Health Society, since 1994; formerly, Chairman of the Board, Staten Island Mental Health Society, 2008 to 2011.

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Name, (Year of Birth), and Address(1)		Position(s) and Length of Time Served(2)		Principal Occupation(s)(3)		Number of Funds in Fund Complex Overseen by Director		Other Directorships Held Outside Fund Complex by Director(3)
CLASS II
Independent Directors
Michael J. Cosgrove (1949)		Director since 2015		President, Carragh Consulting USA, since 2014; formerly, Executive, General Electric Company, 1970 to 2014, including President, Mutual Funds and Global Investment Programs, GE Asset Management, 2011 to 2014, President and Chief Executive Officer, Mutual Funds and Intermediary Business, GE Asset Management, 2007 to 2011, President, Institutional Sales and Marketing, GE Asset Management, 1998 to 2007, and Chief Financial Officer, GE Asset Management, and Deputy Treasurer, GE Company, 1988 to 1993.		57		Director, America Press, Inc. (not-for-profit Jesuit publisher), since 2015; Director, Fordham University, since 2001; formerly, Director, The Gabelli Go Anywhere Trust, June 2015 to June 2016; formerly, Director, Skin Cancer Foundation (not-for-profit), 2006 to 2015; formerly, Director, GE Investments Funds, Inc., 1997 to 2014; formerly, Trustee, GE Institutional Funds, 1997 to 2014; formerly, Director, GE Asset Management, 1988 to 2014; formerly, Director, Elfun Trusts, 1988 to 2014; formerly, Trustee, GE Pension & Benefit Plans, 1988 to 2014.
Deborah C. McLean (1954)		Director since 2015		Member, Circle Financial Group (private wealth management membership practice), since 2011; Managing Director, Golden Seeds LLC (an angel investing group), since 2009; Adjunct Professor, Columbia University School of International and Public Affairs, since 2008; formerly, Visiting Assistant Professor, Fairfield University, Dolan School of Business, Fall 2007; formerly, Adjunct Associate Professor of Finance, Richmond, The American International University in London, 1999 to 2007.		57		Board member, Norwalk Community College Foundation, since 2014; Dean’s Advisory Council, Radcliffe Institute for Advanced Study, since 2014; formerly, Director and Treasurer, At Home in Darien (not-for-profit), 2012 to 2014; formerly, Director, National Executive Service Corps (not-for-profit), 2012 to 2013; formerly, Trustee, Richmond, The American International University in London, 1999 to 2013.

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Name, (Year of Birth), and Address(1)		Position(s) and Length of Time Served(2)		Principal Occupation(s)(3)		Number of Funds in Fund Complex Overseen by Director		Other Directorships Held Outside Fund Complex by Director(3)
George W. Morriss (1947)		Director since 2007		Adjunct Professor, Columbia University School of International and Public Affairs, since October 2012; formerly, Executive Vice President and Chief Financial Officer, People’s United Bank, Connecticut (a financial services company), 1991 to 2001.		57		Formerly, Trustee, Steben Alternative Investment Funds, Steben Select Multi- Strategy Fund, and Steben Select Multi-Strategy Master Fund, 2013 to 2017; formerly, Treasurer, National Association of Corporate Directors, Connecticut Chapter, 2011 to 2015; formerly, Manager, Larch Lane Multi-Strategy Fund complex (which consisted of three funds), 2006 to 2011; formerly, Member, NASDAQ Issuers’ Affairs Committee, 1995 to 2003.
Tom D. Seip (1950)		Director since 2002; Chairman of the Board since 2008; formerly Lead Independent Director from 2006 to 2008		Formerly, Managing Member, Ridgefield Farm LLC (a private investment vehicle), 2004 to 2016; formerly, President and CEO, Westaff, Inc. temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.		57		Formerly, Director, H&R Block, Inc. (tax services company), 2001 to 2018; formerly, Director, Talbot Hospice Inc., 2013 to 2016; formerly, Chairman, Governance and Nominating Committee, H&R Block, Inc., 2011 to 2015; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.

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Name, (Year of Birth), and Address(1)		Position(s) and Length of Time Served(2)		Principal Occupation(s)(3)		Number of Funds in Fund Complex Overseen by Director		Other Directorships Held Outside Fund Complex by Director(3)
CLASS III
Independent Directors
Martha C. Goss (1949)		Director since 2007		President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; formerly, Consultant, Resources Global Professionals (temporary staffing), 2002 to 2006; formerly, Chief Financial Officer, Booz-Allen & Hamilton, Inc., 1995 to 1999; formerly, Enterprise Risk Officer, Prudential Insurance, 1994 to 1995; formerly, President, Prudential Asset Management Company, 1992 to 1994; formerly, President, Prudential Power Funding (investments in electric and gas utilities and alternative energy projects), 1989 to 1992; formerly, Treasurer, Prudential Insurance Company, 1983 to 1989.		57		Director, American Water (water utility), since 2003; Director, Allianz Life of New York (insurance), since 2005; Director, Berger Group Holdings, Inc. (engineering consulting firm), since 2013; Director, Financial Women’s Association of New York (not-for-profit association), since 2003; Trustee Emerita, Brown University, since 1998; Director, Museum of American Finance (not-for-profit), since 2013; formerly, Non-Executive Chair and Director, Channel Reinsurance (financial guaranty reinsurance), 2006 to 2010; formerly, Director, Ocwen Financial Corporation (mortgage servicing), 2005 to 2010; formerly, Director, Claire’s Stores, Inc. (retailer), 2005 to 2007; formerly, Director, Parsons Brinckerhoff Inc. (engineering consulting firm), 2007 to 2010; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007.

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Name, (Year of Birth), and Address(1)		Position(s) and Length of Time Served(2)		Principal Occupation(s)(3)		Number of Funds in Fund Complex Overseen by Director		Other Directorships Held Outside Fund Complex by Director(3)
James G. Stavridis (1955)		Director since 2015		Commentator, NBC News, since 2015; Dean, Fletcher School of Law and Diplomacy, Tufts University since 2013; formerly, Admiral, United States Navy, 2006 to 2013, including Supreme Allied Commander, NATO and Commander, European Command, 2009 to 2013, and Commander, United States Southern Command, 2006 to 2009.		57		Director, American Water (water utility), since 2018; Director, NFP Corp. (insurance broker and consultant), since 2017; Director, Utilidata Inc., since 2015; Director, U.S. Naval Institute, since 2014; Director, Onassis Foundation USA, since 2014; Director, BMC Software Federal, LLC, since 2014; Director, Vertical Knowledge, LLC, since 2013; formerly, Director, Navy Federal Credit Union, 2000-2002.
Candace L. Straight (1947)		Director since 2002		Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to 2003.		57		Formerly, Public Member, Board of Governors and Board of Trustees, Rutgers University, 2011 to 2016; formerly, Director, Montpelier Re Holdings Ltd. (reinsurance company), 2006 to 2015; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.

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Name, (Year of Birth), and Address(1)		Position(s) and Length of Time Served(2)		Principal Occupation(s)(3)		Number of Funds in Fund Complex Overseen by Director		Other Directorships Held Outside Fund Complex by Director(3)
Director who is an “Interested Person”
Joseph V. Amato* (1962)		Chief Executive Officer and President since 2018 and Director since 2009		President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger Berman and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer (Equities) and President (Equities), Neuberger Berman Investment Advisers LLC (“NBIA”) (formerly, Neuberger Berman Fixed Income LLC (“NBFI”) and including predecessor entities), since 2007, and Board Member of NBIA since 2006; formerly, Global Head of Asset Management of Lehman Brothers Holdings Inc.’s (“LBHI”) Investment Management Division, 2006 to 2009; formerly, member of LBHI’s Investment Management Division’s Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. (“LBI”), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI’s Equity Sales and a Member of its Equities Division Executive Committee, 2003 to 2005; President and Chief Executive Officer, twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.		57		Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007; Member of Board of Regents, Georgetown University, since 2013.

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(1)		The business address of each listed person is 1290 Avenue of the Americas, New York, NY 10104.
(2)		The Board shall at all times be divided as equally as possible into three classes of Directors designated Class I, Class II and Class III. The terms of office of Class I, Class II and Class III Directors shall expire at the annual meeting of stockholders held in 2021, 2019 and 2020, respectively, and at each third annual meeting of stockholders thereafter.
(3)		Except as otherwise indicated, each individual has held the positions shown during at least the last five years.
*		Indicates a Director who is an “interested person” within the meaning of the 1940 Act. Mr. Amato is an interested person of the Fund by virtue of the fact that he is an officer of NBIA and/or its affiliates. Mr. Conti is an interested person of the Fund by virtue of the fact that he was an officer of NBIA and/or its affiliates until June 2018.

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Information about the Officers of the Fund

Name, (Year of Birth),		Position(s)		Principal Occupation(s)(3)
and Address(1)		and Length of
		Time Served(2)
Claudia A. Brandon (1956)		Executive Vice President since 2008 and Secretary since 2002		Senior Vice President, Neuberger Berman, since 2007 and Employee since 1999; Senior Vice President, NBIA, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly, Vice President - Mutual Fund Board Relations, NBIA, 2000 to 2008; formerly, Vice President, NBIA, 1986 to 1999 and Employee, 1984 to 1999; Executive Vice President and Secretary, twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.
Agnes Diaz (1971)		Vice President since 2013		Senior Vice President, Neuberger Berman, since 2012; Senior Vice President, NBIA, since 2012 and Employee since 1996; formerly, Vice President, Neuberger Berman, 2007 to 2012; Vice President, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Anthony DiBernardo (1979)		Assistant Treasurer since 2011		Senior Vice President, Neuberger Berman, since 2014; Senior Vice President, NBIA, since 2014, and Employee since 2003; formerly, Vice President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Savonne Ferguson (1973)		Chief Compliance Officer since 2018		Senior Vice President, Chief Compliance Officer (Mutual Funds) and Associate General Counsel, NBIA, since November 2018; formerly, Vice President T. Rowe Price Group, Inc. (2018), Vice President and Senior Legal Counsel, T. Rowe Price Associates, Inc. (2014-2018), Vice President and Director of Regulatory Fund Administration, PNC Capital Advisors, LLC (2009-2014), Secretary, PNC Funds and PNC Advantage Funds (2010-2014); Chief Compliance Officer, twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.
Corey A. Issing (1978)		Chief Legal Officer since 2016 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002)		General Counsel and Head of Compliance - Mutual Funds since 2016 and Managing Director, NBIA, since 2017; formerly, Associate General Counsel (2015 to 2016), Counsel (2007 to 2015), Senior Vice President (2013-2016), Vice President (2009 - 2013); Chief Legal Officer (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002), twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.
Sheila R. James (1965)		Assistant Secretary since 2002		Vice President, Neuberger Berman, since 2008 and Employee since 1999; Vice President, NBIA, since 2008; formerly, Assistant Vice President, Neuberger Berman, 2007; Employee, NBIA, 1991 to 1999; Assistant Secretary, twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.

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Name, (Year of Birth),		Position(s)		Principal Occupation(s)(3)
and Address(1)		and Length of
		Time Served(2)
Brian Kerrane (1969)		Chief Operating Officer since 2015 and Vice President since 2008		Managing Director, Neuberger Berman, since 2013; Chief Operating Officer - Mutual Funds and Managing Director, NBIA, since 2015; formerly, Senior Vice President, Neuberger Berman, 2006 to 2014; Vice President, NBIA, 2008 to 2015 and Employee since 1991; Chief Operating Officer, ten registered investment companies for which NBIA acts as investment manager and/or administrator; Vice President, twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.
Anthony Maltese (1959)		Vice President since 2015		Senior Vice President, Neuberger Berman, since 2014 and Employee since 2000; Senior Vice President, NBIA, since 2014; Vice President, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Josephine Marone (1963)		Assistant Secretary since 2017		Senior Paralegal, Neuberger Berman, since 2007 and Employee since 2007; Assistant Secretary, twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.
Owen F. McEntee, Jr. (1961)		Vice President since 2008		Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since 2006 and Employee since 1992; Vice President, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
John M. McGovern (1970)		Treasurer and Principal Financial and Accounting Officer since 2005		Senior Vice President, Neuberger Berman, since 2007; Senior Vice President, NBIA, since 2007 and Employee since 1993; formerly, Vice President, Neuberger Berman, 2004 to 2006; formerly, Assistant Treasurer, 2002 to 2005; Treasurer and Principal Financial and Accounting Officer, twenty-six registered investment companies for which NBIA acts as investment manager and/or administrator.
Frank Rosato (1971)		Assistant Treasurer since 2005		Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since 2006 and Employee since 1995; Assistant Treasurer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.

(1)		The business address of each listed person is 1290 Avenue of the Americas New York, NY 10104.
(2)		Pursuant to the Bylaws of the Fund, each officer elected by the Directors shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serve at the pleasure of the Directors and may be removed at any time with or without cause.
(3)		Except as otherwise indicated, each individual has held the positions shown during at least the last five years.

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Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the SEC’s website, at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available, upon request, without charge, by calling 800-877-9700 (toll-free), on the SEC’s website at www.sec.gov, and on Management’s website at www.nb.com.

Quarterly Portfolio Schedule

Each Fund files a complete schedule of portfolio holdings with the SEC’s for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).

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Notice to Stockholders

In early 2019 you will receive information to be used in filing your 2018 tax returns, which will include a notice of the exact tax status of all distributions paid to you by each Fund during calendar year 2018. Please consult your own tax advisor for details as to how this information should be reflected on your tax returns.

For the fiscal year ended October 31, 2018, the percentages representing the portion of distributions from net investment income, which are exempt from federal income tax, other than alternative minimum tax, are as follows:

Neuberger Berman
California Fund		99.70%
Municipal Fund		99.00%
New York Fund		98.19%

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Report of Votes of Stockholders

The annual meeting of stockholders was held on September 6, 2018. Stockholders voted to elect four Class I Directors to serve until the annual meeting of stockholders in 2021, or until their successors are elected and qualified. Class II Directors (which include Michael J. Cosgrove, Deborah C. McLean, George W. Morriss and Tom D. Seip) and the Class III Directors (which include Joseph V. Amato, Martha C. Goss, James G. Stavridis and Candace L. Straight) continue to hold office until the annual meeting in 2019 and 2020, respectively.

To elect four Class I Directors to serve until the annual meeting of stockholders in 2021 or until their successors are elected and qualified.

CALIFORNIA FUND
				Votes				Broker
Shares of Common and Preferred Stock		Votes For		Withheld		Abstentions		Non-Votes
Robert Conti		4,934,304		196,248		—		—
Marc Gary		4,934,304		196,248		—		—
Michael M. Knetter		4,934,304		196,248		—		—
				Votes				Broker
Shares of Preferred Stock		Votes For		Withheld		Abstentions		Non-Votes
Peter P. Trapp		590		—		—		—
MUNICIPAL FUND
				Votes				Broker
Shares of Common and Preferred Stock		Votes For		Withheld		Abstentions		Non-Votes
Robert Conti		17,836,234		329,399		—		—
Marc Gary		17,835,660		329,973		—		—
Michael M. Knetter		17,835,660		329,973		—		—
				Votes				Broker
Shares of Preferred Stock		Votes For		Withheld		Abstentions		Non-Votes
Peter P. Trapp		1,794		—		—		—
NEW YORK FUND
				Votes				Broker
Shares of Common and Preferred Stock		Votes For		Withheld		Abstentions		Non-Votes
Robert Conti		4,258,478		450,999		—		—
Marc Gary		4,258,478		450,999		—		—
Michael M. Knetter		4,274,399		435,078		—		—
				Votes				Broker
Shares of Preferred Stock		Votes For		Withheld		Abstentions		Non-Votes
Peter P. Trapp		483		—		—		—

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Board Consideration of the Management Agreements

On an annual basis, the Boards of Directors (each, a “Board” and, collectively, the “Boards”) of Neuberger Berman California Municipal Fund Inc., Neuberger Berman Municipal Fund Inc., and Neuberger Berman New York Municipal Fund Inc. (each, a “Fund” and, collectively, the “Funds”),¹ including the Directors who are not “interested persons” of the Funds or of Neuberger Berman Investment Advisers LLC (“Management”) (including its affiliates) (“Independent Fund Directors”), consider whether to continue each Fund’s management agreement with Management (the “Agreements” and, with respect to each Fund, the “Agreement”). Throughout the process, the Independent Fund Directors are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management (“Independent Counsel”). At a meeting held on October 11, 2018, the Boards, including the Independent Fund Directors, approved the continuation of the Agreement for each Fund.

In evaluating the Agreements, the Boards, including the Independent Fund Directors, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Directors and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations, and financial condition as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Boards to ensure that Management has time to respond to any questions the Independent Fund Directors may have on their initial review of the materials and that the Independent Fund Directors have time to consider those responses.

In connection with its deliberations, each Board also considered the broad range of information relevant to the annual contract review that is provided to each Board (including its various standing committees) at meetings throughout the year, including reports on investment performance, portfolio risk, and other portfolio information for each Fund, as well as periodic reports on, among other matters, pricing and valuation; quality and cost of portfolio trade execution; compliance; and stockholder and other services provided by Management and its affiliates. A Contract Review Committee, which is comprised of Independent Fund Directors, was established by each Board to assist in its deliberations regarding the annual contract review. The Boards have also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports to the Contract Review Committees and the full Boards, which consider that information as part of the annual contract review process. Each Board’s Contract Review Committee annually considers and updates the questions it asks of Management in light of legal advice furnished to them by Independent Counsel; their own business judgment; and developments in the industry, in the markets, in fund regulation and litigation, and in Management’s business model.

The Independent Fund Directors received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committees and the Independent Fund Directors met with Independent Counsel separately from representatives of Management.

Provided below is a description of the Boards’ contract approval process and material factors that the Boards considered at their meetings regarding renewals of the Agreements and the compensation to be paid thereunder. In connection with their approval of the continuation of the Agreements, the Boards evaluated the terms of the Agreements, the overall fairness of the Agreements to the Funds and whether the Agreements were in the best interests of the Funds and Fund stockholders. Each Board’s determination to approve the continuation of the related Agreement was based on a comprehensive consideration of all information provided to each Board throughout the year and specifically in connection with the annual contract review. Each Board considered the related Fund’s investment management agreement separately from those of the other Funds.

(1)

Prior to August 28, 2018, the Funds were named Neuberger Berman California Intermediate Municipal Fund Inc., Neuberger Berman Intermediate Municipal Fund Inc., and Neuberger Berman New York Intermediate Municipal Fund Inc., respectively.

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This description is not intended to include all of the factors considered by the Boards. The Boards’ members did not identify any particular information or factor that was all-important or controlling, and each Director may have attributed different weights to the various factors. The Boards focused on the costs and benefits of each Agreement to each Fund and, through each Fund, its stockholders.

Nature, Extent, and Quality of Services

With respect to the nature, extent, and quality of the services provided, each Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management who perform services for the related Fund. The Boards noted that Management also provides certain administrative services, including fund accounting and compliance services. The Boards also considered Management’s policies and practices regarding trade execution, transaction costs, and allocation of portfolio transactions and reviewed the quality of the execution services that Management had provided. Moreover, the Boards considered Management’s approach to potential conflicts of interest both generally and between each Fund’s investments and those of other funds or accounts managed by Management. The Boards also noted that Management had increased its research capabilities with respect to environmental, social, and corporate governance matters and how those factors may relate to investment performance.

The Boards noted the extensive range of services that Management provides to the Funds beyond the investment management services. The Boards noted that Management is also responsible for monitoring compliance with each Fund’s investment objectives, policies, and restrictions, as well as compliance with applicable law, including implementing rulemaking initiatives of the U.S. Securities and Exchange Commission. In addition, the Boards considered that Management has developed a leverage structure for the Funds tailored to each Fund’s investment strategy and needs, has monitored each Fund’s ongoing compliance with legal and other restrictions associated with its leverage, and has recommended changes in and/or amendments to the amount or structure of its leverage over time. The Boards considered that Management assumes significant ongoing risks with respect to each Fund, for which it is entitled to reasonable compensation. Specifically, Management’s responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Funds, and the Boards consider on a regular basis information regarding Management’s processes for monitoring and managing risk. In addition, the Boards noted that when Management launches a new fund, it assumes entrepreneurial risk with respect to that fund, and that some funds have been liquidated without ever having been profitable to Management.

The Boards also noted Management’s activities under its contractual obligation to oversee the Funds’ various outside service providers, including its renegotiation of certain service providers’ fees and its evaluation of service providers’ infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Boards also considered Management’s ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. In addition, the Boards noted the positive compliance history of Management, as no significant compliance problems were reported to the Boards with respect to Management. The Boards also considered the general structure of the portfolio managers’ compensation and whether this structure provides appropriate incentives to act in the best interests of the Funds. The Boards also considered the ability of Management to attract and retain qualified personnel to service the Funds.

As in past years, the Boards also considered the manner in which Management addressed various matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Boards considered actions taken by Management in response to recent market conditions, such as regulatory concerns about changes in fixed-income market liquidity and potential volatility, and considered the overall performance of Management in this context. The Boards also noted that Management actively monitors any discount from net asset value per share at which the Funds’ common stock trades and evaluates potential ways to reduce the discount and potential impacts on the discount, including the level of distributions that the Funds pay. The Boards likewise took into account that Management monitors, to the extent information is publicly available, events that may disrupt each Fund’s long-term investment program.

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Fund Performance

The Boards requested a report from an outside consulting firm that specializes in the analysis of fund industry data that compared each Fund’s performance, along with its fees and other expenses, to a group of industry peers and a broader universe of funds pursuing generally similar strategies with the same investment classification and/or objective. The Boards considered each Fund’s performance and fees in light of the limitations inherent in the methodology for constructing such comparative groups and determining which investment companies should be included in the comparative groups.

With respect to investment performance, the Boards considered information regarding each Fund’s short-, intermediate- and long-term performance, net of each Fund’s fees and expenses, both on an absolute basis and relative to an appropriate benchmark index that does not deduct the fees or expenses of investing, compared to the performance of the industry peer group and a broader universe of funds, each constructed by the consulting firm. The Boards also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.

The Board for Neuberger Berman New York Municipal Fund Inc. identified the Fund as having underperformed its benchmark index, industry peer group, and broader universe of funds to an extent, and over a period of time, that the Board felt warranted additional inquiry, and discussed with Management the Fund’s performance, potential reasons for the underperformance, and steps that Management had taken, or intended to take, to improve performance. The Board’s Closed-End Funds Committee also met with the portfolio managers of the Fund during the 12 months prior to voting on the contract renewal to discuss the Fund’s performance and distribution levels. The Board also considered Management’s responsiveness with respect to the lagging performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of the Agreement and that, after considering all relevant factors, it may be appropriate to approve the continuation of the Agreement notwithstanding the Fund’s underperformance.

Fee Rates, Profitability, and Fall-out Benefits

With respect to the overall fairness of each Agreement, the Boards considered the fee structure for each Fund under each Agreement as compared to the peer group provided by the consulting firm. The Boards reviewed a comparison of each Fund’s management fee to a peer group of comparable funds. The Boards noted that the comparative management fee analysis includes, in each Fund’s management fee, the separate administrative fees paid to Management. However, the Boards noted that some funds in the peer group pay directly from fund assets for certain services that Management covers out of the administration fees for the Funds. Accordingly, the Boards also considered each Fund’s total expense ratio as compared with its peer group as a way of taking account of these differences.

The Boards considered each Fund’s contractual management fee on managed assets (generally consisting of net assets plus leverage proceeds) and the actual management fee on managed assets as a percentage of assets attributable to common stockholders as compared to each Fund’s peer group. The Boards were aware of the additional expenses borne by common stockholders as a result of each Fund’s leveraged structure.

In concluding that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to that Fund, the Boards reviewed specific data as to Management’s estimated profit or loss on each Fund for a recent period on a pre-tax basis without regard to distribution expenses, but including year-over-year changes in each of Management’s reported expense categories. (The Boards also reviewed data on Management’s estimated profit or loss on each Fund after distribution/servicing expenses and taxes were factored in, as indicators of the health of the business and the extent to which Management is directing its profits into the growth of the business.) The Boards considered the cost allocation methodology that Management used in developing its estimated profitability figures. In 2017, each Board engaged an independent forensic accountant to review the profitability methodology utilized by Management when preparing this information and discussed with the consultant its conclusion that Management’s process for calculating and reporting its estimated profit or loss was not unreasonable. Recognizing that there is no uniform methodology within

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the asset management industry for determining profitability for this purpose and that the use of different reasonable methodologies can give rise to different profit and loss results, the Boards requested from Management examples of profitability calculated by different methods and noted that the estimated profitability levels were still reasonable when calculated by these other methods. The Boards further noted Management’s representation that its estimate of profitability is derived using methodology that is consistent with the methodology used to assess and/or report measures of profitability elsewhere at the firm. In addition, the Boards recognized that Management’s calculations regarding its costs may not reflect all risks, including regulatory, legal, operational, reputational, and, where appropriate, entrepreneurial risks, associated with offering and managing a closed-end fund in the current regulatory and market environment. The Boards also considered any fall-out (i.e., indirect) benefits likely to accrue to Management or its affiliates from their relationship with each Fund. The Boards recognized that Management and its affiliates should be entitled to earn a reasonable level of profits for services they provide to each Fund and, based on its review, concluded that Management’s reported level of estimated profitability on each Fund was reasonable.

Information Regarding Services to Other Clients

The Boards also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies, and strategies that were similar to those of any of the Funds. The Boards compared the fees charged to the Funds to the fees charged to such comparable funds. The Boards considered the appropriateness and reasonableness of any differences between the fees charged to each Fund and such comparable funds, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Boards explored with Management its assertion that although, generally, the rates of fees paid by such accounts were lower than the fee rates paid by the corresponding Funds, the differences reflected Management’s greater level of responsibilities and significantly broader scope of services regarding the Funds, the more extensive regulatory obligations and risks associated with managing the Funds, and other financial considerations with respect to creation and sponsorship of the Funds.

Economies of Scale

The Boards also evaluated apparent or anticipated economies of scale in relation to the services Management provides to the Funds. The Boards noted that there is little expectation that closed-end funds will show significant economies of scale, as these funds do not typically sell additional shares or materially increase total assets by increasing leverage. The Boards also considered that Management has provided, at no added cost to the Funds, certain additional services, including but not limited to, services required by new regulations or regulatory interpretations, services impelled by changes in the securities markets or the business landscape, and/or services requested by the Boards. The Boards considered that this is a way of sharing economies of scale with each Fund and its stockholders.

Fund-by-Fund Analysis

With regard to the investment performance of each Fund and the fees charged to each Fund, the Boards considered the following information. The broader universes of funds referenced in this section are those identified by the consulting firm, as discussed above, and the risk/return ratios referenced are the Sharpe ratios provided by the consulting firm. In the case of underperformance for Neuberger Berman New York Municipal Fund Inc., the Board considered the magnitude of that underperformance relative to the broader universe and the benchmark (e.g., the amount by which the Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed its benchmark). With respect to performance quintile rankings for a Fund compared to its broader universe (“Performance Universe”), the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. With respect to the quintile rankings for fees and total expenses (net of waivers or other adjustments, if any) for a Fund compared to its peer group (“Expense Group”), the first quintile represents the lowest fees and/or total expenses and the fifth quintile represents the highest fees and/or total expenses.

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●	Neuberger Berman California Municipal Fund Inc. – The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund’s performance was higher for the 1-, 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the second quintile for the 1- and 10-year periods and the first quintile for the 3- and 5-year periods. The Board noted that the benchmark is a nationwide index of municipal securities and that the Fund’s relative performance may have been affected by the way in which the market for California municipal securities performed versus the nationwide average. The Board considered that, as compared to its Expense Group, the Fund’s contractual management fee ranked in the first quintile, the actual management fee ranked in the second quintile, and total expenses ranked in the fourth quintile. In determining to renew the Management Agreement, the Board took into account Management’s representations regarding the effect that the cost of leverage had on the Fund’s total expenses relative to its peers with different leverage structures.
●	Neuberger Berman Municipal Fund Inc. – The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund’s performance was higher for the 1-, 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the first quintile for the 1-, 3-, 5-, and 10-year periods. The Board considered that, as compared to its Expense Group, the Fund’s contractual management fee ranked in the first quintile, the actual management fee ranked in the second quintile, and total expenses ranked in the fifth quintile. In determining to renew the Management Agreement, the Board took into account Management’s representations regarding the effect that the cost of leverage had on the Fund’s total expenses relative to its peers with different leverage structures.
●	Neuberger Berman New York Municipal Fund Inc. – The Board considered that, based on performance data for the periods ended December 31, 2017: (1) as compared to its benchmark, the Fund’s performance was higher for the 1-, 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1-, 3-, and 5-year periods and the fifth quintile for the 10-year period. The Board noted that the benchmark is a nationwide index of municipal securities and that the Fund’s relative performance may have been affected by the way in which the market for New York municipal securities performed versus the nationwide average. The Board considered that, as compared to its Expense Group, the Fund’s contractual management fee ranked in the second quintile, the actual management fee ranked in the second quintile, and total expenses ranked in the fourth quintile. In determining to renew the Management Agreement, the Board took into account Management’s representations regarding the effect that the cost of leverage had on the Fund’s total expenses relative to its peers with different leverage structures. The Board also noted the Fund’s outperformance versus its benchmark during the 7-month period ending July 31, 2018.

Conclusions

In approving the continuation of Agreements, the Boards concluded that, in their business judgment, the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its stockholders. In reaching this determination, the Boards considered that Management could be expected to continue to provide a high level of service to each Fund; that the performance of the Funds was satisfactory over time, or, in the case of Neuberger Berman New York Municipal Fund Inc., that the Board retained confidence in Management’s capabilities to manage the Fund; that each Fund’s fee structure appeared to the Boards to be reasonable given the nature, extent, and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Boards’ conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Boards’ ongoing regular review of each Fund’s performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.

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				Neuberger Berman Investment Advisers LLC 1290 Avenue of the Americas New York, NY 10104-0002 Internal Sales & Services 877.461.1899 www.nb.com
				Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of stockholders and is not an offer for shares of the Funds.
				H0649 12/18

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