As filed with the Securities and Exchange Commission on April 1, 2005
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21168
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND, INC.
--------------------------------------------------
(Exact Name of the Registrant as Specified in Charter)
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
(Address of Principal Executive Offices - Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Peter E. Sundman, Chief Executive Officer
Neuberger Berman Intermediate Municipal Fund, Inc.
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
Arthur Delibert, Esq.
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, D.C. 20036-1221
(Names and addresses of agents for service)
Date of fiscal year end: October 31, 2005
Date of reporting period: January 31, 2005
Form N-Q is to be used by management investment companies to file reports with
the Commission not later than 60 days after the close of their first and third
fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of
1940 ("1940 Act")(17 CFR 270.30b1-5). The Commission may use the information
provided on Form N-Q in its regulatory, disclosure review, inspection, and
policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.
--------------------------------------------------------
PRINCIPAL AMOUNT SECURITY@ RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
TAX-EXEMPT SECURITIES-PRE-REFUNDED BACKED BY U.S. GOVERNMENT SECURITIES (0.8%)
2,225 Massachusetts St. Wtr. Poll. Abatement Trust Pre-Refunded
Rev. (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16 Aaa AAA 2,499
20 San Antonio (TX) Pre-Refunded Cert. of Obligation G.O., Ser.
2002, 5.00%, due 2/1/14 P/R 2/1/12 Aa2 AA+ 22
--------
2,521
--------
TAX-EXEMPT SECURITIES-ESCROWED IN U.S. GOVERNMENT SECURITIES (0.6%)
1,670 Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref.
Rev., Ser. 1998 A, 5.50%, due 6/15/17 AAA 1,957
--------
TAX-EXEMPT SECURITIES-BACKED BY INSURANCE (74.4%)
AMERICAN MUNICIPAL BOND ASSURANCE CORP.
1,500 California St. Pub. Works Board Lease Rev., Ser. 2002 A,
5.25%, due 12/1/17 AAA 1,656
5,000 Chicago (IL) G.O., Ser. 1995 A-2, 6.25%, due 1/1/13 Aaa AAA 5,966
6,120 Chicago (IL) G.O., Ser. 2002 A, 5.38%, due 1/1/17 Aaa AAA 6,847
4,220 Colorado Springs (CO) Util. Sys. Sub. Lien Ref. Rev., Ser.
2002 A, 5.38%, due 11/15/18 AAA 4,743
4,100 Fargo (ND) Hlth. Sys. Rev. (Meritcare Obligated Group), Ser.
2002 A, 5.63%, due 6/1/17 AAA 4,564++
1,065 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, 5.25%,
due 7/1/18 AAA 1,170
1,125 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, 5.25%,
due 7/1/19 AAA 1,232
3,000 Massachusetts Port Au. Spec. Fac. Rev. (Delta Air Lines,
Inc. Proj.), Ser. 2001 A, 5.50%, due 1/1/19 AAA 3,149++
5,010 New Hampshire Hlth. & Ed. Fac. Au. Rev. (Univ. Sys. of New
Hampshire), Ser. 1992, 5.38%, due 7/1/17 AAA 5,598
7,000 Palm Beach Co. (FL) Sch. Board Cert. of Participation, Ser.
2001 B, 5.38%, due 8/1/17 AAA 7,820
4,610 Thornton (CO) Cert. of Participation, Ser. 2002, 5.38%, due
12/1/16 Aaa AAA 5,164
FINANCIAL GUARANTY INSURANCE CO.
4,000 Denver (CO) City & Co. Arpt. Sys. Ref. Rev., Ser. 2002 E,
5.25%, due 11/15/14 Aaa AAA 4,355
3,075 Detroit (MI) Sch. Dist. Sch. Bldg. & Site Imp. G.O., Ser.
2002 A, 5.50%, due 5/1/15 AAA 3,500
3,235 Houston (TX) Arpt. Sys. Sub. Lien Ref. Rev., Ser. 2001 A,
5.50%, due 7/1/16 AAA 3,570
4,355 Las Vegas (NV) Valley Wtr. Dist. Ref. & Wtr. Imp. G.O., Ser.
2003 A, 5.25%, due 6/1/16 Aaa AAA 4,848
4,935 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (New England
Med. Ctr. Hosp.), Ser. 2002 H, 5.38%, due 5/15/16 AAA 5,459++
2,140 Mt. Pleasant Town (SC) Waterworks & Swr. Sys. Ref. & Imp.
Rev., Ser. 2002, 5.25%, due 12/1/17 AAA 2,385
2,080 Oakland (CA) Redev. Agcy. Sub. Tax Allocation Rev. (Central
Dist. Redev. Proj.), Ser. 2003, 5.50%, due 9/1/18 AAA 2,335
8,140 Orange Co. (FL) Sales Tax Ref. Rev., Ser. 2002 A, 5.13%, due
1/1/18 Aaa AAA 8,936
2,000 Philadelphia (PA) Arpt. Ref. Rev. (Philadelphia Arpt. Sys.),
Ser. 1998 A, 5.38%, due 6/15/14 AAA 2,163
6,250 Port of Seattle (WA) Sub Lien Rev., Ser. 2002 B, 5.50%, due
9/1/16 AAA 6,904
5,500 Prince Georges Co. (MD) Cons. Pub. Imp. G.O., Ser. 2001,
5.25%, due 12/1/16 Aaa AAA 6,188
1,000 Sarasota Co. (FL) Util. Sys. Ref. Rev., Ser. 2002 C, 5.25%,
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY@ RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
due 10/1/20 Aaa AAA 1,110
2,500 Tacoma (WA) Wtr. Sys. Rev., Ser. 2001, 5.13%, due 12/1/19 AAA 2,744
FINANCIAL SECURITY ASSURANCE INC.
3,495 Bi State (MO-IL) Dev. Agcy. Metro. Dist. Rev. (Metrolink
Cross Co. Extension Proj.), Ser. 2002 B, 5.25%, due 10/1/16 Aaa AAA 3,913
1,100 Charleston Co. (SC) Sch. Dist. G.O., Ser. 2001, 5.00%, due
2/1/18 Aa1 1,194
3,600 Corpus Christi (TX) Tax & Muni. Hotel Occupancy Tax G.O.,
Ser. 2002, 5.50%, due 9/1/17 AAA 4,055
1,935 Dallas-Fort Worth (TX) Int'l. Arpt. Imp. Rev., Ser. 2004 B,
5.50%, due 11/1/18 Aaa AAA 2,149
8,800 Energy Northwest (WA) Elec. Ref. Rev. (Proj. No. 3), Ser.
2001 A, 5.50%, due 7/1/17 Aaa AAA 9,849
7,000 Harris Co. (TX) Toll Road Sr. Lien Ref. Rev., Ser. 2002,
5.38%, due 8/15/16 AAA 7,824
2,580 Indianapolis (IN) Local Pub. Imp. Rev. (Indianapolis Arpt.
Au. Proj.), Ser. 2003 A, 5.63%, due 1/1/17 AAA 2,855
2,000 Kane, Cooke, & DuPage Cos. (IL) Elgin Sch. Dist. Number U-46
G.O., Ser. 1998, 5.35%, due 1/1/15 Aaa 2,221
5,000 King & Snohomish Cos. (WA) Northshore Sch. Dist. Number 417
G.O., Ser. 2002, 5.50%, due 12/1/17 Aaa AAA 5,624
4,260 King Co. (WA) Pub. Trans. Sales Tax Ref. G.O., Ser. 2002,
5.38%, due 12/1/14 Aaa AAA 4,809
3,015 Knox Co. (TN) Hlth., Ed. & Hsg. Fac. Board Hosp. Ref. & Imp.
Rev., Ser. 2002 A, 5.50%, due 1/1/18 Aaa AAA 3,349++
1,725 Maine Muni. Bond Bank Rev., Ser. 1998 C, 5.35%, due 11/1/18 AAA 1,891
5,000 New Jersey Bldg. Au. St. Bldg. Ref. Rev., Ser. 2002 B,
5.25%, due 12/15/15 AAA 5,586
4,665 South Carolina St. Pub. Svc. Au. Rev., Ser. 2002 B, 5.38%,
due 1/1/18 Aaa AAA 5,186
4,200 Tarrant (TX) Reg. Wtr. Dist. Wtr. Ref. & Imp. Rev., Ser.
2002, 5.38%, due 3/1/16 Aaa AAA 4,719
5,395 Truckee Meadows (NV) Wtr. Au. Wtr. Rev., Ser. 2001 A, 5.50%,
due 7/1/15 AAA 6,063
1,370 Wisconsin Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group, Inc.
Proj.), Ser. 1996, 6.00%, due 11/15/11 Aaa AAA 1,587++
MUNICIPAL BOND INVESTORS ASSURANCE CORP.
1,465 Arizona St. Energy Mgt. Svcs. (Main) LLC Energy Conservation
Rev. (Arizona St. Univ. Proj.-Main Campus), Ser. 2002,
5.25%, due 7/1/17 AAA 1,625
3,000 CDP-King Co. III (WA) Lease Rev. (King Street Ctr. Proj.),
Ser. 1997, 5.13%, due 6/1/17 Aaa AAA 3,110
5,335 Clark Co. (NV) Passenger Fac. Charge Ref. Rev. (Las
Vegas-McCarran Int'l. Arpt. Proj.), Ser. 2002 A, 5.25%, due
7/1/10 AAA 5,825
4,575 Henry Co. (GA) Wtr. & Swr. Au. Wtr. & Swr. Ref. Rev., Ser.
2002 A, 5.13%, due 2/1/17 Aaa AAA 5,061
4,955 Houston (TX) Pub. Imp. Ref. G.O., Ser. 2002, 5.25%, due
3/1/17 AAA 5,469
5,000 Illinois G.O., First Ser. 2002, 5.25%, due 10/1/14 Aaa 5,575
3,000 Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.), Ser.
1997 A, 6.00%, due 7/1/14 Aaa AAA 3,539++
1,000 Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2002 B,
5.25%, due 1/1/18 Aaa AAA 1,108
1,850 Massachusetts St. G.O., Ser. 2002 E, 5.38%, due 1/1/18 AAA 2,085
5,000 Michigan St. Hsg. Dev. Au. Single-Family Mtge. Rev., Ser.
2001 A, 5.30%, due 12/1/16 AAA 5,292
2,710 Newnan (GA) Hosp. Au. Rev. Anticipation Certificate (Newnan
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY@ RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
Hosp., Inc. Proj.), Ser. 2002, 5.50%, due 1/1/18 Aaa 3,024++
1,910 Southmost (TX) Reg. Wtr. Au. Wtr. Supply Contract Rev.
(Desalination Plant Proj.), Ser. 2002, 5.50%, due 9/1/19 Aaa 2,152
1,000 Trinity (TX) River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr.
Proj.), Ser. 2003, 5.50%, due 2/1/16 AAA 1,132
4,555 Washington St. G.O., Ser. 1998 C, 6.00%, due 7/1/12 AAA 5,335
7,205 Wisconsin St. G.O., Ser. 2002 C, 5.25%, due 5/1/17 Aaa AAA 7,972
--------
233,584
--------
TAX-EXEMPT SECURITIES-OTHER (78.2%)
4,145 Anson (TX) Ed. Fac. Corp. Std. Hsg. Rev. (Univ. of Texas at
Dallas-Waterview Park Proj.), Ser. 2002, 5.00%, due 1/1/23 A 4,229++
1,000 Austin (TX) Convention Enterprises, Inc. Convention Ctr.
Hotel First Tier Rev., Ser. 2001 A, 6.38%, due 1/1/16 Baa3 BBB- 1,060
1,630 Badger (WI) Tobacco Asset Securitization Corp. Tobacco
Settlement Asset-Backed Rev., Ser. 2002, 6.13%, due 6/1/27 Baa3 BBB 1,635
2,000 Boone Co. (MO) Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser.
2002, 5.05%, due 8/1/20 A3 2,081++
2,425 Branson (MO) Dev. Fin. Board Infrastructure Fac. Board Rev.,
Ser. 2003 A, 5.00%, due 12/1/17 Baa1 2,529
3,300 Brazos (TX) River Au. Ref. PCR (TXU Energy Co. LLC Proj.),
Ser. 2003 A, 6.75%, due 4/1/38 Putable 4/1/13 Baa2 BBB 3,833++
1,000 Brazos (TX) River Au. Ref. PCR (TXU Energy Co. LLC. Proj.),
Ser. 2003 D, 5.40%, due 10/1/29 Putable 10/1/14 Baa2 1,066++
1,000 Brazos (TX) River Au. Ref. Rev. (Reliant Energy, Inc.
Proj.), Ser. 1999 B, 7.75%, due 12/1/18 Ba1 BBB- 1,110++
4,000 Brazos (TX) River Harbor Navigation Dist. Env. Fac. Rev.
(Dow Chemical Co. Proj.), Ser. 2002 B-2, 4.75%, due 5/15/33
Putable 5/15/07 A3 A 4,156++
2,500 Broward Co. (FL) G.O., Ser. 2001 A, 5.25%, due 1/1/18 Aa1 2,760
3,500 California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
(Republic Svc., Inc. Proj.), Ser. 2002 B, 5.25%, due 6/1/23 Baa2 BBB+ 3,754++
2,500 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser.
2002 A, 5.75%, due 5/1/17 A3 BBB+ 2,829
3,460 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser.
2002 A, 5.38%, due 5/1/22 A3 BBB+ 3,772
1,240 California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.),
Ser. 2003 A, 6.00%, due 10/1/16 A3 A 1,404++
1,500 California Statewide CDA Rev. (East Valley Tourist Dev.
Au.), Ser. 2003 A, 9.25%, due 10/1/20 1,645^^
1,500 Chicago (IL) Metro. Wtr. Reclamation Dist. Cap. Imp. G.O.,
Ser. 2002 C, 5.38%, due 12/1/16 AAA 1,687
1,000 Clark Co. (WA) Vancouver Sch. Dist. Number 37 G.O., Ser.
1998, 5.13%, due 12/1/12 A3 1,117
1,765 Cumberland Co. (PA) West Shore Area Au. Hosp. Rev., (Holy
Spirit Hosp. of the Sisters of Christian Charity Proj.),
Ser. 2001, 6.05%, due 1/1/19 BBB+ 1,913++
2,100 Dallas-Fort Worth (TX) Int'l. Arpt. Fac. Imp. Corp. Rev.,
Ser. 2004 A-1, 6.15%, due 1/1/16 Baa3 BBB- 2,100++
4,210 DCH Hlth. Care Au. (AL) Hlth. Care Fac. Rev., Ser. 2002,
5.25%, due 6/1/14 A1 A+ 4,518
1,000 Delaware River (PA-NJ) Joint Toll Bridge Comm. Sys. Rev.,
Ser. 2003, 5.25%, due 7/1/18 A2 A- 1,097
1,000 Denton, Tarrant, & Wise Cos. (TX) Northwest Ind. Sch. Dist.
Unlimited Sch. Bldg. & Ref. G.O., Ser. 2002, 5.50%, due
8/15/17 AAA 1,132
2,000 Denver (CO) City & Co. Arpt. Sys. Rev., Ser. 1991 D, 7.75%,
due 11/15/13 AAA 2,439
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY@ RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
4,495 Dist. of Columbia (Washington, D.C.) Ref. G.O., Ser. 2002 C,
5.25%, due 6/1/13 AAA 4,986
1,750 Ector Co. (TX) Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%,
due 4/15/16 A2 A- 1,834
1,745 Ector Co. (TX) Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%,
due 4/15/17 A2 A- 1,822
3,000 Fiddlers Creek (FL) Comm. Dev. Dist. Number 2 Spec.
Assessment Rev., Ser. 2003 A, 6.00%, due 5/1/16 BB- 3,066
825 Fort Bend Co. (TX) Ind. Dev. Corp. Ref. PCR (Frito-Lay, Inc.
Proj.), Ser. 1987, 3.00%, due 10/1/11 A1 829++
2,000 Freeborn Co. (MN) Hsg. & Redev. Au. Lease Rev. (Criminal
Justice Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17 Baa1 2,110
3,000 Golden St. (CA) Tobacco Securitization Corp. Tobacco
Settlement Asset-Backed Rev., Ser. 2003 A-1, 6.25%, due
6/1/33 Baa3 BBB 3,011
5,130 Illinois Ed. Fac. Au. Rev. (Field Museum of Natural
History), Ser. 2002, 4.30%, due 11/1/36 A2 A 5,240++
3,560 Indiana Bond Bank Rev., Ser. 2002 B, 5.25%, due 2/1/18 Baa2 A- 3,913
10,000 Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001
A, 5.38%, due 2/1/17 AAA 11,270
2,050 Indiana St. Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of
St. Francis), Ser. 2001, 5.35%, due 11/1/15 Aa3 A 2,211++
1,070 Ingham & Clinton Cos. (MI) East Lansing Bldg. Au. Ref. G.O.,
Ser. 1999, 5.25%, due 10/1/16 AA 1,173
3,000 Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed
Rev., Ser. 2001 B, 5.30%, due 6/1/25 Baa3 BBB 2,687
2,000 Jasper (IN) Hosp. Au. Hosp. Fac. Ref. Rev. (Mem. Hosp. &
Hlth. Care Ctr. Proj.), Ser. 2002, 5.50%, due 11/1/17 AA 2,187++
1,050 Kent Co. (MI) Forest Hills Pub. Sch. Unlimited G.O., Ser.
2000, 5.25%, due 5/1/19 Aa2 1,148
2,000 Lehigh Co. (PA) Gen. Purp. Au. Rev. (KidsPeace Oblig.
Group), Ser. 1998, 6.00%, due 11/1/23 Ba2 1,755++
2,000 Lubbock (TX) Hlth. Fac. Dev. Corp. Rev. (St. Joseph Hlth.
Sys.), Ser. 1998, 5.25%, due 7/1/16 Aa3 AA- 2,113++
1,310 Lyons (NY) Comm. Hlth. Initiatives Corp. Fac. Rev., Ser.
2004, 5.50%, due 9/1/14 A2 1,440
1,375 Macomb Co. (MI) New Haven Comm. Sch. Bldg. & Site G.O., Ser.
2002, 5.25%, due 5/1/17 Aa1 AA+ 1,522
1,000 Martin Co. (NC) Ind. Fac. & Poll. Ctrl. Fin. Au. Solid Waste
Disp. Rev. (Weyerhaeuser Co. Proj.), Ser. 1994, 6.80%, due
5/1/24 Baa2 BBB 1,024++
1,000 Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp.
of Cecil Co.), Ser. 2002, 5.50%, due 7/1/14 A3 1,094++
2,400 Mashantucket (CT) Western Pequot Tribe Spec. Rev., Sub.
Ser. 1997 B, 5.70%, due 9/1/12 Baa3 2,568**
2,450 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi
Oblig. Group), Ser. 1999 A, 5.70%, due 7/1/15 BBB 2,554++
2,810 Massachusetts St. Hlth. & Ed. Fac. Au. Rev.
(Milford-Whitinsville Reg. Hosp.), Ser. 1998 C, 5.75%, due
7/15/13 Baa2 BBB 2,956++
5,030 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA
Prog.), Ser. 2002 A, 5.25%, due 8/1/19 Aaa AAA 5,599
2,775 Massachusetts St. Wtr. Poll. Abatement Trust Unrefunded
Balance Rev. (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16 Aaa AAA 3,081
3,085 Memphis-Shelby Co. (TN) Arpt. Au. Spec. Fac. Ref. Rev.
(Federal Express Corp.), Ser. 2002, 5.05%, due 9/1/12 Baa2 BBB 3,318++
1,750 Miami Beach (FL) Hlth. Fac. Au. Hosp. Ref. Rev. (Mount Sinai
Med. Ctr. Florida Proj.), Ser. 2004, 6.25%, due 11/15/09 Ba2 BB 1,803++
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY@ RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
1,500 Michigan St. Bldg. Au. Rev. (Fac. Prog.), Ser. 2001 II,
5.50%, due 10/15/18 Aa1 AA+ 1,690
2,735 Michigan Strategic Fund Solid Waste Disp. Ltd. Oblig. Ref.
Rev. (Waste Mgt. Inc. Proj.), Ser. 2002, 4.20%, due 12/1/12 BBB 2,758++
2,000 Missouri St. Env. Imp. & Energy Res. Au. Wtr. Poll. Ctrl. &
Drinking Wtr. Rev., Ser. 2002 B, 5.50%, due 7/1/16 AAA 2,271
1,075 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser.
2001 II, 5.25%, due 12/1/16 AA 1,153
620 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser.
2001 III, 5.05%, due 12/1/15 AA 661
5,000 Montgomery Co. (PA) Higher Ed. & Hlth. Au. Hosp. Rev.
(Abington Mem. Hosp. Proj.), Ser. 2002 A, 5.00%, due 6/1/19 A 5,225++
3,000 Moraine (OH) Solid Waste Disp. Rev. (General Motors Corp.
Proj.), Ser. 1994, 6.75%, due 7/1/14 A3 BBB 3,479++
2,500 Morehouse Parish (LA) Ref. PCR (Int'l. Paper Co. Proj.),
Ser. 2001 A, 5.25%, due 11/15/13 Baa2 BBB 2,709++
2,000 MuniMae Subordinated Cumulative Perpetual Preferred Shares,
4.70%, due 6/30/49 Putable 9/30/09 Ba2 2,002**
2,000 Nevada St. Cap. Imp. Ltd. G.O., Ser. 1998 B, 5.13%, due
4/15/17 Aa2 2,126
1,500 New Jersey Econ. Dev. Au. Cigarette Tax Rev., Ser.2004,
5.63%, due 6/15/19 Baa2 BBB 1,598
6,900 New Jersey Ed. Fac. Au. Rev. (Stevens Institute of
Technology), Ser. 2002 C, 5.25%, due 7/1/17 Baa1 A- 7,409++
4,000 New Jersey Hlth. Care Fac. Fin. Au. Rev. (Somerset Med. Ctr.
Issue), Ser. 2003, 5.50%, due 7/1/18 Baa3 4,227++
3,250 New York City (NY) G.O., Ser. 2002 C, 5.50%, due 8/1/15 A2 3,616
2,580 New York City (NY) IDA Civic Fac. Rev. (Lycee Francais de
New York Proj.), Ser. 2002 A, 5.50%, due 6/1/14 A 2,802++
1,000 New York Convention Ctr. Operating Corp. Cert. of
Participation (Yale Bldg. Acquisition Proj.), Ser. 2003,
5.25%, due 6/1/08 BB+ 1,033
3,500 New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2003
A, 5.38%, due 3/15/20 AA 3,885
1,000 New York St. Dorm. Au. Rev. (Mount Sinai NYU Hlth. Oblig.
Group), Ser. 2000 C, 6.00%, due 7/1/26 Baa3 1,001++
1,300 New York St. Urban Dev. Corp. Ref. Rev. (Correctional Cap.
Fac.), Ser. 1998, 5.00%, due 1/1/14 A3 AA- 1,372
4,780 North Central (TX) Hlth. Fac. Dev. Corp. Hosp. Ref. Rev.
(Baylor Hlth. Care Sys. Proj.), Ser. 1998, 5.10%, due
5/15/13 Aa3 AA- 5,071++
3,760 Ohio Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp.
Proj.), Ser. 1995, 5.00%, due 11/1/15 Baa1 4,095++
2,085 Palm Beach Co. (FL) Hlth. Fac. Au. Hosp. Ref. Rev. (BRCH
Corp. Oblig. Group), Ser. 2001, 5.00%, due 12/1/12 A+ 2,222++
3,850 Royal Oak (MI) Hosp. Fin. Au. Hosp. Ref. Rev. (William
Beaumont Hosp.), Ser. 1996 I, 6.25%, due 1/1/12 Aa3 AA- 4,454++
6,795 San Antonio (TX) Ind. Sch. Dist. Unlimited Tax G.O., Ser.
2001 B, 5.38%, due 8/15/17 Aaa AAA 7,559
1,240 San Antonio (TX) Unrefunded Balance Cert. of Obligation
G.O., Ser. 2002, 5.00%, due 2/1/14 Aa2 AA+ 1,356
740 San Diego (CA) Redev. Agcy. Sub. Parking Rev. (Centre City
Redev. Proj.), Ser. 2003 B, 5.00%, due 9/1/17 Baa2 A- 765
2,000 Sayre (PA) Hlth. Care Fac. Au. Rev. (Guthrie Hlth. Proj.),
Ser. 2002 A, 5.75%, due 12/1/21 A- 2,154++
1,625 Skagit Co. (WA) Pub. Hosp. Dist. Ref. Rev., Ser. 2003,
6.00%, due 12/1/18 Baa3 1,707
2,345 South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev.
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY@ RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
(Palmetto Hlth. Alliance), Ser. 2003 A, 6.00%, due 8/1/13 Baa2 BBB 2,601++
2,000 South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev.
(Palmetto Hlth. Alliance), Ser. 2003 A, 6.13%, due 8/1/23 Baa2 BBB 2,158++
155 Spokane Co. (WA) Ltd. Tax G.O., Ser. 1998, 5.10%, due
12/1/17 Aa3 165
2,540 St. Paul (MN) Port Au. Lease Rev. (Office Bldg. at Cedar
Street), Ser. 2002, 5.00%, due 12/1/17 Aa1 2,764
500 Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ.
Proj.), Ser. 2002, 5.50%, due 9/1/12 Baa3 516
1,000 Tobacco Settlement Fin. Corp. (LA) Tobacco Settlement
Asset-Backed Rev., Ser. 2001 B, 5.50%, due 5/15/30 Baa3 BBB 958
1,085 Tyler (TX) Hlth. Fac. Dev. Corp. Hosp. Rev. (Mother Frances
Hosp. Reg. Hlth. Care Ctr. Proj.), Ser. 2003, 5.25%, due
7/1/13 Baa1 1,172
3,500 Union Co. (SC) IDR (Federal Paper Board Co., Inc. Proj.),
Ser. 1989, 4.55%, due 11/1/09 Baa2 BBB 3,622++
2,950 Univ. of Texas Board of Regents Fin. Sys. Rev., Ser. 1999 B,
5.38%, due 8/15/18 AAA 3,270
1,900 Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002
B, 5.50%, due 4/1/12 A1 2,068
1,750 Verrado (AZ) Comm. Fac. Dist. Number 1 G.O., Ser. 2003,
6.15%, due 7/15/17 BB- 1,789
1,000 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. ( Hovensa
Refinery Proj.), Ser. 2003, 6.13%, due 7/1/22 Baa3 BBB- 1,076
1,500 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (Hovensa
Refinery Proj.), Ser. 2004, 5.88%, due 7/1/22 Baa3 BBB- 1,596++
3,125 Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley Mem.
Hosp. Assoc.), Ser. 2002, 5.00%, due 12/1/17 A 3,239++
1,000 Washington St. Var. Purp. G.O., Ser. 1999 A, 4.75%, due
7/1/17 Aa1 AA+ 1,048
2,000 Westmoreland Co. (PA) IDA Gtd. Rev. (National Waste & Energy
Corp., Valley Landfill Expansion Proj.), Ser. 1993, 5.10%,
due 5/1/18 BBB 2,105++
2,780 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. &
Med. Ctr., Inc. Proj.), Ser. 1999, 5.50%, due 5/15/15 A 2,929++
--------
245,656
--------
TAX-EXEMPT VARIABLE RATE DEMAND NOTES-BACKED BY INSURANCE (1.4%)
MUNICIPAL BOND INVESTORS ASSURANCE CORP.
3,100 California Hsg. Fin. Agcy. Home Mtge. Rev., Ser. 2001 U,
1.66%, VRDN due 2/1/05 VMIG1 A-1+ 3,100
900 California Hsg. Fin. Agcy. Home Mtge. Rev., Ser. 2002 J,
1.66%, VRDN due 2/1/05 VMIG1 A-1+ 900
400 California Hsg. Fin. Agcy. Home Mtge. Rev., Ser. 2003 U,
1.66%, VRDN due 2/1/05 VMIG1 A-1+ 400
--------
4,400
--------
TAX-EXEMPT VARIABLE RATE DEMAND NOTES-BACKED BY LETTERS OF CREDIT (0.0%)
SOCIETE GENERALE
100 Los Angeles (CA) Reg. Arpt. Imp. Corp. Term. Fac. Completion
Rev. (Los Angeles Int'l. Arpt.), Ser. 1989, 1.67%, VRDN due
2/1/05 A-1+ 100++
--------
TAX-EXEMPT VARIABLE RATE DEMAND NOTES-OTHER (0.4%)
1,200 Will Co. (IL) Exempt Fac. Ind. Rev. (BP Amoco Chemical Co.
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY@ RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
Proj.), Ser. 2002, 1.75%, VRDN due 2/1/05 VMIG1 A-1+ 1,200++
--------
TOTAL INVESTMENTS (155.8%) (COST $469,025) 489,418##
Cash, receivables and other assets, less liabilities (1.3%) 4,158
Liquidation Value of Auction Market Preferred Shares [(57.1%)] (179,400)
--------
TOTAL NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS (100.0%) $314,176
--------
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2005 (UNAUDITED)
NOTES TO SCHEDULE OF INVESTMENTS
+ Investments in securities by Neuberger Berman California Intermediate
Municipal Fund Inc. ("California"), Neuberger Berman Intermediate
Municipal Fund Inc. ("Intermediate"), and Neuberger Berman New York
Intermediate Municipal Fund Inc. ("New York") (individually a "Fund",
collectively, the "Funds") are valued daily by obtaining bid price
quotations from independent pricing services on all securities available
in each service's data base. For all other securities requiring daily
quotations, bid prices are obtained from principal market makers in
those securities or, if quotations are not available, by a method the
Board of Directors of California, Intermediate, and New York, believes
accurately reflects fair value. Numerous factors may be considered when
determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the
issuer of the security being fair valued has other securities
outstanding. Short-term debt securities with less than 60 days until
maturity may be valued at cost which, when combined with interest
earned, approximates market value.
## At January 31, 2005, selected Fund information on a U.S. Federal income
tax basis was as follows:
GROSS GROSS NET
(000'S OMITTED) UNREALIZED UNREALIZED UNREALIZED
NEUBERGER BERMAN COST APPRECIATION DEPRECIATION APPRECIATION
CALIFORNIA $153,945 $ 6,385 $ 0 $ 6,385
INTERMEDIATE 469,025 20,602 209 20,393
NEW YORK 125,830 4,593 25 4,568
@ At time of investment, municipal securities purchased by the Funds are
within the four highest rating categories (with respect to at least 80%
of total assets) assigned by a nationally recognized statistical rating
organization ("NRSRO") such as Moody's Investors Service, Inc., Standard
& Poor's, or Fitch Investors Services, Inc. or, where not rated, are
determined by the Funds' investment manager to be of comparable quality.
Approximately 79%, 73%, and 56% of the municipal securities held by
California, Intermediate, and New York, respectively, have credit
enhancement features backing them, which the Funds may rely on, such as
letters of credit, insurance, or guarantees. Without these credit
enhancement features the securities may or may not meet the quality
standards of the Funds. Pre-refunded bonds are supported by securities
in escrow issued or guaranteed by the U.S. Government, its agencies, or
instrumentalities. The amount escrowed is sufficient to pay the periodic
interest due and the principal of these bonds. Putable bonds give the
Funds the right to sell back the issue on the date specified.
++ Security is guaranteed by the corporate or non-profit obligor.
** Security exempt from registration under the Securities Act of 1933.
These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers under Rule 144A, and are
deemed liquid. At January 31, 2005, these securities amounted to
$4,570,048 or 1.45% of net assets for Intermediate.
^^ Not rated by a nationally recognized statistical rating organization.
For information on the Funds' significant accounting policies, please refer to
the Funds' most recent annual financial statements.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the disclosure controls and procedures (as
defined in rule 30a-3(c) under the Act) as of a date within 90 days of the
filing date of this document, the Chief Executive Officer and Treasurer and
Principal Financial and Accounting Officer of the Registrant have concluded
that such disclosure controls and procedures are effectively designed to
ensure that information required to be disclosed by the Registrant is
accumulated and communicated to the Registrant's management to allow timely
decisions regarding required disclosure.
(b) There were no significant changes in the Registrant's internal controls
over financial reporting (as defined in rule 30a-3(d) under the 1940 Act)
that occurred during the Registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 3. EXHIBITS
The certifications required by Rule 30a-2(a) of the 1940 Act are attached
hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Intermediate Municipal Fund, Inc.
By: /s/Peter E. Sundman
-------------------
Peter E. Sundman
Chief Executive Officer
Date: March 30, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/Peter E. Sundman
-------------------
Peter E. Sundman
Chief Executive Officer
Date: March 30, 2005
By: /s/John McGovern
----------------
John McGovern
Acting Treasurer and Principal Financial
and Accounting Officer
Date: March 30, 2005