As filed with the Securities and Exchange Commission on March 31, 2006
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 Nicholson Graham 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, 2006
Date of reporting period: January 31, 2006
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, 100 F Street, NE, Washington, DC
20549. 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, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.
--------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(t)
($000's omitted) Moody's S&P ($000's omitted)
TAX-EXEMPT SECURITIES-PRE-REFUNDED BACKED BY U.S. GOVERNMENT SECURITIES (5.2%)
2,225 Massachusetts St. Wtr. Poll. Abatement Trust Pre-Refunded
Rev. (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16 P/R 8/1/11 Aaa AAA 2,394
5,100 Prince George's Co. (MD) Pre-Refunded Cons. Pub. Imp. G.O.,
Ser. 2001, 5.25%, due 12/1/16 P/R 12/1/11 Aaa AAA 5,591
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
7,205 Wisconsin St. G.O., Ser. 2002 C, 5.25%, due 5/1/17 P/R 5/1/12 Aaa AAA 7,797
----------------
15,804
----------------
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 1,907
----------------
TAX-EXEMPT SECURITIES-BACKED BY INSURANCE (68.3%)
AMERICAN MUNICIPAL BOND ASSURANCE CORP.
1,500 California St. Pub. Works Board Lease Rev., Ser. 2002 A,
5.25%, due 12/1/17 AAA 1,621
5,000 Chicago (IL) G.O., Ser. 1995 A-2, 6.25%, due 1/1/13 Aaa AAA 5,755
6,120 Chicago (IL) G.O., Ser. 2002 A, 5.38%, due 1/1/17 Aaa AAA 6,730
4,220 Colorado Springs (CO) Util. Sys. Sub. Lien Ref. Rev., Ser.
2002 A, 5.38%, due 11/15/18 AAA 4,596
4,100 Fargo (ND) Hlth. Sys. Rev. (Meritcare Obligated Group),
Ser. 2002 A, 5.63%, due 6/1/17 AAA 4,481(++)
1,065 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, 5.25%,
due 7/1/18 AAA 1,139
1,125 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, 5.25%,
due 7/1/19 AAA 1,200
3,000 Massachusetts Port Au. Spec. Fac. Rev. (Delta Air Lines, Inc.
Proj.), Ser. 2001 A, 5.50%, due 1/1/19 AAA 3,146(++)
3,310 New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New
Hampshire), Ser. 1992, 5.38%, due 7/1/17 AAA 3,637
1,700 New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New
Hampshire), Ser. 1992, 5.38%, due 7/1/17 AAA 1,839
7,000 Palm Beach Co. (FL) Sch. Board Cert. of Participation,
Ser. 2001 B, 5.38%, due 8/1/17 AAA 7,617
4,610 Thornton (CO) Cert. of Participation, Ser. 2002, 5.38%, due
12/1/16 Aaa AAA 5,025
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 4,262
3,075 Detroit (MI) Sch. Dist. Sch. Bldg. & Site Imp. G.O.,
Ser. 2002 A, 5.50%, due 5/1/15 AAA 3,416
3,235 Houston (TX) Arpt. Sys. Sub. Lien Ref. Rev., Ser. 2001 A, 5.50%,
due 7/1/16 AAA 3,465
4,355 Las Vegas (NV) Valley Wtr. Dist. Ref. & Wtr. Imp. G.O.,
Ser. 2003 A, 5.25%, due 6/1/16 Aaa AAA 4,710
4,935 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (New England Med.
Ctr. Hosp.), Ser. 2002 H, 5.38%, due 5/15/16 AAA 5,377(++)
2,140 Mt. Pleasant Town (SC) Waterworks & Swr. Sys. Ref. & Imp.
Rev., Ser. 2002, 5.25%, due 12/1/17 AAA 2,324
2,080 Oakland (CA) Redev. Agcy. Sub. Tax Allocation Rev. (Central
Dist. Redev. Proj.), Ser. 2003, 5.50%, due 9/1/18 AAA 2,292
8,140 Orange Co. (FL) Sales Tax Ref. Rev., Ser. 2002 A, 5.13%, due
1/1/18 Aaa AAA 8,759
2,000 Philadelphia (PA) Arpt. Ref. Rev. (Philadelphia Arpt. Sys.),
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(t)
($000's omitted) Moody's S&P ($000's omitted)
Ser. 1998 A, 5.38%, due 6/15/14 AAA 2,103
6,250 Port of Seattle (WA) Sub. Lien Rev., Ser. 2002 B, 5.50%, due
9/1/16 AAA 6,720
400 Prince George's Co. (MD) Unrefunded Balance Cons. Pub. Imp.
G.O., Ser. 2001, 5.25%, due 12/1/16 Aaa AAA 435
1,000 Sarasota Co. (FL) Util. Sys. Ref. Rev., Ser. 2002 C, 5.25%,
due 10/1/20 Aaa AAA 1,077
2,500 Tacoma (WA) Wtr. Sys. Rev., Ser. 2001, 5.13%, due 12/1/19 AAA 2,644
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 3,817
1,100 Charleston Co. (SC) Sch. Dist. G.O., Ser. 2001, 5.00%, due
2/1/18 Aa1 1,173
3,600 Corpus Christi (TX) Tax & Muni. Hotel Occupancy Tax G.O.,
Ser. 2002, 5.50%, due 9/1/17 AAA 3,953
1,935 Dallas-Fort Worth (TX) Int'l. Arpt. Imp. Rev., Ser. 2004 B,
5.50%, due 11/1/18 Aaa AAA 2,094
8,800 Energy Northwest (WA) Elec. Ref. Rev. (Proj. No. 3), Ser.
2001 A, 5.50%, due 7/1/17 Aaa AAA 9,561
7,000 Harris Co. (TX) Toll Road Sr. Lien Ref. Rev., Ser. 2002,
5.38%, due 8/15/16 AAA 7,641
2,580 Indianapolis (IN) Local Pub. Imp. Rev. (Indianapolis Arpt.
Au. Proj.), Ser. 2003 A, 5.63%, due 1/1/17 AAA 2,795
2,000 Kane, Cooke, & DuPage Cos. (IL) Elgin Sch. Dist. Number U-46
G.O., Ser. 1998, 5.35%, due 1/1/15 Aaa 2,154
5,000 King & Snohomish Cos. (WA) Northshore Sch. Dist. Number 417
G.O., Ser. 2002, 5.50%, due 12/1/17 Aaa AAA 5,530
4,260 King Co. (WA) Pub. Trans. Sales Tax Ref. G.O., Ser. 2002,
5.38%, due 12/1/14 Aaa AAA 4,657
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 3,257(++)
1,725 Maine Muni. Bond Bank Rev., Ser. 1998 C, 5.35%, due 11/1/18 AAA 1,833
5,000 New Jersey Bldg. Au. St. Bldg. Ref. Rev., Ser. 2002 B,
5.25%, due 12/15/15 AAA 5,422
4,665 South Carolina St. Pub. Svc. Au. Rev., Ser. 2002 B, 5.38%,
due 1/1/18 Aaa AAA 5,040
4,200 Tarrant (TX) Reg. Wtr. Dist. Wtr. Ref. & Imp. Rev., Ser.
2002, 5.38%, due 3/1/16 Aaa AAA 4,585
5,395 Truckee Meadows (NV) Wtr. Au. Wtr. Rev., Ser. 2001 A, 5.50%,
due 7/1/15 AAA 5,821
1,370 Wisconsin Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group, Inc.
Proj.), Ser. 1996, 6.00%, due 11/15/11 Aaa AAA 1,528(++)
MUNICIPAL BOND INVESTORS ASSURANCE CORP.
1,465 Arizona Energy Management Svcs. (Main) LLC Energy
Conservation Rev., (Arizona St. Univ. Proj.-Main Campus),
Ser. 2002, 5.25%, due 7/1/17 AAA 1,585
3,000 CDP-King Co. III (WA) Lease Rev. (King Street Ctr. Proj.),
Ser. 1997, 5.13%, due 6/1/17 Aaa AAA 3,090
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 5,613
4,575 Henry Co. (GA) Wtr. & Swr. Au. Wtr. & Swr. Ref. Rev., Ser.
2002 A, 5.13%, due 2/1/17 Aaa AAA 4,976
4,955 Houston (TX) Pub. Imp. Ref. G.O., Ser. 2002, 5.25%, due
3/1/17 AAA 5,328
5,000 Illinois G.O., First Ser. 2002, 5.25%, due 10/1/14 Aaa 5,429
3,000 Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.), Ser.
1997 A, 6.00%, due 7/1/14 Aaa AAA 3,429(++)
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(t)
($000's omitted) Moody's S&P ($000's omitted)
1,000 Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2002 B,
5.25%, due 1/1/18 Aaa AAA 1,077
1,850 Massachusetts St. G.O., Ser. 2002 E, 5.38%, due 1/1/18 AAA 2,027
5,000 Michigan St. Hsg. Dev. Au. Single-Family Mtge. Rev., Ser.
2001 A, 5.30%, due 12/1/16 AAA 5,154
2,710 Newnan (GA) Hosp. Au. Rev. Anticipation Certificate
(Newnan Hosp., Inc. Proj.), Ser. 2002, 5.50%, due 1/1/18 Aaa 2,984(++)
1,910 Southmost (TX) Reg. Wtr. Au. Wtr. Supply Contract Rev.
(Desalination Plant Proj.), Ser. 2002, 5.50%, due 9/1/19 Aaa 2,078
1,000 Trinity (TX) River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr.
Proj.), Ser. 2003, 5.50%, due 2/1/16 AAA 1,111
----------------
209,112
----------------
TAX-EXEMPT SECURITIES-OTHER (82.6%)
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 4,177(++)
1,000 Austin (TX) Convention Enterprises, Inc. Convention Ctr. Hotel
First Tier Rev., Ser. 2001 A, 6.38%, due 1/1/16 Baa3 BBB- 1,059
1,540 Badger (WI) Tobacco Asset Securitization Corp. Tobacco
Settlement Asset-Backed Rev., Ser. 2002, 6.13%, due 6/1/27 Baa3 BBB 1,628
2,000 Boone Co. (MO) Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002,
5.05%, due 8/1/20 A3 2,064(++)
2,425 Branson (MO) Dev. Fin. Board Infrastructure Fac. Board Rev.,
Ser. 2003 A, 5.00%, due 12/1/17 Baa1 2,483
750 Branson (MO) Ind. Dev. Au. Ltd. Oblig. Tax Increment Rev.
(Branson Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21 749(^^)
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 3,690(++)
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 BBB 1,050(++)
1,000 Brazos (TX) River Au. Ref. Rev. (Reliant Energy,
Inc. Proj.), Ser. 1999 B, 7.75%, due 12/1/18 BBB- 1,096(++)
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- 4,054(++)
2,500 Broward Co. (FL) G.O., Ser. 2001 A, 5.25%, due 1/1/18
2,000 California Poll. Ctrl. Au. Solid Waste Disp. Rev. (Waste Aa1 2,684
Management, Inc. Proj.), Ser. 2005 C, 5.13%, due 11/1/23 BBB 2,054(++)
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+ 3,692(++)
2,500 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
5.75%, due 5/1/17 A2 BBB+ 2,824
3,460 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
5.38%, due 5/1/22 A2 BBB+ 3,836
1,240 California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser.
2003 A, 6.00%, due 10/1/16 A3 A+ 1,370(++)
1,500 Chicago (IL) Metro. Wtr. Reclamation Dist. Cap. Imp. G.O., Ser.
2002 C, 5.38%, due 12/1/16 AAA 1,645
1,000 Clark Co. (WA) Vancouver Sch. Dist. Number 37 G.O., Ser. 1998,
5.13%, due 12/1/12 Aa3 1,075
1,000 Coshocton Co. (OH) Env. Imp. Ref. Rev. (Smurfit-Stone
Container Enterprises, Inc. Proj.), Ser. 2005, 5.13%, due
8/1/13 CCC+ 916(**)(++)
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+ 1,894(++)
2,100 Dallas-Fort Worth (TX) Int'l. Arpt. Fac. Imp. Corp. Rev.,
Ser. 2004 A-1, 6.15%, due 1/1/16 Ba2 2,119(++)
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(t)
($000's omitted) Moody's S&P ($000's omitted)
4,210 DCH Hlth. Care Au. (AL) Hlth. Care Fac. Rev., Ser. 2002, 5.25%,
due 6/1/14 A1 A+ 4,507
1,000 Delaware River (PA-NJ) Joint Toll Bridge Comm. Sys. Rev.,
Ser. 2003, 5.25%, due 7/1/18 A2 A- 1,087
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 1,104
2,000 Denver (CO) City & Co. Arpt. Sys. Rev., Ser. 1991 D, 7.75%, due
11/15/13 AAA 2,326
4,495 Dist. of Columbia (Washington, D.C.) Ref. G.O., Ser. 2002 C,
5.25%, due 6/1/13 AAA 4,830
1,750 Ector Co. (TX) Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%, due
4/15/16 A3 BBB+ 1,829
1,745 Ector Co. (TX) Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%, due
4/15/17 A3 BBB+ 1,819
3,000 Fiddlers Creek (FL) Comm. Dev. Dist. Number 2 Spec. Assessment
Rev., Ser. 2003 A, 6.00%, due 5/1/16 BB- 3,117
2,000 Freeborn Co. (MN) Hsg. & Redev. Au. Lease Rev. (Criminal Justice
Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17 Baa1 2,114
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 3,274
1,000 Hopewell (VA) Ind. Dev. Av. Env. Imp. Ref. Rev. (Smurfit-Stone
Container Enterprises, Inc. Proj.), Ser. 2005, 5.25%, due 6/1/15 CCC+ 901(**)(++)
5,130 Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History),
Ser. 2002, 4.30%, due 11/1/36 A2 A 5,184(++)
1,995 Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 A,
5.38%, due 2/1/17 AAA 2,216
760 Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 B,
5.25%, due 2/1/18 AAA 833
8,005 Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.),
Ser. 2001 A, 5.38%, due 2/1/17 AAA 8,793
2,800 Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.),
Ser. 2002 B, 5.25%, due 2/1/18 AAA 3,026
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 2,167(++)
1,070 Ingham & Clinton Cos. (MI) East Lansing Bldg. Au. Ref. G.O.,
Ser. 1999, 5.25%, due 10/1/16 AA 1,130
3,000 Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed
Rev., Ser. 2001 B, 5.30%, due 6/1/25 Baa3 BBB 3,221
1,000 Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed
Rev., Ser. 2005 C, 5.50%, due 5/15/30 Baa3 BBB 1,042
3,000 Iowa Tobacco Settlement Au. Tobbaco Settlement Asset-Backed
Rev., Ser. 2005 C, 5.38%, due 6/1/38 Baa3 BBB 2,957
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 2,168(++)
1,050 Kent Co. (MI) Forest Hills Pub. Sch. Unlimited G.O., Ser. 2000,
5.25%, due 5/1/19 Aa2 1,123
2,000 Lehigh Co. (PA) Gen. Purp. Au. Rev. (KidsPeace Oblig. Group),
Ser. 1998, 6.00%, due 11/1/23 B3 1,903(++)
2,000 Lubbock (TX) Hlth. Fac. Dev. Corp. Rev. (St. Joseph Hlth. Sys.),
Ser. 1998, 5.25%, due 7/1/16 Aa3 AA- 2,091(++)
1,210 Lyons (NY) Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004,
5.50%, due 9/1/14 A2 1,309
1,375 Macomb Co. (MI) New Haven Comm. Sch. Bldg. & Site G.O., Ser.
2002, 5.25%, due 5/1/17 Aa1 AA+ 1,492
1,000 Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp.
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(t)
($000's omitted) Moody's S&P ($000's omitted)
of Cecil Co.), Ser. 2002, 5.50%, due 7/1/14 A3 1,068(++)
2,400 Mashantucket (CT) Western Pequot Tribe Spec. Rev., Sub. Ser.
1997 B, 5.70%, due 9/1/12 Baa3 2,514(**)
2,450 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi
Oblig. Group), Ser. 1999 A, 5.70%, due 7/1/15 Baa3 BBB 2,536(++)
2,810 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville
Reg. Hosp.), Ser. 1998 C, 5.75%, due 7/15/13 Baa3 BBB- 2,881(++)
5,030 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.),
Ser. 2002 A, 5.25%, due 8/1/19 Aaa AAA 5,443
2,775 Massachusetts St. Wtr. Poll. Abatement Trust Unrefunded Balance
Rev. (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16 Aaa AAA 3,001
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 3,256(++)
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+ 1,862(++)
1,500 Michigan St. Bldg. Au. Rev. (Fac. Prog.), Ser. 2001 II, 5.50%,
due 10/15/18 Aa3 AA- 1,645
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 2,205
915 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser.
2001 II, 5.25%, due 12/1/16 AA 960
310 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001
III, 5.05%, due 12/1/15 AA 323
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 5,110(++)
3,000 Moraine (OH) Solid Waste Disp. Rev. (General Motors Corp.
Proj.), Ser. 1994, 6.75%, due 7/1/14 Baa3 BBB- 2,747(++)
2,500 Morehouse Parish (LA) Ref. PCR (Int'l. Paper Co. Proj.), Ser.
2001 A, 5.25%, due 11/15/13 Baa2 BBB 2,589(++)
2,000 MuniMae Subordinated Cumulative Perpetual Preferred Shares,
4.70%, due 6/30/49 Putable 9/30/09 Baa2 1,995(**)
2,000 Nevada St. Cap. Imp. Ltd. G.O., Ser. 1998 B, 5.13%, due 4/15/17 Aa2 2,075
1,500 New Jersey Econ. Dev. Au. Cigarette Tax Rev., Ser.2004, 5.63%,
due 6/15/19 Baa2 BBB 1,568
6,900 New Jersey Ed. Fac. Au. Rev. (Stevens Institute of Technology),
Ser. 2002 C, 5.25%, due 7/1/17 Baa2 BBB+ 7,316(++)
4,000 New Jersey Hlth. Care Fac. Fin. Au. Rev. (Somerset Med. Ctr.
Issue), Ser. 2003, 5.50%, due 7/1/18 Baa3 4,135(++)
3,250 New York City (NY) G.O., Ser. 2002 C, 5.50%, due 8/1/15 A1 A 3,539
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 2,725(++)
1,750 New York City (NY) IDA Spec. Fac. Rev. (American Airlines, Inc.
J.F.K. Int'l Arpt. Proj.), Ser. 2005, 7.50%, due 8/1/16 B- 1,793(++)
2,750 New York City (NY) Ind. Dev. Agcy. Liberty Rev. (7 World Trade
Center, LLC Proj.), Ser. 2005 A, 6.25%, due 3/1/15 BB 2,872
1,000 New York Convention Ctr. Operating Corp. Cert. of Participation
(Yale Bldg. Acquisition Proj.), Ser. 2003, 5.25%, due 6/1/08 BB+ 1,035
3,500 New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2003
A, 5.38%, due 3/15/20 AA 3,866
1,300 New York St. Urban Dev. Corp. Ref. Rev. (Correctional Cap.
Fac.), Ser. 1998, 5.00%, due 1/1/14 A2 AA- 1,359
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- 5,016(++)
3,760 Ohio Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp.
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(t)
($000's omitted) Moody's S&P ($000's omitted)
Proj.), Ser. 1995, 5.00%, due 11/1/15 Baa1 3,951(++)
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 2,186(++)
1,000 Pennsylvania Econ. Dev. Fin. Au. Res. Rec. Ref. Rev. (Colver
Proj.), Ser. 2005 G, 5.13%, due 12/1/15 BB+ 987
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- 4,308(++)
6,795 San Antonio (TX) Ind. Sch. Dist. Unlimited Tax G.O., Ser. 2001 B,
5.38%, due 8/15/17 Aaa AAA 7,342
1,240 San Antonio (TX) Unrefunded Balance Cert. of Obligation G.O.,
Ser. 2002, 5.00%, due 2/1/14 Aa2 AA+ 1,312
740 San Diego (CA) Redev. Agcy. Sub. Parking Rev. (Centre City Redev.
Proj.), Ser. 2003 B, 5.00%, due 9/1/17 Baa2 A- 762
1,500 Santa Rosa (CA) Rancheria Tachi Tribe Enterprise, Ser. 2006,
4.88%, due 3/1/16 BBB 1,503
2,000 Sayre (PA) Hlth. Care Fac. Au. Rev. (Guthrie Hlth. Proj.),
Ser. 2002 A, 5.75%, due 12/1/21 A- 2,142(++)
1,625 Skagit Co. (WA) Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%,
due 12/1/18 Baa3 1,751
2,345 South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev., (Palmetto
Hlth. Alliance), Ser. 2003 A, 6.00%, due 8/1/13 Baa1 BBB 2,551(++)
2,000 South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev., (Palmetto
Hlth. Alliance), Ser. 2003 A, 6.13%, due 8/1/23 Baa1 BBB 2,159(++)
155 Spokane Co. (WA) Ltd. Tax G.O., Ser. 1998, 5.10%, due 12/1/17 Aa3 AA 160
2,540 St. Paul (MN) Port Au. Lease Rev. (Office Bldg. at Cedar Street),
Ser. 2002, 5.00%, due 12/1/17 Aa2 AA+ 2,678
1,000 Summit Academy (MI) North Pub. Sch. Academy Ref. Rev., Ser. 2005,
6.00%, due 11/1/15 BB+ 1,004
2,000 Summit Academy (MI) North Pub. Sch. Academy Ref. Rev., Ser. 2005,
5.25%, due 11/1/20 BB+ 1,935
465 Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ.
Proj.), Ser. 2002, 5.50%, due 9/1/12 Baa3 474
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 1,119
3,500 Union Co. (SC) IDR (Federal Paper Board Co., Inc. Proj.), Ser.
1989, 4.55%, due 11/1/09 Baa2 BBB 3,505(++)
2,950 Univ. of Texas Board of Regents Fin. Sys. Rev., Ser. 1999 B,
5.38%, due 8/15/18 AAA 3,143
1,900 Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002 B,
5.50%, due 4/1/12 A1 2,035
1,750 Verrado (AZ) Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%,
due 7/15/17 BB- 1,871
1,000 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (HOVENSA
Refinery), Ser. 2003, 6.13%, due 7/1/22 Baa3 BBB- 1,080
1,500 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (HOVENSA
Refinery), Ser. 2004, 5.88%, due 7/1/22 Baa3 BBB- 1,596(++)
1,000 Virginia Beach (VA) Dev. Au. Residential Care Fac. Mtge. Ref.
Rev. (Westminster-Caterbury of Hampton Roads, Inc.), 5.00%, Ser.
2005 due 11/1/22 1,002(^^)(++)
3,125 Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley Mem.
Hosp. Assoc.), Ser. 2002, 5.00%, due 12/1/17 A 3,212(++)
1,000 Washington St. Var. Purp. G.O., Ser. 1999 A, 4.75%, due 7/1/17 Aa1 AA+ 1,016
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 2,055(++)
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(t)
($000's omitted) Moody's S&P ($000's omitted)
2,780 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. &
Med. Ctr., Inc. Proj.), Ser. 1999, 5.50%, due 5/15/15 A 2,926(++)
----------------
252,921
----------------
TAX-EXEMPT VARIABLE RATE DEMAND NOTES-BACKED BY LETTERS OF CREDIT (0.5%)(u)
LASALLE NATIONAL BANK NA
1,500 Gainesville & Hall Co. (GA) Dev. Au. Sr. Living Fac. Rev.
(Lanier Village Estates), Ser. 2003, 3.11%, due 2/1/06 A-1 1,500
---------------
TAX-EXEMPT VARIABLE RATE DEMAND NOTES-OTHER (0.0%) (u)
100 Gulf Coast (TX) Waste Disp. Au. Env. Fac. Rev. (BP Amoco
Chemical Co. Proj.), Ser. 2003, 3.16%, due 2/1/06 VMIG1 A1+ 100(++)
----------------
TOTAL INVESTMENTS (157.2%) (COST $468,339) 481,344(##)
Cash, receivables and other assets, less liabilities (1.4%) 4,328
Liquidation Value of Auction Market Preferred Shares [(58.6%)] (179,400)
----------------
TOTAL NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS (100.0%) $306,272
----------------
SEE NOTES TO SCHEDULE OF INVESTMENTS
NEUBERGER BERMAN JANUARY 31, 2006 (UNAUDITED)
NOTES TO SCHEDULE OF INVESTMENTS
--------------------------------
(t) 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",
and 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, bid prices are
obtained from principal market makers in those securities or, if
quotations are not readily available, by methods the Funds' Board of
Directors has approved on the belief that they reflect 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, 2006, selected Fund information on a U.S. Federal income
tax basis was as follows:
(000'S OMITTED) GROSS UNREALIZED GROSS UNREALIZED NET UNREALIZED
NEUBERGER BERMAN COST APPRECIATION DEPRECIATION APPRECIATION
CALIFORNIA $153,973 $4,477 $254 $4,223
INTERMEDIATE 468,339 13,994 989 13,005
NEW YORK 125,749 2,906 618 2,288
(@) 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 78%, 74%, and 57% 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.
(**) Restricted security subject to restrictions on resale under federal
securities laws. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers under Rule
144A and have been deemed by the adviser to be liquid. At January 31,
2006, these securities amounted to $6,326,000 or 2.1% of net assets
applicable to common shareholders for Intermediate.
(^^) Not rated by a NRSRO.
(u) Floating rate securities are securities whose yields vary with a
designated market index or market rate. These securities are shown at
their current rates as of January 31, 2006.
(o) Security is subject to a guarantee provided by State Street Bank & Trust
Co., backing 37% of the total principal.
(^) Security is subject to a guarantee provided by National Australia Bank,
backing 25% of the total principal.
For more 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, 2006
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, 2006
By: /s/ John M. McGovern
--------------------
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
Date: March 30, 2006