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Neuberger Berman
Intermediate Municipal
Closed-End Funds

Neuberger Berman California Intermediate Municipal Fund Inc.

Neuberger Berman Intermediate Municipal Fund Inc.

Neuberger Berman New York Intermediate Municipal Fund Inc.

 

 

 

 

 

Semi-Annual Report

April 30, 2009

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Contents

THE FUNDS

President's Letter					1

PORTFOLIO COMMENTARY

California Intermediate Municipal Fund Inc.					3
Intermediate Municipal Fund Inc.					3
New York Intermediate Municipal Fund Inc.					3

SCHEDULE OF INVESTMENTS

California Intermediate Municipal Fund Inc.					7
Intermediate Municipal Fund Inc.					10
New York Intermediate Municipal Fund Inc.					17
FINANCIAL STATEMENTS					23

FINANCIAL HIGHLIGHTS/PER SHARE DATA

California Intermediate Municipal Fund Inc.					35
Intermediate Municipal Fund Inc.					36
New York Intermediate Municipal Fund Inc.					37
Distribution Reinvestment Plan					39
Directory					41
Proxy Voting Policies and Procedures					42
Quarterly Portfolio Schedule					42
Board Consideration of the New and Interim Management and Sub-Advisory Agreements					43

 

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"Neuberger Berman" and the Neuberger Berman logo are registered service marks of Neuberger Berman LLC. "Neuberger Berman Management LLC" and the individual Fund names in this shareholder report are either service marks or registered service marks of Neuberger Berman Management LLC.
^_©2009 Neuberger Berman Management LLC. All rights reserved.

 

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President's Letter

Dear Shareholder,

I am pleased to present this semi-annual report for the Neuberger Berman Intermediate Municipal Closed-End Funds for the six-month period ended April 30, 2009. The report includes portfolio commentary, listings of the Funds' investments, and their financial statements for the reporting period.

Each Fund's investment objective is to provide a high level of current income exempt from regular federal income tax and, for each state-specific fund, a high level of current income exempt from that state's personal income taxes (and, in the case of the New York Fund, New York City personal income tax).

We invest in intermediate-term municipal bonds because our experience and research indicate strongly that this maturity range has historically offered the best risk/reward profile on the yield curve, providing much of the return of longer-term bonds — with less volatility and risk. We believe that our conservative investment philosophy and disciplined investment process will benefit you with superior tax exempt current income over the long term.

Since early 2008, the market for auction rate preferred securities has experienced significant challenges that resulted in continued failed auctions for many of these securities. This includes the auction market preferred shares ("AMPS") issued by the Funds. We continue to work on potential solutions within this market to identify potential alternative financing structures that would allow the Funds to redeem their AMPS but still continue to use leverage.

Before concluding, I am pleased to inform you that in June 2009 each Fund completed a tender offer for 10% of its outstanding common shares. Additionally, during the reporting period, each Fund announced the implementation of a semi-annual tender offer program consisting of up to four tender offers over a two-year period. Under its tender offer program, if a Fund's common shares trade at an average daily discount to net asset value per share (NAV) of greater than 10% during a 12-week measurement period, the Fund would conduct a tender offer for between 5% and 20% of its outstanding common shares at a price equal to 98% of its NAV determined on the day the tender offer expires. As previously announced, each Fund's initial measurement period commenced on June 5, 2009 and will close on August 28, 2009. Also, to offset the expenses associated with the tender offers, Neuberger Berman has agreed to extend the fee waivers currently in place for the Funds.

Thank you for your trust in Neuberger Berman. We will continue to work hard to earn it.

Sincerely,

Robert Conti
President and CEO
Neuberger Berman California Intermediate Municipal Fund Inc.
Neuberger Berman Intermediate Municipal Fund Inc.
Neuberger Berman New York Intermediate Municipal Fund Inc.

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Neuberger Berman Intermediate Municipal Closed-End Funds Portfolio Commentaries

For the six-month period ended April 30, 2009, on a net asset value (NAV) basis, all three of the Neuberger Berman closed-end intermediate municipal bond funds posted positive returns, but trailed the Barclays Capital 10-Year Municipal Bond Index benchmark.

As the reporting period began, the municipal market was still reeling from a combination of forced selling from highly leveraged hedge funds, issues related to the downgrades of municipal bond insurers, illiquidity, and the rapidly weakening economy. Collectively, this had caused municipal yields to reach a startling 125% to 150% of comparable maturity U.S. Treasury yields.

While investor risk aversion remained elevated in early November 2008, demand for high quality municipal bonds increased, likely due to their apparently compelling yields. This triggered a strong rally during the last two months of the calendar year. This momentum continued into 2009, as liquidity started to improve, the worst of the deleveraging appeared to be over, and new issuance activity started to pick up. This supply was generally met with solid demand. Toward the end of the reporting period, investor confidence in the government's initiatives to stabilize the financial system and hopes that the economy may be bottoming appeared to cause investor risk aversion to subside. This, in turn, supported lower rated, higher yielding municipal bonds, causing their prices to rally as well.

Against this backdrop, we actively managed each Fund's portfolio and continued to conduct extensive fundamental research on the credit characteristics of our existing and potential new holdings. Given the deteriorating state of the economy, we trimmed our exposure to weaker credits and more economically sensitive revenue bonds. In addition, the Funds' use of leverage enhanced their results.

The Funds' underperformance versus their benchmark was, in large part, due to their exposure to certain lower-tier investment-grade quality municipal securities, as well as some non-rated and below-investment-grade issues. Also detracting somewhat from performance was the Funds' overweight (versus the benchmark) to the airport sector and their underweight to strongly performing pre-refunded securities.

Looking ahead, we remain cautiously optimistic about the long-term prospects for the municipal market. The rate of the economy's decline appears to be moderating and, while a number of challenges remain, there is hope among investors that the worst may be behind us. Looking more closely at the municipal market, we believe yields remain attractive versus Treasuries, albeit less so than the extraordinary conditions that existed when the reporting period began. While new municipal supply should continue to be robust given the impact of the federal government's stimulus package, we believe this should be met with strong investor demand. In terms of portfolio management, we will continue to focus on conducting thorough in-house research as we seek to identify issues with the potential for credit upgrades and avoid securities that could be candidates for credit downgrades.

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California Intermediate Municipal Fund Inc.

For the six-month period ended April 30, 2009, on an NAV basis, California Intermediate Municipal Fund returned 7.51% compared to the Barclays Capital 10-Year Municipal Bond Index's 9.07%.

As of April 30, 2009, the Fund comprised 78.7% revenue bonds, 12.8% general obligation bonds, and 8.5% cash and cash equivalents. Bonds subject to the Alternative Minimum Tax (AMT) equaled 6.63% of assets. At the close of the reporting period, the Fund's duration was 4.4 years and its leverage position was 38.99% of net assets.

Intermediate Municipal Fund Inc.

For the six-month period ended April 30, 2009, on an NAV basis, Intermediate Municipal Fund returned 7.70% compared to the Barclays Capital 10-Year Municipal Bond Index's 9.07%.

As of April 30, 2009, the Fund comprised 70.9% revenue bonds, 16.7% general obligation bonds, 3.9% pre-refunded/escrow bonds, and 8.5% cash and cash equivalents. Bonds subject to the Alternative Minimum Tax (AMT) equaled 7.47% of assets. At the close of the reporting period, the Fund's duration was 4.1 years and its leverage position was 38.85% of net assets.

New York Intermediate Municipal Fund Inc.

For the six-month period ended April 30, 2009, on an NAV basis, New York Intermediate Municipal Fund returned 7.76% compared to the Barclays Capital 10-Year Municipal Bond Index's 9.07%.

As of April 30, 2009, the Fund comprised 89.9% revenue bonds, 3.7% general obligation bonds, and 6.4% cash and cash equivalents. Bonds subject to the Alternative Minimum Tax (AMT) equaled 15.97% of assets. At the close of the reporting period, the Fund's duration was 4.5 years and its leverage position was 39.32% of net assets.

Sincerely,

James Iselin
Portfolio Manager

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TICKER SYMBOLS

California Intermediate Municipal Fund				NBW
Intermediate Municipal Fund				NBH
New York Intermediate Municipal Fund				NBO

CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
RATING DIVERSIFICATION

(% by Ratings)
AAA/Government/ Government Agency					20.3	%
AA					32.1
A					25.3
BBB					12.3
BB					3.6
B					0.0
Not Rated					0.0
Short Term					6.4

INTERMEDIATE MUNICIPAL FUND
RATING DIVERSIFICATION

(% by Ratings)
AAA/Government/ Government Agency					30.9	%
AA					29.2
A					20.2
BBB					11.1
BB					4.7
B					0.5
CCC					0.3
Not Rated					0.6
Short Term					2.5

NEW YORK INTERMEDIATE
MUNICIPAL FUND
RATING DIVERSIFICATION

(% by Ratings)
AAA/Government/ Government Agency					19.3	%
AA					33.9
A					17.0
BBB					17.5
BB					8.9
B					2.0
CCC					0.0
Not Rated					0.0
Short Term					1.4

PERFORMANCE HIGHLIGHTS

Neuberger Berman
				Inception				Six Month Period Ended				Average Annual Total Return
NAV1,3,4,5				Date				4/30/2009				1 Year				5 Years				Since Inception
California Intermediate Municipal Fund				09/24/2002					7.51	%			0.39	%			4.40	%			4.50	%
Intermediate Municipal Fund				09/24/2002					7.70	%			0.64	%			4.47	%			4.73	%
New York Intermediate Municipal Fund				09/24/2002					7.76	%			(0.54	%)			4.14	%			4.36	%
				Inception				Six Month Period Ended				Average Annual Total Return
Market Price2,3,4,5				Date				4/30/2009				1 Year				5 Years				Since Inception
California Intermediate Municipal Fund				09/24/2002					20.09	%			0.51	%			5.28	%			2.52	%
Intermediate Municipal Fund				09/24/2002					17.20	%			1.23	%			5.12	%			2.70	%
New York Intermediate Municipal Fund				09/24/2002					22.10	%			3.75	%			5.52	%			2.68	%

Closed-end funds, unlike open-end funds, are not continually offered. There is an initial public offering and, once issued, common shares of closed-end funds are sold in the open market through a stock exchange.

The composition, industries and holdings of the Funds are subject to change. Investment return will fluctuate. Past performance is no guarantee of future results.

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Endnotes

1	Returns based on the net asset value (NAV) of the Funds.
2	Returns based on the market price of Fund shares on the American Stock Exchange.
3	A portion of the income from each Fund may be a tax preference item for purposes of the Federal Alternative Minimum Tax for certain investors.
4	Neuberger Berman Management LLC has contractually agreed to waive a portion of the management fees that it is entitled to receive from each Fund. Each undertaking lasts until October 31, 2011. Please see the notes to the financial statements for specific information regarding the rate of the management fees waived by Neuberger Berman Management LLC. Absent such a waiver, the performance of each Fund would be lower.
5	Unaudited performance data current to the most recent month-end are available at www.nb.com.

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Glossary of Indices

Lipper Closed-End Intermediate Municipal Debt Funds Average:		Barclays Capital 10-Year Municipal Bond Index is the 10-year (8-12) component of the Barclays Capital Municipal Bond Index, which is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. To be included in the index, bonds must have a minimum credit rating of Baa. They must have an outstanding par value of at least $5 million and be issued as part of a transaction of at least $50 million. The bonds must have a dated-date after December 31, 1990 and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
Lipper Closed-End Intermediate Municipal Debt Funds Average:		The average of all closed-end mutual funds tracked by Lipper that invest in municipal debt issues with dollar-weighted average maturities of five to ten years.

Please note that the indices and averages do not take into account any fees and expenses or any tax consequences of investing in the individual securities that they track and that investors cannot invest directly in any index or average. Data about the performance of each index and average is prepared or obtained by Management and includes reinvestment of all dividends and capital gain distributions. Each Fund may invest in securities not included in its respective index or average.

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Schedule of Investments California Intermediate Municipal Fund Inc.

(Unaudited)

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
Arizona (0.7%)
$	750			Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17				$	644
California (146.4%)
	3,050			Abag Fin. Au. Cert. of Participation Rev. (Episcopal Homes Foundation), Ser. 1998, 5.13%, due 7/1/18					2,797	ß
	900			Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18					859	ß
	1,250			Alameda Co. Cert. of Participation Ref. Rev., Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.38%, due 12/1/17					1,293
	1,285			Bay Area Governments Assoc. BART SFO Extension Rev. (Arpt. Premium Fare), Ser. 2002-A, (AMBAC Insured), 5.00%, due 8/1/21					1,239
	1,000			Burbank Pub. Svc. Dept. Elec. Rev., Ser. 1998, (FSA Insured), 5.13%, due 6/1/16					1,005
	345			California Co. Tobacco Securitization Agcy. Tobacco Settlement Asset-Backed Rev., Ser. 2002, 4.75%, due 6/1/19					339
	1,750			California Ed. Fac. Au. Ref. Rev. (Stanford Univ.), Ser. 2001-R, 5.00%, due 11/1/21					1,826	ß
	2,000			California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17					1,945
	6,000			California HFA Rev., Ser. 2005-A, (LOC: Dexia Credit Locale de France), 2.00%, due 5/1/09					6,000	µ
	2,000			California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I, 4.95%, due 7/1/26 Putable 7/1/14					2,009	µß
	2,000			California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21					1,900	ß
	1,000			California Hlth. Fac. Fin. Au. Rev. (Kaiser Permanente), Ser. 1998-B, 5.00%, due 10/1/20					1,002	ß
	2,000			California Infrastructure & Econ. Dev. Bank Rev. (Bay Area Toll Bridges), Ser. 2003-A, (FGIC Insured), 5.00%, due 7/1/29 Pre-Refunded 1/1/28					2,252
	500			California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A, 5.00%, due 6/1/16					423	ß
	1,040			California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21					1,067
	2,500			California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002-A, 5.75%, due 5/1/17 Pre-Refunded 5/1/12					2,859
	1,000			California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002-A, 5.38%, due 5/1/22 Pre-Refunded 5/1/12					1,133
	1,470			California St. Dept. of Wtr. Rev. (Ctrl. Valley Proj.), Ser. 2008-AE, 5.00%, due 12/1/20					1,635
	2,250			California St. G.O., Ser. 2002, 5.00%, due 10/1/17					2,338
	2,500			California St. G.O. (Muni. Sec. Trust Receipts), Ser. 2001-SGA135, (AMBAC Insured), 0.50%, due 5/1/09					2,500	ñµc
	1,100			California St. G.O. (Muni. Sec. Trust Receipts), Ser. 2001-SGA136, (XLCA Insured), 1.20%, due 5/1/09					1,100	µc
	1,095			California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, due 6/1/20					1,123
	1,000			California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svc.) (Cap. East End ), Ser. 2002-A, (AMBAC Insured), 5.25%, due 12/1/16					1,039
	3,000			California St. Pub. Works Board Lease Rev. (Regents of the Univ. of California, UCLA Replacement Hosp.), Ser. 2002-A, (FSA Insured), 5.38%, due 10/1/13					3,261
	1,000			California St. Univ. Fresno Assoc., Inc. Rev. (Auxiliary Organization Event Ctr.), Ser. 2002, 5.00%, due 7/1/12					1,113
	2,000			California Statewide CDA Cert. of Participation Rev. (Children's Hosp. Los Angeles), Ser. 1999, 5.13%, due 8/15/19					1,689	ß
	1,490			California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 5.38%, due 4/1/17					1,276	ß
	1,000			California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20					958	ß
	5,000			California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16					5,257	ß
	1,500			California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18					1,148	ß
	1,000			California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22					797	ß
	500			California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17					399	ß
	1,020			Cerritos Pub. Fin. Au. Sub. Tax Allocation Rev. (Cerritos Redev. Proj.), Ser. 2002-B, 4.40%, due 11/1/16					881
	2,550			Contra Costa Comm. College Dist. G.O., Ser. 2002, (FGIC Insured), 5.25%, due 8/1/17					2,740
	1,365			Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/21					1,154	ß
	820			Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/12					771
	250			Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13					230
	2,000			Fresno Joint Pwr. Fin. Au. Lease Rev. (Master Lease Proj.), Ser. 2008-A, 5.00%, due 4/1/23					1,980

See Notes to Schedule of Investments

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PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
$	1,000			Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 2/1/17				$	1,116
	2,835			Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 12/1/16					2,814
	2,480			Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17					2,482
	1,000			Kings Canyon Joint Unified Sch. Dist. G.O., Ser. 2002, (FGIC Insured), 5.38%, due 8/1/17					1,052
	1,245			Long Beach Bond Fin. Au. Tax Allocation Rev. (Downtown, North Long Beach, Poly High, & West Beach Redev. Proj.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 8/1/17 Pre-Refunded 8/1/12					1,402
	500			Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17					568
	1,610			Los Angeles Comm. College Dist. G.O. (Election 2001), Ser. 2005-A, (FSA Insured), 5.00%, due 8/1/19					1,736
	5,000			Los Angeles Dept. of Arpts. Rev. (Los Angeles Int'l Arpt.), Ser. 2002-A, (FGIC Insured), 5.25%, due 5/15/18					5,214
	500			Marin Co. Dixie Elementary Sch. Dist. G.O., Ser. 2000-A, (FSA Insured), 5.38%, due 8/1/17					523
	1,045			Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.00%, due 7/1/17					1,098
	1,090			Moreland Sch. Dist. Ref. G.O., Ser. 2002, (FGIC Insured), 5.13%, due 9/1/17					1,147
	1,000			Mountain House Pub. Fin. Au. Util. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22					851
	535			Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002, (FGIC Insured), 5.00%, due 1/1/16					554
	565			Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002, (FGIC Insured), 5.00%, due 1/1/17					581
	500			Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18					407
	500			Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19					396
	1,045			Oakland G.O., Ser. 2002-A, (FGIC Insured), 5.00%, due 1/15/15					1,098
	1,210			Oakland G.O., Ser. 2002-A, (FGIC Insured), 5.00%, due 1/15/18					1,252
	605			Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003, 5.00%, due 9/1/16 Pre-Refunded 3/1/13					684
	635			Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003, 5.00%, due 9/1/17 Pre-Refunded 3/1/13					718
	1,290			Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Proj.), Ser. 2003, (FGIC Insured), 5.50%, due 9/1/17					1,279
	1,445			Oceanside Cert. of Participation Ref. Rev., Ser. 2003-A, (AMBAC Insured), 5.25%, due 4/1/14					1,518
	3,890			Port of Oakland Ref. Rev., Ser. 2002-N, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/13					3,911
	2,655			Riverside Co. Eastern Muni. Wtr. Dist. Cert. of Participation Wtr. & Swr. Rev., Ser. 2001-A, (FGIC Insured), 5.00%, due 7/1/19					2,768
	440			Roseville Stone Point Comm. Fac. District Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17					398
	400			Sacramento Co. Sanitation Dist. Fin. Au. Rev., Ser. 2000-A, 5.60%, due 12/1/17					400
	2,600			Sacramento Muni. Util. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17					2,938
	1,350			San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24					1,539
	830			San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15					820
	820			San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16					807
	2,000			San Diego Unified Sch. Dist. G.O., Ser. 2002-D, (FGIC Insured), 5.25%, due 7/1/21					2,212
	1,500			San Francisco City & Co. Int'l Arpt. Rev., Ser. 1999-23A, (FGIC Insured), 5.25%, due 5/1/16					1,506
	5,000			San Francisco City & Co. Redev. Agcy. Lease Ref. Rev. (George R. Moscone Convention Ctr.), Ser. 2003, (FSA Insured), 5.00%, due 7/1/17					5,251
	1,000			San Jose Arpt. Ref. Rev., Ser. 2003-B, (FSA Insured), 5.00%, due 3/1/11					1,021
	1,615			San Jose Arpt. Ref. Rev., Ser. 2003-B, (FSA Insured), 5.00%, due 3/1/12					1,656
	2,500			San Jose Fin. Au. Lease Rev. (Civic Ctr. Proj.), Ser. 2002-B, (AMBAC Insured), 5.25%, due 6/1/17					2,669
	925			San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22					841	ß
	4,000			San Mateo Co. Joint Pwr. Fin. Au. Lease Rev. (Youth Svc. Campus), Ser. 2008-A, 5.25%, due 7/15/28					4,123
	1,620			Santa Clara Co. Fremont Union High Sch. Dist. G.O., Ser. 2002-C, (FSA Insured), 5.00%, due 9/1/20 Pre-Refunded 9/1/12					1,818
	525			Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.40%, due 7/1/13					519
	505			Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14					490
	3,905			Solano Co. Cert. of Participation Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 11/1/17 Pre-Refunded 11/1/12					4,432
	835			South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1), Ser. 2002, (XLCA Insured), 5.00%, due 9/1/16					824

See Notes to Schedule of Investments

8

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PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
$	1,250			Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (FSA Insured), 5.00%, due 9/1/21				$	1,311
	1,300			Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20					1,083
									135,164
Florida (0.5%)
	420			Miami Beach Hlth. Fac. Au. Hosp. Ref. Rev. (Mount Sinai Med. Ctr. of Florida Proj.), Ser. 2004, 6.25%, due 11/15/09					416	ß
Guam (0.7%)
	700			Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16					661
Louisiana (1.0%)
	1,250			Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.50%, due 5/15/30					955
Nevada (1.1%)
	1,000			Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23					999
New York (1.4%)
	1,000			Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A, 5.88%, due 1/1/18					861	ß
	500			New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15					427
									1,288
North Carolina (1.6%)
	1,405			North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev., Ser. 2003-A, 5.50%, due 1/1/14					1,509
Pennsylvania (1.0%)
	1,000			Cumberland Co. West Shore Area Au. Hosp. Rev. (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.), Ser. 2001, 6.00%, due 1/1/18					931	ß
Puerto Rico (5.3%)
	1,000			Puerto Rico Ind., Tourist, Ed., Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/15					890	ß
	3,000			Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (FSA Insured), 5.25%, due 8/1/17					3,042
	1,000			Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (FSA Insured), 5.25%, due 8/1/21					1,006
									4,938
Virgin Islands (1.8%)
	750			Virgin Islands Pub. Fin. Au. Rev. (Virgin Islands Matching Fund Loan Notes), Ser. 1998-E, 6.00%, due 10/1/22					698
	1,000			Virgin Islands Wtr. & Pwr. Au. Elec. Sys. Ref. Rev., Ser. 1998, 5.30%, due 7/1/18					950
									1,648
				Total Investments (161.5%) (Cost $151,019)					149,153	##
				Cash, receivables and other assets, less liabilities (2.4%)					2,182
				Liquidation Value of Auction Market Preferred Shares [(63.9%)]					(59,000	)
				Total Net Assets Applicable to Common Shareholders (100.0%)				$	92,335

See Notes to Schedule of Investments

9

---

Schedule of Investments Intermediate Municipal Fund Inc.

(Unaudited)

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
Alabama (1.5%)
$	4,210			DCH Hlth. Care Au. Hlth. Care Fac. Rev., Ser. 2002, 5.25%, due 6/1/14				$	4,273
Arizona (8.1%)
	1,465			Arizona Energy Management Svcs. (Main) LLC Energy Conservation Rev. (Arizona St. Univ. Proj.-Main Campus), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/17					1,556
	5,000			Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (AGC Insured), 5.13%, due 9/1/21					5,132
	2,000			Arizona St. Trans. Board Hwy. Rev., Ser. 2008-A, 5.00%, due 7/1/26					2,128
	2,265			Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22					2,516
	5,000			Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.), Ser. 2008, 7.50%, due 5/1/19					5,240	ß
	1,840			Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18					1,896
	1,155			Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22					1,148
	1,750			Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17					1,502
	2,325			Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18					1,677
									22,795
California (8.2%)
	750			California HFA Rev., Ser. 2005-A, (LOC: Dexia Credit Locale de France), 2.00%, due 5/1/09					750	µ
	2,500			California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002-A, 5.75%, due 5/1/17 Pre-Refunded 5/1/12					2,859
	3,460			California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002-A, 5.38%, due 5/1/22 Pre-Refunded 5/1/12					3,919
	1,845			California St. G.O., Ser. 2005, 5.00%, due 3/1/19					1,921
	1,500			California St. Pub. Works Board Lease Rev., Ser. 2002-A, (AMBAC Insured), 5.25%, due 12/1/17					1,550
	4,000			California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25					4,136
	1,240			California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16					1,304	ß
	1,270			California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18					972	ß
	2,800			Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2003-A1, 6.25%, due 6/1/33					3,086
	2,080			Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Proj.), Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/18					2,044
	740			San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17					726
									23,267
Colorado (5.5%)
	4,220			Colorado Springs Util. Sys. Sub. Lien Ref. Rev., Ser. 2002-A, (AMBAC Insured), 5.38%, due 11/15/18					4,577
	1,580			Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13					1,722
	4,000			Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002-E, (National Public Finance Guarantee Corp. Insured), 5.25%, due 11/15/14					4,054
	4,610			Thornton Cert. of Participation, Ser. 2002, (AMBAC Insured), 5.38%, due 12/1/16 Pre-Refunded 12/1/12					5,250
									15,603
Connecticut (0.7%)
	2,400			Mashantucket Western Pequot Tribe Spec. Rev., Ser. 1997-B, 5.70%, due 9/1/12					2,058	ñ
District of Columbia (2.1%)
	4,495			Dist. of Columbia (Washington, D.C.) Ref. G.O., Ser. 2002-C, (XLCA Insured), 5.25%, due 6/1/13					4,826
	1,000			Metro. Washington Dist. of Columbia Arpt. Au. Sys., Ser. 2008-A, 5.50%, due 10/1/18					1,022
									5,848

See Notes to Schedule of Investments

10

---

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
Florida (6.9%)
$	2,085			Fiddlers Creek Comm. Dev. Dist. Number 2 Spec. Assessment Rev., Ser. 2003-A, 6.00%, due 5/1/16				$	1,695
	985			Miami Beach Hlth. Fac. Au. Hosp. Ref. Rev. (Mount Sinai Med. Ctr. of Florida Proj.), Ser. 2004, 6.25%, due 11/15/09					975	ß
	8,140			Orange Co. Sales Tax Ref. Rev., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.13%, due 1/1/18					8,521
	7,000			Palm Beach Co. Sch. Board Cert. of Participation, Ser. 2001-B, (AMBAC Insured), 5.38%, due 8/1/17					7,351
	1,000			Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002-C, (National Public Finance Guarantee Corp. Insured), 5.25%, due 10/1/20					1,043
									19,585
Georgia (2.8%)
	4,575			Henry Co. Wtr. & Swr. Au. Wtr. & Swr. Ref. Rev., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.13%, due 2/1/17					5,027
	2,710			Newnan Hosp. Au. Rev. Anticipation Cert. (Newnan Hosp., Inc. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 1/1/18					2,796	ß
									7,823
Illinois (16.1%)
	2,965			Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17					2,535
	5,940			Chicago G.O., Ser. 2002-A, (AMBAC Insured), 5.38%, due 1/1/17 Pre-Refunded 7/1/12					6,690
	180			Chicago G.O. (Unrefunded Bal.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 1/1/17					192
	1,500			Chicago Metro. Wtr. Reclamation Dist. Cap. Imp. G.O., Ser. 2002-C, 5.38%, due 12/1/16 Pre-Refunded 12/1/12					1,714
	1,970			Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25					2,111
	5,130			Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002, 4.30%, due 11/1/36 Putable 11/1/13					5,147	µß
	5,000			Illinois Fin. Au. Rev. (Chicagoland Laborers' Dist.), Ser. 2008-2, (LOC: Fifth Third Bank), 3.29%, due 5/6/09					5,000	µß
	4,000			Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006-A, 5.75%, due 11/15/16					3,294	ß
	4,400			Illinois Fin. Au. Rev. (Sacred Heart Sch. Proj.), Ser. 2008, (LOC: Fifth Third Bank), 3.29%, due 5/6/09					4,400	µß
	5,000			Illinois G.O., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 10/1/14					5,431
	3,000			Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.) (Unrefunded Bal.), Ser. 1997-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 7/1/14					3,401	ß
	1,670			Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured), 5.50%, due 6/15/17					1,992
	2,000			Kane, Cooke, & DuPage Cos. Elgin Sch. Dist. Number U-46 G.O., Ser. 1998, (FSA Insured), 5.35%, due 1/1/15					2,104
	2,250			Southwestern Illinois Local Gov't Dev. Au. Rev., (Collinsville Ltd.), Ser. 2007, 5.00%, due 3/1/25					1,512
									45,523
Indiana (11.4%)
	1,995			Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17 Pre-Refunded 2/1/13					2,292
	760			Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001-B, 5.25%, due 2/1/18 Pre-Refunded 2/1/13					863
	8,005			Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17					8,697
	2,800			Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.), Ser. 2002-B, 5.25%, due 2/1/18					3,030
	4,000			Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B, 5.00%, due 2/15/21					3,558	ß
	1,000			Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2003-B, (National Public Finance Guarantee Corp. Insured), 5.25%, due 1/1/18					1,064
	2,050			Indiana St. Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St. Francis), Ser. 2001, 5.35%, due 11/1/15					2,136	ß
	1,065			Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/18					1,127
	1,125			Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/19					1,183
	3,055			Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21					3,592

See Notes to Schedule of Investments

11

---

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
$	2,580			Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.), Ser. 2003-A, (FSA Insured), 5.63%, due 1/1/17				$	2,633
	2,000			Jasper Hosp. Au. Hosp. Fac. Ref. Rev. (Mem. Hosp. & Hlth. Care Ctr. Proj.), Ser. 2002, (Radian Insured), 5.50%, due 11/1/17					2,001	ß
									32,176
Iowa (4.5%)
	1,000			Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15					1,005
	5,110			Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22					5,867
	3,000			Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.30%, due 6/1/25 Pre-Refunded 6/1/11					3,229
	3,000			Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., Ser. 2005-C, 5.38%, due 6/1/38					1,674
	1,005			Kirkwood Comm. College Iowa New Jobs Training Cert. (Merged Area X), Ser. 2007-1B, 5.00%, due 6/1/17					1,064
									12,839
Kentucky (1.0%)
	2,700			Kentucky Econ. Dev. Fin. Au. Hosp. Fac. Rev. (Harrison Mem. Hosp., Inc.), Ser. 2005, (LOC: Fifth Third Bank), 3.90%, due 5/1/09					2,700	µß
Louisiana (0.3%)
	1,000			Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.50%, due 5/15/30					764
Maryland (0.4%)
	1,000			Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp. of Cecil Co.), Ser. 2002, 5.50%, due 7/1/14					1,025	ß
Massachusetts (8.0%)
	1,850			Massachusetts St. G.O., Ser. 2002-E, (National Public Finance Guarantee Corp. Insured), 5.38%, due 1/1/18 Pre-Refunded 1/1/13					2,071
	2,450			Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi Oblig. Group), Ser. 1999-A, 5.70%, due 7/1/15					2,367	ß
	2,420			Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Reg. Hosp.), Ser. 1998-C, 5.75%, due 7/15/13					2,337	ß
	4,935			Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (New England Med. Ctr. Hosp.), Ser. 2002-H, (FGIC Insured), 5.38%, due 5/15/16 Pre-Refunded 5/15/12					5,479	ß
	5,030			Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19					5,341
	2,775			Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.), Ser. 2001-7, 5.25%, due 2/1/16					2,956
	2,000			Massachusetts St. Wtr. Poll. Abatement Trust. Rev. (Pool Prog.), Ser. 2001-7, 5.25%, due 2/1/16 Pre-Refunded 8/1/11					2,168
									22,719
Michigan (3.7%)
	1,070			Ingham & Clinton Cos. East Lansing Bldg. Au. Ref. G.O., Ser. 1999, 5.25%, due 10/1/16					1,081
	1,375			Macomb Co. New Haven Comm. Sch. Bldg. & Site G.O., Ser. 2002, 5.25%, due 5/1/17 Pre-Refunded 11/1/12					1,551
	1,500			Michigan St. Bldg. Au. Rev. (Fac. Prog.), Ser. 2001-II, 5.50%, due 10/15/18 Pre-Refunded 10/15/11					1,658
	3,850			Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont Hosp.), Ser. 1996, 6.25%, due 1/1/12					4,038	ß
	2,000			Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20					1,457
	880			Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15					756
									10,541

See Notes to Schedule of Investments

12

---

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
Minnesota (2.4%)
$	2,000			Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17				$	2,069
	2,000			Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17					2,005	ß
	2,540			St. Paul Port Au. Lease Rev. (Office Bldg. at Cedar Street), Ser. 2002, 5.00%, due 12/1/17					2,721
									6,795
Mississippi (0.6%)
	1,500			Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15					1,631	ß
Missouri (5.0%)
	3,495			Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Extension Proj.), Ser. 2002-B, (FSA Insured), 5.25%, due 10/1/16					3,681
	2,000			Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002, 5.05%, due 8/1/20					1,930	ß
	2,425			Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003-A, 5.00%, due 12/1/17					2,249
	725			Branson Ind. Dev. Au. Ltd. Oblig. Tax Increment Rev. (Branson Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21					512
	2,000			Missouri St. Env. Imp. & Energy Res. Au. Wtr. Poll. Ctrl. & Drinking Wtr. Rev., Ser. 2002-B, 5.50%, due 7/1/16					2,206
	400			Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16					408	a
	110			Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-III, (FHA Insured), 5.05%, due 12/1/15					111
	2,965			Missouri St. Univ. Auxiliary Enterprise Sys. Rev., Ser. 2007-A, (XLCA Insured), 5.00%, due 4/1/26					2,952
									14,049
Nevada (4.3%)
	1,635			Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17					1,634
	3,545			Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23					3,541
	4,355			Las Vegas Valley Wtr. Dist. Ref. & Wtr. Imp. G.O., Ser. 2003-A, (National Public Finance Guarantee Corp. Insured), 5.25%, due 6/1/16					4,627
	2,295			Truckee Meadows Wtr. Au. Wtr. Rev., Ser. 2001-A, (FSA Insured), 5.50%, due 7/1/15					2,451
									12,253
New Hampshire (1.5%)
	2,310			New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New Hampshire), Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17 Pre-Refunded 7/1/11					2,543
	1,700			New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New Hampshire) (Unrefunded Bal.), Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17					1,808
									4,351
New Jersey (5.1%)
	5,000			New Jersey Bldg. Au. St. Bldg. Ref. Rev., Ser. 2002-B, (FSA Insured), 5.25%, due 12/15/15					5,329
	1,500			New Jersey Econ. Dev. Au. Cigarette Tax Rev., Ser. 2004, 5.63%, due 6/15/19					1,308
	6,900			New Jersey Ed. Fac. Au. Rev. (Stevens Institute of Technology), Ser. 2002-C, 5.25%, due 7/1/17 Pre-Refunded 7/1/13					7,873	ß
									14,510
New York (4.9%)
	870			Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14					981
	3,250			New York City G.O., Ser. 2002-C, 5.50%, due 8/1/15					3,529
	2,580			New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA Insured), 5.50%, due 6/1/14					2,514	ß
	750			New York City IDA Civic Fac. Rev. (Vaughn College of Aeronautics and Technology), Ser. 2006-A, 5.00%, due 12/1/21					552	ß
	2,750			New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15					2,349
	1,100			New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19					1	#‡

See Notes to Schedule of Investments

13

---

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
$	1,700			New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2003-A, 5.38%, due 3/15/20 Pre-Refunded 3/15/13				$	1,948
	2,000			New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20					2,104
									13,978
North Carolina (0.4%)
	1,000			Oak Island Enterprise Sys. Rev., Ser. 2009, 5.63%, due 6/1/24					1,030
North Dakota (1.5%)
	4,100			Fargo Hlth. Sys. Rev. (Meritcare Obligated Group), Ser. 2002-A, (AMBAC Insured), 5.63%, due 6/1/17					4,186	ß
Ohio (1.3%)
	3,760			Ohio St. Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp. Proj.), Ser. 1995, 5.00%, due 11/1/15 Putable 11/1/11					3,794	µß
Pennsylvania (7.0%)
	1,765			Cumberland Co. West Shore Area Au. Hosp. Rev. (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.), Ser. 2001, 6.05%, due 1/1/19					1,633	ß
	565			Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, due 7/1/18 Pre-Refunded 7/1/13					650
	435			Delaware River Joint Toll Bridge Comm. Sys. Rev. (Unrefunded Bal.), Ser. 2003, 5.25%, due 7/1/18					461
	2,000			Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22					1,687	ß
	2,000			Lehigh Co. Gen. Purp. Au. Rev. (KidsPeace Oblig. Group), Ser. 1998, 6.00%, due 11/1/23					1,198	ß
	2,300			Lehigh Co. Gen. Purp. Hosp. Rev. (Lehigh Valley Hlth. Network), Ser. 2008-C, (LOC: Bank of America), 0.45%, due 5/1/09					2,300	µß
	5,000			Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev. (Abington Mem. Hosp. Proj.), Ser. 2002-A, 5.00%, due 6/1/19					4,918	ß
	900			Pennsylvania Econ. Dev. Fin. Au. Res. Rec. Ref. Rev. (Colver Proj.), Ser. 2005-G, 5.13%, due 12/1/15					723
	2,000			Philadelphia Arpt. Ref. Rev. (Philadelphia Arpt. Sys.), Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 5.38%, due 6/15/14					2,014
	1,480			Sayre Hlth. Care Fac. Au. Rev., (Guthrie Hlth. Proj.), Ser. 2002-A, 5.75%, due 12/1/21 Pre-Refunded 12/1/11					1,663	ß
	520			Sayre Hlth. Care Fac. Au. Rev. (Unrefunded Bal.), (Guthrie Hlth. Proj.), Ser. 2002-A, 5.75%, due 12/1/21					524	ß
	2,000			Westmoreland Co. IDA Gtd. Rev. (Nat'l Waste & Energy Corp., Valley Landfill Expansion Proj.), Ser. 1993, 5.10%, due 5/1/18 Putable 5/1/09					2,000	µß
									19,771
South Carolina (4.2%)
	1,100			Charleston Co. Sch. Dist. G.O., Ser. 2001, (FSA Insured), 5.00%, due 2/1/18					1,156
	2,140			Mt. Pleasant Town Waterworks & Swr. Sys. Ref. & Imp. Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17					2,314
	4,665			South Carolina St. Pub. Svc. Au. Rev., Ser. 2002-B, (FSA Insured), 5.38%, due 1/1/18					4,932
	3,500			Union Co. IDR (Federal Paper Board Co., Inc. Proj.), Ser. 1989, 4.55%, due 11/1/09					3,529	ß
									11,931
Tennessee (1.2%)
	1,655			Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev., Ser. 2002-A, (FSA Insured), 5.50%, due 1/1/18 Pre-Refunded 1/1/13					1,885	ß
	1,360			Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev. (Unrefunded Bal.), Ser. 2002-A, (FSA Insured), 5.50%, due 1/1/18					1,483	ß
									3,368
Texas (21.6%)
	4,145			Anson Ed. Fac. Corp. Std. Hsg. Rev. (Univ. of Texas at Dallas-Waterview Park Proj.), Ser. 2002, (ACA Insured), 5.00%, due 1/1/23					2,760	ß
	865			Austin Convention Enterprises, Inc. Convention Ctr. Hotel First Tier Rev., Ser. 2001-A, 6.38%, due 1/1/16 Pre-Refunded 1/1/11					918

See Notes to Schedule of Investments

14

---

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
$	3,600			Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002, (FSA Insured), 5.50%, due 9/1/17				$	3,922
	1,935			Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004-B, (FSA Insured), 5.50%, due 11/1/18					1,962
	1,750			Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002-A, 5.63%, due 4/15/16					1,755
	1,745			Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002-A, 5.63%, due 4/15/17					1,748
	2,300			Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19					2,616
	2,900			Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33					2,892
	2,210			Harris Co. Toll Road Sr. Lien Rev., (Unrefunded Bal.), Ser. 2002, (FSA Insured), 5.38%, due 8/15/16					2,401
	4,790			Harris Co. Toll Road Sr. Lien Rev., Ser. 2002, (FSA Insured), 5.38%, due 8/15/16 Pre-Refunded 8/15/12					5,418
	610			HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15					508	ß
	3,235			Houston Arpt. Sys. Sub. Lien. Ref. Rev., Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.50%, due 7/1/16					3,262
	4,955			Houston Pub. Imp. Ref. G.O., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 3/1/17					5,303
	1,000			Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20					1,114
	4,780			North Central Hlth. Fac. Dev. Corp. Hosp. Ref. Rev. (Baylor Hlth. Care Sys. Proj.), Ser. 1998, 5.10%, due 5/15/13					4,889	ß
	950			Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF Insured), 5.50%, due 8/15/17 Pre-Refunded 2/15/13					1,090
	50			Northwest Texas Independent Sch. Dist. Sch. Bldg. (Unrefunded Bal.), Ser. 2002, (PSF Insured), 5.50%, due 8/15/17					55
	20			San Antonio Cert. of Obligation G.O., Ser. 2002, 5.00%, due 2/1/14 Pre-Refunded 2/1/12					22
	6,795			San Antonio Independent Sch. Dist. Unlimited Tax G.O., Ser. 2001-B, (PSF Insured), 5.38%, due 8/15/17					7,259
	1,240			San Antonio Cert. of Obligation G.O. (Unrefunded Balance), Ser. 2002, 5.00%, due 2/1/14					1,338
	500			San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ. Proj.), Ser. 2007, 5.00%, due 6/1/19					485	ß
	910			Southmost Reg. Wtr. Au. Wtr. Supply Contract Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/19 Pre-Refunded 9/1/12					1,033
	1,000			Southmost Reg. Wtr. Au. Wtr. Supply Contract Rev. (Unrefunded Bal.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/19					1,051
	4,200			Tarrant Reg. Wtr. Dist. Wtr. Ref. & Imp. Rev., Ser. 2002, (FSA Insured), 5.38%, due 3/1/16					4,634
	300			Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.), Ser. 2002, 5.50%, due 9/1/12					319
	1,000			Trinity River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr. Proj.), Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 2/1/16 Pre-Refunded 2/1/13					1,144
	1,085			Tyler Hlth. Fac. Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg. Hlth. Care Ctr. Proj.), Ser. 2003, 5.25%, due 7/1/13					1,037
									60,935
Utah (0.5%)
	1,200			Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20					1,280
Virginia (1.0%)
	2,620			Peninsula Ports Au. Res. Care Fac. Ref. Rev. (VA Baptist Homes), Ser. 2006-C, 5.25%, due 12/1/21					1,953	ß
	1,000			Virginia Beach Dev. Au. Residential Care Fac. Mtge. Ref. Rev. (Westminster-Canterbury of Hampton Roads, Inc.), Ser. 2005, 5.00%, due 11/1/22					748	ß
									2,701
Washington (7.3%)
	5,000			King & Snohomish Cos. Northshore Sch. Dist. Number 417 G.O., Ser. 2002, (FSA Insured), 5.50%, due 12/1/17 Pre-Refunded 6/1/12					5,634
	6,250			Port of Seattle Sub. Lien Rev., Ser. 2002-B, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/16					6,342
	1,000			Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25					815
	1,000			Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/23					871
	1,625			Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/18					1,506
	2,500			Tacoma Wtr. Sys. Rev., Ser. 2001, (National Public Finance Guarantee Corp. Insured), 5.13%, due 12/1/19					2,608
	3,125			Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley Mem. Hosp. Assoc.), Ser. 2002, (ACA Insured), 5.00%, due 12/1/17					2,734	ß
									20,510

See Notes to Schedule of Investments

15

---

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
West Virginia (0.4%)
$	1,000			West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19				$	1,123
Wisconsin (5.9%)
	1,280			Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2002, 6.13%, due 6/1/27					1,367
	1,900			Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002-B, 5.50%, due 4/1/12					1,971
	1,370			Wisconsin Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group, Inc. Proj.), Ser. 1996, (FSA Insured), 6.00%, due 11/15/11					1,467	ß
	1,000			Wisconsin Hlth. & Ed. Fac. Au. Rev., (Franciscan Sisters Hlth. Care), Ser. 2007, 5.00%, due 9/1/14					948	ß
	7,205			Wisconsin St. G.O., Ser. 2002-C, (National Public Finance Guarantee Corp. Insured), 5.25%, due 5/1/17 Pre-Refunded 5/1/12					7,996
	2,780			Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med. Ctr., Inc. Proj.), Ser. 1999, 5.50%, due 5/15/15					2,809	ß
									16,558
Wyoming (1.7%)
	4,895			Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006-6, 5.00%, due 12/1/21					4,766
Other (1.5%)
	2,000			MuniMae Subordinated Cumulative Perpetual Preferred Shares, Ser. C, 4.70%, due 6/30/49 Putable 9/30/09					1,479	ñ
	3,000			Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37					2,625	Ñ
									4,104
				Total Investments (160.5%) (Cost $455,205)					453,163	##
				Cash, receivables and other assets, less liabilities (3.0%)					8,598
				Liquidation Value of Auction Market Preferred Shares [(63.5%)]					(179,400	)
				Total Net Assets Applicable to Common Shareholders (100.0%)				$	282,361

See Notes to Schedule of Investments

16

---

Schedule of Investments New York Intermediate Municipal Fund Inc.

(Unaudited)

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
Arizona (0.6%)
$	500			Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17				$	429
Florida (0.4%)
	280			Miami Beach Hlth. Fac. Au. Hosp. Ref. Rev. (Mount Sinai Med. Ctr. of Florida Proj.), Ser. 2004, 6.25%, due 11/15/09					277	ß
Guam (0.6%)
	500			Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16					472
Louisiana (1.0%)
	1,000			Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.50%, due 5/15/30					764
Nevada (1.4%)
	1,000			Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23					999
New York (156.2%)
	3,000			Albany IDA Civic Fac. Rev. (Charitable Leadership Foundation Ctr. for Med. Science Proj.), Ser. 2002-A, 6.00%, due 7/1/19					2,370
	1,000			Buffalo & Fort Erie Pub. Bldg. Au. Toll Bridge Sys. Rev., Ser. 2005, (LOC: Bank of Nova Scotia), 4.00%, due 1/1/25 Putable 7/1/10					1,023	µ
	500			Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23					402	ß
	1,000			Dutchess Co. IDA Civic Fac. Ref. Rev. (Marist College Proj.), Ser. 2003-A, 5.15%, due 7/1/17					1,042	ß
	2,000			Dutchess Co. IDA Rev. Ind. Rev. (IBM Proj.), Ser. 1999, 5.45%, due 12/1/29 Putable 12/1/09					2,025	ß
	2,000			Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 1998-A, (FSA Insured), 5.50%, due 12/1/13					2,317
	1,050			Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (FGIC Insured), 5.00%, due 12/1/21					1,142
	1,000			Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14					1,128
	750			Madison Co. IDA Civic Fac. Rev. (Oneida Hlth. Sys., Inc. Proj.), Ser. 2007, 5.25%, due 2/1/27					580	ß
	1,000			Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. Rochester), Ser. 2005, 5.00%, due 8/1/15					964	ß
	980			Monroe Co. IDA Std. Hsg. Rev. (Collegiate Hsg. Foundation - Rochester Institute of Technology Proj.), Ser. 1999-A, 5.25%, due 4/1/19					793	ß
	1,000			Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16					962
	1,000			Monroe Co. Pub. Imp. Ref. G.O., Ser. 1996, 6.00%, due 3/1/13					1,092
	1,125			Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A, 5.88%, due 1/1/18					968	ß
	2,000			Nassau Co. Swr. & Storm Wtr. Fin. Au. Sys. Rev., Ser. 2008-A, (BHAC Insured), 5.38%, due 11/1/28					2,120
	1,000			New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16					1,078
	750			New York City G.O., Ser. 2002-C, 5.50%, due 8/1/15					814
	1,410			New York City Hlth. & Hosp. Corp. Rev., Ser. 2002-A, (FSA Insured), 5.50%, due 2/15/13					1,525	ß
	4,000			New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., Ser. 2002-E2, 5.05%, due 11/1/23					3,900
	1,000			New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA insured), 5.50%, due 6/1/15					961	ß
	1,030			New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA Insured), 5.50%, due 6/1/17					957	ß
	2,920			New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured), 5.00%, due 6/1/22					3,028	ß
	750			New York City IDA Civic Fac. Rev. (Vaughn College of Aeronautics and Technology), Ser. 2006-A, 5.00%, due 12/1/21					551	ß
	750			New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15					641
	2,000			New York City IDA Spec. Fac. Rev. (Term. One Group Assoc. Proj.), Ser. 2005, 5.50%, due 1/1/19 Putable 1/1/16					1,870	µß
	960			New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 1992-A, (AMBAC Insured), 5.88%, due 6/15/13					1,128
	4,000			New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 2002-D, 5.25%, due 6/15/15					4,338
	1,000			New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 2008-CC, 5.13%, due 6/15/30					1,024
	3,000			New York City Transitional Fin. Au. Ref. Rev., Ser. 2002-B, 5.25%, due 2/1/29					3,117

See Notes to Schedule of Investments

17

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PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
$	2,025			New York City Transitional Fin. Au. Ref. Rev., Ser. 2002-C, (AMBAC Insured), 5.25%, due 8/1/17				$	2,159
	1,700			New York City Trust for Cultural Res. Ref. Rev. (Lincoln Ctr. for the Performing Arts, Inc.), Ser. 2008-A1, (LOC: Bank of America), 0.25%, due 5/1/09					1,700	µß
	660			New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19					1	#‡
	2,000			New York St. Dorm. Au. Court Fac. Lease Rev. (New York City Issue), Ser. 2003-A, 5.50%, due 5/15/17 Pre-Refunded 5/15/13					2,314
	1,675			New York St. Dorm. Au. Insured Rev. (Long Island Univ.), Ser. 2003-A, (Radian Insured), 5.25%, due 9/1/15					1,678	ß
	1,600			New York St. Dorm. Au. Insured Rev. (The Culinary Institute of America), Ser. 1999, (National Public Finance Guarantee Co. Insured), 5.38%, due 7/1/15					1,621	ß
	3,000			New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17					3,173	ß
	250			New York St. Dorm. Au. Rev. (Brookdale Hosp. Med. Ctr.), Ser. 1998-J, 5.20%, due 2/15/16					252	ß
	1,125			New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16					1,245
	2,985			New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/14					2,860	ß
	2,000			New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/16					1,842	ß
	2,000			New York St. Dorm. Au. Rev. (Mount Sinai NYU Hlth.), Ser. 2000-C, 5.50%, due 7/1/26					1,915	ß
	1,980			New York St. Dorm. Au. Rev. (New York Med. College Proj.), Ser. 1998, (National Public Finance Guarantee Corp. Insured), 5.00%, due 7/1/21					1,981	ß
	500			New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003, 5.00%, due 5/1/18					500	ß
	2,855			New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured), 5.25%, due 11/1/15					2,981	ß
	2,410			New York St. Dorm. Au. Rev. (Rochester Institute of Technology Proj.), Ser. 2002-A, (AMBAC Insured), 5.25%, due 7/1/19					2,535	ß
	3,000			New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.), Ser. 2002, (LOC: Allied Irish Bank), 4.60%, due 7/1/16					2,946
	900			New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 5.00%, due 8/1/21					877	ß
	1,000			New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2006-A, 5.00%, due 7/1/20					852	ß
	1,135			New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24					932	ß
	3,900			New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2003-A, 5.38%, due 3/15/17 Pre-Refunded 3/15/13					4,469
	5,000			New York St. Energy Res. & Dev. Au. Fac. Rev. (Consolidated Edison Co. of New York, Inc. Proj.), Ser. 2001, 4.70%, due 6/1/36 Putable 10/1/12					5,020	µß
	1,500			New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.), Ser. 2004-A, 4.45%, due 7/1/17 Putable 7/1/09					1,498	µß
	1,000			New York St. Env. Fac. Corp. St. Clean Wtr. & Drinking Wtr. Rev., Ser. 2008-B, 5.00%, due 6/15/28					1,026
	2,000			New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 1997-67, 5.70%, due 10/1/17					2,005
	2,400			New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 2006-135, (LOC: Dexia Credit Locale de France), 2.00%, due 5/1/09					2,400	µ
	1,475			New York St. Thruway Au. Hwy. & Bridge, Ser. 2007-B, 5.00%, due 4/1/20					1,576
	250			New York St. Urban Dev. Corp. Correctional & Youth Fac. Svc. Rev., Ser. 2002-C, 4.00%, due 1/1/20 Putable 1/1/11					254	µ
	1,250			New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20					1,315
	1,375			New York Tobacco Settlement Fin. Corp., Ser. 2003-B1C, 5.50%, due 6/1/22					1,388
	2,000			Niagara Co. IDA Civic Fac. Rev. (Niagara Univ. Proj.), Ser. 2001-A, (Radian Insured), 5.50%, due 11/1/16					1,881	ß
	3,000			Port Au. of NY & NJ Rev., Ser. 2002, (AMBAC Insured), 5.50%, due 12/15/12					3,273
	1,000			Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22					854	ß
	3,000			Triborough Bridge & Tunnel Au. Gen. Purp. Ref. Rev., Ser. 2002-B, 5.25%, due 11/15/18					3,232
	1,570			Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 4.75%, due 1/1/24					1,587
	2,000			Triborough Bridge & Tunnel Au. Rev., Ser. 2008-D, 5.00%, due 11/15/23					2,120
	1,535			Ulster Co. Res. Rec. Agcy. Solid Waste Sys. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 3/1/16					1,671
	500			United Nations Dev. Corp. Sr. Lien. Ref. Rev., Ser. 2004-A, 5.25%, due 7/1/17					500
	1,000			Westchester Co. IDA Continuing Care Retirement Comm. Rev. (Kendal on Hudson Proj.), Ser. 2003-B, 5.70%, due 1/1/34 Putable 1/1/10					992	µß
	930			Yonkers IDA Civic Fac. Rev. (Comm. Dev. Properties-Yonkers, Inc.), Ser. 2001-A, 6.25%, due 2/1/16 Pre-Refunded 2/1/11					999	ß
									116,284

See Notes to Schedule of Investments

18

---

PRINCIPAL AMOUNT (000's omitted)				SECURITY@				VALUE† (000's omitted)
Pennsylvania (2.0%)
$	1,590			Cumberland Co. West Shore Area Hosp. Au. Rev. (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.), Ser. 2001, 5.90%, due 1/1/17				$	1,486	ß
Puerto Rico (1.2%)
	1,060			Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/16					919	ß
Virgin Islands (0.9%)
	750			Virgin Islands Pub. Fin. Au. Rev. (Virgin Islands Matching Fund Loan Notes), Ser. 1998-E, 6.00%, due 10/1/22					698
				Total Investments (164.3%) (Cost $125,204)					122,328	##
				Cash, receivables and other assets, less liabilities (0.5%)					379
				Liquidation Value of Auction Market Preferred Shares [(64.8%)]					(48,250	)
				Total Net Assets Applicable to Common Shareholders (100.0%)				$	74,457

See Notes to Schedule of Investments

19

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Notes to Schedule of Investments (Unaudited)

†	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 valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include 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. If a valuation is not available from an independent pricing service, the Funds seek to obtain quotations from principal market makers. If such quotations are not readily available, securities are valued using methods each Fund's 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, is expected to approximate market value. The Funds adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective November 1, 2008. In accordance with FAS 157, "fair value" is defined as the price that 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. Various inputs are used in determining the value of the Funds' investments. In addition to defining fair value, FAS 157 established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
	•	Level 1 – quoted prices in active markets for identical investments
	•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
	•	Level 3 – significant unobservable inputs (including the Funds' 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 following is a summary of the inputs used to value the Funds' investments as of April 30, 2009:

(000's omitted) Neuberger Berman				Level 1 – Quoted Prices				Level 2 – Other Significant Observable Inputs				Level 3 – Significant Unobservable Inputs				Total
California
Investments in Securities				$	—			$	149,153			$	—			$	149,153
Intermediate
Investments in Securities					—				453,163				—				453,163
New York
Investments in Securities					—				122,328				—				122,328

See Notes to Financial Statements

20

---

Notes to Schedule of Investments (Unaudited) (cont'd)

##	At April 30, 2009, selected Fund information on a U.S. federal income tax basis was as follows:

(000's omitted) Neuberger Berman				Cost				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation (Depreciation)
California				$	151,019			$	2,952			$	4,818			$	(1,866	)
Intermediate					455,205				13,881				15,923				(2,042	)
New York					125,204				2,422				5,298				(2,876	)

@	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 76%, 67%, and 63% 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.
ß	Security is guaranteed by the corporate or non-profit obligor.
ñ	Restricted security subject to restrictions on resale under federal securities laws. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and have been deemed by the investment manager to be liquid. At April 30, 2009, these securities amounted to approximately $2,500,000 or 2.7% of net assets applicable to common shareholders for California and approximately $3,537,000 or 1.3% of net assets applicable to common shareholders for Intermediate.
ñ	These securities have been deemed by the investment manager to be illiquid. At April 30, 2009, these securities amounted to $2,625,000 or 0.9% of net assets applicable to common shareholders for Intermediate.
µ	Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of April 30, 2009.
a	Security is subject to a guarantee provided by Bayerische Landesbank, backing 100% of the total principal.
c	Security is subject to a guarantee provided by Societe Generale, backing 100% of the total principal.
‡	Security is in default.
#	Restricted security subject to restrictions on resale under federal securities laws. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and have been deemed by the investment manager to be illiquid and restricted. At April 30, 2009, these securities amounted to approximately $1,000 or 0.0% of net assets applicable to common shareholders for Intermediate and approximately $1,000 or 0.0% of net assets applicable to common shareholders for New York.

See Notes to Financial Statements

21

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Notes to Schedule of Investments (Unaudited) (cont'd)

(000's omitted)				Restricted Security				Acquisition Date				Acquisition Cost				Acquisition Cost Percentage of Net Assets Applicable to Common Shareholders as of Acquisition Date				Value as of April 30, 2009				Fair Value Percentage of Net Assets Applicable to Common Shareholders as of April 30, 2009
Intermediate				New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006 A, 6.13%, due 2/15/19					8/4/2006			$	1,250				0.4	%		$	1				0.0	%
New York				New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006 A, 6.13%, due 2/15/19					8/4/2006				750				0.9				1				0.0

See Notes to Financial Statements

22

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Statements of Assets and Liabilities (Unaudited)

Neuberger Berman Intermediate Municipal Closed-End Funds
(000's omitted except per share amounts)

				CALIFORNIA INTERMEDIATE MUNICIPAL FUND				INTERMEDIATE MUNICIPAL FUND				NEW YORK INTERMEDIATE MUNICIPAL FUND
				April 30, 2009				April 30, 2009				April 30, 2009
Assets
Investments in securities, at value* (Note A)— see Schedule of Investments:				$	149,153			$	453,163			$	122,328
Cash					382				50				115
Interest receivable					2,256				7,532				2,005
Receivable for securities sold					—				4,543				—
Prepaid expenses and other assets					3				—				—
Total Assets					151,794				465,288				124,448
Liabilities
Distributions payable—preferred shares					10				33				6
Distributions payable—common shares					362				1,123				298
Payable for securities purchased					—				2,150				1,344
Payable to investment manager—net (Notes A & B)					12				38				10
Payable to administrator (Note B)					37				114				30
Accrued expenses and other payables					38				69				53
Total Liabilities					459				3,527				1,741
Auction Market Preferred Shares Series A & B at liquidation value
3,000, 8,000 and 3,000 shares authorized, 2,360, 7,176 and 1,930 shares issued and outstanding for California, Intermediate and New York, respectively;
$.0001 par value; $25,000 liquidation value per share (Note A)					59,000				179,400				48,250
Net Assets applicable to Common Shareholders at value				$	92,335			$	282,361			$	74,457
Net Assets applicable to Common Shareholders consist of:
Paid-in capital—common shares				$	96,455			$	293,853			$	79,175
Undistributed net investment income (loss)					245				1,402				221
Accumulated net realized gains (losses) on investments					(2,499	)			(10,852	)			(2,063	)
Net unrealized appreciation (depreciation) in value of investments					(1,866	)			(2,042	)			(2,876	)
Net Assets applicable to Common Shareholders at value				$	92,335			$	282,361			$	74,457
Common Shares Outstanding ($.0001 par value; 999,997,000, 999,992,000 and 999,997,000 shares authorized for California, Intermediate and New York, respectively)					6,799				20,705				5,582
Net Asset Value Per Common Share Outstanding				$	13.58			$	13.64			$	13.34
*Cost of Investments:				$	151,019			$	455,205			$	125,204

 

See Notes to Financial Statements

23

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Statements of Operations (Unaudited)

Neuberger Berman Intermediate Municipal Closed-End Funds
(000's omitted)

				CALIFORNIA INTERMEDIATE MUNICIPAL FUND				INTERMEDIATE MUNICIPAL FUND				NEW YORK INTERMEDIATE MUNICIPAL FUND
				For the Six Months Ended April 30, 2009				For the Six Months Ended April 30, 2009				For the Six Months Ended April 30, 2009
Investment Income:
Income (Note A)
Interest income				$	3,586			$	11,321			$	2,989
Expenses:
Investment management fees (Note B)					185				566				149
Administration fees (Note B)					222				679				179
Auction agent fees (Note B)					74				226				61
Audit fees					26				26				26
Basic maintenance expense (Note B)					12				12				12
Custodian fees (Note B)					41				74				34
Insurance expense					1				7				1
Legal fees					34				65				31
Shareholder reports					9				16				8
Stock exchange listing fees					1				4				1
Stock transfer agent fees					9				9				9
Directors' fees and expenses					20				20				20
Miscellaneous					12				20				17
Total expenses					646				1,724				548
Investment management fees waived (Note B)					(111	)			(339	)			(89	)
Expenses reduced by custodian fee expense offset arrangement (Note B)					(1	)			(5	)			(1	)
Total net expenses					534				1,380				458
Net investment income (loss)				$	3,052			$	9,941			$	2,531
Realized and Unrealized Gain (Loss) on Investments (Note A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers					(2,335	)			(9,596	)			(1,255	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities					5,824				20,558				4,216
Net gain (loss) on investments					3,489				10,962				2,961
Distributions to Preferred Shareholders					(362	)			(1,103	)			(300	)
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations				$	6,179			$	19,800			$	5,192

 

See Notes to Financial Statements

24

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Statements of Changes in Net Assets

Neuberger Berman Intermediate Municipal Closed-End Funds
(000's omitted)

				CALIFORNIA INTERMEDIATE MUNICIPAL FUND								INTERMEDIATE MUNICIPAL FUND
				Six Months Ended April 30, 2009 (Unaudited)				Year Ended October 31, 2008				Six Months Ended April 30, 2009 (Unaudited)				Year Ended October 31, 2008
Increase (Decrease) in Net Assets Applicable to Common Shareholders:
From Operations:
Net investment income (loss)				$	3,052			$	6,276			$	9,941			$	20,163
Net realized gain (loss) on investments					(2,335	)			66				(9,596	)			(232	)
Change in net unrealized appreciation (depreciation) of investments					5,824				(10,828	)			20,558				(31,724	)
Distributions to Preferred Shareholders From (Note A):
Net investment income					(362	)			(2,117	)			(1,103	)			(6,742	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations					6,179				(6,603	)			19,800				(18,535	)
Distributions to Common Shareholders From (Note A):
Net investment income					(2,175	)			(4,349	)			(6,740	)			(13,475	)
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders					4,004				(10,952	)			13,060				(32,010	)
Net Assets Applicable to Common Shareholders:
Beginning of period					88,331				99,283				269,301				301,311
End of period				$	92,335			$	88,331			$	282,361			$	269,301
Undistributed net investment income (loss) at end of period				$	245			$	—			$	1,402			$	—
Distributions in excess of net investment income at end of period				$	—			$	(270	)		$	—			$	(696	)

 

See Notes to Financial Statements

25

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				NEW YORK INTERMEDIATE MUNICIPAL FUND
				Six Months Ended April 30, 2009 (Unaudited)				Year Ended October 31, 2008
Increase (Decrease) in Net Assets Applicable to Common Shareholders:
From Operations:
Net investment income (loss)				$	2,531			$	5,241
Net realized gain (loss) on investments					(1,255	)			(270	)
Change in net unrealized appreciation (depreciation) of investments					4,216				(8,636	)
Distributions to Preferred Shareholders From (Note A):
Net investment income					(300	)			(1,732	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations					5,192				(5,397	)
Distributions to Common Shareholders From (Note A):
Net investment income					(1,790	)			(3,580	)
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders					3,402				(8,977	)
Net Assets Applicable to Common Shareholders:
Beginning of period					71,055				80,032
End of period				$	74,457			$	71,055
Undistributed net investment income (loss) at end of period				$	221			$	—
Distributions in excess of net investment income at end of period				$	—			$	(220	)

26

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Notes to Financial Statements Intermediate Municipal Closed-End Funds (Unaudited)

Note A—Summary of Significant Accounting Policies:

1	General: Neuberger Berman California Intermediate Municipal Fund Inc. ("California"), Neuberger Berman Intermediate Municipal Fund Inc. ("Intermediate"), and Neuberger Berman New York Intermediate Municipal Fund Inc. ("New York") (each a "Fund", and collectively the "Funds") were organized as Maryland corporations on July 29, 2002. California and New York are registered as non-diversified, closed-end management investment companies and Intermediate is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. Each Fund's Board of Directors may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of shareholders. 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. The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires Neuberger Berman Management LLC ("Management") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.
2	Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds' Schedule of Investments.
3	Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost and stated separately in the Statements of Operations.
4	Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its earnings to its shareholders. Therefore, no federal income or excise tax provision is required. The Funds have adopted the provisions of Financial Accounting Standards Board Interpretation No. 48 ("FIN 48") "Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109". FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years 2005—2007. As of April 30, 2009, the Funds did not have any unrecognized tax benefits. Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund as a whole. As determined on October 31, 2008, there were no permanent differences resulting from different book and tax accounting reclassified at fiscal year-end.

27

The tax character of distributions paid during the years ended October 31, 2008 and October 31, 2007 were as follows:

				Distributions Paid From:
				Tax-Exempt Income								Ordinary Income								Total
				2008				2007				2008				2007				2008				2007
California				$	6,458,574			$	6,689,147			$	7,760			$	6,563			$	6,466,334			$	6,695,710
Intermediate					20,178,654				20,429,346				38,868				40,416				20,217,522				20,469,762
New York					5,304,908				5,418,857				6,228				4,701				5,311,136				5,423,558

As of October 31, 2008, the components of distributable earnings (accumulated losses) on a U.S federal income tax basis were as follows:

				Undistributed Tax-Exempt Income				Undistributed Ordinary Income				Undistributed Long-Term Gain				Unrealized Appreciation (Depreciation)				Loss Carryforwards and Deferrals				Total
California				$	102,299			$	—			$	—			$	(7,690,412	)		$	(163,782	)		$	(7,751,895	)
Intermediate					988,618				—				—				(22,600,016	)			(1,256,493	)			(22,867,891	)
New York					224,211				—				—				(7,092,151	)			(807,589	)			(7,675,529	)

The differences between book basis and tax basis distributable earnings is attributable primarily to timing differences of distributions payable and distribution payments. 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. As determined at October 31, 2008, the Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

				Expiring in:
				2011				2012				2013				2014				2015				2016
California				$	—			$	159,305			$	4,477			$	—			$	—			$	—
Intermediate					509,968				328,363				58,816				—				126,780				232,566
New York					362,560				156,636				18,838				—				—				269,555

	During the year ended October 31, 2008, California utilized capital loss carryforwards of $66,302.
5	Distributions to shareholders: Each Fund earns income, net of expenses, daily on its investments. It is the policy of each Fund to declare and pay monthly distributions. Distributions from net realized capital gains, if any, are normally distributed in December. Distributions to common shareholders are recorded on the ex-date. Distributions to preferred shareholders are accrued and determined as described in Note A-7. Subsequent to April 30, 2009, each Fund declared a monthly distribution to common shareholders payable June 15, 2009, to shareholders of record on May 28, 2009, with an ex-date of May 26, 2009 as follows:

				Distribution per share
California				$	0.053294
Intermediate					0.054217
New York					0.053430

6

Expense allocation: Certain expenses are applicable to multiple funds. Expenses directly attributable to a Fund are charged to that Fund. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributed to a Fund are allocated among the Funds and the other investment companies in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each investment company in the complex or series thereof can otherwise be made fairly.

28

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7	Financial Leverage: On October 21, 2002, the Funds re-classified unissued shares of capital stock into several series of Auction Market Preferred Shares ("AMPS"), as follows:

				Series A Shares				Series B Shares
California					1,500				1,500
Intermediate					4,000				4,000
New York					1,500				1,500

On December 13, 2002, the Funds issued several series of AMPS, as follows:

				Series A Shares				Series B Shares
California					1,180				1,180
Intermediate					3,588				3,588
New York					965				965

All shares of each series of AMPS have a liquidation preference of $25,000 per share plus any accumulated unpaid distributions, whether or not earned or declared by the Fund, but excluding interest thereon ("Liquidation Value"). Distributions to AMPS shareholders, which are cumulative, are accrued daily. It is the policy of each Fund to pay distributions every 7 days for each Fund's AMPS Series A and every 28 days for each Fund's AMPS Series B, unless in a special rate period. In the absence of a special rate period, distribution rates are reset every 7 days for each Fund's AMPS Series A, based on the results of an auction. For the six months ended April 30, 2009, distribution rates ranged from:

				Distribution Rate
California					0.64	% – 2.99%
Intermediate					0.59	% – 3.00%
New York					0.59	% – 3.09%

In the absence of a special rate period, distribution rates are reset every 28 days for each Fund's AMPS Series B, based on the results of an auction. For the six months ended April 30, 2009, distribution rates ranged from:

				Distribution Rate
California					0.66	% – 2.99%
Intermediate					0.66	% – 8.68%
New York					0.66	% – 8.45%

The Funds declared distributions to AMPS shareholders for the period May 1, 2009 to May 31, 2009 for each series of the AMPS as follows:

				Series A Shares				Series B Shares
California				$	16,178			$	16,700
Intermediate					48,125				50,975