SCHEDULE 14A INFORMATION

                PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                                (AMENDMENT NO. )

Filed by the Registrant                     [X]

Filed by a Party other than the Registrant  [ ]

Check the appropriate box:

[ ]   Preliminary Proxy Statement
[ ]   Confidential, for Use of the Commission Only (as permitted by Rule
      14a-6(e)(2))
[X]   Definitive Proxy Statement
[ ]   Definitive Additional Materials
[ ]   Soliciting Material Under Rule 14a-12


          NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
--------------------------------------------------------------------------------
                (Name of Registrant as Specified In Its Charter)

--------------------------------------------------------------------------------
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X]   No fee required.

[ ]   Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

      (1)  Title of each class of securities to which transaction applies:

      (2)  Aggregate number of securities to which transaction applies:

      (3)  Per unit  price or other  underlying  value of  transaction  computed
           pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
           filing fee is calculated and state how it was determined):

      (4)  Proposed maximum aggregate value of transaction:

      (5)  Total fee paid:

[ ]   Fee paid previously with preliminary materials.

[ ]   Check box if any  part  of the  fee is  offset  as  provided  by  Exchange
      Act Rule  0-11(a)(2)  and identify the filing for which the offsetting fee
      was  paid  previously.   Identify  the  previous  filing  by  registration
      statement number, or the Form or Schedule and the date of its filing.

      (1)  Amount Previously Paid:
      (2)  Form, Schedule or Registration Statement No.: 
      (3)  Filing Party:
      (4)  Date Filed:                                                 



                                                        [LOGO: NEUBERGER BERMAN]
                                                       A Lehman Brothers Company

          NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
                  NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND INC.
                  NEUBERGER BERMAN INCOME OPPORTUNITY FUND INC.
                NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
           NEUBERGER BERMAN NEW YORK INTERMEDIATE MUNICIPAL FUND INC.
            NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND INC.
                    NEUBERGER BERMAN REALTY INCOME FUND INC.

                                605 THIRD AVENUE
                          NEW YORK, NEW YORK 10158-0180

                           ---------------------------

                    NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

                           ---------------------------

Dear Stockholder:

     NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders  ("Meeting")
of each  of  Neuberger  Berman  California  Intermediate  Municipal  Fund  Inc.,
Neuberger  Berman  Dividend   Advantage  Fund  Inc.,   Neuberger  Berman  Income
Opportunity  Fund  Inc.,  Neuberger  Berman  Intermediate  Municipal  Fund Inc.,
Neuberger  Berman New York  Intermediate  Municipal Fund Inc.,  Neuberger Berman
Real Estate Securities Income Fund Inc., and Neuberger Berman Realty Income Fund
Inc. (each, a "Fund" and, collectively,  the "Funds"),  will be held on Tuesday,
March 8, 2005,  at 2:30 p.m.  Eastern time at the offices of  Neuberger  Berman,
LLC,  605 Third  Avenue,  41st  Floor,  New York,  New York  10158-3698  for the
following purposes:

    1. To elect five Class III Directors  (one of which is to be elected only by
       holders of each Fund's preferred stock) to serve until the annual meeting
       of  stockholders  in 2008,  or until  their  successors  are  elected and
       qualified; and

    2. To consider and act upon any other business that may properly come before
       the Meeting or any adjournments thereof.

     You are  entitled to vote at the Meeting of your Fund and any  adjournments
thereof if you owned Fund  shares at the close of  business  on January 12, 2005
("Record Date"). If you attend the Meeting,  you may vote your shares in person.
IF YOU DO NOT EXPECT TO ATTEND THE MEETING, PLEASE REVIEW THE ENCLOSED MATERIALS
AND FOLLOW THE  INSTRUCTIONS  THAT APPEAR ON THE ENCLOSED PROXY CARD(S).  If you
have any questions about the proposals or the voting  instructions,  please call
us at  877-461-1899.  Any proposal  submitted to a vote at the meeting by anyone
other than the officers or directors of the Funds may be voted only in person or
by written proxy.


     We will admit to the Meeting (1) all stockholders of record of the Funds as
of the Record Date,  (2) persons  holding proof of  beneficial  ownership at the
Record Date such as a letter or account statement from a broker, (3) persons who
have been  granted  proxies,  and (4) such  other  persons  that we, in our sole
discretion,  may elect to admit.  ALL  PERSONS  WISHING  TO BE  ADMITTED  TO THE
MEETING MUST PRESENT  PHOTO  IDENTIFICATION.  IF YOU PLAN TO ATTEND THE MEETING,
PLEASE CONTACT US AT 877-461-1899.

     Unless proxy cards submitted by corporations and partnerships are signed by
the  appropriate  persons as indicated in the voting  instructions  on the proxy
cards, they will not be voted.

                                 By order of the Boards of Directors,

                                 /s/ Claudia A. Brandon
                                 Claudia A. Brandon
                                 Secretary

Dated: February 4, 2005

--------------------------------------------------------------------------------

                    YOUR VOTE IS IMPORTANT NO MATTER HOW MANY
                            SHARES OF STOCK YOU OWN.
                     PLEASE RETURN YOUR PROXY CARD PROMPTLY.

     IF YOU OWN SHARES OF MORE THAN ONE FUND OR SHARES OF BOTH COMMON  STOCK AND
PREFERRED  STOCK OF THE SAME  FUND,  THERE  WILL BE MORE  THAN  ONE  PROXY  CARD
ENCLOSED. PLEASE FILL OUT AND RETURN EACH PROXY CARD.

     STOCKHOLDERS  ARE INVITED TO ATTEND THE MEETING IN PERSON.  ANY STOCKHOLDER
WHO DOES NOT  EXPECT TO ATTEND  THE  MEETING  IS URGED TO  REVIEW  THE  ENCLOSED
MATERIALS AND FOLLOW THE INSTRUCTIONS THAT APPEAR ON THE ENCLOSED PROXY CARD(S).

     TO AVOID THE ADDITIONAL  EXPENSE TO THE FUNDS OF FURTHER  SOLICITATION,  WE
ASK YOUR COOPERATION IN VOTING YOUR PROXY PROMPTLY, NO MATTER HOW LARGE OR SMALL
YOUR HOLDINGS MAY BE.
--------------------------------------------------------------------------------



                                                        [LOGO: NEUBERGER BERMAN]
                                                       A Lehman Brothers Company

          NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
                  NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND INC.
                  NEUBERGER BERMAN INCOME OPPORTUNITY FUND INC.
                NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
           NEUBERGER BERMAN NEW YORK INTERMEDIATE MUNICIPAL FUND INC.
            NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND INC.
                    NEUBERGER BERMAN REALTY INCOME FUND INC.

                                605 THIRD AVENUE
                          NEW YORK, NEW YORK 10158-0180

                           ---------------------------

                                 PROXY STATEMENT

                           ---------------------------

                         ANNUAL MEETING OF STOCKHOLDERS
                                  MARCH 8, 2005

                                  INTRODUCTION

     This Proxy Statement is furnished to the  stockholders of each of Neuberger
Berman California  Intermediate  Municipal Fund Inc.,  Neuberger Berman Dividend
Advantage Fund Inc.,  Neuberger Berman Income  Opportunity Fund Inc.,  Neuberger
Berman Intermediate  Municipal Fund Inc., Neuberger Berman New York Intermediate
Municipal Fund Inc.,  Neuberger Berman Real Estate  Securities Income Fund Inc.,
and Neuberger Berman Realty Income Fund Inc. (each, a "Fund" and,  collectively,
the "Funds"),  by the Board of Directors of each  respective  Fund in connection
with the  solicitation  of stockholder  votes by proxy to be voted at the Annual
Meeting of Stockholders or any  adjournments  thereof  ("Meeting") to be held on
Tuesday,  March 8, 2005,  at 2:30 p.m.  Eastern time at the offices of Neuberger
Berman, LLC ("Neuberger  Berman"),  605 Third Avenue,  41st Floor, New York, New
York  10158-3698.  The  matters to be acted upon at the Meeting are set forth in
the  accompanying  Notice of Annual  Meeting.  It is expected that the Notice of
Annual  Meeting,  this Proxy Statement and form of proxy first will be mailed to
stockholders on or about February 4, 2005.

     If an  enclosed  proxy  card is  executed  properly  and  returned,  shares
represented  thereby  will be  voted  at the  Meeting  in  accordance  with  the
instructions on the proxy card. A proxy may  nevertheless be revoked at any time
prior to its use by written notification  received by the Fund, by the execution
of a  subsequently  dated proxy card or by  attending  the Meeting and voting in
person.  However,  if no instructions are specified on a proxy card, shares will
be voted "FOR" the election of  each nominee for Director and "FOR" or "AGAINST"


any other  matters acted  upon at the Meeting  in the discretion  of the persons
named as proxies.

     The close of  business on January  12,  2005,  has been fixed as the record
date for the determination of stockholders  entitled to notice of and to vote at
the Meeting ("Record Date"). On that date, each Fund had the following number of
shares of  common  stock  ("Common  Shares")  and  preferred  stock  ("Preferred
Shares") outstanding and entitled to vote:



                                                COMMON SHARES   PREFERRED SHARES
FUND                                             OUTSTANDING      OUTSTANDING
--------------------------------------------------------------------------------
                                                              
Neuberger Berman
  California Intermediate Municipal Fund Inc.      6,791,981        2,360
Neuberger Berman
  Dividend Advantage Fund Inc.                     5,805,236        2,100
Neuberger Berman Income Opportunity Fund Inc.     17,723,648        5,020
Neuberger Berman
  Intermediate Municipal Fund Inc.                20,705,124        7,176
Neuberger Berman
  New York Intermediate Municipal Fund Inc.        5,574,550        1,930
Neuberger Berman
  Real Estate Securities Income Fund Inc.         33,316,439        9,800
Neuberger Berman Realty Income Fund Inc.          27,372,139        9,120
--------------------------------------------------------------------------------


     Holders of each Fund's  outstanding Common Shares and Preferred Shares will
vote  together as a single  class to elect four of the Class III  Directors.  As
described herein under the section entitled "Election of Directors -- Proposal,"
holders of the Preferred  Shares of each Fund will vote  separately from holders
of the Common Shares to elect one additional Class III Director. As to any other
business that may properly come before the Meeting or any adjournments  thereof,
holders of the Common Shares and Preferred  Shares may vote together as a single
class or separately, depending on the requirements of the Investment Company Act
of 1940, as amended ("1940 Act"),  the Maryland  General  Corporation  Law and a
Fund's  charter  with  respect  to said item of  business.  Each full share of a
Fund's  Common  Shares  or  Preferred  Shares is  entitled  to one vote and each
fractional  share of a Fund's Common Shares or Preferred Shares is entitled to a
proportionate share of one vote.

     Solicitation  is made primarily by the mailing of this Proxy  Statement and
the accompanying proxy card(s). Supplementary solicitations may be made by mail,
telephone,  and  electronic  transmission  or in person by regular  employees of
Neuberger Berman Management Inc. ("NB Management"),  affiliates of NB Management
or other  representatives  of the Funds.  NB  Management  serves as each  Fund's
investment manager and administrator.  All expenses in connection with preparing
this Proxy Statement and its enclosures,  and additional  solicitation  expenses
including  reimbursement  of  brokerage  firms and others for their  expenses in
forwarding proxy solicitation  material to the beneficial owners of shares, will
be borne by the Fund.

                                       2


     The  presence  at the  Meeting,  in  person or by  proxy,  of  stockholders
entitled to vote 33-1/3% of the shares  outstanding  and entitled to vote at the
Meeting is  required  for a quorum.  The  affirmative  vote of the  holders of a
majority of a Fund's outstanding Common Shares and Preferred Shares, voting as a
single class, is required to elect four of that Fund's Class III Directors.  The
affirmative vote of the holders of a majority of a Fund's outstanding  Preferred
Shares,  voting  separately  from the holders of Common  Shares,  is required to
elect one  additional  Class III Director  for that Fund.  With respect to other
items of business (and the Funds are not  currently  aware of any other items to
be brought before the Meeting),  the necessary  affirmative  vote will depend on
the requirements of the 1940 Act, the Maryland  General  Corporation Law and the
Fund's charter with respect to said item of business. If a quorum is not present
at the Meeting or a quorum is present but sufficient votes to approve a proposed
item are not received, or for any other reason, the persons named as proxies may
propose one or more adjournments of such Meeting to permit further  solicitation
of proxies. Subject to the rules established by the Chairman of the Meeting, the
holders of a majority of the shares  entitled to vote at the Meeting and present
in person or by proxy may vote to  adjourn,  or, if no  stockholder  entitled to
vote is present in person or by proxy,  any officer present  entitled to preside
or act as secretary of the Meeting may adjourn the Meeting.  In the former case,
the persons  named as proxies will vote those  proxies that they are entitled to
vote in favor of such  item  "FOR"  such an  adjournment,  and will  vote  those
proxies required to be voted against such item "AGAINST" such an adjournment.  A
stockholder  vote may be taken on the  nominations in this Proxy Statement prior
to any such  adjournment  if  sufficient  votes  have  been  received  and it is
otherwise appropriate.

     The Funds expect that  broker-dealer  firms holding  shares of the Funds in
"street  name" for the benefit of their  customers  and clients will request the
instructions  of such  customers and clients on how to vote their shares on each
proposal at the Meeting.  The Funds  understand that, under the rules of the New
York Stock  Exchange  ("NYSE") and the American Stock  Exchange  ("AMEX"),  such
broker-dealers  may grant  authority to the proxies  designated  by the Funds to
vote on the election of  Directors  for the Funds if no  instructions  have been
received  prior to the date  specified in the  broker-dealer  firm's request for
voting  instructions.  Certain  broker-dealer firms may exercise discretion over
shares held in their names for which no instructions are received by voting such
shares in the same  proportion  as they have  voted  shares  for which they have
received instructions.

     In tallying  stockholder  votes,  abstentions and "broker non-votes" (i.e.,
shares  held by  brokers  or  nominees  as to which  instructions  have not been
received from the beneficial  owners or the persons  entitled to vote and either
(i) the broker or nominee does not have  discretionary  voting power or (ii) the
broker  or  nominee  returns  the  proxy  but  expressly  declines  to vote on a
particular  matter)  will be counted as shares that are present and  entitled to
vote  for  purposes  of  determining  the  presence  of a  quorum.  Accordingly,
abstentions  and  broker  non-votes  effectively  will  be a  vote  against  any
adjournment and against the election of the Directors.

     As of  January  12,  2005,  the  Funds do not know of any  person  who owns
beneficially 5% or more of the outstanding  Common Shares or Preferred Shares of
any Fund.

                                       3


     In addition,  the Directors  and officers of each Fund,  in the  aggregate,
owned less than 1% of each Fund's outstanding shares as of January 12, 2005.

     NB Management  serves as the investment  manager and  administrator to each
Fund. NB Management  provides  investment  management  and advisory  services to
private accounts of institutional and individual clients and to mutual funds. NB
Management is located at 605 Third Avenue,  New York,  New York  10158-0180.  NB
Management  retains  Neuberger  Berman,  605 Third  Avenue,  New York,  New York
10158-3698,  as sub-adviser with respect to each Fund. As of September 30, 2004,
Neuberger  Berman  affiliates  had  approximately  $65.6 billion in assets under
management.  Neuberger  Berman  and NB  Management  are  indirect  wholly  owned
subsidiaries of Lehman Brothers Holdings Inc., a publicly held company.

     STOCKHOLDERS  OF RECORD OR  BENEFICIAL  OWNERS  AS OF THE  RECORD  DATE MAY
OBTAIN A FREE COPY OF THE ANNUAL  REPORT  FOR EACH FUND FOR THE  FISCAL  YEAR OR
PERIOD,  AS APPLICABLE,  ENDED OCTOBER 31, 2004, WHICH INCLUDE AUDITED FINANCIAL
STATEMENTS,  BY WRITING NB MANAGEMENT AT 605 THIRD AVENUE,  2ND FLOOR, NEW YORK,
NEW YORK 10158-0180, OR BY CALLING TOLL FREE 877-461-1899.

     Stockholders may send  communications that they would like to direct to the
Board of  Directors  of a Fund to the  attention  of  Philip R.  Carroll,  Chief
Compliance Officer of the Funds,  Neuberger Berman Funds, 605 Third Avenue, 21st
Floor,  New York,  NY,  10158-0180.  Each Board has directed Mr. Carroll to send
such  communications  to the chairperson of the applicable Fund's Code of Ethics
Committee.  Nominee recommendations and stockholder proposals should be directed
to the attention of Claudia A. Brandon, Secretary of the Funds, Neuberger Berman
Funds, 605 Third Avenue,  21st Floor,  New York, NY,  10158-0180 as described in
this  Proxy  Statement  under  "Information  Regarding  the Funds'  Process  for
Nominating Director Candidates" and "Stockholder Proposals."

                                       4


                              ELECTION OF DIRECTORS
                                    PROPOSAL

     The Board of Directors of each Fund is divided into three classes (Class I,
Class II and Class III).  The terms of office of Class I, Class II and Class III
Directors will expire at the annual meeting of  stockholders  held in 2006, 2007
and  2005,  respectively,  and at each  third  annual  meeting  of  stockholders
thereafter.  Each  Director  shall hold  office  until his or her  successor  is
elected and qualified or until his or her earlier death, resignation or removal.
The  classification of each Fund's Directors helps to promote the continuity and
stability of each Fund's  management  and  policies  because the majority of the
Directors at any given time will have prior experience as Directors of the Fund.
At least two  stockholder  meetings,  instead of one,  are  required to effect a
change  in a  majority  of the  Directors,  except  in the  event  of  vacancies
resulting from removal for cause or other  reasons,  in which case the remaining
Directors may fill the vacancies so created, to the extent permitted by the 1940
Act.

     Holders of each Fund's  Preferred  Shares are entitled,  as a class, to the
exclusion of the holders of all other classes of stock of the Fund, to elect two
Directors of the Fund  (regardless  of the total number of Directors  serving on
the Fund's Board of Directors). One of those two Directors, Howard A. Mileaf, is
a Class III Director currently up for election. The other is a Class II Director
up for election in 2007. The Class II Director is not a nominee to be considered
at the Meeting.

     The term of each  current  Class III  Director  expires  in 2005,  but each
expressed his or her  willingness to serve another term as Director of the Funds
if nominated by the Boards of Directors.

     The  Nominating   Committee  of  each  Fund  reviewed  the  qualifications,
experience and background of each  incumbent  Director.  Based upon this review,
each Committee  determined that  nominating the incumbents  would be in the best
interests  of its Fund's  stockholders.  Each  Fund's  Board  believes  that the
incumbents  are well  suited for  service on the Board due to their  familiarity
with the Fund as a result of their prior service as Directors,  their  knowledge
of the financial services sector, and their substantial experience in serving as
directors or  trustees,  officers or advisers of public  companies  and business
organizations, including other investment companies.

     At a meeting on December  15, 2004,  the Boards of  Directors  received the
recommendations of the Nominating Committees. After discussion and consideration
of, among other things,  the  backgrounds of the  incumbents,  each Fund's Board
voted to nominate Robert A. Kavesh, Howard A. Mileaf, Edward I. O'Brien, William
E. Rulon,  and Candace L.  Straight for election as Class III  Directors  with a
term expiring in 2008. Each Fund has a policy that at least three-fourths of all
Directors be Independent  Fund Directors.  Independent  Fund Directors are those
who are not  associated  with the Funds'  investment  adviser or  sub-adviser or
their affiliates,  or with any  broker-dealer  used by the Funds, the investment
adviser or the sub-adviser in the past six months.

     It is the intention of the persons  named in the enclosed  proxy card(s) to
vote in favor of the  election of each  nominee  named in this Proxy  Statement.
Each nominee  has consented to  be named in this Proxy Statement and to serve as

                                       5


Director if elected.  Each Fund's  Board of  Directors  has no reason to believe
that any nominee will become unavailable for election as a Director, but if that
should  occur  before  the  Meeting,  the  proxies  will be voted for such other
nominees as the Board of Directors may recommend.

     None of the  Directors is related to any other.  The  following  tables set
forth certain information regarding each Director of the Funds. Unless otherwise
noted,  each  Director  has engaged in the  principal  occupation  listed in the
following  table for five years or more.  The  business  address of each  listed
person is 605 Third Avenue, New York, New York 10158.

                        INFORMATION REGARDING NOMINEES
                      FOR ELECTION AT 2005 ANNUAL MEETING



------------------------------------------------------------------------------------------------
                                                     NUMBER OF
                                                     PORTFOLIOS IN
                                                     FUND COMPLEX   OTHER DIRECTORSHIPS
                                                     OVERSEEN BY    HELD OUTSIDE FUND COMPLEX
NAME AND AGE               PRINCIPAL OCCUPATION(S)   DIRECTOR       BY DIRECTOR
------------------------------------------------------------------------------------------------
                                            CLASS III
------------------------------------------------------------------------------------------------
Independent Fund Directors
------------------------------------------------------------------------------------------------
                                                           
Robert A. Kavesh           Marcus Nadler                   41       Director, DEL
(77)                       Professor Emeritus of                    Laboratories, Inc.
                           Finance and Economics,                   (cosmetics and
                           New York University                      pharmaceuticals) since
                           Stern School of                          1978; Director, The
                           Business.                                Caring Community
                                                                    ( not-for-profit).
------------------------------------------------------------------------------------------------
Howard A. Mileaf           Retired. Formerly, Vice         41       Director, WHX
(68)                       President and Special                    Corporation (holding
                           Counsel, WHX                             company) since August
                           Corporation (holding                     2002; Director,
                           company) 1993 to 2001.                   Webfinancial Corporation
                                                                    (holding company) since
                                                                    December 2002; Director,
                                                                    State Theatre of New
                                                                    Jersey (not-for-profit
                                                                    theater) since 2000;
                                                                    formerly, Director,
                                                                    Kevlin Corporation
                                                                    (manufacturer of
                                                                    microwave and
                                                                    other products).
------------------------------------------------------------------------------------------------


                                       6




------------------------------------------------------------------------------------------------
                                                 NUMBER OF
                                                 PORTFOLIOS IN
                                                 FUND COMPLEX   OTHER DIRECTORSHIPS
                                                 OVERSEEN BY    HELD OUTSIDE FUND COMPLEX
NAME AND AGE          PRINCIPAL OCCUPATION(S)    DIRECTOR       BY DIRECTOR
------------------------------------------------------------------------------------------------
                                                       
William E. Rulon      Retired. Formerly,               41       Director, Pro-Kids Golf
(72)                  Senior Vice President,                    and Learning Academy
                      Foodmaker, Inc.                           (teach golf and computer
                      (operator and franchiser                  usage to "at risk"
                      of restaurants) until                     children) since 1998;
                      January 1997.                             formerly, Director,
                                                                Prandium, Inc.
                                                                (restaurants) from March
                                                                2001 until July 2002.
------------------------------------------------------------------------------------------------
Candace L. Straight   Private investor and             41       Director, The
(57)                  consultant specializing                   Proformance Insurance
                      in the insurance                          Company (personal lines
                      industry; formerly,                       property and casualty
                      Advisory Director,                        insurance) since March
                      Securitas Capital LLC                     2004; Director,
                      (a global private equity                  Providence Washington
                      investment firm                           (property and casualty
                      dedicated to making                       insurance company) since
                      investments in the                        December 1998; Director,
                      insurance sector) 1998                    Summit Global Partners
                      to December 2002.                         (insurance brokerage
                                                                firm) since October 2000.
------------------------------------------------------------------------------------------------
Director who is an "Interested Person"
------------------------------------------------------------------------------------------------
Edward I. O'Brien*    Formerly, Member,                41       Director, Legg Mason,
(76)                  Investment Policy                         Inc. (financial services
                      Committee, Edward                         holding company) since
                      Jones 1993 to 2001;                       1993; formerly, Director,
                      President, Securities                     Boston Financial Group
                      Industry Association                      (real estate and tax
                      (SIA) (securities                         shelters) 1993 to 1999.
                      industry's representative
                      in government relations
                      and regulatory matters
                      at the federal and state
                      levels) from 1974 to
                      1992; Adviser to SIA,
                      November 1992 to
                      November 1993.
------------------------------------------------------------------------------------------------


                                       7


--------------------------------------------------------------------------------
                        INFORMATION REGARDING DIRECTORS

                         WHOSE CURRENT TERMS CONTINUE



------------------------------------------------------------------------------------------------
                                                   NUMBER OF
                                                   PORTFOLIOS IN
                                                   FUND COMPLEX   OTHER DIRECTORSHIPS
                                                   OVERSEEN BY    HELD OUTSIDE FUND COMPLEX
NAME AND AGE          PRINCIPAL OCCUPATION(S)      DIRECTOR       BY DIRECTOR
------------------------------------------------------------------------------------------------
                                            CLASS I
------------------------------------------------------------------------------------------------
Independent Fund Directors
------------------------------------------------------------------------------------------------
                                                         
Faith Colish (69)     Counsel, Carter Ledyard            41       Director, American Bar
                      & Millburn LLP (law                         Retirement Association
                      firm) since October                         (ABRA) since 1997
                      2002; formerly,                             (not-for-profit
                      Attorney-at-Law and                         membership association).
                      President, Faith Colish,
                      A Professional Corporation,
                      1980 to 2002.
------------------------------------------------------------------------------------------------
C. Anne Harvey (67)   Consultant, C. A.                  41       President, Board of
                      Harvey Associates,                          Associates to The
                      since June 2001;                            National Rehabilitation
                      formerly, Director,                         Hospital's Board of
                      AARP, 1978                                  Directors, since 2002;
                      to December 2001.                           formerly, Member,
                                                                  Individual Investors
                                                                  Advisory Committee to
                                                                  the New York Stock
                                                                  Exchange Board of
                                                                  Directors, 1998 to June
                                                                  2002; formerly, Member,
                                                                  American Savings
                                                                  Education Council's
                                                                  Policy Board (ASEC),
                                                                  1998 to 2000; formerly,
                                                                  Member, Executive
                                                                  Committee, Crime
                                                                  Prevention Coalition of
                                                                  America, 1997 to 2000.
------------------------------------------------------------------------------------------------
Cornelius T. Ryan     Founding General                   41       Director, Capital Cash
(73)                  Partner, Oxford Partners                    Management Trust
                      and Oxford Bioscience                       (money market fund),
                      Partners (venture capital                   Naragansett Insured
                      partnerships) and                           Tax-Free Income Fund,
                      President, Oxford                           Rocky Mountain Equity
                      Venture Corporation.                        Fund, Prime Cash Fund,
                                                                  several private companies
                                                                  and QuadraMed
                                                                  Corporation (NASDAQ).
------------------------------------------------------------------------------------------------


                                       8




------------------------------------------------------------------------------------------------------------
                                                                   NUMBER OF
                                                                   PORTFOLIOS IN
                                                                   FUND COMPLEX   OTHER DIRECTORSHIPS
                                                                   OVERSEEN BY    HELD OUTSIDE FUND COMPLEX
NAME AND AGE                           PRINCIPAL OCCUPATION(S)     DIRECTOR       BY DIRECTOR
------------------------------------------------------------------------------------------------------------
                                                                         
Peter P. Trapp (60)                    Regional Manager for              41       None
                                       Atlanta Region, Ford
                                       Motor Credit Company
                                       since August 1997;
                                       formerly, President,
                                       Ford Life Insurance
                                       Company, April 1995
                                       to August 1997.
------------------------------------------------------------------------------------------------------------
Director who is an "Interested Person"
------------------------------------------------------------------------------------------------------------
Peter E. Sundman*                      Executive Vice                    41       Director and Vice
(45)                                   President, Neuberger                       President, Neuberger &
                                       Berman Inc. (holding                       Berman Agency, Inc.
                                       company) since 1999;                       since 2000; formerly,
                                       Head of Neuberger                          Director, Neuberger
                                       Berman Inc.'s Mutual                       Berman Inc. (holding
                                       Funds and Institutional                    company) from October
                                       Business since 1999;                       1999 through March
                                       President and Director,                    2003; Trustee, Frost
                                       NB Management since                        Valley YMCA.
                                       1999; Executive Vice
                                       President, Neuberger
                                       Berman since 1999;
                                       formerly, Principal,
                                       Neuberger Berman from
                                       1997 until 1999;
                                       formerly, Senior Vice
                                       President, NB
                                       Management from
                                       1996 to 1999.
------------------------------------------------------------------------------------------------------------
                                                    CLASS II
------------------------------------------------------------------------------------------------------------
Independent Fund Directors
------------------------------------------------------------------------------------------------------------
John Cannon (75)                       Consultant. Formerly,             41       Independent Trustee or
                                       Chairman, CDC                              Director of three series of
                                       Investment Advisers                        OppenheimerFunds:
                                       (registered investment                     Limited Term New York
                                       adviser), 1993 to                          Municipal Fund,
                                       January 1999; formerly,                    Rochester Fund
                                       President and Chief                        Municipals, and
                                       Executive Officer, AMA                     Oppenheimer Convertible
                                       Investment Advisors, an                    Securities Fund,
                                       affiliate of the American                  since 1992.
                                       Medical Association.
------------------------------------------------------------------------------------------------------------


                                       9




------------------------------------------------------------------------------------------
                                               NUMBER OF
                                               PORTFOLIOS IN
                                               FUND COMPLEX   OTHER DIRECTORSHIPS
                                               OVERSEEN BY    HELD OUTSIDE FUND COMPLEX
NAME AND AGE        PRINCIPAL OCCUPATION(S)    DIRECTOR       BY DIRECTOR
------------------------------------------------------------------------------------------
                                                     
Barry Hirsch (71)   Attorney-at-Law.                 41       None
                    Formerly, Senior
                    Counsel, Loews
                    Corporation (diversified
                    financial corporation)
                    May 2002 until April
                    2003; formerly, Senior
                    Vice President,
                    Secretary and General
                    Counsel, Loews
                    Corporation.
------------------------------------------------------------------------------------------
Tom D. Seip (54)    General Partner, Seip            41       Director, H&R Block,
                    Investments LP (a                         Inc. (financial services
                    private investment                        company) since May
                    partnership); formerly,                   2001; Director, Forward
                    President and CEO,                        Management, Inc. (asset
                    Westaff, Inc. (temporary                  management) since 2001;
                    staffing), May 2001 to                    formerly, Director,
                    January 2002; Senior                      General Magic (voice
                    Executive at the Charles                  recognition software)
                    Schwab Corporation                        2001 to 2002; Director,
                    from 1983 to 1999,                        E-Finance Corporation
                    including Chief                           (credit decisioning
                    Executive Officer,                        services) 1999 to 2003;
                    Charles Schwab                            formerly, Director, Save-
                    Investment                                Daily.com (micro
                    Management, Inc. and                      investing services) 1999
                    Trustee, Schwab Family                    to 2003; Director,
                    of Funds and Schwab                       Offroad Capital Inc.
                    Investments from 1997                     (pre-public internet
                    to 1998 and Executive                     commerce company).
                    Vice President-Retail
                    Brokerage, Charles
                    Schwab Investment
                    Management from 1994
                    to 1997.
------------------------------------------------------------------------------------------


                                      10




------------------------------------------------------------------------------------------
                                                 NUMBER OF
                                                 PORTFOLIOS IN
                                                 FUND COMPLEX   OTHER DIRECTORSHIPS
                                                 OVERSEEN BY    HELD OUTSIDE FUND COMPLEX
NAME AND AGE           PRINCIPAL OCCUPATION(S)   DIRECTOR       BY DIRECTOR
------------------------------------------------------------------------------------------
Director who is an "Interested Person"
------------------------------------------------------------------------------------------
                                                       
Jack L. Rivkin*(64)    Executive Vice                  41       Director, Dale Carnegie   
                       President and Chief                      and Associates, Inc.      
                       Investment Officer,                      (private company) since   
                       Neuberger Berman Inc.                    1998; Director, Emagin    
                       (holding company)                        Corp. (public company)    
                       since 2002 and 2003,                     since 1997; Director,     
                       respectively; Executive                  Solbright, Inc. (private  
                       Vice President and                       company) since 1998;      
                       Chief Investment                         Director, Infogate, Inc.  
                       Officer, Neuberger                       (private company) since   
                       Berman since December                    1997; Director, Broadway  
                       2002 and 2003,                           Television Network        
                       respectively; Director                   (private company)         
                       and Chairman, NB                         since 2000.               
                       Management since                                                   
                       December 2002;                                                     
                       formerly, Executive                                                
                       Vice President,                                                    
                       Citigroup Investments,                                             
                       Inc. from September                                                
                       1995 to February 2002;                                             
                       formerly, Executive                                                
                       Vice President,                                                    
                       Citigroup Inc. from                                                
                       September 1995 to                                                  
                       February 2002.                                                     
------------------------------------------------------------------------------------------


*  Indicates a director  who is an "interested person" within the meaning of the
   1940 Act. Mr. Sundman and Mr. Rivkin are  interested  persons of the Funds by
   virtue of the fact that each is an officer  and/or  director of NB Management
   and  Executive  Vice  President  of  Neuberger  Berman.  Mr.  O'Brien  is  an
   interested person of the Funds by virtue of the fact that he is a director of
   Legg Mason,  Inc., a wholly  owned  subsidiary  of which,  from time to time,
   serves as a broker or dealer  to the Funds and other  funds or  accounts  for
   which NB Management serves as investment manager.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

     Under  Section  16(a) of the  Securities  Exchange Act of 1934,  as amended
("1934  Act"),  Section  30(h)  of the  1940  Act and  Securities  and  Exchange
Commission ("SEC") regulations  thereunder,  certain of each Fund's officers and
each Fund's  Directors and portfolio  managers,  persons owning more than 10% of
each Fund's stock and certain  officers and principals of the Funds'  investment
manager and sub-adviser are required to report their transactions in each Fund's
stock to the SEC and either the NYSE (with  respect to Neuberger  Berman  Realty
Income Fund Inc.) or the AMEX (with respect to the other Funds). Based solely on
the review by each Fund of the  copies of such  reports  received  by each Fund,
each Fund believes  that,  during its fiscal period ended October 31, 2004,  all
filing requirements applicable to such persons were met.

                                       11


BOARD OF DIRECTORS AND COMMITTEE MEETINGS

     The  following  table sets forth the number of times each Fund's  Board met
during the fiscal period ended October 31, 2004. Each Director attended at least
75% of the total number of meetings of each Board and of any  committee of which
he or she was a member during that period.



FUND                                                        BOARD MEETINGS HELD
-------------------------------------------------------------------------------
                                                                 
Neuberger Berman California Intermediate Municipal Fund Inc.        5
Neuberger Berman Dividend Advantage Fund Inc.(1)                    5
Neuberger Berman Income Opportunity Fund Inc.                       5
Neuberger Berman Intermediate Municipal Fund Inc.                   5
Neuberger Berman New York Intermediate Municipal Fund Inc.          5
Neuberger Berman Real Estate Securities Income Fund Inc.            5
Neuberger Berman Realty Income Fund Inc.                            5
-------------------------------------------------------------------------------


(1) The Fund commenced investment operations on March 30, 2004

     The  Boards  have  established   several  standing  committees  to  oversee
particular  aspects of the Funds'  management.  The standing  committees of each
Board  are  described  below.  The  Boards do not have a  standing  compensation
committee.

     AUDIT  COMMITTEE.  Each Audit  Committee's  purposes are (a) to oversee the
accounting  and  financial  reporting  processes  of the Fund  and its  internal
control over financial  reporting and, as the Committee  deems  appropriate,  to
inquire  into  the  internal   control  over  financial   reporting  of  certain
third-party  service providers;  (b) to oversee the quality and integrity of the
Fund's financial  statements and the independent audit thereof;  (c) to oversee,
or, as appropriate,  assist Board oversight of, the Fund's compliance with legal
and regulatory  requirements  that relate to the Fund's accounting and financial
reporting, internal control over financial reporting and independent audits; (d)
to  approve  prior to  appointment  the  engagement  of the  Fund's  independent
auditors   and,  in   connection   therewith,   to  review  and   evaluate   the
qualifications, independence and performance of the Fund's independent auditors;
(e) to act as a liaison  between the Fund's  independent  auditors  and the full
Board;  and (f) to prepare an audit committee  report as required by Item 306 of
Regulation  S-K to be included in proxy  statements  relating to the election of
directors/trustees.  The  charter of the Audit  Committees  was  attached to the
Funds' proxy  statement dated January 12, 2004. The Audit Committee of each Fund
has delegated  the  authority to grant  pre-approval  of  permissible  non-audit
services and all audit,  review or attest  engagements of the Fund's independent
auditors to the Chairman of the Audit Committee.

     The Audit Committee of each Fund is composed  entirely of Independent  Fund
Directors  who are also  considered  independent  under  the  listing  standards
applicable to each Fund. For each Fund,  its members are John Cannon,  Cornelius
T.  Ryan  (Chairman),  Tom D.  Seip and  Peter P.  Trapp.  Members  of the Audit
Committee  receive  additional  compensation for serving on this committee.  The
Report  of  the  Audit  Committees  relating  to the  audit  of  Fund  financial
statements  for the fiscal year ended  October  31,  2004 is attached  hereto as
Appendix A. During the fiscal year ended October 31, 2004, the Committee of each

                                       12


Fund except Neuberger Berman Dividend Advantage Fund Inc.  ("Dividend  Advantage
Fund") met three times  before  Dividend  Advantage  Fund  commenced  investment
operations  and the  Committee  of each  Fund  met  four  times  after  Dividend
Advantage Fund commenced operations.

     CODE OF  ETHICS  COMMITTEE.  The  Code of  Ethics  Committee  oversees  the
administration  of a  Fund's  Code  of  Ethics,  which  restricts  the  personal
securities transactions of employees and officers of NB Management and Neuberger
Berman, and the Directors.  For each Fund, its members are Faith Colish, C. Anne
Harvey, Robert A. Kavesh (Chairman), Howard A. Mileaf and Edward I. O'Brien. All
members except for Mr. O'Brien are Independent Fund Directors. During the fiscal
year ended October 31, 2004, the Committee of each Fund met once.

     CONTRACT REVIEW COMMITTEE. The Contract Review Committee is responsible for
review and oversight of a Fund's principal  contractual  arrangements.  For each
Fund, its members are Faith Colish (Chairwoman), Barry Hirsch, Howard A. Mileaf,
William E. Rulon and  Candace L.  Straight.  All members  are  Independent  Fund
Directors.  During the fiscal year ended October 31, 2004, the Committee of each
Fund met twice.

     EXECUTIVE  COMMITTEE.  The Executive Committee is responsible for acting in
an emergency when the full board is not available.  It has all the powers of the
Directors  when the  Directors  are not in session,  to the extent  permitted by
Maryland  law.  For each Fund,  its members are John  Cannon,  Howard A. Mileaf,
Edward I. O'Brien, Jack L. Rivkin, William E. Rulon, Cornelius T. Ryan and Peter
E.  Sundman  (Chairman).  All  members  except for Messrs.  O'Brien,  Rivkin and
Sundman are Independent Fund Directors. During the fiscal year ended October 31,
2004, the Committee of each Fund did not meet.

     NOMINATING   COMMITTEE.   The  Nominating   Committee  is  responsible  for
nominating  individuals  to serve as Directors,  including as  Independent  Fund
Directors,  as members of committees,  and as officers of a Fund. The Committees
met to discuss  matters  relating to the  nomination of Class III Directors with
respect  to  each  Fund.   For  each  Fund,  its  members  are  C.  Anne  Harvey
(Chairwoman),  Barry Hirsch, Robert A. Kavesh, Howard A. Mileaf and Tom D. Seip.
All members are Independent Fund Directors. During the fiscal year ended October
31, 2004,  the Committee of each Fund except  Dividend  Advantage  Fund met once
before Dividend Advantage Fund commenced investment operations and the Committee
of each Fund met once after Dividend Advantage Fund commenced operations.

     PORTFOLIO TRANSACTIONS COMMITTEE. The Portfolio Transactions Committee from
time to time reviews,  among other  things,  data on the quality of execution of
portfolio trades, actual and potential uses of portfolio brokerage  commissions,
agency  cross-transactions,  information  relating to the commissions charged by
Neuberger Berman and Lehman Brothers Inc. ("Lehman  Brothers") to the Funds, and
information  concerning  the prevailing  level of  commissions  charged by other
brokers having comparable execution capability,  reports prepared by third party
consultants  regarding the execution of the Funds' trades and the  consideration
given to alternative trading systems.  The members of the Committee of each Fund

                                       13


are Faith  Colish,  C. Anne  Harvey,  Cornelius  T. Ryan,  Candace  L.  Straight
(Chairwoman)  and Peter P. Trapp.  All members are  Independent  Fund Directors.
During the fiscal year ended October 31, 2004, the Committee of each Fund except
Dividend Advantage Fund met three times before Dividend Advantage Fund commenced
investment  operations  and the  Committee of each Fund met once after  Dividend
Advantage Fund commenced operations.

     PRICING  COMMITTEE.  The Pricing  Committee  oversees  the  procedures  for
pricing a Fund's portfolio securities and, from time to time, may be called upon
to establish or ratify the fair value of portfolio  securities  for which market
prices are not readily  available.  For each Fund,  its members are John Cannon,
Edward I. O'Brien,  Jack L. Rivkin (Vice Chairman),  William E. Rulon and Tom D.
Seip  (Chairman).  All  members  except  for  Mr.  Rivkin  and Mr.  O'Brien  are
Independent  Fund Directors.  During the fiscal year ended October 31, 2004, the
Committee of each Fund except  Dividend  Advantage Fund met once before Dividend
Advantage Fund commenced investment operations. The Committee of each Fund other
than  Neuberger  Berman Real Estate  Securities  Income Fund Inc. and  Neuberger
Berman Realty Income Fund Inc. met once after Dividend  Advantage Fund commenced
operations;  the Committees of Neuberger  Berman Real Estate  Securities  Income
Fund Inc. and Neuberger  Berman Realty Income Fund Inc. met twice after Dividend
Advantage Fund commenced operations.

INFORMATION REGARDING THE FUNDS' PROCESS FOR NOMINATING DIRECTOR CANDIDATES

     NOMINATING COMMITTEE CHARTER. Each Fund's Nominating Committee is currently
reviewing a written charter.

     STOCKHOLDER COMMUNICATIONS.  Each Fund's Nominating Committee will consider
nominees   recommended  by  stockholders;   stockholders  may  send  resumes  of
recommended persons to the attention of Claudia A. Brandon, Secretary, Neuberger
Berman Funds, 605 Third Avenue, 21st Floor, New York, NY, 10158-0180. No nominee
recommendation has been received from a stockholder within the past 120 days.

     NOMINEE  QUALIFICATIONS.  While there is no formal list of  qualifications,
the Nominating  Committees  consider,  among other things,  whether  prospective
nominees  have  distinguished  records in their primary  careers,  unimpeachable
integrity,   and  substantive  knowledge  in  areas  important  to  the  Boards'
operations,  such as  background or education in finance,  auditing,  securities
law,  the  workings  of  the  securities  markets,  or  investment  advice.  For
candidates  to serve as  independent  directors,  independence  from the  Funds'
investment  adviser,  its affiliates and other  principal  service  providers is
critical,  as is an independent  and  questioning  mindset.  The Committees also
consider  whether  the  prospective  candidates'  workloads  would allow them to
attend the vast  majority of Board  meetings,  be available for service on Board
committees,  and devote the additional time and effort necessary to keep up with
Board matters and the rapidly changing regulatory environment in which the Funds
operate.  Different  substantive areas may assume greater or lesser significance
at  particular  times,  in  light of the  Boards'  present  composition  and the
Committees' (or the Boards') perceptions about future issues and needs.

                                       14


     IDENTIFYING  NOMINEES.   The  Nominating  Committees  consider  prospective
candidates  from  any  reasonable  source.  The  Committees  initially  evaluate
prospective candidates on the basis of their resumes, considered in light of the
criteria discussed above. Those prospective  candidates that appear likely to be
able to fill a significant  need of the Boards would be contacted by a Committee
member by telephone to discuss the position;  if there appeared to be sufficient
interest,  an in-person  meeting  with one or more  Committee  members  would be
arranged.  If the Committees,  based on the results of these contacts,  believed
they had identified a viable candidate,  they would air the matter with the full
group of independent  Board members for input. Any request by management to meet
with the prospective  candidate would be given  appropriate  consideration.  The
Funds have not paid a fee to third parties to assist in finding nominees.

DIRECTOR ATTENDANCE AT ANNUAL MEETINGS

     The Funds do not have a policy on Director attendance at the annual meeting
of  stockholders.  For each Fund other than  Dividend  Advantage  Fund one Board
member attended the 2004 annual meeting of stockholders.  For Dividend Advantage
Fund, the Meeting will be the first annual meeting of stockholders.

OWNERSHIP OF SECURITIES

     Set forth below is the dollar range of equity securities owned by each
Director as of December 31, 2004.



                                                AGGREGATE DOLLAR RANGE
                                                OF EQUITY SECURITIES IN
                                                ALL REGISTERED INVESTMENT
                        DOLLAR RANGE OF         COMPANIES OVERSEEN BY
                        EQUITY SECURITIES       DIRECTOR IN FAMILY
NAME OF DIRECTOR        OWNED IN EACH FUND*     OF INVESTMENT COMPANIES*
-----------------------------------------------------------------------------
Independent Fund Directors
-----------------------------------------------------------------------------
                                          
John Cannon             None                    $50,001 - $100,000
Faith Colish            None                    Over $100,000
C. Anne Harvey          None                    $50,001 - $100,000
Barry Hirsch            None                    Over $100,000
Robert A. Kavesh        None                    $10,001 - $50,000
Howard A. Mileaf        None                    Over $100,000
William E. Rulon        None                    $50,001 - $100,000
Cornelius T. Ryan       None                    Over $100,000
Tom D. Seip             None                    Over $100,000
Candace L. Straight     None                    Over $100,000
Peter P. Trapp          None                    $50,001 - $100,000
-----------------------------------------------------------------------------
Directors who are "Interested Persons"
-----------------------------------------------------------------------------
Edward I. O'Brien       None                    Over $100,000
Jack L. Rivkin          None                    $10,001 - $50,000
Peter E. Sundman        None                    Over $100,000
-----------------------------------------------------------------------------


*  Valuation as of December 31, 2004.

                                       15


INDEPENDENT FUND DIRECTORS' OWNERSHIP OF SECURITIES

     As of December 31, 2004, no Independent Fund Director (or his/her immediate
family  members)  owned  securities  of NB Management or securities in an entity
controlling,  controlled  by or under  common  control with NB  Management  (not
including registered investment companies).

OFFICERS OF THE FUNDS

     The following table sets forth certain  information  regarding the officers
of the Funds.  Except as otherwise noted, each individual has held the positions
shown in the table below for at least the last five years.  The business address
of each listed person is 605 Third Avenue, New York, New York 10158. Officers of
the Funds are appointed by the Directors and serve at the pleasure of the Board.



--------------------------------------------------------------------------------------
                          POSITION AND LENGTH
NAME AND AGE              OF TIME SERVED       PRINCIPAL OCCUPATION(S)
--------------------------------------------------------------------------------------
                                         
Claudia A. Brandon (48)   Secretary since      Vice President-Mutual Fund Board
                          Inception*           Relations, NB Management since
                                               2000; Vice President, Neuberger
                                               Berman since 2002 and employee
                                               since 1999; formerly, Vice
                                               President, NB Management from
                                               1986 to 1999; Secretary, fourteen
                                               registered investment companies for
                                               which NB Management acts as
                                               investment manager and
                                               administrator (four since 2002, three
                                               since 2003 and four since 2004).
--------------------------------------------------------------------------------------
Philip R. Carroll (70)    Chief                Vice President, Neuberger Berman
                          Compliance           since 2002; Associate General
                          Officer since        Counsel, Neuberger Berman since
                          2004                 2001; Director-Mutual Fund
                                               Compliance, NB Management since
                                               1995; Chief Legal Officer, fourteen
                                               registered investment companies for
                                               which NB Management acts as
                                               investment manager and
                                               administrator (ten since 2003, four
                                               since 2004); Chief Compliance
                                               Officer, fourteen registered
                                               investment companies for which
                                               NB Management acts as investment
                                               manager and administrator
                                               (fourteen since 2004) and Lehman
                                               Brothers/First Trust Income
                                               Opportunity Fund.
--------------------------------------------------------------------------------------


                                      16




----------------------------------------------------------------------------------
                        POSITION AND LENGTH
NAME AND AGE            OF TIME SERVED       PRINCIPAL OCCUPATION(S)
----------------------------------------------------------------------------------
                                       
Robert Conti (48)       Vice President       Senior Vice President, Neuberger
                        since Inception*     Berman since 2003; formerly, Vice
                                             President, Neuberger Berman from
                                             1999 to 2003; Senior Vice
                                             President, NB Management since
                                             2000; formerly, Controller, NB
                                             Management until 1996; formerly,
                                             Treasurer, NB Management from
                                             1996 to 1999; Vice President,
                                             fourteen registered investment
                                             companies for which NB
                                             Management acts as investment
                                             manager and administrator (three
                                             since 2000, four since 2002, three
                                             since 2003 and four since 2004).
----------------------------------------------------------------------------------
Brian J. Gaffney (51)   Vice President       Managing Director, Neuberger
                        since Inception*     Berman since 1999; Senior Vice
                                             President, NB Management since
                                             2000; formerly, Vice President,
                                             NB Management from 1997 until
                                             1999; Vice President, fourteen
                                             registered investment companies
                                             for which NB Management acts
                                             as investment manager and
                                             administrator (three since 2000,
                                             four since 2002, three since 2003
                                             and four since 2004).
----------------------------------------------------------------------------------
Sheila R. James (39)    Assistant            Employee, Neuberger Berman
                        Secretary since      since 1999; formerly, Employee,
                        Inception*           NB Management from 1991 to
                                             1999; Assistant Secretary, fourteen
                                             registered investment companies
                                             for which NB Management acts
                                             as investment manager and
                                             administrator (seven since 2002,
                                             three since 2003 and four
                                             since 2004).
----------------------------------------------------------------------------------


                                      17




----------------------------------------------------------------------------------
                        POSITION AND LENGTH
NAME AND AGE            OF TIME SERVED       PRINCIPAL OCCUPATION(S)
----------------------------------------------------------------------------------
                                       
Kevin Lyons (49)        Assistant            Employee, Neuberger Berman
                        Secretary since      since 1999; formerly, Employee,
                        2003                 NB Management from 1993 to
                                             1999; Assistant Secretary, fourteen
                                             registered investment companies
                                             for which NB Management acts as
                                             investment manager and
                                             administrator (ten since 2003 and
                                             four since 2004).
----------------------------------------------------------------------------------
John M. McGovern (34)   Assistant            Vice President, Neuberger Berman
                        Treasurer since      since January 2004; Employee, NB
                        Inception*           Management since 1993; Assistant
                                             Treasurer, fourteen registered
                                             investment companies for which
                                             NB Management acts as investment
                                             manager and administrator (seven
                                             since 2002, three since 2003 and
                                             four since 2004).
----------------------------------------------------------------------------------
Barbara Muinos (46)     Treasurer and        Vice President, Neuberger Berman
                        Principal            since 1999; formerly, Assistant
                        Financial and        Vice President, NB Management
                        Accounting           from 1993 to 1999; Treasurer and
                        Officer since        Principal Financial and Accounting
                        Inception*           Officer, fourteen registered
                                             investment companies for which
                                             NB Management acts as
                                             investment manager and
                                             administrator (seven since 2002,
                                             three since 2003 and four since
                                             2004); formerly, Assistant
                                             Treasurer of three registered
                                             investment companies for
                                             which NB Management acts as
                                             investment manager and
                                             administrator from 1996 to 2002.
----------------------------------------------------------------------------------


                                      18




----------------------------------------------------------------------------------
                         POSITION AND LENGTH
NAME AND AGE             OF TIME SERVED       PRINCIPAL OCCUPATION(S)
----------------------------------------------------------------------------------
                                        
Frederic B. Soule (58)   Vice President       Senior Vice President, Neuberger
                         since Inception*     Berman since 2003; formerly, Vice
                                              President, Neuberger Berman from
                                              1999 to 2003; formerly, Vice
                                              President, NB Management from
                                              1995 to 1999; Vice President,
                                              fourteen registered investment
                                              companies for which NB
                                              Management acts as investment
                                              manager and administrator (three
                                              since 2000, four since 2002, three
                                              since 2003 and four since 2004).
----------------------------------------------------------------------------------


*  Neuberger  Berman  California  Intermediate Municipal  Fund  Inc.,  Neuberger
   Berman  Intermediate  Municipal  Fund  Inc.  and  Neuberger  Berman  New York
   Intermediate  Municipal  Fund Inc.  commenced  operations in 2002.  Neuberger
   Berman Income Opportunity Fund Inc.,  Neuberger Berman Real Estate Securities
   Income Fund Inc.  and  Neuberger  Berman  Realty  Income Fund Inc.  commenced
   operations in 2003. Dividend Advantage Fund commenced operations in 2004.

COMPENSATION OF DIRECTORS

     The following table sets forth  information  concerning the compensation of
the  Funds'  Directors.  The  Funds do not have any  retirement  plan for  their
Directors.  For the fiscal year ended October 31, 2004,  the Directors  received
the  amounts  set forth in the  following  table from each of  Neuberger  Berman
California Intermediate Municipal Fund Inc., Neuberger Berman Income Opportunity
Fund Inc.,  Neuberger Berman Intermediate  Municipal Fund Inc., Neuberger Berman
New  York  Intermediate  Municipal  Fund  Inc.,  Neuberger  Berman  Real  Estate
Securities  Income  Fund Inc.,  and  Neuberger  Berman  Realty  Income Fund Inc.
Dividend  Advantage  Fund  has  not  completed  a full  fiscal  year  since  its
organization.  The estimated  compensation  that the Directors will receive from
that  Fund for the  fiscal  year  ending  October  31,  2005 is set forth in the
following  table.  For the calendar year ended  December 31, 2004, the Directors
received  the  compensation  set forth in the  following  table for  serving  as
Trustees or  Directors  of  investment  companies  in the "Fund  Complex."  Each
officer and  Director who is a director,  officer or employee of NB  Management,
Neuberger  Berman  or any  entity  controlling,  controlled  by or under  common
control with NB Management or Neuberger  Berman serves as a Fund Director and/or
officer without any compensation from the Funds.

                                       19


                                TABLE OF COMPENSATION



                                                                    TOTAL COMPENSATION
                                                                      FROM REGISTERED
                                 ACTUAL          ESTIMATED      INVESTMENT COMPANIES IN THE
                              COMPENSATION     COMPENSATION        NEUBERGER BERMAN FUND
                               FOR FISCAL       FOR FISCAL       COMPLEX PAID TO DIRECTORS
NAME AND POSITION              YEAR ENDING      YEAR ENDING       FOR CALENDAR YEAR ENDED
WITH EACH FUND                  10/31/04*       10/31/05**               12/31/04
----------------------------------------------------------------------------------------------
Independent Fund Directors
----------------------------------------------------------------------------------------------
                                                                
John Cannon
  Director                       $2,266           $2,395                 $ 91,000
Faith Colish
  Director                       $2,498           $2,237                 $ 92,500
C. Anne Harvey
  Director                       $2,498           $2,237                 $ 92,500
Barry Hirsch
  Director                       $2,300           $2,237                 $ 85,000
Robert A. Kavesh
  Director                       $2,300           $2,237                 $ 85,000
Howard A. Mileaf
  Director                       $2,300           $2,237                 $ 85,000
William E. Rulon
  Director                       $1,906           $2,237                 $ 70,000
Cornelius T. Ryan
  Director                       $2,762           $2,526                 $103,500
Tom D. Seip
  Director                       $2,436           $2,395                 $ 91,000
Candace L. Straight
  Director                       $2,498           $2,237                 $ 92,500
Peter P. Trapp
  Director                       $2,661           $2,395                 $ 98,500
----------------------------------------------------------------------------------------------
Directors who are "Interested Persons"
----------------------------------------------------------------------------------------------
Edward I. O'Brien
  Director                       $2,498           $2,237                 $ 92,500
Jack L. Rivkin
  Director and President         $    0           $    0                 $      0
Peter E. Sundman
  Director, Chairman of
  the Board and Chief
  Executive Officer              $    0           $    0                 $      0
----------------------------------------------------------------------------------------------


 * This column only applies to  the following Funds, which have each completed a
   full fiscal year:  Neuberger Berman  California  Intermediate  Municipal Fund
   Inc.,  Neuberger  Berman  Income  Opportunity  Fund  Inc.,  Neuberger  Berman
   Intermediate  Municipal  Fund Inc.,  Neuberger  Berman New York  Intermediate
   Municipal  Fund Inc.,  Neuberger  Berman Real Estate  Securities  Income Fund
   Inc., and Neuberger Berman Realty Income Fund Inc.

** This column only applies to Dividend  Advantage Fund, which has not completed
   a full fiscal year.

                                       20


VOTE REQUIRED

     With respect to each Fund, Robert A. Kavesh,  William E. Rulon,  Candace L.
Straight,  and Edward I. O'Brien must be elected by the holders of a majority of
the Fund's outstanding Common Shares and Preferred Shares, voting together. With
respect  to each Fund,  Howard A.  Mileaf  must be  elected by the  holders of a
majority of the outstanding Preferred Shares, voting separately from the holders
of the Common Shares.

           THE BOARD OF DIRECTORS OF EACH FUND UNANIMOUSLY RECOMMENDS
                        THAT YOU VOTE "FOR" EACH NOMINEE.

                INFORMATION ON THE FUNDS' INDEPENDENT REGISTERED
                             PUBLIC ACCOUNTING FIRM

     Ernst & Young LLP ("Ernst & Young")  audited the financial  statements  for
the  fiscal  year  ended  October  31,  2004  for  Neuberger  Berman  California
Intermediate Municipal Fund Inc., Neuberger Berman Income Opportunity Fund Inc.,
Neuberger  Berman  Intermediate  Municipal Fund Inc.,  Neuberger Berman New York
Intermediate Municipal Fund Inc., Neuberger Berman Real Estate Securities Income
Fund Inc.,  and  Neuberger  Berman  Realty  Income Fund Inc.  and for the fiscal
period ended October 31, 2004 for Dividend  Advantage Fund.  Ernst & Young,  200
Clarendon Street,  Boston, MA 02116, serves as the independent registered public
accounting  firm for each  Fund and  provides  audit  services,  tax  compliance
services and assistance and  consultation  in connection with the review of each
Fund's  filings  with the SEC.  In the  opinion  of the  Audit  Committees,  the
services  provided  by  Ernst  &  Young  are  compatible  with  maintaining  the
independence of the Funds'  independent  registered  public accounting firm. The
Board of Directors of each Fund has  selected  Ernst & Young as the  independent
registered  public  accounting  firm  for the Fund for the  fiscal  year  ending
October 31, 2005. Ernst & Young has served as each Fund's  independent  auditors
since the Fund's inception.  Ernst & Young has informed the Funds that it has no
material direct or indirect financial interest in any Fund.

     Representatives  of Ernst & Young are not  expected  to be  present  at the
Meeting  but have been  given the  opportunity  to make a  statement  if they so
desire and will be available should any matter arise requiring their presence.

                                       21


AUDIT FEES

     The  aggregate  fees  billed by Ernst & Young  for the audit of the  annual
financial  statements of the Funds for the fiscal years or periods ended October
31, 2003 and October  31,  2004 and for the review of the  financial  statements
included in the Funds' regulatory filings were as shown in the table below.



                                                              AUDIT FEES BILLED
                                                      ----------------------------------
                                                       FISCAL YEAR OR     FISCAL YEAR OR
                                                        PERIOD ENDED       PERIOD ENDED
FUND                                                      10/31/03           10/31/04
----------------------------------------------------------------------------------------
                                                                       
Neuberger Berman
  California Intermediate Municipal Fund Inc.              $56,000           $31,250
Neuberger Berman Dividend Advantage Fund Inc.(1)             N/A             $49,750
Neuberger Berman Income Opportunity Fund Inc.(2)           $54,000           $31,250
Neuberger Berman Intermediate Municipal Fund Inc.          $56,000           $31,250
Neuberger Berman
  New York Intermediate Municipal Fund Inc.                $56,000           $31,250
Neuberger Berman
  Real Estate Securities Income Fund Inc.(3)               $34,000           $31,250
Neuberger Berman Realty Income Fund Inc.(4)                $74,000           $31,250
----------------------------------------------------------------------------------------


AUDIT-RELATED FEES

     The  aggregate  audit-related  fees  billed by Ernst & Young for the fiscal
years or periods  ended  October 31, 2003 and October 31, 2004,  for  performing
agreed-upon  procedures  for the Preferred  Shares of each Fund were as shown in
the table below.



                                                          AUDIT-RELATED FEES BILLED
                                                      ----------------------------------
                                                       FISCAL YEAR OR     FISCAL YEAR OR
                                                        PERIOD ENDED       PERIOD ENDED
FUND                                                      10/31/03           10/31/04
----------------------------------------------------------------------------------------
                                                                        
Neuberger Berman
  California Intermediate Municipal Fund Inc.               $1,667            $5,000
Neuberger Berman Dividend Advantage Fund Inc.(1)              N/A               N/A
Neuberger Berman Income Opportunity Fund Inc.(2)              N/A               N/A
Neuberger Berman Intermediate Municipal Fund Inc.           $1,667            $5,000
Neuberger Berman
  New York Intermediate Municipal Fund Inc.                 $1,666            $5,000
Neuberger Berman
  Real Estate Securities Income Fund Inc.(3)                  N/A             $5,000
Neuberger Berman Realty Income Fund Inc.(4)                   N/A             $5,000
----------------------------------------------------------------------------------------


                                       22


TAX FEES

     The aggregate  fees billed by Ernst & Young for the fiscal years or periods
ended October 31, 2003 and October 31, 2004, for tax compliance, tax advice, and
tax planning were as shown in the table below.



                                                               TAX FEES BILLED
                                                      ----------------------------------
                                                       FISCAL YEAR OR     FISCAL YEAR OR
                                                        PERIOD ENDED       PERIOD ENDED
FUND                                                      10/31/03           10/31/04
----------------------------------------------------------------------------------------
                                                                        
Neuberger Berman
  California Intermediate Municipal Fund Inc.              $ 8,000            $8,700
Neuberger Berman Dividend Advantage Fund Inc.(1)              N/A             $8,700
Neuberger Berman Income Opportunity Fund Inc.(2)           $ 8,000            $8,700
Neuberger Berman Intermediate Municipal Fund Inc.          $ 8,000            $8,700
Neuberger Berman
  New York Intermediate Municipal Fund Inc.                $10,450            $8,700
Neuberger Berman
  Real Estate Securities Income Fund Inc.(3)               $ 8,000            $8,700
Neuberger Berman Realty Income Fund Inc.(4)                $ 8,000            $8,700
----------------------------------------------------------------------------------------


ALL OTHER FEES

     Aggregate  fees billed by Ernst & Young  during the fiscal years or periods
ended October 31, 2003 and October 31, 2004 for other  services  provided to the
Funds were as shown in the table below.



                                                                ALL OTHER FEES
                                                      ----------------------------------
                                                       FISCAL YEAR OR     FISCAL YEAR OR
                                                        PERIOD ENDED       PERIOD ENDED
FUND                                                      10/31/03           10/31/04
----------------------------------------------------------------------------------------
                                                                        
Neuberger Berman
  California Intermediate Municipal Fund Inc.               $   0             $   0
Neuberger Berman Dividend Advantage Fund Inc.(1)             N/A              $   0
Neuberger Berman Income Opportunity Fund Inc.(2)            $   0             $   0
Neuberger Berman Intermediate Municipal Fund Inc.           $   0             $   0
Neuberger Berman
  New York Intermediate Municipal Fund Inc.                 $   0             $   0
Neuberger Berman
  Real Estate Securities Income Fund Inc.(3)                $   0             $   0
Neuberger Berman Realty Income Fund Inc.(4)                 $   0             $   0
----------------------------------------------------------------------------------------


                                       23


     Aggregate  fees billed by Ernst & Young  during the fiscal years or periods
ended October 31, 2003 and October 31, 2004 for non-audit services to the Funds,
NB Management and Neuberger Berman were as shown in the table below.



                                                          AGGREGATE NON-AUDIT FEES*
                                                      ----------------------------------
                                                       FISCAL YEAR OR     FISCAL YEAR OR
                                                        PERIOD ENDED       PERIOD ENDED
FUND                                                      10/31/03           10/31/04
----------------------------------------------------------------------------------------
                                                                       
Neuberger Berman
  California Intermediate Municipal Fund Inc.             $242,704           $269,750
Neuberger Berman Dividend Advantage Fund Inc.(1)          $241,037           $264,750
Neuberger Berman Income Opportunity Fund Inc.(2)          $241,037           $264,750
Neuberger Berman Intermediate Municipal Fund Inc.         $242,704           $269,750
Neuberger Berman
  New York Intermediate Municipal Fund Inc.               $245,153           $269,750
Neuberger Berman
  Real Estate Securities Income Fund Inc.(3)              $241,037           $269,750
Neuberger Berman Realty Income Fund Inc.(4)               $241,037           $269,750
----------------------------------------------------------------------------------------


*  Because this is a combined proxy  for multiple Funds, the  aggregate total of
   the  fees billed to NB  Management and Neuberger  Berman is included  in each
   Fund's Aggregate Non-Audit Fees in this table.

     Each  Audit  Committee  has  considered  these  fees and the  nature of the
services  rendered,  and has concluded that they are compatible with maintaining
the  independence of Ernst & Young.  The Audit Committees did not approve any of
the services  described above pursuant to the "de minimis  exceptions" set forth
in Rule  2-01(c)(7)(i)(C)  and Rule  2-01(c)(7)(ii)  of Regulation  S-X. Ernst &
Young  did not  provide  any  audit-related  services,  tax  services  or  other
non-audit  services  to  NB  Management  or  Neuberger  Berman  that  the  Audit
Committees  were  required  to  approve  pursuant  to  Rule   2-01(c)(7)(ii)  of
Regulation S-X.

(1)  The Fund commenced investment operations on March 30, 2004.

(2)  The Fund commenced investment operations on July 2, 2003.

(3)  The Fund commenced investment operations on October 31, 2003.

(4)  The Fund commenced investment operations on April 29, 2003.

                                       24


                                  OTHER MATTERS

     No business,  other than as set forth above, is expected to come before the
Meeting. Should any other matters requiring a vote of stockholders properly come
before the Meeting, the persons named in the enclosed proxy will vote thereon in
accordance with their best judgment in the interests of each respective Fund.

                              STOCKHOLDER PROPOSALS

     Each Fund's Bylaws require  stockholders  wishing to nominate  Directors or
make  proposals to be voted on at the Fund's annual meeting to provide notice of
the  nominations  or  proposals  in writing  delivered  or mailed by first class
United States mail, postage prepaid, to the Secretary of the Fund. The Secretary
must receive the  nomination or proposal not less than 90 days in advance of the
anniversary of the date of the Fund's proxy  statement  released to stockholders
in connection with the previous year's annual meeting. In order to be considered
at a Fund's 2006 annual meeting,  stockholder  nominations and proposals must be
received by the Fund no later than  November 6, 2005 and must  satisfy the other
requirements of the federal  securities laws. The chairperson of the Meeting may
refuse to  acknowledge a nomination or other  proposal by a stockholder  that is
not made in the manner described above.

                   NOTICE TO BANKS, BROKER-DEALERS AND VOTING
                           TRUSTEES AND THEIR NOMINEES

     Please  advise the Funds,  at 605 Third  Avenue New York,  New York  10158,
whether  other  persons are  beneficial  owners of shares for which  proxies are
being solicited and, if so, the number of copies of the Proxy Statement you wish
to receive in order to supply copies to such beneficial owners of shares.

                                 By order of the Boards of Directors,

                                 /s/ Claudia A. Brandon
                                 Secretary

Dated: February 4, 2005

                                       25



                      This page is intentionally left blank.

















                                       



                                                                     APPENDIX A

                             AUDIT COMMITTEE REPORT

                  NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND INC.
                  NEUBERGER BERMAN INCOME OPPORTUNITY FUND INC.
                NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
          NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
           NEUBERGER BERMAN NEW YORK INTERMEDIATE MUNICIPAL FUND INC.
                  NEUBERGER BERMAN REAL ESTATE INCOME FUND INC.
            NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND INC.
                    NEUBERGER BERMAN REALTY INCOME FUND INC.
                           (COLLECTIVELY, THE "FUNDS")

     The Audit  Committees  of the  Boards  of  Directors  of the Funds  operate
pursuant to a Charter,  which sets forth the role of the Audit Committee in each
Fund's financial  reporting  process.  Pursuant to the Charter,  the role of the
Audit  Committee is to oversee the Funds'  accounting  and  financial  reporting
processes and the quality and objectivity of the Funds' financial statements and
the  independent  audit  of  those  financial   statements.   The  Committee  is
responsible for, among other things, selection of the auditors and reviewing the
scope and  results of each  Fund's  annual  audit  with the  Fund's  independent
auditors.  Fund management is responsible for the preparation,  presentation and
integrity of the Funds' financial  statements and for the procedures designed to
assure compliance with accounting standards and applicable laws and regulations.
The independent  auditors for the Fund are responsible for planning and carrying
out proper audits and reviews.

     The Audit  Committee met on December 14, 2004 to review each Fund's audited
financial statements for the fiscal period ended October 31, 2004. In performing
this  oversight  function,  the Audit  Committee  has reviewed and discussed the
audited  financial  statements with the Funds'  management and their independent
auditors, Ernst & Young, LLP ("E&Y"). The Audit Committee has discussed with E&Y
the matters required to be discussed by Statement on Auditing  Standards No. 61,
and has  received  the written  disclosures  and the letter from E&Y required by
Independence  Standards  Board  Standard  No.  1. The Audit  Committee  also has
discussed with E&Y its independence.

     The  members  of the  Audit  Committee  are not  experts  in the  fields of
auditing  or  accounting  and are not  employed  by the  Funds  for  accounting,
financial  management  or  internal  control  purposes.  Members  of  the  Audit
Committee rely without independent  verification on the information provided and
the representations made to them by management and E&Y.

                                      A-1


     Based  upon  this  review  and  related  discussions,  and  subject  to the
limitation  on the role and  responsibilities  of the Audit  Committee set forth
above  and in the  Charter,  the  Audit  Committee  recommended  to the Board of
Directors  that the  audited  financial  statements  be  included in each Fund's
Annual Report to Stockholders  for the fiscal period ended October 31, 2004, for
filing with the Securities and Exchange Commission.

     The  members  of the  Audit  Committee  are  listed  below.  Each  has been
determined to be independent pursuant to American Stock Exchange Rule 121B(b)(1)
and New York Stock Exchange Rule 303.01.

John Cannon
Walter G. Ehlers*
Cornelius T. Ryan (Chairman)
Tom D. Seip
Peter P. Trapp 

December 14, 2004

----------------

*  Retired from the Boards of Directors of all Funds, effective December 31,
   2004.

                                      A-2


                [LOGO: NEUBERGER BERMAN]
                A Lehman Brothers Company

                Neuberger Berman Management Inc.
                605 Third Avenue 2nd floor
                New York, New York 10158-0180

                www.nb.com


                                                                     P06661
                                                                     D0527 02/05




NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND INC.
NEUBERGER BERMAN INCOME OPPORTUNITY FUND INC.
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
NEUBERGER BERMAN NEW YORK INTERMEDIATE MUNICIPAL FUND INC.
NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND INC.
NEUBERGER BERMAN REALTY INCOME FUND INC.

          PROXY FOR THE ANNUAL MEETING OF STOCKHOLDERS ON MARCH 8, 2005

FUND NAME PRINTS HERE

The undersigned appoints as proxies Robert Conti,  Frederic B. Soule and Claudia
A.  Brandon,  and each of them  (with  power of  substitution),  to vote all the
undersigned's  shares of common stock in the Neuberger  Berman  closed-end funds
listed above at the Annual Meeting of  Stockholders to be held on March 8, 2005,
at 2:30 p.m.  Eastern  Time at the offices of Neuberger  Berman,  LLC, 605 Third
Avenue, 41st Floor, New York, New York 10158-3698,  and any adjournments thereof
("Meeting"),  with  all the  power  the  undersigned  would  have if  personally
present.  Receipt of the  Notice of Annual  Meeting  of  Stockholders  and Proxy
Statement is acknowledged by your execution of this proxy.  WITH RESPECT TO EACH
OF THE  NEUBERGER  BERMAN  CLOSED-END  FUNDS LISTED  ABOVE,  THIS PROXY IS BEING
SOLICITED ON BEHALF OF ITS BOARD OF DIRECTORS.

The  shares  of  common  stock  represented  by  this  proxy  will be  voted  as
instructed.  UNLESS  INDICATED  TO THE  CONTRARY,  THIS PROXY SHALL BE DEEMED TO
GRANT  AUTHORITY TO VOTE "FOR" THE PROPOSAL  SPECIFIED ON THE REVERSE SIDE. THIS
PROXY ALSO GRANTS  DISCRETIONARY  POWER TO VOTE UPON SUCH OTHER  BUSINESS AS MAY
PROPERLY  COME BEFORE THE  MEETING.  YOUR VOTE IS  IMPORTANT  NO MATTER HOW MANY
SHARES YOU OWN.  PLEASE SIGN AND DATE THIS PROXY BELOW AND RETURN IT PROMPTLY IN
THE ENCLOSED ENVELOPE.

                             Date: ___________________ , 2005

         Signature (owner, trustee, custodian, etc.)  (PLEASE SIGN IN THE BOX)

          ----------------------------------------------------------------------

          ----------------------------------------------------------------------

        Please sign  exactly as name appears  hereon.  If shares are held in the
        name of two or more persons, any may sign. Attorneys-in-fact, executors,
        administrators,  etc.  should  so  indicate.  If  the  stockholder  is a
        corporation or partnership, please sign in full corporate or partnership
        name by authorized person. cnbcef-jh



       YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES OF STOCK YOU OWN.

PLEASE SIGN AND DATE THE REVERSE SIDE OF THIS PROXY CARD AND RETURN IT PROMPTLY
                           IN THE ENCLOSED ENVELOPE.

              THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

PLEASE  FILL IN  BOX  AS SHOWN  USING  BLACK OR BLUE INK OR NUMBER 2 PENCIL.
PLEASE DO NOT USE FINE POINT PENS. /X/

1. To elect  four  Class III  Directors  to serve  until the  annual  meeting of
stockholders in 2008, or until their successors are elected and qualified:

ALL FUNDS                FOR ALL        WITHHOLD ALL        FOR ALL EXCEPT*

(01) Robert A. Kavesh
(02) Edward I. O'Brien       / /                 / /             / /
(03) William E. Rulon
(04) Candace L. Straight

*TO WITHHOLD AUTHORITY TO VOTE FOR ANY NOMINEE(S), MARK THE BOX "FOR ALL EXCEPT"
AND WRITE ON THE LINE BELOW THE NUMBER(S) OF THE  NOMINEE(S) FOR WHOM YOU DO NOT
WANT TO VOTE.

------------------------------------


         IF YOU PLAN TO ATTEND THE MEETING, PLEASE CALL 1-877-461-1899.

                        PLEASE SIGN ON THE REVERSE SIDE.
                                                                       cnbcef-jh



NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
NEUBERGER BERMAN DIVIDEND ADVANTAGE FUND INC.
NEUBERGER BERMAN INCOME OPPORTUNITY FUND INC.
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
NEUBERGER BERMAN NEW YORK INTERMEDIATE MUNICIPAL FUND INC.
NEUBERGER BERMAN REAL ESTATE SECURITIES INCOME FUND INC.
NEUBERGER BERMAN REALTY INCOME FUND INC.

          PROXY FOR THE ANNUAL MEETING OF STOCKHOLDERS ON MARCH 8, 2005

FUND NAME PRINTS HERE

The undersigned appoints as proxies Robert Conti,  Frederic B. Soule and Claudia
A.  Brandon,  and each of them  (with  power of  substitution),  to vote all the
undersigned's shares of preferred stock in the Neuberger Berman closed-end funds
listed above at the Annual Meeting of  Stockholders to be held on March 8, 2005,
at 2:30 p.m.  Eastern  Time at the offices of Neuberger  Berman,  LLC, 605 Third
Avenue, 41st Floor, New York, New York 10158-3698,  and any adjournments thereof
("Meeting"),  with  all the  power  the  undersigned  would  have if  personally
present.

Receipt of the Notice of Annual Meeting of  Stockholders  and Proxy Statement is
acknowledged  by your  execution  of this  proxy.  WITH  RESPECT  TO EACH OF THE
NEUBERGER BERMAN CLOSED-END FUNDS LISTED ABOVE, THIS PROXY IS BEING SOLICITED ON
BEHALF OF ITS BOARD OF DIRECTORS.

The  shares  of  preferred  stock  represented  by this  proxy  will be voted as
instructed.  UNLESS  INDICATED  TO THE  CONTRARY,  THIS PROXY SHALL BE DEEMED TO
GRANT  AUTHORITY TO VOTE "FOR" THE PROPOSAL  SPECIFIED ON THE REVERSE SIDE. THIS
PROXY ALSO GRANTS  DISCRETIONARY  POWER TO VOTE UPON SUCH OTHER  BUSINESS AS MAY
PROPERLY  COME BEFORE THE  MEETING.  YOUR VOTE IS  IMPORTANT  NO MATTER HOW MANY
SHARES YOU OWN.  PLEASE SIGN AND DATE THIS PROXY BELOW AND RETURN IT PROMPTLY IN
THE ENCLOSED ENVELOPE.

                                Date: ___________________, 2005

            Signature (owner, trustee, custodian, etc.) (PLEASE SIGN IN THE BOX)
            --------------------------------------------------------------------

            --------------------------------------------------------------------
            Please sign exactly as name appears hereon. If shares are held in
            the name of two or more persons, any may sign.  Attorneys-in-fact,
            executors, administrators, etc. should so indicate. If the
            stockholder is a corporation or partnership, please sign in full
            corporate or partnership name by authorized person.
                                                                   cnbcef - jh P




       YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES OF STOCK YOU OWN.
     PLEASE SIGN AND DATE THE REVERSE SIDE OF THIS PROXY CARD AND RETURN IT
                       PROMPTLY IN THE ENCLOSED ENVELOPE.

              THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

PLEASE  FILL IN  BOX  AS SHOWN  USING  BLACK OR BLUE INK OR NUMBER 2 PENCIL.
PLEASE DO NOT USE FINE POINT PENS. /X/

1. To elect  five  Class III  Directors  to serve  until the  annual  meeting of
stockholders in 2008, or until their successors are elected and qualified:

ALL FUNDS                   FOR ALL        WITHHOLD ALL        FOR ALL EXCEPT*

(01) Robert A. Kavesh           / /                 / /            / /
(02) Howard A. Mileaf
(03) Edward I. O'Brien
(04) William E. Rulon
(05) Candace L. Straight


*TO WITHHOLD AUTHORITY TO VOTE FOR ANY NOMINEE(S), MARK THE BOX "FOR ALL EXCEPT"
AND WRITE ON THE LINE BELOW THE NUMBER(S) OF THE  NOMINEE(S) FOR WHOM YOU DO NOT
WANT TO VOTE.

--------------------------------------------------------------

         IF YOU PLAN TO ATTEND THE MEETING, PLEASE CALL 1-877-461-1899.

                        PLEASE SIGN ON THE REVERSE SIDE.

                                                                     cnbcef-jh P