As filed with the Securities and Exchange Commission on July 10, 2006

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

                         CERTIFIED SHAREHOLDER REPORT OF
                   REGISTERED MANAGEMENT INVESTMENT COMPANIES

                  Investment Company Act file number: 811-21168

                NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
                -------------------------------------------------
             (Exact Name of the Registrant as Specified in Charter)
                      c/o Neuberger Berman Management Inc.
                           605 Third Avenue, 2nd Floor
                          New York, New York 10158-0180

       Registrant's Telephone Number, including area code: (212) 476-8800

                    Peter E. Sundman, Chief Executive Officer
                      c/o Neuberger Berman Management Inc.
                Neuberger Berman Intermediate Municipal Fund Inc.
                           605 Third Avenue, 2nd Floor
                          New York, New York 10158-0180

                            Arthur C. Delibert, Esq.
                   Kirkpatrick & Lockhart Nicholson Graham LLP
                               1601 K Street, N.W.
                           Washington, D.C. 20006-1600
                   (Names and Addresses of agents for service)


                   Date of fiscal year end: October 31, 2006

Date of reporting period: April 30, 2006

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

A registrant  is required to disclose the  information  specified by Form N-CSR,
and the  Commission  will make this  information  public.  A  registrant  is not
required to respond to the  collection  of  information  contained in Form N-CSR
unless the Form  displays a  currently  valid  Office of  Management  and Budget
("OMB")  control number.  Please direct comments  concerning the accuracy of the
information  collection  burden  estimate and any  suggestions  for reducing the
burden to  Secretary,  Securities  and Exchange  Commission,  100 F Street,  NE,
Washington,  DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.



ITEM 1.   REPORTS TO SHAREHOLDERS

[NEUBERGER | BERMAN LOGO]
A LEHMAN BROTHERS COMPANY

Semi-Annual Report
April 30, 2006

NEUBERGER BERMAN
INTERMEDIATE
MUNICIPAL
CLOSED-END FUNDS

California Intermediate Municipal Fund Inc.

Intermediate Municipal Fund Inc.

New York Intermediate Municipal Fund Inc.



                                     NEUBERGER BERMAN APRIL 30, 2006 (UNAUDITED)

CHAIRMAN'S LETTER

Dear Shareholder,

I am pleased to present to you this semi-annual report for the Neuberger Berman
Intermediate Municipal Closed-End Funds for the six months ended April 30, 2006.
The report includes portfolio commentary, a listing of the Funds' investments,
and their unaudited financial statements for the reporting period.

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

We invest in intermediate-term municipal bonds because our experience and
research indicate strongly that this maturity range has historically offered the
best risk/reward profile on the yield curve, providing much of the return of
longer-term bonds--with less volatility and risk.

We believe that our conservative investment philosophy and disciplined
investment process will benefit you with superior tax exempt current income over
the long term.

Thank you for your confidence in Neuberger Berman. We will continue to do our
best to earn it.

Sincerely,


/s/ Peter Sundman
--------------------------------------------
PETER SUNDMAN
CHAIRMAN OF THE BOARD
CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
INTERMEDIATE MUNICIPAL FUND INC.
NEW YORK INTERMEDIATE MUNICIPAL FUND INC.

"Neuberger Berman" and the Neuberger Berman logo are service marks of Neuberger
Berman, LLC. "Neuberger Berman Management Inc." and the individual fund names in
this shareholder report are either service marks or registered service marks of
Neuberger Berman Management Inc. (C)2006 Neuberger Berman Management Inc. All
rights reserved.

CONTENTS

THE FUNDS

                                                                           
CHAIRMAN'S LETTER                                                              1

PORTFOLIO COMMENTARY                                                           2
California Intermediate Municipal Fund Inc.
Intermediate Municipal Fund Inc.
New York Intermediate Municipal Fund Inc.

SCHEDULE OF INVESTMENTS
California Intermediate Municipal Fund Inc.                                    7
Intermediate Municipal Fund Inc.                                              12
New York Intermediate Municipal Fund Inc.                                     20

FINANCIAL STATEMENTS                                                          26

FINANCIAL HIGHLIGHTS/PER SHARE DATA
California Intermediate Municipal Fund Inc.                                   36
Intermediate Municipal Fund Inc.                                              37
New York Intermediate Municipal Fund Inc.                                     38

DISTRIBUTION REINVESTMENT PLAN                                                40

DIRECTORY                                                                     42

PROXY VOTING POLICIES AND PROCEDURES                                          43

QUARTERLY PORTFOLIO SCHEDULE                                                  43

CHANGE IN PORTFOLIO MANAGER                                                   43

REPORT OF VOTES OF SHAREHOLDERS                                               44


                                       1



INTERMEDIATE MUNICIPAL CLOSED-END FUNDS Portfolio Commentaries

We are pleased to report that on a Net Asset Value (NAV) basis, all three
Neuberger Berman Intermediate Municipal Closed-End Funds delivered positive
returns and outperformed the Lehman 10-Year Municipal Bond Index in the six
months ended April 30, 2006.

Four 25-basis-point Federal Reserve rate hikes restrained fixed income returns
during the reporting period. However, intermediate maturity municipal bonds
performed considerably better than intermediate U.S. Treasury securities and
corporate bonds, with our Lehman 10-Year Municipal Bond Index benchmark and the
Lehman 7-Year GO Index returning 1.24% and 1.23% respectively compared to 0.64%
and 0.04% gains for the Lehman Brother Intermediate U.S. Treasury Index and the
Lehman Brothers U.S. Credit Index, respectively.

Why did municipals perform so well relative to Treasuries and corporates? In our
opinion, it was because the people and institutions that buy municipal
securities tend to be investors rather than traders. This is particularly true
at the longer end of the municipal securities market, which is dominated by
insurance companies that structurally need to maintain positions in longer
maturity debt.

In the first half of fiscal 2006, lower rated issues outperformed high credit
quality municipal securities. Money continues to flow into lower credit quality
issues. However, we think this is simply because these securities have been
going up in price rather than as a result of favorable fundamentals. With credit
spreads as tight as they are currently, there appears to be little reason to
move into lower quality issues at this point.

With the Federal Reserve on the monetary warpath through the first half of
fiscal 2006, the portfolios remained defensively positioned, with
below-benchmark weighted average maturities and durations. This will likely
remain the case until we gain confidence that the Fed is ready to shift into
neutral. We do not try to divine changes in Fed policy by looking for linguistic
nuances in the notes released following Federal Open Market Committee meetings,
but rather by monitoring the same economic data the Fed looks at in making its
policy decisions. Currently, with longer term market interest rates finally
moving higher, expensive gasoline and higher adjustable rate mortgage payments
likely to put pressure on consumer spending, additional evidence of softening in
the housing market, and the Fed's own recognition of the lagging effect of rate
hikes on the economy, we think the Fed is nearly done tightening. If, in the
coming months, job growth and manufacturing activity moderate and commodity
prices stabilize, we believe the Fed will call a time out.

In general, we think the municipal securities market is in good shape. The
strong economy has bolstered municipal balance sheets and improved credit
quality. Relative to Treasuries, municipal bond yields still provide an
after-tax advantage for investors in high federal and state income tax brackets.
As always, there are a few things we are keeping our eyes on. We are extremely
cautious in the Gulf Coast states, where repairing infrastructure damaged by
Hurricanes Katrina and Rita is creating fiscal difficulties. We are also
sensitive to the fiscal health of issuers with underfunded


                                       2



pension plans. Although we doubt there is the political will to overhaul the
federal income tax system, we continue to monitor debates in Washington over tax
policies that could impact the municipal securities market.

CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.

For the six months ended April 30, 2006, on an NAV basis, California
Intermediate Municipal Fund returned 1.68% compared to the Lehman 10-Year
Municipal Bond Index's 1.24% gain.

As of April 30, 2006, the portfolio was comprised of 88.4% revenue bonds, 10.3%
general obligation bonds, and 1.3% other assets and short-term investments.
Bonds subject to the Alternative Minimum Tax (AMT) equaled 13.49% of assets. At
the close of the reporting period, the Fund's duration was 5.2 years.

INTERMEDIATE MUNICIPAL FUND INC.

For the six months ended April 30, 2006, on an NAV basis, Intermediate Municipal
Fund returned 1.71% compared to the Lehman 10-Year Municipal Bond Index's 1.24%
gain.

As of April 30, 2006, the portfolio was comprised of 75.7% revenue bonds, 17.5%
general obligation bonds, 5.4% pre-refunded/escrow bonds, and 1.4% other assets
and short-term investments. Bonds subject to the AMT equaled 13.22% of assets.
At the close of the reporting period, the Fund's duration was 5.3 years.

NEW YORK INTERMEDIATE MUNICIPAL FUND INC.

For the six months ended April 30, 2006, on an NAV basis, New York Intermediate
Municipal Fund returned 1.54% compared to the Lehman 10-Year Municipal Bond
Index's 1.24% gain.

As of April 30, 2006, the portfolio was comprised of 94.4% revenue bonds, 4.7%
general obligation bonds, and 0.9% other assets and short-term investments.
Bonds subject to the AMT equaled 21.25% of assets. At the close of the reporting
period, the Fund's duration was 5.3 years.

Sincerely,


/s/ Thomas Brophy      /s/ Lori Canell
-----------------------------------------
      THOMAS BROPHY AND LORI CANELL
          PORTFOLIO CO-MANAGERS


                                       3



INTERMEDIATE MUNICIPAL CLOSED-END FUNDS

PERFORMANCE HIGHLIGHTS



                                                                  AVERAGE ANNUAL
                                            SIX MONTH              TOTAL RETURN
                              INCEPTION   PERIOD ENDED                 SINCE
NAV(1, 3, 4)                     DATE       4/30/2006    1 YEAR      INCEPTION
                                                           
CALIFORNIA INTERMEDIATE
   MUNICIPAL FUND             9/24/2002       1.68%       1.81%        5.92%
INTERMEDIATE MUNICIPAL FUND   9/24/2002       1.71%       1.93%        6.12%
NEW YORK INTERMEDIATE
   MUNICIPAL FUND             9/24/2002       1.54%       1.63%        5.62%


PERFORMANCE HIGHLIGHTS



                                                                  AVERAGE ANNUAL
                                            SIX MONTH              TOTAL RETURN
                              INCEPTION   PERIOD ENDED                 SINCE
MARKET PRICE(2, 3, 4)            DATE       4/30/2006    1 YEAR      INCEPTION
                                                           
CALIFORNIA INTERMEDIATE
   MUNICIPAL FUND             9/24/2002       1.46%       8.32%        2.63%
INTERMEDIATE MUNICIPAL FUND   9/24/2002      (0.19%)      3.91%        2.08%
NEW YORK INTERMEDIATE
   MUNICIPAL FUND             9/24/2002       5.63%      12.46%        3.50%


CALIFORNIA INTERMEDIATE MUNICIPAL FUND RATING SUMMARY

RATING SUMMARY


                                                                        
AAA                                                                        45.2%
AA                                                                          9.4
A                                                                          18.4
BBB                                                                        23.4
BB                                                                          1.8
B                                                                           0.7
CCC                                                                         0.0
CC                                                                          0.0
C                                                                           0.0
D                                                                           0.0
Not Rated                                                                   1.0
Short Term                                                                  0.1

INTERMEDIATE MUNICIPAL FUND

RATING SUMMARY


                                                                        
AAA                                                                        56.5%
AA                                                                          8.3
A                                                                          10.3
BBB                                                                        19.7
BB                                                                          1.9
B                                                                           0.8
CCC                                                                         0.4
CC                                                                          0.0
C                                                                           0.0
D                                                                           0.0
Not Rated                                                                   2.1
Short Term                                                                  0.0


NEW YORK INTERMEDIATE MUNICIPAL FUND

RATING SUMMARY


                                                                        
AAA                                                                        23.9%
AA                                                                         30.8
A                                                                          14.5
BBB                                                                        17.4
BB                                                                          8.8
B                                                                           1.6
CCC                                                                         0.4
CC                                                                          0.0
C                                                                           0.0
D                                                                           0.0
Not Rated                                                                   2.6
Short Term                                                                  0.0


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

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


                                       4



ENDNOTES

1. Returns based on Net Asset Value (NAV) of the Funds.

2. Returns based on market price of Fund shares on the American Stock
     Exchange.

3. A portion of the income from each Fund may be a tax preference item for
     purposes of the federal alternative minimum tax for certain investors.

4. Neuberger Berman Management Inc. has contractually agreed to waive a
     portion of the management fees that it is entitled to receive from each
     Fund. Each undertaking lasts until October 31, 2011. Please see the notes
     to the financial statements for specific information regarding the rate of
     the management fees waived by Neuberger Berman Management Inc. Absent such
     a waiver, the performance of each Fund would be lower.

5. Unaudited performance data current to the most recent month-end are
     available at www.nb.com.


                                       5



GLOSSARY OF INDICES


                                                 
LEHMAN BROTHERS 7-YEAR GENERAL OBLIGATION INDEX:    An unmanaged total return performance benchmark for the
                                                    intermediate-term, 7-year, investment grade General
                                                    Obligations (State and Local) tax-exempt bond market.

LEHMAN BROTHERS U.S. CREDIT INDEX:                  This index represents publicly issued U.S. corporate
                                                    and specified foreign debentures and secured notes that
                                                    meet the specified maturity, liquidity, and quality
                                                    requirements. To qualify, bonds must be SEC-registered
                                                    and be an investment grade credit security. This index
                                                    is the U.S. Credit component of the U.S.
                                                    Government/Credit index.

LEHMAN BROTHERS INTERMEDIATE U.S. TREASURY INDEX:   This index represents public obligations of the U.S.
                                                    Treasury with a remaining maturity from one up to (but
                                                    not including) 10 years.

LEHMAN 10-YEAR MUNICIPAL BOND INDEX:                This index is a broad-based unmanaged index which
                                                    includes investment-grade (rated Baa or higher)
                                                    tax-exempt bonds that are issued by state and local
                                                    governments and have maturities of 8 to 12 years.


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


                                       6



SCHEDULE OF INVESTMENTS California Intermediate Municipal Fund Inc.



PRINCIPAL AMOUNT                               SECURITY @                                   RATING            VALUE+
(000'S OMITTED)                                                                          MOODY'S   S&P    (000'S OMITTED)
                                                                                                 
ARIZONA (0.8%)
          $  750   Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003,
                   6.15%, due 7/15/17                                                                        $  793^^
CALIFORNIA (135.3%)
             780   Abag Fin. Au. Cert. of Participation Rev. (Channing House),
                   Ser. 1999, 4.90%, due 2/15/09                                                   BBB+         796('b')
           3,050   Abag Fin. Au. Cert. of Participation Rev.
                   (Episcopal Homes Foundation), Ser. 1998, 5.13%, due 7/1/18                      BBB+       3,097('b')
           1,000   Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003 C,
                   5.13%, due 3/1/18                                                       Baa1    BBB+       1,019('b')
           1,250   Alameda Co. Cert. of Participation Ref. Rev., Ser. 2001 A,
                   (MBIA Insured), 5.38%, due 12/1/17                                              AAA        1,341
           1,285   Bay Area Governments Assoc. BART SFO Extension Rev.
                   (Arpt. Premium Fare), Ser. 2002 A, (AMBAC Insured),
                   5.00%, due 8/1/21                                                               AAA        1,329
           1,000   Burbank Pub. Svc. Dept. Elec. Rev., Ser. 1998, (FSA Insured),
                   5.13%, due 6/1/16                                                               AAA        1,037
             640   California Co. Tobacco Securitization Agcy. Tobacco Settlement
                   Asset-Backed Rev., Ser. 2002, 4.75%, due 6/1/19                         Baa3    BBB          643
           1,750   California Ed. Fac. Au. Ref. Rev. (Stanford Univ.), Ser. 2001 R,
                   5.00%, due 11/1/21                                                       Aaa    AAA        1,812('b')
           2,000   California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West),
                   Ser. 2004 I, 4.95%, due 7/1/26                                           A3      A-        2,058('b')
           2,000   California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.),
                   Ser. 1999 A, 6.13%, due 12/1/19                                          A3                2,179('b')
           2,000   California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.),
                   Ser. 2005, 5.00%, due 11/15/21                                           A3                2,055('b')
           1,000   California Hlth. Fac. Fin. Au. Rev. (Kaiser Permanente),
                   Ser. 1998 B, 5.00%, due 10/1/20                                                 AAA        1,029('b')
           4,000   California Poll. Ctrl. Fin. Au. Ref. PCR (Pacific Gas & Elec. Co.),
                   Ser. 1996 A, (MBIA Insured), 5.35%, due 12/1/16                                 AAA        4,233('b')
           1,500   California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
                   (Republic Svc., Inc. Proj.), Ser. 2002 B, 5.25%,
                   due 6/1/23 Putable 12/1/17                                              Baa3    BBB        1,565('b')
           1,000   California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
                   (Waste Management, Inc. Proj.), Ser. 2002 C, 4.85%,
                   due 12/1/27 Putable 11/30/07                                                    BBB        1,011('b')
           3,000   California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
                   (Waste Management, Inc. Proj.), Ser. 2005 C, 5.13%,
                   due 11/1/23                                                                     BBB        3,064('b')
           4,500   California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
                   5.75%, due 5/1/17                                                        A2     BBB+       5,007
           1,000   California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
                   5.38%, due 5/1/22                                                        A2     BBB+       1,093
           2,250   California St. G.O., Ser. 2002, 5.00%, due 10/1/17                       A2      A         2,326
           1,000   California St. Pub. Works Board Lease (Dept. of Gen. Svc.)
                   Rev. (Cap. East End Complex), Ser. 2002 A, (AMBAC Insured),
                   5.25%, due 12/1/16                                                              AAA        1,063
           1,095   California St. Pub. Works Board Lease Rev.
                   (California Comm. Colleges), Ser. 2004 B, 5.50%, due 6/1/20             Baa1    BBB-       1,168
           3,000   California St. Pub. Works Board Lease Rev.
                   (Regents of the Univ. of California, UCLA Replacement Hosp.),
                   Ser. 2002 A, (FSA Insured), 5.38%, due 10/1/13                                  AAA        3,243



See Notes to Schedule of Investments   7



SCHEDULE OF INVESTMENTS California Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                                 SECURITY @                                     RATING           VALUE+
(000'S OMITTED)                                                                             MOODY'S    S&P   (000'S OMITTED)
                                                                                                    
          $1,000   California St. Univ. Fresno Assoc., Inc. Rev. (Auxiliary Organization
                   Event Ctr.), Ser. 2002, 5.00%, due 7/1/12                                  Baa3    BBB-     $1,064
           2,000   California Statewide CDA Cert. of Participation Rev. (Children's Hosp.
                   Los Angeles), Ser. 1999, 5.13%, due 8/15/19                                 A3       A       2,059('b')
           1,890   California Statewide CDA Cert. of Participation Rev.
                   (The Internext Group), Ser. 1999, 5.38%, due 4/1/17                                 BBB      1,916('b')
           1,000   California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.),
                   Ser. 2005 A, 5.00%, due 3/1/20                                              A        A       1,027('b')
           5,000   California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.),
                   Ser. 2003 A, 6.00%, due 10/1/16                                             A3       A       5,447('b')
           3,000   California Statewide CDA Rev. (Kaiser Permanente),
                   Ser. 2002 E, 4.70%, due 11/1/36 Putable 6/1/09                              A3      A+       3,056('b')
           1,000   Central Joint Pwr. Hlth. Fin. Au. Cert. of Participation Rev.
                   (Comm. Hosp. of Central California Proj.), Ser. 2000,
                   5.50%, due 2/1/14                                                          Baa2    BBB-      1,029('b')
           1,020   Cerritos Pub. Fin. Au. Sub. Tax Allocation Rev. (Cerritos
                   Redev. Proj.), Ser. 2002 B, 4.40%, due 11/1/16                                      BBB        973
           2,550   Contra Costa Comm. College Dist. G.O., Ser. 2002,
                   (FGIC Insured), 5.25%, due 8/1/17                                          Aa2      AA-      2,707
           1,210   Elk Grove Spec. Tax Rev. (East Franklin Comm. Fac. Dist.
                   Number 1), Ser. 2002 A, 5.38%, due 8/1/17                                           BB+      1,281
           1,000   Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002 A, (MBIA Insured),
                   6.00%, due 2/1/17                                                                   A+       1,148
           2,835   Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale
                   Redev. Proj.), Ser. 2002, (MBIA Insured), 5.00%, due 12/1/16                        AAA      2,986
           2,480   Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale
                   Redev. Proj.), Ser. 2002, (MBIA Insured), 5.25%, due 12/1/17                        AAA      2,644
           1,000   Kings Canyon Joint Unified Sch. Dist. G.O., Ser. 2002,
                   (FGIC Insured), 5.38%, due 8/1/17                                                    A       1,072
           1,905   Long Beach Bond Fin. Au. Tax Allocation Rev. (Downtown,
                   North Long Beach, Poly High, & West Beach Redev. Proj.),
                   Ser. 2002 A, (AMBAC Insured), 5.38%, due 8/1/17                                     AAA      2,035
             500   Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured),
                   6.00%, due 11/1/17                                                                  AAA        570
           1,275   Los Angeles Co. Long Beach Unified Sch. Dist. G.O.,
                   Ser. 2002 D, (FSA Insured), 5.00%, due 8/1/17                              Aa3               1,330
           5,000   Los Angeles Dept. of Arpts. Rev. (Los Angeles Int'l. Arpt.),
                   Ser. 2002 A, (FGIC Insured), 5.25%, due 5/15/18                            Aaa      AAA      5,272
           1,270   Los Angeles Dept. of Wtr. & Pwr. Sys. Rev., Ser. 2001 A,
                   Sub. Ser. A-3, 5.38%, due 7/1/20                                           Aa3      AA-      1,273
             100   Los Angeles Dept. of Wtr. & Pwr. Rev., Sub. Ser. 2001 B-3,
                   (LOC: Citibank, N.A.), 3.78%, due 7/1/34                                  VMIG1    A-1+        100
             500   Marin Co. Dixie Elementary Sch. Dist. G.O., Ser. 2000 A,
                   (FSA Insured), 5.38%, due 8/1/17                                                    AA-        534
           1,045   Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002,
                   (AMBAC Insured), 5.00%, due 7/1/17                                                  AAA      1,089
           1,090   Moreland Sch. Dist. Ref. G.O., Ser. 2002, (FGIC Insured),
                   5.13%, due 9/1/17                                                                   AA-      1,145
             535   Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev.,
                   Ser. 2002, (FGIC Insured), 5.00%, due 1/1/16                                        AAA        560
             565   Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev.,
                   Ser. 2002, (FGIC Insured), 5.00%, due 1/1/17                                        AAA        589
           1,045   Oakland G.O., Ser. 2002 A, (FGIC Insured), 5.00%, due 1/15/15                       AAA      1,096
           1,210   Oakland G.O., Ser. 2002 A, (FGIC Insured), 5.00%, due 1/15/18               A1      A+       1,257



                                       8



SCHEDULE OF INVESTMENTS California Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                              SECURITY @                                  RATING          VALUE +
(000'S OMITTED)                                                                       MOODY'S   S&P   (000'S OMITTED)
                                                                                            
          $  605   Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.),
                   Ser. 2003, 5.00%, due 9/1/16                                                  A-    $    618
             635   Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.),
                   Ser. 2003, 5.00%, due 9/1/17                                                  A-         645
           1,290   Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist.
                   Redev. Proj.), Ser. 2003, (FGIC Insured), 5.50%, due 9/1/17                  AAA       1,387
           1,445   Oceanside Cert. of Participation Ref. Rev., Ser. 2003 A,
                   (AMBAC Insured), 5.25%, due 4/1/14                                           AAA       1,555
           3,890   Port of Oakland Ref. Rev., Ser. 2002 N, (MBIA Insured),
                   5.00%, due 11/1/13                                                           AAA       4,036
           2,655   Riverside Co. Eastern Muni. Wtr. Dist. Cert. of Participation
                   Wtr. & Swr. Rev., Ser. 2001 A, (FGIC Insured), 5.00%, due
                   7/1/19                                                               Aaa     AAA       2,752
             440   Roseville Stone Point Comm. Fac. District No. 1 Special
                   Tax Rev., Ser. 2003, 5.70%, due 9/1/17                                                   452^^
           2,600   Sacramento Muni. Util. Dist. Elec. Rev., Ser. 1997 K,
                   (AMBAC Insured), 5.70%, due 7/1/17                                           AAA       2,940
             830   San Diego Redev. Agcy. Sub. Parking Rev. (Centre City
                   Redev. Proj.), Ser. 2003 B, 4.80%, due 9/1/15                        Baa2     A-         837
             820   San Diego Redev. Agcy. Sub. Parking Rev. (Centre City
                   Redev. Proj.), Ser. 2003 B, 4.90%, due 9/1/16                        Baa2     A-         827
           2,000   San Diego Unified Sch. Dist. G.O., Ser. 2002 D,
                   (FGIC Insured), 5.25%, due 7/1/21                                    Aa2      AA       2,159
           3,000   San Francisco Bay Area Toll Au. Toll Bridge Rev., Ser. 2001
                   D, 5.00%, due 4/1/17                                                 Aa3      AA       3,109
           1,500   San Francisco City & Co. Int'l. Arpt. Second Ser. Rev.,
                   (FGIC Insured), 5.25%, due 5/1/16                                            AAA       1,561
           5,000   San Francisco City & Co. Redev. Agcy. Lease Ref. Rev.
                   (George R. Moscone Convention Ctr.), Ser. 2002, (FSA
                   Insured), 5.00%, due 7/1/17                                          Aaa     AAA       5,231
           2,000   San Francisco St. Bldg. Au. Lease Rev.
                   (San Francisco Civic Ctr. Complex), Ser. 1996 A,
                   (AMBAC Insured), 5.25%, due 12/1/16                                          AAA       2,058
           1,000   San Jose Arpt. Ref. Rev., Ser. 2002 B, (FSA Insured),
                   5.00%, due 3/1/11                                                            AAA       1,042
           1,615   San Jose Arpt. Ref. Rev., Ser. 2002 B, (FSA Insured),
                   5.00%, due 3/1/12                                                            AAA       1,687
           2,500   San Jose Fin. Au. Lease Rev. (Civic Ctr. Proj.), Ser. 2002 B,
                   (AMBAC Insured), 5.25%, due 6/1/17                                           AAA       2,644
           1,000   San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.),
                   Ser. 2002 J-1, (AMBAC Insured), 4.95%, due 12/1/22                   Aaa     AAA       1,017('b')
           1,620   Santa Clara Co. Fremont Union High Sch. Dist. G.O.,
                   Ser. 2002 C, (FSA Insured), 5.00%, due 9/1/20                        Aa2      AA       1,731
           1,000   Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev.,
                   Ser. 2003, 6.13%, due 3/1/13                                                           1,004^^
           3,905   Solano Co. Cert. of Participation Rev., Ser. 2002, (MBIA
                   Insured), 5.25%, due 11/1/17                                                 AAA       4,154
           1,000   South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate
                   Redev. Proj. No. 1), Ser. 2002, 5.00%, due 9/1/16                            AAA       1,049
             600   Univ. of California Regents Cert. of Participation Rev. (San
                   Diego Campus & Sacramento Proj.), Ser. 2002 A, 5.25%, due
                   1/1/18                                                               Aa2                 629
           1,000   Univ. of California Regents Rev. (Multi. Purp. Proj.), Ser.
                   2000 K, (MBIA Insured), 5.00%, due 9/1/12                            Aaa     AAA       1,041
                                                                                                       --------
                                                                                                        133,592
                                                                                                       --------


See Notes to Schedule of Investments   9



SCHEDULE OF INVESTMENTS California Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                              SECURITY @                                  RATING            VALUE+
(000'S OMITTED)                                                                       MOODY'S    S&P   (000'S OMITTED)
                                                                                             
FLORIDA (0.8%)
         $   750   Miami Beach Hlth. Fac. Au. Hosp. Ref. Rev.
                   (Mount Sinai Med. Ctr. of Florida Proj.), Ser. 2004,
                   6.25%, due 11/15/09                                                  Ba1      BB+     $  790('b')
                                                                                                         ------
GEORGIA (0.8%)
           1,000   De Kalb Co. Dev. Au. Ref. PCR (General Motors Corp. Proj.),
                   Ser. 2002, 6.00%, due 3/15/21                                         B3       B         841('b')
                                                                                                         ------
GUAM (0.7%)
             700   Guam Govt. Waterworks Au. Wtr. & Wastewater Sys. Rev.,
                   Ser. 2005, 5.50%, due 7/1/16                                         Ba2                 729
                                                                                                         ------
LOUISIANA (2.9%)
           1,500   Morehouse Parish Ref. PCR (Int'l. Paper Co. Proj.), Ser.
                   2001 A, 5.25%, due 11/15/13                                          Baa2     BBB      1,548('b')
           1,250   Tobacco Settlement Fin. Corp. Tobacco Settlement
                   Asset-Backed Rev., Ser. 2001 B, 5.50%, due 5/15/30                   Baa3     BBB      1,297
                                                                                                         ------
                                                                                                          2,845
                                                                                                         ------
NEW YORK (1.1%)
             500   New York City IDA Spec. Fac. Rev. (American Airlines, Inc.
                   J.F.K. Int'l. Arpt. Proj.), Ser. 2005, 7.50%, due 8/1/16                       B-        546('b')
             500   New York City Ind. Dev. Agy. Liberty Rev. (7 World Trade Center,
                   LLC Proj.), Ser. 2005 A, 6.25%, due 3/1/15                                               527^^
                                                                                                         ------
                                                                                                          1,073
                                                                                                         ------
NORTH CAROLINA (1.5%)
           1,405   North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev.,
                   Ser. 2003 A, 5.50%, due 1/1/14                                        A3     BBB+      1,488
                                                                                                         ------
OHIO (0.5%)
             500   Coshocton Co. Env. Imp. Ref. Rev. (Smurfit-Stone
                   Container Enterprises, Inc. Proj.), Ser. 2005, 5.13%, due 8/1/13             CCC+        480('b')
                                                                                                         ------
PENNSYLVANIA (1.1%)
           1,000   Cumberland Co. West Shore Area Au. Hosp. Rev.
                   (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.),
                   Ser. 2001, 6.00%, due 1/1/18                                                  BBB      1,060('b')
                                                                                                         ------
PUERTO RICO (6.7%)
           1,320   Puerto Rico Children's Trust Tobacco Settlement
                   Asset-Backed Rev., Ser. 2002, 5.38%, due 5/15/33                     Baa3     BBB      1,351
           1,000   Puerto Rico Ind., Tourist, Ed., Med. & Env. Ctrl. Fac. Rev.
                   (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002 A,
                   (ACA Insured), 5.25%, due 8/1/15                                               A       1,028('b')
           3,000   Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002 A, (FSA Insured),
                   5.25%, due 8/1/17                                                             AAA      3,203
           1,000   Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002 A, (FSA Insured),
                   5.25%, due 8/1/21                                                    Aaa      AAA      1,069
                                                                                                         ------
                                                                                                          6,651
                                                                                                         ------
TEXAS (3.4%)
             900   Brazos River Au. Ref. PCR (TXU Energy Co. LLC Proj.),
                   Ser. 2003 A, 6.75%, due 4/1/38 Putable 4/1/13                        Baa2     BBB      1,008('b')
             750   Brazos River Au. Ref. Rev. (Reliant Energy, Inc. Proj.), Ser.
                   1999 B, 7.75%, due 12/1/18                                                   BBB-        814('b')
           1,000   Brazos River Harbor Navigation Dist. of Brazoria Co. Env. Fac.
                   Rev. (Dow Chemical Co. Proj.), Ser. 2002 A-4, 5.20%, due 5/15/33      A3      A-       1,020('b')
             500   Dallas-Fort Worth Int'l. Arpt. Fac. Imp. Corp. Rev., Ser.
                   2004 A-1, 6.15%, due 1/1/16                                          Ba2                 503('b')
                                                                                                         ------
                                                                                                          3,345
                                                                                                         ------



                                       10



SCHEDULE OF INVESTMENTS California Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                              SECURITY @                                   RATING           VALUE +
(000'S OMITTED)                                                                        MOODY'S    S&P   (000'S OMITTED)
VIRGIN ISLANDS (2.1%)
                                                                                               
          $  250   Virgin Islands Pub. Fin. Au. Refinery Fac. Rev.
                   (HOVENSA Refinery), Ser. 2003, 6.13%, due 7/1/22                      Baa3    BBB-      $    267
             750   Virgin Islands Pub. Fin. Au. Rev. (Virgin Islands Matching
                   Fund Loan Notes), Ser. 1998 E, 6.00%, due 10/1/22                                            787^^
           1,000   Virgin Islands Wtr. & Pwr. Au. Elec. Sys. Ref. Rev., Ser. 1998,
                   5.30%, due 7/1/18                                                                            988^^
                                                                                                           --------
                                                                                                              2,042
                                                                                                           --------
                   TOTAL INVESTMENTS (157.7%) (COST $153,475)                                               155,729##
                   Cash, receivables and other assets, less liabilities (2.0%)                                2,018
                   Liquidation Value of Auction Market Preferred Shares [(59.7%)]                           (59,000)
                                                                                                           --------
                   TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)                             $ 98,747
                                                                                                           --------



See Notes to Schedule of Investments   11



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.



PRINCIPAL AMOUNT                               SECURITY @                                    RATING           VALUE +
(000'S OMITTED)                                                                         MOODY'S   S&P    (000'S OMITTED)
                                                                                               
ALABAMA (1.5%)
$          4,210   DCH Hlth. Care Au. Hlth. Care Fac. Rev., Ser. 2002,
                   5.25%, due 6/1/14                                                       A1      A+      $ 4,447
                                                                                                           -------
ARIZONA (1.1%)
           1,465   Arizona Energy Management Svcs. (Main) LLC Energy
                   Conservation Rev., (Arizona St. Univ. Proj. -Main Campus),
                   Ser. 2002, (MBIA Insured), 5.25%, due 7/1/17                           Aaa     AAA        1,556
           1,750   Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003,
                   6.15%, due 7/15/17                                                                        1,850^^
                                                                                                           -------
                                                                                                             3,406
                                                                                                           -------
CALIFORNIA (7.6%)
           3,500   California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
                   (Republic Svc., Inc. Proj.), Ser. 2002 B, 5.25%, due 6/1/23            Baa2    BBB+       3,651('b')
           2,000   California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev.
                   (Waste Management, Inc. Proj., Ser. 2005 C, 5.13%,
                   due 11/1/23                                                                    BBB        2,043('b')
           2,500   California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
                   5.75%, due 5/1/17                                                      Aaa      A-        2,782
           3,460   California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
                   5.38%, due 5/1/22                                                      Aaa      A-        3,781
           1,500   California St. Pub. Works Board Lease Rev., Ser. 2002 A,
                   (AMBAC Insured), 5.25%, due 12/1/17                                    Aaa     AAA        1,592
           1,240   California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.),
                   Ser. 2003 A, 6.00%, due 10/1/16                                         A3      A+        1,351('b')
           3,000   Golden St. Tobacco Securitization Corp. Tobacco Settlement
                   Asset-Backed Rev., Ser. 2003 A-1,6.25%, due 6/1/33                      Baa3    BBB        3,260
           2,080   Oakland Redev. Agcy.Sub. Tax Allocation Rev.
                   (Central Dist. Redev. Proj.), Ser. 2003, (FGIC Insured),
                   5.50%, due 9/1/18                                                      Aaa     AAA        2,230
             740   San Diego Redev. Agcy. Sub. Parking Rev. (Centre City
                   Redev. Proj.), Ser. 2003 B, 5.00%, due 9/1/17                          Baa2     A-          753
           1,500   Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev., Ser. 2006,
                   4.88%, due 3/1/16                                                                         1,485^^
                                                                                                           -------
                                                                                                            22,928
                                                                                                           -------
COLORADO (5.3%)
           4,220   Colorado Springs Util. Sys. Sub. Lien Ref. Rev., Ser. 2002 A,
                   (AMBAC Insured), 5.38%, due 11/15/18                                   Aaa     AAA        4,508
           4,000   Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002 E,
                   (FGIC Insured), 5.25%, due 11/15/14                                    Aaa     AAA        4,203
           2,000   Denver City & Co. Arpt. Sys. Rev., Ser. 1991 D,
                   7.75%, due 11/15/13                                                    Aaa     AAA        2,291
           4,610   Thornton Cert. of Participation, Ser. 2002, (AMBAC Insured),
                   5.38%, due 12/1/16                                                     Aaa     AAA        4,929
                                                                                                           -------
                                                                                                            15,931
                                                                                                           -------
CONNECTICUT (0.8%)
           2,400   Mashantucket Western Pequot Tribe Spec. Rev.,
                   Sub. Ser. 1997 B, 5.70%, due 9/1/12                                      Baa3             2,498(n)
                                                                                                           -------
DISTRICT OF COLUMBIA (1.6%)
           4,495   Dist. of Columbia (Washington, D.C.) Ref.G.O., Ser. 2002 C,
                   5.25%, due 6/1/13                                                       Aaa     AAA       4,778
                                                                                                           -------



                                       12



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd.


PRINCIPAL AMOUNT                               SECURITY @                                    RATING           VALUE +
(000'S OMITTED)                                                                           MOODY'S   S&P   (000'S OMITTED)
                                                                                                  
FLORIDA (8.9%)
$          2,500   Broward Co. G.O., Ser. 2001 A,5.25%, due 1/1/18                          Aa1     AA+     $ 2,644
           3,000   Fiddlers Creek Comm. Dev. Dist. Number 2 Spec.
                   Assessment Rev., Ser. 2003 A,6.00%, due 5/1/16                                             3,084^^
           1,750   Miami Beach Hlth. Fac. Au. Hosp. R ef. Rev.
                   (Mount Sinai Med. Ctr. of Florida Proj.), Ser. 2004,
                   6.25%, due 11/15/09                                                      Ba1     BB+       1,842('b')
           8,140   Orange Co. Sales Tax Ref. Rev., Ser. 2002 A, (FGIC Insured),
                   5.13%, due 1/1/18                                                        Aaa     AAA       8,592
           2,085   Palm Beach Co. Hlth. Fac. Au. Hosp. Ref. Rev. (BRCH Corp.
                   Oblig. Group), Ser. 2001, 5.00%, due 12/1/12                                      A        2,153('b')
           7,000   Palm Beach Co. Sch. Board Cert. of Participation, Ser. 2001 B,
                   (AMBAC Insured), 5.38%, due 8/1/17                                       Aaa     AAA       7,491
           1,000   Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002 C, (FGIC Insured),
                   5.25%, due 10/1/20                                                       Aaa     AAA       1,059
                                                                                                            -------
                                                                                                             26,865
                                                                                                            -------
GEORGIA (2.6%)
           4,575   Henry Co. Wtr. & Swr. Au. Wtr. & Swr. Ref. Rev., Ser. 2002 A,
                   (MBIA Insured), 5.13%, due 2/1/17                                        Aaa     AAA      4,871
           2,710   Newnan Hosp. Au. Rev. Anticipation Certificate
                   (Newnan Hosp., Inc.Proj.), Ser. 2002, (MBIA Insured),
                   5.50%, due 1/1/18                                                        Aaa               2,926('b')
                                                                                                            -------
                                                                                                              7,797
                                                                                                            -------
ILLINOIS (10.6%)
           5,000   Chicago G.O., Ser. 1995 A-2, (AMBAC Insured), 6.25%,
                   due 1/1/13                                                               Aaa     AAA       5,649
           6,120   Chicago G.O., Ser. 2002 A, (AMBAC Insured), 5.38%,
                   due 1/1/17                                                               Aaa     AAA       6,632
           1,500   Chicago Metro. Wtr. Reclamation Dist. Cap. Imp. G.O.,
                   Ser. 2002 C, 5.38%, due 12/1/16                                          Aaa     AA+       1,615
           5,130   Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History),
                   Ser. 2002, 4.30%, due 11/1/36                                             A2       A       5,107('b')
           5,000   Illinois G.O., First Ser. 2002, (MBIA Insured), 5.25%,
                   due 10/1/14                                                              Aaa     AAA       5,344
           3,000   Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.), Ser. 1997 A,
                   (MBIA Insured), 6.00%, due 7/1/14                                        Aaa     AAA       3,359('b')
           1,670   Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev.,
                   Ser. 1998 A, 5.50%, due 6/15/17                                          Aaa     AAA       1,866
           2,000   Kane, Cooke, & DuPage Cos. Elgin Sch. Dist. Number U-46 G.O.,
                   Ser. 1998, (FSA Insured), 5.35%, due 1/1/15                              Aaa               2,122
                                                                                                            -------
                                                                                                             31,694
                                                                                                            -------
INDIANA (8.3%)
           1,995   Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 A,
                   5.38%, due 2/1/17                                                                AAA       2,178
             760   Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 B,
                   5.25%, due 2/1/18                                                                AAA         818
           8,005   Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.),
                   Ser. 2001 A, 5.38%, due 2/1/17                                                   AAA       8,627
           2,800   Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.),
                   Ser. 2002 B, 5.25%, due 2/1/18                                                   AAA       2,968
           1,000   Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2002 B,
                   (MBIA Insured), 5.25%, due 1/1/18                                        Aaa     AAA       1,057
           2,050   Indiana St. Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters
                   of St. Francis), Ser. 2001, 5.35%, due 11/1/15                           Aa3               2,140('b')
           1,065   Indiana St. Recreational Dev. Comm. Rev., Ser. 2002,
                   (AMBAC Insured), 5.25%, due 7/1/18                                       Aaa     AAA       1,119



See Notes to Schedule of Investments   13



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                              SECURITY @                                   RATING           VALUE +
(000'S OMITTED)                                                                        MOODY'S    S&P   (000'S OMITTED)
                                                                                               
          $1,125   Indiana St. Recreational Dev. Comm. Rev., Ser. 2002,
                   (AMBAC Insured), 5.25%, due 7/1/19                                    Aaa      AAA     $ 1,180
           2,580   Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.),
                   Ser. 2003 A, (FSA Insured), 5.63%, due 1/1/17                         Aaa      AAA       2,745
           2,000   Jasper Hosp. Au. Hosp. Fac. Ref. Rev. (Mem. Hosp. & Hlth.
                   Care Ctr. Proj.), Ser. 2002, 5.50%, due 11/1/17                                AA        2,128('b')
                                                                                                          -------
                                                                                                           24,960
                                                                                                          -------
IOWA (2.1%)
           3,000   Iowa Tobacco Settlement Au. Tobacco Settlement
                   Asset-Backed Rev., Ser. 2001 B, 5.30%, due 6/1/25                              AAA       3,187
           3,000   Iowa Tobacco Settlement Au. Tobbaco Settlement
                   Asset-Backed Rev., Ser. 2005 C, 5.38%, due 6/1/38                     Baa3    BBB        2,994
                                                                                                          -------
                                                                                                            6,181
                                                                                                          -------
LOUISIANA (1.2%)
           2,500   Morehouse Parish Ref. PCR (Int'l. Paper Co. Proj.), Ser. 2001 A,
                   5.25%, due 11/15/13                                                   Baa2     BBB       2,580('b')
           1,000   Tobacco Settlement Fin. Tobacco Settlement Asset-Backed Rev.,
                   Ser. 2001 B, 5.50%, due 5/15/30                                       Baa3     BBB       1,038
                                                                                                          -------
                                                                                                            3,618
                                                                                                          -------
MAINE (0.6%)
           1,725   Maine Muni. Bond Bank Rev., Ser. 1998 C, (FSA Insured),
                   5.35%, due 11/1/18                                                    Aaa      AAA       1,810
                                                                                                          -------
MARYLAND (2.3%)
           1,000   Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp. of
                   Cecil Co.), Ser. 2002, 5.50%, due 7/1/14                               A3                1,054('b')
             400   Prince George's Co., Unrefunded Balance Cons. Pub. Imp.
                   G.O., Ser. 2001, (FGIC Insured), 5.25%, due 12/1/16                   Aaa      AAA         428
           5,100   Prince George's Co., Pre-Refunded Cons. Pub. Imp. G.O.,
                   Ser. 2001, 5.25%, due 12/1/16 P/R 12/1/11                             Aaa      AAA       5,515
                                                                                                          -------
                                                                                                            6,997
                                                                                                          -------
MASSACHUSETTS (8.7%)
           3,000   Massachusetts Port Au. Spec. Fac. Rev. (Delta Air Lines,
                   Inc. Proj.), Ser. 2001 A, (AMBAC Insured), 5.50%, due 1/1/19          Aaa      AAA       3,100('b')
           1,850   Massachusetts St. G.O., Ser. 2002 E, (MBIA Insured),
                   5.38%, due 1/1/18                                                     Aaa      AAA       1,993
           2,450   Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi
                   Oblig. Group), Ser. 1999 A, 5.70%, due 7/1/15                         Baa3     BBB       2,542('b')
           2,810   Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville
                   Reg. Hosp.), Ser. 1998 C, 5.75%, due 7/15/13                          Baa3    BBB-       2,891('b')
           4,935   Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (New England
                   Med. Ctr. Hosp.), Ser. 2002 H, (FGIC Insured),
                   5.38%, due 5/15/16                                                    Aaa      AAA       5,279('b')
           2,000   Massachusetts St. Wtr. Poll. Abatement Trust Pre-Refunded Rev.
                   (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16 P/R 8/1/11                 Aaa      AAA       2,129
           5,030   Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.),
                   Ser. 2002 A, 5.25%, due 8/1/19                                        Aaa      AAA       5,351
           2,775   Massachusetts St. Wtr. Poll. Abatement Trust Unrefunded
                   Balance Rev. (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16               Aaa      AAA       2,951
                                                                                                          -------
                                                                                                           26,236
                                                                                                          -------
MICHIGAN (7.0%)
           3,075   Detroit Sch. Dist. Sch. Bldg. & Site Imp. G.O., Ser. 2002 A,
                   (FGIC Insured), 5.50%, due 5/1/15                                     Aaa      AAA       3,366
           1,070   Ingham & Clinton Cos. East Lansing Bldg. Au. Ref. G.O.,
                   Ser. 1999, 5.25%, due 10/1/16                                                  AA        1,116



                                       14



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                              SECURITY @                                   RATING           VALUE +
(000'S OMITTED)                                                                        MOODY'S    S&P   (000'S OMITTED)
                                                                                               
          $1,050   Kent Co. Forest Hills Pub. Sch. Unlimited G.O., Ser. 2000,
                   5.25%, due 5/1/19                                                     Aa2              $ 1,108
           1,375   Macomb Co. New Haven Comm. Sch. Bldg. & Site G.O.,
                   Ser. 2002, 5.25%, due 5/1/17                                          Aa2      AA        1,483
           1,500   Michigan St. Bldg. Au. Rev. (Fac. Prog.), Ser. 2001 II,
                   5.50%, due 10/15/18                                                   Aa3      AA-       1,622
           5,000   Michigan St. Hsg. Dev. Au. Single-Family Mtge. Rev., Ser. 2001 A,
                   (MBIA Insured), 5.30%, due 12/1/16                                    Aaa      AAA       5,111
           3,850   Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont
                   Hosp.), Ser. 1996 I, 6.25%, due 1/1/12                                Aa3      AA-       4,246('b')
           1,000   Summit Academy North Pub. Sch. Academy Ref. Rev.,
                   Ser. 2005, 6.00%, due 11/1/15                                                  BB+         993
           2,000   Summit Academy North Pub. Sch. Academy Ref. Rev.,
                   Ser. 2005, 5.25%, due 11/1/20                                                  BB+       1,902
                                                                                                          -------
                                                                                                           20,947
                                                                                                          -------
MINNESOTA (1.6%)
           2,000   Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice
                   Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17                             Baa1               2,078
           2,540   St. Paul Port Au. Lease Rev. (Office Bldg. at Cedar Street),
                   Ser. 2002, 5.00%, due 12/1/17                                         Aa2      AA+       2,632
                                                                                                          -------
                                                                                                            4,710
                                                                                                          -------
MISSOURI (4.1%)
           3,495   Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross
                   Co. Extension Proj.), Ser. 2002 B, (FSA Insured), 5.25%,
                   due 10/1/16                                                           Aaa      AAA       3,747
           2,000   Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002,
                   5.05%, due 8/1/20                                                      A3                2,042('b')
           2,425   Branson Dev. Fin. Board Infrastructure Fac. Board Rev.,
                   Ser. 2003 A, 5.00%, due 12/1/17                                       Baa1     BBB+      2,438
             750   Branson Ind. Dev. Au. Ltd. Oblig. Tax Increment Rev. (Branson
                   Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21                                        743^^
           2,000   Missouri St. Env. Imp. & Energy Res. Au. Wtr. Poll. Ctrl. &
                   Drinking Wtr. Rev., Ser. 2002 B, 5.50%, due 7/1/16                    Aaa                2,168
             915   Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev.,
                   Ser. 2001 II, 5.25%, due 12/1/16                                               AA          950
             280   Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev.,
                   Ser. 2001 III, 5.05%, due 12/1/15                                              AA          290
                                                                                                          -------
                                                                                                           12,378
                                                                                                          -------
NEVADA (6.0%)
           5,335   Clark Co. Passenger Fac. Charge Ref. Rev. (Las Vegas-McCarran
                   Int'l. Arpt. Proj.), Ser. 2002 A, (MBIA Insured), 5.25%,
                   due 7/1/10                                                            Aaa      AAA       5,578
           4,355   Las Vegas Valley Wtr. Dist. Ref. & Wtr. Imp. G.O., Ser. 2003 A,
                   (FGIC Insured), 5.25%, due 6/1/16                                     Aaa      AAA       4,638
           2,000   Nevada St. Cap. Imp. Ltd. G.O., Ser. 1998 B, 5.13%,
                   due 4/15/17                                                           Aa1      AA        2,053
           5,395   Truckee Meadows Wtr. Au. Wtr. Rev., Ser. 2001 A, (FSA Insured),
                   5.50%, due 7/1/15                                                     Aaa      AAA       5,753
                                                                                                          -------
                                                                                                           18,022
                                                                                                          -------
NEW HAMPSHIRE (1.8%)
           3,310   New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of
                   New Hampshire), Ser. 1992, (AMBAC Insured), 5.38%,
                   due 7/1/17                                                            Aaa      AAA       3,590
           1,700   New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of
                   New Hampshire), Ser. 1992, (AMBAC Insured), 5.38%,
                   due 7/1/17                                                            Aaa      AAA       1,820
                                                                                                          -------
                                                                                                            5,410
                                                                                                          -------



See Notes to Schedule of Investments   15



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                                                                           RATING           VALUE +
(000'S OMITTED)                              SECURITY @                                MOODY'S    S&P   (000'S OMITTED)
                                                                                              
NEW JERSEY (6.0%)
          $5,000   New Jersey Bldg. Au. St. Bldg. Ref. Rev., Ser. 2002 B,
                   (FSA Insured), 5.25%, due 12/15/15                                    Aaa      AAA     $ 5,321
           1,500   New Jersey Econ. Dev. Au. Cigarette Tax Rev., Ser. 2004,
                   5.63%, due 6/15/19                                                    Baa2     BBB       1,563
           6,900   New Jersey Ed. Fac. Au. Rev. (Stevens Institute of Technology),
                   Ser. 2002 C,5.25%, due 7/1/17                                         Baa2    BBB+       7,175('b')
           4,000   New Jersey Hlth. Care Fac. Fin. Au. Rev. (Somerset Med. Ctr.
                   Issue), Ser. 2003, 5.50%, due 7/1/18                                  Baa3               4,097('b')
                                                                                                          -------
                                                                                                           18,156
                                                                                                          -------
NEW YORK (6.1%)
           1,210   Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004,
                   5.50%, due 9/1/14                                                      A2                1,280
           3,250   New York City G.O., Ser. 2002 C, 5.50%, due 8/1/15                     A1      A+        3,484
           2,580   New York City IDA Civic Fac. Rev. (Lycee Francais de
                   New York Proj.), Ser. 2002 A, 5.50%, due 6/1/14                                 A        2,681('b')
           1,750   New York City IDA Spec. Fac. Rev. (American Airlines, Inc.
                   J.F.K. Int'l. Arpt. Proj.), Ser. 2005, 7.50%, due 8/1/16                       B-        1,912('b')
           2,750   New York City Ind. Dev. Agy. Liberty Rev. (7 World Trade Center,
                   LLC Proj.), Ser. 2005 A, 6.25%, due 3/1/15                                               2,897^^
           1,000   New York Convention Ctr. Operating Corp. Cert. of Participation
                   (Yale Bldg. Acquisition Proj.), Ser. 2003, 5.25%, due 6/1/08                             1,026^^
           3,500   New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2003 A,
                   5.38%, due 3/15/20                                                    Aa3      AAA       3,810
           1,300   New York St. Urban Dev. Corp. Ref. Rev. (Correctional Cap. Fac.),
                   Ser. 1998, 5.00%, due 1/1/14                                           A1      AA-       1,350
                                                                                                          -------
                                                                                                           18,440
                                                                                                          -------
NORTH DAKOTA (1.5%)
           4,100   Fargo Hlth. Sys. Rev. (Meritcare Obligated Group), Ser. 2002 A,
                   (AMBAC Insured), 5.63%, due 6/1/17                                    Aaa      AAA       4,410('b')
                                                                                                          -------
OHIO (2.6%)
           1,000   Coshocton Co. Env. Imp. Ref. Rev. (Smurfit-Stone Container
                   Enterprises, Inc. Proj.), Ser. 2005, 5.13%, due 8/1/13                        CCC+         960('b')
           3,000   Moraine Solid Waste Disp. Rev. (General Motors Corp. Proj.),
                   Ser. 1994, 6.75%, due 7/1/14                                           B3       B        2,804('b')
           3,760   Ohio Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp. Proj.),
                   Ser. 1995, 5.00%, due 11/1/15                                         Baa1    BBB+       3,949('b')
                                                                                                          -------
                                                                                                            7,713
                                                                                                          -------
PENNSYLVANIA (5.7%)
           1,765   Cumberland Co. West Shore Area Au. Hosp. Rev.,
                   (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.),
                   Ser. 2001, 6.05%, due 1/1/19                                                   BBB       1,871('b')
           1,000   Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003,
                   5.25%, due 7/1/18                                                      A2      A-        1,067
           2,000   Lehigh Co. Gen. Purp. Au. Rev. (KidsPeace Oblig. Group),
                   Ser. 1998, 6.00%, due 11/1/23                                          B2                1,879('b')
           5,000   Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev.
                   (Abington Mem. Hosp. Proj.), Ser. 2002 A, 5.00%, due 6/1/19                     A        5,077('b')
           1,000   Pennsylvania Econ. Dev. Fin. Au. Res. Rec. Ref. Rev.
                   (Colver Proj.), Ser. 2005 G, 5.13%, due 12/1/15                                            976^^
           2,000   Philadelphia Arpt. Ref. Rev. (Philadelphia Arpt. Sys.),
                   Ser. 1998 A, (FGIC Insured), 5.38%, due 6/15/14                       Aaa      AAA       2,084



                                       16



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                                                                             RATING           VALUE +
(000'S OMITTED)                              SECURITY @                                  MOODY'S    S&P   (000'S OMITTED)
                                                                                                
          $2,000   Sayre Hlth. Care Fac. Au. Rev. (Guthrie Hlth. Proj.), Ser. 2002 A,
                   5.75%, due 12/1/21                                                               A-      $ 2,121('b')
           2,000   Westmoreland Co. IDA Gtd. Rev. (National Waste & Energy Corp.,
                   Valley Landfill Expansion Proj.), Ser. 1993, 5.10%, due 5/1/18                   BBB       2,049('b')
                                                                                                            -------
                                                                                                             17,124
                                                                                                            -------
SOUTH CAROLINA (5.5%)
           1,100   Charleston Co. Sch. Dist. G.O., Ser. 2001, (FSA Insured),
                   5.00%, due 2/1/18                                                       Aaa      AAA       1,155
           2,140   Mt. Pleasant Town Waterworks & Swr. Sys. Ref. & Imp. Rev.,
                   Ser. 2002, (FGIC Insured), 5.25%, due 12/1/17                           Aaa      AAA       2,288
           2,345   South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev.,
                   (Palmetto Hlth. Alliance), Ser. 2003 A, 6.00%, due 8/1/13               Baa1    BBB+       2,510('b')
           2,000   South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev.,
                   (Palmetto Hlth. Alliance), Ser. 2003 A, 6.13%, due 8/1/23               Baa1    BBB+       2,135('b')
           4,665   South Carolina St. Pub. Svc. Au. Rev., Ser. 2002 B,
                   (FSA Insured), 5.38%, due 1/1/18                                        Aaa      AAA       4,965
           3,500   Union Co. IDR (Federal Paper Board Co., Inc. Proj.), Ser. 1989,
                   4.55%, due 11/1/09                                                      Baa3     BBB       3,483('b')
                                                                                                            -------
                                                                                                             16,536
                                                                                                            -------
TENNESSEE (2.1%)
           3,015   Knox Co. Hlth., Ed. & Hsg. Fac. Board Hosp. Ref. & Imp. Rev.,
                   Ser. 2002 A, (FSA Insured), 5.50%, due 1/1/18                           Aaa      AAA       3,205('b')
           3,085   Memphis-Shelby Co. Arpt. Au. Spec. Fac. Ref. Rev.
                   (Federal Express Corp.), Ser. 2002, 5.05%, due 9/1/12                   Baa2     BBB       3,222('b')
                                                                                                            -------
                                                                                                              6,427
                                                                                                            -------
TEXAS (23.9%)
           4,145   Anson Ed. Fac. Corp. Std. Hsg. Rev. (Univ. of Texas at
                   Dallas-Waterview Park Proj.), Ser. 2002, 5.00%, due 1/1/23                        A        4,171('b')
           1,000   Austin Convention Enterprises, Inc. Convention Ctr.
                   Hotel First Tier Rev., Ser. 2001 A, 6.38%, due 1/1/16                   Baa3    BBB-       1,044
           3,300   Brazos River Au. Ref. PCR (TXU Energy Co. LLC Proj.),
                   Ser. 2003 A, 6.75%, due 4/1/38 Putable 4/1/13                           Baa2    BBB-       3,697('b')
           1,000   Brazos River Au. Ref. PCR (TXU Energy Co. LLC. Proj.),
                   Ser. 2003 D, 5.40%, due 10/1/29 Putable 10/1/14                                 BBB-       1,043('b')
           1,000   Brazos River Au. Ref. Rev. (Reliant Energy, Inc. Proj.),
                   Ser. 1999 B, 7.75%, due 12/1/18                                                 BBB-       1,085('b')
           4,000   Brazos River Harbor Navigation Dist. Env. Fac. Rev.
                   (Dow Chemical Co. Proj.), Ser. 2002 B-2, 4.75%, due 5/15/33
                   Putable 5/15/07                                                          A3      A-        4,031('b')
           3,600   Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002,
                   (FSA Insured), 5.50%, due 9/1/17                                        Aaa      AAA       3,885
           2,100   Dallas-Fort Worth Int'l. Arpt. Fac. Imp.Corp.Rev.,Ser.2004 A-1,
                   6.15%, due 1/1/16                                                       Ba2                2,111('b')
           1,935   Dallas-Fort Worth Int'l. Arpt. Imp. Rev., Ser. 2004 B,
                   (FSA Insured), 5.50%, due 11/1/18                                       Aaa      AAA       2,049
           1,000   Denton, Tarrant, & Wise Cos. Northwest Ind. Sch. Dist. Unlimited
                   Sch. Bldg. & Ref. G.O., Ser. 2002, 5.50%, due 8/15/17                   Aaa                1,081
           1,750   Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%,
                   due 4/15/16                                                              A3     BBB+       1,813
           1,745   Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%,
                   due 4/15/17                                                              A3     BBB+       1,804
           7,000   Harris Co. Toll Road Sr. Lien Ref. Rev., Ser. 2002, (FSA Insured),
                   5.38%, due 8/15/16                                                      Aaa      AAA       7,514
           3,235   Houston Arpt. Sys. Sub. Lien. Ref. Rev., Ser. 2001 A,
                   (FGIC Insured), 5.50%, due 7/1/16                                       Aaa      AAA       3,413
           4,955   Houston Pub. Imp. Ref. G.O., Ser. 2002, (MBIA Insured),
                   5.25%, due 3/1/17                                                       Aaa      AAA       5,242



See Notes to Schedule of Investments   17



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                             SECURITY @                                      RATING          VALUE +
(000'S OMITTED)                                                                         MOODY'S    S&P   (000'S OMITTED)
                                                                                              
          $2,000   Lubbock Hlth. Fac. Dev. Corp. Rev. (St. Joseph Hlth. Sys.),
                   Ser. 1998, 5.25%, due 7/1/16                                           Aa3      AA-    $ 2,075('b')
           4,780   North Central Hlth. Fac. Dev. Corp. Hosp. Ref. Rev. (Baylor Hlth.
                   Care Sys. Proj.), Ser. 1998, 5.10%, due 5/15/13                        Aa3      AA-      4,978('b')
           6,795   San Antonio Ind. Sch. Dist. Unlimited Tax G.O., Ser. 2001 B,
                   5.38%, due 8/15/17                                                     Aaa      AAA      7,229
              20   San Antonio Pre-Refunded Cert. of Obligation G.O., P/R 2/1/12,
                   Ser. 2002, 5.00%, due 2/1/14                                           Aa2      AA+         21
           1,240   San Antonio Unrefunded Balance Cert. of Obligation G.O.,
                   Ser. 2002, 5.00%, due 2/1/14                                           Aa2      AA+      1,294
           1,910   Southmost Reg. Wtr. Au. Wtr. Supply Contract Rev. (Desalination
                   Plant Proj.), Ser.2002, (MBIA Insured), 5.50%, due 9/1/19              Aaa               2,053
           4,200   Tarrant Reg. Wtr. Dist. Wtr. Ref. & Imp. Rev., Ser. 2002,
                   (FSA Insured), 5.38%, due 3/1/16                                       Aaa      AAA      4,506
             465   Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.),
                   Ser. 2002, 5.50%, due 9/1/12                                           Baa3                479
           1,000   Trinity River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr. Proj.),
                   Ser. 2003, (MBIA Insured), 5.50%, due 2/1/16                           Aaa      AAA      1,092
           1,085   Tyler Hlth. Fac. Dev. Corp. Hosp. Rev. (Mother Frances
                   Hosp. Reg. Hlth. Care Ctr. Proj.), Ser. 2003, 5.25%, due 7/1/13        Baa1              1,102
           2,950   Univ. of Texas Board of Regents Fin. Sys. Rev., Ser. 1999 B,
                   5.38%, due 8/15/18                                                     Aaa      AAA      3,102
                                                                                                          -------
                                                                                                           71,914
                                                                                                          -------
VIRGIN ISLANDS (0.9%)
           1,000   Virgin Islands Pub. Fin. Au. Refinery Fac. Rev.
                   (HOVENSA Refinery), Ser. 2003, 6.13%, due 7/1/22                       Baa3     BBB      1,069
           1,500   Virgin Islands Pub. Fin. Au. Refinery Fac. Rev.
                   (HOVENSA Refinery), Ser. 2004, 5.88%, due 7/1/22                       Baa3     BBB      1,579('b')
                                                                                                          -------
                                                                                                            2,648
                                                                                                          -------
VIRGINIA (0.7%)
           1,000   Hopewell Ind. Dev. Au. Env. Imp. Ref. Rev. (Smurfit-Stone
                   Container Enterprise, Inc. Proj.), Ser. 2005, 5.25%, due 6/1/15                CCC+        947('b')
           1,000   Virginia Beach Dev. Au. Residential Care Fac. Mtge. Ref. Rev.
                   (Westminster-Caterbury of Hampton Roads, Inc.), Ser. 2005,
                   5.00%, due 11/1/22                                                                         991('b')^^
                                                                                                          -------
                                                                                                            1,938
                                                                                                          -------
WASHINGTON (12.9%)
           3,000   CDP-King Co. III Lease Rev. (King Street Ctr. Proj.), Ser. 1997,
                   (MBIA Insured), 5.13%, due 6/1/17                                      Aaa      AAA      3,071
           1,000   Clark Co. Vancouver Sch. Dist. Number 37 G.O., Ser. 1998,
                   5.13%, due 12/1/12                                                     Aa3               1,061
           8,800   Energy Northwest Elec. Ref. Rev. (Proj. No. 3), Ser. 2001 A,
                   (FSA Insured), 5.50%, due 7/1/17                                       Aaa      AAA      9,464
           5,000   King & Snohomish Cos. Northshore Sch. Dist. Number 417 G.O.,
                   Ser. 2002, (FSA Insured), 5.50%, due 12/1/17                           Aaa      AAA      5,449
           4,260   King Co. Pub. Trans. Sales Tax Ref. G.O., Ser. 2002,
                   (FSA Insured), 5.38%, due 12/1/14                                      Aaa      AAA      4,583
           6,250   Port of Seattle Sub. Lien Rev., Ser. 2002 B, (FGIC Insured),
                   5.50%, due 9/1/16                                                      Aaa      AAA      6,604
           1,625   Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003,
                   6.00%, due 12/1/18                                                     Baa3              1,733
           2,500   Tacoma Wtr. Sys. Rev., Ser. 2001, (FGIC Insured),
                   5.13%, due 12/1/19                                                     Aaa      AAA      2,606



                                       18



SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                             SECURITY @                                  RATING          VALUE +
(000'S OMITTED)                                                                     MOODY'S    S&P   (000'S OMITTED)
                                                                                          
          $3,125   Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley
                   Mem. Hosp. Assoc.), Ser. 2002, 5.00%, due 12/1/17                            A    $   3,162('b')
           1,000   Washington St. Var. Purp. G.O., Ser. 1999 A, 4.75%, due 7/1/17     Aa1      AA        1,009
                                                                                                     ---------
                                                                                                        38,742
                                                                                                     ---------
WISCONSIN (5.2%)
           1,540   Badger Tobacco Asset Securitization Corp. Tobacco Settlement
                   Asset-Backed Rev., Ser. 2002, 6.13%, due 6/1/27                    Baa3     BBB       1,625
           1,900   Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002 B,
                   5.50%, due 4/1/12                                                   A1      A+        2,006
           1,370   Wisconsin Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group,
                   Inc. Proj.), Ser. 1996, (FSA Insured), 6.00%, due 11/15/11         Aaa      AAA       1,506('b')
           7,205   Wisconsin St. G.O., Ser. 2002 C, 5.25%, due 5/1/17
                   P/R 5/1/12                                                         Aaa      AAA       7,689
           2,780   Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med.
                   Ctr., Inc. Proj.), Ser. 1999, 5.50%, due 5/15/15                             A        2,901('b')
                                                                                                     ---------
                                                                                                        15,727
                                                                                                     ---------
OTHER (0.7%)
           2,000   MuniMae Subordinated Cumulative Perpetual Preferred Shares,
                   4.70%, due 6/30/49 Putable 9/30/09                                 Baa2               1,984(n)
                                                                                                     ---------

                   TOTAL INVESTMENTS (157.5%) (COST $465,834)                                          473,372##

                   Cash, receivables and other assets, less liabilities (2.2%)                           6,666
                   Liquidation Value of Auction Market Preferred Shares
                   [(59.7%)]                                                                          (179,400)
                                                                                                     ---------

                   TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)                       $ 300,638
                                                                                                     ---------



See Notes to Schedule of Investments   19



SCHEDULE OF INVESTMENTS New York Intermediate Municipal Fund Inc.



PRINCIPAL AMOUNT                             SECURITY @                                       RATING            VALUE +
(000'S OMITTED)                                                                           MOODY'S    S&P   (000'S OMITTED)
                                                                                                 
ARIZONA (0.7%)
          $  500   Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003,
                   6.15%, due 7/15/17                                                                       $  529^^
                                                                                                            ------
CALIFORNIA (1.3%)
           1,000   Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev.,
                   Ser. 2003, 6.13%, due 3/1/13                                                              1,004^^
                                                                                                            ------
FLORIDA (0.7%)
             500   Miami Beach Hlth. Fac. Au. Hosp. Ref. Rev. (Mount Sinai
                   Med. Ctr. of Florida Proj.), Ser. 2004, 6.25%, due 11/15/09              Ba1      BB+       526('b')
                                                                                                            ------
GEORGIA (1.1%)
           1,000   De Kalb Co. Dev. Au. Ref. PCR (General Motors Corp. Proj.),
                   Ser. 2002, 6.00%, due 3/15/21                                             B3       B        841('b')
                                                                                                            ------
GUAM (0.6%)
             500   Guam Govt. Waterworks Au. Wtr. & Wastewater Sys. Rev.,
                   Ser. 2005, 5.50%, due 7/1/16                                             Ba2                521
                                                                                                            ------
LOUISIANA (2.6%)
           1,000   Morehouse Parish Ref. PCR (Int'l. Paper Co. Proj.), Ser. 2001 A,
                   5.25%, due 11/15/13                                                      Baa2     BBB     1,032('b')
           1,000   Tobacco Settlement Fin. Corp. Tobacco Settlement
                   Asset-Backed Rev., Ser. 2001 B, 5.50%, due 5/15/30                       Baa3     BBB     1,038('b')
                                                                                                            ------
                                                                                                             2,070
                                                                                                            ------
NEW YORK (141.7%)
           3,000   Albany IDA Civic Fac. Rev. (Charitable Leadership Foundation Ctr.
                   for Med. Science Proj.), Ser. 2002 A, 6.00%, due 7/1/19                  Baa3             3,185
             500   Cattaraugus Co. Ind. Dev. Agcy. (St. Bonaventure Univ. Proj.),
                   Ser. 2006 A, 5.00%, due 5/1/23                                           BBB-               500('b')(O)
           1,000   Dutchess Co. IDA Civic Fac. Ref. Rev. (Marist College Proj.),
                   Ser. 2003 A, 5.15%, due 7/1/17                                           Baa1             1,034('b')
           2,000   Dutchess Co. IDA Ind. Dev. Rev. (IBM Proj.), Ser. 1999,
                   5.45%, due 12/1/29                                                        A1      A+      2,096('b')
             500   Essex Co. Ind. Dev. Agcy. Solid Waste Disp. Rev. (Int'l. Paper),
                   Ser. 2005 A, 5.20%, due 12/1/23                                          Baa3     BBB       499('b')
             400   Long Island Pwr. Au. Elec. Sys. Rev., Ser. 1998 A, (FSA Insured),
                   5.13%, due 12/1/16                                                       Aaa      AAA       415
           2,000   Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 1998 A,
                   5.50%, due 12/1/13                                                       Aaa      AAA     2,199
           1,385   Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004,
                   5.50%, due 9/1/14                                                         A2              1,465
             305   Metro. Trans. Au. Dedicated Tax Fund Rev., Ser. 2001 A,
                   (FGIC Insured), 5.25%, due 11/15/14                                      Aaa      AAA       325
           2,000   Metro. Trans. Au. Ref. Rev., Ser. 2002 A, (AMBAC Insured),
                   5.50%, due 11/15/15                                                               AAA     2,175
           1,000   Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003,
                   5.10%, due 1/1/16                                                                 BBB     1,020
           1,000   Monroe Co. Pub. Imp. Ref. G.O., Ser. 1996, 6.00%,
                   due 3/1/13                                                               Baa1    BBB+     1,093
             980   Monroe Co. IDA Std. Hsg. Rev. (Collegiate Hsg.
                   Foundation - Rochester Institute of Technology Proj.),
                   Ser. 1999 A, 5.25%, due 4/1/19                                           Baa3               983('b')
           1,000   New York City G.O., Ser. 1998 J, 5.00%, due 8/1/11                        A1      A+      1,030
           1,000   New York City G.O., Ser. 2002 A, 5.75%, due 8/1/16                        A1      A+      1,086
             750   New York City G.O., Ser. 2002 C, 5.50%, due 8/1/15                        A2       A        804



                                       20



SCHEDULE OF INVESTMENTS New York Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                             SECURITY @                                     RATING           VALUE +
(000'S OMITTED)                                                                         MOODY'S    S&P   (000'S OMITTED)
                                                                                              
          $1,410   New York City Hlth. & Hosp. Corp. Rev., Ser. 2002 A,
                   (FSA Insured), 5.50%, due 2/15/13                                      Aaa      AAA   $1,518
           4,000   New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev.,
                   Ser. 2002 E-2, 5.05%, due 11/1/23                                      Aa2      AA     4,055
           1,030   New York City IDA Civic Fac. Rev. (Lycee Francais de
                   New York Proj.), Ser. 2002 A, 5.50%, due 6/1/17                                  A     1,059('b')
           1,000   New York City IDA Civic Fac. Rev. (Lycee Francaise de
                   New York Proj.), Ser. 2002 A, 5.50%, due 6/1/15                                  A     1,034('b')
           2,920   New York City IDA Civic Fac. Rev. (Packer Collegiate
                   Institute Proj.), Ser. 2002, (AMBAC Insured), 5.00%,
                   due 6/1/22                                                             Aaa      AAA    3,014('b')
           1,000   New York City IDA Ind. Dev. Rev. (Brooklyn Navy Yard
                   Cogeneration Partners, L.P. Proj.), Ser. 1997, 6.20%,
                   due 10/1/22                                                            Ba1     BBB-    1,050('b')
             500   New York City IDA Ind. Dev. Rev. (Harlem Auto Mall Proj.),
                   Ser. 2004, 5.13%, due 12/30/23                                          B3       B       366('b')
             750   New York City IDA Spec. Fac. Rev. (American Airlines, Inc.
                   J.F.K. Int'l. Arpt. Proj.), Ser. 2005, 7.50%, due 8/1/16                        B-       819('b')
           2,000   New York City IDA Spec. Fac. Rev. (Term. One Group
                   Assoc. Proj.), Ser. 2005, 5.50%, due 1/1/19                             A3     BBB+    2,106('b')
             750   New York City Ind. Dev. Agcy. Liberty Rev. (7 World Trade Center,
                   LLC Proj.), Ser. 2005 A, 6.25%, due 3/1/15                                               790^^
             960   New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev.,
                   Ser. 1992 A, (AMBAC Insured), 5.88%, due 6/15/13                       Aaa      AAA    1,077
           4,000   New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev.,
                   Ser. 2002 D, 5.25%, due 6/15/15                                        Aa2      AA     4,253
           3,000   New York City Trans. Fin. Au. Ref. Rev., Ser. 2002 B,
                   5.25%, due 2/1/29                                                      Aa1      AAA    3,176
           2,025   New York City Trans. Fin. Au. Ref. Rev., Ser. 2002 C,
                   (AMBAC Insured), 5.25%, due 8/1/17                                              AAA    2,155
             800   New York Convention Ctr. Operating Corp. Cert. of Participation
                   (Yale Bldg. Acquisition Proj.), Ser. 2003, 5.25%, due 6/1/08           Aa1               821
           2,000   New York St. Dorm. Au. Court Fac. Lease Rev. (New York
                   City Issue), Ser. 2003 A, 5.50%, due 5/15/17                            A2       A     2,190
           2,000   New York St. Dorm. Au. Insured Rev. (Long Island Jewish
                   Med. Ctr.), Ser. 1998, (MBIA Insured), 5.00%, due 7/1/18               Aaa      AAA    2,046('b')
           1,675   New York St. Dorm. Au. Insured Rev. (Long Island Univ.),
                   Ser. 2003 A, 5.25%, due 9/1/15                                         Baa3     AA     1,735('b')
           1,600   New York St. Dorm. Au. Insured Rev. (The Culinary Institute
                   of America), Ser. 1999, (MBIA Insured), 5.38%, due 7/1/15              Aaa      AAA    1,693('b')
           1,125   New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995 A,
                   5.63%, due 7/1/16                                                       A2      AA-    1,242
           1,010   New York St. Dorm. Au. Rev. (Columbia Univ. Proj.), Ser. 2001 A,
                   5.25%, due 7/1/16                                                      Aaa     AAA     1,092('b')
           2,985   New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.),
                   Ser. 2001, 5.75%, due 7/1/14                                           Ba2             3,050('b')(OO)
           2,000   New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.),
                   Ser. 2001, 5.75%, due 7/1/16                                           Ba2             2,032('b')
           2,000   New York St. Dorm. Au. Rev. (Mount Sinai NYU Hlth.),
                   Ser. 2000 C, 5.50%, due 7/1/26                                         Ba1      BB     2,029('b')
           1,980   New York St. Dorm. Au. Rev. (New York Med. College Proj.),
                   Ser. 1998, (MBIA Insured), 5.00%, due 7/1/21                           Aaa      AAA    2,035('b')
            525    New York St. Dorm. Au. Rev. (New York Methodist Hosp.),
                   Ser. 2004, 5.25%, due 7/1/18                                            A3               550



See Notes to Schedule of Investments   21



SCHEDULE OF INVESTMENTS New York Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                               SECURITY @                                          RATING           VALUE +
(000'S OMITTED)                                                                                MOODY'S    S&P   (000'S OMITTED)
                                                                                                    
          $3,000   New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003,
                   5.75%, due 2/15/17                                                                     AA-   $  3,266('b')
             500   New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish
                   Oblig. Group), Ser. 2003, 5.00%, due 5/1/18                                    A3                 513('b')
           2,855   New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.),
                   Ser. 2002, 5.25%, due 11/1/15                                                 Aa1               3,012('b')
           2,410   New York St. Dorm. Au. Rev. (Rochester Institute of Technology
                   Proj.), Ser. 2002 A, (AMBAC Insured), 5.25%, due 7/1/19                                Aaa      2,547('b')
           3,000   New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.),
                   Ser. 2002, 4.60%, due 7/1/16                                                  Aa3               2,976
             250   New York St. Dorm. Au. Rev. Secured Hosp. Ref. Rev.
                   (Brookdale Hosp. Med. Ctr.), Ser. 1998 J, 5.20%, due 2/15/16                   A2      AA-        258('b')
           5,500   New York St. Dorm. Au. Rev. St. Personal Income Tax Rev.,
                   Ser. 2003 A, 5.38%, due 3/15/17                                               Aa3      AAA      5,988
           5,000   New York St. Energy Res. & Dev. Au. Fac. Rev.
                   (Consolidated Edison Co. of New York, Inc. Proj.), Ser. 2001 A,
                   4.70%, due 6/1/36                                                              A1      A+       5,003('b')
           1,000   New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management,
                   Inc. Proj.), Ser. 2004 A, 4.45%, due 7/1/17 Putable 7/1/09                             BBB      1,010
           2,000   New York St. Mtge. Agcy. Homeowner Mtge. Rev.,
                   Ser. 1997-67, 5.70%, due 10/1/17                                              Aa1               2,050
           2,000   New York St. Pwr. Au. Rev., Ser. 2002 A, 5.25%, due 11/15/16                  Aa2      AA-      2,133
             500   New York St. Urban Dev. Corp. Correctional & Youth Fac. Svc. Rev.,
                   Ser. 2002 C, 4.00%, due 1/1/20                                                 A2      AA-        503
           1,325   New York St. Urban Dev. Corp. Proj. Ref. Rev. (Ctr. for Ind. Innovation),
                   Ser. 1995, 6.25%, due 1/1/09                                                   A2      AA-      1,404
           2,000   Niagara Co. IDA Civic Fac. Rev. (Niagara Univ. Proj.), Ser. 2001 A,
                   5.50%, due 11/1/16                                                                     AA       2,119('b')
           2,500   Niagara Co. IDA Solid Waste Disp. Fac. Ref. Rev.
                   (American Ref. -Fuel Co. of Niagara), Ser. 2001 C,
                   5.63%, due 11/15/24                                                           Baa3     BB+      2,621('b')
           3,000   Port Authority of NY & NJ Rev., Ser. 2002, (AMBAC Insured),
                   5.50%, due 12/15/12                                                           Aaa      AAA      3,193
           3,000   Triborough Bridge & Tunnel Au. Gen. Purp. Ref. Rev., Ser. 2002 B,
                   5.25%, due 11/15/18                                                           Aa2      AA-      3,191
           1,535   Ulster Co. Res. Rec. Agcy. Solid Waste Sys. Ref. Rev., Ser. 2002,
                   (AMBAC Insured), 5.25%, due 3/1/16                                            Aaa      AAA      1,633
             500   United Nations Dev. Corp. Sr. Lien. Ref. Rev., Ser. 2004 A,
                   5.25%, due 7/1/17                                                              A3                 511
           1,000   Westchester Co. IDA Continuing Care Retirement Comm. Rev.
                   (Kendal on Hudson Proj.), Ser. 2003 B, 5.70%, due 1/1/34                                        1,021('b')^^
           1,000   Yonkers IDA Civic Fac. Rev. (Comm. Dev. Properties-Yonkers, Inc.),
                   Ser. 2001 A, 6.25%, due 2/1/16                                                Baa3    BBB-      1,088('b')
                                                                                                                --------
                                                                                                                 112,936
                                                                                                                --------
OHIO (0.6%)
             500   Coshocton Co. Env. Imp. Ref. Rev. (Smurfit-Stone Container
                   Enterprises, Inc. Proj.), Ser. 2005, 5.13%, due 8/1/13                                CCC+        480('b')
                                                                                                                --------
PENNSYLVANIA (2.1%)
           1,590   Cumberland Co. West Shore Area Au. Hosp. Rev., (Holy Spirit
                   Hosp.of the Sisters of Christian Charity Proj.), Ser. 2001,
                   5.90%, due 1/1/17                                                                      BBB      1,679('b')
                                                                                                                --------



                                       22



SCHEDULE OF INVESTMENTS New York Intermediate Municipal Fund Inc. cont'd


PRINCIPAL AMOUNT                               SECURITY @                                    RATING           VALUE +
(000'S OMITTED)                                                                          MOODY'S    S&P   (000'S OMITTED)
                                                                                               
PUERTO RICO (2.5%)
          $  910   Puerto Rico Children's Trust Tobacco Settlement Asset-Backed
                   Rev., Ser. 2002, 5.38%, due 5/15/33                                     Baa3     BBB    $    931
           1,060   Puerto Rico Ind., Tourist Ed., Med., & Env. Ctrl. Fac. Rev.,
                   (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002 A,
                   (ACA Insured), 5.25%, due 8/1/16                                                  A        1,087('b')
                                                                                                           --------
                                                                                                              2,018
                                                                                                           --------
TEXAS (3.9%)
             800   Brazos River Au. Ref. PCR (TXU Energy Co. LLC Proj.),
                   Ser. 2003 A, 6.75%, due 4/1/38, Putable 4/1/13                          Baa2    BBB-         896('b')
             750   Brazos River Au. Ref. Rev. (Reliant Energy, Inc. Proj.),
                   Ser. 1999 B, 7.75%, due 12/1/18                                                 BBB-         814('b')
           1,000   Brazos River Harbor Navigation Dist. of Brazoria Co. Env. Fac. Rev.
                   (Dow Chemical Co. Proj.), Ser. 2002 A-4,
                   5.20%, due 5/15/33, Putable 5/15/08                                      A3      A-        1,020('b')
             400   Dallas-Fort Worth Int'l. Arpt. Fac. Imp. Corp. Rev., Ser. 2004 A-1,
                   6.15%, due 1/1/16                                                       Ba2                  402('b')
                                                                                                           --------
                                                                                                              3,132
                                                                                                           --------
VIRGIN ISLANDS (1.3%)
             250   Virgin Islands Pub. Fin. Au. Refinery Fac. Rev.
                   (HOVENSA Refinery), Ser. 2003, 6.13%, due 7/1/22                        Baa3     BBB         267
             750   Virgin Islands Pub. Fin. Au. Rev. (Virgin Islands Matching
                   Fund Loan Notes), Ser. 1998 E, 6.00%, due 10/1/22                                BBB         787
                                                                                                           --------
                                                                                                              1,054
                                                                                                           --------
                   TOTAL INVESTMENTS (159.1%) (COST $125,743)                                               126,790##
                   Cash, receivables and other assets, less liabilities (1.4%)                                1,163
                   Liquidation Value of Auction Market Preferred Shares [(60.5%)]                           (48,250)
                                                                                                           --------

                   TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)                             $ 79,703
                                                                                                           --------



See Notes to Schedule of Investments   23



NOTES TO SCHEDULE OF INVESTMENTS

+    Investments in securities by Neuberger Berman California Intermediate
     Municipal Fund Inc. ("California"), Neuberger Berman Intermediate Municipal
     Fund Inc. ("Intermediate"), and Neuberger Berman New York Intermediate
     Municipal Fund Inc. ("New York") (individually a "Fund", and collectively,
     the "Funds") are valued daily by obtaining bid price quotations from
     independent pricing services on all securities available in each service's
     data base. For all other securities, bid prices are obtained from principal
     market makers in those securities or, if quotations are not readily
     available, by methods each Fund's Board of Directors has approved on the
     belief that they reflect fair value. Numerous factors may be considered
     when determining the fair value of a security, including available analyst,
     media or other reports, trading in futures or ADRs and whether the issuer
     of the security being fair valued has other securities outstanding.
     Short-term debt securities with less than 60 days until maturity may be
     valued at cost which, when combined with interest earned, approximates
     market value.

##   At April 30, 2006, selected Fund information on a U.S. federal income tax
     basis was as follows:



                                  GROSS         GROSS            NET
(000'S OMITTED)                UNREALIZED     UNREALIZED     UNREALIZED
NEUBERGER BERMAN     COST     APPRECIATION   DEPRECIATION   APPRECIATION
                                                   
CALIFORNIA         $153,475      $2,678         $  424         $2,254
INTERMEDIATE        465,834       8,967          1,429          7,538
NEW YORK            125,743       1,843            796          1,047


@    At time of investment, municipal securities purchased by the Funds are
     within the four highest rating categories (with respect to at least 80% of
     total assets) assigned by a nationally recognized statistical rating
     organization ("NRSRO") such as Moody's Investors Service, Inc., Standard &
     Poor's, or Fitch Investors Services, Inc. or, where not rated, are
     determined by the Funds' investment manager to be of comparable quality.
     Approximately 79%, 68%, and 58% of the municipal securities held by
     California, Intermediate, and New York, respectively, have credit
     enhancement features backing them, which the Funds may rely on, such as
     letters of credit, insurance, or guarantees. Without these credit
     enhancement features the securities may or may not meet the quality
     standards of the Funds. Pre-refunded bonds are supported by securities in
     escrow issued or guaranteed by the U.S. Government, its agencies, or
     instrumentalities. The amount escrowed is sufficient to pay the periodic
     interest due and the principal of these bonds. Putable bonds give the Funds
     the right to sell back the issue on the date specified.

('b') Security is guaranteed by the corporate or non-profit obligor.

(n)  Restricted security subject to restrictions on resale under federal
     securities laws. These securities may be resold in transactions exempt from
     registration, normally to qualified institutional buyers under Rule 144A
     and have been deemed by the investment manager to be liquid. At April 30,
     2006, these securities amounted to $4,482,000 or 1.5% of net assets
     applicable to common shareholders for Intermediate.

^^   Not rated by a NRSRO.

(O)  All or a portion of this security was purchased on a when-issued basis. At
     April 30, 2006, these securities amounted to $500,000 or .63% of net assets
     for New York.

(00) All or a portion of this security is segregated as collateral for
     when-issued purchase commitments.


See Notes to Financial Statements      24



                  This page has been left blank intentionally


                                       25



STATEMENTS OF ASSETS AND LIABILITIES



                                                                           CALIFORNIA     INTERMEDIATE      NEW YORK
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL CLOSED-END FUNDS                  INTERMEDIATE      MUNICIPAL     INTERMEDIATE
(000'S OMITTED EXCEPT PER SHARE AMOUNTS)                                 MUNICIPAL FUND       FUND       MUNICIPAL FUND
                                                                                                   
ASSETS
   INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)--SEE
   SCHEDULE OF INVESTMENTS                                                  $155,729        $473,372        $126,790
-----------------------------------------------------------------------------------------------------------------------
   Cash                                                                            6              19              --
-----------------------------------------------------------------------------------------------------------------------
   Interest receivable                                                         2,528           8,151           2,101
-----------------------------------------------------------------------------------------------------------------------
   Prepaid expenses and other assets                                              18              41              12
=======================================================================================================================
TOTAL ASSETS                                                                 158,281         481,583         128,903
=======================================================================================================================
LIABILITIES
   Distributions payable--preferred shares                                        42              91              27
-----------------------------------------------------------------------------------------------------------------------
   Due to custodian                                                               --              --               3
-----------------------------------------------------------------------------------------------------------------------
   Distributions payable--common shares                                          403           1,276             344
-----------------------------------------------------------------------------------------------------------------------
   Payable for securities purchased                                               --              --             500
-----------------------------------------------------------------------------------------------------------------------
   Payable to administrator (Note B)                                              39             119              32
-----------------------------------------------------------------------------------------------------------------------
   Accrued expenses and other payables                                            50              59              44
=======================================================================================================================
TOTAL LIABILITIES                                                                534           1,545             950
=======================================================================================================================
AUCTION MARKET PREFERRED SHARES SERIES A & B AT LIQUIDATION VALUE
   3,000, 8,000 and 3,000 shares authorized and 2,360, 7,176 and 1,930
   shares issued and outstanding for California, Intermediate and New
   York, respectively; $.0001 par value; $25,000 liquidation value per
   share (Note A)                                                             59,000         179,400          48,250
=======================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS AT VALUE                       $ 98,747        $300,638        $ 79,703
=======================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF:
   Paid-in Capital--Common Shares                                           $ 96,347        $293,853        $ 79,063
-----------------------------------------------------------------------------------------------------------------------
   Undistributed net investment income (loss)                                    484             417             202
-----------------------------------------------------------------------------------------------------------------------
   Accumulated net realized gains (losses) on investments                       (338)         (1,170)           (609)
-----------------------------------------------------------------------------------------------------------------------
   Net unrealized appreciation (depreciation) in value of investments          2,254           7,538           1,047
=======================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS AT VALUE                       $ 98,747        $300,638        $ 79,703
=======================================================================================================================
COMMON SHARES OUTSTANDING ($.0001 par value; 999,997,000,
   999,992,000 and 999,997,000 shares authorized for
   California, Intermediate and New York, respectively)                        6,792          20,705           5,575
=======================================================================================================================
NET ASSET VALUE PER COMMON SHARE OUTSTANDING                                $  14.54        $  14.52        $  14.30
=======================================================================================================================
*COST OF INVESTMENTS:                                                       $153,475        $465,834        $125,743
=======================================================================================================================


See Notes to Financial Statements      26



STATEMENTS OF OPERATIONS



                                                                            CALIFORNIA     INTERMEDIATE      NEW YORK
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL CLOSED-END FUNDS                   INTERMEDIATE      MUNICIPAL     INTERMEDIATE
(000'S OMITTED)                                                           MUNICIPAL FUND       FUND       MUNICIPAL FUND
                                                                                                     
INVESTMENT INCOME
INCOME: (NOTE A)
Interest income                                                               $3,645         $11,217          $3,064
========================================================================================================================
EXPENSES:
Investment management fee (Notes A & B)                                          197             601             160
------------------------------------------------------------------------------------------------------------------------
Administration fee (Note B)                                                      237             721             192
------------------------------------------------------------------------------------------------------------------------
Stock transfer agent fees                                                         17              17              17
------------------------------------------------------------------------------------------------------------------------
Auction agent fees (Note B)                                                       74             226              61
------------------------------------------------------------------------------------------------------------------------
Audit fees                                                                        20              20              20
------------------------------------------------------------------------------------------------------------------------
Basic maintenance expense (Note B)                                                12              12              12
------------------------------------------------------------------------------------------------------------------------
Custodian fees (Note B)                                                           42              74              36
------------------------------------------------------------------------------------------------------------------------
Insurance expense                                                                  4              13               4
------------------------------------------------------------------------------------------------------------------------
Legal fees                                                                        13              30              12
------------------------------------------------------------------------------------------------------------------------
Shareholder reports                                                                8              22               8
------------------------------------------------------------------------------------------------------------------------
Stock exchange listing fees                                                        1               4               1
------------------------------------------------------------------------------------------------------------------------
Directors' fees and expenses                                                      14              14              14
------------------------------------------------------------------------------------------------------------------------
Miscellaneous                                                                     15              13              14
========================================================================================================================
Total expenses                                                                   654           1,767             551
Investment management fee waived (Note B)                                       (197)           (601)           (160)
Expenses reduced by custodian fee expense offset arrangement (Note B)             (1)             (1)             (1)
========================================================================================================================
Total net expenses                                                               456           1,165             390
========================================================================================================================
Net investment income                                                          3,189          10,052           2,674
========================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
   Sales of investment securities of unaffiliated issuers                         10             (26)            (13)
   ---------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
   Unaffiliated investment securities                                           (817)         (2,648)           (796)
   =====================================================================================================================
Net gain (loss) on investments                                                  (807)         (2,674)           (809)
========================================================================================================================
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM:
   Net investment income                                                        (870)         (2,758)           (712)
   =====================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
   RESULTING FROM OPERATIONS                                                  $1,512         $ 4,620          $1,153
========================================================================================================================



See Notes to Financial Statements      27



STATEMENTS OF CHANGES IN NET ASSETS



                                                                          CALIFORNIA INTERMEDIATE MUNICIPAL FUND
                                                                          --------------------------------------
                                                                                  SIX MONTHS
                                                                                    ENDED          YEAR
                                                                                  APRIL 30,       ENDED
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL CLOSED-END FUNDS                             2006      OCTOBER 31,
(000'S OMITTED)                                                                  (UNAUDITED)      2005
                                                                                          
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS:
FROM OPERATIONS:
Net investment income (loss)                                                       $ 3,189      $  6,201
----------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments                                                 10            (4)
----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments                   (817)       (2,787)
----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM (NOTE A):
Net investment income                                                                 (870)         (929)
================================================================================================================
Net increase (decrease) in net assets applicable to common shareholders
   resulting from operations                                                         1,512         2,481
================================================================================================================
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM (NOTE A):
Net investment income                                                               (2,462)       (5,094)
================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS               (950)       (2,613)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS:
Beginning of period                                                                 99,697       102,310
================================================================================================================
End of period                                                                      $98,747      $ 99,697
================================================================================================================
Undistributed net investment income (loss) at end of period                        $   484      $    627
================================================================================================================



See Notes to Financial Statements      28





                                                              INTERMEDIATE MUNICIPAL FUND   NEW YORK INTERMEDIATE MUNICIPAL FUND
                                                              ---------------------------   ------------------------------------
                                                                SIX MONTHS                         SIX MONTHS
                                                                  ENDED          YEAR                ENDED          YEAR
                                                                APRIL 30,       ENDED              APRIL 30,       ENDED
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL CLOSED-END FUNDS          2006       OCTOBER 31,             2006       OCTOBER 31,
(000'S OMITTED)                                                (UNAUDITED)       2005             (UNAUDITED)       2005
                                                                                                      
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
   SHAREHOLDERS:
FROM OPERATIONS:
Net investment income (loss)                                    $ 10,052      $ 19,700              $ 2,674       $ 5,208
---------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments                              (26)          (59)                 (13)          (19)
---------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of
   investments                                                    (2,648)       (8,953)                (796)       (2,496)
---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM (NOTE A):
Net investment income                                             (2,758)       (3,174)                (712)         (763)
===========================================================================================================================
Net increase (decrease) in net assets applicable to common
   shareholders resulting from operations                          4,620         7,514                1,153         1,930
===========================================================================================================================
DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM (NOTE A):
Net investment income                                             (7,846)      (16,461)              (2,102)       (4,348)
===========================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
   SHAREHOLDERS                                                   (3,226)       (8,947)                (949)       (2,418)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS:
Beginning of period                                              303,864       312,811               80,652        83,070
===========================================================================================================================
End of period                                                   $300,638      $303,864              $79,703       $80,652
===========================================================================================================================
Undistributed net investment income (loss) at end of period     $    417      $    969              $   202       $   342
===========================================================================================================================



                                       29



NOTES TO FINANCIAL STATEMENTS Intermediate Municipal Closed-End Funds

     NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

1    GENERAL: Neuberger Berman California Intermediate Municipal Fund
     Inc. ("California"), Neuberger Berman Intermediate Municipal Fund
     Inc. ("Intermediate"), and Neuberger Berman New York Intermediate Municipal
     Fund Inc. ("New York") (individually a "Fund" and, collectively, the
     "Funds") were organized as Maryland corporations on July 29,2002.
     California and New York are registered as non-diversified, closed-end
     management investment companies and Intermediate is registered as a
     diversified, closed-end management investment company under the Investment
     Company Act of 1940, as amended. Each Fund's Board of Directors may
     classify or re-classify any unissued shares of capital stock into one or
     more classes of preferred stock without the approval of shareholders.

     The assets of each Fund belong only to that Fund, and the liabilities of
     each Fund are borne solely by that Fund and no other.

     The preparation of financial statements in accordance with U.S. generally
     accepted accounting principles requires Neuberger Berman Management
     Inc. ("Management") to make estimates and assumptions at the date of the
     financial statements. Actual results could differ from those estimates.

2    PORTFOLIO VALUATION: Investment securities are valued as indicated in the
     notes following the Funds' Schedule of Investments.

3    SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
     recorded on a trade date basis. Interest income, including accretion of
     discount (adjusted for original issue discount, where applicable) and
     amortization of premium, where applicable, is recorded on the accrual
     basis. Realized gains and losses from securities transactions are recorded
     on the basis of identified cost and stated in the Statements of Operations.

4    INCOME TAX INFORMATION: Each Fund is treated as a separate entity for U.S.
     federal income tax purposes. It is the policy of each Fund to continue to
     qualify as a regulated investment company by complying with the
     requirements of Subchapter M of the Internal Revenue Code applicable to
     regulated investment companies and to distribute substantially all of its
     earnings to its shareholders. Therefore, no federal income or excise tax
     provision is required.

     Income distributions and capital gain distributions are determined in
     accordance with income tax regulations, which may differ from U.S.
     generally accepted accounting principles. These differences are primarily
     due to differing treatments of income and gains on various investment
     securities held by each Fund, timing differences and differing
     characterization of distributions made by each Fund as a whole.

     As determined on October 31, 2005, there were no permanent differences
     resulting from different book and tax accounting reclassified at year end.


                                       30



     The tax character of distributions paid during the years ended October 31,
     2005 and October 31, 2004 was as follows:

                            DISTRIBUTIONS PAID FROM:



                        TAX-EXEMPT INCOME        ORDINARY INCOME              TOTAL
                        2005          2004        2005      2004        2005          2004
                                                                
     CALIFORNIA     $ 6,020,445   $ 5,945,965   $ 2,558   $ 6,705   $ 6,023,003   $ 5,952,670
     INTERMEDIATE    19,596,581    19,015,689    37,644    35,236    19,634,225    19,050,925
     NEW YORK         5,108,368     5,050,381     2,708     2,299     5,111,076     5,052,680


     As of October 31, 2005, the components of distributable earnings
     (accumulated losses) on a U.S federal income tax basis were as follows:



                    UNDISTRIBUTED   UNDISTRIBUTED   UNDISTRIBUTED     UNREALIZED          LOSS
                      TAX-EXEMPT       ORDINARY       LONG-TERM      APPRECIATION    CARRYFORWARDS
                        INCOME          INCOME           GAIN       (DEPRECIATION)   AND DEFERRALS      TOTAL
                                                                                   
     CALIFORNIA       $1,118,323         $--             $--          $ 3,071,222     $  (347,798)   $ 3,841,747
     INTERMEDIATE      2,510,716          --              --           10,184,508      (1,144,403)    11,550,821
     NEW YORK            752,100          --              --            1,843,607        (595,949)     1,999,758


     The difference between book basis and tax basis distributable earnings is
     attributable primarily to timing differences of distribution payments.

     To the extent each Fund's net realized capital gains, if any, can be offset
     by capital loss carryforwards, it is the policy of each Fund not to
     distribute such gains. As determined at October 31, 2005, the Funds had
     unused capital loss carryforwards available for federal income tax purposes
     to offset net realized capital gains, if any, as follows:



                    EXPIRING IN:   EXPIRING IN:   EXPIRING IN:
                        2011           2012           2013
                                            
     CALIFORNIA       $ 69,587       $273,734        $ 4,477
     INTERMEDIATE      757,224        328,363         58,816
     NEW YORK          420,475        156,636         18,838


5    DISTRIBUTIONS TO SHAREHOLDERS: Each Fund earns income, net of expenses,
     daily on its investments. It is the policy of each Fund to declare and pay
     distributions to common shareholders on a monthly basis. Distributions from
     net realized capital gains, if any, are normally distributed in December.
     Distributions to common shareholders are recorded on the ex-date.
     Distributions to preferred shareholders are accrued and determined as
     described in Note A-7.

     Subsequent to April 30, 2006, each Fund declared two monthly distributions
     to common shareholders payable June 15, 2006 and July 17, 2006, to
     shareholders of record on May 25, 2006 and June 26, 2006, respectively,
     with ex-dates of May 23, 2006 and June 22, 2006, respectively, as follows:

                    DISTRIBUTION PER SHARE


                        
     CALIFORNIA            $0.05937
     INTERMEDIATE           0.06161
     NEW YORK               0.06175


                                       31



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

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



                    SERIES A SHARES   SERIES B SHARES
                                     
     CALIFORNIA          1,500             1,500
     INTERMEDIATE        4,000             4,000
     NEW YORK            1,500             1,500


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



                    SERIES A SHARES   SERIES B SHARES
                                     
     CALIFORNIA          1,180             1,180
     INTERMEDIATE        3,588             3,588
     NEW YORK              965               965


     All shares of each series of AMPS have a liquidation preference of $25,000
     per share plus any accumulated unpaid distributions, whether or not earned
     or declared by the Fund, but excluding interest thereon ("Liquidation
     Value"). Distributions to AMPS shareholders, which are cumulative, are
     accrued daily. It is the policy of each Fund to pay distributions every 7
     days for each Fund's AMPS Series A and every 28 days for each Fund's AMPS
     Series B, unless in a special rate period.

     In the absence of a special rate period, distribution rates are reset every
     7 days for each Fund's AMPS Series A, based on the results of an auction.
     For the six months ended April 30, 2006, distribution rates ranged from:

                    DISTRIBUTION RATE


                   
     CALIFORNIA       2.55% - 3.50%
     INTERMEDIATE     2.41% - 3.75%
     NEW YORK         2.45% - 3.60%


     In the absence of a special rate period, distribution rates are reset every
     28 days for each Fund's AMPS Series B, based on the results of an auction.
     For the six months ended April 30, 2006, distribution rates ranged from:

                    DISTRIBUTION RATE


                   
     CALIFORNIA       2.65% - 3.60%
     INTERMEDIATE     2.75% - 3.70%
     NEW YORK         2.54% - 3.75%


                                       32



     The Funds declared distributions to AMPS shareholders for the period May 1,
     2006 to May 31, 2006, for each series of the AMPS as follows:



                    SERIES A   SERIES B
                     SHARES     SHARES
                         
     CALIFORNIA     $ 83,723   $ 87,463
     INTERMEDIATE    267,244    276,963
     NEW YORK         67,533     73,546


     The Funds may redeem shares of each series of AMPS, in whole or in part, on
     the second business day preceding any distribution payment date at
     Liquidation Value.

     The Funds are also subject to certain restrictions relating to the AMPS.
     Failure to comply with these restrictions could preclude the Funds from
     declaring any distributions to common shareholders or repurchasing common
     shares and/or could trigger the mandatory redemption of AMPS at Liquidation
     Value.

     The holders of AMPS are entitled to one vote per share and will vote with
     holders of common stock as a single class, except that the AMPS will vote
     separately as a class on certain matters, as required by law or the Funds'
     charter. The holders of a Fund's AMPS, voting as a separate class, are
     entitled at all times to elect two Directors of the Fund, and to elect a
     majority of the Directors of a Fund if the Fund failed to pay distributions
     on AMPS for two consecutive years.

8    CONCENTRATION OF RISK: The ability of the issuers of the debt securities
     held by the Funds to meet their obligations may be affected by economic
     developments, including those particular to a specific industry or region.
     The investment policies of California and New York involve investing
     substantially all of their assets in municipal bonds of issuers located in
     the state of California and the state of New York, respectively. This
     policy makes those Funds more susceptible to adverse economic, political,
     regulatory or other factors affecting the issuers of such municipal bonds
     than a fund that does not limit its investments to such issuers.

9    INDEMNIFICATIONS: Like many other companies, the Funds' organizational
     documents provide that their officers and directors are indemnified against
     certain liabilities arising out of the performance of their duties to the
     Funds. In addition, both in some of their principal service contracts and
     in the normal course of their business, the Funds enter into contracts that
     provide indemnifications to other parties for certain types of losses or
     liabilities. Each Fund's maximum exposure under these arrangements is
     unknown as this could involve future claims against each Fund.

     NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, AND OTHER TRANSACTIONS WITH
     AFFILIATES:

     Each Fund retains Management as its investment manager under a Management
     Agreement. For such investment management services, each Fund pays
     Management a fee at the annual rate of 0.25% of its average daily Managed
     Assets. Managed Assets equal the total assets of the Fund, less liabilities
     other than the aggregate indebtedness entered into for purposes of
     leverage. For purposes of calculating Managed Assets, the Liquidation Value
     of any AMPS outstanding is not considered a liability.


                                       33



     Management has contractually agreed to waive a portion of the management
     fees it is entitled to receive from each Fund at the following annual
     rates:



      YEAR ENDED       % OF AVERAGE
     OCTOBER 31,   DAILY MANAGED ASSETS
                        
     2006 - 2007           0.25
         2008              0.20
         2009              0.15
         2010              0.10
         2011              0.05


     Management has not agreed to waive any portion of its fees beyond October
     31, 2011.

     For the six months ended April 30, 2006, such waived fees amounted to
     $197,499,$600,525, and $159,891 for California, Intermediate, and New York,
     respectively.

     Each Fund retains Management as its administrator under an Administration
     Agreement. Each Fund pays Management an administration fee at the annual
     rate of 0.30% of its average daily Managed Assets under this agreement.
     Additionally, Management retains State Street Bank and Trust Company
     ("State Street") as its sub-administrator under a Sub-Administration
     Agreement. Management pays State Street a fee for all services received
     under the agreement.

     Management and Neuberger Berman,  LLC  ("Neuberger"),  a member firm of the
     New York Stock  Exchange and  sub-adviser  to each Fund,  are  wholly-owned
     subsidiaries of Lehman  Brothers  Holdings Inc., a  publicly-owned  holding
     company.  Neuberger is retained by Management to furnish it with investment
     recommendations  and research  information without added cost to each Fund.
     Several individuals who are officers and/or Directors of each Fund are also
     employees of Neuberger and/or Management.

     Each Fund has an expense offset arrangement in connection with its
     custodian contract. For the six months ended April 30, 2006, the impact of
     this arrangement was a reduction of expenses of $642, $954, and $1,182 for
     California, Intermediate, and New York, respectively.

     In connection with the settlement of each AMPS auction, each Fund pays,
     through the auction agent, a service fee to each participating
     broker-dealer based upon the aggregate liquidation preference of the AMPS
     held by the broker-dealer's customers. For any auction preceding a rate
     period of less than one year, the service fee is paid at the annual rate of
     1/4 of 1%; for any auction preceding a rate period of one year or more, the
     service fee is paid at a rate agreed to by each Fund and the broker-dealer.

     In order to satisfy rating agencies' requirements, each Fund is required to
     provide each rating agency a report on a monthly basis verifying that each
     Fund is maintaining eligible assets having a discounted value equal to or
     greater than the Preferred Shares Basic Maintenance Amount, which is a
     minimum level set by each rating agency as one of the conditions to
     maintain the AAA/Aaa rating on the AMPS. "Discounted value" refers to the
     fact that the rating agencies require each Fund, in performing this
     calculation, to discount portfolio securities below their face value, at
     rates determined by the rating agencies. Each Fund pays a fee to State
     Street for the preparation of this report which is reflected in the
     Statements of Operations under the caption "Basic maintenance expense."


                                       34



     NOTE C--SECURITIES TRANSACTIONS:

     For the six months ended April 30, 2006, there were purchase and sale
     transactions (excluding short-term securities) as follows:



     (000'S OMITTED)    PURCHASES      SALES
                              
     CALIFORNIA        $1,211,942   $1,286,514
     INTERMEDIATE       7,056,103    5,627,164
     NEW YORK           4,346,488    3,008,249


     NOTE D--CAPITAL:

     At April 30, 2006, the common shares outstanding and the common shares of
     each Fund owned by Neuberger were as follows:



                    COMMON SHARES      COMMON SHARES
                     OUTSTANDING    OWNED BY NEUBERGER
                                     
     CALIFORNIA        6,791,981           6,981
     INTERMEDIATE     20,705,124           6,981
     NEW YORK          5,574,550           6,981


     There were no transactions in common shares for the six months ended April
     30, 2006 and the year ended October 31, 2005.

     NOTE E--UNAUDITED FINANCIAL INFORMATION:

     The financial information included in this interim report is taken from the
     records of each Fund without audit by an independent registered public
     accounting firm. Annual reports contain audited financial statements.


                                       35



FINANCIAL HIGHLIGHTS California Intermediate Municipal Fund

The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.



                                                      SIX MONTHS                                     PERIOD FROM
                                                        ENDED                                    SEPTEMBER 27, 2002^
                                                      APRIL 30,       YEAR ENDED OCTOBER 31,       TO OCTOBER 31,
                                                     -----------   ---------------------------   -------------------
                                                         2006        2005      2004      2003            2002
                                                     (UNAUDITED)
                                                                                       
COMMON SHARE NET ASSET VALUE, BEGINNING OF PERIOD     $ 14.68      $ 15.06   $ 14.36   $ 14.31        $14.32
                                                      -------      -------   -------   -------        ------
INCOME FROM INVESTMENT OPERATIONS APPLICABLE TO
   COMMON SHAREHOLDERS:
NET INVESTMENT INCOME (LOSS)(cc)                          .47          .91       .91       .85           .02
NET GAINS OR LOSSES ON SECURITIES
   (BOTH REALIZED AND UNREALIZED)                        (.12)        (.40)      .67       .14            --
COMMON SHARE EQUIVALENT OF DISTRIBUTIONS TO
   PREFERRED SHAREHOLDERS FROM:
   NET INVESTMENT INCOME(cc)                             (.13)        (.14)     (.13)     (.08)           --
                                                      -------      -------   -------   -------        ------
TOTAL FROM INVESTMENT OPERATIONS APPLICABLE TO
   COMMON SHAREHOLDERS                                    .22          .37      1.45       .91           .02
                                                      -------      -------   -------   -------        ------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:
   NET INVESTMENT INCOME                                 (.36)        (.75)     (.75)     (.75)           --
                                                      -------      -------   -------   -------        ------
LESS CAPITAL CHARGES FROM:
ISSUANCE OF COMMON SHARES                                  --           --        --        --          (.03)
ISSUANCE OF PREFERRED SHARES                               --           --        --      (.11)           --
                                                      -------      -------   -------   -------        ------
TOTAL CAPITAL CHARGES                                      --           --        --      (.11)         (.03)
                                                      -------      -------   -------   -------        ------
COMMON SHARE NET ASSET VALUE, END OF PERIOD           $ 14.54      $ 14.68   $ 15.06   $ 14.36        $14.31
                                                      -------      -------   -------   -------        ------
COMMON SHARE MARKET VALUE, END OF PERIOD              $ 13.59      $ 13.75   $ 13.47   $ 13.00        $15.00
                                                      -------      -------   -------   -------        ------
TOTAL RETURN, COMMON SHARE NET ASSET VALUE+             +1.68%**     +2.96%   +10.97%    +6.02%        -0.10%**
TOTAL RETURN, COMMON SHARE MARKET VALUE+                +1.46%**     +7.82%    +9.63%    -8.44%        +0.00%**
RATIOS/SUPPLEMENTAL DATA+++
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS,
   END OF PERIOD (IN MILLIONS)                        $  98.7      $  99.7   $ 102.3   $  97.5        $ 94.5
PREFERRED SHARES, AT LIQUIDATION VALUE ($25,000
   PER SHARE LIQUIDATION PREFERENCE) (IN MILLIONS)    $  59.0      $  59.0   $  59.0   $  59.0        $   --
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS
   APPLICABLE TO COMMON SHAREHOLDERS#                     .92%*        .96%      .96%      .88%          .84%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS
   APPLICABLE TO COMMON SHAREHOLDERS++                    .92%*        .96%      .96%      .88%          .83%*
RATIO OF NET INVESTMENT INCOME (LOSS) EXCLUDING
   PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS          6.41%*       6.08%     6.24%     5.88%         1.10%*
RATIO OF PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS          1.75%*        .91%      .86%      .56%           --%
RATIO OF NET INVESTMENT INCOME (LOSS) INCLUDING
   PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS          4.66%*       5.17%     5.38%     5.32%         1.10%*
PORTFOLIO TURNOVER RATE                                     1%**         3%        3%        9%            0%**
ASSET COVERAGE PER PREFERRED SHARE, END OF PERIOD@    $66,860      $67,273   $68,383   $66,332        $   --



See Notes to Financial Highlights      36



FINANCIAL HIGHLIGHTS Intermediate Municipal Fund

The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.



                                                      SIX MONTHS                                     PERIOD FROM
                                                     ENDED APRIL                                 SEPTEMBER 27, 2002^
                                                         30,          YEAR ENDED OCTOBER 31,       TO OCTOBER 31,
                                                     -----------   ---------------------------   -------------------
                                                         2006        2005      2004      2003            2002
                                                     (UNAUDITED)
                                                                                       
COMMON SHARE NET ASSET VALUE, BEGINNING OF PERIOD     $ 14.68      $ 15.11   $ 14.44   $ 14.30        $14.32
                                                      -------      -------   -------   -------        ------
INCOME FROM INVESTMENT OPERATIONS APPLICABLE TO
   COMMON SHAREHOLDERS:
NET INVESTMENT INCOME (LOSS)(cc)                          .49          .95       .94       .88           .01
NET GAINS OR LOSSES ON SECURITIES
   (BOTH REALIZED AND UNREALIZED)                        (.14)        (.43)      .65       .25            --
COMMON SHARE EQUIVALENT OF DISTRIBUTIONS TO
   PREFERRED SHAREHOLDERS FROM:
   NET INVESTMENT INCOME(cc)                             (.13)        (.15)     (.12)     (.09)           --
                                                      -------      -------   -------   -------        ------
TOTAL FROM INVESTMENT OPERATIONS APPLICABLE TO
   COMMON SHAREHOLDERS                                    .22          .37      1.47      1.04           .01
                                                      -------      -------   -------   -------        ------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:
   NET INVESTMENT INCOME                                 (.38)        (.80)     (.80)     (.80)           --
                                                      -------      -------   -------   -------        ------
LESS CAPITAL CHARGES FROM:
ISSUANCE OF COMMON SHARES                                  --           --        --        --          (.03)
ISSUANCE OF PREFERRED SHARES                               --           --        --      (.10)           --
                                                      -------      -------   -------   -------        ------
TOTAL CAPITAL CHARGES                                      --           --        --      (.10)         (.03)
                                                      -------      -------   -------   -------        ------
COMMON SHARE NET ASSET VALUE, END OF PERIOD           $ 14.52      $ 14.68   $ 15.11   $ 14.44        $14.30
                                                      -------      -------   -------   -------        ------
COMMON SHARE MARKET VALUE, END OF PERIOD              $ 13.22      $ 13.62   $ 13.70   $ 13.33        $15.00
                                                      -------      -------   -------   -------        ------
TOTAL RETURN, COMMON SHARE NET ASSET VALUE+             +1.71%**     +2.93%   +10.91%    +6.88%        -0.17%**
TOTAL RETURN, COMMON SHARE MARKET VALUE+                -0.19%**     +5.32%    +8.94%    -5.94%        +0.00%**
RATIOS/SUPPLEMENTAL DATA+++
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS,
   END OF PERIOD (IN MILLIONS)                        $ 300.6      $ 303.9   $ 312.8   $ 299.1        $293.3
PREFERRED SHARES, AT LIQUIDATION VALUE ($25,000
   PER SHARE LIQUIDATION PREFERENCE) (IN MILLIONS)    $ 179.4      $ 179.4   $ 179.4   $ 179.4        $   --
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS
   APPLICABLE TO COMMON SHAREHOLDERS#                     .77%*        .80%      .82%      .74%          .51%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS
   APPLICABLE TO COMMON SHAREHOLDERS++                    .77%*        .80%      .82%      .74%          .51%*
RATIO OF NET INVESTMENT INCOME (LOSS) EXCLUDING
   PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS          6.65%*       6.33%     6.40%     6.08%         1.62%*
RATIO OF PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS          1.82%*       1.02%      .85%      .59%           --%
RATIO OF NET INVESTMENT INCOME (LOSS) INCLUDING
   PREFERRED SHARES DISTRIBUTIONS TO AVERAGE NET
   ASSETS APPLICABLE TO COMMON SHAREHOLDERS              4.83%*       5.31%     5.55%     5.49%         1.62%*
PORTFOLIO TURNOVER RATE                                     1%**         2%        3%       10%            0%**
ASSET COVERAGE PER PREFERRED SHARE, END OF PERIOD@    $66,908      $67,368   $68,622   $66,694        $   --



See Notes to Financial Highlights      37



FINANCIAL HIGHLIGHTS New York Intermediate Municipal Fund

The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.



                                                                                                          PERIOD FROM
                                                     SIX MONTHS ENDED                                 SEPTEMBER 27, 2002^
                                                         APRIL 30,         YEAR ENDED OCTOBER 31,        TO OCTOBER 31,
                                                     ----------------   ---------------------------   -------------------
                                                           2006           2005      2004      2003           2002
                                                       (UNAUDITED)
                                                                                            
COMMON SHARE NET ASSET VALUE, BEGINNING OF PERIOD       $ 14.47         $ 14.90   $ 14.40   $ 14.32        $14.32
                                                        -------         -------   -------   -------        ------
INCOME FROM INVESTMENT OPERATIONS APPLICABLE TO
   COMMON SHAREHOLDERS:
NET INVESTMENT INCOME (LOSS)(cc)                            .48             .93       .93       .86           .03
NET GAINS OR LOSSES ON SECURITIES
   (BOTH REALIZED AND UNREALIZED)                          (.14)           (.44)      .48       .19            --
COMMON SHARE EQUIVALENT OF DISTRIBUTIONS TO
   PREFERRED SHAREHOLDERS FROM:
   NET INVESTMENT INCOME(cc)                               (.13)           (.14)     (.13)     (.08)           --
                                                        -------         -------   -------   -------        ------
TOTAL FROM INVESTMENT OPERATIONS APPLICABLE TO
   COMMON SHAREHOLDERS                                      .21             .35      1.28       .97           .03
                                                        -------         -------   -------   -------        ------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM:
   NET INVESTMENT INCOME                                   (.38)           (.78)     (.78)     (.78)           --
                                                        -------         -------   -------   -------        ------
LESS CAPITAL CHARGES FROM:
ISSUANCE OF COMMON SHARES                                    --              --        --        --          (.03)
ISSUANCE OF PREFERRED SHARES                                 --              --        --      (.11)           --
                                                        -------         -------   -------   -------        ------
TOTAL CAPITAL CHARGES                                        --              --        --      (.11)         (.03)
                                                        -------         -------   -------   -------        ------
COMMON SHARE NET ASSET VALUE, END OF PERIOD             $ 14.30         $ 14.47   $ 14.90   $ 14.40        $14.32
                                                        -------         -------   -------   -------        ------
COMMON SHARE MARKET VALUE, END OF PERIOD                $ 13.92         $ 13.54   $ 13.32   $ 13.27        $15.00
                                                        -------         -------   -------   -------        ------
TOTAL RETURN, COMMON SHARE NET ASSET VALUE+               +1.54%**        +2.87%    +9.67%    +6.36%        -0.03%**
TOTAL RETURN, COMMON SHARE MARKET VALUE+                  +5.63%**        +7.68%    +6.39%    -6.43%        +0.00%**
RATIOS/SUPPLEMENTAL DATA++
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS,
   END OF PERIOD (IN MILLIONS)                          $  79.7          $ 80.7   $  83.1   $  80.3        $ 76.7
PREFERRED SHARES, AT LIQUIDATION VALUE ($25,000
   PER SHARE LIQUIDATION PREFERENCE) (IN MILLIONS)      $  48.3          $ 48.3   $  48.3   $  48.3        $   --
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS
   APPLICABLE TO COMMON SHAREHOLDERS#                       .97%*          1.02%     1.00%      .92%          .94%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS
   APPLICABLE TO COMMON SHAREHOLDERS++                      .97%*          1.01%      .99%      .92%          .93%*
RATIO OF NET INVESTMENT INCOME (LOSS) EXCLUDING
   PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS            6.68%*          6.30%     6.37%     6.02%         1.22%*
RATIO OF PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS            1.78%*           .92%      .86%      .57%           --%
RATIO OF NET INVESTMENT INCOME (LOSS) INCLUDING
   PREFERRED SHARES DISTRIBUTIONS TO AVERAGE
   NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS            4.90%*          5.38%     5.51%     5.45%         1.22%*
PORTFOLIO TURNOVER RATE                                       2%**            2%        5%       11%            0%**
ASSET COVERAGE PER PREFERRED SHARE, END OF PERIOD@      $66,311         $66,813   $68,073   $66,617        $   --



See Notes to Financial Highlights      38



NOTES TO FINANCIAL HIGHLIGHTS Intermediate Municipal Closed-End Funds

+    Total return based on per share net asset value reflects the effects of
     changes in net asset value on the performance of each Fund during each
     fiscal period. Total return based on per share market value assumes the
     purchase of common shares at the market price on the first day and sales of
     common shares at the market price on the last day of the period indicated.
     Dividends and distributions, if any, are assumed to be reinvested at prices
     obtained under each Fund's distribution reinvestment plan. Results repre-
     sent past performance and do not guarantee future results. Current returns
     may be lower or higher than the performance data quoted. Investment returns
     may fluctuate and shares when sold may be worth more or less than original
     cost. For each Fund, total return would have been lower if Management had
     not waived the investment management fee.

#    The Fund is required to calculate an expense ratio without taking into
     consideration any expense reductions related to expense offset
     arrangements.

++   After waiver of investment management fee by Management. Had Management not
     undertaken such action, the annualized ratios of net expenses to average
     daily net assets applicable to common shareholders would have been:



               SIX MONTHS ENDED                               PERIOD FROM
                  APRIL 30,       YEAR ENDED OCTOBER 31,    SEPTEMBER 27 TO
                    2006            2005   2004   2003     OCTOBER 31, 2002
                                                 
CALIFORNIA           1.31%          1.36%  1.35%  1.26%         1.08%
INTERMEDIATE         1.17%          1.20%  1.22%  1.13%          .76%
NEW YORK             1.37%          1.41%  1.39%  1.31%         1.18%


^     The date investment operations commenced.

*     Annualized.

**    Not annualized.

@     Calculated by subtracting the Fund's total liabilities (excluding
      accumulated unpaid distributions on AMPS) from the Fund's total assets and
      dividing by the number of AMPS outstanding.

+++   Expense ratios do not include the effect of distribution payments to
      holders of AMPS. Income ratios include income earned on assets
      attributable to AMPS outstanding.

(cc)  Calculated based on the average number of shares outstanding during each
      fiscal period.


                                       39



DISTRIBUTION REINVESTMENT PLAN

The Bank of New York ("Plan Agent") will act as Plan Agent for shareholders who
have not elected in writing to receive dividends and distributions in cash (each
a "Participant"), will open an account for each Participant under the
Distribution Reinvestment Plan ("Plan") in the same name as their then current
Shares are registered, and will put the Plan into effect for each Participant as
of the first record date for a dividend or capital gains distribution.

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

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

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

Open-market purchases provided for above may be made on any securities exchange
where the Fund's Shares are traded, in the over-the-counter market or in
negotiated transactions and may be on such terms as to price, delivery and
otherwise as the Plan Agent shall determine. Each Participant's uninvested funds
held by the Plan Agent will not bear interest, and it is understood that, in any
event, the Plan Agent shall have no liability in connection with any inability
to purchase Shares within 30 days after the initial date of such purchase as
herein provided, or with the timing of any purchases effected. The Plan Agent
shall have no responsibility as to the value of the Shares acquired for each
Participant's account. For the purpose of cash investments, the Plan Agent may
commingle each Participant's funds with those of other shareholders of the Fund
for whom the Plan Agent similarly acts as agent, and the average price
(including brokerage commissions) of all Shares purchased by the Plan Agent as
Plan Agent shall be the price per Share allocable to each Participant in
connection therewith.


                                       40



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

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

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

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

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

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

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

These terms and conditions shall be governed by the laws of the State of
Maryland.


                                       41



DIRECTORY

INVESTMENT MANAGER AND ADMINISTRATOR
Neuberger Berman Management Inc.
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
877.461.1899 or 212.476.8800

SUB-ADVISER
Neuberger Berman, LLC
605 Third Avenue
New York, NY 10158-3698

CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110

STOCK TRANSFER AGENT
The Bank of New York
101 Barclay Street, 11-E
New York, NY 10286

LEGAL COUNSEL
Kirkpatrick & Lockhart Nicholson Graham LLP
1601 K Street, NW
Washington, DC 20006

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116


                                       42



PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available, without charge,
by calling 1-800-877-9700 (toll-free) and on the website of the Securities and
Exchange Commission at www.sec.gov. Information regarding how the Funds voted
proxies relating to portfolio securities during the most recent 12-month period
ended June 30 is also available, without charge, by calling 1-800-877-9700
(toll-free), on the website of the Securities and Exchange Commission at
www.sec.gov, and on the Funds' website at www.nb.com.

QUARTERLY PORTFOLIO SCHEDULE

The Funds file a complete schedule of portfolio holdings for each Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Funds' Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling (800) 877-9700 (toll-free).

CHANGE IN PORTFOLIO MANAGER

Thomas J. Brophy and Lori Canell have co-managed each Fund's assets since their
inception and have assumed sole responsibility for management of each Fund. Mr.
Brophy and Ms. Canell are Vice Presidents of Neuberger Berman Management Inc.
and Managing Directors of Neuberger Berman, LLC. From 1998 to 2000, Mr. Brophy
was a portfolio manager and credit analyst for Neuberger Berman, LLC. From 1997
to 1998, he was a portfolio manager at another investment firm. Ms. Canell has
been a municipal bond portfolio manager at Neuberger Berman since 1995.


                                       43



REPORT OF VOTES OF SHAREHOLDERS

An annual meeting of shareholders of Neuberger Berman California Intermediate
Municipal Fund Inc. ("California"), Neuberger Berman Intermediate Municipal Fund
Inc. ("Intermediate") and Neuberger Berman New York Intermediate Municipal Fund
Inc. ("New York") was held on April 6, 2006. Shareholders of each Fund voted on
the following matter: (1) To elect five Class I Directors to serve until the
annual meeting of shareholders in 2009, or until their successors are elected
and qualified. Class II and III Directors continue to hold office until the
annual meeting in 2007 and 2008, respectively.

Proposal 1 - To elect five Class I Directors to serve until the annual meeting
of shareholders in 2009.

CALIFORNIA
COMMON AND PREFERRED SHARES



                                       VOTES                     BROKER
                      VOTES FOR      WITHHELD    ABSTENTIONS   NON-VOTES
                                                       
Faith Colish        6,562,989.000   89,297.000        --           --
C. Anne Harvey      6,578,726.000   73,560.000        --           --
Cornelius T. Ryan   6,564,037.000   88,249.000        --           --
Peter E. Sundman    6,577,461.000   74,825.000        --           --
Peter P. Trapp      6,578,061.000   74,225.000        --           --


INTERMEDIATE
COMMON AND PREFERRED SHARES



                                         VOTES                     BROKER
                       VOTES FOR       WITHHELD    ABSTENTIONS   NON-VOTES
                                                         
Faith Colish        19,895,827.000   204,741.000        --           --
C. Anne Harvey      19,894,817.000   205,751.000        --           --
Cornelius T. Ryan   19,895,006.000   205,562.000        --           --
Peter E. Sundman    19,898,306.000   202,262.000        --           --
Peter P. Trapp      19,898,239.000   202,329.000        --           --


NEW YORK
COMMON AND PREFERRED SHARES



                                        VOTES                     BROKER
                       VOTES FOR      WITHHELD    ABSTENTIONS   NON-VOTES
                                                        
Faith Colish        5,399,231.000    56,883.000        --           --
C. Anne Harvey      5,402,119.000    53,995.000        --           --
Cornelius T. Ryan   5,400,131.000    55,983.000        --           --
Peter E. Sundman    5,409,831.000    46,283.000        --           --
Peter P. Trapp      5,404,831.000    51,283.000        --           --


                                       44



Statistics and projections in this report are derived from sources deemed to be
reliable but cannot be regarded as a representation of future results of the
Funds. This report is prepared for the general information of shareholders and
is not an offer of shares of the Funds.

NEUBERGER | BERMAN
A LEHMAN BROTHERS COMPANY

NEUBERGER BERMAN MANAGEMENT INC.
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
INTERNAL SALES & SERVICES
877.461.1899

WWW.NB.COM

[GRAPHIC] DO123 06/06




ITEM 2.   CODE OF ETHICS

The Board of Directors ("Board") of Neuberger Berman Intermediate Municipal Fund
Inc.  ("Registrant")  adopted a code of ethics that applies to the  Registrant's
principal executive officer,  principal financial officer,  principal accounting
officer  or  controller,  or  persons  performing  similar  functions  ("Code of
Ethics").  For the period covered by this Form N-CSR, there were no waivers from
the Code of Ethics  granted to the  Registrant's  principal  executive  officer,
principal  financial officer,  principal  accounting  officer or controller,  or
persons performing similar functions.

A copy of the Code of Ethics is filed as Exhibit  12(a)(1)  to this Form  N-CSR.
The Code of Ethics is also available,  without charge, by calling 1-800-877-9700
(toll-free).

ITEM 3.   AUDIT COMMITTEE FINANCIAL EXPERT

The Board has determined that the Registrant has two audit  committee  financial
experts  serving  on its  audit  committee.  The  Registrant's  audit  committee
financial  experts are John Cannon and Howard Mileaf.  Mr. Cannon and Mr. Mileaf
are independent directors as defined by Form N-CSR.

ITEM 4.   PRINCIPAL ACCOUNTANT FEES AND SERVICES

Only required in the annual report.

ITEM 5.   AUDIT COMMITTEE OF LISTED REGISTRANTS

Only required in the annual report.

ITEM 6.   SCHEDULE OF INVESTMENTS

The  complete  schedule  of  investments  for  the  Fund  is  disclosed  in  the
Registrant's semi-annual report, which is included as Item 1 of this Form N-CSR.

ITEM 7.   DISCLOSURE  OF PROXY VOTING POLICIES  AND  PROCEDURES  FOR  CLOSED-END
MANAGEMENT INVESTMENT COMPANIES

Only required in the annual report.

ITEM 8.   PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Only required in the annual report.

ITEM 9.   PURCHASES OF EQUITY  SECURITIES BY  CLOSED-END  MANAGEMENT  INVESTMENT
COMPANY AND AFFILIATED PURCHASERS

No reportable purchases for the period covered by this report.



ITEM 10.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no changes to the  procedures  by which  shareholders  may  recommend
nominees to the Board.

ITEM 11.  CONTROLS AND PROCEDURES

(a)       Based on an evaluation of the  disclosure  controls and procedures (as
          defined in rule 30a-3(c) under the Investment  Company Act of 1940, as
          amended (the "Act")) as of a date within 90 days of the filing date of
          this document, the Chief Executive Officer and Treasurer and Principal
          Financial and Accounting Officer of the Registrant have concluded that
          such disclosure  controls and procedures are  effectively  designed to
          ensure that information  required to be disclosed by the Registrant in
          the  report  it files or  submits  on Form  N-CSR is  accumulated  and
          communicated to the Registrant's  management to allow timely decisions
          regarding required disclosure.

(b)       There  were  no  significant  changes  in  the  Registrant's  internal
          controls over  financial  reporting (as defined in rule 30a-3(d) under
          the Act) that occurred during the  Registrant's  second fiscal quarter
          of the period covered by this report that have materially affected, or
          are reasonably likely to materially affect, the Registrant's  internal
          control over financial reporting.

ITEM 12.  EXHIBITS

(a)(1)    A copy of the Code of Ethics is filed herewith.

(a)(2)    The certifications  required by Rule 30a-2(a) of the Act  and  Section
          302 of  the  Sarbanes-Oxley  Act of  2002  ("Sarbanes-Oxley  Act") are
          filed herewith.

(a)(3)    Not applicable.

(b)       The certifications  required by  Rule 30a-2(b) of the  Act and Section
          906 of the Sarbanes-Oxley Act are filed herewith.

The  certifications  provided pursuant to Section 906 of the  Sarbanes-Oxley Act
are not deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Exchange Act"), or otherwise subject to the liability of that section.
Such  certifications will not be deemed to be incorporated by reference into any
filing  under the  Securities  Act of 1933 or the  Exchange  Act,  except to the
extent that the Registrant specifically incorporates them by reference.



SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Neuberger Berman Intermediate Municipal Fund Inc.


By:    /s/ Peter E. Sundman
       ----------------------
       Peter E. Sundman
       Chief Executive Officer

Date:  July 10, 2006


Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  Registrant and in the capacities and on the
dates indicated.



By:    /s/ Peter E. Sundman
       ----------------------
       Peter E. Sundman
       Chief Executive Officer

Date:  July 10, 2006



By:    /s/ John M. McGovern
       ----------------------
       John M. McGovern
       Treasurer and Principal Financial
       and Accounting Officer

Date:  July 10, 2006