As filed with the Securities and Exchange Commission on March 31, 2008
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21168
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
-------------------------------------------------
(Exact Name of the Registrant as Specified in Charter)
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
(Address of Principal Executive Offices - Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Peter E. Sundman, Chief Executive Officer
Neuberger Berman Intermediate Municipal Fund Inc.
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
Arthur Delibert, Esq.
Kirkpatrick & Lockhart Preston Gates Ellis 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, 2008
Date of reporting period: January 31, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 ({section} 239.24 and 274.5
of this chapter), to file reports with the Commission not later than 60 days
after the close of their first and third fiscal quarters, pursuant to rule 30b1-
5 under the Investment Company Act of 1940 ("1940 Act") (17 CFR 270.30b1-5). The
Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. {section} 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.
--------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
ALABAMA (1.9%)
1,195 Alabama Wtr. Poll. Ctrl. Au., Ser. 1996 B (AMBAC Insured), 5.50%,
due 8/15/16 Aaa AAA 1,196
4,210 DCH Hlth. Care Au. Hlth. Care Fac. Rev., Ser. 2002, 5.25%, due
6/1/14 A1 A+ 4,508
----------
5,704
ARIZONA (2.2%)
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 1,576
1,255 Salt Verde Fin. Corp. Sr. Gas Rev., Ser. 2007, 5.25%, due 12/1/20 Aa3 AA- 1,307
1,750 Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due
7/15/17 1,808(^^)
2,325 Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due
7/15/18 2,176(^^)
----------
6,867
CALIFORNIA (8.0%)
3,500 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 Baa1 BBB+ 3,661(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 1,940(B)
2,500 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
5.75%, due 5/1/17 Pre-Refunded 5/1/12 Aaa A 2,842
3,460 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A,
5.38%, due 5/1/22 Pre-Refunded 5/1/12 Aaa A 3,881
1,500 California St. Pub. Works Board Lease Rev., Ser. 2002 A, (AMBAC
Insured), 5.25%, due 12/1/17 Aaa AAA 1,627
1,240 California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser.
2003 A, 6.00%, due 10/1/16 A+ 1,357(B)
1,270 California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007
A, 5.30%, due 11/1/18 1,267(B)(^^)
3,000 Golden St Tobacco Securitization Corp. Tobacco Settlement Asset-
Backed Rev., Ser. 2003 A-1, 6.25%, due 6/1/33 Aaa AAA 3,356
2,080 Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev.
Proj.), Ser. 2003, (FGIC Insured), 5.50%, due 9/1/18 Aaa AA 2,261
740 San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev.
Proj.), Ser. 2003 B, 5.00%, due 9/1/17 Baa2 756
1,500 Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev., Ser. 2006,
4.88%, due 3/1/16 1,504(^^)
----------
24,452
COLORADO (5.2%)
4,220 Colorado Springs Util. Sys. Sub. Lien Ref. Rev., Ser. 2002 A,
(AMBAC Insured), 5.38%, due 11/15/18 Aaa AAA 4,643
1,785 Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991 D, (XLCA
Insured), 7.75%, due 11/15/13 A1 AAA 2,025
4,000 Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002 E, (FGIC
Insured), 5.25%, due 11/15/14 Aaa AA 4,257
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
4,610 Thornton Cert. of Participation, Ser. 2002, (AMBAC Insured), 5.38%,
due 12/1/16 Pre-Refunded 12/1/12 Aaa AAA 5,168
----------
CONNECTICUT (0.8%) 16,093
2,400 Mashantucket Western Pequot Tribe Spec. Rev., Sub. Ser. 1997 B,
5.70%, due 9/1/12 Baa3 2,437(n)
DELAWARE (0.2%)
500 University of Delaware Rev., Ser. 2004 B, (LOC: Bank of America),
1.95%, due 2/1/08 AA+ 500(u)
DISTRICT OF COLUMBIA (1.6%)
4,495 Dist. of Columbia (Washington, D.C.) Ref. G.O., Ser. 2002 C, (XLCA
Insured), 5.25%, due 6/1/13 Aaa AAA 4,883
FLORIDA (7.7%)
2,560 Fiddlers Creek Comm. Dev. Dist. Number 2 Spec. Assessment Rev.,
Ser. 2003 A, 6.00%, due 5/1/16 2,397(^^)
1,750 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+ 1,796(B)
8,140 Orange Co. Sales Tax Ref. Rev., Ser. 2002 A, (FGIC Insured), 5.13%,
due 1/1/18 Aaa AA 8,663
2,085 Palm Beach Co. Hlth. Fac. Au. Hosp. Ref. Rev. (BRCH Corp. Oblig.
Group), Ser. 2001, 5.00%, due 12/1/12 BBB+ 2,180(B)
7,000 Palm Beach Co. Sch. Board Cert. of Participation, Ser. 2001 B,
(AMBAC Insured), 5.38%, due 8/1/17 Aaa AAA 7,620
1,000 Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002 C, (FGIC Insured),
5.25%, due 10/1/20 Aaa AA 1,066
----------
23,722
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 5,012
2,710 Newnan Hosp. Au. Rev. Anticipation Cert. (Newnan Hosp., Inc.
Proj.), Ser. 2002, (MBIA Insured), 5.50%, due 1/1/18 Aaa 2,948(B)
----------
7,960
ILLINOIS (12.4%)
3,000 Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007,
5.35%, due 1/1/17 Baa3 2,962
5,940 Chicago G.O., Ser. 2002 A, (AMBAC Insured), 5.38%, due 1/1/17 Pre-
Refunded 7/1/12 Aaa AAA 6,614
180 Chicago G.O., Ser. 2002 A, (AMBAC Insured), 5.38%, due 1/1/17 Aaa AAA 197
1,500 Chicago Metro. Wtr. Reclamation Dist. Cap. Imp. G.O., Ser. 2002 C,
5.38%, due 12/1/16 Pre-Refunded 12/1/12 Aaa 1,682
1,970 Cook County Illinois Township High Sch. Dist. Number 225 Northfield
Township, 5.00%, due 12/1/25 Aaa AAA 2,097
5,130 Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser.
2002, 4.30%, due 11/1/36 Putable 11/1/13 A2 A 5,358(u)(B)
4,000 Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006 A, 5.75%, due
11/15/16 4,075(B)(^^)
5,000 Illinois G.O., Ser. 2002, (MBIA Insured), 5.25%, due 10/1/14 Aaa AAA 5,490
3,000 Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.), Ser. 1997
A, (MBIA Insured), 6.00%, due 7/1/14 Aaa AAA 3,490(B)
1,670 Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev.,
Ser. 1998 A, (FGIC Insured), 5.50%, due 6/15/17 Aaa AAA 1,970
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
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 2,146
2,250 Southwestern Illinois Local Gov't Dev. Au. Rev., (Collinsville
Ltd.), Ser. 2007, 5.00%, due 3/1/25 2,115(^^)
----------
38,196
INDIANA (9.6%)
1,995 Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 A,
5.38%, due 2/1/17 Pre-Refunded 2/1/13 AAA 2,254
760 Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 B,
5.25%, due 2/1/18 Pre-Refunded 2/1/13 AAA 848
8,005 Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.), Ser.
2001 A, 5.38%, due 2/1/17 AAA 8,831
2,800 Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.), Ser.
2002 B, 5.25%, due 2/1/18 AAA 3,033
4,000 Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth.
Oblig. Group), Ser. 2006 B, 5.00%, due 2/15/21 A2 A+ 4,071(B)
1,000 Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2002 B, (MBIA
Insured), 5.25%, due 1/1/18 Aaa AAA 1,075
2,050 Indiana St. Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St.
Francis), Ser. 2001, 5.35%, due 11/1/15 Aa3 2,192(B)
1,065 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC
Insured), 5.25%, due 7/1/18 Aaa AAA 1,136
1,125 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC
Insured), 5.25%, due 7/1/19 Aaa AAA 1,195
2,580 Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.),
Ser. 2003 A, (FSA Insured), 5.63%, due 1/1/17 Aaa AAA 2,787
2,000 Jasper Hosp. Au. Hosp. Fac. Ref. Rev. (Mem. Hosp. & Hlth. Care Ctr.
Proj.), Ser. 2002, (Radian Insured), 5.50%, due 11/1/17 AA 2,118(B)
----------
29,540
IOWA (2.6%)
1,000 Coralville Urban Renewal Rev., Tax Increment, Ser. 2007 C, 5.00%,
due 6/1/15 Baa1 1,056
3,000 Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev.,
Ser. 2001 B, 5.30%, due 6/1/25 Pre-Refunded 6/1/11 AAA 3,246
3,000 Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev.,
Ser. 2005 C, 5.38%, due 6/1/38 Baa3 BBB 2,705
1,005 Kirkwood Comm. College Iowa New Jobs Training Cert. (Merged Area
X), Ser. 2007 1B, 5.00%, due 6/1/17 Aa3 AA- 1,054
----------
8,061
LOUISIANA (1.2%)
2,500 Morehouse Parish Ref. PCR (Int'l Paper Co. Proj.), Ser. 2001 A,
5.25%, due 11/15/13 Baa3 BBB 2,610(B)
1,000 Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev.,
Ser. 2001 B, 5.50%, due 5/15/30 Baa3 BBB 976
----------
3,586
MARYLAND (0.5%)
1,000 Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp. of Cecil
Co.), Ser. 2002, 5.50%, due 7/1/14 A3 1,067(B)
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
400 Prince George's Co. Unrefunded Balance Cons. Pub. Imp. G.O., Ser.
2001, (FGIC Insured), 5.25%, due 12/1/16 Pre-Refunded 12/1/11 Aaa AAA 443
----------
1,510
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 3,111(B)
1,850 Massachusetts St. G.O., Ser. 2002 E, (MBIA Insured), 5.38%, due
1/1/18 Pre-Refunded 1/1/13 Aaa AAA 2,062
2,450 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi Oblig.
Group), Ser. 1999 A, 5.70%, due 7/1/15 Baa3 BBB 2,496(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- 2,881(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 AA 5,490(B)
5,030 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.),
Ser. 2002 A, 5.25%, due 8/1/19 Aaa AAA 5,440
2,775 Massachusetts St. Wtr. Poll. Abatement Trust Unrefunded Balance
Rev. (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16 Aaa AAA 2,964
2,000 Massachusetts St. Wtr. Poll. Abatement Trust. Rev. (Pool Prog.),
Ser. 2001, 5.25%, due 2/1/16 Pre-Refunded 8/1/11 Aaa AAA 2,180
----------
26,624
MICHIGAN (4.9%)
3,075 Detroit Sch. Dist. Sch. Bldg. & Site Imp. G.O., Ser. 2002 A, (FGIC
Insured), 5.50%, due 5/1/15 Pre-Refunded 5/1/13 Aaa AA 3,483
1,070 Ingham & Clinton Cos. East Lansing Bldg. Au. Ref. G.O., Ser. 1999,
5.25%, due 10/1/16 AA+ 1,105
1,375 Macomb Co. New Haven Comm. Sch. Bldg. & Site G.O., Ser. 2002,
5.25%, due 5/1/17 Pre-Refunded 11/1/12 Aa3 AA- 1,531
1,500 Michigan St. Bldg. Au. Rev. (Fac. Prog.), Ser. 2001 II, 5.50%, due
10/15/18 Pre-Refunded 10/15/11 A1 AAA 1,658
3,850 Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont Hosp.),
Ser. 1996, 6.25%, due 1/1/12 Aa3 AA- 4,242(B)
2,000 Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%,
due 11/1/20 BB+ 1,895
975 Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due
11/1/15 BB+ 1,007
----------
14,921
MINNESOTA (2.3%)
2,000 Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice Ctr.
Proj.), Ser. 2002, 5.38%, due 2/1/17 Baa1 2,110
2,000 Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser.
2007, 5.00%, due 5/1/17 A3 2,124(B)
2,540 St. Paul Port Au. Lease Rev. (Office Bldg. at Cedar Street), Ser.
2002, 5.00%, due 12/1/17 Aa2 AA+ 2,715
----------
6,949
MISSOURI (5.5%)
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 3,861
2,000 Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002, 5.05%, due
8/1/20 A3 2,058(B)
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
2,425 Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003
A, 5.00%, due 12/1/17 Baa1 BBB+ 2,502
740 Branson Ind. Dev. Au. Ltd. Oblig. Tax Increment Rev. (Branson
Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21 688(^^)
1,800 Missouri Dev. Fin. Board Cultural Fac. Rev. (Nelson Gallery), Ser.
2001 B, (MBIA Insured), 2.05%, due 2/1/08 Aaa AAA 1,800(u)(B)
2,965 Missouri St Univ. Auxiliary Enterprise Sys. Rev., Ser. 2007 A,
(XLCA Insured), 5.00%, due 4/1/26 A3 AAA 3,028
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 2,222
570 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001 II,
(FHA Insured), 5.25%, due 12/1/16 AA 590
110 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001 III,
(FHA Insured), 5.05%, due 12/1/15 AA 114
----------
16,863
NEBRASKA (0.6%)
1,725 Central Plains Energy Proj. Rev. (Nebraska Gas Proj. Number 1),
Ser. 2007 A, 5.00%, due 12/1/14 Aa3 AA- 1,814
NEVADA (4.2%)
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 5,619
4,355 Las Vegas Valley Wtr. Dist. Ref. & Wtr. Imp. G.O., Ser. 2003 A,
(FGIC Insured), 5.25%, due 6/1/16 Aaa AA+ 4,775
2,295 Truckee Meadows Wtr. Au. Wtr. Rev., Ser. 2001 A, (FSA Insured),
5.50%, due 7/1/15 Aaa AAA 2,505
----------
12,899
NEW HAMPSHIRE (1.8%)
3,310 New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New
Hampshire), Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17 Pre-
Refunded 7/1/11 Aaa AAA 3,656
1,700 New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New
Hampshire), Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17 Aaa AAA 1,849
----------
5,505
NEW JERSEY (6.3%)
5,000 New Jersey Bldg. Au. St. Bldg. Ref. Rev., Ser. 2002 B, (FSA
Insured), 5.25%, due 12/15/15 Aaa AAA 5,484
1,500 New Jersey Econ. Dev. Au. Cigarette Tax Rev., Ser. 2004, 5.63%, due
6/15/19 Baa2 BBB 1,532
700 New Jersey Econ. Dev. Au. Retirement Comm. Rev. Ref. (Seabrook
Vlg., Inc. Fac.), Ser. 2006, 5.25%, due 11/15/26 630(B)(^^)
6,900 New Jersey Ed. Fac. Au. Rev. (Stevens Institute of Technology),
Ser. 2002 C, 5.25%, due 7/1/17 Pre-Refunded 7/1/13 Baa2 BBB+ 7,720(B)
4,000 New Jersey Hlth. Care Fac. Fin. Au. Rev. (Somerset Med. Ctr.
Issue), Ser. 2003, 5.50%, due 7/1/18 Ba2 3,987(B)
----------
19,353
NEW YORK (5.2%)
990 Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%,
due 9/1/14 A2 1,103
3,250 New York City G.O., Ser. 2002 C, 5.50%, due 8/1/15 Aa3 AA 3,590
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
2,580 New York City IDA Civic Fac. Rev. (Lycee Francais de New York
Proj.), Ser. 2002 A, (ACA Insured), 5.50%, due 6/1/14 2,681(B)(^^)
750 New York City IDA Civic Fac. Rev. (Vaughn College of Aeronautics
and Technology), Ser. 2006 A, 5.00%, due 12/1/21 BB+ 687(B)
2,750 New York City IDA Liberty Rev. (7 World Trade Center, LLC Proj.),
Ser. 2005 A, 6.25%, due 3/1/15 2,855(^^)
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 1,850(B)
1,250 New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser.
2006 A, 6.13%, due 2/15/19 1,275(^^)
1,700 New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2003 A,
5.38%, due 3/15/20 Pre-Refunded 3/15/13 Aa3 AAA 1,915
----------
15,956
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 4,505(B)
OHIO (1.9%)
1,000 Coshocton Co. Env. Imp. Ref. Rev. (Smurfit-Stone Container
Enterprises, Inc. Proj.), Ser. 2005, 5.13%, due 8/1/13 CCC+ 969(n)(B)
1,000 Cuyahoga Co. Rev. (Cleveland Clinic), Ser. 2004 B1, 1.93%, due
2/1/08 Aa3 AA- 1,000(u)(B)
3,760 Ohio Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp. Proj.),
Ser. 1995, 5.00%, due 11/1/15 Putable 11/1/11 Baa1 BBB+ 3,982(B)
----------
5,951
PENNSYLVANIA (6.3%)
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 1,828(B)
565 Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%,
due 7/1/18 Pre-Refunded 7/1/13 A2 A- 634
435 Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%,
due 7/1/18 A2 A- 469
2,000 Lancaster Co. Hosp. Au. Rev. (Brethren Vlg. Proj.), Ser. 2008 A,
6.10%, due 7/1/22 2,018(^^)
2,000 Lehigh Co. Gen. Purp. Au. Rev. (KidsPeace Oblig. Group), Ser. 1998,
6.00%, due 11/1/23 Ba3 1,968(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 5,153(B)
1,000 Pennsylvania Econ. Dev. Fin. Au. Res. Rec. Ref. Rev. (Colver
Proj.), Ser. 2005 G, 5.13%, due 12/1/15 1,002(^^)
2,000 Philadelphia Arpt. Ref. Rev. (Philadelphia Arpt. Sys.), Ser. 1998
A, (FGIC Insured), 5.38%, due 6/15/14 Aaa AA 2,052
520 Sayre Hlth. Care Fac. Au. Rev., (Guthrie Hlth. Proj.), Ser. 2002 A,
5.75%, due 12/1/21 A 549(B)
1,480 Sayre Hlth. Care Fac. Au. Rev., (Guthrie Hlth. Proj.), Ser. 2002 A,
5.75%, due 12/1/21 Pre-Refunded 12/1/11 A 1,657(B)
2,000 Westmoreland Co. IDA Gtd. Rev. (Nat'l Waste & Energy Corp., Valley
Landfill Expansion Proj.), Ser. 1993, 5.10%, due 5/1/18 Putable
5/1/09 BBB 2,041(B)
----------
19,371
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
SOUTH CAROLINA (5.4%)
1,100 Charleston Co. Sch. Dist. G.O., Ser. 2001, (FSA Insured), 5.00%,
due 2/1/18 Aaa AAA 1,163
2,140 Mt. Pleasant Town Waterworks & Swr. Sys. Ref. & Imp. Rev., Ser.
2002, (FGIC Insured), 5.25%, due 12/1/17 Aaa AA 2,328
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+ 2,525(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+ 2,075(B)
4,665 South Carolina St. Pub. Svc. Au. Rev., Ser. 2002 B, (FSA Insured),
5.38%, due 1/1/18 Aaa AAA 5,031
3,500 Union Co. IDR (Federal Paper Board Co., Inc. Proj.), Ser. 1989,
4.55%, due 11/1/09 Baa3 BBB 3,508(B)
----------
16,630
TENNESSEE (2.1%)
1,655 Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev., Ser. 2002 A,
(FSA Insured), 5.50%, due 1/1/18 Pre-Refunded 1/1/13 Aaa AAA 1,862(B)
1,360 Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev. Unrefunded
Bal., Ser. 2002 A, (FSA Insured), 5.50%, due 1/1/18 Aaa AAA 1,505(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 3,232(B)
----------
6,599
TEXAS (21.4%)
4,145 Anson Ed. Fac. Corp. Std. Hsg. Rev. (Univ. of Texas at Dallas-
Waterview Park Proj.), Ser. 2002, (ACA Insured), 5.00%, due 1/1/23 3,699(B)(^^)
920 Austin Convention Enterprises, Inc. Convention Ctr. Hotel First
Tier Rev., Ser. 2001 A, 6.38%, due 1/1/16 Pre-Refunded 1/1/11 Aaa BBB- 1,011
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 Caa1 CCC 3,312(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 Caa1 CCC 938(B)
1,000 Brazos River Au. Ref. Rev. (Reliant Energy, Inc. Proj.), Ser. 1999
B, 7.75%, due 12/1/18 Ba1 BBB- 1,033(B)
3,600 Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002,
(FSA Insured), 5.50%, due 9/1/17 Aaa AAA 3,996
2,100 Dallas-Fort Worth Int'l Arpt. Fac. Imp. Corp. Rev., Ser. 2004 A-1,
6.15%, due 1/1/16 Ba2 2,100(B)
1,935 Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004 B, (FSA
Insured), 5.50%, due 11/1/18 Aaa AAA 2,094
1,750 Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%, due 4/15/16 A3 A- 1,787
1,745 Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002 A, 5.63%, due 4/15/17 A3 A- 1,779
4,790 Harris Co. Toll Road Sr. Lien Rev., Ser. 2002, (FSA Insured),
5.38%, due 8/15/16 Pre-Refunded 8/15/12 Aaa AAA 5,348
2,210 Harris Co. Toll Road Sr. Lien Rev., Unrefunded Bal., Ser. 2002,
(FSA Insured), 5.38%, due 8/15/16 Aaa AAA 2,440
610 HFDC Central Texas, Inc. Retirement Fac. Rev., Ser. 2006 A, 5.25%,
due 11/1/15 598(B)(^^)
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
3,235 Houston Arpt. Sys. Sub. Lien. Ref. Rev., Ser. 2001 A, (FGIC
Insured), 5.50%, due 7/1/16 Aaa AA 3,433
4,955 Houston Pub. Imp. Ref. G.O., Ser. 2002, (MBIA Insured), 5.25%, due
3/1/17 Aaa AAA 5,322
2,000 Lubbock Hlth. Fac. Dev. Corp. Rev. (St. Joseph Hlth. Sys.), Ser.
1998, 5.25%, due 7/1/16 Aa3 AA- 2,032(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 Aa2 AA- 4,896(B)
950 Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF
Insured), 5.50%, due 8/15/17 Pre-refunded 2/15/13 Aaa 1,071
50 Northwest Texas Independent Sch. Dist. Unrefunded Bal. Sch. Bldg.,
Ser. 2002, (PSF Insured), 5.50%, due 8/15/17 Aaa 55
20 San Antonio Cert. of Obligation G.O., Ser. 2002, 5.00%, due 2/1/14
Pre-Refunded 2/1/12 Aa1 AA+ 22
6,795 San Antonio Independent Sch. Dist. Unlimited Tax G.O., Ser. 2001 B,
(PSF Insured), 5.38%, due 8/15/17 Aaa AAA 7,384
1,240 San Antonio Unrefunded Balance Cert. of Obligation G.O., Ser. 2002,
5.00%, due 2/1/14 Aa1 AA+ 1,332
500 San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ.
Proj.), Ser. 2007, 5.00%, due 6/1/19 Baa2 BBB+ 513(B)
910 Southmost Regl. Wtr. Auth. Tex. Wtr. Supply Contract Rev., Ser.
2002, (MBIA Insured), 5.50%, due 9/1/19 Pre-Refunded 9/1/12 Aaa 1,020
1,000 Southmost Regl. Wtr. Auth. Tex. Wtr. Supply Contract Rev.
Unrefunded Bal., Ser. 2002, (MBIA Insured), 5.50%, due 9/1/19 Aaa 1,103
4,200 Tarrant Reg. Wtr. Dist. Wtr. Ref. & Imp. Rev., Ser. 2002, (FSA
Insured), 5.38%, due 3/1/16 Aaa AAA 4,654
365 Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.),
Ser. 2002, 5.50%, due 9/1/12 Baa3 375
1,000 Trinity River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr. Proj.), Ser.
2003, (MBIA Insured), 5.50%, due 2/1/16 Pre-Refunded 2/1/13 Aaa AAA 1,127
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 1,136
----------
65,610
VIRGIN ISLANDS (0.8%)
1,000 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (HOVENSA Refinery),
Ser. 2003, 6.13%, due 7/1/22 Baa3 BBB 1,021
1,500 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (HOVENSA Refinery),
Ser. 2004, 5.88%, due 7/1/22 Baa3 BBB 1,515(B)
----------
2,536
VIRGINIA (1.4%)
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+ 960(n)(B)
2,620 Peninsula Ports Au. Res. Care Fac. Ref. Rev. (VA Baptist Homes),
Ser. 2006 C, 5.25%, due 12/1/21 2,489(B)(^^)
1,000 Virginia Beach Dev. Au. Residential Care Fac. Mtge. Ref. Rev.
(Westminster-Canterbury of Hampton Roads, Inc.), Ser. 2005, 5.00%,
due 11/1/22 943(B)(^^)
-------------
4,392
WASHINGTON (12.4%)
1,000 Clark Co. Vancouver Sch. Dist. Number 37 G.O., Ser. 1998, 5.13%,
due 12/1/12 Aa3 1,105
See Notes to Schedule of Investments
JANUARY 31, 2008
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc. cont'd
---------------------------------------------------------------
(UNAUDITED)
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
8,800 Energy Northwest Elec. Ref. Rev. (Proj. Number 3), Ser. 2001 A,
(FSA Insured), 5.50%, due 7/1/17 Aaa AAA 9,668
5,000 King & Snohomish Cos. Northshore Sch. Dist. Number 417 G.O., Ser.
2002, (FSA Insured), 5.50%, due 12/1/17 Pre-Refunded 6/1/12 Aaa AAA 5,582
4,260 King Co. Pub. Trans. Sales Tax Ref. G.O., Ser. 2002, (FSA Insured),
5.38%, due 12/1/14 Aaa AAA 4,729
6,250 Port of Seattle Sub. Lien Rev., Ser. 2002 B, (FGIC Insured), 5.50%,
due 9/1/16 Aaa AA 6,692
1,000 Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%,
due 12/1/25 Baa2 998
1,000 Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due
12/1/23 Baa2 1,025
1,625 Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due
12/1/18 Baa2 1,699
2,500 Tacoma Wtr. Sys. Rev., Ser. 2001, (FGIC Insured), 5.13%, due
12/1/19 Aaa AA 2,622
3,125 Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley Mem. Hosp.
Assoc.), Ser. 2002, (ACA Insured), 5.00%, due 12/1/17 BBB 3,137(B)
1,000 Washington St. Var. Purp. G.O., Ser. 1999 A, 4.75%, due 7/1/17 Aa1 AA+ 1,006
----------
38,263
WISCONSIN (5.5%)
1,385 Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset-
Backed Rev., Ser. 2002, 6.13%, due 6/1/27 Baa3 BBB 1,435
1,900 Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002 B,
5.50%, due 4/1/12 A1 A+ 2,033
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 1,534(B)
1,000 Wisconsin Hlth. & Ed. Fac. Au. Rev., (Franciscan Sisters Hlth.
Care), Ser. 2007, 5.00%, due 9/1/14 BBB+ 1,036(B)
7,205 Wisconsin St. G.O., Ser. 2002 C, (MBIA Insured), 5.25%, due 5/1/17
Pre-Refunded 5/1/12 Aaa AAA 7,927
2,780 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med. Ctr.,
Inc. Proj.), Ser. 1999, 5.50%, due 5/15/15 A 2,868(B)
----------
16,833
WYOMING (1.6%)
4,895 Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006 6, 5.00%, due 12/1/21 Aa1 AA+ 4,917
OTHER (1.6%)
2,000 MuniMae Subordinated Cumulative Perpetual Preferred Shares, Ser. C,
4.70%, due 6/30/49 Putable 9/30/09 Baa2 2,032(n)
3,000 Non-Profit Pfd. Fdg. Trust I, Ser. 2006 C, 4.72%, due 9/15/37 A2 3,005(n)
----------
5,037
TOTAL INVESTMENTS (157.9%) (COST $469,557) 485,039(##)
Cash, receivables and other assets, less liabilities (0.5%) 1,574
Liquidation Value of Auction Market Preferred Shares [(58.4%)] (179,400)
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%) $307,213
See Notes to Schedule of Investments
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 valuations from independent
pricing services on all securities available in each service's data base.
For all other securities, quotations 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 January 31, 2008, selected Fund information on a U.S. federal income tax
basis was as follows:
GROSS GROSS NET
(000'S OMITTED) COST UNREALIZED UNREALIZED UNREALIZED
NEUBERGER BERMAN APPRECIATION DEPRECIATION APPRECIATION
CALIFORNIA $152,602 $4,997 $307 $4,690
INTERMEDIATE 469,557 17,343 1,861 15,482
NEW YORK 126,326 3,372 414 2,958
(@) 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 77%, 70%, and 67% 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
under the Securities Act of 1933, as amended, and have been deemed by the
investment manager to be liquid. At January 31, 2008, these securities
amounted to approximately $484,000 or 0.3% of net assets applicable to
common shareholders for California, approximately $9,403,000 or 3.1% of net
assets applicable to common shareholders for Intermediate and approximately
$484,000 or 0.6% of net assets applicable to common shareholders for New
York.
(^^) Not rated by a NRSRO.
(O) All or a portion of this security was purchased on a when-issued basis. At
January 31, 2008, these securities amounted to $964,000 or 1.2% of net
assets applicable to common shareholders for New York.
(OO) All or a portion of this security is segregated as collateral for
when-issued purchase commitments.
(u) Floating rate securities are securities whose yields vary with a designated
market index or market rate. These securities are shown at their current
rates as of January 31, 2008.
(T) Rated BBB by Fitch Investor Services, Inc.
For information on the Fund's significant accounting policies, please refer to
the Fund's most recent financial statements.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the disclosure controls and procedures (as
defined in rule 30a-3(c) under the 1940 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 on Form N-CSR and Form N-Q is accumulated and
communicated to the Registrant's management to allow timely decisions
regarding required disclosure.
(b) There were no significant changes in the Registrant's internal controls
over financial reporting (as defined in rule 30a-3(d) under the 1940 Act)
that occurred during the Registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 3. EXHIBITS
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Intermediate Municipal Fund Inc.
By: /s/ Peter E. Sundman
--------------------
Peter E. Sundman
Chief Executive Officer
Date: March 27, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ Peter E. Sundman
--------------------
Peter E. Sundman
Chief Executive Officer
Date: March 27, 2008
By: /s/ John M. McGovern
--------------------
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
Date: March 27, 2008