As filed with the Securities and Exchange Commission on September 28, 2007
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, 2007
Date of reporting period: July 31, 2007
Form N-Q is to be used by management investment companies to file reports with
the Commission not later than 60 days after the close of their first and third
fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of
1940 ("1940 Act") (17 CFR 270.30b1-5). The Commission may use the information
provided on Form N-Q in its regulatory, disclosure review, inspection, and
policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
JULY 31, 2007 (UNAUDITED)
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 A1 A(+) 4,416
6/1/14 -----------
ALASKA (0.1%)
200 Valdez Marine Term. Ref. Rev. (BP Pipelines, Inc. Proj.), Ser. Aa1 AA(+) 200(u)(B)
2001, 3.69%, due 8/1/07 -----------
ARIZONA (1.9%)
1,465 Arizona Energy Management Svcs. (Main) LLC Energy Conservation Rev. Aaa AAA 1,551
(Arizona St. Univ. Proj.-Main Campus), Ser. 2002, (MBIA Insured),
5.25%, due 7/1/17
1,750 Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 1,853(^^)
7/15/17
2,325 Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 2,323(^^)
7/15/18 -----------
5,727
-----------
CALIFORNIA (8.0%)
3,500 California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Republic Baa2 BBB(+) 3,610(B)
Svc., Inc. Proj.), Ser. 2002 B, 5.25%, due 6/1/23 Putable 12/1/17
2,000 California Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Waste BBB 2,005(B)
Management, Inc. Proj.), Ser. 2005 C, 5.13%, due 11/1/23
2,500 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A, Aaa A(-) 2,736
5.75%, due 5/1/17 Pre-Refunded 5/1/12
3,460 California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002 A, Aaa A(-) 3,731
5.38%, due 5/1/22 Pre-Refunded 5/1/12
1,500 California St. Pub. Works Board Lease Rev., Ser. 2002 A, (AMBAC Aaa AAA 1,592
Insured), 5.25%, due 12/1/17
1,240 California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. A3 A(+) 1,333(B)
2003 A, 6.00%, due 10/1/16
1,270 California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007 1,281(B)(^^)
A, 5.30%, due 11/1/18
3,000 Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset- Aaa AAA 3,275
Backed Rev., Ser. 2003 A-1, 6.25%, due 6/1/33
2,080 Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Aaa AAA 2,238
Proj.), Ser. 2003, (FGIC Insured), 5.50%, due 9/1/18
740 San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Baa2 755
Proj.), Ser. 2003 B, 5.00%, due 9/1/17
1,500 Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev., Ser. 2006, 1,506(^^)
4.88%, due 3/1/16 -----------
24,062
-----------
COLORADO (5.3%)
4,220 Colorado Springs Util. Sys. Sub. Lien Ref. Rev., Ser. 2002 A, Aaa AAA 4,504
(AMBAC Insured), 5.38%, due 11/15/18
4,000 Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002 E, (FGIC Aaa AAA 4,199
Insured), 5.25%, due 11/15/14
2,000 Denver City & Co. Arpt. Sys. Rev., Ser. 1991 D, (XLCA Insured), A1 AAA 2,214
7.75%, due 11/15/13
4,610 Thornton Cert. of Participation, Ser. 2002, (AMBAC Insured), 5.38%, Aaa AAA 4,945
due 12/1/16 Pre-Refunded 12/1/12 -----------
15,862
-----------
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.cont'd
--------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
CONNECTICUT (0.8%)
2,400 Mashantucket Western Pequot Tribe Spec. Rev., Sub. Ser. 1997 B, Baa3 2,451(n)
5.70%, due 9/1/12 -----------
DISTRICT OF COLUMBIA (1.6%)
4,495 Dist. of Columbia (Washington, D.C.) Ref. G.O., Ser. 2002 C, (XLCA Aaa AAA 4,735
Insured), 5.25%, due 6/1/13 -----------
FLORIDA (8.8%)
2,500 Broward Co. G.O., Ser. 2001 A, 5.25%, due 1/1/18 Pre-Refunded Aa1 AA(+) 2,637
1/1/11
2,580 Fiddlers Creek Comm. Dev. Dist. Number 2 Spec. Assessment Rev., 2,654(^^)
Ser. 2003 A, 6.00%, due 5/1/16
1,750 Miami Beach Hlth. Fac. Au. Hosp. Ref. Rev. (Mount Sinai Med. Ctr. Ba1 BB(+) 1,822(B)
of Florida Proj.), Ser. 2004, 6.25%, due 11/15/09
8,140 Orange Co. Sales Tax Ref. Rev., Ser. 2002 A, (FGIC Insured), 5.13%, Aaa AAA 8,521
due 1/1/18
2,085 Palm Beach Co. Hlth. Fac. Au. Hosp. Ref. Rev. (BRCH Corp. Oblig. A 2,145(B)
Group), Ser. 2001, 5.00%, due 12/1/12
7,000 Palm Beach Co. Sch. Board Cert. of Participation, Ser. 2001 B, Aaa AAA 7,425
(AMBAC Insured), 5.38%, due 8/1/17
1,000 Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002 C, (FGIC Insured), Aaa AAA 1,055
5.25%, due 10/1/20 -----------
26,259
-----------
GEORGIA (2.6%)
4,575 Henry Co. Wtr. & Swr. Au. Wtr. & Swr. Ref. Rev., Ser. 2002 A, (MBIA Aaa AAA 4,893
Insured), 5.13%, due 2/1/17
2,710 Newnan Hosp. Au. Rev. Anticipation Cert. (Newnan Hosp., Inc. Aaa 2,894(B)
Proj.), Ser. 2002, (MBIA Insured), 5.50%, due 1/1/18 -----------
7,787
-----------
ILLINOIS (10.8%)
5,940 Chicago G.O., Ser. 2002 A, (AMBAC Insured), 5.38%, due 1/1/17 Pre- Aaa AAA 6,333
Refunded 7/1/12
180 Chicago G.O., Ser. 2002 A, (AMBAC Insured), 5.38%, due 1/1/17 Aaa AAA 191
1,500 Chicago Metro. Wtr. Reclamation Dist. Cap. Imp. G.O., Ser. 2002 C, Aaa 1,607
5.38%, due 12/1/16 Pre-Refunded 12/1/12
5,130 Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. A2 A 5,155(B)
2002, 4.30%, due 11/1/36
4,000 Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006 A, 5.75%, due 4,170(B)(^^)
11/15/16
5,000 Illinois G.O., Ser. 2002, (MBIA Insured), 5.25%, due 10/1/14 Aaa AAA 5,301
3,000 Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.), Ser. 1997 Aaa AAA 3,363(B)
A, (MBIA Insured), 6.00%, due 7/1/14
1,670 Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Aaa AAA 1,858
Ser. 1998 A, 5.50%, due 6/15/17
2,000 Kane, Cooke, & DuPage Cos. Elgin Sch. Dist. Number U-46 G.O., Ser. Aaa 2,107
1998, (FSA Insured), 5.35%, due 1/1/15
2,250 Southwestern Illinois Local Gov't. Dev. Au. Rev., (Collinsville 2,239(^^)
Ltd.), Ser. 2007, 5.00%, due 3/1/25 -----------
32,324
-----------
INDIANA (9.6%)
1,995 Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 A, AAA 2,156
5.38%, due 2/1/17 Pre-Refunded 2/1/13
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.cont'd
--------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
760 Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001 B, AAA 811
5.25%, due 2/1/18 Pre-Refunded 2/1/13
8,005 Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.), Ser. AAA 8,599
2001 A, 5.38%, due 2/1/17
2,800 Indiana Bond Bank Rev. (Unrefunded Bal. Revolving Fund Prog.), Ser. AAA 2,960
2002 B, 5.25%, due 2/1/18
4,000 Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. A2 A+ 4,061(B)
Oblig. Group), Ser. 2006 B, 5.00%, due 2/15/21
1,000 Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2002 B, (MBIA Aaa AAA 1,055
Insured), 5.25%, due 1/1/18
2,050 Indiana St. Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St. Aa3 2,159(B)
Francis), Ser. 2001, 5.35%, due 11/1/15
1,065 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Aaa AAA 1,116
Insured), 5.25%, due 7/1/18
1,125 Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Aaa AAA 1,176
Insured), 5.25%, due 7/1/19
2,580 Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.), Aaa AAA 2,745
Ser. 2003 A, (FSA Insured), 5.63%, due 1/1/17
2,000 Jasper Hosp. Au. Hosp. Fac. Ref. Rev. (Mem. Hosp. & Hlth. Care Ctr. AA 2,109(B)
Proj.), Ser. 2002, (Radian Insured), 5.50%, due 11/1/17 -----------
28,947
-----------
IOWA (2.4%)
1,000 Coralville Urban Renewal Rev., Tax Increment, Ser. 2007 C, 5.00%, Baa1 1,031
due 6/1/15
3,000 Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., AAA 3,153
Ser. 2001 B, 5.30%, due 6/1/25 Pre-Refunded 6/1/11
3,000 Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., Baa3 BBB 2,949
Ser. 2005 C, 5.38%, due 6/1/38 -----------
7,133
-----------
LOUISIANA (1.2%)
2,500 Morehouse Parish Ref. PCR (Int'l Paper Co. Proj.), Ser. 2001 A, Baa3 BBB 2,559(B)
5.25%, due 11/15/13
1,000 Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Baa3 BBB 1,041
Ser. 2001 B, 5.50%, due 5/15/30 -----------
3,600
----------
MARYLAND (0.5%)
1,000 Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp. of Cecil A3 1,046(B)
Co.), Ser. 2002, 5.50%, due 7/1/14
400 Prince George's Co. Unrefunded Balance Cons. Pub. Imp. G.O., Ser. Aaa AAA 426
2001, (FGIC Insured), 5.25%, due 12/1/16 Pre-Refunded 12/1/11 -----------
1,472
-----------
MASSACHUSETTS (8.7%)
3,000 Massachusetts Port Au. Spec. Fac. Rev. (Delta Air Lines, Inc. Aaa AAA 3,125(B)
Proj.), Ser. 2001 A, (AMBAC Insured), 5.50%, due 1/1/19
1,850 Massachusetts St. G.O., Ser. 2002 E, (MBIA Insured), 5.38%, due Aaa AAA 1,981
1/1/18 Pre-Refunded 1/1/13
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.cont'd
--------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
2,450 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi Oblig. Baa3 BBB 2,501(B)
Group), Ser. 1999 A, 5.70%, due 7/1/15
2,810 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Baa3 BBB(-) 2,868(B)
Reg. Hosp.), Ser. 1998 C, 5.75%, due 7/15/13
4,935 Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (New England Med. Ctr. Aaa AAA 5,241(B)
Hosp.), Ser. 2002 H, (FGIC Insured), 5.38%, due 5/15/16
5,030 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Aaa AAA 5,321
Ser. 2002 A, 5.25%, due 8/1/19
2,000 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Pool Prog.), Aaa AAA 2,105
Ser. 2001, 5.25%, due 2/1/16 Pre-Refunded 8/1/11
2,775 Massachusetts St. Wtr. Poll. Abatement Trust Unrefunded Balance Aaa AAA 2,904
Rev. (Pool Prog.), Ser. 2001, 5.25%, due 2/1/16 -----------
26,046
-----------
MICHIGAN (5.5%)
3,075 Detroit Sch. Dist. Sch. Bldg. & Site Imp. G.O., Ser. 2002 A, (FGIC Aaa AAA 3,323
Insured), 5.50%, due 5/1/15 Pre-Refunded 5/1/13
1,070 Ingham & Clinton Cos. East Lansing Bldg. Au. Ref. G.O., Ser. 1999, AA(+) 1,099
5.25%, due 10/1/16
1,375 Macomb Co. New Haven Comm. Sch. Bldg. & Site G.O., Ser. 2002, Aa3 AA(-) 1,463
5.25%, due 5/1/17 Pre-Refunded 11/1/12
1,500 Michigan St. Bldg. Au. Rev. (Fac. Prog.), Ser. 2001 II, 5.50%, due A1 A(+) 1,595
10/15/18 Pre-Refunded 10/15/11
1,830 Michigan St. Hsg. Dev. Au. Single-Family Mtge. Rev., Ser. 2001 A, Aaa AAA 1,868
(MBIA Insured), 5.30%, due 12/1/16
3,850 Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont Hosp.), Aa3 AA(-) 4,163(B)
Ser. 1996, 6.25%, due 1/1/12
1,000 Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, BB(+) 1,037
due 11/1/15
2,000 Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, BB(+) 1,998
due 11/1/20 -----------
16,546
-----------
MINNESOTA (2.3%)
2,000 Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice Ctr. Baa1 2,080
Proj.), Ser. 2002, 5.38%, due 2/1/17
2,000 Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. A3 2,057(B)
2007, 5.00%, due 5/1/17
2,540 St. Paul Port Au. Lease Rev. (Office Bldg. at Cedar Street), Ser. Aa2 AA(+) 2,636
2002, 5.00%, due 12/1/17 -----------
6,773
-----------
MISSOURI (4.0%)
3,495 Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Aaa AAA 3,725
Extension Proj.), Ser. 2002 B, (FSA Insured), 5.25%, due 10/1/16
2,000 Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002, 5.05%, due A3 2,039(B)
8/1/20
2,425 Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003 Baa1 BBB(+) 2,451
A, 5.00%, due 12/1/17
750 Branson Ind. Dev. Au. Ltd. Oblig. Tax Increment Rev. (Branson 754(^^)
Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
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 Missouri St. Env. Imp. & Energy Res. Au. Wtr. Poll. Ctrl. & Aaa 2,154
Drinking Wtr. Rev., Ser. 2002 B, 5.50%, due 7/1/16
820 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001 II, AA 844
(FHA Insured), 5.25%, due 12/1/16
110 Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001 III, AA 113
(FHA Insured), 5.05%, due 12/1/15 -----------
12,080
-----------
NEVADA (5.3%)
5,335 Clark Co. Passenger Fac. Charge Ref. Rev. (Las Vegas-McCarran Int'l Aaa AAA 5,512
Arpt. Proj.), Ser. 2002 A, (MBIA Insured), 5.25%, due 7/1/10
4,355 Las Vegas Valley Wtr. Dist. Ref. & Wtr. Imp. G.O., Ser. 2003 A, Aaa AAA 4,622
(FGIC Insured), 5.25%, due 6/1/16
5,395 Truckee Meadows Wtr. Au. Wtr. Rev., Ser. 2001 A, (FSA Insured), Aaa AAA 5,703
5.50%, due 7/1/15 -----------
15,837
-----------
NEW HAMPSHIRE (1.8%)
3,310 New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New Aaa AAA 3,526
Hampshire), Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17 Pre-
Refunded 7/1/11
1,700 New Hampshire Hlth. Ed. Fac. Au. Rev. (Univ. Sys. of New Aaa AAA 1,804
Hampshire), Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17 -----------
5,330
-----------
NEW JERSEY (6.3%)
5,000 New Jersey Bldg. Au. St. Bldg. Ref. Rev., Ser. 2002 B, (FSA Aaa AAA 5,309
Insured), 5.25%, due 12/15/15
1,500 New Jersey Econ. Dev. Au. Cigarette Tax Rev., Ser. 2004, 5.63%, due Baa2 BBB 1,555
6/15/19
700 New Jersey Econ. Dev. Au. Retirement Comm. Rev. Ref. (Seabrook 703(B)(^^)
Vlg., Inc. Fac.), Ser. 2006, 5.25%, due 11/15/26
6,900 New Jersey Ed. Fac. Au. Rev. (Stevens Institute of Technology), Baa2 BBB(+) 7,195(B)
Ser. 2002 C, 5.25%, due 7/1/17 Pre-Refunded 7/1/13
4,000 New Jersey Hlth. Care Fac. Fin. Au. Rev. (Somerset Med. Ctr. Ba1 4,084(B)
Issue), Ser. 2003, 5.50%, due 7/1/18 -----------
18,846
-----------
NEW YORK (5.8%)
1,105 Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, A2 1,170
due 9/1/14
3,250 New York City G.O., Ser. 2002 C, 5.50%, due 8/1/15 Aa3 AA 3,491
2,580 New York City IDA Civic Fac. Rev. (Lycee Francais de New York A 2,681(B)
Proj.), Ser. 2002 A, (ACA Insured), 5.50%, due 6/1/14
750 New York City IDA Civic Fac. Rev. (Vaughn College of Aeronautics BB(+) 742(B)
and Technology), Ser. 2006 A, 5.00%, due 12/1/21
2,750 New York City IDA Liberty Rev. (7 World Trade Center, LLC Proj.), 2,888(^^)
Ser. 2005 A, 6.25%, due 3/1/15
1,750 New York City IDA Spec. Fac. Rev. (American Airlines, Inc. J.F.K. B 1,996(B)
Int'l Arpt. Proj.), Ser. 2005, 7.50%, due 8/1/16
1,250 New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 1,291(^^)
2006 A, 6.13%, due 2/15/19
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.cont'd
--------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
1,700 New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2003 A, Aa3 AAA 1,831
5.38%, due 3/15/20 Pre-Refunded 3/15/13
1,300 New York St. Urban Dev. Corp. Ref. Rev. (Correctional Cap. Fac.), A1 AA(-) 1,331
Ser. 1998, 5.00%, due 1/1/14 -----------
17,421
---------
NORTH DAKOTA (1.5%)
4,100 Fargo Hlth. Sys. Rev. (Meritcare Obligated Group), Ser. 2002 A, Aaa AAA 4,373(B)
(AMBAC Insured), 5.63%, due 6/1/17 -----------
OHIO (2.7%)
1,000 Coshocton Co. Env. Imp. Ref. Rev. (Smurfit-Stone Container CCC(+) 991(n)(B)
Enterprises, Inc. Proj.), Ser. 2005, 5.13%, due 8/1/13
3,000 Moraine Solid Waste Disp. Rev. (General Motors Corp. Proj.), Ser. Caa1 B(-) 3,162(B)
1994, 6.75%, due 7/1/14
3,760 Ohio Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp. Proj.), Baa1 BBB(+) 3,892(B)
Ser. 1995, 5.00%, due 11/1/15 -----------
8,045
-----------
PENNSYLVANIA (5.7%)
1,765 Cumberland Co. West Shore Area Au. Hosp. Rev. (Holy Spirit Hosp. of BBB 1,851(B)
the Sisters of Christian Charity Proj.), Ser. 2001, 6.05%, due
1/1/19
565 Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, A2 A(-) 605
due 7/1/18 Pre-Refunded 7/1/13
435 Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, A2 A(-) 458
due 7/1/18
2,000 Lehigh Co. Gen. Purp. Au. Rev. (KidsPeace Oblig. Group), Ser. 1998, B2 2,009(B)
6.00%, due 11/1/23
5,000 Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev. (Abington Mem. A 5,078(B)
Hosp. Proj.), Ser. 2002 A, 5.00%, due 6/1/19
1,000 Pennsylvania Econ. Dev. Fin. Au. Res. Rec. Ref. Rev. (Colver 1,001(^^)
Proj.), Ser. 2005 G, 5.13%, due 12/1/15
2,000 Philadelphia Arpt. Ref. Rev. (Philadelphia Arpt. Sys.), Ser. 1998 Aaa AAA 2,059
A, (FGIC Insured), 5.38%, due 6/15/14
1,480 Sayre Hlth. Care Fac. Au. Rev., (Guthrie Hlth. Proj.), Ser. 2002 A, A 1,602(B)
5.75%, due 12/1/21 Pre-Refunded 12/1/11
520 Sayre Hlth. Care Fac. Au. Rev. Unrefunded Bal., (Guthrie Hlth. A 548(B)
Proj.), Ser. 2002 A, 5.75%, due 12/1/21
2,000 Westmoreland Co. IDA Gtd. Rev. (National Waste & Energy Corp., BBB 2,015(B)
Valley Landfill Expansion Proj.), Ser. 1993, 5.10%, due 5/1/18 -----------
17,226
-----------
SOUTH CAROLINA (5.5%)
1,100 Charleston Co. Sch. Dist. G.O., Ser. 2001, (FSA Insured), 5.00%, Aaa AAA 1,144
due 2/1/18
2,140 Mt. Pleasant Town Waterworks & Swr. Sys. Ref. & Imp. Rev., Ser. Aaa AAA 2,273
2002, (FGIC Insured), 5.25%, due 12/1/17
2,345 South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev. (Palmetto Hlth. Baa1 BBB(+) 2,484(B)
Alliance), Ser. 2003 A, 6.00%, due 8/1/13
2,000 South Carolina Jobs Econ. Dev. Au. Hosp. Ref. Rev. (Palmetto Hlth. Baa1 BBB(+) 2,119(B)
Alliance), Ser. 2003 A, 6.13%, due 8/1/23
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.cont'd
--------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
4,665 South Carolina St. Pub. Svc. Au. Rev., Ser. 2002 B, (FSA Insured), Aaa AAA 4,943
5.38%, due 1/1/18
3,500 Union Co. IDR (Federal Paper Board Co., Inc. Proj.), Ser. 1989, Baa3 BBB 3,465(B)
4.55%, due 11/1/09 -----------
16,428
-----------
TENNESSEE (2.1%)
1,655 Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev., Ser. 2002 A, Aaa AAA 1,784(B)
5.50%, due 1/1/18 Pre-Refunded 1/1/13
1,360 Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev. Unrefunded Aaa AAA 1,453(B)
Bal., Ser. 2002 A, (FSA Insured), 5.50%, due 1/1/18
3,085 Memphis-Shelby Co. Arpt. Au. Spec. Fac. Ref. Rev. (Federal Express Baa2 BBB 3,186(B)
Corp.), Ser. 2002, 5.05%, due 9/1/12 -----------
6,423
-----------
TEXAS (22.8%)
4,145 Anson Ed. Fac. Corp. Std. Hsg. Rev. (Univ. of Texas at Dallas- A 4,178(B)
Waterview Park Proj.), Ser. 2002, 5.00%, due 1/1/23
965 Austin Convention Enterprises, Inc. Convention Ctr. Hotel First Aaa BBB(-) 1,023
Tier Rev., Ser. 2001 A, 6.38%, due 1/1/16 Pre-Refunded 1/1/11
3,300 Brazos River Au. Ref. PCR (TXU Energy Co. LLC Proj.), Ser. 2003 A, Baa2 BB 3,519(B)
6.75%, due 4/1/38 Putable 4/1/13
1,000 Brazos River Au. Ref. PCR (TXU Energy Co. LLC Proj.), Ser. 2003 D, BB 1,008(B)
5.40%, due 10/1/29 Putable 10/1/14
1,000 Brazos River Au. Ref. Rev. (Reliant Energy, Inc. Proj.), Ser. 1999 Ba1 BBB(-) 1,043(B)
B, 7.75%, due 12/1/18
3,600 Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002, Aaa AAA 3,846
(FSA Insured), 5.50%, due 9/1/17
2,100 Dallas-Fort Worth Int'l Arpt. Fac. Imp. Corp. Rev., Ser. 2004 A-1, Ba2 2,110(B)
6.15%, due 1/1/16
1,935 Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004 B, (FSA Aaa AAA 2,069
Insured), 5.50%, due 11/1/18
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(-) 1,780
200 Harris Co. Hlth. Fac. Dev. Corp. Hosp. Rev., (Texas Children's Aaa AAA 200(m)(B)
Hosp. Proj.), Ser. 1999 B-1, (MBIA Insured), 3.70%, due 8/1/07
4,790 Harris Co. Toll Road Sr. Lien Rev., Ser. 2002, (FSA Insured), 5,115(^^)
5.38%, due 8/15/16 Pre-Refunded 8/15/12
2,210 Harris Co. Toll Road Sr. Lien Rev., Unrefunded Bal., Ser. 2002, 2,351(^^)
(FSA Insured), 5.38%, due 8/15/16
610 HFDC Central Texas, Inc. Retirement Fac. Rev., Ser. 2006 A, 5.25%, 613(B)(^^)
due 11/1/15
3,235 Houston Arpt. Sys. Sub. Lien. Ref. Rev., Ser. 2001 A, (FGIC Aaa AAA 3,399
Insured), 5.50%, due 7/1/16
4,955 Houston Pub. Imp. Ref. G.O., Ser. 2002, (MBIA Insured), 5.25%, due Aaa AAA 5,207
3/1/17
2,000 Lubbock Hlth. Fac. Dev. Corp. Rev. (St. Joseph Hlth. Sys.), Ser. Aa3 AA(-) 2,038(B)
1998, 5.25%, due 7/1/16
4,780 North Central Hlth. Fac. Dev. Corp. Hosp. Ref. Rev. (Baylor Hlth. Aa3 AA(-) 4,902(B)
Care Sys. Proj.), Ser. 1998, 5.10%, due 5/15/13
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.cont'd
--------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
950 Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF Aaa 1,024
Insured), 5.50%, due 8/15/17 Pre-refunded 2/15/13
50 Northwest Texas Independent Sch. Dist. Unrefunded Bal. Sch. Bldg., Aaa 54
Ser. 2002, (PSF Insured), 5.50%, due 8/15/17
20 San Antonio Cert. of Obligation G.O., Ser. 2002, 5.00%, due 2/1/14 Aa2 AA(+) 21
Pre-Refunded 2/1/12
6,795 San Antonio Independent Sch. Dist. Unlimited Tax G.O., Ser. 2001 B, Aaa AAA 7,135
(PSF Insured), 5.38%, due 8/15/17
1,240 San Antonio Unrefunded Balance Cert. of Obligation G.O., Ser. 2002, Aa2 AA(+) 1,291
5.00%, due 2/1/14
500 San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ. Baa2 BBB(+) 514(B)
Proj.), Ser. 2007, 5.00%, due 6/1/19
910 Southmost Regl. Wtr. Auth. Tex. Wtr. Supply Contract Rev., Ser. Aaa 977
2002, (MBIA Insured), 5.50%, due 9/1/19 Pre-Refunded 9/1/12
1,000 Southmost Regl. Wtr. Auth. Tex. Wtr. Supply Contract Rev. Aaa 1,066
Unrefunded Bal., Ser. 2002, (MBIA Insured), 5.50%, due 9/1/19
4,200 Tarrant Reg. Wtr. Dist. Wtr. Ref. & Imp. Rev., Ser. 2002, (FSA Aaa AAA 4,490
Insured), 5.38%, due 3/1/16
420 Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.), Baa3 433
Ser. 2002, 5.50%, due 9/1/12
1,000 Trinity River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr. Proj.), Ser. Aaa AAA 1,077
2003, (MBIA Insured), 5.50%, due 2/1/16 Pre-Refunded 2/1/13
1,085 Tyler Hlth. Fac. Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg. Baa1 1,124
Hlth. Care Ctr. Proj.), Ser. 2003, 5.25%, due 7/1/13
2,950 Univ. of Texas Board of Regents Fin. Sys. Rev., Ser. 1999 B, 5.38%, Aaa AAA 3,042
due 8/15/18 Pre-Refunded 8/15/09 -----------
68,436
-----------
VIRGIN ISLANDS (0.9%)
1,000 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (HOVENSA Refinery), Baa3 BBB 1,084
Ser. 2003, 6.13%, due 7/1/22
1,500 Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (HOVENSA Refinery), Baa3 BBB 1,611(B)
Ser. 2004, 5.88%, due 7/1/22 -----------
2,695
-----------
VIRGINIA (1.5%)
1,000 Hopewell Ind. Dev. Au. Env. Imp. Ref. Rev. (Smurfit-Stone Container CCC(+) 995(B)
Enterprise, Inc. Proj.), Ser. 2005, 5.25%, due 6/1/15
2,620 Peninsula Ports Au. Res. Care Fac. Ref. Rev. (VA Baptist Homes), 2,656(B)(^^)
Ser. 2006 C, 5.25%, due 12/1/21
1,000 Virginia Beach Dev. Au. Residential Care Fac. Mtge. Ref. Rev. 968(B)(^^)
(Westminster-Canterbury of Hampton Roads, Inc.), Ser. 2005, 5.00%, -----------
due 11/1/22 4,619
-----------
WASHINGTON (11.8%)
1,000 Clark Co. Vancouver Sch. Dist. Number 37 G.O., Ser. 1998, 5.13%, Aa3 1,054
due 12/1/12
8,800 Energy Northwest Elec. Ref. Rev. (Proj. Number 3), Ser. 2001 A, Aaa AAA 9,362
(FSA Insured), 5.50%, due 7/1/17
5,000 King & Snohomish Cos. Northshore Sch. Dist. Number 417 G.O., Ser. Aaa AAA 5,349
2002, (FSA Insured), 5.50%, due 12/1/17 Pre-Refunded 6/1/12
4,260 King Co. Pub. Trans. Sales Tax Ref. G.O., Ser. 2002, (FSA Insured), Aaa AAA 4,553
5.38%, due 12/1/14
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
SCHEDULE OF INVESTMENTS Intermediate Municipal Fund Inc.cont'd
--------------------------------------------------------------
PRINCIPAL AMOUNT SECURITY(@) RATING VALUE(+)
($000's omitted) Moody's S&P ($000's omitted)
6,250 Port of Seattle Sub. Lien Rev., Ser. 2002 B, (FGIC Insured), 5.50%, Aaa AAA 6,592
due 9/1/16
1,625 Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due Baa2 1,749
12/1/18
2,500 Tacoma Wtr. Sys. Rev., Ser. 2001, (FGIC Insured), 5.13%, due Aaa AAA 2,596
12/1/19
3,125 Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley Mem. Hosp. A 3,174(B)
Assoc.), Ser. 2002, 5.00%, due 12/1/17
1,000 Washington St. Var. Purp. G.O., Ser. 1999 A, 4.75%, due 7/1/17 Aa1 AA 1,005
-----------
35,434
-----------
WISCONSIN (5.5%)
1,400 Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset- Baa3 BBB 1,460
Backed Rev., Ser. 2002, 6.13%, due 6/1/27
1,900 Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002 B, A1 A(+) 1,984
5.50%, due 4/1/12
1,370 Wisconsin Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group, Inc. Aaa AAA 1,476(B)
Proj.), Ser. 1996, (FSA Insured), 6.00%, due 11/15/11
1,000 Wisconsin Hlth. & Ed. Fac. Au. Rev., (Franciscan Sisters Hlth. BBB(+) 1,018(B)
Care), Ser. 2007, 5.00%, due 9/1/14
7,205 Wisconsin St. G.O., Ser. 2002 C, (MBIA Insured), 5.25%, due 5/1/17 Aaa AAA 7,600
Pre-Refunded 5/1/12
2,780 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med. Ctr., A 2,864(B)
Inc. Proj.), Ser. 1999, 5.50%, due 5/15/15 -----------
16,402
-----------
WYOMING (1.6%)
4,895 Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006 6, 5.00%, due 12/1/21 Aa1 AA(+) 4,954
-----------
OTHER (1.6%)
2,000 MuniMae Subordinated Cumulative Perpetual Preferred Shares, Ser. C, Baa2 1,992(n)
4.70%, due 6/30/49 Putable 9/30/09
3,000 Non-Profit Pfd. Fdg. Trust I, Ser. 2006 C, 4.72%, due 9/15/37 A2 2,910
-----------
4,902
-----------
TOTAL INVESTMENTS (158.0%) (COST $466,220) 473,791(##)
Cash, receivables and other assets, less liabilities (1.8%) 5,468
Liquidation Value of Auction Market Preferred Shares [(59.8%)] (179,400)
-----------
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%) $299,859
-----------
See Notes to Schedule of Investments
JULY 31, 2007 (UNAUDITED)
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 July 31, 2007, 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 $153,698 $2,763 $166 $2,597
INTERMEDIATE 466,220 8,456 885 7,571
NEW YORK 125,560 1,733 438 1,295
(@) 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 80%, 70%, and 61% 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 July 31,
2007, these securities amounted to approximately $496,000 or 0.5% of net
assets applicable to common shareholders for California, approximately
$5,434,000 or 1.8% of net assets applicable to common shareholders for
Intermediate and approximately $496,000 or 0.6% of net assets applicable to
common shareholders for New York.
(^^) Not rated by a NRSRO.
(u) Floating rate securities are securities whose yields vary with a designated
market index or market rate. These securities are shown at their current
rates as of July 31, 2007.
(T) Rated BBB by Fitch Investor Services, Inc.
For information on the Funds' significant accounting policies, please refer to
the Funds' most recent financial statement.
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: September 25, 2007
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: September 25, 2007
By: /s/ John M. McGovern
---------------------------------
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
Date: September 25, 2007