Principal Amount

Security ^@

Value†

($000's omitted)

($000's omitted)

Arizona (0.6%)

500

Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17

425

California (1.3%)

1,000

Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev., Ser. 2003, 6.13%, due 3/1/13

925

ñ

Florida (0.4%)

280

Miami Beach Hlth. Fac. Au. Hosp. Ref. Rev. (Mount Sinai Med. Ctr. of Florida Proj.), Ser. 2004, 6.25%, due 11/15/09

273

ß

Guam (0.6%)

500

Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16

465

Louisiana (2.3%)

1,000

Morehouse Parish Ref. PCR (Int'l Paper Co. Proj.), Ser. 2001-A, 5.25%, due 11/15/13

893

ß

1,000

Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.50%, due 5/15/30

763

1,656

New York (155.7%)

3,000

Albany IDA Civic Fac. Rev. (Charitable Leadership Foundation Ctr. for Med. Science Proj.), Ser. 2002-A, 6.00%, due 7/1/19

2,325

1,000

Buffalo & Fort Erie Pub. Bldg. Au. Toll Bridge Sys. Rev., Ser. 2005, (LOC: Bank of Nova Scotia), 4.00%, due 1/1/25 Putable 7/1/10

1,026

µ

500

Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23

367

ß

1,000

Dutchess Co. IDA Civic Fac. Ref. Rev. (Marist College Proj.), Ser. 2003-A, 5.15%, due 7/1/17

1,053

ß

2,000

Dutchess Co. IDA Rev. Ind. Rev. (IBM Proj.), Ser. 1999, 5.45%, due 12/1/29 Putable 12/1/09

2,061

ß

500

Essex Co. IDA Solid Waste Disp. Rev. (Int'l Paper Co. Proj.), Ser. 2005-A, 5.20%, due 12/1/23

322

ß

2,000

Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 1998-A, (FSA Insured), 5.50%, due 12/1/13

2,337

1,050

Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (FGIC Insured), 5.00%, due 12/1/21

1,134

1,000

Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14

1,136

750

Madison Co. IDA Civic Fac. Rev. (Oneida Hlth. Sys., Inc. Proj.), Ser. 2007, 5.25%, due 2/1/27

550

ß

1,000

Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. Rochester), Ser. 2005, 5.00%, due 8/1/15

925

ß

980

Monroe Co. IDA Std. Hsg. Rev. (Collegiate Hsg. Foundation - Rochester Institute of Technology Proj.), Ser. 1999-A, 5.25%, due 4/1/19

783

ß

1,000

Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16

971

1,000

Monroe Co. Pub. Imp. Ref. G.O., Ser. 1996, 6.00%, due 3/1/13

1,095

1,125

Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A, 5.88%, due 1/1/18

934

ß

2,000

Nassau Co. Swr. & Storm Wtr. Fin. Au. Sys. Rev., Ser. 2008-A, (BHAC Insured), 5.38%, due 11/1/28

2,046

1,000

New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16

1,091

750

New York City G.O., Ser. 2002-C, 5.50%, due 8/1/15

829

1,410

New York City Hlth. & Hosp. Corp. Rev., Ser. 2002-A, (FSA Insured), 5.50%, due 2/15/13

1,527

ß

4,000

New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., Ser. 2002-E2, 5.05%, due 11/1/23

3,524

1,000

New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA insured), 5.50%, due 6/1/15

917

ß

1,030

New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA Insured), 5.50%, due 6/1/17

912

ß

2,920

New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured), 5.00%, due 6/1/22

3,003

ß

750

New York City IDA Civic Fac. Rev. (Vaughn College of Aeronautics and Technology), Ser. 2006-A, 5.00%, due 12/1/21

554

ß

1,000

New York City IDA IDR (Brooklyn Navy Yard Cogeneration Partners, L.P. Proj.), Ser. 1997, 6.20%, due 10/1/22

784

ß

750

New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15

635

2,000

New York City IDA Spec. Fac. Rev. (Term. One Group Assoc. Proj.), Ser. 2005, 5.50%, due 1/1/19 Putable 1/1/16

1,917

µß

960

New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 1992-A, (AMBAC Insured), 5.88%, due 6/15/13

1,140

4,000

New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 2002-D, 5.25%, due 6/15/15

4,381

1,000

New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 2008-CC, 5.13%, due 6/15/30

994

3,000

New York City Transitional Fin. Au. Ref. Rev., Ser. 2002-B, 5.25%, due 2/1/29

3,127

2,025

New York City Transitional Fin. Au. Ref. Rev., Ser. 2002-C, (AMBAC Insured), 5.25%, due 8/1/17

2,195

750

New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19

87

#‡

2,000

New York St. Dorm. Au. Court Fac. Lease Rev. (New York City Issue), Ser. 2003-A, 5.50%, due 5/15/17 Pre-Refunded 5/15/13

2,337

1,675

New York St. Dorm. Au. Insured Rev. (Long Island Univ.), Ser. 2003-A, (Radian Insured), 5.25%, due 9/1/15

1,776

ß

1,600

New York St. Dorm. Au. Insured Rev. (The Culinary Institute of America), Ser. 1999, (MBIA Insured), 5.38%, due 7/1/15

1,634

ß

3,000

New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17

3,110

ß

250

New York St. Dorm. Au. Rev. (Brookdale Hosp. Med Ctr.), Ser. 1998-J, 5.20%, due 2/15/16

252

ß

1,125

New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16

1,272

2,985

New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/14

2,775

ß

2,000

New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/16

1,788

ß

2,000

New York St. Dorm. Au. Rev. (Mount Sinai NYU Hlth.), Ser. 2000-C, 5.50%, due 7/1/26

1,628

ß

1,980

New York St. Dorm. Au. Rev. (New York Med. College Proj.), Ser. 1998, (MBIA Insured), 5.00%, due 7/1/21

1,971

ß

395

New York St. Dorm. Au. Rev. (New York Methodist Hosp.), Ser. 2004, 5.25%, due 7/1/18

328

ß

500

New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003, 5.00%, due 5/1/18

501

ß

2,855

New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured), 5.25%, due 11/1/15

2,938

ß

2,410

New York St. Dorm. Au. Rev. (Rochester Institute of Technology Proj.), Ser. 2002-A, (AMBAC Insured), 5.25%, due 7/1/19

2,542

ß

3,000

New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.), Ser. 2002, (LOC: Allied Irish Bank), 4.60%, due 7/1/16

2,932

900

New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 5.00%, due 8/1/21

926

ß

1,000

New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2006-A, 5.00%, due 7/1/20

717

ß

1,135

New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24

773

ß

3,900

New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2003-A, 5.38%, due 3/15/17 Pre-Refunded 3/15/13

4,513

5,000

New York St. Energy Res. & Dev. Au. Fac. Rev. (Consolidated Edison Co. of New York, Inc. Proj.), Ser. 2001, 4.70%, due 6/1/36 Putable 10/1/12

5,016

µß

1,500

New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.), Ser. 2004-A, 4.45%, due 7/1/17 Putable 7/1/09

1,491

µß

1,000

New York St. Env. Fac. Corp. St. Clean Wtr. & Drinking Wtr. Rev., Ser. 2008-B, 5.00%, due 6/15/28

996

2,000

New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 1997-67, 5.70%, due 10/1/17

2,003

1,300

New York St. Pwr. Au., Ser. 2002-A, 5.25%, due 11/15/16 Pre-Refunded 11/15/12

1,489

1,475

New York St. Thru. way Au. Hwy. & Bridge, Ser. 2007-B, 5.00%, due 4/1/20

1,594

250

New York St. Urban Dev. Corp. Correctional & Youth Fac. Svc. Rev., Ser. 2002-C, 4.00%, due 1/1/20 Putable 1/1/11

253

µ

2,000

Niagara Co. IDA Civic Fac. Rev. (Niagara Univ. Proj.), Ser. 2001-A, (Radian Insured), 5.50%, due 11/1/16

2,072

ß

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 Putable 11/15/14

2,295

µß

3,000

Port Authority of NY & NJ Rev., Ser. 2002, (AMBAC Insured), 5.50%, due 12/15/12

3,251

1,000

Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22

775

ß

3,000

Triborough Bridge & Tunnel Au. Gen. Purp. Ref. Rev., Ser. 2002-B, 5.25%, due 11/15/18

3,224

1,570

Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (MBIA Insured), 4.75%, due 1/1/24

1,588

2,000

Triborough Bridge & Tunnel Au. Rev., Ser. 2008-D, 5.00%, due 11/15/23

2,075

1,535

Ulster Co. Res. Rec. Agcy. Solid Waste Sys. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 3/1/16

1,683

500

United Nations Dev. Corp. Sr. Lien. Ref. Rev., Ser. 2004-A, 5.25%, due 7/1/17

500

1,000

Westchester Co. IDA Continuing Care Retirement Comm. Rev. (Kendal on Hudson Proj.), Ser. 2003-B, 5.70%, due 1/1/34 Putable 1/1/10

987

µß

930

Yonkers IDA Civic Fac. Rev. (Comm. Dev. Properties-Yonkers, Inc.), Ser. 2001-A, 6.25%, due 2/1/16 Pre-Refunded 2/1/11

997

ß

113,684

Pennsylvania (1.9%)

1,590

Cumberland Co. West Shore Area Hosp. Au. Rev. (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.), Ser. 2001, 5.90%, due 1/1/17

1,413

ß

Puerto Rico (1.2%)

1,060

Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/16

904

ß

Texas (1.2%)

800

Brazos River Au. Ref. PCR (TXU Energy Co. LLC Proj.), Ser. 2003-A, 6.75%, due 4/1/38 Putable 4/1/13

525

µß

400

Dallas-Fort Worth Int'l Arpt. Fac. Imp. Corp. Rev., Ser. 2004-A1, 6.15%, due 1/1/16

330

ß

855

Virgin Islands (1.2%)

250

Virgin Islands Pub. Fin. Au. Refinery Fac. Rev. (HOVENSA Refinery), Ser. 2003, 6.13%, due 7/1/22

193

750

Virgin Islands Pub. Fin. Au. Rev. (Virgin Islands Matching Fund Loan Notes), Ser. 1998-E, 6.00%, due 10/1/22

680

873

Total Investments (166.4%) (Cost $126,896)

121,473

##

Liabilities, less cash, receivables and other assets [(0.3%)]

(227)

Liquidation Value of Auction Market Preferred Shares [(66.1%)]

(48,250)

Total Net Assets Applicable to Common Shareholders (100.0%)

$72,996  

†

Investments in securities by Neuberger Berman California Intermediate Municipal Fund Inc. ("California"), Neuberger Berman Intermediate Municipal Fund Inc. ("Intermediate"), and Neuberger Berman New York Intermediate Municipal Fund Inc. ("New York") (individually a "Fund", and collectively, the "Funds") are valued daily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include considerations such as: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. If a valuation is not available from an independent pricing service, the Funds seek to obtain quotations from principal market makers. If such quotations are not readily available, securities are valued using methods each Fund’s Board of Directors has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security, including available analyst, media or other reports, trading in futures or ADRs and whether the issuer of the security being fair valued has other securities outstanding. Short-term debt securities with less than 60 days until maturity may be valued at cost which, when combined with interest earned, approximates market value.

The Funds adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157"), effective November 1, 2008. In accordance with FAS 157, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of the Funds’ investments.

In addition to defining fair value, FAS 157 established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

•

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ investments as of January 31, 2009 (000’s omitted):

Valuation Inputs

Investments in Securities

Level 1 - Quoted Prices

$ -

Level 2 - Other Significant
Observable Inputs

148,653

Level 3 – Significant
Unobservable Inputs

-

Total

$148,653

Valuation Inputs

Investments in Securities

Level 1 - Quoted Prices

$-

Level 2 - Other Significant
Observable Inputs

459,648

Level 3 – Significant
Unobservable Inputs

-

Total

$459,648

Valuation Inputs

Investments in Securities

Level 1 - Quoted Prices

$-

Level 2 - Other Significant
Observable Inputs

121,473

Level 3 – Significant
Unobservable Inputs

-

Total

$121,473

## 

At January 31, 2009, selected Fund information on a U.S. federal income tax basis was as follows:  

(000’s omitted)
Neuberger Berman

Cost

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation
(Depreciation)

California

$153,145

$3,514

$8,006

$(4,492)

Intermediate

467,932

15,802

24,086

(8,284)

126,896

2,568

7,991

(5,423)

@

At time of investment, municipal securities purchased by the Funds are within the four highest rating categories (with respect to at least 80% of total assets) assigned by a nationally recognized statistical rating organization ("NRSRO") such as Moody's Investors Service, Inc., Standard & Poor's, or Fitch Investors Services, Inc. or, where not rated, are determined by the Funds' investment manager to be of comparable quality. Approximately 76%, 70%, and 64% of the municipal securities held by California, Intermediate, and New York, respectively, have credit enhancement features backing them, which the Funds may rely on, such as letters of credit, insurance, or guarantees. Without these credit enhancement features the securities may or may not meet the quality standards of the Funds. Pre-refunded bonds are supported by securities in escrow issued or guaranteed by the U.S. Government, its agencies, or instrumentalities. The amount escrowed is sufficient to pay the periodic interest due and the principal of these bonds. Putable bonds give the Funds the right to sell back the issue on the date specified.

ß

Security is guaranteed by the corporate or non-profit obligor.

ñ

Restricted security subject to restrictions on resale under federal securities laws. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and have been deemed by the investment manager to be liquid. At January 31, 2009, these securities amounted to approximately $925,000 or 1.0% of net assets applicable to common shareholders for California, approximately $3,937,000 or 1.4% of net assets applicable to common shareholders for Intermediate and approximately $925,000 or 1.3% of net assets applicable to common shareholders for New York.

ñ

These securities have been deemed by the investment manager to be illiquid. At January 31, 2009, these securities amounted to $2,544,000 or 0.9% of net assets for Intermediate.

µ

Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of January 31, 2009.

a

Security is subject to a guarantee provided by Bayerische Landesbank, backing 100% of the total principal.

#

Restricted security subject to restrictions on resale under federal securities laws. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and have been deemed by the investment manager to be illiquid and restricted. At January 31, 2009, these securities amounted to approximately $145,000 or 0.1% of net assets applicable to common shareholders for Intermediate and approximately $87,000 or 0.1% for New York.

(000’s omitted)
 

Restricted Security

Acquisition Date

Acquisition Cost

Acquisition
Cost
Percentage
of
Net Assets Applicable to Common Shareholders as of Acquisition Date

Value
as of
January 31,
2009

Fair Value
Percentage
of
Net Assets Applicable to Common Shareholders as of January 31, 2009

Intermediate

New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006 A, 6.13%, due 2/15/19

8/4/2006

$1,250

0.4%

$145

0.1%

New York

New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006 A, 6.13%, due 2/15/19

8/4/2006

750

0.9

87

0.1

‡

Security is in default.