n-csr.htm
As filed with the Securities and Exchange Commission on January 7, 2011
 
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 LLC
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
 
Robert Conti, Chief Executive Officer
c/o Neuberger Berman Management LLC
Neuberger Berman Intermediate Municipal Fund Inc.
605 Third Avenue, 2nd Floor
New York, New York  10158-0180
 
Arthur C. Delibert, Esq.
K&L Gates 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, 2010
 
Date of reporting period: October 31, 2010
 
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 the 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. § 3507.
 
 
 

 
Item 1. Report to Stockholders
 

 
 
 
 
 
  Neuberger Berman
Intermediate Municipal
Closed-End Funds
 
 

 
 
Neuberger Berman California Intermediate
Municipal Fund Inc.
 
Neuberger Berman Intermediate Municipal
Fund Inc.
 
Neuberger Berman New York Intermediate
Municipal Fund Inc.
 
 

 
 

 
 
Annual Report
 
October 31, 2010
 
 
 

 


Contents
 
THE FUNDS
 
President's Letter
1
   
PORTFOLIO COMMENTARIES
 
California Intermediate Municipal Fund Inc.
2
Intermediate Municipal Fund Inc.
2
New York Intermediate Municipal Fund Inc.
2
   
SCHEDULES OF INVESTMENTS
 
California Intermediate Municipal Fund Inc.
7
Intermediate Municipal Fund Inc.
11
New York Intermediate Municipal Fund Inc.
18
   
FINANCIAL STATEMENTS
24
   
FINANCIAL HIGHLIGHTS/PER SHARE DATA
 
California Intermediate Municipal Fund Inc.
37
Intermediate Municipal Fund Inc.
38
New York Intermediate Municipal Fund Inc.
39
   
Report of Independent Registered Public Accounting Firm
41
Distribution Reinvestment Plan
42
Directory
44
Directors and Officers
45
Proxy Voting Policies and Procedures
55
Quarterly Portfolio Schedule
55
Notice to Shareholders
55
Report of Votes of Shareholders
56
Board Consideration of the Management and Sub-Advisory Agreements
57
 
 
 

The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. "Neuberger Berman Management LLC" and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Management LLC. ©2010 Neuberger Berman Management LLC. All rights reserved.
 
 

 


President's Letter
 
 
Dear Shareholder,
 
I am pleased to present this annual report for the Neuberger Berman Intermediate Municipal Closed-End Funds for the fiscal year ended October 31, 2010. The report includes portfolio commentaries, listings of the Funds' investments, and their audited 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 generally 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.
 
In addition, I would like to provide an update on the Funds' tender offer activities. In February 2009, each Fund's Board of Directors authorized a semi-annual tender offer program consisting of up to four tender offers over a two-year period. Under each program, if a Fund's common shares trade at an average daily discount to net asset value per share (NAV) of greater than 10% during a 12-week measurement period, the Fund would conduct a tender offer for between 5% and 20% of its outstanding common shares at a price equal to 98% of its NAV determined on the day the tender offer expires. As part of the program, and to offset expenses associated with the tender offers, Neuberger Berman Management LLC agreed to voluntarily extend the management fee waivers then in place for each Fund for one year. During the reporting period, each Fund conducted the second and third of its measurement periods under its respective tender offer program. For the Funds' most recent measurement periods ended November 10, 2010, each Fund traded at an average daily discount to NAV of less than 10% and, accordingly, none of the Funds will conduct a tender offer.
 
Thank you for your confidence in the Funds. We will continue to do our best to earn your confidence and trust in the years to come.
 
Sincerely,
 
 
 
 
Robert Conti
President and CEO
Neuberger Berman California Intermediate Municipal Fund Inc.
Neuberger Berman Intermediate Municipal Fund Inc.
Neuberger Berman New York Intermediate Municipal Fund Inc.

 
1

 

Neuberger Berman Intermediate Municipal Closed-End Funds Portfolio Commentaries (Unaudited)
 
For the fiscal year ended October 31, 2010, on a net asset value (NAV) basis, all three of the Neuberger Berman closed-end intermediate municipal bond funds posted solid returns and outperformed the Barclays Capital 10-Year Municipal Bond Index.
 
Even though numerous states and local municipalities continued to face budgetary challenges, the municipal bond market generated solid results during the reporting period. Demand for municipal securities was generally robust as investors looked to generate additional yield given the relatively low interest rate environment. Also supporting the market were low inflation and the falling supply of traditional tax-exempt municipal bonds. The latter was due, in large part, to increased issuance of taxable Build America Bonds (BABs). In many cases, municipalities have preferred to issue BABs because the federal government provides cash subsidy payments equal to 35% of their interest costs.
 
With investors looking for higher yields, lower-rated investment-grade municipal bonds outperformed their higher-rated counterparts. To illustrate, the Barclays Capital BAA Municipal Bond Index gained 11.2% during the reporting period, while the Barclays Capital AAA Municipal Bond Index returned 5.9%.
 
The Funds were well positioned for an environment that favored lower-rated municipal bonds. A contributor to the Funds' outperformance was their exposure to lower-tier investment grade municipal bonds and below-investment grade securities. The Funds were also rewarded for their exposure to somewhat longer-term municipal bonds, as these outperformed short-term securities over the period. Finally, the use of leverage was beneficial, as it served to amplify the strong returns in the overall municipal market.
 
Somewhat detracting from performance was the Funds' yield curve positioning. Throughout the period, we utilized a barbell approach (holding shorter- and longer-term securities) given the steepness of the municipal yield curve. In contrast, the benchmark is concentrated in the eight- to 12-year segment, which was the best-performing portion of the municipal yield curve.
 
Looking ahead, we continue to have a positive long-term outlook for the municipal market. While the economy is growing at a modest pace, we do not expect it to fall back into a recession. We also believe that demand for municipal securities will remain strong. This could be driven by higher federal, state and local tax rates. In addition, the Federal Reserve has signaled that short-term interest rates could remain low "for an extended period" and, in our view, additional quantitative easing could keep longer-term rates relatively low as well. This could be supportive of continued strong demand for municipal securities. Finally, the municipal market, in our opinion, remains attractively valued when compared to its Treasury counterpart.
 
That's not to say that we will not experience periods of increased volatility in the municipal market. Based on the results of the midterm elections, there could be less federal government support for financially challenged state and local governments. Less federal assistance, coupled with only a modestly improving economy and relatively weak tax revenues, could result in an increase in municipal bond downgrades. Against this backdrop, we believe that active management and thorough in-house fundamental research on the underlying credit characteristics of our existing and potential holdings will be essential to produce consistently strong risk-adjusted returns.
 
2

 


California Intermediate Municipal Fund Inc.
 
For the fiscal year ended October 31, 2010, on a NAV basis, California Intermediate Municipal Fund returned 12.07% compared to the Barclays Capital 10-Year Municipal Bond Index's 8.83%.
 
As of October 31, 2010, the Fund was composed of 73.4% revenue bonds, 17.0% general obligation bonds, 8.4% pre-refunded/escrowed bonds, and 1.2% cash and cash equivalents. Bonds subject to the Alternative Minimum Tax (AMT) equaled 8.6% of assets. At the close of the reporting period, the Fund's duration was 4.6 years and its leverage position was 41.3% of assets.
 
Intermediate Municipal Fund Inc.
 
For the fiscal year ended October 31, 2010, on a NAV basis, Intermediate Municipal Fund returned 11.89% compared to the Barclays Capital 10-Year Municipal Bond Index's 8.83%.
 
As of October 31, 2010, the Fund was composed of 71.3% revenue bonds, 11.3% general obligation bonds, 15.5% pre-refunded/escrowed bonds, and 1.9% cash and cash equivalents. Bonds subject to the Alternative Minimum Tax (AMT) equaled 7.5% of assets. At the close of the reporting period, the Fund's duration was 5.2 years and its leverage position was 39.1% of assets.
 
New York Intermediate Municipal Fund Inc.
 
For the fiscal year ended October 31, 2010, on a NAV basis, New York Intermediate Municipal Fund returned 11.43% compared to the Barclays Capital 10-Year Municipal Bond Index's 8.83%.
 
As of October 31, 2010, the Fund was composed of 83.5% revenue bonds, 10.5% general obligation bonds, 4.9% pre-refunded/escrowed bonds, and 1.1% cash and cash equivalents. Bonds subject to the Alternative Minimum Tax (AMT) equaled 13.3% of assets. At the close of the reporting period, the Fund's duration was 4.4 years and its leverage position was 39.2% of assets.
 
 
Sincerely,
 
 
 
 
 
James L. Iselin
S. Blake Miller
Portfolio Co-Managers
 
3

 


 
TICKER SYMBOLS
California Intermediate Municipal Fund
 
NBW
Intermediate Municipal Fund
 
NBH
New York Intermediate Municipal Fund
 
NBO
 
 
PERFORMANCE HIGHLIGHTS  
Neuberger Berman
 
   
Inception
 
Average Annual Total Return
Ended 10/31/2010
 
NAV1, 3, 4, 5
 
Date
 
1 Year
 
5 Years
 
Life of Fund
 
California Intermediate
Municipal Fund
 
09/24/2002
   
12.07
%
   
6.18
%
   
6.23
%
 
Intermediate Municipal
Fund
09/24/2002
   
11.89
%
   
5.83
%
   
6.11
%
 
New York Intermediate
Municipal Fund
 
09/24/2002
   
11.43
%
   
5.94
%
   
5.97
%
 
Market Price2, 3, 4, 5
Inception
Date
 
1 Year
 
5 Years
 
Life of Fund
 
California Intermediate
Municipal Fund
 
09/24/2002
   
17.34
%
   
6.59
%
   
5.03
%
 
Intermediate Municipal
Fund
09/24/2002
   
20.56
%
   
7.23
%
   
5.38
%
 
New York Intermediate
Municipal Fund
 
09/24/2002
   
22.54
%
   
7.50
%
   
5.46
%
 
 
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.
 
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments)
 
Arizona
   
0.5
%
 
California
   
86.7
   
Guam
   
0.5
   
Illinois
   
1.0
   
Nevada
   
0.8
   
New York
   
1.1
   
Pennsylvania
   
1.9
   
Puerto Rico
   
7.5
   
Total
   
100.0
   
 
NEW YORK INTERMEDIATE
MUNICIPAL FUND PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments)
 
Arizona
   
0.4
%
 
California
   
2.5
   
Guam
   
0.4
   
Illinois
   
0.7
   
Nevada
   
1.0
   
New York
   
88.2
   
Pennsylvania
   
1.3
   
Puerto Rico
   
5.5
   
Total
   
100.0
   
 
INTERMEDIATE MUNICIPAL FUND PORTFOLIO BY STATE
AND TERRITORY
 
(as a % of Total Investments)
 
Alabama
   
1.0
%
 
Arizona
   
5.1
   
California
   
12.4
   
Colorado
   
3.3
   
District of Columbia
 
0.3
   
Florida
   
0.5
   
Georgia
   
1.8
   
Guam
   
0.6
   
Illinois
   
8.3
   
Indiana
   
8.2
   
Iowa
   
3.0
   
Kentucky
   
0.1
   
Maryland
   
0.2
   
Massachusetts
   
4.6
   
Michigan
   
2.4
   
Minnesota
   
2.1
   
Mississippi
   
1.0
   
Missouri
   
3.9
   
Nevada
   
2.4
   
New Hampshire
   
1.9
%
 
New Jersey
   
1.7
   
New York
   
5.4
   
North Carolina
   
1.5
   
North Dakota
   
0.9
   
Ohio
   
0.9
   
Pennsylvania
   
3.3
   
Puerto Rico
   
0.9
   
South Carolina
   
0.8
   
Tennessee
   
1.4
   
Texas
   
8.4
   
Utah
   
1.0
   
Virginia
   
0.6
   
Washington
   
4.1
   
West Virginia
   
0.3
   
Wisconsin
   
4.1
   
Wyoming
   
1.1
   
Other
   
0.5
   
Total
   
100.0
   
 
 
4

 


Endnotes
 
1
Returns based on the net asset value ("NAV") of each Fund.
   
2
Returns based on the market price of Fund shares on the NYSE Amex.
   
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 LLC ("Management") 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. Management has voluntarily extended these waivers for one year. Please see the notes to the financial statements for specific information regarding the rate of the management fees waived by Management. 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
 
Barclays Capital 10-Year Municipal Bond Index:
 
An unmanaged index that is the 10-year (8-12) component of the Barclays Capital Municipal Bond Index, which is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. To be included in the index, bonds must be rated investment-grade, have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
 
Please note that the index does not take into account any fees and expenses or any tax consequences of investing in the individual securities that it tracks and that individuals cannot invest directly in any index. Data about the performance of this index is prepared or obtained by Management and include reinvestment of all income dividends and distributions. The Funds may invest in securities not included in the index.

 
6

 

Schedule of Investments California Intermediate Municipal Fund Inc.
 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
Arizona (0.9%)
     
$
750
   
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
 
$
731
   
California (145.9%)
     
 
3,120
   
Abag Fin. Au. Cert. of Participation Rev. (Episcopal Homes Foundation), Ser. 1998, 5.13%, due 7/1/18
   
3,125
ß
 
 
700
   
Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18
   
722
ß
 
 
1,250
   
Alameda Co. Cert. of Participation Ref. Rev.,
Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.38%, due 12/1/17
   
1,302
   
 
1,285
   
Bay Area Gov't Assoc. BART SFO Extension Rev. (Arpt. Premium Fare),
Ser. 2002-A, (AMBAC Insured), 5.00%, due 8/1/21
   
1,211
   
 
1,750
   
California Ed. Fac. Au. Ref. Rev. (Stanford Univ.), Ser. 2001-R, 5.00%, due 11/1/21
   
1,814
ß
 
 
500
   
California Ed. Fac. Au. Rev. (Scripps College),
Ser. 2007, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
   
548
ß
 
 
2,000
   
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17
   
2,046
   
 
1,530
   
California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42
   
1,507
   
 
2,000
   
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I,
4.95%, due 7/1/26 Putable 7/1/14
   
2,195
µß
 
 
2,000
   
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2009-C,
5.00%, due 7/1/37 Putable 7/2/12
   
2,119
µß
 
 
2,000
   
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21
   
2,111
ß
 
 
1,000
   
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Apportionment Lease Revenue Bonds
(King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
   
1,023
   
 
500
   
California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.),
Ser. 2006-A, 5.00%, due 6/1/16
   
511
ß
 
 
1,040
   
California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21
   
1,101
ß
 
 
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
   
2,726
   
 
2,250
   
California St. G.O., Ser. 2002, 5.00%, due 10/1/17
   
2,404
   
 
100
   
California St. G.O. (Muni. Sec. Trust Receipts), Ser. 2001-SGA135, (AMBAC Insured),
0.31%, due 12/1/30
   
100
ñµi
 
 
1,095
   
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B,
5.50%, due 6/1/20
   
1,156
   
 
1,000
   
California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svc.) (Cap. East End ),
Ser. 2002-A, (AMBAC Insured), 5.25%, due 12/1/16
   
1,070
   
 
2,000
   
California Statewide CDA Cert. of Participation Rev. (Children's Hosp. Los Angeles),
Ser. 1999, 5.13%, due 8/15/19
   
2,009
ß
 
 
1,340
   
California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999,
5.38%, due 4/1/17
   
1,344
ß
 
 
1,000
   
California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20
   
1,038
ß
 
 
5,000
   
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
   
5,442
ß
 
 
1,425
   
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
   
1,478
ß
 
 
1,000
   
California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22
   
991
ß
 
 
1,255
   
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009,
6.25%, due 11/15/19
   
1,373
ß
 
 
1,500
   
California Statewide CDA Rev. (St. Joseph Hlth. Sys.),
Ser. 2000, (National Public Finance Guarantee Corp. Insured), 5.13%, due 7/1/24
   
1,579
ß
 
 
405
   
California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17
   
397
ß
 
 
1,020
   
Cerritos Pub. Fin. Au. Sub. Tax Allocation Rev. (Cerritos Redev. Proj.),
Ser. 2002-B, 4.40%, due 11/1/16
   
982
   
 
1,500
   
Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D, (AMBAC Insured),
0.00%, due 6/1/14
   
1,373
   
 
1,365
   
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A,
5.00%, due 12/15/21
   
1,356
ß
 
 
820
   
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/12
   
822
   
 
250
   
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13
   
257
   
 
2,000
   
Fresno Joint Pwr. Fin. Au. Lease Rev. (Master Lease Proj.),
Ser. 2008-A, (Assured Guaranty Insured), 5.00%, due 4/1/23
   
2,100
   
 
 
See Notes to Schedule of Investments
 
7

 


 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
$
1,000
   
Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured),
 
$
1,153
   
       
6.00%, due 2/1/17
         
 
2,835
   
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.),
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 12/1/16
   
2,922
   
 
2,480
   
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.),
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17
   
2,565
   
 
2,000
   
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.),
Ser. 2010, 5.50%, due 12/1/24
   
2,052
   
 
1,245
   
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 Pre-Refunded 8/1/12
   
1,349
   
 
500
   
Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17
   
544
   
 
4,000
   
Los Angeles Dept. of Arpts. Rev. (Los Angeles Int'l Arpt.),
Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.25%, due 5/15/18
   
4,232
   
 
1,500
   
Los Angeles Harbor Dept. Ref. Rev., Ser. 2001-B, (AMBAC Insured), 5.50%, due 8/1/17
   
1,554
   
 
500
   
Marin Co. Dixie Elementary Sch. Dist. G.O., Ser. 2000-A, (AGM Insured), 5.38%, due 8/1/17
   
507
   
 
1,045
   
Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.00%, due 7/1/17
   
1,098
   
 
1,070
   
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
   
740
   
 
1,090
   
Moreland Sch. Dist. Ref. G.O., Ser. 2002, (National Public Finance Guarantee Corp. Insured),
5.13%, due 9/1/17
   
1,137
   
 
1,000
   
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
   
961
   
 
535
   
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev.,
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/16
   
562
   
 
565
   
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev.,
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/17
   
592
   
 
500
   
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18
   
446
   
 
500
   
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19
   
441
   
 
1,045
   
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/15
   
1,092
   
 
1,210
   
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/18
   
1,256
   
 
605
   
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/16 Pre-Refunded 3/1/13
   
668
   
 
635
   
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/17 Pre-Refunded 3/1/13
   
701
   
 
1,290
   
Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Proj.),
Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/17
   
1,334
   
 
1,445
   
Oceanside Cert. of Participation Ref. Rev., Ser. 2003-A, (AMBAC Insured), 5.25%, due 4/1/14
   
1,537
   
 
1,500
   
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
   
1,528
   
 
3,890
   
Port of Oakland Ref. Rev., Ser. 2002-N, (National Public Finance Guarantee Corp. Insured),
5.00%, due 11/1/13
   
4,085
   
 
440
   
Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17
   
438
   
 
1,000
   
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),
5.25%, due 12/1/24
   
1,066
   
 
400
   
Sacramento Co. Sanitation Dist. Fin. Au. Rev., Ser. 2000-A, 5.60%, due 12/1/17
   
401
   
 
2,600
   
Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17
   
3,104
   
 
1,350
   
San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24
   
1,624
   
 
400
   
San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured),
5.25%, due 2/15/19
   
435
ñ
 
 
830
   
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15
   
835
   
 
820
   
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16
   
823
   
 
2,000
   
San Diego Unified Sch. Dist. G.O. (Election 1998), Ser. 2002-D, (FGIC Insured), 5.25%, due 7/1/21
   
2,165
   
 
1,000
   
San Francisco City & Co. Arpts. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21
   
1,094
   
 
1,000
   
San Francisco City & Co. Redev. Fin. Au. Tax Allocation (Mission Bay North Redev.),
Ser. 2009-C, 5.50%, due 8/1/22
   
1,050
   
 
2,115
   
San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.),
Ser. 2003-B, (National Public Finance Guarantee Corp. Insured), 5.25%, due 8/1/18
   
2,197
   
 
500
   
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/11
   
507
   
 
1,615
   
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/12
   
1,699
   
 
925
   
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured),
4.95%, due 12/1/22
   
910
ß
 
 
 
See Notes to Schedule of Investments
 
8

 


 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
$
1,900
   
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured),
 
$
2,052
   
       
5.00%, due 8/1/18
         
 
1,060
   
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured),
5.00%, due 8/1/21
   
1,118
   
 
1,000
   
San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002),
Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/18
   
739
   
 
1,390
   
San Rafael Redev. Agcy. Tax Allocation Ref. (Central San Rafael Redev. Proj.),
Ser. 2009, (Assured Guaranty Insured), 5.00%, due 12/1/21
   
1,551
   
 
1,620
   
Santa Clara Co. Fremont Union High Sch. Dist. G.O. (Election 1998),
Ser. 2002-C, (AGM Insured), 5.00%, due 9/1/20 Pre-Refunded 9/1/12
   
1,756
   
 
485
   
Santa Maria Bonita Sch. Dist. Cert. of Participation (Cap. Imp. & Ref. Proj.),
Ser. 1998, (National Public Finance Guarantee Corp. Insured), 5.00%, due 3/1/14
   
486
   
 
525
   
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.40%, due 7/1/13
   
547
   
 
505
   
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14
   
529
   
 
3,405
   
Solano Co. Cert. of Participation Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured),
5.25%, due 11/1/17 Pre-Refunded 11/1/12
   
3,722
   
 
655
   
South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1),
Ser. 2002, (XLCA Insured), 5.00%, due 9/1/16
   
668
   
 
1,250
   
Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21
   
1,409
   
 
1,300
   
Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20
   
1,321
   
 
3,000
   
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008),
Ser. 2009-C, 0.00%, due 8/1/37
   
1,954
f
 
     
122,588
   
Guam (0.8%)
     
 
700
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
   
731
   
Illinois (1.7%)
     
 
910
   
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
   
893
   
 
500
   
Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
   
520
ß
 
     
1,413
   
Nevada (1.4%)
     
 
1,000
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
   
1,166
   
New York (1.8%)
     
 
1,000
   
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A,
5.88%, due 1/1/18
   
1,039
ß
 
 
500
   
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
   
505
ß
 
     
1,544
   
Pennsylvania (3.1%)
     
 
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
   
1,018
ß
 
 
2,000
   
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
   
1,580
a
 
     
2,598
   
Puerto Rico (12.6%)
     
 
1,500
   
Puerto Rico Elec. Pwr. Au. Pwr. Ref. Rev., Ser. 2007-VV, 5.50%, due 7/1/20
   
1,720
   
 
1,000
   
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
   
1,026
   
 
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
   
1,031
ß
 
 
3,000
   
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17
   
3,143
   
 
1,000
   
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
   
1,023
   
 
 
See Notes to Schedule of Investments
 
9

 


 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
$
1,500
   
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24
 
$
1,584
   
 
1,000
   
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A,
5.00%, due 8/1/39 Pre-Refunded 8/1/11
   
1,035
µ
 
     
10,562
   
               
   
Total Investments (168.2%) (Cost $136,383)
   
141,333
##
 
   
Cash, receivables and other assets, less liabilities (2.0%)
   
1,673
   
   
Liquidation Value of Auction Market Preferred Shares [(70.2%)]
   
(59,000
)
 
               
   
Total Net Assets Applicable to Common Shareholders (100.0%)
 
$
84,006
   
 
 
Notes to Schedule of Investments
 
10

 


Schedule of Investments Intermediate Municipal Fund Inc.
 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
Alabama (1.6%)
     
$
4,210
   
DCH Hlth. Care Au. Hlth. Care Fac. Rev., Ser. 2002, 5.25%, due 6/1/14
 
$
4,383
   
Arizona (8.3%)
     
 
1,465
   
Arizona Energy Management Svcs. (Main) LLC Energy Conservation Rev.
(Arizona St. Univ. Proj.-Main Campus), Ser. 2002, (National Public Finance Guarantee Corp. Insured),
5.25%, due 7/1/17
   
1,535
ß
 
 
5,000
   
Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21
5,361
   
 
2,265
   
Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22
   
2,590
   
 
5,730
   
Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.),
Ser. 2008, 7.50%, due 5/1/19
   
6,600
ß
 
 
1,840
   
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18
   
1,968
   
 
1,155
   
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22
   
1,203
   
 
1,750
   
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
   
1,707
   
 
2,325
   
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18
   
2,078
   
     
23,042
   
California (20.1%)
     
 
2,290
   
California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42
   
2,256
   
 
2,250
   
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39
   
2,259
ß
 
 
1,725
   
California Infrastructure & Econ. Dev. Bank St. Sch. Fund (King City Joint Union High Sch.),
Ser. 2010, 5.13%, due 8/15/24
   
1,765
   
 
1,955
   
California St. G.O., Ser. 2003, (AMBAC Insured), 5.00%, due 2/1/27
   
2,085
   
 
1,685
   
California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27
   
1,681
   
 
1,845
   
California St. G.O., Ser. 2005, 5.00%, due 3/1/19
   
2,003
   
 
1,950
   
California St. G.O. (Muni. Sec. Trust Receipts), Ser. 2001-SGA135, (AMBAC Insured),
0.31%, due 12/1/30
   
1,950
ñµi
 
 
1,500
   
California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svcs. Cap East End),
Ser. 2002-A, (AMBAC Insured), 5.25%, due 12/1/17
   
1,595
   
 
4,000
   
California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25
   
4,427
   
 
1,240
   
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
   
1,350
ß
 
 
1,210
   
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
   
1,255
ß
 
 
3,000
   
Cerritos Pub. Fin. Au. Rev. (Tax Allocation Redev. Proj.), Ser. 2002-A, (AMBAC Insured),
5.00%, due 11/1/19
   
3,204
   
 
2,220
   
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev., Ser. 2003-A1, 6.25%, due 6/1/33
   
2,452
   
 
3,620
   
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),
0.00%, due 8/1/24
   
1,750
   
 
5,750
   
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002),
Ser. 2009-E, (Assured Guaranty Insured), 0.00%, due 8/1/29
   
3,232
b
 
 
2,080
   
Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Proj.),
Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/18
   
2,146
   
 
5,000
   
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34
   
3,905
c
 
 
2,060
   
Rocklin Unified Sch. Dist. G.O. Cap. Appreciation,
Ser. 1994-B, (National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/19
   
1,425
   
 
2,000
   
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B,
0.00%, due 8/1/34
   
1,269
d
 
 
740
   
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17
   
744
   
 
2,000
   
San Francisco City & Co. Arpt. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25
   
2,137
   
 
6,000
   
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A,
0.00%, due 8/1/32
   
3,022
e
 
 
9,070
   
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,
0.00%, due 8/1/37
   
5,908
f
 
 
5,095
   
Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds,
Ser. 2009, (Assured Guaranty Insured), 0.00%, due 8/1/26
   
2,129
   
     
55,949
   
 
 
See Notes to Schedule of Investments
 
11

 
 

 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
Colorado (5.4%)
     
$
4,220
   
Colorado Springs Utils. Sys. Sub. Lien Ref. Rev., Ser. 2002-A, (AMBAC Insured), 5.38%, due 11/15/18
 
$
4,568
   
 
1,030
   
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13
   
1,117
   
 
4,000
   
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002-E, (National Public Finance Guarantee Corp. Insured),
5.25%, due 11/15/14
   
4,264
   
 
4,610
   
Thornton Cert. of Participation, Ser. 2002, (AMBAC Insured),
5.38%, due 12/1/16 Pre-Refunded 12/1/12
   
5,070
   
     
15,019
   
District of Columbia (0.4%)
     
 
1,000
   
Metro. Washington Dist. of Columbia Arpt. Au. Sys., Ser. 2008-A, 5.50%, due 10/1/18
   
1,156
   
Florida (0.9%)
     
 
1,000
   
Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B,
8.00%, due 8/15/32 Pre-Refunded 8/15/19
   
1,421
ß
 
 
1,000
   
Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002-C, (National Public Finance Guarantee Corp. Insured),
5.25%, due 10/1/20
   
1,059
   
     
2,480
   
Georgia (2.9%)
     
 
4,575
   
Henry Co. Wtr. & Swr. Au. Ref. Rev., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured),
5.13%, due 2/1/17
   
5,014
   
 
2,710
   
Newnan Hosp. Au. Rev. Anticipation Cert. (Newnan Hosp., Inc. Proj.),
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 1/1/18 Pre-Refunded 1/1/13
   
2,997
ß
 
     
8,011
   
Guam (1.0%)
     
 
2,550
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 6.00%, due 7/1/25
   
2,660
   
Illinois (13.4%)
     
 
5,365
   
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
   
5,263
   
 
180
   
Chicago G.O. (Unrefunded Bal.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 1/1/17
   
194
   
 
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
   
1,653
   
 
1,970
   
Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25
   
2,212
   
 
5,130
   
Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002,
4.30%, due 11/1/36 Putable 11/1/13
   
5,393
µß
 
 
1,875
   
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16
   
2,027
ß
 
 
4,000
   
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24
   
4,315
ß
 
 
4,000
   
Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006-A, 5.75%, due 11/15/16
   
3,116
ß
 
 
5,840
   
Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22
   
6,354
ß
 
 
3,000
   
Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.) (Unrefunded Bal.),
Ser. 1997-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 7/1/14
   
3,262
ß
 
 
1,670
   
Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured),
5.50%, due 6/15/17
   
2,038
   
 
1,600
   
Romeoville IL Rev. (Lewis Univ.), (LOC: JP Morgan Chase), 0.28%, due 10/1/36
   
1,600
µß
 
     
37,427
   
Indiana (13.3%)
     
 
4,000
   
Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29
   
4,270
ß
 
 
8,535
   
Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001-A,
5.38%, due 2/1/17 Pre-Refunded 2/1/13
   
9,532
   
 
3,240
   
Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2002-B,
5.25%, due 2/1/18 Pre-Refunded 2/1/13
   
3,582
   
 
965
   
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17
   
1,056
   
 
320
   
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2002-B, 5.25%, due 2/1/18
   
343
   
 
 
See Notes to Schedule of Investments
 
12

 


 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
$
4,000
   
Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B,
 
$
4,137
ß
 
       
5.00%, due 2/15/21
         
 
2,050
   
Indiana Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St. Francis), Ser. 2001, 5.35%, due 11/1/15
   
2,139
ß
 
 
1,000
   
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.,
Ser. 2003-B, (National Public Finance Guarantee Corp. Insured), 5.25%, due 1/1/18
   
1,078
   
 
1,065
   
Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/18
   
1,131
   
 
1,125
   
Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/19
   
1,191
   
 
3,055
   
Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured),
5.75%, due 12/1/21
   
3,829
   
 
2,580
   
Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.), Ser. 2003-A, (AGM Insured),
5.63%, due 1/1/17
   
2,712
   
 
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
   
2,042
ß
 
     
37,042
   
Iowa (4.9%)
     
 
1,000
   
Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15
   
1,095
   
 
5,110
   
Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22
   
5,952
   
 
2,750
   
Iowa Std. Loan Liquidity Corp. Std. Loan Rev., Ser. 2009-3, 5.50%, due 12/1/19
   
2,951
   
 
2,535
   
Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B,
5.30%, due 6/1/25 Pre-Refunded 6/1/11
   
2,631
   
 
1,005
   
Kirkwood Comm. College Iowa New Jobs Training Cert. G.O. (Merged Area X), Ser. 2007-1B,
5.00%, due 6/1/17
   
1,091
   
     
13,720
   
Kentucky (0.1%)
     
 
380
   
Shelby Co. Lease Rev., Ser. 2004-A, (LOC: U.S. Bank), 0.27%, due 9/1/34
   
380
µ
 
Maryland (0.4%)
     
 
1,000
   
Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp. of Cecil Co.), Ser. 2002,
5.50%, due 7/1/14
   
1,053
ß
 
Massachusetts (7.5%)
     
 
1,850
   
Massachusetts St. G.O., Ser. 2002-E, (National Public Finance Guarantee Corp. Insured),
5.38%, due 1/1/18 Pre-Refunded 1/1/13
   
2,036
   
 
2,000
   
Massachusetts St. G.O., Ser. 2006-B, (LOC: Bank of America), 0.29%, due 3/1/26
   
2,000
µ
 
 
1,740
   
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi Oblig. Group), Ser. 1999-A,
5.70%, due 7/1/15
   
1,752
ß
 
 
1,525
   
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Reg. Hosp.), Ser. 1998-C,
5.75%, due 7/15/13
   
1,527
ß
 
 
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 Pre-Refunded 5/15/12
   
5,303
ß
 
 
5,030
   
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19
   
5,363
   
 
2,775
   
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.),
Ser. 2001-7, 5.25%, due 2/1/16
   
2,865
   
     
20,846
   
Michigan (3.9%)
     
 
1,000
   
Lakewood Pub. Sch. G.O. (Putters), Ser. 2008-2624Z, (AGM Insured), 0.29%, due 5/1/15
   
1,000
µh
 
 
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
   
1,502
   
 
2,000
   
Oakland Co. Econ. Dev. Corp. Ltd. Oblig. Rev. (Michigan Motion Picture Studios Proj. Recovery Zone),
Ser. 2010-A, 7.00%, due 8/1/40
   
2,059
   
 
3,850
   
Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont Hosp.), Ser. 1996, 6.25%, due 1/1/12
   
4,039
ß
 
 
2,000
   
Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20
   
1,715
   
 
670
   
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15
   
673
   
     
10,988
   
 
 
See Notes to Schedule of Investments
 
13

 


 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE
 
                            (000's omitted)
 
           
Minnesota (3.4%)
     
$
2,000
   
Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17
 
$
2,050
   
 
2,000
   
Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17
   
2,212
ß
 
 
2,250
   
Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children's Hlth. Care Facs.),
Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/24
   
2,429
ß
 
 
2,540
   
St. Paul Port Au. Lease Rev. (Office Bldg.), Ser. 2002, 5.00%, due 12/1/17
   
2,727
   
     
9,418
   
Mississippi (1.7%)
     
 
4,000
   
Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24
   
4,064
ß
 
 
500
   
Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15
   
588
ß
 
     
4,652
   
Missouri (6.3%)
     
 
3,495
   
Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Proj.), Ser. 2002-B, (AGM Insured),
5.25%, due 10/1/16
   
3,801
   
 
1,860
   
Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002, 5.05%, due 8/1/20
   
1,887
ß
 
 
2,425
   
Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003-A, 5.00%, due 12/1/17
   
2,466
   
 
605
   
Branson Ind. Dev. Au. Tax Increment Rev. (Branson Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21
   
529
   
 
1,250
   
Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Drinking Wtr.), Ser. 2002-B,
5.50%, due 7/1/16 Pre-Refunded 1/1/13
   
1,384
   
 
750
   
Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B,
5.50%, due 7/1/16
   
820
   
 
2,275
   
Missouri St. Hlth. & Ed. Fac. Au. Rev. (Children's Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24
   
2,404
ß
 
 
900
   
Missouri St. Hlth. & Ed. Fac. Au. Rev. (Washington Univ.), Ser. 2004-A, (LOC: Wells Fargo Bank),
0.27%, due 2/15/34
   
900
µß
 
 
245
   
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16
   
248
g
 
 
110
   
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-III, (FHA Insured), 5.05%, due 12/1/15
   
111
   
 
2,965
   
Missouri St. Univ. Auxiliary Enterprise Sys. Rev., Ser. 2007-A, (XLCA Insured), 5.00%, due 4/1/26
   
3,135
   
     
17,685
   
Nevada (3.8%)
     
 
1,635
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17
   
1,844
   
 
3,545
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
   
4,135
   
 
4,355
   
Las Vegas Valley Wtr. Dist. Ref. & Wtr. Imp. G.O., Ser. 2003-A,
(National Public Finance Guarantee Corp. Insured), 5.25%, due 6/1/16
   
4,717
   
     
10,696
   
New Hampshire (3.0%)
     
 
2,600
   
New Hampshire Hlth. & Ed. Fac. Au. Rev. (Dartmouth-Hitchcock Clinic), Ser. 2009, 5.00%, due 8/1/19
   
2,712
ß
 
 
1,700
   
New Hampshire Hlth. & Ed. Fac. Au. Rev. (Univ. Sys. of New Hampshire) (Unrefunded Bal.),
Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17
   
1,765
ß
 
 
4,000
   
Strafford Co. G.O. (TANS), Ser. 2010-A, 6.50%, due 12/31/10
   
4,006
   
     
8,483
   
New Jersey (2.8%)
     
 
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
   
7,720
ß
 
New York (8.8%)
     
 
605
   
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
   
646
   
 
3,250
   
New York City G.O., Ser. 2002-C, 5.50%, due 8/1/15
   
3,585
   
 
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
   
2,745
ß
 
 
2,750
   
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
   
2,778
ß
 
 
 
See Notes to Schedule of Investments
 
14

 

 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
 
                             VALUE

                            (000's omitted)
 
           
$
1,000
   
New York City Transitional Fin. Au. (NYC Recovery), Subser. 2002-3F, (LOC: Royal Bank of Canada),
 
$
1,000
µ
 
       
0.25%, due 11/1/22
         
 
1,100
   
New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
   
3
#‡
 
 
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
   
1,894
   
 
4,000
   
New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009,
5.25%, due 7/1/33
   
4,169
ß
 
 
2,000
   
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41
   
2,011
   
 
2,000
   
New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20
   
2,324
   
 
3,000
   
Tobacco Settlement Fin. Corp., Ser. 2003-B-1C, 5.50%, due 6/1/21
   
3,273
   
     
24,428
   
North Carolina (2.4%)
     
 
5,250
   
North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev., Ser. 2009-A, 5.00%, due 1/1/26
   
5,692
   
 
1,000
   
Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24
   
1,083
   
     
6,775
   
North Dakota (1.5%)
     
 
4,100
   
Fargo Hlth. Sys. Rev. (Meritcare Obligated Group), Ser. 2002-A, (AMBAC Insured), 5.63%, due 6/1/17
   
4,223
ß
 
Ohio (1.4%)
     
 
3,760
   
Ohio St. Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp. Proj.), Ser. 1995,
5.00%, due 11/1/15 Putable 11/1/11
   
3,864
µß
 
Pennsylvania (5.4%)
     
 
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
   
1,793
ß
 
 
565
   
Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, due 7/1/18 Pre-Refunded 7/1/13
   
634
   
 
435
   
Delaware River Joint Toll Bridge Comm. Sys. Rev. (Unrefunded Bal.), Ser. 2003, 5.25%, due 7/1/18
   
462
   
 
2,000
   
Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22
   
2,036
ß
 
 
5,000
   
Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev. (Abington Mem. Hosp. Proj.), Ser. 2002-A,
5.00%, due 6/1/19
   
5,110
ß
 
 
1,000
   
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
   
790
a
 
 
2,000
   
Philadelphia Arpt. Ref. Rev. (Philadelphia Arpt. Sys.), Ser. 1998,
(National Public Finance Guarantee Corp. Insured), 5.38%, due 6/15/14
   
2,006
   
 
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
   
1,580
ß
 
 
520
   
Sayre Hlth. Care Fac. Au. Rev. (Unrefunded Bal.), (Guthrie Hlth. Proj.), Ser. 2002-A,
5.75%, due 12/1/21
   
535
ß
 
     
14,946
   
Puerto Rico (1.4%)
     
 
750
   
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
   
770
   
 
3,000
   
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/39 Pre-Refunded 8/1/11
   
3,104
µ
 
     
3,874
   
South Carolina (1.2%)
     
 
1,100
   
Charleston Co. Sch. Dist. G.O., Ser. 2001, (AGM Insured), 5.00%, due 2/1/18 Pre-Refunded 2/1/12
   
1,164
   
 
2,140
   
Mt. Pleasant Town Waterworks & Swr. Sys. Ref. & Imp. Rev., Ser. 2002,
(National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17
   
2,308
   
     
3,472
   
Tennessee (2.2%)
     
 
1,655
   
Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev., Ser. 2002-A, (AGM Insured),
5.50%, due 1/1/18 Pre-Refunded 1/1/13
   
1,828
   
 
 
See Notes to Schedule of Investments
 
15

 

 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE

                            (000's omitted)
 
           
$
1,360
   
Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev. (Unrefunded Bal.), Ser. 2002-A, (AGM Insured),
 
$
1,418
   
       
5.50%, due 1/1/18
         
 
2,705
   
Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19
   
2,991
   
     
6,237
   
Texas (13.6%)
     
 
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
   
3,175
ß
 
 
3,600
   
Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002, (AGM Insured), 5.50%, due 9/1/17
   
3,835
   
 
1,935
   
Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004-B, (AGM Insured), 5.50%, due 11/1/18
   
2,094
   
 
2,300
   
Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18
   
2,797
   
 
2,900
   
Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33
   
3,064
   
 
2,210
   
Harris Co. Toll Road Sr. Lien Rev., (Unrefunded Bal.), Ser. 2002, (AGM Insured), 5.38%, due 8/15/16
   
2,403
   
 
610
   
HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15
   
592
ß
 
 
3,235
   
Houston Arpt. Sys. Sub. Lien. Ref. Rev., Ser. 2001-A, (National Public Finance Guarantee Corp. Insured),
5.50%, due 7/1/16
   
3,383
   
 
1,000
   
Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20
   
1,143
   
 
4,780
   
North Central Hlth. Fac. Dev. Corp. Hosp. Ref. Rev. (Baylor Hlth. Care Sys. Proj.), Ser. 1998,
5.10%, due 5/15/13
   
4,795
ß
 
 
3,000
   
North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23
   
3,439
   
 
950
   
Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF Insured),
5.50%, due 8/15/17 Pre-Refunded 2/15/13
   
1,057
   
 
50
   
Northwest Texas Independent Sch. Dist. Sch. Bldg. (Unrefunded Bal.), Ser. 2002, (PSF Insured),
5.50%, due 8/15/17
   
55
   
 
20
   
San Antonio Cert. of Oblig. G.O., Ser. 2002, 5.00%, due 2/1/14 Pre-Refunded 2/1/12
   
21
   
 
500
   
San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ. Proj.), Ser. 2007, 5.00%, due 6/1/19
   
535
ß
 
 
910
   
Southmost Reg. Wtr. Au. Wtr. Supply Contract Rev.,
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/19 Pre-Refunded 9/1/12
   
994
   
 
1,000
   
Southmost Reg. Wtr. Au. Wtr. Supply Contract Rev. (Unrefunded Bal.),
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/19
   
1,042
   
 
160
   
Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.), Ser. 2002, 5.50%, due 9/1/12
   
170
   
 
1,000
   
Trinity River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr. Proj.),
Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 2/1/16 Pre-Refunded 2/1/13
   
1,110
   
 
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
   
1,146
ß
 
 
1,175
   
West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35
   
1,207
   
     
38,057
   
Utah (1.7%)
     
 
3,000
   
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28
   
3,364
ß
 
 
1,200
   
Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20
   
1,338
   
     
4,702
   
Virginia (1.0%)
     
 
2,620
   
Peninsula Ports Au. Res. Care Fac. Ref. Rev. (VA Baptist Homes), Ser. 2006-C, 5.25%, due 12/1/21
   
1,806
ß
 
 
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
   
956
ß
 
     
2,762
   
Washington (6.7%)
     
 
6,250
   
Port of Seattle Sub. Lien Rev., Ser. 2002-B, (National Public Finance Guarantee Corp. Insured),
5.50%, due 9/1/16
   
6,515
   
 
1,000
   
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25
   
1,030
   
 
1,000
   
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/23
   
1,034
   
 
1,625
   
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/18
   
1,720
   
 
2,500
   
Tacoma Wtr. Sys. Rev., Ser. 2001, (National Public Finance Guarantee Corp. Insured),
5.13%, due 12/1/19 Pre-Refunded 12/1/11
   
2,628
   
 
 
See Notes to Schedule of Investments
 

 
16

 


 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE

                            (000's omitted)
 
           
$
2,525
   
Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29
 
$
2,651
ß
 
 
3,125
   
Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley Mem. Hosp. Assoc.), Ser. 2002, (ACA Insured),
5.00%, due 12/1/17
   
3,161
ß
 
     
18,739
   
West Virginia (0.4%)
     
 
1,000
   
West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19
   
1,140
   
Wisconsin (6.8%)
     
 
810
   
Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2002,
6.13%, due 6/1/27
   
865
   
 
1,900
   
Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002-B, 5.50%, due 4/1/12
   
1,976
   
 
1,370
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group, Inc. Proj.), Ser. 1996, (AGM Insured),
6.00%, due 11/15/11
   
1,421
ß
 
 
1,100
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35
   
1,163
ß
 
 
1,225
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39
   
1,292
ß
 
 
1,000
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Franciscan Sisters Hlth. Care), Ser. 2007, 5.00%, due 9/1/14
   
1,050
ß
 
 
2,780
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med. Ctr., Inc. Proj.), Ser. 1999,
5.50%, due 5/15/15
   
2,785
ß
 
 
5,000
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30
   
5,227
ß
 
 
3,000
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29
   
3,180
ß
 
     
18,959
   
Wyoming (1.8%)
     
 
4,895
   
Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006-6, 5.00%, due 12/1/21
   
4,971
   
Other (0.8%)
     
 
3,000
   
Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37
   
2,293
#
 
                   
       
Total Investments (162.2%) (Cost $434,176)
   
452,252
##
 
       
Cash, receivables and other assets, less liabilities (2.1%)
   
6,049
   
       
Liquidation Value of Auction Market Preferred Shares [(64.3%)]
   
(179,400
)
 
                   
       
Total Net Assets Applicable to Common Shareholders (100.0%)
 
$
278,901
   
 
 
See Notes to Schedule of Investments
 
17

 


Schedule of Investments New York Intermediate Municipal Fund Inc.
 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE

                            (000's omitted)
 
           
Arizona (0.7%)
     
$
500
   
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
 
$
488
   
California (4.0%)
     
 
3,115
   
Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006),
Ser. 2009-C, (AGM Insured), 0.00%, due 8/1/24
   
1,536
   
 
1,470
   
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
   
1,498
   
     
3,034
   
Guam (0.7%)
     
 
500
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
   
522
   
Illinois (1.2%)
     
 
910
   
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
   
893
   
Nevada (1.6%)
     
 
1,000
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
   
1,166
   
New York (143.3%)
     
 
3,000
   
Albany IDA Civic Fac. Rev. (Charitable Leadership Foundation Ctr. for Med. Science Proj.),
Ser. 2002-A, 6.00%, due 7/1/19
   
2,685
ß
 
 
500
   
Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23
   
511
ß
 
 
1,000
   
Dutchess Co. IDA Civic Fac. Ref. Rev. (Marist College Proj.), Ser. 2003-A, 5.15%, due 7/1/17
   
1,057
ß
 
 
1,000
   
Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25
   
1,113
   
 
1,500
   
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23
   
1,728
ß
 
 
1,050
   
Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (BHAC Insured), 5.00%, due 12/1/21
   
1,175
   
 
700
   
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
   
747
   
 
1,000
   
Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. Rochester), Ser. 2005, 5.00%, due 8/1/15
   
1,092
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
   
958
ß
 
 
1,000
   
Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16 `
   
1,036
   
 
1,000
   
Monroe Co. Pub. Imp. Ref. G.O., Ser. 1996, 6.00%, due 3/1/13
   
1,103
   
 
1,125
   
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A,
5.88%, due 1/1/18
   
1,168
ß
 
 
30
   
New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16 Pre-Refunded 8/1/12
   
33
   
 
970
   
New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16
   
1,048
   
 
100
   
New York City G.O., Ser. 2006-13, (LOC: Bank of America), 0.29%, due 4/1/36
   
100
µ
 
 
950
   
New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22
   
1,075
   
 
1,000
   
New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21 '
   
1,136
   
 
1,410
   
New York City Hlth. & Hosp. Corp. Rev., Ser. 2002-A, (AGM Insured),
5.50%, due 2/15/13 Pre-Refunded 2/15/12
   
1,503
   
 
4,000
   
New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., Ser. 2002-E2, 5.05%, due 11/1/23
   
4,035
   
 
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
   
1,057
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
   
1,073
ß
 
 
2,920
   
New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured),
5.00%, due 6/1/22
   
3,010
ß
 
 
750
   
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
   
758
ß
 
 
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
   
2,126
µß
 
 
960
   
New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 1992-A, (AMBAC Insured),
5.88%, due 6/15/13
   
1,092
   
 
215
   
New York City Transitional Fin. Au. Ref. Rev. (Future Tax), Ser. 2002-C, (AMBAC Insured),
5.25%, due 8/1/17
   
232
   
 
 
See Notes to Schedule of Investments
 
18

 


 
PRINCIPAL AMOUNT
 
(000's omitted)
 
SECURITY@
 
 
                            VALUE

                            (000's omitted)
 
           
$
500
   
New York City Transitional Fin. Au. Rev., Subser. 2002-2F, (LOC: Bayerische Landesbank),
 
$
500
µ
 
       
0.30%, due 11/1/22
         
 
2,000
   
New York City Transitional Fin. Au. Rev. (Future Tax Secured), Ser. 2001-B, (LOC: Landesbank
Baden-Wurttemberg), 0.30%, due 2/1/31
   
2,000
µ
 
 
1,810
   
New York City Transitional Fin. Au. Rev. (Future Tax Secured), Ser. 2002-C, (AMBAC Insured),
5.25%, due 8/1/17 Pre-Refunded 8/1/12
   
1,964
   
 
660
   
New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
   
2
#‡
 
 
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
   
2,250
   
 
1,675
   
New York St. Dorm. Au. Insured Rev. (Long Island Univ.), Ser. 2003-A, (Radian Insured),
5.25%, due 9/1/15
   
1,729
ß
 
 
1,600
   
New York St. Dorm. Au. Insured Rev. (The Culinary Institute of America), Ser. 1999, (National
Public Finance Guarantee Corp. Insured), 5.38%, due 7/1/15
   
1,613
ß
 
 
3,000
   
New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17
   
3,196
ß
 
 
250
   
New York St. Dorm. Au. Rev. (Brookdale Hosp. Med. Ctr.), Ser. 1998-J, 5.20%, due 2/15/16
   
251
ß
 
 
1,126
   
New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16
   
1,301
   
 
1,000
   
New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/14
   
1,026
ß
 
 
1,000
   
New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/16
   
1,021
ß
 
 
1,980
   
New York St. Dorm. Au. Rev. (New York Med. College Proj.), Ser. 1998, (National Public Finance
Guarantee Corp. Insured), 5.00%, due 7/1/21
   
1,981
ß
 
 
600
   
New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003,
5.00%, due 5/1/18
   
516
ß
 
 
2,855
   
New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured),
5.25%, due 11/1/15
   
3,072
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 Pre-Refunded 7/1/12
   
2,603
ß
 
 
1,000
   
New York St. Dorm. Au. Rev. (Sch. Dist. Financing Proj.), Ser. 2002-A, (National Public Finance
Guarantee Corp. Insured), 5.75%, due 10/1/17
   
1,070
   
 
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
   
3,025
ß
 
 
500
   
New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College),
Ser. 2009, 5.00%, due 7/1/24
   
509
ß
 
 
900
   
New York St. Dorm. Au. Rev. Non St. Supported Debt (Montfiore Med. Ctr.), Ser. 2008,
(FHA Insured), 5.00%, due 8/1/21
   
973
ß
 
 
1,595
   
New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine),
Ser. 2009, 5.25%, due 7/1/24
   
1,702
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
   
1,052
ß
 
 
1,030
   
New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24
   
1,079
ß
 
 
2,000
   
New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John's Univ.), Ser. 2007-C, (National
Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
   
2,301
ß
 
 
2,600
   
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
   
2,897
   
 
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
   
5,009
µß
 
 
1,615
   
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29
   
1,631
   
 
2,000
   
New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 1997-67, 5.70%, due 10/1/17
   
2,002
   
 
1,230
   
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/23
   
1,367
   
 
1,295
   
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/24
   
1,428
   
 
1,475
   
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2007-B,
5.00%, due 4/1/20
   
1,672
   
 
1,090
   
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B,
5.00%, due 4/1/19
   
1,279
   
 
250
   
New York St. Urban Dev. Corp. Correctional & Youth Fac. Svc. Rev., Ser. 2002-C,
4.00%, due 1/1/20 Pre-Refunded 1/1/11
   
252
µ
 
 
1,250
   
New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20
   
1,452
   
 
965
   
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A1, 5.00%, due 12/15/23
   
1,081
   
 
1,375
   
New York Tobacco Settlement Fin. Corp., Ser. 2003-B1C, 5.50%, due 6/1/22