n-csrs.htm
As filed with the Securities and Exchange Commission on July 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, 2011
 
Date of reporting period: April 30, 2011
 
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.
 

 

 

 
 
Semi-Annual Report
 
April 30, 2011
 
 
 

 
 
 
 

Contents
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
   
Distribution Reinvestment Plan
41
   
Directory
43
   
Proxy Voting Policies and Procedures
44
   
Quarterly Portfolio Schedule
44

 
 

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. ©2011 Neuberger Berman Management LLC. All rights reserved.

 
 
 
 

President's Letter
 
Dear Shareholder,
 
I am pleased to present this semi-annual report for the Neuberger Berman Intermediate Municipal Closed-End Funds for the six months ended April 30, 2011. The report includes portfolio commentaries, listings of the Funds' investments, and their unaudited financial statements for the reporting period.
 
Each Fund's investment objective is to provide a high level of current income exempt from regular federal income tax and, for each state-specific Fund, a high level of current income exempt from that state's personal income taxes (and, in the case of the New York Fund, New York City personal income tax).
 
We 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 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, the third of each Fund's 12-week measurement periods concluded. For the 12-week period ended November 10, 2010, each of the Funds traded at an average daily discount to NAV of less than 10% and, accordingly, was not required to conduct tender offers.
 
Thank you for your confidence in the Funds. We will continue to do our best to earn your 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
 
For the six months ended April 30, 2010, on a net asset value (NAV) basis, all three of the Neuberger Berman Intermediate Municipal Closed-End Funds posted negative returns and underperformed the Barclays Capital 10-Year Municipal Bond Index.
 
After a very difficult first half of the reporting period, the municipal market stabilized and then rallied over the second half of the period. All told, the Funds' index was down slightly over the six-month reporting period. Looking back, a number of issues dragged down the municipal market beginning in November 2010. These included the rising interest rate environment, concerns regarding sharply higher municipal defaults and a large increase in issuance of Build America Bonds at the end of the year. Collectively, this led to substantial redemptions from mutual fund shareholders and falling municipal bond prices. The municipal market then started to rebound in February 2011, as an anticipated rise in defaults did not materialize, new issuance sharply declined, tax receipts continued to improve and many municipalities made progress in getting their financial houses in order. In addition, demand from non-traditional investors, including institutions and hedge funds, increased as they found the asset class to be attractively valued.
 
The Funds' underperformance versus their benchmark was partially due to their yield curve positioning. Throughout the period, we utilized a barbell approach (investing in shorter and longer maturities). In contrast, the benchmark is concentrated in the eight- to 12-year portion of the curve, which was among the best-performing portions of the municipal yield curve.
 
Also negatively impacting performance was the overall lower credit quality of the Funds' holdings versus that of the benchmark. During the reporting period, higher quality bonds produced relatively stronger results than lower quality securities. To illustrate, the Barclays Capital AAA Municipal Bond Index returned -0.11% and the Barclays Capital BAA Municipal Bond Index returned -5.63% during the six months ended April 30, 2011. Finally, the use of leverage was not rewarded during the period, as it served to amplify the weak returns in the overall municipal market.
 
From a sector perspective, the Funds' lack of exposure to the tobacco sector (municipal bonds secured by tobacco settlement payments) contributed positively to their relative performance. The sector generated weak results as it was downgraded to below investment grade status in November 2010. This downgrade resulted in forced selling of tobacco bonds into a highly illiquid market by mutual funds that can only own investment grade securities.
 
Looking ahead, economic data for the first quarter of calendar year 2011 were consistent with our expectation for a continued economic expansion in the U.S. in calendar year 2011. We believe, however, that growth in the economy could slow if oil prices remain at elevated levels. Other headwinds facing the economy are the still-high unemployment rate, the potential for a double-dip in the housing market and declining federal, state and local spending. We also feel that the tax-exempt bond market could be impacted by congressional actions on issues related to stimulus and deficits. In our view, these factors, in addition to overall volatility in the global markets, deserve close monitoring. We continue to closely analyze the various influences on the municipal market and will adjust our outlook as needed.
 
In our view, many of the factors that contributed to the solid performance of tax-exempt bonds in recent months may play a role for the balance of the year. These include continued strong demand for reliable and liquid income-generating investments and the likelihood of higher marginal federal tax rates at some point down the road. Lastly, we believe that municipal bonds provide attractive relative values when compared to Treasuries and other high-quality fixed income sectors on a taxable-equivalent yield basis.
 

 
2
 
 

California Intermediate Municipal Fund Inc.
 
Neuberger Berman California Intermediate Municipal Fund generated a -1.63% return on an NAV basis for the six months ended April 30, 2011 and underperformed its benchmark, the Barclays Capital 10-Year Municipal Bond Index, which provided a -0.41% return for the period.
 
As of April 30, 2011, the Fund was comprised of 75.9% revenue bonds, 18.9% general obligation bonds, 5.1% pre-refunded/escrow bonds, and 0.1% cash and cash equivalents. Bonds subject to the Alternative Minimum Tax (AMT) equaled 8.9% of assets. At the close of the reporting period, the Fund's duration was 4.8 years and its leverage position was 42.4% of assets.
 
Intermediate Municipal Fund Inc.
 
Neuberger Berman Intermediate Municipal Fund generated a -1.71% return on an NAV basis for the six months ended April 30, 2011 and underperformed its benchmark, the Barclays Capital 10-Year Municipal Bond Index, which provided a -0.41% return for the period.
 
As of April 30, 2011, the Fund was comprised of 75.2% revenue bonds, 11.8% general obligation bonds, 12.0% pre-refunded/escrow bonds, and 1.0% cash and cash equivalents. Bonds subject to the AMT equaled 10.0% of assets. At the close of the reporting period, the Fund's duration was 5.3 years and its leverage position was 40.3% of assets.
 
New York Intermediate Municipal Fund Inc.
 
Neuberger Berman New York Intermediate Municipal Fund generated a -1.37% return on an NAV basis for the six months ended April 30, 2011 and underperformed its benchmark, the Barclays Capital 10-Year Municipal Bond Index, which provided a -0.41% return for the period.
 
As of April 30, 2011, the Fund was comprised of 78.9% revenue bonds, 8.8% general obligation bonds, 8.9% pre-refunded/escrow bonds, and 3.4% cash and cash equivalents. Bonds subject to the AMT equaled 10.2% of assets. At the close of the reporting period, the Fund's duration was 4.5 years and its leverage position was 40.2% of assets.
 
Sincerely,
 
     
 
Blake Miller and James L. Iselin
Portfolio Co-Managers
 

 
3
 
 

TICKER SYMBOLS
California Intermediate Municipal Fund Inc.
 
NBW
Intermediate Municipal Fund Inc.
 
NBH
New York Intermediate Municipal Fund Inc.
 
NBO

PERFORMANCE HIGHLIGHTS
   
Inception
 
Six Month
Period Ended
 
Average Annual Total Return
Ended 04/30/2011
 
NAV1,3,4,5 
 
Date
 
04/30/2011
 
1 Year
 
5 Years
  Life of Fund 
California Intermediate
Municipal Fund Inc.
   
09/24/2002
     
-1.63
%
   
4.26
%
   
5.48
%
   
5.66
%
 
Intermediate
Municipal Fund Inc.
   
09/24/2002
     
-1.71
%
   
4.31
%
   
5.11
%
   
5.53
%
 
New York Intermediate
Municipal Fund Inc.
   
09/24/2002
     
-1.37
%
   
4.10
%
   
5.33
%
   
5.45
%
 
   
Inception
 
Six Month
Period Ended
 
Average Annual Total Return
Ended 04/30/2011
 
Market Price2,3,4,5 
 
Date
 
04/30/2011
 
1 Year
 
5 Years
  Life of Fund 
California Intermediate
Municipal Fund Inc.
   
09/24/2002
     
-2.98
%
   
3.86
%
   
5.64
%
   
4.37
%
 
Intermediate
Municipal Fund Inc.
   
09/24/2002
     
0.20
%
   
8.17
%
   
7.31
%
   
5.09
%
 
New York Intermediate
Municipal Fund Inc.
   
09/24/2002
     
-7.74
%
   
-2.58
%
   
4.63
%
   
4.16
%
 
 
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 returns 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
   
84.4
   
Guam
   
2.0
   
Illinois
   
0.9
   
Massachusetts
   
0.7
   
Nevada
   
0.8
   
New York
   
1.1
   
Pennsylvania
   
1.9
   
Puerto Rico
   
6.6
   
Texas
   
1.1
   
Total
   
100.0
%
 
 
INTERMEDIATE MUNICIPAL FUND PORTFOLIO BY STATE
AND TERRITORY
(as a % of Total Investments)
 
Alabama
   
1.0
%
 
Arizona
   
5.1
   
California
   
12.5
   
Colorado
   
2.2
   
District of Columbia
   
0.3
   
Florida
   
0.5
   
Georgia
   
1.8
   
Guam
   
1.6
   
Hawaii
   
1.0
   
Illinois
   
8.4
   
Indiana
   
6.2
   
Iowa
   
3.1
   
Kentucky
   
0.5
   
Louisiana
   
0.3
   
Maryland
   
0.2
   
Massachusetts
   
5.2
   
Michigan
   
2.2
   
Minnesota
   
2.1
   
Mississippi
   
1.0
   
Missouri
   
3.7
   
Nevada
   
2.3
   
New Hampshire
   
1.7
%
 
New Jersey
   
1.7
   
New York
   
5.2
   
North Carolina
   
1.5
   
North Dakota
   
1.0
   
Ohio
   
1.5
   
Oregon
   
0.1
   
Other
   
0.5
   
Pennsylvania
   
2.9
   
Puerto Rico
   
0.8
   
South Carolina
   
0.8
   
Tennessee
   
1.4
   
Texas
   
8.4
   
Utah
   
1.4
   
Virginia
   
0.6
   
Washington
   
4.1
   
West Virginia
   
0.3
   
Wisconsin
   
3.8
   
Wyoming
   
1.1
   
Total
   
100.0
%
 
 
NEW YORK INTERMEDIATE
MUNICIPAL FUND PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments)
 
Arizona
   
0.4
%
 
California
   
2.4
   
Guam
   
2.2
   
Illinois
   
0.7
   
Massachusetts
   
0.8
   
Nevada
   
0.9
   
New York
   
84.6
   
Pennsylvania
   
1.3
   
Puerto Rico
   
5.4
   
Texas
   
1.3
   
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 until October 31, 2012. 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
Performance data current to the most recent month-end are available at www.nb.com.

 
5
 
 

Glossary of Indices
 
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 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 are 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.
(Unaudited)

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
 
$
711
   
                   
California (145.7%)
 
 
3,120
   
Abag Fin. Au. Cert. of Participation Rev. (Episcopal Homes Foundation), Ser. 1998, 5.13%, due 7/1/18
   
3,121
ß
 
 
600
   
Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18
   
618
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
   
1,281
 
   
 
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
   
1,193
   
 
1,750
   
California Ed. Fac. Au. Ref. Rev. (Stanford Univ.), Ser. 2001-R, 5.00%, due 11/1/21
   
1,778
ß
 
 
500
 
   
California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
   
561
 
ß
 
 
2,000
   
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17
   
1,985
   
 
1,355
   
California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42
   
1,345
   
 
2,000
 
   
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I,
4.95%, due 7/1/26 Putable 7/1/14
   
2,128
 
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
   
2,079
 
µß
 
 
2,000
   
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21
   
2,050
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
   
944
 
   
 
500
 
   
California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A,
5.00%, due 6/1/16
   
498
 
   
 
1,040
   
California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21
   
1,083
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
   
2,662
 
   
 
2,250
   
California St. G.O., Ser. 2002, 5.00%, due 10/1/17
   
2,342
   
 
1,095
 
   
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B,
5.50%, due 6/1/20
   
1,146
 
   
 
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
   
1,054
 
   
 
2,000
 
   
California Statewide CDA Cert. of Participation Rev. (Children's Hosp. Los Angeles), Ser. 1999,
5.13%, due 8/15/19
   
1,974
 
ß
 
 
1,180
 
   
California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999,
5.38%, due 4/1/17
   
1,180
 
ß
 
 
1,000
   
California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20
   
1,013
ß
 
 
5,000
   
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
   
5,344
ß
 
 
200
 
   
California Statewide CDA Ref. Rev. (Los Angeles Co. Museum of Art), Ser. 2008-D,
(LOC: Wells Fargo & Co.), 0.22%, due 12/1/34
   
200
 
µß
 
 
1,425
   
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
   
1,412
ß
 
 
1,000
   
California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22
   
883
ß
 
 
1,255
 
   
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009,
6.25%, due 11/15/19
   
1,299
 
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
   
1,516
 
ß
 
 
405
   
California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17
   
384
ß
 
 
1,020
   
Cerritos Pub. Fin. Au. Sub. Tax Allocation Rev. (Cerritos Redev. Proj.), Ser. 2002-B, 4.40%, due 11/1/16
   
962
   
 
1,500
 
   
Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D,
(AMBAC Insured), 0.00%, due 6/1/14
   
1,380
 
   
 
1,365
   
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A,
5.00%, due 12/15/21
   
1,274
 
ß
 
 
820
   
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/12
   
830
   
 
250
   
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13
   
254
   
 
2,000
 
   
Fresno Joint Pwr. Fin. Au. Lease Rev. (Master Lease Proj.), Ser. 2008-A, (Assured Guaranty Insured),
5.00%, due 4/1/23
   
2,049
 
   
 
1,000
 
   
Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured),
6.00%, due 2/1/17
   
1,127
 
   

 
 
 
See Notes to Schedule of Investments 7  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
$
2,835
   
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2002,
 
$
2,887
   
       
(National Public Finance Guarantee Corp. Insured), 5.00%, due 12/1/16
     
 
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
   
2,527
 
   
 
2,000
 
   
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010,
5.50%, due 12/1/24
   
1,867
 
   
 
1,000
 
   
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),
0.00%, due 8/1/40
   
801
 
i
 
 
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
   
1,321
 
   
 
500
   
Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17
   
525
   
 
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
   
4,150
 
ØØ
 
 
1,500
   
Los Angeles Harbor Dept. Ref. Rev., Ser. 2001-B, (AMBAC Insured), 5.50%, due 8/1/17
   
1,515
   
 
500
   
Marin Co. Dixie Elementary Sch. Dist. G.O., Ser. 2000-A, (AGM Insured), 5.38%, due 8/1/17
   
505
   
 
1,045
   
Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.00%, due 7/1/17
   
1,078
   
 
1,070
   
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
   
736
   
 
1,090
 
   
Moreland Sch. Dist. Ref. G.O., Ser. 2002, (National Public Finance Guarantee Corp. Insured),
5.13%, due 9/1/17
   
1,113
 
   
 
1,000
   
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
   
932
   
 
535
 
   
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/16
   
550
 
   
 
565
 
   
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/17
   
580
 
   
 
500
   
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18
   
416
   
 
500
   
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19
   
403
   
 
1,045
   
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/15
   
1,070
   
 
1,210
   
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/18
   
1,232
   
 
605
 
   
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/16 Pre-Refunded 3/1/13
   
652
 
   
 
635
 
   
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/17 Pre-Refunded 3/1/13
   
684
 
   
 
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
   
1,325
 
   
 
1,445
   
Oceanside Cert. of Participation Ref. Rev., Ser. 2003-A, (AMBAC Insured), 5.25%, due 4/1/14
   
1,514
   
 
1,500
   
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
   
1,462
   
 
3,890
 
   
Port of Oakland Ref. Rev., Ser. 2002-N, (National Public Finance Guarantee Corp. Insured),
5.00%, due 11/1/13
   
4,041
 
   
 
440
   
Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17
   
431
   
 
1,000
 
   
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),
5.25%, due 12/1/24
   
1,024
 
   
 
2,600
   
Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17
   
3,019
   
 
1,350
   
San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24
   
1,549
   
 
400
   
San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 5.25%, due 2/15/19
   
422
ñ
 
 
830
   
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15
   
831
   
 
820
   
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16
   
821
   
 
2,000
   
San Diego Unified Sch. Dist. G.O. (Election 1998), Ser. 2002-D, (FGIC Insured), 5.25%, due 7/1/21
   
2,117
   
 
1,000
   
San Francisco City & Co. Arpts. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21
   
1,076
   
 
1,000
 
   
San Francisco City & Co. Redev. Fin. Au. Tax Allocation (Mission Bay North Redev.), Ser. 2009-C,
5.50%, due 8/1/22
   
942
 
   
 
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
   
2,151
 
   
 
1,615
   
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/12
   
1,669
   
 
925
 
   
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured),
4.95%, due 12/1/22
   
873
 
ß
 
 
1,900
 
   
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured),
5.00%, due 8/1/18
   
1,812
 
   
 
1,060
 
   
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured),
5.00%, due 8/1/21
   
959
 
   
 
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
   
740
   
 
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
   
1,509
   
 

 
 
 
See Notes to Schedule of Investments 8  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
$
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
 
$
1,721
 
   
 
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
   
540
   
 
505
   
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14
   
521
   
 
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
   
657
 
   
 
1,500
 
   
Sulphur Springs Union Sch. Dist. Cert. Participation (Cap. Appreciation), Ser. 2010,
(AGM Insured), 0.00%, due 12/1/37
   
1,145
g
 
 
1,250
   
Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21
   
1,322
   
 
1,300
   
Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20
   
1,250
   
 
3,000
 
   
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,
0.00%, due 8/1/37
   
1,738
 
f
 
 
2,250
 
   
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),
0.00%, due 8/1/36
   
770
 
Øh
 
     
116,930
   
Guam (3.5%)
   
 
700
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
   
725
   
 
1,000
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
   
936
   
 
1,110
   
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18
   
1,134
   
     
2,795
   
Illinois (1.6%)
 
 
815
   
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
   
778
   
 
500
   
Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
   
504
ß
 
     
1,282
   
Massachusetts (1.1%)
 
 
1,000
   
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30
   
942
   
                   
Nevada (1.4%)
 
 
1,000
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
   
1,109
   
                   
New York (1.9%)
 
 
1,000
 
   
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A,
5.88%, due 1/1/18
   
1,004
 
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
 
     
1,509
   
Pennsylvania (3.2%)     
 
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
   
1,038
 
ß
 
 
2,000
 
   
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
   
1,526
 
a
 
     
2,564
   
Puerto Rico (11.3%)
 
 
1,500
   
Puerto Rico Elec. Pwr. Au. Pwr. Ref. Rev., Ser. 2007-VV, 5.50%, due 7/1/20
   
1,616
   
 
1,000
   
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
   
899
   
 
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
   
1,012
 
ß
 
 
3,000
   
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17
   
3,082
   
 
1,000
   
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
   
1,010
   
 

 
 
 
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
 
$
1,505
   
     
9,124
   
Texas (1.9%)
 
 
1,750
   
Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010,
   
1,526
ßØØ 
 
   
5.25%, due 11/1/40
         
               
      Total Investments (172.5%) (Cost $137,946)    
138,492
## 
 
  Cash, receivables and other assets, less liabilities (1.0%)    
775
   
  Liquidation Value of Auction Market Preferred Shares [(73.5%)]    
(59,000
)
 
      Total Net Assets Applicable to Common Shareholders (100.0%)  
$
80,267
   
 

 
 
 
See Notes to Schedule of Investments 10  
 
 
 

Schedule of Investments Intermediate Municipal Fund Inc. (Unaudited)
 
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
 
$
4,333
   
Arizona (8.4%)
 
 
1,465
   
Arizona Energy Management Svcs. (Main) LLC Energy Conservation Rev.
   
1,513
ß
 
       
(Arizona St. Univ. Proj.-Main Campus), Ser. 2002, (National Public Finance Guarantee Corp. Insured),
     
       
5.25%, due 7/1/17
     
 
5,000
 
   
Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured),
5.13%, due 9/1/21
   
5,237
   
 
2,265
   
Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22
   
2,505
   
 
5,730
 
   
Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.),
Ser. 2008, 7.50%, due 5/1/19
   
6,243
 
ß
 
 
1,840
   
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18
   
1,931
   
 
1,155
   
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22
   
1,183
   
 
1,750
   
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
   
1,659
   
 
2,325
   
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18
   
2,015
   
     
22,286
   
California (20.8%)
 
 
2,025
   
California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42
   
2,010
   
 
2,250
   
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39
   
1,960
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
   
1,628
   
 
1,955
   
California St. G.O., Ser. 2003, (AMBAC Insured), 5.00%, due 2/1/27
   
2,015
   
 
1,685
   
California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27
   
1,579
   
 
1,845
   
California St. G.O., Ser. 2005, 5.00%, due 3/1/19
   
1,961
   
 
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
   
1,559
 
   
 
4,000
   
California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25
   
4,297
   
 
1,240
   
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
   
1,326
ß
 
 
1,210
   
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
   
1,199
ß
 
 
3,000
 
   
Cerritos Pub. Fin. Au. Rev. (Tax Allocation Redev. Proj.), Ser. 2002-A, (AMBAC Insured),
5.00%, due 11/1/19
   
2,899
 
   
 
2,000
   
Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33
   
2,145
   
 
2,220
   
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev., Ser. 2003-A1, 6.25%, due 6/1/33
   
2,389
   
 
2,000
 
   
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),
0.00%, due 8/1/40
   
1,601
 
i
 
 
3,620
 
   
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),
0.00%, due 8/1/24
   
1,547
 
   
 
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
   
3,050
 
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
   
2,129
 
   
 
5,000
   
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34
   
3,579
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
   
1,399
 
   
 
2,000
   
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%, due 8/1/34
   
1,159
d
 
 
740
   
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17
   
741
   
 
2,000
   
San Francisco City & Co. Arpt. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25
   
2,041
   
 
6,000
   
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/32
   
2,764
e
 
 
9,070
 
   
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,
0.00%, due 8/1/37
   
5,255
 
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
   
1,952
 
   
 
3,000
 
   
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),
0.00%, due 8/1/36
   
1,027
 
Øh
 
     
55,211
   
 

 
 
 
See Notes to Schedule of Investments 11  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
Colorado (3.7%)
 
$
4,220
   
Colorado Springs Utils. Sys. Sub. Lien Ref. Rev., Ser. 2002-A, (AMBAC Insured), 5.38%, due 11/15/18
 
$
4,457
   
 
1,030
   
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13
   
1,128
   
 
4,000
 
   
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002-E,
(National Public Finance Guarantee Corp. Insured), 5.25%, due 11/15/14
   
4,171
 
   
     
9,756
   
District of Columbia (0.4%)
 
 
1,000
   
Metro. Washington Dist. of Columbia Arpt. Au. Sys., Ser. 2008-A, 5.50%, due 10/1/18
   
1,133
   
                   
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
   
1,377
ß
 
 
1,000
 
   
Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002-C, (National Public Finance Guarantee Corp. Insured),
5.25%, due 10/1/20
   
1,044
   
     
2,421
   
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
   
4,889
   
 
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
   
2,933
 
ß
 
     
7,822
   
Guam (2.6%)
   
 
1,220
   
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/20
   
1,258
   
 
650
   
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/21
   
663
   
 
2,550
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 6.00%, due 7/1/25
   
2,561
   
 
2,630
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
   
2,462
   
     
6,944
   
Hawaii (1.7%)
   
 
2,500
 
   
Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc.), Ser. 1999-D,
(AMBAC Insured), 6.15%, due 1/1/20
   
2,500
ß
 
 
2,000
 
   
Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc.-Subsidiary), Ser. 2009,
6.50%, due 7/1/39
   
2,009
ß
 
     
4,509
   
Illinois (14.0%)
   
 
4,800
   
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
   
4,583
   
 
180
   
Chicago G.O. (Unrefunded Bal.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 1/1/17
   
188
   
 
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
   
1,616
   
 
1,970
   
Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25
   
2,104
   
 
5,130
 
   
Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002,
4.30%, due 11/1/36 Putable 11/1/13
   
5,320
µß
 
 
1,875
   
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16
   
1,925
ß
 
 
4,000
   
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24
   
3,939
ß
 
 
4,000
   
Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006-A, 5.75%, due 11/15/16
   
2,359
ß
 
 
1,960
   
Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
   
1,974
ß
 
 
5,840
   
Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22
   
5,969
ß
 
 
3,000
   
Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.) (Unrefunded Bal.), Ser. 1997-A,
   
3,199
ß
 
       
(National Public Finance Guarantee Corp. Insured), 6.00%, due 7/1/14
     
 
1,670
 
   
Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured),
5.50%, due 6/15/17
   
2,007
 
   
 
1,850
   
Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31
   
1,963
   
     
37,146
   
 

 
 
 
See Notes to Schedule of Investments 12  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
Indiana (10.2%)
 
$
4,000
   
Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29
 
$
4,050
ß
 
 
3,535
   
Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17 Pre-Refunded 2/1/13
   
3,868
   
 
965
   
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17
   
1,031
   
 
320
   
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2002-B, 5.25%, due 2/1/18
   
337
   
 
4,000
 
   
Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B,
5.00%, due 2/15/21
   
4,035
 
ß
 
 
2,050
   
Indiana Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St. Francis), Ser. 2001, 5.35%, due 11/1/15
   
2,103
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
   
1,040
   
 
1,065
   
Indiana St. Rec. Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/18
   
1,107
   
 
1,125
   
Indiana St. Rec. Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/19
   
1,167
   
 
3,055
 
   
Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B,
(National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21
   
3,712
   
 
2,580
 
   
Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.), Ser. 2003-A, (AGM Insured),
5.63%, due 1/1/17
   
2,670
   
 
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
   
2,008
 
ß
 
     
27,128
   
Iowa (5.1%)
   
 
1,000
   
Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15
   
1,074
   
 
5,110
   
Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22
   
5,868
   
 
2,750
   
Iowa Std. Loan Liquidity Corp. Std. Loan Rev., Ser. 2009-3, 5.50%, due 12/1/19
   
2,868
   
 
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
   
2,570
 
   
 
1,005
 
   
Kirkwood Comm. College Iowa New Jobs Training Cert. G.O. (Merged Area X), Ser. 2007-1B,
5.00%, due 6/1/17
   
1,077
 
   
     
13,457
   
Kentucky (0.9%)
   
 
2,470
 
   
Louisville & Jefferson Co. Reg. Arpt. Au. Spec. Facs. Rev. (AIRIS Louisville LLC Proj.), Ser. 1999-A,
5.50%, due 3/1/19
   
2,410
 
ß
 
 
10
   
Shelby Co. Lease Rev., Ser. 2004-A, (LOC: U.S. Bank), 0.26%, due 9/1/34
   
10
µ
 
     
2,420
   
Louisiana (0.6%)
   
 
1,500
 
   
Louisiana Local Gov't. Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2,
6.50%, due 11/1/35
   
1,505
 
ß
 
                   
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
   
1,034
 
ß
 
Massachusetts (8.6%)
 
 
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
   
1,992
   
 
5,000
   
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25
   
4,878
   
 
1,375
   
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30
   
1,294
   
 
1,525
 
   
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Reg. Hosp.), Ser. 1998-C,
5.75%, due 7/15/13
   
1,526
 
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
   
5,189
 
ß
 
 
5,030
   
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19
   
5,307
   
 
2,775
 
   
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.), Ser. 2001-7,
5.25%, due 2/1/16
   
2,804
 
   
     
22,990
   
 

 
 
 
See Notes to Schedule of Investments 13  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
Michigan (3.7%)
 
$
1,375
   
Macomb Co. New Haven Comm. Sch. Bldg. & Site G.O., Ser. 2002,
 
$
1,473
   
       
5.25%, due 5/1/17 Pre-Refunded 11/1/12
     
 
2,000
 
   
Oakland Co. Econ. Dev. Corp. Ltd. Oblig. Rev. (Michigan Motion Picture Studios Proj. Rec. Zone),
Ser. 2010-A, 7.00%, due 8/1/40
   
1,891
 
   
 
3,850
   
Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont Hosp.), Ser. 1996, 6.25%, due 1/1/12
   
3,950
ß
 
 
2,000
   
Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20
   
1,809
   
 
670
   
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15
   
657
   
     
9,780
   
Minnesota (3.4%)
   
 
2,000
   
Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17
   
2,024
   
 
2,000
   
Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17
   
2,145
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
   
2,328
 
ß
 
 
2,540
   
St. Paul Port Au. Lease Rev. (Office Bldg.), Ser. 2002, 5.00%, due 12/1/17
   
2,664
   
     
9,161
   
Mississippi (1.7%)
 
 
4,000
   
Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24
   
3,939
ß
 
 
500
   
Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15
   
577
ß
 
     
4,516
   
Missouri (6.2%)
 
 
3,495
 
   
Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Proj.), Ser. 2002-B, (AGM Insured),
5.25%, due 10/1/16
   
3,760
 
   
 
1,860
   
Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002, 5.05%, due 8/1/20
   
1,869
ß
 
 
2,425
   
Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003-A, 5.00%, due 12/1/17
   
2,470
   
 
605
   
Branson Ind. Dev. Au. Tax Increment Rev. (Branson Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21
   
506
   
 
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
   
1,354
 
   
 
750
 
   
Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B,
5.50%, due 7/1/16
   
802
 
   
 
2,275
   
Missouri St. Hlth. & Ed. Fac. Au. Rev. (Children's Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24
   
2,303
ß
 
 
245
   
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16
   
247
j
 
 
110
   
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-III, (FHA Insured), 5.05%, due 12/1/15
   
110
   
 
2,965
   
Missouri St. Univ. Auxiliary Enterprise Sys. Rev., Ser. 2007-A, (XLCA Insured), 5.00%, due 4/1/26
   
3,066
   
     
16,487
   
Nevada (3.9%)
 
 
1,635
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17
   
1,776
   
 
3,545
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
   
3,933
   
 
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
   
4,617
 
   
     
10,326
   
New Hampshire (2.8%)
 
 
2,600
   
New Hampshire Hlth. & Ed. Fac. Au. Rev. (Dartmouth-Hitchcock Clinic), Ser. 2009, 5.00%, due 8/1/19
   
2,657
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
   
1,728
 
ß
 
 
3,000
   
Strafford Co. G.O. (TANS), Ser. 2011, 6.50%, due 12/30/11
   
3,019
   
     
7,404
   
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
   
7,574
 
ß
 

 
 
 
See Notes to Schedule of Investments 14  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
New York (8.6%)
 
$
605
   
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
 
$
633
   
 
2,580
 
   
New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA Insured),
5.50%, due 6/1/14
   
2,681
 
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
 
 
60
   
New York G.O., Ser. 2002-C, 5.50%, due 8/1/15 Pre-Refunded 2/1/13
   
65
   
 
3,190
   
New York G.O. (Unrefunded Bal.), Ser. 2002-C, 5.50%, due 8/1/15
   
3,435
   
 
1,100
   
New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
   
0
#‡ 
 
 
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
   
1,855
 
   
 
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
   
4,016
 
ß
 
 
2,000
   
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41
   
1,899
   
 
2,000
   
New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20
   
2,235
   
 
3,000
   
Tobacco Settlement Fin. Corp., Ser. 2003-B-1C, 5.50%, due 6/1/21
   
3,158
   
     
22,755
   
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
   
5,439
   
 
1,000
   
Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24
   
1,057
   
     
6,496
   
North Dakota (1.6%)
 
 
4,100
 
   
Fargo Hlth. Sys. Rev. (Meritcare Obligated Group), Ser. 2002-A, (AMBAC Insured),
5.63%, due 6/1/17 Pre-Refunded 6/1/12
   
4,332
 
ß
 
                   
Ohio (2.5%)
 
 
2,750
   
New Albany Comm. Facs. Au. Rev., Ser. 2001-B, (AMBAC Insured), 5.13%, due 10/1/21
   
2,763
   
 
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
   
3,817
 
µß
 
     
6,580
   
Oregon (0.2%)
 
 
400
 
   
Medford Hosp. Facs. Au. Rev. (Rogue Valley Manor Proj.), Ser. 2007, (LOC: Bank of America),
0.27%, due 8/15/37
   
400
 
µß
 
                   
Pennsylvania (4.8%)
 
 
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 Pre-Refunded 1/1/12
   
1,831
 
ß
 
 
565
   
Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, due 7/1/18 Pre-Refunded 7/1/13
   
622
   
 
435
   
Delaware River Joint Toll Bridge Comm. Sys. Rev. (Unrefunded Bal.), Ser. 2003, 5.25%, due 7/1/18
   
454
   
 
2,000
   
Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22
   
1,968
ß
 
 
5,000
 
   
Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev. (Abington Mem. Hosp. Proj.), Ser. 2002-A,
5.00%, due 6/1/19
   
5,079
 
ß
 
 
1,000
 
   
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
   
763
 
a
 
 
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
   
1,541
 
ß
 
 
520
 
   
Sayre Hlth. Care Fac. Au. Rev. (Unrefunded Bal.), (Guthrie Hlth. Proj.), Ser. 2002-A,
5.75%, due 12/1/21
   
529
 
ß
 
     
12,787
   
Puerto Rico (1.4%)
 
 
750
   
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
   
675
   
 
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
   
3,034
µ
     
3,709
   

 
 
 
See Notes to Schedule of Investments 15  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
South Carolina (1.3%)
 
$
1,100
   
Charleston Co. Sch. Dist. G.O., Ser. 2001, (AGM Insured), 5.00%, due 2/1/18 Pre-Refunded 2/1/12
 
$
1,139
   
 
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
   
2,260
 
   
     
3,399
   
Tennessee (2.3%)
 
 
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
   
1,790
 
   
 
1,360
 
   
Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev. (Unrefunded Bal.), Ser. 2002-A, (AGM Insured),
5.50%, due 1/1/18
   
1,395
 
   
 
2,705
   
Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19
   
2,926
   
     
6,111
   
Texas (13.9%)
 
 
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
   
2,993
 
ß
 
 
3,600
   
Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002, (AGM Insured), 5.50%, due 9/1/17
   
3,766
   
 
1,935
   
Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004-B, (AGM Insured), 5.50%, due 11/1/18
   
2,068
   
 
2,300
   
Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18
   
2,748
   
 
2,900
   
Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33
   
2,884
   
 
2,210
 
   
Harris Co. Toll Road Sr. Lien Rev., (Unrefunded Bal.), Ser. 2002, (AGM Insured),
5.38%, due 8/15/16 Pre-Refunded 8/15/12
   
2,352
 
   
 
610
   
HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15
   
579
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
   
3,314
 
   
 
1,000
   
Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20
   
1,117
   
 
4,780
 
   
North Central Hlth. Fac. Dev. Corp. Hosp. Ref. Rev. (Baylor Hlth. Care Sys. Proj.),
Ser. 1998, 5.10%, due 5/15/13
   
4,794
ß
 
 
3,000
   
North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23
   
3,327
   
 
950
 
   
Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF Insured),
5.50%, due 8/15/17 Pre-Refunded 2/15/13
   
1,033
 
   
 
50
 
   
Northwest Texas Independent Sch. Dist. Sch. Bldg. (Unrefunded Bal.), Ser. 2002, (PSF Insured),
5.50%, due 8/15/17
   
54
 
   
 
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
   
504
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
   
972
 
   
 
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
   
1,028
 
   
 
160
   
Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.), Ser. 2002, 5.50%, due 9/1/12
   
166
   
 
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
   
1,086
 
   
 
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
   
1,110
 
ß
 
 
1,175
   
West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35
   
1,168
   
     
37,084
   
Utah (2.3%)
 
 
3,000
   
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28
   
3,191
ß
 
 
1,200
   
Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20
   
1,301
   
 
500
   
Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.00%, due 7/1/20
   
510
   
 
450
   
Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.25%, due 7/1/21
   
459
   
 
650
   
Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/22
   
664
   
     
6,125
   

 
 
 
See Notes to Schedule of Investments 16  
 
 
 

PRINCIPAL AMOUNT
 
(000's omitted)
SECURITY
 
 
 
VALUE
 
(000's omitted)
 
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
 
$
1,731
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
   
948
ß
 
     
2,679
   
Washington (6.8%)
 
 
6,250
 
   
Port of Seattle Sub. Lien Rev., Ser. 2002-B, (National Public Finance Guarantee Corp. Insured),
5.50%, due 9/1/16
   
6,450
   
 
1,000
   
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25
   
938
   
 
1,000
   
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/23
   
1,009
   
 
1,625
   
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/18
   
1,675
   
 
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
   
2,570
   
 
2,525
   
Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29
   
2,324
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
   
3,115
ß
 
     
18,081
   
West Virginia (0.4%)
 
 
1,000
   
West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19
   
1,126
   
                   
Wisconsin (6.3%)
 
 
810
 
   
Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2002,
6.13%, due 6/1/27
   
843
   
 
1,900
   
Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002-B, 5.50%, due 4/1/12
   
1,951
   
 
1,100
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35
   
1,010
ß
 
 
1,225
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39
   
1,111
ß
 
 
1,000
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Franciscan Sisters Hlth. Care), Ser. 2007, 5.00%, due 9/1/14
   
1,024
ß
 
 
2,780
 
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med. Ctr., Inc. Proj.), Ser. 1999,
5.50%, due 5/15/15
   
2,784
ß
 
 
5,000
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30
   
5,003
ß
 
 
3,000
   
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29
   
3,012
ß
 
     
16,738
   
Wyoming (1.8%)
 
 
4,895
   
Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006-6, 5.00%, due 12/1/21
   
4,895
   
                   
Other (0.8%)
 
 
3,000
   
Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37
   
2,236
#
 
                   
       
Total Investments (165.7%) (Cost $437,308)
   
440,876
## 
 
                   
       
Cash, receivables and other assets, less liabilities (1.7%)
   
4,564
   
                   
       
Liquidation Value of Auction Market Preferred Shares [(67.4%)]
   
(179,400
)
 
                   
       
Total Net Assets Applicable to Common Shareholders (100.0%)
 
$
266,040
   

 
 
 
See Notes to Schedule of Investments 17  
 
 
 

Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited)
 
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
 
$
474
   
                   
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
   
1,426
   
 
1,470
   
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
   
1,433
   
     
2,859
   
Guam (3.7%)
 
 
500
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
   
518
   
 
1,000
   
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
   
936
   
 
1,135
   
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19
   
1,165
   
     
2,619
   
Illinois (1.1%)
 
 
815
   
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
   
778
   
                   
Massachusetts (1.3%)
 
 
1,000
   
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30
   
942
   
                   
Nevada (1.5%)
 
 
1,000
   
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
   
1,109