n-csrs.htm
As filed with the Securities and Exchange Commission on July 5, 2012
 
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
Neuberger Berman Intermediate Municipal Fund Inc.
c/o Neuberger Berman Management LLC
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, 2012
 
Date of reporting period: April 30, 2012
 
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, 2012
 

 
 

 
 
 
 
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.
19
   
FINANCIAL STATEMENTS
25
FINANCIAL HIGHLIGHTS/PER SHARE DATA
 
   
California Intermediate Municipal Fund Inc.
36
   
Intermediate Municipal Fund Inc.
37
   
New York Intermediate Municipal Fund Inc.
38
   
Distribution Reinvestment Plan
40
   
Directory
43
   
Proxy Voting Policies and Procedures
44
   
Quarterly Portfolio Schedule
44
   
Recent Market Conditions
44
   
Privacy Notice
Located after the Funds’ Report

 

 
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. ©2012 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, 2012. 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.
 
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, 2012, on a net asset value (“NAV”) basis, all three of the Neuberger Berman Intermediate Municipal Closed-End Funds posted positive returns. Neuberger Berman Intermediate Municipal Fund and Neuberger Berman California Intermediate Municipal Fund outperformed the Barclays 10-Year Municipal Bond Index, whereas Neuberger Berman New York Intermediate Municipal Fund lagged the index during the reporting period. The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) was beneficial for performance as well.
 
Despite several brief setbacks, the municipal market posted a solid return during the reporting period. The market rallied during the first half of the period, driven by rising tax revenues, low defaults and some signs of progress in the fiscal position of many state and local governments. In addition, new supply was relatively low and investor demand was strong as municipal bonds were attractively valued versus comparable Treasuries. A portion of the municipal market’s gains were given back in March as yields rose. This was triggered by an increase in supply and an expectation that investors would withdraw from municipal mutual funds in order to pay taxes.
 
Looking at the municipal market more closely, lower-quality securities outperformed their higher-quality counterparts given investors’ quest to generate incremental yield. In addition, longer-term securities outperformed shorter-term securities. The intermediate portion of the municipal curve produced mixed results over the six months ended April 30, 2012. After generating strong returns over the first half of the period, it was the weakest performing portion of the curve during the second half of the period. In our view, this was due to relatively rich valuations in the intermediate portion of the curve at the beginning of 2012 and to profit taking by investors.
 
We tactically adjusted the Funds’ durations during the reporting period. We started the period with long durations versus the index and later allowed durations to drift shorter. This adjustment was made because we expected to see some softness in the market given its extended rally and due to seasonal weakness that typically occurs during tax season. We then shifted to modestly longer durations toward the end of the period. In terms of the Funds’ yield curve positioning, we maintained a barbell approach (investing in shorter and longer maturities). In contrast, the Funds’ benchmark is concentrated in the eight- to 12-year portion of the curve, which was the weakest performing portion of the municipal yield curve. Given this, the Funds’ barbell approach enhanced their relative results.
 
The Funds maintained a lower quality than that of the benchmark in an attempt to generate incremental yield. This was rewarded given the outperformance of lower-quality bonds during the reporting period. However, having an underweight in tobacco bonds (municipal bonds secured by tobacco settlement payments) was a negative for results as they outperformed the benchmark. Finally, as previously mentioned, the use of leverage enhanced the Funds’ performance during the reporting period.
 
Looking ahead, we have a generally positive outlook for the municipal market, as it remains attractively valued versus equal-duration Treasuries, in our view. While the U.S. economy gained some traction during much of the reporting period, we continue to feel that a number of issues, including continued high unemployment, will hold back a more robust expansion. As such, we anticipate seeing inflation remain relatively well contained, which could allow the Federal Reserve Board to make good on its vow to keep the federal funds rate anchored in a historically low range for an extended period. Against this backdrop, we believe that overall demand for municipal bonds should remain strong.
 
 
 
 
2

 
We are comfortable with the Funds’ current positioning. Should municipal rates move higher, we may look to extend the Funds’ durations. In addition, if the economy strengthens, we may look to further increase our exposure to higher-yielding BBB-rated securities.
 
Sincerely,
 
 
 
 
 
 
James L. Iselin and S. Blake Miller
 
Portfolio Co-Managers
 
The composition, industries and holdings of the Funds are subject to change.
 
 
 
3

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

CALIFORNIA INTERMEDIATE
MUNICIPAL FUND PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments)
Arizona
   
0.5
%
California
   
83.7
 
Guam
   
2.0
 
Illinois
   
0.9
 
Massachusetts
   
0.7
 
Nevada
   
0.8
 
New York
   
0.6
 
Pennsylvania
   
1.3
 
Puerto Rico
   
7.9
 
Tennessee
   
0.4
 
Texas
   
1.2
 
Total
   
100.0
%

NEW YORK INTERMEDIATE
MUNICIPAL FUND PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments)
Arizona
   
0.4
%
California
   
2.8
 
Guam
   
2.3
 
Illinois
   
0.6
 
Massachusetts
   
0.8
 
Nevada
   
0.9
 
New York
   
82.7
 
Pennsylvania
   
1.5
 
Puerto Rico
   
6.1
 
Tennessee
   
0.4
 
Texas
   
1.5
 
Total
   
100.0
%
 
PERFORMANCE HIGHLIGHTS1
 
Inception
 
Six Month
Period Ended
 
Average Annual Total Return
Ended 04/30/2012
At NAV2 
Date
 
04/30/2012
 
1 Year
 
5 Years
 
Life of Fund
California Intermediate
Municipal Fund
09/24/2002
   
6.41
%
   
13.33
%
   
6.74
%
   
6.43
%
Intermediate Municipal Fund
09/24/2002
   
7.67
%
   
15.57
%
   
6.80
%
   
6.53
%
New York Intermediate
Municipal Fund
09/24/2002
   
5.62
%
   
10.57
%
   
6.03
%
   
5.97
%
At Market Price3 
                 
California Intermediate
Municipal Fund
09/24/2002
   
13.37
%
   
24.74
%
   
7.76
%
   
6.32
%
Intermediate Municipal Fund
09/24/2002
   
12.38
%
   
18.57
%
   
8.82
%
   
6.41
%
New York Intermediate
Municipal Fund
09/24/2002
   
14.66
%
   
21.04
%
   
7.30
%
   
5.80
%
Index
                 
Barclays 10 Year
Municipal Bond Index4 
     
5.94
%
   
11.46
%
   
6.55
%
   
5.28
%
 
Closed-end funds, unlike open-end funds, are not continually offered. Generally, 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 performance data quoted represent past performance and do not indicate future results. Current peformance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit www.nb.com.
 
The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares.
 
Investment return and market price will fluctuate and common shares may trade at prices below NAV. Common shares, when sold, may be worth more or less than their original cost.
 
Returns would have been lower if Neuberger Berman Management LLC (“Management”) had not waived a portion of its investment management fees during the periods shown. Please see Note B in the Notes to Financial Statements for specific information regarding fee waiver arrangements.
 
INTERMEDIATE MUNICIPAL FUND PORTFOLIO BY STATE
AND TERRITORY
 
(as a % of Total Investments)
 
Alabama
   
1.7
%
Arizona
   
5.2
 
California
   
14.0
 
Colorado
   
3.5
 
District of Columbia
   
1.1
 
Florida
   
1.2
 
Georgia
   
1.6
 
Guam
   
1.6
 
Hawaii
   
1.6
 
Illinois
   
8.4
 
Indiana
   
5.2
 
Iowa
   
2.6
 
Kentucky
   
0.5
 
Louisiana
   
0.3
 
Maine
   
0.5
 
Maryland
   
0.7
 
Massachusetts
   
4.5
 
Michigan
   
1.3
 
Minnesota
   
1.6
 
Mississippi
   
1.0
 
Missouri
   
3.6
 
Nevada
   
1.2
%
New Hampshire
   
0.6
 
New Jersey
   
2.1
 
New York
   
4.7
 
North Carolina
   
1.5
 
North Dakota
   
0.9
 
Ohio
   
0.5
 
Pennsylvania
   
3.6
 
Puerto Rico
   
3.0
 
South Carolina
   
0.5
 
Tennessee
   
1.8
 
Texas
   
7.5
 
Utah
   
1.4
 
Virginia
   
0.7
 
Washington
   
3.6
 
West Virginia
   
0.3
 
Wisconsin
   
2.8
 
Wyoming
   
1.1
 
Other
   
0.5
 
Total
   
100.0
%
 
 
 
4

 
 
Endnotes
 
1
A portion of each Fund’s income may be a tax preference item for purposes of the federal alternative minimum tax for certain shareholders.
   
2
Returns based on the net asset value (“NAV”) of each Fund.
   
3
Returns based on the market price of Fund common shares on the NYSE MKT.
   
4
Please see “Glossary of Indices” starting on page 6 for a description of the index. Please note that indices do not take into account any fees or expenses or tax consequences of investing in the individual securities that they track, and that individuals cannot invest directly in any index. Data about the performance of the index are prepared or obtained by Management and reflect the reinvestment of income dividends and other distributions. The Funds may invest in securities not included in a described index or may not invest in all securities included in a described index.

 
 
5

 
  
Glossary of Indices
 
Barclays 10-Year Municipal Bond Index:
An unmanaged index that is the 10-year (8-12) component of the Barclays 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.
 

 
6

 
 
 
Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited)
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
Municipal Notes (168.8%)
 
Arizona (0.9%)
$
750
 
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
$
747
 
             
California (141.3%)
 
500
 
Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18
 
538
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
 
1,266
 
 
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
 
1,279
 
 
500
 
California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007,
 
558
ß
     
(National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
 
 
2,000
 
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17
 
2,047
 
 
1,025
 
California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42
 
1,051
 
 
2,000
 
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I, 4.95%, due 7/1/26 Putable 7/1/14
 
2,174
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
 
2,015
µß 
 
2,000
 
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21
 
2,204
ß
 
1,100
 
California Hlth. Fac. Fin. Au. Rev. (Hosp. Adventist Hlth. Sys.), Ser. 2002-A, (LOC: Wells Fargo Bank NA), 0.22%, due 9/1/25
 
1,100
µß 
 
1,535
 
California Hlth. Fac. Fin. Au. Rev. (St. Joseph Hlth. Sys.), Ser. 2011-C, (LOC: Northern Trust Co.), 0.25%, due 7/1/41
 
1,535
µ
 
1,000
 
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev.
 
1,070
 
     
(King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
 
 
500
 
California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A, 5.00%, due 6/1/16
 
524
 
 
1,040
 
California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21
 
1,126
ß
 
600
 
California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26
 
657
ß
 
2,000
 
California Poll. Ctrl. Fin. Au. Env. Imp. Rev. (Air Prod. & Chemicals, Inc.), Ser. 1997, 0.27%, due 3/1/41
 
2,000
µß 
 
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
 
2,525
ØØ 
 
2,250
 
California St. G.O., Ser. 2002, 5.00%, due 10/1/17
 
2,292
 
 
1,095
 
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, due 6/1/20
 
1,162
 
 
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
 
1,022
 
 
2,000
 
California Statewide CDA Cert. of Participation Rev. (Children’s Hosp. Los Angeles), Ser. 1999, 5.13%, due 8/15/19
 
2,003
ß
 
985
 
California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 5.38%, due 4/1/17
 
987
ß
 
1,000
 
California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20
 
1,092
ß
 
5,000
 
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
 
5,244
ß
 
1,325
 
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
 
1,480
ß
 
1,000
 
California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22
 
1,040
ß
 
1,000
 
California Statewide CDA Rev. (Lancer Ed. Std. Hsg. Proj.), Ser. 2007, 5.40%, due 6/1/17
 
1,073
ß
 
1,255
 
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, due 11/15/19
 
1,408
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
 
1,687
ß
 
355
 
California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17
 
372
ß
 
1,500
 
Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D, (AMBAC Insured), 0.00%, due 6/1/14
 
1,427
 
 
1,365
 
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/21
 
1,405
ß
 
820
 
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/12
 
825
 
 
250
 
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13
 
256
 
 
 
See Notes to Schedule of Investments
 
7

 
 
Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
$
2,000
 
Fresno Joint Pwr. Fin. Au. Lease Rev. (Master Lease Proj.), Ser. 2008-A, (Assured Guaranty Insured), 5.00%, due 4/1/23
$
2,158
 
 
1,000
 
Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 2/1/17
 
1,160
 
 
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
 
2,889
 
 
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
 
2,528
 
 
2,000
 
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 5.50%, due 12/1/24
 
2,072
 
 
1,000
 
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 0.00%, due 8/1/40
 
987
h
 
1,500
 
Inglewood Pub. Fin. Au. Ref. Rev., Ser. 1999-A (AMBAC Insured), 5.63%, due 8/1/15
 
1,505
 
 
440
 
Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17
 
470
 
 
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
 
4,013
 
 
2,000
 
Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27
 
2,175
Ø
 
1,045
 
Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.00%, due 7/1/17
 
1,051
 
 
2,900
 
Metro. Wtr. Dist. So. California Waterworks Rev., Ser. 2000-B3, (LOC: Wells Fargo Bank NA), 0.21%, due 7/1/35
 
2,900
µ
 
1,070
 
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
 
878
 
 
1,000
 
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
 
1,019
 
 
535
 
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002,
 
552
 
 
(National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/16 Pre-Refunded 1/1/13
 
 
565
 
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002,
 
583
 
 
(National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/17 Pre-Refunded 1/1/13
 
 
500
 
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18
 
382
 
 
500
 
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19
 
371
 
 
605
 
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003, 5.00%, due 9/1/16 Pre-Refunded 3/1/13
 
628
 
 
635
 
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003, 5.00%, due 9/1/17 Pre-Refunded 3/1/13
 
660
 
 
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
 
1,335
 
 
1,445
 
Oceanside Cert. of Participation Ref. Rev., Ser. 2003-A, (AMBAC Insured), 5.25%, due 4/1/14
 
1,493
 
 
1,490
 
Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24
 
1,534
 
 
1,500
 
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
 
1,638
 
 
3,890
 
Port of Oakland Ref. Rev., Ser. 2002-N, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/13
 
3,968
 
 
440
 
Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17
 
451
 
 
1,000
 
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24
 
1,144
 
 
2,600
 
Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17
 
3,178
 
 
1,350
 
San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24
 
1,670
 
 
400
 
San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 5.25%, due 2/15/19
 
440
 
 
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
 
2,035
 
 
1,000
 
San Francisco City & Co. Arpts. Commission Int’l Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21
 
1,169
 
 
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
 
2,194
 
 
2,000
 
San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25
 
2,142
 
 
925
 
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22
 
912
ß
 
1,060
 
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured), 5.00%, due 8/1/21
 
1,098
 
 
1,000
 
San Mateo Union High Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, 0.00%, due 9/1/25
 
519
 
 
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
 
832
 
 
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
 
1,579
 
 
 
 
 
 
See Notes to Schedule of Investments
 
8

 
 
Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
$
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
$
1,646
 
 
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
 
487
 
 
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
 
526
 
 
560
 
South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1), Ser. 2002,
(XLCA Insured), 5.00%, due 9/1/16
 
573
 
 
1,500
 
Sulphur Springs Union Sch. Dist. Cert. of Participation (Cap. Appreciation), Ser. 2010,
(AGM Insured), 0.00%, due 12/1/37
 
1,423
c
 
1,250
 
Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21
 
1,348
 
 
1,300
 
Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20
 
1,287
 
 
2,000
 
Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21
 
2,221
 
 
3,000
 
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
 
2,286
i
 
2,250
 
Wiseburn Sch. Dist. G.O. Cap Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
 
1,047
j
 
 
 
   
121,792
 
Guam (3.5%)
 
1,110
 
Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18
 
1,229
 
 
700
 
Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
 
739
 
 
1,000
 
Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
 
1,012
 
   
2,980
 
Illinois (1.5%)
 
715
 
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
 
727
 
 
500
 
Illinois Fin. Au. Rev. (Navistar Int’l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
 
541
ß
   
1,268
 
Massachusetts (1.2%)
 
1,000
 
Massachusetts St. HFA Rev., Ser. 2010-C, 5.00%, due 12/1/30
 
1,049
 
Nevada (1.3%)
 
1,000
 
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
 
1,131
 
New York (1.0%)
 
1,000
 
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A,
5.88%, due 1/1/18
 
883
ß
Pennsylvania (2.1%)
 
2,000
 
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
 
1,842
b
Puerto Rico (13.3%)
 
2,000
 
Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25
 
1,976
 
 
1,500
 
Puerto Rico Elec. Pwr. Au. Ref. Rev., Ser. 2007-VV, 5.50%, due 7/1/20
 
1,736
 
 
1,000
 
Puerto Rico Elec. Pwr. Au. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
 
1,027
 
 
1,000
 
Puerto Rico Ind., Tourist, Ed., Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.),
 
1,007
ß
 
Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/15
 
 
3,000
 
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17
 
3,024
 
 
1,000
 
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
 
1,006
 
 
1,500
 
Puerto Rico Sales Tax Fin. Corp. Rev., Subser. 2009-A, 5.00%, due 8/1/24
 
1,677
 
   
11,453
 
 
See Notes to Schedule of Investments
 
 
 
9

 
Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
Tennessee (0.6%)
$
500
 
Tennessee Energy Acquisition Corp. Gas Rev., Ser. 2006-A, 5.25%, due 9/1/23
$
553
 
Texas (2.1%)
 
1,750
 
Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010, 5.25%, due 11/1/40
 
1,807
ß
     
Total Investments (168.8%) (Cost $139,632)
 
145,505
## 
 
Liabilities, less cash, receivables and other assets [(0.4%)]
 
(304
)
 
Liquidation Value of Auction Market Preferred Shares [(68.4%)]
 
(59,000
)
     
Total Net Assets Applicable to Common Shareholders (100.0%)
$
86,201
 
 
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)z
       
     
Municipal Notes (160.9%)
 
   
Alabama (2.7%)
 
$
1,500
 
Courtland IDB Solid Waste Disp. Rev. (Champion Int’l Corp. Proj.), Ser. 1999, 6.00%, due 8/1/29
 
$
1,506
ß
 
 
4,210
 
DCH Hlth. Care Au. Hlth. Care Fac. Rev., Ser. 2002, 5.25%, due 6/1/14
   
4,266
   
 
1,900
 
Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35
   
2,007
ß
 
     
7,779
   
Arizona (8.3%)
 
 
1,465
 
Arizona Energy Management Svcs. LLC Energy Conservative Rev.
   
1,477
ß
 
 
(Arizona St. Univ. Proj.-Main Campus), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/17 Pre-Refunded 7/1/12
     
 
5,000
 
Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21
   
5,663
   
 
2,265
 
Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22
   
2,675
   
 
5,870
 
Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.), Ser. 2008, 7.50%, due 5/1/19
   
6,867
ß
 
 
400
 
Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24
   
436
   
 
1,840
 
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18
   
1,983
   
 
1,155
 
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22
   
1,234
   
 
1,750
 
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
   
1,743
   
 
2,325
 
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18
   
2,153
   
     
24,231
   
California (22.6%)
 
 
1,530
 
California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42
   
1,569
   
 
2,250
 
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39
   
2,378
ß
 
 
1,725
 
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/24
   
1,845
   
 
1,685
 
California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27
   
1,750
   
 
1,845
 
California St. G.O., Ser. 2005, 5.00%, due 3/1/19
   
2,011
   
 
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
   
1,533
   
 
 
     
 
4,000
 
California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25
   
4,592
   
 
1,240
 
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16 Pre-Refunded 4/1/13
   
1,300
ß
 
 
1,125
 
California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18
   
1,257
ß
 
 
2,000
 
Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33
   
2,395
   
 
1,880
 
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev., Ser. 2003-A1, 6.25%, due 6/1/33
   
1,972
   
 
2,000
 
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 0.00%, due 8/1/40
   
1,974
h
 
 
3,620
 
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/24
   
2,062
   
 
5,750
 
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E,
   
3,715
d
 
 
(Assured Guaranty Insured), 0.00%, due 8/1/29
     
 
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
   
2,150
   
 
5,000
 
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34
   
4,638
e
 
 
2,060
 
Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B,
   
1,680
   
 
(National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/19
     
 
4,000
 
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26
   
4,524
   
 
2,000
 
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%, due 8/1/34
   
1,539
f
 
 
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
   
2,252
   
 
6,000
 
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/32
   
3,613
g
 
 
3,000
 
Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21
   
3,331
   
 
 
See Notes to Schedule of Investments
 
11

 
 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
$
9,070
 
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
 
$
6,911
i
 
 
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
   
2,596
   
 
3,000
 
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
   
1,396
j
 
 
 
     
     
65,724
   
Colorado (5.7%)
 
 
6,000
 
Colorado Ed. & Cultural Facs. Au. Rev. (Nat’l Jewish Federal Board Prog.), Ser. 2006-D1, (LOC: JP Morgan Chase Bank NA), 0.24%, due 7/1/36
   
6,000
µß 
 
 
4,220
 
Colorado Springs Utils. Sys. Sub. Lien Ref. Rev., Ser. 2002-A, (AMBAC Insured), 5.38%, due 11/15/18
   
4,327
   
 
720
 
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13
   
746
   
 
5,000
 
Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24
   
5,621
   
     
16,694
   
District of Columbia (1.8%)
 
 
1,615
 
District of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/26
   
1,713
ß
 
 
1,000
 
Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2008-A, 5.50%, due 10/1/18
   
1,194
   
 
2,000
 
Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/26
   
2,192
   
     
5,099
   
Florida (2.0%)
 
 
1,000
 
Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26
   
1,092
   
 
1,000
 
Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 8/15/19
   
1,432
ßØØ 
 
 
2,000
 
Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25
   
2,241
   
 
1,000
 
Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002-C, (National Public Finance Guarantee Corp. Insured), 5.25%, due 10/1/20 Pre-Refunded 10/1/12
   
1,021
   
 
 
     
     
5,786
   
Georgia (2.6%)
 
 
4,575
 
Henry Co. Wtr. & Swr. Au. Ref. Rev., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.13%, due 2/1/17
   
4,788
   
 
2,710
 
Newnan Hosp. Au. Rev. Anticipation Cert. (Newnan Hosp., Inc. Proj.), Ser. 2002,
   
2,805
ß
 
 
(National Public Finance Guarantee Corp. Insured), 5.50%, due 1/1/18 Pre-Refunded 1/1/13
     
     
7,593
   
Guam (2.5%)
 
 
1,220
 
Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/20
   
1,397
   
 
650
 
Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/21
   
742
   
 
2,550
 
Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 6.00%, due 7/1/25
   
2,630
   
 
2,630
 
Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
   
2,661
   
     
7,430
   
Hawaii (2.6%)
 
 
5,200
 
Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24
   
5,384
   
 
2,000
 
Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009, 6.50%, due 7/1/39
   
2,288
ß
 
 
 
     
     
7,672
   
 
 
See Notes to Schedule of Investments
 
12

 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
Illinois (13.5%)
 
$
4,215
 
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
 
$
4,284
   
 
180
 
Chicago G.O. (Unrefunded Bal.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 1/1/17
   
181
   
 
1,970
 
Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25
   
2,241
   
 
5,130
 
Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002, 4.30%, due 11/1/36 Putable 11/1/13
   
5,281
µß 
 
 
1,875
 
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16
   
2,042
ß
 
 
4,000
 
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24
   
4,397
ß
 
 
3,795
 
Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006-A, 5.75%, due 11/15/16
   
1,177
Ñß 
 
 
1,960
 
Illinois Fin. Au. Rev. (Navistar Int’l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
   
2,121
ß
 
 
5,840
 
Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22
   
6,898
ß
 
 
3,000
 
Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.) (Unrefunded Bal.), Ser. 1997-A,
   
3,359
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
   
2,046
   
 
1,905
 
Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/26
   
973
   
 
2,110
 
Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26
   
2,230
ß
 
 
1,850
 
Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31
   
2,140
   
     
39,370
   
Indiana (8.3%)
 
 
4,000
 
Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29
   
4,426
ß
 
 
965
 
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17
   
1,006
   
 
320
 
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2002-B, 5.25%, due 2/1/18
   
330
   
 
4,000
 
Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B, 5.00%, due 2/15/21
   
4,420
ß
 
 
2,050
 
Indiana Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St. Francis), Ser. 2001, 5.35%, due 11/1/15
   
2,077
ß
 
 
1,000
 
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2003-B,
   
1,026
   
   
(National Public Finance Guarantee Corp. Insured), 5.25%, due 1/1/18
     
 
1,065
 
Indiana St. Rec. Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/18
   
1,072
   
 
1,125
 
Indiana St. Rec. Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/19
   
1,132
   
 
3,055
 
Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21
   
4,062
   
 
2,580
 
Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.), Ser. 2003-A, (AGM Insured), 5.63%, due 1/1/17
   
2,642
   
 
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
   
2,039
ß
 
     
24,232
   
Iowa (4.3%)
 
 
1,000
 
Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15
   
1,094
   
 
5,110
 
Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22
   
6,338
   
 
3,445
 
Iowa Std. Loan Liquidity Corp. Rev., Ser. 2011-A1, 5.00%, due 12/1/21
   
3,861
   
 
1,005
 
Kirkwood Comm. College Iowa New Jobs Training Cert. G.O. (Merged Area X), Ser. 2007-1B, 5.00%, due 6/1/17
   
1,093
   
   
 
     
     
12,386
   
Kentucky (0.8%)
 
 
2,250
 
Louisville & Jefferson Co. Reg. Arpt. Au. Spec. Facs. Rev. (AIRIS Louisville LLC Proj.), Ser. 1999-A, 5.50%, due 3/1/19
   
2,253
ß
 
 
10
 
Shelby Co. Lease Rev., Ser. 2004-A, (LOC: U.S. Bank), 0.24%, due 9/1/34
   
10
µ
 
     
2,263
   
 
See Notes to Schedule of Investments
 
 
13

 
 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
Louisiana (0.6%)
 
$
1,500
 
Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/35
 
$
1,683
ß
 
 
 
     
Maine (0.8%)
 
 
2,400
 
Maine St. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2005, 6.25%, due 1/1/25 Putable 2/1/17
   
2,411
µß 
 
 
 
     
Maryland (1.2%)
 
 
1,000
 
Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp. of Cecil Co.), Ser. 2002, 5.50%, due 7/1/14
   
1,008
ß
 
 
2,400
 
Prince Georges Co. Hsg. Au. Multifamily Rev. (Bristol Pines Apts. Proj.), Ser. 2005,
(Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23
   
2,536
µß 
 
 
 
     
     
3,544
   
Massachusetts (7.3%)
 
 
3,555
 
Massachusetts St. Ed. Financing Au. Rev., Ser. 2011-J, 5.00%, due 7/1/23
   
3,894
   
 
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
   
1,913
   
 
5,000
 
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25
   
5,220
   
 
1,375
 
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30
   
1,442
   
 
1,025
 
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Reg. Hosp.), Ser. 1998-C, 5.75%, due 7/15/13
   
1,027
ß
 
 
5,030
 
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19
   
5,084
   
 
2,775
 
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.), Ser. 2001-7, 5.25%, due 2/1/16
   
2,784
   
 
 
     
     
21,364
   
Michigan (2.1%)
 
 
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
   
1,409
   
 
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
   
2,081
   
 
2,000
 
Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20
   
1,976
   
 
555
 
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15
   
563
   
     
6,029
   
Minnesota (2.5%)
 
 
2,000
 
Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17
   
2,220
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
   
2,515
ß
 
 
2,540
 
St. Paul Port Au. Lease Rev. (Office Bldg.), Ser. 2002, 5.00%, due 12/1/17
   
2,604
   
     
7,339
   
Mississippi (1.7%)
 
 
4,000
 
Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24
   
4,397
ß
 
 
500
 
Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15
   
572
ß
 
     
4,969
   
Missouri (5.7%)
 
 
3,495
 
Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Proj.), Ser. 2002-B, (AGM Insured), 5.25%, due 10/1/16
   
3,725
   
 
1,710
 
Boone Co. Hosp. Ref. Rev. (Christian Hlth. Svc. Dev.), Ser. 2002, 5.05%, due 8/1/20
   
1,717
ßØØ 
 
 
 
See Notes to Schedule of Investments
 
14

 
 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
$
2,425
 
Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003-A, 5.00%, due 12/1/17 Pre-Refunded 12/1/12
$
2,493
 
 
570
 
Branson Ind. Dev. Au. Tax Increment Rev. (Branson Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21
 
544
 
 
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
 
1,294
 
 
750
 
Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B, 5.50%, due 7/1/16
 
774
 
 
2,275
 
Missouri St. Hlth. & Ed. Fac. Au. Rev. (Children’s Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24
 
2,492
ß
 
245
 
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16
 
245
k
 
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
 
3,304
 
   
16,698
 
Nevada (2.0%)
 
1,635
 
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17
 
1,794
 
 
3,545
 
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
 
4,011
 
   
5,805
 
New Hampshire (1.0%)
 
2,600
 
New Hampshire Hlth. & Ed. Fac. Au. Rev. (Dartmouth-Hitchcock Clinic), Ser. 2009, 5.00%, due 8/1/19
 
2,825
ß
New Jersey (3.3%)
 
2,450
 
New Jersey Econ. Dev. Au. Rev. (Continental Airlines Inc., Proj.), Ser. 1999, 6.40%, due 9/15/23
 
2,458
ß
 
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
 
7,295
ß
   
9,753
 
New York (7.5%)
 
465
 
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
 
488
 
 
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
 
2,640
ß
 
60
 
New York G.O., Ser. 2002-C, 5.50%, due 8/1/15 Pre-Refunded 2/1/13
 
62
 
 
3,190
 
New York G.O. (Unrefunded Bal.), Ser. 2002-C, 5.50%, due 8/1/15
 
3,310
 
 
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
 
1,776
 
 
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
 
4,363
ß
 
2,000
 
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41
 
2,115
 
 
2,000
 
New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20
 
2,376
 
 
1,435
 
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23
 
1,596
Ø
 
3,000
 
Tobacco Settlement Fin. Corp., Ser. 2003-B-1C, 5.50%, due 6/1/21
 
3,158
 
   
21,884
 
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
 
5,866
 
 
1,000
 
Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24
 
1,152
 
   
7,018
 
North Dakota (1.4%)
 
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
 
4,116
ß
 
See Notes to Schedule of Investments
 
 
15

 
 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
Ohio (0.8%)
$
2,060
 
Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27
$
2,229
 
Pennsylvania (5.9%)
 
565
 
Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, due 7/1/18 Pre-Refunded 7/1/13
 
598
 
 
435
 
Delaware River Joint Toll Bridge Comm. Sys. Rev. (Unrefunded Bal.), Ser. 2003, 5.25%, due 7/1/18
 
450
 
 
2,000
 
Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22
 
2,129
ß
 
5,000
 
Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev. (Abington Mem. Hosp. Proj.), Ser. 2002-A, 5.00%, due 6/1/19
 
5,065
ß
 
3,430
 
Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27
 
3,382
 
 
2,625
 
Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/24
 
2,949
ß
 
1,000
 
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 0.00%, due 12/1/34
 
921
b
 
275
 
Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 4.00%, due 4/1/17
 
276
ß
 
895
 
Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.00%, due 4/1/22
 
905
ß
 
415
 
Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.50%, due 4/1/27
 
419
ß
   
17,094
 
Puerto Rico (4.9%)
 
6,000
 
Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25
 
5,928
 
 
7,000
 
Puerto Rico Commonwealth G.O. Ref. (Pub. Imp.), Ser. 2012-A, 5.50%, due 7/1/26
 
7,554
 
 
750
 
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
 
770
 
   
14,252
 
South Carolina (0.8%)
 
2,140
 
Mt. Pleasant Town Waterworks & Swr. Sys. Ref. & Imp. Rev., Ser. 2002,
 
2,195
 
 
(National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17
 
Tennessee (2.9%)
 
1,655
 
Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev., Ser. 2002-A, (AGM Insured),
 
1,712
 
 
5.50%, due 1/1/18 Pre-Refunded 1/1/13
 
 
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
 
1,380
 
 
2,705
 
Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19
 
3,195
 
 
2,000
 
Tennessee St. Energy Acquisition Corp. Gas Rev., Ser. 2006-A, 5.25%, due 9/1/23
 
2,212
 
   
8,499
 
Texas (12.1%)
 
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
 
3,849
ß
 
3,600
 
Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002, (AGM Insured), 5.50%, due 9/1/17
 
3,660
 
 
1,935
 
Dallas-Fort Worth Int’l Arpt. Imp. Rev., Ser. 2004-B, (AGM Insured), 5.50%, due 11/1/18
 
2,107
 
 
2,300
 
Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18
 
2,857
 
 
2,900
 
Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33
 
3,118
 
 
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
 
2,243
 
 
610
 
HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15
 
616
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
 
3,237
 
 
650
 
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 4.00%, due 2/15/22
 
650
ßØ 
 
1,000
 
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 5.00%, due 2/15/32
 
1,020
ßØ 
 
1,000
 
Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20
 
1,185
 
 
3,000
 
North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23
 
3,572
 
 
950
 
Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF Insured), 5.50%, due 8/15/17 Pre-Refunded 2/15/13
 
989
 
 
 
 
 
See Notes to Schedule of Investments
 
 
16

 
 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
$
50
 
Northwest Texas Independent Sch. Dist. Sch. Bldg. (Unrefunded Bal.), Ser. 2002, (PSF Insured), 5.50%, due 8/15/17
$
52
 
 
500
 
San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ. Proj.), Ser. 2007, 5.00%, due 6/1/19
 
552
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
 
926
 
 
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
 
1,008
 
 
85
 
Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.), Ser. 2002, 5.50%, due 9/1/12
 
86
 
 
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
 
1,039
 
 
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
 
1,136
ß
 
1,175
 
West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35
 
1,276
 
   
35,178
 
Utah (2.2%)
 
 
3,000
 
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28
 
3,465
ß
 
1,200
 
Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20
 
1,357
 
 
500
 
Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.00%, due 7/1/20
 
527
 
 
450
 
Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.25%, due 7/1/21
 
480
 
 
650
 
Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/22
 
692
 
   
6,521
 
Virginia (1.1%)
 
2,620
 
Peninsula Ports Au. Res. Care Fac. Ref. Rev. (VA Baptist Homes), Ser. 2006-C, 5.25%, due 12/1/21
 
2,089
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
 
1,026
ß
     
 
 
   
3,115
 
Washington (5.7%)
 
 
6,250
 
Port of Seattle Sub. Lien Rev., Ser. 2002-B, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/16 Pre-Refunded 9/1/12
 
6,351
 
 
1,600
 
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25
 
1,745
 
 
1,000
 
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2003, 6.00%, due 12/1/23
 
1,038
 
 
1,625
 
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2003, 6.00%, due 12/1/18
 
1,708
ØØ 
 
2,525
 
Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29
 
2,719
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
 
3,147
ß
   
16,708
 
West Virginia (0.4%)
 
1,000
 
West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19
 
1,203
 
             
Wisconsin (4.4%)
 
595
 
Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2002, 6.13%, due 6/1/27 Pre-Refunded 6/1/12
 
598
 
 
1,100
 
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35
 
1,180
ß
 
1,225
 
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39
 
1,310
ß
 
1,000
 
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Franciscan Sisters Hlth. Care), Ser. 2007, 5.00%, due 9/1/14
 
1,079
ß
 
5,000
 
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30
 
5,463
ß
 
3,000
 
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29
 
3,297
ß
   
12,927
 
 
 
See Notes to Schedule of Investments
 
17

 
 
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
Wyoming (1.7%)
$
4,895
 
Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006-6, 5.00%, due 12/1/21
 
$
5,013
 
Other (0.8%)
 
3,000
 
Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37
   
2,383
#
     
Total Investments (160.9%) (Cost $443,964)
   
469,014
## 
     
Cash, receivables and other assets, less liabilities (0.6%)
   
1,838
 
 
Liquidation Value of Auction Market Preferred Shares [(61.5%)]
   
(179,400
)
     
Total Net Assets Applicable to Common Shareholders (100.0%)
 
$
291,452
 
 
See Notes to Schedule of Investments
 
 
 
18

 
 
Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
Municipal Notes (165.0%)
 
Arizona (0.7%)
$
500
 
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
$
498
 
California (4.6%)
 
3,115
 
Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured), 0.00%, due 8/1/24
 
1,852
 
 
1,470
 
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
 
1,606
 
   
3,458
 
Guam (3.7%)
 
500
 
Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
 
528
 
 
1,000
 
Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
 
1,012
 
 
1,135
 
Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19
 
1,281
 
   
2,821
 
Illinois (1.0%)
 
715
 
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
 
727
 
Massachusetts (1.4%)
 
1,000
 
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30
 
1,049
 
Nevada (1.5%)
 
1,000
 
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
 
1,131
 
New York (136.4%)
 
3,000
 
Albany IDA Civic Fac. Rev. (Charitable Leadership Foundation Ctr. for Med. Science Proj.), Ser. 2002-A, 6.00%, due 7/1/19
 
1,777
Ñ߇ 
 
500
 
Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23
 
517
ß
 
1,000
 
Dutchess Co. IDA Civic Fac. Ref. Rev. (Marist College Proj.), Ser. 2003-A, 5.15%, due 7/1/17
 
1,016
ß
 
1,000
 
Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21
 
1,188
Ø
 
1,000
 
Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25
 
1,151
 
 
1,500
 
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23
 
1,713
ß
 
1,050
 
Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (BHAC Insured), 5.00%, due 12/1/21
 
1,184
 
 
535
 
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
 
562
 
 
1,000
 
Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. of Rochester), Ser. 2005, 5.00%, due 8/1/15
 
1,092
ßØØ 
 
980
 
Monroe Co. IDA Std. Hsg. Rev. (Collegiate Hsg. Foundation—Rochester Institute of Technology Proj.), Ser. 1999-A, 5.25%, due 4/1/19
 
980
ß
 
1,000
 
Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16
 
1,027
 
 
1,000
 
Monroe Co. Pub. Imp. Ref. G.O., Ser. 1996, 6.00%, due 3/1/13
 
1,042
 
 
1,000
 
Nassau Co. IDA Civic Fac. Rev. (Cold Spring Harbor Laboratory), Ser. 2008, (LOC: JP Morgan Chase), 0.23%, due 1/1/42
 
1,000
µß 
 
200
 
Nassau Co. IDA Civic Fac. Rev. Ref. & Impt. (Cold Spring Harbor Laboratory), Ser. 1999, (LOC: TD Bank N.A.), 0.23%, due 1/1/34
 
200
µß 
 
1,125
 
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A, 5.88%, due 1/1/18
 
994
ß
 
30
 
New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16 Pre-Refunded 8/1/12
 
30
 
 
970
 
New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16
 
983
 
 
100
 
New York City G.O., Ser. 2006-I3, (LOC: Bank of America), 0.25%, due 4/1/36
 
100
µ
 
950
 
New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22
 
1,122
 
 
1,000
 
New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21
 
1,192
 
 
4,000
 
New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., Ser. 2002-E2, 5.05%, due 11/1/23
 
4,016
 
 
See Notes to Schedule of Investments
 
 
19

 
 
Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
$
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
$
1,027
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
 
1,051
ß
 
2,920
 
New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured),
5.00%, due 6/1/22
 
2,926
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
 
2,154
µß
 
960
 
New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 1992-A, (AMBAC Insured), 5.88%, due 6/15/13
 
1,020
 
 
800
 
 
New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Gen. Resolution Rev. Bonds),
Ser. 2006-CC2, (LOC: Bank of Nova Scotia), 0.27%, due 6/15/38
 
800
µ
 
2,000
 
 
New York City Transitional Fin. Au. (Future Tax Secured), Subser. 2002-C2,
(LOC: Landesbank Hessen-Thueringen Girozentrale), 0.24%, due 8/1/31
 
2,000
µ
 
2,025
 
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
 
2,050
 
 
840
 
 
New York City Transitional Fin. Au. Rev. (NYC Rec.), Ser 2002-1D,
(LOC: Landesbank Hessen-Thueringen Girozentrale), 0.24%, due 11/1/22
 
840
µ
 
1,360
 
New York City Transitional Fin. Au. Rev. (NYC Rec.), Ser 2002-3B, (LOC: Wells Fargo Bank N.A.),
0.23%, due 11/1/22
 
1,360
µ
 
1,000
 
New York City Transitional Fin. Au. Rev. (NYC Rec.), Ser. 2002-1C, (LOC: JP Morgan Chase),
0.27%, due 11/1/22
 
1,000
µ
 
660
 
New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
 
0
#‡ 
 
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
 
2,109
 
 
1,675
 
New York St. Dorm. Au. Insured Rev. (Long Island Univ.), Ser. 2003-A, (Radian Insured), 5.25%, due 9/1/15
 
1,690
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
 
1,607
ß
 
3,000
 
New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17
 
3,111
ß
 
250
 
New York St. Dorm. Au. Rev. (Brookdale Hosp. Med. Ctr.), Ser. 1998-J, 5.20%, due 2/15/16
 
251
ß
 
1,125
 
New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16
 
1,276
 
 
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
 
1,982
ß
 
500
 
New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003, 5.00%, due 5/1/18
 
518
ß
 
2,855
 
New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured),
5.25%, due 11/1/15
 
3,042
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
 
2,430
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
 
1,021
 
 
2,445
 
New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.), Ser. 2002, (LOC: Allied Irish Banks), 4.60%, due 7/1/16
 
2,447
ß
 
500
 
New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 5.00%, due 7/1/24
 
537
ß
 
900
 
New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 5.00%, due 8/1/21
 
1,026
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
 
1,789
ß
 
2,000
 
 
New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group),
Ser. 2011-A, 4.38%, due 5/1/26
 
2,115
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
 
1,102
ß
 
975
 
New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24
 
1,069
ß
 
2,000
 
New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John’s Univ.), Ser. 2007-C,
 
2,379
ß
     
(National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
 
 
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
 
2,716
 
 
1,615
 
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29
 
1,693
 
 
1,230
 
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/23
 
1,392
 
 
 
See Notes to Schedule of Investments
 
20

 
 
Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
PRINCIPAL AMOUNT
 
(000’s omitted)
SECURITY
  VALUE
 
     (000’s omitted)z
       
     
$
1,295
 
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/24
$
1,467
 
 
1,475
 
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2007-B, 5.00%, due 4/1/20
 
1,705
 
 
1,090
 
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 5.00%, due 4/1/19
 
1,329
 
 
1,250
 
New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20
 
1,485
 
 
965
 
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A1, 5.00%, due 12/15/23
 
1,157
 
 
1,375
 
New York Tobacco Settlement Fin. Corp., Ser. 2003-B1C, 5.50%, due 6/1/22
 
1,447
 
 
640
 
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/25
 
698
Ø
 
300
 
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/26
 
325
Ø
 
1,715
 
Niagara Co. IDA Civic Fac. Rev. (Niagara Univ. Proj.), Ser. 2001-A, (Radian Insured), 5.50%, due 11/1/16
 
1,737
ß
 
1,000
 
Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19
 
1,192
ß
 
3,000
 
Port Au. of NY & NJ Rev. Consolidated Bonds, Ser. 2002, (AMBAC Insured), 5.50%, due 12/15/12
 
3,048
 
 
1,000
 
Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22
 
1,091
ß
 
1,575
 
Syracuse IDA Civic Fac. Rev. (Syracuse Univ. Proj.), Ser. 2008-A2, (LOC: JP Morgan Chase), 0.24%, due 12/1/37
 
1,575
µß 
 
1,570
 
Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 4.75%, due 1/1/24
 
1,690
 
 
2,000
 
Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23
 
2,309
 
 
1,535
 
Ulster Co. Res. Rec. Agcy. Solid Waste Sys. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 3/1/16
 
1,582
 
 
1,405
 
United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22
 
1,622
 
 
1,000
 
Westchester Co. IDA Continuing Care Retirement Comm. Rev. (Kendal on Hudson Proj.),
 
1,004
µß 
     
Ser. 2003-B, 6.50%, due 1/1/34 Putable 1/1/13
 
   
102,879
 
Pennsylvania (2.4%)
 
 
2,000
 
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 0.00%, due 12/1/34
 
1,842
bØØ 
     
 
 
Puerto Rico (10.2%)
 
 
2,000
 
Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25
 
1,976
 
 
1,500
 
 
Puerto Rico Commonwealth Gov’t Dev. Bank, Ser. 1985,
(National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15
 
1,539
 
 
1,050
 
Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (XLCA Insured), 5.50%, due 7/1/17
 
1,188
 
 
750
 
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
 
770
 
 
1,060
 
Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.),
Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/16
 
1,066
ß
 
1,000
 
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24
 
1,118
 
   
7,657
 
Tennessee (0.7%)
 
 
500
 
Tennessee St. Energy Acquisition Corp. Gas Rev., Ser. 2006-A, 5.25%, due 9/1/23
 
553
 
Texas (2.4%)
 
 
1,750
 
Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010, 5.25%, due 11/1/40
 
1,807
ß
     
Total Investments (165.0%) (Cost $121,124)
 
124,422
## 
     
Liabilities, less cash, receivables and other assets [(1.0%)]
 
(752
)
     
Liquidation Value of Auction Market Preferred Shares [(64.0%)]
 
(48,250
)
     
Total Net Assets Applicable to Common Shareholders (100.0%)
$
75,420
 
 
 
See Notes to Schedule of Investments
 
21

 
 
Notes to Schedule of Investments (Unaudited)
 
In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”), all investments held by each of Neuberger Berman California Intermediate Municipal Fund Inc. (“California”), Neuberger Berman Intermediate Municipal Fund Inc. (“Intermediate”), and Neuberger Berman New York Intermediate Municipal Fund Inc. (“New York”) (each individually a “Fund” and collectively, the “Funds”) are carried at the value that Neuberger Berman Management LLC (“Management”) believes a fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds’ investments, some of which are discussed below. Significant management judgment may be necessary to value investments in accordance with ASC 820.
 
 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
 
 
Level 1 – quoted prices in active markets for identical investments
 
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
 
Level 3 – significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
 
 
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
 
 
The value of the Funds’ investments in municipal securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 inputs used by an independent pricing service to value municipal securities include current trades, bid-wanted lists (which informs the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, and specific data on specialty issues.
 
 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
 
 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, the applicable Fund seeks to obtain quotations from principal market makers (generally considered Level 3 inputs). If such quotations are not readily available, the security is valued using methods the Fund’s Board of Directors (each Fund’s Board of Directors, a “Board”) has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security based on Level 2 or 3 inputs, including available analyst, media or other reports, trading in futures or ADRs and whether the issuer of the security being fair valued has other securities outstanding.
 
 
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

 
See Notes to Financial Statements
 
 
22

 
 
Notes to Schedule of Investments (Unaudited) (cont’d)
 
The following is a summary, categorized by Level, of inputs used to value the Funds’ investments as of April 30, 2012:
 
Asset Valuation Inputs
(000’s omitted)
 
Level 1
 
Level 2
 
Level 3
 
Total
California
Investments:
Municipal Notes^
 
$
   
$
145,505
   
$
   
$
145,505
 
Total Investments
   
     
145,505
     
     
145,505
 
Intermediate
Investments:
Municipal Notes^
   
     
469,014
     
     
469,014
 
Total Investments
   
     
469,014
     
     
469,014
 
New York
Investments:
Municipal Notes^
   
     
124,422
     
     
124,422
 
Total Investments
   
     
124,422
     
     
124,422
 
 
^
The Schedule of Investments provides information on the state categorization for the portfolio.
   
 
The Funds had no transfers between Levels 1 and 2 during the six months ended April 30, 2012.
   
##
At April 30, 2012, selected fund information on a U.S. federal income tax basis was as follows:

 
(000’s omitted)
 
Cost
 
Gross
Unrealized
Appreciation
 
Gross
Unrealized
Depreciation
 
Net
Unrealized
Appreciation
(Depreciation)
 
California
 
$
139,632
 
$
6,642
 
$
769
 
$
5,873
 
Intermediate
   
443,970