As filed with the Securities and Exchange Commission on July 5, 2013
 
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, 2013
 
Date of reporting period: April 30, 2013
 
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, 2013




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.

   

6

   

Intermediate Municipal Fund Inc.

   

10

   

New York Intermediate Municipal Fund Inc.

   

18

   

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 for each Fund

   

40

   

Directory

   

42

   

Proxy Voting Policies and Procedures

   

43

   

Quarterly Portfolio Schedule

   

43

   

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. ©2013 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, 2013. 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 maintain a conservative investment philosophy and disciplined investment process in pursuit of providing you superior tax-exempt current income over the long term with less volatility and risk.

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, 2013, on a net asset value ("NAV") basis, all three of the Neuberger Berman Intermediate Municipal Closed-End Funds posted positive returns and outperformed their benchmark, the Barclays 10 Year Municipal Bond Index. The California Intermediate Municipal Fund, Intermediate Municipal Fund and New York Intermediate Municipal Fund posted 2.36%, 3.11% and 2.24% total returns, respectively, whereas the benchmark generated a 2.15% return. The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) was beneficial for performance.

Despite several periods of weakness, the municipal market posted a positive return during the six months ended April 30, 2013. The market initially performed well due to relatively modest supply and robust demand. However, municipal bonds in general experienced a setback in late 2012, due to uncertainties surrounding their tax-favored status amid the fiscal cliff negotiations. The market then rallied in January and February 2013 as no changes were made to the tax-exempt status of municipal bonds. However, as is often the case, the municipal market sold off in March. This was triggered by an increase in supply, coupled with weaker demand as investors sold municipal bonds to meet their tax obligations. The market then ended the period on a positive note, as it generated solid results in April as demand resumed post tax season. Looking at the municipal market more closely, lower-quality securities outperformed their higher-quality counterparts as investors looked to generate incremental yield.

While we maintained long durations for the Funds during the reporting period, we tactically adjusted their positioning. We started the period with a long duration versus the index and then shortened it somewhat in the first quarter of 2013 given expected weakness during tax season. We then extended the Funds' duration post tax season and maintained this position for the remainder of the six-month term. Overall, duration did not meaningfully impact performance. 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. Given the strong performance of the intermediate portion of the curve, the Funds' barbell approach detracted from relative results.

The Funds maintained a lower quality bias compared to the benchmark as we sought to generate incremental yield. This was rewarded given the outperformance of lower-quality bonds during the reporting period. In addition, security selection contributed positively to results during the reporting period.

We have a generally positive outlook for the municipal market. The municipal yield curve remains steep from a historical perspective and appears attractively valued versus U.S. Treasuries and other taxable fixed income securities. Furthermore, with unemployment remaining elevated, the Federal Reserve appears to us likely to keep rates at their current ultra-low range for the foreseeable future. Given what we see as their compelling valuations versus other higher-quality fixed income securities, coupled with higher tax rates for upper income households, we anticipate demand for municipal bonds could be solid overall.

That being said, while no changes were made during the tax hike phase of the fiscal cliff negotiations, the tax-favored status of municipal bonds could again be on the table during discussions regarding federal government spending cuts. Against this backdrop, we could see periods of volatility in the municipal market going forward.

Sincerely,

 

 

JAMES L. ISELIN AND S. BLAKE MILLER
PORTFOLIO CO-MANAGERS

The portfolio composition, industries and holdings of the Funds are subject to change.

The opinions expressed are those of the Funds' portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The value of securities owned by the Funds as well as the market value of Fund shares may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; regulatory or legislative developments; price and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.


2



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

   

80.9

   

Florida

   

0.4

   

Guam

   

2.1

   

Illinois

   

0.8

   

Massachusetts

   

0.7

   

Nevada

   

0.8

   

New Jersey

   

0.6

   

North Carolina

   

0.5

   

Pennsylvania

   

1.4

   

Puerto Rico

   

9.6

   

Tennessee

   

0.4

   

Texas

   

1.3

   

Total

   

100.0

%

 

NEW YORK INTERMEDIATE

MUNICIPAL FUND PORTFOLIO

BY STATE AND TERRITORY

(as a % of Total Investments)

 

Arizona

   

0.4

%

 

California

   

3.1

   

Guam

   

2.4

   

Illinois

   

0.5

   

Massachusetts

   

0.8

   

Nevada

   

0.9

   

New York

   

82.7

   

Pennsylvania

   

1.6

   

Puerto Rico

   

6.0

   

Other

   

1.6

   

Total

   

100.0

%

 

PERFORMANCE HIGHLIGHTS1

    Inception   Six Month
Period Ended
  Average Annual Total Return
Ended 04/30/2013
 
At NAV2   

Date

 

04/30/2013

 

1 Year

 

5 Years

 

10 Years

 

Life of Fund

 
California Intermediate
Municipal Fund
 

09/24/2002

   

2.36

%

   

6.43

%

   

7.78

%

   

6.35

%

   

6.43

%

 

Intermediate Municipal Fund

 

09/24/2002

   

3.11

%

   

8.50

%

   

8.13

%

   

6.62

%

   

6.72

%

 
New York Intermediate
Municipal Fund
 

09/24/2002

   

2.24

%

   

5.76

%

   

6.73

%

   

5.92

%

   

5.95

%

 
At Market Price3   
California Intermediate
Municipal Fund
 

09/24/2002

   

-2.06

%

   

3.27

%

   

9.68

%

   

7.15

%

   

6.03

%

 

Intermediate Municipal Fund

 

09/24/2002

   

2.16

%

   

6.83

%

   

10.52

%

   

7.20

%

   

6.45

%

 
New York Intermediate
Municipal Fund
 

09/24/2002

   

0.24

%

   

5.34

%

   

9.53

%

   

6.51

%

   

5.75

%

 

Index

 
Barclays 10 Year
Municipal Bond Index4 
       

2.15

%

   

5.21

%

   

6.77

%

   

5.42

%

   

5.27

%

 

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 performance may be lower or higher than the performance data quoted. For more current performance data, 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.

The investment return and market price will fluctuate and common shares may trade at prices below NAV. Fund 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

   

0.8

%

 

Arizona

   

5.6

   

California

   

16.2

   

Colorado

   

1.8

   

District of Columbia

   

1.7

   

Florida

   

3.2

   

Guam

   

1.6

   

Hawaii

   

1.6

   

Illinois

   

8.7

   

Indiana

   

3.5

   

Iowa

   

2.5

   

Kentucky

   

0.0

   

Louisiana

   

0.8

   

Maine

   

0.5

   

Maryland

   

0.5

   

Massachusetts

   

4.5

   

Michigan

   

1.0

   

Minnesota

   

2.0

   

Mississippi

   

2.7

   

Missouri

   

2.2

   

Nevada

   

1.2

%

 

New Hampshire

   

1.2

   

New Jersey

   

3.5

   

New York

   

5.9

   

North Carolina

   

1.9

   

Ohio

   

0.5

   

Oregon

   

0.1

   

Pennsylvania

   

3.5

   

Puerto Rico

   

4.1

   

Rhode Island

   

1.8

   

Tennessee

   

1.2

   

Texas

   

6.3

   

Utah

   

1.3

   

Vermont

   

0.4

   

Virginia

   

0.4

   

Washington

   

1.5

   

West Virginia

   

0.3

   

Wisconsin

   

2.6

   

Other

   

0.9

   

Total

   

100.0

%

 


3



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 NAV of each Fund.

3  Returns based on the market price of Fund shares on the NYSE MKT.

4  Please see "Description of Index" starting on page 5 for a description of the index.

For more complete information on any of the Neuberger Berman Intermediate Municipal Closed-End Funds, call Management at (800) 877-9700, or visit our website at www.nb.com.


4



Description of Index

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.

 

Please note that the index does not take into account any fees and expenses or any tax consequences of investing in individual securities that it tracks and that individuals cannot invest directly in any index. Data about the performance of this index is prepared or obtained by Management and include reinvestment of all income dividends and distributions, if any. The Funds may invest in securities not included in the index and/or may not invest in all securities in the index.


5




Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited)

PRINCIPAL AMOUNT
(000's omitted)
  SECURITY
  VALUE
(000's omitted)z
 

Municipal Notes (166.1%)

     

Arizona (0.8%)

     

$

750

   

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

 

$

751

   

California (134.4%)

     
3,600
 
  Abag Fin. Au. for Nonprofit Corp. Rev. (Jewish Home San Francisco), Ser. 2005,
(LOC: Wells Fargo Bank N.A.), 0.16%, due 11/15/35
  3,600
 

µß

 
 

400

   

Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18

   

415

ß

 
 

1,500

   

Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21

   

1,876

   
500
 
  California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
  543
 

ß

 
 

2,000

   

California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17

   

2,076

   
 

725

   

California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42

   

755

   
2,000
 
  California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I,
4.95%, due 7/1/26 Putable 7/1/14
  2,102
 

µß

 
 

2,000

   

California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21

   

2,175

ß

 
 

1,000

   

California Hlth. Fac. Fin. Au. Rev. (Children Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26

   

1,132

ß

 
1,000
 
  California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev.
(King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
  1,083
 
 
500
 
  California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A,
5.00%, due 6/1/16
  515
 
 
 

375

   

California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/25

   

401

ß

 
 

410

   

California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/26

   

434

ß

 
 

455

   

California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/27

   

476

ß

 
 

1,040

   

California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21

   

1,146

ß

 
 

600

   

California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26

   

701

ß

 
 

555

   

California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.), Ser. 2012-AN, 5.00%, due 12/1/21

   

708

   
 

2,000

   

California St. Dept. of Wtr. Res. Supply Rev., Ser. 2010-L, 5.00%, due 5/1/22

   

2,469

   
 

20

   

California St. G.O., Ser. 2002, 5.00%, due 10/1/17

   

20

   
 

1,500

   

California St. G.O., Ser. 2012, 5.00%, due 2/1/27

   

1,754

   
 

2,000

   

California St. G.O. (Kindergarten Univ.), Ser. 2004, (LOC: Citibank N.A.), 0.16%, due 5/1/34

   

2,000

µ

 
 

2,000

   

California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27

   

2,122

ß

 
1,095
 
  California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B,
5.50%, due 6/1/20
  1,148
 
 
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
  1,004
 
 
 

1,000

   

California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21

   

1,161

   
835
 
  California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999,
5.38%, due 4/1/17
  838
 

ß

 
 

1,000

   

California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20

   

1,064

ß

 
 

1,220

   

California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18

   

1,316

ß

 
 

1,000

   

California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22

   

1,067

ß

 
 

880

   

California Statewide CDA Rev. (Lancer Ed. Std. Hsg. Proj.), Ser. 2007, 5.40%, due 6/1/17

   

939

ß

 
1,255
 
  California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009,
6.25%, due 11/15/19
  1,455
 

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
  1,734
 

ß

 
 

300

   

California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17

   

319

ß

 
1,500
 
  Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D, (AMBAC Insured),
0.00%, due 6/1/14
  1,463
 
 
 

350

   

Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/26

   

397

   
 

560

   

Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/27

   

631

   
1,365
 
  Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A,
5.00%, due 12/15/21
  1,435
 

ß

 
 

250

   

Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13

   

252

   
1,000
 
  Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured),
6.00%, due 2/1/17
  1,163
 
 

See Notes to Schedule of Investments


6



Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited) cont'd

PRINCIPAL AMOUNT
(000's omitted)
  SECURITY
  VALUE
(000's omitted)z
 

$

2,000
 
  Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010,
5.50%, due 12/1/24
 

$

2,098
 
 
1,000
 
  Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),
0.00%, due 8/1/40
  1,073
 

h

 
 

1,000

   

Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18

   

1,046

   
210
 
  JPMorgan Chase Putters/Drivers Trust Rev., Ser. 2012-4059, (LOC: JP Morgan Chase N.A.),
0.18%, due 5/1/13
  210
 

ñµ

 
 

1,105

   

Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26

   

1,242

   
 

1,130

   

Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17

   

1,184

   
3,900
 
  Los Angeles Co. Metro. Trans. Au. Sales Tax Prop. A First Tier Sr. Rev., Ser. 2012-A,
5.00%, due 7/1/21
  4,955
 
 
 

2,050

   

Los Angeles Dept. of Wtr. & Pwr. Rev., Ser. 2012-A, 5.00%, due 7/1/24

   

2,549

   
 

2,000

   

Los Angeles G.O., Ser. 2012-A, 5.00%, due 9/1/20

   

2,489

   
 

2,000

   

Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27

   

2,283

   
 

500

   

Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27

   

542

ß

 
 

1,070

   

Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19

   

901

   
 

1,000

   

Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22

   

1,087

   
 

500

   

Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18

   

482

   
 

500

   

Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19

   

474

   
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
  1,294
 
 
 

1,490

   

Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24

   

1,599

   
 

1,500

   

Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25

   

1,668

   
 

555

   

Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 4.00%, due 9/1/21

   

565

   
 

600

   

Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 5.00%, due 9/1/25

   

633

   
 

440

   

Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17

   

450

   
1,000
 
  Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),
5.25%, due 12/1/24
  1,196
 
 
400
 
  Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),
5.25%, due 12/1/26
  473
 
 
 

2,600

   

Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17

   

3,086

   
1,350
 
  San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A,
6.25%, due 8/1/24 Pre-Refunded 8/1/18
  1,725
 
 
400
 
  San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured),
5.25%, due 2/15/19
  449
 
 
 

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

   
 

750

   

San Francisco City & Co. Arpts. Commission Int'l Ref. Rev., Ser. 2009-D2, 3.00%, due 5/1/21

   

807

   
 

1,000

   

San Francisco City & Co. Arpts. Commission Int'l Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21

   

1,208

   
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
  2,132
 
 
 

2,000

   

San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25

   

2,192

   
925
 
  San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured),
4.95%, due 12/1/22
  928
 

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
  1,106
 
 
 

1,000

   

San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/22

   

1,164

   
 

1,070

   

San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/25

   

1,201

   
1,000
 
  San Mateo Union High Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A,
0.00%, due 9/1/25
  576
 
 
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
  915
 
 
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
  1,572
 
 
310
 
  Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,
(BAM Insured), 3.25%, due 6/1/25
  304
 
 
575
 
  Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,
(BAM Insured), 3.50%, due 6/1/26
  566
 
 
325
 
  Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,
(BAM Insured), 3.50%, due 6/1/27
  316
 
 

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
 

$

270
 
  Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,
(BAM Insured), 3.50%, due 6/1/28
 

$

260
 
 
 

1,000

   

Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27

   

997

   
 

525

   

Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.40%, due 7/1/13

   

527

   
 

505

   

Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14

   

517

   
460
 
  South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1), Ser. 2002,
(XLCA Insured), 5.00%, due 9/1/16
  467
 
 
 

1,550

   

St. Helena Unified Sch. Dist. G.O. (Election 2012), Ser. 2013-A-1, 0.00%, due 8/1/27

   

1,100

m

 
1,000
 
  Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013,
5.00%, due 8/1/26
  1,069
 
 
1,500
 
  Sulphur Springs Union Sch. Dist. Cert. of Participation (Cap. Appreciation), Ser. 2010,
(AGM Insured), 0.00%, due 12/1/37
  1,554
 

c

 
 

1,250

   

Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21

   

1,364

   
 

1,300

   

Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20

   

1,336

   
 

2,000

   

Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21

   

2,268

   
3,000
 
  Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,
0.00%, due 8/1/37
  2,536
 

i

 
 

1,500

   

Vista Unified Sch. Dist. G.O, Ser. 2012, 5.00%, due 8/1/21

   

1,843

   
3,500
 
  William S. Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B,
(AGM Insured), 0.00%, due 9/1/26
  2,078
 
 
2,250
 
  Wiseburn Sch. Dist. G.O. Cap Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),
0.00%, due 8/1/36
  1,281
 

j

 
     

117,478

   

Florida (0.7%)

     
 

525

   

Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24

   

599

ß

 

Guam (3.5%)

     
 

1,110

   

Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18

   

1,263

   
 

700

   

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

   

736

   
 

1,000

   

Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25

   

1,085

   
     

3,084

   

Illinois (1.3%)

     
 

585

   

Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17

   

604

   
 

500

   

Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40

   

549

ß

 
     

1,153

   

Massachusetts (1.2%)

     
 

1,000

   

Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30

   

1,054

   

Nevada (1.3%)

     
 

1,000

   

Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23

   

1,144

   

New Jersey (0.9%)

     
 

750

   

New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23

   

778

ß

 

North Carolina (0.9%)

     
750
 
  North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev.
(Lutheran Svcs. for Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/24
  758
 

ß

 

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
 

Pennsylvania (2.3%)

     

$

2,000
 
  Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
 

$

2,015
 

b

 

Puerto Rico (15.9%)

     
 

2,000

   

Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25

   

1,834

   
1,230
 
  Puerto Rico Commonwealth Gov't Dev. Bank, Ser. 1985,
(National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15
  1,246
 
 
 

1,500

   

Puerto Rico Elec. Pwr. Au. Rev., Ser. 2007-VV, 5.50%, due 7/1/20

   

1,639

   
 

1,000

   

Puerto Rico Elec. Pwr. Au. Rev., Ser. 2010-XX, 5.25%, due 7/1/35

   

1,001

   
400
 
  Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Int'l American Univ. Proj.), Ser. 2012,
5.00%, due 10/1/21
  446
 

ß

 
 

1,000

   

Puerto Rico Ind., Tourist, Ed., Med. & Env. Ctrl. Fac. Rev.

   

1,002

ß

 
       

(Polytechnic Univ. of Puerto Rico Proj.), 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

   

3,006

   
 

1,000

   

Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21

   

1,001

   
 

900

   

Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2011-C, 5.00%, due 8/1/21

   

1,070

   
 

1,500

   

Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24

   

1,624

   
     

13,869

   

Tennessee (0.7%)

     
 

500

   

Tennessee St. Energy Acquisition Corp. Gas Rev., Ser. 2006-A, 5.25%, due 9/1/23

   

592

   

Texas (2.2%)

     
1,750
 
  Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010,
5.25%, due 11/1/40
  1,906
 

ß

 
       

Total Investments (166.1%) (Cost $137,551)

   

145,181

##

 
       

Cash, receivables and other assets, less liabilities (1.4%)

   

1,243

   
       

Liquidation Value of Auction Market Preferred Shares [(67.5%)]

   

(59,000

)

 
       

Total Net Assets Applicable to Common Shareholders (100.0%)

 

$

87,424

   

See Notes to Schedule of Investments


9



Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited)

PRINCIPAL AMOUNT
(000's omitted)
  SECURITY
  VALUE
(000's omitted)z
 

Municipal Notes (160.0%)

     

Alabama (1.2%)

     

$

1,500

   

Courtland IDB Solid Waste Disp. Rev. (Champion Int'l Corp. Proj.), Ser. 1999, 6.00%, due 8/1/29

 

$

1,507

ß

 
 

1,900

   

Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35

   

2,107

ß

 
     

3,614

   

Arizona (8.9%)

     
5,000
 
  Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured),
5.13%, due 9/1/21
  5,868
 
 
 

2,265

   

Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22

   

2,699

   
5,870
 
  Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.),
Ser. 2008, 7.50%, due 5/1/19
  7,353
 

ß

 
 

1,500

   

Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28

   

1,509

ß

 
 

400

   

Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24

   

453

   
 

1,450

   

Pima Co. Swr. Rev., Ser. 2012-A, 5.00%, due 7/1/27

   

1,710

   
 

1,840

   

Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18

   

1,955

   
 

1,155

   

Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22

   

1,225

   
 

1,750

   

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

   

1,752

   
 

2,325

   

Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18

   

2,276

   
     

26,800

   

California (26.0%)

     
 

1,085

   

California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42

   

1,131

   
 

2,250

   

California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39

   

2,476

ß

 
1,000
 
  California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A,
5.00%, due 11/15/26
  1,132
 

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
  1,868
 
 
 

1,685

   

California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27

   

1,814

   
 

1,845

   

California St. G.O., Ser. 2005, 5.00%, due 3/1/19

   

1,981

   
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
  1,506
 
 
 

4,000

   

California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25

   

4,859

   
 

1,500

   

California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21

   

1,742

   
 

1,035

   

California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18

   

1,116

ß

 
 

2,000

   

Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33

   

2,476

   
1,515
 
  Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev., Ser. 2003-A1,
6.25%, due 6/1/33 Pre-Refunded 6/1/13
  1,522
 
 
2,000
 
  Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A,
(AGM Insured), 0.00%, due 8/1/40
  2,145
 

h

 
 

1,000

   

Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/16

   

1,041

   
 

1,950

   

Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/17

   

2,037

   
 

1,115

   

Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/18

   

1,166

   
3,620
 
  Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),
0.00%, due 8/1/24
  2,363
 
 
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
  4,218
 

d

 
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
  2,086
 
 
 

5,000

   

Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34

   

5,150

e

 
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
  1,840
 
 
4,000
 
  Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),
5.25%, due 12/1/26
  4,727
 
 
2,000
 
  San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B,
0.00%, due 8/1/34
  1,747
 

f

 

See Notes to Schedule of Investments


10



Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) cont'd

PRINCIPAL AMOUNT
(000's omitted)
  SECURITY
  VALUE
(000's omitted)z
 

$

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
  2,363
 
 
6,000
 
  San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A,
0.00%, due 8/1/32
  3,956
 

g

 
 

2,000

   

St. Helena Unified Sch. Dist. G.O. (Election 2012), Ser. 2013-A1, 0.00%, due 8/1/27

   

1,420

m

 
1,540
 
  Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013,
5.00%, due 8/1/26
  1,647
 
 
 

3,000

   

Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21

   

3,401

   
9,070
 
  Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,
0.00%, due 8/1/37
  7,668
 

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
  2,980
 
 
3,000
 
  Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),
0.00%, due 8/1/36
  1,708
 

j

 
     

78,027

   

Colorado (2.9%)

     
 

380

   

Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13

   

395

   
 

5,000

   

Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24

   

5,900

   
 

2,550

   

Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23

   

2,562

   
     

8,857

   

District of Columbia (2.8%)

     
1,615
 
  Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured),
4.10%, due 12/1/26
  1,757
 

ß

 
 

3,035

   

Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22

   

3,073

ß

 
 

1,000

   

Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2008-A, 5.50%, due 10/1/18

   

1,219

   
 

2,000

   

Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/26

   

2,350

   
     

8,399

   

Florida (5.2%)

     
 

1,000

   

Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26

   

1,151

   
2,285
 
  Eclipse Funding Trust Var. Sts. Rev. (Solar Eclipse Miami-Dade Co.), Ser. 2007-0045,
(LOC: U.S. Bank), 0.20%, due 4/1/37
  2,285
 

ñµ

 
1,000
 
  Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.), Ser. 2012-A,
5.50%, due 6/15/22
  1,001

ß

 
 

1,710

   

Florida St. Muni. Loan Council Rev., Ser. 2012, (AGM Insured), 5.00%, due 5/1/20

   

2,015

   
 

1,795

   

Florida St. Muni. Loan Council Rev., Ser. 2012, (AGM Insured), 5.00%, due 5/1/21

   

2,123

   
1,000
 
  Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B,
8.00%, due 8/15/32 Pre-Refunded 8/15/19
  1,417
 

ß

 
 

1,135

   

Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27

   

1,267

ß

 
 

2,000

   

Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25

   

2,374

ØØ

 
2,000
 
  Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013,
4.20%, due 12/15/25
  2,013
 

ß

 
     

15,646

   

Guam (2.6%)

     
 

1,220

   

Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/20

   

1,430

   
 

650

   

Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/21

   

763

   
 

2,550

   

Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 6.00%, due 7/1/25

   

2,661

   
 

2,630

   

Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25

   

2,853

   
     

7,707

   

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
 

Hawaii (2.6%)

     

$

5,200

   

Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24

 

$

5,582

   
2,000
 
  Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009,
6.50%, due 7/1/39
  2,337
 

ß

 
     

7,919

   

Illinois (14.0%)

     
 

3,460

   

Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17

   

3,571

   
 

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
  2,292
 
 
5,130
 
  Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002,
4.30%, due 11/1/36 Putable 11/1/13
  5,207

µß

 
 

1,875

   

Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16

   

2,034

ß

 
 

4,000

   

Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24

   

4,547

ß

 
 

1,960

   

Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40

   

2,151

ß

 
 

5,840

   

Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22

   

7,108

ß

 
3,000
 
  Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.) (Unrefunded Bal.), Ser. 1997-A,
(National Public Finance Guarantee Corp. Insured), 6.00%, due 7/1/14
  3,197
 

ß

 
1,670
 
  Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured),
5.50%, due 6/15/17
  1,989
 
 
1,905
 
  Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured),
0.00%, due 6/15/26
  1,169
 
 
 

3,900

   

Illinois St. G.O., Ser. 2012, 4.00%, due 8/1/25

   

4,047

   
 

2,110

   

Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26

   

2,374

ßØØ

 
 

1,850

   

Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31

   

2,233

   
     

42,100

   

Indiana (5.6%)

     
 

4,000

   

Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29

   

4,477

ß

 
500
 
  Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A,
5.00%, due 6/1/32
  541
 

ß

 
4,000
 
  Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B,
5.00%, due 2/15/21
  4,396
 

ßØØ

 
1,300
 
  Indiana St. Fin. Au. Rev. (Lease Appropriation), Ser. 2008-A-1, (LOC: JPMorganChase Bank N.A.),
0.18%, due 2/1/39
  1,300
 

µ

 
3,055
 
  Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B,
(National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21
  4,025
 
 
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
  2,006
 

ß

 
     

16,745

   

Iowa (4.1%)

     
 

1,000

   

Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15

   

1,061

   
 

5,110

   

Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22

   

6,226

   
 

3,445

   

Iowa Std. Loan Liquidity Corp. Rev., Ser. 2011-A1, 5.00%, due 12/1/21

   

3,930

   
1,005
 
  Kirkwood Comm. College Iowa New Jobs Training Cert. G.O. (Merged Area X), Ser. 2007-1B,
5.00%, due 6/1/17
  1,071
 
 
     

12,288

   

Kentucky (0.0%)

     
 

10

   

Shelby Co. Lease Rev., Ser. 2004-A, (LOC: U.S. Bank), 0.18%, due 9/1/34

   

10

µ

 

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
 

Louisiana (1.4%)

     

$

1,500
 
  Louisiana Local Gov't Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2,
6.50%, due 11/1/35
 

$

1,790

ß

 
 

2,300

   

Louisiana Pub. Facs. Au. Rev. (Air Prods. & Chemicals, Inc. Proj.), Ser. 2008-C, 0.17%, due 12/1/43

   

2,300

µß

 
     

4,090

   

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
  2,494
 

µß

 

Maryland (0.8%)

     
2,400
 
  Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005,
(Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23
  2,534
 

µß

 

Massachusetts (7.2%)

     
 

3,555

   

Massachusetts St. Ed. Fin. Au. Rev., Ser. 2011-J, 5.00%, due 7/1/23

   

3,915

   
 

5,000

   

Massachusetts St. Ed. Fin. Au. Rev., Ser. 2012-J, 4.70%, due 7/1/26

   

5,227

   
 

5,000

   

Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25

   

5,319

   
 

1,375

   

Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30

   

1,449

   
530
 
  Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Reg. Hosp.), Ser. 1998-C,
5.75%, due 7/15/13
  531
 

ß

 
 

5,030

   

Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19

   

5,048

   
140
 
  Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.), Ser. 2001-7,
5.25%, due 2/1/16
  141
 
 
     

21,630

   

Michigan (1.7%)

     
1,515
 
  Lakewood Pub. Schs. G.O. (Putters), Ser. 2008-2624Z, (LOC: JPMorgan Chase Bank N.A.),
0.18%, due 5/1/29
  1,515
 

µ

 
 

2,000

   

Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20

   

2,017

   
 

430

   

Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15

   

438

   
 

1,000

   

Univ. of Michigan Rev., Ser. 2012-B, (LOC: Northern Trust Co.), 0.16%, due 4/1/42

   

1,000

µ

 
     

4,970

   

Minnesota (3.3%)

     
 

2,000

   

Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17

   

2,219

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
  2,564
 

ß

 
 

2,540

   

St. Paul Port Au. Lease Rev. (Office Bldg.), Ser. 2002, 5.00%, due 12/1/17

   

2,549

   
2,500
 
  Wayzata Sr. Hsg. Enhanced Deposit Rev. (Folkestone Sr. Living Comm.), Ser. 2012-B,
4.88%, due 5/1/19
  2,515

ß

 
     

9,847

   

Mississippi (4.3%)

     
 

4,000

   

Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24

   

4,494

ß

 
 

500

   

Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15

   

552

ß

 
 

6,495

   

Mississippi St. Dev. Bank Spec. Oblig. Ref. Rev. (Madison Co. Hwy. Proj.), Ser. 2013-C,

   

8,007

Ø

 
       

5.00%, due 1/1/27

         
     

13,053

   

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
 

Missouri (3.4%)

     

$

3,495
 
  Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Proj.), Ser. 2002-B, (AGM Insured),
5.25%, due 10/1/16
 

$

3,566
 
 
750
 
  Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B,
5.50%, due 7/1/16
  753
 
 
 

2,275

   

Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children's Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24

   

2,506

ß

 
 

145

   

Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16

   

145

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

   

3,282

   
     

10,362

   

Nevada (1.9%)

     
 

1,635

   

Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17

   

1,797

   
 

3,545

   

Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23

   

4,055

   
     

5,852

   

New Hampshire (1.9%)

     
 

2,600

   

New Hampshire Hlth. & Ed. Facs. Au. Rev. (Dartmouth-Hitchcock Clinic), Ser. 2009, 5.00%, due 8/1/19

   

2,733

ß

 
 

3,000

   

New Hampshire Hlth. & Ed. Facs. Au. Rev. (Univ. Sys. of New Hampshire), Ser. 2011-B, 0.18%, due 7/1/33

   

3,000

µß

 
     

5,733

   

New Jersey (5.6%)

     
 

2,500

   

New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23

   

2,593

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
  6,955
 

ß

 
 

7,000

   

New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26

   

7,413

   
     

16,961

   

New York (9.5%)

     
 

1,320

   

Build NYC Res. Corp. Rev. (Int'l Leadership Charter Sch. Proj.), Ser. 2013, 5.00%, due 7/1/23

   

1,330

ß

 
500
 
  JPMorganChase Putters/Drivers Trust Var. Sts. G.O. (Putters), Ser. 2012-4075,
(LOC: JPMorganChase Bank N.A.), 0.18%, due 8/1/13
  500
 

ñµ

 
 

320

   

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

   

324

   
300
  Nassau Co. IDA Civic Fac. Rev. Ref. & Impt. (Cold Spring Harbor Laboratory), Ser. 1999,
(LOC: TD Bank N.A.), 0.17%, due 1/1/34
  300
 

µß

 
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
  2,590
 

ß

 
3,500
 
  New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., (Second Generation Rev. Bonds),
Ser. 2010-DD1, (LOC: TD Bank N.A.), 0.17%, due 6/15/43
  3,500
 

µ

 
900
 
  New York City Transitional Fin. Au. Rev. (Future Tax Secured), Ser. 2002-A4, (LOC: TD Bank N.A.),
0.17%, due 11/1/29
  900
 

µ

 
 

140

   

New York G.O. (Unrefunded Bal.), Ser. 2002-C, 5.50%, due 8/1/15

   

141

   
 

1,100

   

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

   

0

#‡

 
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
  4,406
 

ß

 
 

2,000

   

New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41

   

2,206

   
 

2,000

   

New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20

   

2,412

   
 

710

   

Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20

   

793

   
 

495

   

Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/20

   

553

   
 

520

   

Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/21

   

578

   
 

550

   

Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/22

   

608

   
 

1,435

   

Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23

   

1,661

ß

 
 

3,000

   

Tobacco Settlement Fin. Corp., Ser. 2003-B-1C, 5.50%, due 6/1/21

   

3,012

   
 

2,515

   

Triborough Bridge & Tunnel Au. Rev., Ser. 2013-A, 4.00%, due 11/15/27

   

2,747

   
     

28,561

   

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
 

North Carolina (3.0%)

     

$

1,835
 
  North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.),
Ser. 2012-A, 4.25%, due 3/1/24
 

$

1,854
 

ß

 
 

5,250

   

North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev., Ser. 2009-A, 5.00%, due 1/1/26

   

6,019

   
 

1,000

   

Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24

   

1,199

   
     

9,072

   

Ohio (0.8%)

     
 

2,060

   

Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27

   

2,359

ØØ

 

Oregon (0.2%)

     
 

500

   

Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/27

   

505

   

Pennsylvania (5.6%)

     
 

565

   

Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, due 7/1/18 Pre-Refunded 7/1/13

   

570

   
435
 
  Delaware River Joint Toll Bridge Comm. Sys. Rev. (Unrefunded Bal.), Ser. 2003,
5.25%, due 7/1/18 Pre-Refunded 7/1/13
  438
 
 
 

500

   

Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.50%, due 5/1/25

   

509

ß

 
 

350

   

Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.60%, due 5/1/26

   

357

ß

 
 

2,000

   

Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22

   

2,161

ß

 
 

3,430

   

Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27

   

3,591

   
2,625
 
  Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A,
5.00%, due 11/1/24
  3,080
 

ß

 
 

1,000

   

Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,

   

1,007

b

 
       

0.00%, due 12/1/34

 

 

 
 

275

   

Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 4.00%, due 4/1/17

   

282

ß

 
 

895

   

Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.00%, due 4/1/22

   

959

ß

 
 

415

   

Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.50%, due 4/1/27

   

451

ß

 
1,100
 
  Philadelphia Hosp. & Higher Ed. Facs. Au. Rev. (Children's Hosp.), Ser. 2005-A,
(LOC : Wells Fargo Bank N.A.), 0.17%, due 2/15/21
  1,100
 

µ

 
 

2,000

   

Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27

   

2,176

   
     

16,681

   

Puerto Rico (6.5%)

     
 

6,000

   

Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25

   

5,501

   
 

7,000

   

Puerto Rico Commonwealth G.O. Ref. (Pub. Imp.), Ser. 2012-A, 5.50%, due 7/1/26

   

7,146

   
 

5,000

   

Puerto Rico Commonwealth Gov't Dev. Bank Rev. Ref., Ser. 1985,

   

5,066

   
       

(National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15

 

 

 
 

750

   

Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35

   

750

   
 

1,000

   

Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2011-C, 5.00%, due 8/1/21

   

1,188

   
     

19,651

   

Rhode Island (2.9%)

     
4,000
 
  Rhode Island St. Hsg. & Mtge. Fin. Corp. Rev. (Homeownership Opportunity), Ser. 2012-63-A,
3.50%, due 10/1/27
  4,094
 
 
 

2,650

   

Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2013-A, 3.75%, due 12/1/26

   

2,639

   
 

2,135

   

Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2013-A, 3.75%, due 12/1/27

   

2,097

   
     

8,830

   

Tennessee (1.9%)

     
 

2,705

   

Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19

   

3,293

   
 

2,000

   

Tennessee St. Energy Acquisition Corp. Gas Rev., Ser. 2006-A, 5.25%, due 9/1/23

   

2,370

   
     

5,663

   

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
 

Texas (10.1%)

     

$

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
 

$

4,157
 

ß

 
 

1,050

   

Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22

   

1,063

ß

 
 

1,935

   

Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004-B, (AGM Insured), 5.50%, due 11/1/18

   

2,065

   
 

2,000

   

Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42

   

2,012

ß

 
 

500

   

Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25

   

516

ß

 
 

2,300

   

Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18

   

2,809

   
 

2,900

   

Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33

   

3,286

   
 

610

   

HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15

   

635

ß

 
 

650

   

Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 4.00%, due 2/15/22

   

677

ß

 
 

1,000

   

Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 5.00%, due 2/15/32

   

1,088

ß

 
 

1,000

   

Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20

   

1,178

   
 

3,000

   

North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23

   

3,588

   
50
 
  Northwest Texas Independent Sch. Dist. Sch. Bldg. (Unrefunded Bal.), Ser. 2002, (PSF Insured),
5.50%, due 8/15/17
  50
 
 
 

3,000

   

Port of Port Arthur Navigation Dist. Rev. (Motiva Enterprises), Ser. 2009-A, 0.17%, due 12/1/39

   

3,000

µß

 
 

1,200

   

Port of Port Arthur Navigation Dist. Rev. (Motiva Enterprises), Subser. 2010-D, 0.17%, due 11/1/40

   

1,200

µß

 
500
 
  San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ. Proj.), Ser. 2007,
5.00%, due 6/1/19
  553
 

ß

 
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
  1,093
 

ß

 
 

1,175

   

West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35

   

1,336

   
     

30,306

   

Utah (2.2%)

     
 

3,000

   

Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28

   

3,557

ß

 
 

1,200

   

Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20

   

1,379

   
 

445

   

Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.00%, due 7/1/20

   

474

   
 

400

   

Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.25%, due 7/1/21

   

433

   
 

575

   

Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/22

   

622

   
     

6,465

   

Vermont (0.6%)

     
 

1,600

   

Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2012-A, 5.00%, due 6/15/21

   

1,759

   

Virginia (0.7%)

     
1,000
 
  Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A,
4.00%, due 12/1/22
  1,009
 

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
  1,036
 

ß

 
     

2,045

   

Washington (2.4%)

     
 

1,000

   

Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2003, 6.00%, due 12/1/23

   

1,020

   
 

1,600

   

Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25

   

1,769

   
 

1,625

   

Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2003, 6.00%, due 12/1/18

   

1,663

   
 

2,525

   

Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29

   

2,798

ß

 
     

7,250

   

West Virginia (0.4%)

     
 

1,000

   

West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19

   

1,184

   

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
 

Wisconsin (4.2%)

     

$

1,100

   

Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35

 

$

1,249

ß

 
 

1,225

   

Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39

   

1,386

ß

 
 

1,000

   

Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Franciscan Sisters Hlth. Care), Ser. 2007, 5.00%, due 9/1/14

   

1,051

ß

 
 

5,000

   

Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30

   

5,646

ß

 
 

3,000

   

Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29

   

3,311

ß

 
     

12,643

   

Other (0.8%)

     
 

3,000

   

Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37

   

2,441

#

 
       

Total Municipal Notes (Cost $444,500)

   

481,053

   

Miscellaneous (0.7%)

     

Real Estate (0.7%)

     
 

2,000

    Munimae TE Bond Subsidiary LLC, Unsecured Notes, 5.00%, due 4/30/28 (Cost $2,000)    

2,001

#

 
       

Total Investments (160.7%) (Cost $446,500)

   

483,054

##

 
       

Liabilities, less cash, receivables and other assets [(1.0%)]

   

(3,036

)

 
       

Liquidation Value of Auction Market Preferred Shares [(59.7%)]

   

(179,400

)

 
       

Total Net Assets Applicable to Common Shareholders (100.0%)

 

$

300,618

   

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)z
 

Municipal Notes (160.0%)

     

Arizona (0.7%)

     

$

500

   

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

 

$

501

   

California (5.0%)

     
3,115
  Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured),
0.00%, due 8/1/24
  2,146
 
 

1,470

   

Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25

   

1,635

   
     

3,781

   

Guam (3.8%)

     
 

1,135

   

Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19

   

1,313

   
 

500

   

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

   

525

   
 

1,000

   

Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25

   

1,085

   
     

2,923

   

Illinois (0.8%)

     
 

585

   

Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17

   

604

   

Massachusetts (1.4%)

     
 

1,000

   

Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30

   

1,054

   

Nevada (1.5%)

     
 

1,000

   

Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23

   

1,144

   

New York (134.5%)

     
 

1,000

   

Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/22

   

1,144

   
 

1,000

   

Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/23

   

1,135

   
 

1,390

   

Brookhaven NY G.O. (Pub. Imp.), Ser. 2013-A, 3.00%, due 9/15/27

   

1,415

   
 

600

   

Build NYC Res. Corp. Rev. (Int'l Leadership Charter Sch. Proj.), Ser. 2013, 5.00%, due 7/1/23

   

605

ß

 
 

500

   

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

   

529

ß

 
 

500

   

Clarkstown Central Sch. Dist. G.O., Ser. 2012, 4.00%, due 10/15/19

   

576

   
 

1,000

   

Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21

   

1,187

ß

 
 

1,050

   

Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25

   

1,240

   
 

1,270

   

Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21

   

1,517

ß

 
 

1,500

   

Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23

   

1,786

ß

 
 

580

   

Islip, G.O., Ser. 2012, 3.00%, due 8/1/25

   

603

   
 

1,050

   

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

   

1,174

   
 

365

   

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

   

370

   
 

2,000

   

Metropolitan Trans. Au. Rev., Ser. 2012-F, 5.00%, due 11/15/21

   

2,467

   
 

1,000

   

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

   

1,087

ß

 
 

1,120

   

Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/23

   

1,304

ß

 
 

210

   

Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/25

   

240

ß

 
 

1,000

   

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

   

1,022

   
 

950

   

New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22

   

1,153

   
 

1,000

   

New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21

   

1,215

   
 

1,925

   

New York City G.O., Subser. 2012-G1, 5.00%, due 4/1/27

   

2,295

   
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
  1,004

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
  1,034

ß

 
1,560
  New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured),
5.00%, due 6/1/22
  1,564

ß

 

See Notes to Schedule of Investments


18



Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited) cont'd

PRINCIPAL AMOUNT
(000's omitted)
  SECURITY
  VALUE
(000's omitted)z
 

$

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
 

$

2,195

µß

 
960
  New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 1992-A, (AMBAC Insured),
5.88%, due 6/15/13
  966
 
 

2,000

   

New York City Transitional Fin. Au. Rev. (Future Tax Secured), Ser. 2011-C, 5.00%, due 11/1/27

   

2,401

   
 

2,000

   

New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35

   

2,381

ß

 
 

660

   

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

   

0

#‡

 
 

2,375

   

New York St. Bridge Au. Rev., Ser. 2012, 4.00%, due 1/1/21

   

2,725

   
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
  2,004
 
 

3,000

   

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

   

3,011

ß

 
 

250

   

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

   

251

ß

 
 

1,115

   

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

   

1,234

   
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
  1,983

ß

 
500
  New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003,
5.00%, due 5/1/18
  502

ß

 
2,855
  New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured),
5.25%, due 11/1/15
  2,920

ß

 
10
  New York St. Dorm. Au. Rev. (Sch. Dist. Fin. Proj.), Ser. 2002-A,
(National Public Finance Guarantee Corp. Insured), 5.75%, due 10/1/17
  10
 
1,910
  New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.), Ser. 2002, (LOC: Allied Irish Banks),
4.60%, due 7/1/16
  1,911

ß

 
500
  New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College),
Ser. 2009, 5.00%, due 7/1/24
  552

ß

 
650
  New York St. Dorm. Au. Rev. Non St. Supported Debt (Miriam Osborn Mem. Home Assoc.), Ser. 2012,
5.00%, due 7/1/27
  712

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
  1,039

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
  1,795

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
  2,150

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
  1,107

ß

 
920
  New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B,
5.25%, due 7/1/24
  1,003

ß

 
2,000
  New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John's Univ.), Ser. 2007-C,
(National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
  2,448

ß

 
 

2,000

   

New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26

   

2,442

   
 

2,000

   

New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-D, 3.00%, due 2/15/21

   

2,209

   
 

2,000

   

New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26

   

2,259

   
 

1,615

   

New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29

   

1,779

   
 

960

   

New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27

   

965

   
 

1,230

   

New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/23

   

1,433

   
 

1,295

   

New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/24

   

1,499

   
 

1,475

   

New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2007-B, 5.00%, due 4/1/20

   

1,739

   
 

1,090

   

New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 5.00%, due 4/1/19

   

1,326

   
 

1,250

   

New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20

   

1,507

   
 

965

   

New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A1, 5.00%, due 12/15/23

   

1,134

   
 

1,375

   

New York Tobacco Settlement Fin. Corp., Ser. 2003-B1C, 5.50%, due 6/1/22

   

1,381

   
 

785

   

Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22

   

868

   
 

640

   

Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/25

   

727

ß

 
 

300

   

Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/26

   

339

ß

 
 

1,000

   

Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19

   

1,216

ß

 
 

3,000

   

Port Au. New York & New Jersey Cons. Bonds, Ser. 2012-175, 3.00%, due 12/1/27

   

3,042

   
 

1,000

   

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

   

1,106

ß

 
1,570
  Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured),
4.75%, due 1/1/24
  1,673
 
 

1,765

   

Triborough Bridge & Tunnel Au. Rev., Ser. 2012-A, 2.63%, due 11/15/24

   

1,776

   

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
 

$

1,235

   

Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23 Pre-Refunded 11/15/18

 

$

1,513

   
 

765

   

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

   

911

   
 

1,750

   

Triborough Bridge & Tunnel Au. Rev., Subser. 2013-A, 4.00%, due 11/15/27

   

1,912

   
 

305

   

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

   

306

   
 

1,405

   

United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22

   

1,619

   
1,000
  Westchester Co. IDA Continuing Care Retirement Comm. Rev. (Kendal on Hudson Proj.),
Ser. 2003-B, 2.00%, due 1/1/34 Putable 1/1/14
  1,000

µß

 
 

1,350

   

Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28

   

1,490

ß

 
     

102,137

   

Pennsylvania (2.6%)

     
2,000
  Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
  2,015

b

 

Puerto Rico (9.7%)

     
 

2,000

   

Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25

   

1,834

   
1,500
  Puerto Rico Commonwealth Gov't Dev. Bank, Ser. 1985,
(National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15
  1,520
 
 

1,050

   

Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (XLCA Insured), 5.50%, due 7/1/17

   

1,125

   
 

750

   

Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35

   

750

   
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
  1,062

ß

 
 

1,000

   

Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24

   

1,083

   
     

7,374

   
 

 

   

Total Municipal Notes (Cost $116,107)

   

121,533

   

Miscellaneous (2.5%)

     

Real Estate (2.5%)

     
 

1

    CMS Liquidating Trust (Cost $3,106)    

1,920

#*

 
 

 

   

Total Investments (162.5%) (Cost $119,213)

   

123,453

##

 
       

Cash, receivables and other assets, less liabilities (1.0%)

   

759

   
       

Liquidation Value of Auction Market Preferred Shares [(63.5%)]

   

(48,250

)

 
 

 

   

Total Net Assets Applicable to Common Shareholders (100.0%)

 

$

75,962

   

See Notes to Schedule of Investments


20



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


21



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, 2013:

Asset Valuation Inputs
(000's omitted)
 

Level 1

 

Level 2

 

Level 3

 

Total

 

California

 

Investments:

 

Municipal Notes^

 

$

   

$

145,181

   

$

   

$

145,181

   

Total Investments

   

     

145,181

     

     

145,181

   

Intermediate

 

Investments:

 

Municipal Notes^

   

     

481,053

     

     

481,053

   

Miscellaneous^

   

     

2,001

     

     

2,001

   

Total Investments

   

     

483,054

     

     

483,054

   

New York

 

Investments:

 

Municipal Notes^

   

     

121,533

     

     

121,533

   

Miscellaneous^

   

     

1,920

     

     

1,920

   

Total Investments

   

     

123,453

     

     

123,453

   

^  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, 2013.

##  At April 30, 2013, 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

 

$

137,555

   

$

8,096

   

$

470

   

$

7,626

   

Intermediate

   

446,506

     

39,373

     

2,825

     

36,548

   

New York

   

119,361

     

6,419

     

2,327

     

4,092

   

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

ñ  Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the "1933 Act"), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At April 30, 2013, these securities amounted to approximately $210,000 or 0.2% of net assets applicable to common shareholders for California and approximately $2,785,000 or 0.9% of net assets applicable to common shareholders for Intermediate.

Ø  All or a portion of this security was purchased on a when-issued basis. At April 30, 2013, these securities amounted to $8,007,000 or 2.7% of net assets applicable to common shareholders for Intermediate.

ØØ  All or a portion of this security is segregated in connection with obligations for when-issued security purchase commitments.

See Notes to Financial Statements


22



Notes to Schedule of Investments (Unaudited) cont'd

µ  Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of April 30, 2013, and at their final maturity dates.

b  Currently a zero coupon security; will convert to 6.00% on December 1, 2015.

c  Currently a zero coupon security; will convert to 6.50% on December 1, 2015.

d  Currently a zero coupon security; will convert to 5.50% on August 1, 2021.

e  Currently a zero coupon security; will convert to 6.38% on August 1, 2016.

f  Currently a zero coupon security; will convert to 6.38% on August 1, 2019.

g  Currently a zero coupon security; will convert to 6.13% on August 1, 2023.

h  Currently a zero coupon security; will convert to 6.75% on August 1, 2015.

i  Currently a zero coupon security; will convert to 6.88% on August 1, 2019.

j  Currently a zero coupon security; will convert to 7.30% on August 1, 2026.

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

m  Currently a zero coupon security; will convert to 4.00% on August 1, 2023.

z  A zero balance may reflect actual amounts rounding to less than $1,000.

*  Security did not produce income during the last twelve months.

  Security had an event of default.

#  Restricted securities subject to restrictions on resale. Securities were purchased under Rule 144A of the 1933 Act or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be illiquid.

At April 30, 2013, these securities amounted to approximately $4,442,000 or 1.5% of net assets applicable to common shareholders for Intermediate and approximately $1,920,000 or 2.5% of net assets applicable to common shareholders for New York.

(000's omitted)

 

Restricted Security

  Acquisition
Date
  Acquisition
Cost
  Acquisition
Cost
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
Acquisition
Date
  Value as of
April 30, 2013
  Fair Value
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
April 30, 2013
 

Intermediate

  Munimae TE Bond
Subsidiary LLC,
Unsecured Notes,
5.00%, due 4/30/28
 

1/31/2013

    $2,000       0.7%       $2,001       0.7%    

See Notes to Financial Statements


23



Notes to Schedule of Investments (Unaudited) cont'd

(000's omitted)

 

Restricted Security

  Acquisition
Date
  Acquisition
Cost
  Acquisition
Cost
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
Acquisition
Date
  Value as of
April 30, 2013
  Fair Value
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
April 30, 2013
 

Intermediate

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

8/4/2006

  $1,100   0.4%   $0   0.0%  
    Non-Profit Pfd.
Fdg. Trust I,
Ser. 2006-C, 4.72%,
due 9/15/37
 

10/2/2006

 

3,000

 

1.0

 

2,441

 

0.8

 

New York

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

8/4/2006

 

660

 

0.9

 

0

 

0.0

 

  CMS Liquidating
Trust
 

11/21/2012

 

3,105

 

4.0

 

1,920

 

2.5

 

See Notes to Financial Statements


24




Statements of Assets and Liabilities (Unaudited)

Neuberger Berman
(000's omitted except per share amounts)

    CALIFORNIA
INTERMEDIATE
MUNICIPAL FUND
  INTERMEDIATE
MUNICIPAL FUND
  NEW YORK
INTERMEDIATE
MUNICIPAL FUND
 
   

April 30, 2013

 

April 30, 2013

 

April 30, 2013

 

Assets

 
Investments in securities, at value* (Note A)—
see Schedule of Investments:
 

Unaffiliated issuers

 

$

145,181

   

$

483,054

   

$

123,453

   

Cash

   

29

     

184

     

   

Interest receivable

   

1,705

     

6,308

     

1,775

   

Prepaid expenses and other assets

   

12

     

26

     

12

   

Total Assets

   

146,927

     

489,572

     

125,240

   

Liabilities

 

Due to custodian

   

     

     

582

   

Distributions payable—preferred shares

   

5

     

15

     

4

   

Distributions payable—common shares

   

376

     

1,313

     

330

   

Payable for securities purchased

   

     

7,916

     

   

Payable to investment manager (Note B)

   

30

     

98

     

25

   

Payable to administrator (Note B)

   

36

     

118

     

31

   

Accrued expenses and other payables

   

56

     

94

     

56

   

Total Liabilities

   

503

     

9,554

     

1,028

   

Auction Market Preferred Shares Series A & B at liquidation value

 
3,000, 8,000 and 3,000 shares authorized, 2,360, 7,176 and
1,930 shares issued and outstanding for California, Intermediate
and New York, respectively;
 

$.0001 par value, $25,000 liquidation value per share (Note A)

   

59,000

     

179,400

     

48,250

   

Net Assets applicable to Common Shareholders

 

$

87,424

   

$

300,618

   

$

75,962

   

Net Assets applicable to Common Shareholders consist of:

 

Paid-in capital—common shares

 

$

79,005

   

$

267,757

   

$

72,082

   

Undistributed net investment income (loss)

   

2,302

     

10,176

     

1,244

   

Accumulated net realized gains (losses) on investments

   

(1,513

)

   

(13,869

)

   

(1,604

)

 

Net unrealized appreciation (depreciation) in value of investments

   

7,630

     

36,554

     

4,240

   

Net Assets applicable to Common Shareholders

 

$

87,424

   

$

300,618

   

$

75,962

   
Common Shares Outstanding ($.0001 par value; 999,997,000,
999,992,000 and 999,997,000 shares authorized for California,
Intermediate and New York, respectively)
   

5,530

     

18,759

     

5,074

   

Net Asset Value Per Common Share Outstanding

 

$

15.81

   

$

16.03

   

$

14.97

   

*Cost of Investments

 

$

137,551

   

$

446,500

   

$

119,213

   

See Notes to Financial Statements


25



Statements of Operations (Unaudited)

Neuberger Berman
(000's omitted)

    CALIFORNIA
INTERMEDIATE
MUNICIPAL FUND
  INTERMEDIATE
MUNICIPAL FUND
  NEW YORK
INTERMEDIATE
MUNICIPAL FUND
 
    For the Six
Months Ended
April 30,
2013
  For the Six
Months Ended
April 30,
2013
  For the Six
Months Ended
April 30,
2013
 

Investment Income:

 

Income (Note A):

 

Interest income

 

$

2,797

   

$

9,862

   

$

2,331

   

Expenses:

 

Investment management fees (Note B)

   

182

     

595

     

154

   

Administration fees (Note B)

   

218

     

714

     

185

   

Auction agent fees (Note A)

   

43

     

135

     

35

   

Audit fees

   

28

     

28

     

28

   

Basic maintenance expense (Note A)

   

12

     

12

     

12

   

Custodian fees

   

39

     

80

     

34

   

Insurance expense

   

2

     

8

     

2

   

Legal fees

   

20

     

79

     

18

   

Shareholder reports

   

15

     

20

     

15

   

Stock exchange listing fees

   

1

     

5

     

1

   

Stock transfer agent fees

   

9

     

9

     

9

   

Directors' fees and expenses

   

21

     

21

     

21

   

Miscellaneous

   

12

     

14

     

13

   

Total expenses

   

602

     

1,720

     

527

   
Expenses reduced by custodian fee expense offset
arrangement (Note A)
   

     

     

   

Total net expenses

   

602

     

1,720

     

527

   

Net investment income (loss)

 

$

2,195

   

$

8,142

   

$

1,804

   

Realized and Unrealized Gain (Loss) on Investments (Note A):

 

Net realized gain (loss) on:

 

Sales of investment securities of unaffiliated issuers

   

(219

)

   

(415

)

   

141

   

Change in net unrealized appreciation (depreciation) in value of:

 

Unaffiliated investment securities

   

97

     

1,501

     

(226

)

 

Net gain (loss) on investments

   

(122

)

   

1,086

     

(85

)

 

Distributions to Preferred Shareholders

   

(62

)

   

(201

)

   

(52

)

 
Net increase (decrease) in net assets applicable to Common
Shareholders resulting from operations
 

$

2,011

   

$

9,027

   

$

1,667

   

See Notes to Financial Statements


26



Statements of Changes in Net Assets

Neuberger Berman
(000's omitted)

    CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
  INTERMEDIATE
MUNICIPAL FUND
  NEW YORK INTERMEDIATE
MUNICIPAL FUND
 
    Six Months
Ended
April 30,
2013
(Unaudited)
 
Year Ended
October 31,
2012
  Six Months
Ended
April 30,
2013
(Unaudited)
 
Year Ended
October 31,
2012
  Six Months
Ended
April 30,
2013
(Unaudited)
 
Year Ended
October 31,
2012
 
Increase (Decrease) in Net Assets Applicable
to Common Shareholders:
 

From Operations (Note A):

 

Net investment income (loss)

 

$

2,195

   

$

4,885

   

$

8,142

   

$

18,344

   

$

1,804

   

$

3,992

   

Net realized gain (loss) on investments

   

(219

)

   

(510

)

   

(415

)

   

(3,170

)

   

141

     

(392

)

 
Change in net unrealized appreciation
(depreciation) of investments
   

97

     

4,472

     

1,501

     

21,661

     

(226

)

   

3,200

   
Distributions to Preferred Shareholders
From (Note A):
 

Net investment income

   

(62

)

   

(145

)

   

(201

)

   

(445

)

   

(52

)

   

(121

)

 
Net increase (decrease) in net assets applicable to
common shareholders resulting from operations
   

2,011

     

8,702

     

9,027

     

36,390

     

1,667

     

6,679

   
Distributions to Common Shareholders
From (Note A):
 

Net investment income

   

(2,255

)

   

(4,500

)

   

(7,877

)

   

(15,727

)

   

(1,978

)

   

(3,946

)

 

From Capital Share Transactions (Note D):

 
Proceeds from reinvestment of dividends and
distributions
   

128

     

211

     

249

     

1,040

     

101

     

308

   
Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders
   

(116

)

   

4,413

     

1,399

     

21,703

     

(210

)

   

3,041

   
Net Assets Applicable to
Common Shareholders:
 

Beginning of period

   

87,540

     

83,127

     

299,219

     

277,516

     

76,172

     

73,131

   

End of period

 

$

87,424

   

$

87,540

   

$

300,618

   

$

299,219

   

$

75,962

   

$

76,172

   
Undistributed net investment income (loss) at
end of period
 

$

2,302

   

$

2,424

   

$

10,176

   

$

10,112

   

$

1,244

   

$

1,470

   

See Notes to Financial Statements


27




28




Notes to Financial Statements Intermediate Municipal Closed-End Funds (Unaudited)

Note A—Summary of Significant Accounting Policies:

1  General: The Funds were organized as Maryland corporations on July 29, 2002. California and New York registered as non-diversified, closed-end management investment companies and Intermediate registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Each Fund's Board may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of shareholders.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

2  Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds' Schedule of Investments.

3  Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost and stated separately in the Statements of Operations.

4  Income tax information: It is the policy of each Fund to continue to qualify for treatment as a regulated investment company by complying with the requirements of the U.S. Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years 2009 - 2011. As of April 30, 2013, the Funds did not have any unrecognized tax positions.

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences, if any, are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences, capital loss carryforwards expiring and differing characterization of distributions made by each Fund.

As determined on October 31, 2012, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences may be attributed to one or more of the following: expiration of capital loss carryforwards and defaulted bond income adjustments. These reclassifications had no


29



effect on net income, net asset value ("NAV") or NAV per share of each Fund. For the year ended October 31, 2012, the Funds recorded the following permanent reclassifications:

   

Paid-in Capital

  Undistributed
Net Investment
Income (Loss)
  Accumulated Net
Realized Gains
(Losses) on
Investments
 

California

 

$

   

$

   

$

   

Intermediate

   

(139,567

)

   

4,243

     

135,324

   

New York

   

(156,636

)

   

     

156,636

   

For tax purposes, distributions of short-term gains are taxable to shareholders as ordinary income.

The tax character of distributions paid during the years ended October 31, 2012 and October 31, 2011 were as follows:

   

Distributions Paid From:

 
   

Tax-Exempt Income

 

Ordinary Income

 

Total

 
   

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

California

 

$

4,563,960

   

$

4,620,617

   

$

80,858

   

$

72,367

   

$

4,644,818

   

$

4,692,984

   

Intermediate

   

15,870,565

     

15,974,776

     

300,959

     

305,243

     

16,171,524

     

16,280,019

   

New York

   

4,055,020

     

4,084,675

     

12,223

     

13,214

     

4,067,243

     

4,097,889

   

As of October 31, 2012, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

    Undistributed
Tax-Exempt
Income
  Undistributed
Ordinary
Income
  Undistributed
Long-Term
Gain
  Unrealized
Appreciation
(Depreciation)
  Loss
Carryforwards
and Deferrals
  Other
Temporary
Differences
 

Total

 

California

 

$

2,803,673

   

$

   

$

   

$

7,528,059

   

$

(1,289,012

)

 

$

(379,139

)

 

$

8,663,581

   

Intermediate

   

11,430,955

     

     

     

35,047,246

     

(13,448,051