As filed with the Securities and Exchange Commission on January 8, 2015
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 and President
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
Date of reporting period: October 31, 2014
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the

Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.

Neuberger Berman
Intermediate Municipal Closed-End Funds

 

Neuberger Berman California Intermediate Municipal Fund Inc.

Neuberger Berman Intermediate Municipal Fund Inc.

Neuberger Berman New York Intermediate Municipal Fund Inc.

Annual Report
October 31, 2014


Contents

President’s Letter       1
 
PORTFOLIO COMMENTARIES   2
 
SCHEDULES OF INVESTMENTS  
 
California Intermediate Municipal Fund Inc.   6
 
Intermediate Municipal Fund Inc.   10
 
New York Intermediate Municipal Fund Inc.   18
 
FINANCIAL STATEMENTS   28
 
FINANCIAL HIGHLIGHTS/PER SHARE DATA  
 
California Intermediate Municipal Fund Inc.   39
 
Intermediate Municipal Fund Inc.   40
 
New York Intermediate Municipal Fund Inc.   41
 
Report of Independent Registered Public Accounting Firm   43
 
Distribution Reinvestment Plan for each Fund   44
 
Directory   47
 
Directors and Officers   48
 
Proxy Voting Policies and Procedures   56
 
Quarterly Portfolio Schedule   56
 
Notice to Shareholders   57
 
Report of Votes of Shareholders   58
 
Board Consideration of the Management and  
Sub-Advisory Agreements   60


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. ©2014 Neuberger Berman Management LLC. All rights reserved.


President’s Letter

Dear Shareholder,

I am pleased to present this annual report for the Neuberger Berman Intermediate Municipal Closed-End Funds for the 12 months ended October 31, 2014. The report includes portfolio commentaries, listings of the Funds’ investments and their audited financial statements for the reporting period.

Each Fund’s investment objective is to provide a high level of current income exempt from regular federal income tax and, for each state-specific Fund, a high level of current income exempt from that state’s personal income taxes (and, in the case of the New York Fund, New York City personal income tax).

We maintain a conservative investment philosophy and disciplined investment process in an effort to provide you with superior tax-exempt current income over the long term with less volatility and risk.

On July 2, 2014, the three Neuberger Berman Intermediate Municipal Closed-End Funds announced that they successfully issued variable rate municipal term preferred shares (VMTPs). The proceeds from the issuance of VMTPs were used to redeem all of the Funds’ outstanding auction market preferred shares (AMPS) at the full liquidation preference of $25,000 per share, plus accumulated distributions. The VMTP issuance and AMPS redemption did not result in a substantial change in the amount of leverage employed by each Fund.

Additionally, on October 7, 2014, Neuberger Berman Intermediate Municipal Fund Inc. announced an increase in its monthly distribution rate to $0.075 per share of common stock from the prior monthly distribution rate of $0.07 per share. The increase went into effect with the Fund’s November 2014 monthly distribution. The increase in distribution rate is the result of numerous factors, including the Fund’s current undistributed net investment income (UNII) balance, its current and projected level of earnings and its current and expected costs of leverage. There is no guarantee that the Fund will continue to pay this distribution rate.

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 (Unaudited)

For the 12 months ended October 31, 2014, on a net asset value (NAV) basis, all three of the Neuberger Berman Intermediate Municipal Closed-End Funds posted double-digit returns and outperformed their benchmark, the Barclays 10-Year Municipal Bond Index. California Intermediate Municipal Fund, Intermediate Municipal Fund and New York Intermediate Municipal Fund posted 13.28%, 17.24% and 12.16% total returns, respectively, whereas the benchmark generated a 7.08% return. (Fund performance on a market basis is provided in the table immediately following this letter.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) contributed to the performance of each Fund because of the strength in the municipal market during the reporting period.

After a difficult start due to several negative headlines and weak demand, the municipal bond market rallied and generated strong results during the 12-month reporting period, overall. There were several factors triggering the turnaround in the municipal market, including improving fundamentals, rising investor demand, and an increase in tax revenues. In addition, new issuance was sharply lower than during the previous fiscal year.

Given the steepness of the municipal yield curve and our aim to generate incremental income, we maintained long durations for the Funds during the reporting period. Overall, having durations that were longer than the index benefited performance. In terms of the Funds’ yield curve positioning, we maintained a barbell approach (investing in shorter and longer maturities). In contrast, the Fund’s benchmark is concentrated in the eight- to 12-year portion of the curve. Yield curve positioning was also positive for performance as the municipal yield curve flattened.

The Funds maintained a lower quality bias than that of the benchmark as we looked to generate additional yield. This was additive for results given the outperformance of lower-quality bonds during the reporting period. From a sector perspective, increasing the Funds’ allocation to the charter school sector benefited results as these relatively lower-rated securities outperformed the index. Security selection had a minimal impact on performance overall during the reporting period.

We maintain our positive outlook for the municipal bond market. We believe that fundamentals continue to improve, with rising tax revenues in many municipalities. While we believe new supply is likely to increase in the coming months, we anticipate it could be absorbed by solid investor demand. Given the municipal market’s strong results this year, valuations have moved closer to their historical average. However, we continue to believe the overall municipal market is reasonably valued when compared to Treasuries and corporate credit. Against this backdrop, we anticipate maintaining the Fund’s long duration and barbelled yield curve structure.

Sincerely,


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

The composition, industries and holdings of each Fund 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 Inc.       NBW                             
Intermediate Municipal Fund Inc. NBH
New York Intermediate Municipal Fund Inc. NBO

CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY

(as a % of Total Investments)                                        
California 85.0 %
Florida 0.8
Guam 2.0
Illinois 1.3
Louisiana 0.4
Nevada 0.8
New Jersey 0.6
North Carolina 0.5
Pennsylvania 1.5
Puerto Rico 5.2
Tennessee 0.4
Texas 1.3
Virgin Islands 0.2
Total 100.0 %

NEW YORK INTERMEDIATE MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY

(as a % of Total Investments)                                        
California 3.2 %
Florida 0.4
Guam 2.3
Illinois 0.9
Louisiana 0.4
Nevada 1.0
New York 85.6
Pennsylvania 1.8
Puerto Rico 2.6
Virgin Islands 0.3
Other 1.5
Total 100.0 %

PERFORMANCE HIGHLIGHTS1

Average Annual Total Return
Inception Ended 10/31/2014
At NAV2    Date    1 Year    5 Years    10 Years    Life of Fund   
California Intermediate
Municipal Fund Inc.
09/24/2002 13.28 % 7.23 % 5.80 % 6.17 %
Intermediate Municipal
Fund Inc.
09/24/2002 17.24 % 8.62 % 6.32 % 6.66 %
New York Intermediate
Municipal Fund Inc.
09/24/2002 12.16 % 6.35 % 5.30 % 5.69 %
At Market Price3
California Intermediate
Municipal Fund Inc.
09/24/2002 15.02 % 9.26 % 7.01 % 5.78 %
Intermediate Municipal
Fund Inc.
09/24/2002 15.72 % 9.49 % 6.90 % 5.88 %
New York Intermediate
Municipal Fund Inc.
09/24/2002 15.21 % 7.63 % 6.18 % 5.04 %
Index
Barclays 10-Year
Municipal Bond Index4
7.08 % 5.73 % 5.03 % 4.94 %

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/performance.

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 common 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 certain of the periods shown. Please see the Notes to Financial Highlights for additional information regarding fee waivers.

INTERMEDIATE MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY


(as a % of Total Investments)       
Alabama                 0.5 %      New Hampshire                 0.3 %     
Arizona 5.8 New Jersey 3.4
California 19.0 New York   7.1  
Colorado 1.7 North Carolina 2.3
Connecticut 0.3 Ohio   0.9  
District of Columbia 1.8 Oregon 0.1
Florida 3.8 Pennsylvania   5.0  
Guam 1.1   Puerto Rico 0.4
Hawaii 1.7 Rhode Island   1.2  
Illinois 11.1 Tennessee 1.1
Indiana 3.2 Texas   4.8  
Iowa 2.5 Utah 1.2
Louisiana 0.9 Vermont   1.6  
Maine   0.5   Virginia   0.4
Maryland 0.5 Washington   2.4  
Massachusetts 4.8 West Virginia 0.2
Michigan 0.5 Wisconsin   2.5  
Minnesota 1.0   Tax Exempt Preferred 0.4
Mississippi 1.0 Other   0.5  
Missouri 1.3 Total 100.0 %
Nevada 1.2



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 common shares on the NYSE MKT.

4 Please see “Description of Index” 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:
The index is the 10-year (8-12 years to maturity) component of the Barclays Municipal Bond Index. The Barclays Municipal Bond Index measures the investment grade, U.S. dollar-denominated, long-term, tax-exempt bond market and has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

 

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 are prepared or obtained by Management and include reinvestment of all income dividends and other distributions, if any. The Funds may invest in securities not included in the above described index and generally do not invest in all securities included in the index.


5


Schedule of Investments California Intermediate Municipal Fund Inc.

PRINCIPAL
AMOUNT
(000’s omitted)
VALUE
(000’s omitted)z
  
Municipal Notes (167.2%)        

California (142.2%)
       
        $1,000                 Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 $1,179
1,500 Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21 1,814
500 California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007, (National Public Finance Guarantee Corp. 523 ß
Insured), 5.00%, due 11/1/15
2,000 California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17 2,059
1,000 California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.95%, due 8/1/26 1,017
345 California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42 348
2,000 California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21 2,081 ß
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,122 ß
500 California Infrastructure & Econ. Dev. Bank Rev. (Los Angeles Co. Museum of Natural History 500 µß
Foundation), Ser. 2008-B, (LOC: Wells Fargo Bank N.A.), 0.06%, due 9/1/37
1,000 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. 1,106
Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
1,000 California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 1,002
5.63%, due 7/1/44
500 California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 493 Ñß
5.13%, due 7/1/29
300 California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A, 303 ß
5.00%, due 6/1/16
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 10/1/26 432 ß
455 California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/27 474 ß
1,040 California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21 1,113 ß
600 California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26 707 ß
605 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 627 ß
4.00%, due 1/1/27
630 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 648 ß
4.00%, due 1/1/28
330 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 335 ß
4.00%, due 1/1/29
450 California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.), Ser. 2014-A, 4.13%, due 7/1/24 462 ß
555 California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.), Ser. 2012-AN, 5.00%, due 12/1/21 681
2,000 California St. Dept. of Wtr. Res. Supply Rev., Ser. 2010-L, 5.00%, due 5/1/22 2,393
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 1,757
2,000 California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27 2,204 ñß
1,095 California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 1,099
5.50%, due 6/1/20
1,000 California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svc.) (Cap. East End ), Ser. 2002-A, 1,004
(AMBAC Insured), 5.25%, due 12/1/16
600 California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 660 ß
5.35%, due 8/1/24
1,000 California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21 1,144
330 California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 331 ß
5.38%, due 4/1/17
1,000 California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20 1,010 ß
995 California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18 1,082 ß
720 California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 837 ß
5.00%, due 10/1/26
610 California Statewide CDA Rev. (Lancer Ed. Std. Hsg. Proj.), Ser. 2007, 5.40%, due 6/1/17 631 ß
700 California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28 795 ß
1,255 California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 1,466 ß
6.25%, due 11/15/19
1,500 California Statewide CDA Rev. (St. Joseph Hlth. Sys.), Ser. 2000, (National Public Finance Guarantee 1,702 ß
Corp. Insured), 5.13%, due 7/1/24
195 California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17 204 ß
350 Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/26 398

See Notes to Schedule of Investments

6


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

PRINCIPAL
AMOUNT
(000’s omitted)
                VALUE
(000’s omitted)z
 
        $560         Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/27         $633        
1,365 Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 1,415 ß
5.00%, due 12/15/21
2,000 Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 2,267
4.00%, due 8/1/24
1,250 Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 1,505
5.00%, due 9/1/25
1,000 Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 1,114
6.00%, due 2/1/17
2,000 Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 2,095
5.50%, due 12/1/24
1,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 1,194 h
0.00%, due 8/1/40
1,000 Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18 1,101
1,000 Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26 1,177
150 Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/23 158
300 Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/24 315
450 Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/25 464
645 Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.50%, due 9/1/26 646
690 Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.63%, due 9/1/27 688
3,200 Irvine Unified Sch. Dist. Spec. Tax (Comm. Facs. Dist. Number 9), Ser. 2014-A, (LOC: U.S Bank), 3,200 µ
0.06%, due 9/1/53
680 Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24 802
315 La Verne Cert. of Participation (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/26 350 ß
500 La Verne Cert. of Participation (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29 547 ß
1,105 Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26 1,204
720 Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17 749
3,900 Los Angeles Co. Metro. Trans. Au. Sales Tax Prop. A First Tier Sr. Rev., Ser. 2012-A, 4,761
5.00%, due 7/1/21
2,000 Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27 2,284
500 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 537 ß
1,070 Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19 985
1,000 Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22 1,092
1,385 Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29 753
1,490 Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24 1,548
1,500 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 1,641
1,000 Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), Ser. 1,188
2014, (AGM Insured), 5.00%, due 9/1/27
495 Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 4.00%, due 9/1/21 494
600 Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 5.00%, due 9/1/25 634
1,320 Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation), Ser. 2013-B, 998
0.00%, due 6/1/22
1,500 Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation), Ser. 2013-B, 1,078
0.00%, due 6/1/23
360 Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17 363
1,000 Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 1,223
5.25%, due 12/1/24
400 Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 486
5.25%, due 12/1/26
2,600 Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17 2,953
1,350 San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24 1,621
Pre-Refunded 8/1/18
400 San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 440
5.25%, due 2/15/19
830 San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15 832
820 San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16 822
750 San Francisco City & Co. Arpts. Commission Int’l Ref. Rev., Ser. 2009-D2, 3.00%, due 5/1/21 806
1,000 San Francisco City & Co. Arpts. Commission Int’l Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21 1,158
2,115 San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.), Ser. 2003-B, 2,117
(National Public Finance Guarantee Corp. Insured), 5.25%, due 8/1/18
2,000 San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25 2,215

See Notes to Schedule of Investments

7


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

        $820                 San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured),         $823 ß  
4.95%, due 12/1/22        
1,060 San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured), 1,152
5.00%, due 8/1/21
1,000 San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/22 1,134
  1,070 San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/25 1,157
1,000 San Mateo Union High Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A,   607
0.00%, due 9/1/25  
1,000 San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B, (National Public 950
Finance Guarantee Corp. Insured), 0.00%, due 8/1/18
1,390 San Rafael Redev. Agcy. Tax Allocation Ref. (Central San Rafael Redev. Proj.), Ser. 2009, (Assured 1,572
Guaranty Insured), 5.00%, due 12/1/21
310 Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM 313
Insured), 3.25%, due 6/1/25
575   Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM 584
Insured), 3.50%, due 6/1/26
325 Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM 328
Insured), 3.50%, due 6/1/27
270 Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM 267
Insured), 3.50%, due 6/1/28
1,000 Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27 996
1,000 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,092
5.00%, due 8/1/26
1,500 Sulphur Springs Union Sch. Dist. Cert. of Participation (Cap. Appreciation), Ser. 2010, (AGM Insured), 1,715 c
0.00%, due 12/1/37
  1,250     Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21     1,299    
2,000 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25 2,355
  2,000     Twin Rivers Unified Sch. Dist. Cert. of Participation (Sch. Fac. Bridge Funding Prog.), Ser. 2007, (AGM     2,001 µ  
        Insured), 3.20%, due 6/1/27 Putable 6/1/20          
2,000 Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21 2,251
  3,000     Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,     3,124 i  
        0.00%, due 8/1/37          
1,500 Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21 1,816
  3,500     William S.Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, (AGM     2,298    
        Insured), 0.00%, due 9/1/26          
2,250 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 1,495 j
0.00%, due 8/1/36
              122,146    
 
Florida (1.3%)
  500     Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1,     503  
        6.88%, due 5/15/21          
525 Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24 592 ß
              1,095    
 
Guam (3.3%)
  1,110     Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18     1,265    
465 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16 Pre- 481
Refunded 7/1/15
  1,000     Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25     1,124    
2,870
 
Illinois (2.1%)
         
450 Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17 461
  500     Illinois Fin. Au. Rev. (Navistar Int’l Rec Zone Fac.), Ser. 2010, 6.50%, due 10/15/40     535 ß  
750 Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23 836
              1,832    

See Notes to Schedule of Investments

8


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

Louisiana (0.6%)        
        $500                  Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A,           $540 ß  
        7.63%, due 12/15/28                 
 
Nevada (1.4%)
  1,000     Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23     1,158    
 
New Jersey (0.9%)
  750     New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23     806 ß  
 
North Carolina (0.9%)
  750     North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging,     771 ß  
        Inc.), Ser. 2012-A, 4.25%, due 3/1/24          
 
Pennsylvania (2.5%)
  2,000     Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,     2,134 b  
        0.00%, due 12/1/34          
 
Puerto Rico (8.8%)
  2,000     Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee     2,082    
        Corp. Insured), 5.50%, due 7/1/20          
400 Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Int’l American Univ. Proj.), Ser. 2012, 419 ß
5.00%, due 10/1/21
  1,000     Puerto Rico Ind., Tourist, Ed., Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser.     1,000 ß  
        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 3,008
  1,000     Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21     1,003    
7,512
 
Tennessee (0.7%)
         
500 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 581
5.25%, due 9/1/23
 
Texas
(2.2%)
         
1,750 Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010, 1,878 ß
5.25%, due 11/1/40
 
Virgin Islands (0.3%)
         
250 Virgin Islands Pub. Fin. Au. Rev., Ser. 2014-A, 5.00%, due 10/1/24 296
                Total Investments (167.2%) (Cost $134,387)     143,619 ##  
              Cash, receivables and other assets, less liabilities (1.5%) 1,282
                Liquidation Value of Variable Rate Municipal Term Preferred Shares [(68.7%)]     (59,000 )  
              Total Net Assets Applicable to Common Shareholders (100.0%) $85,901

See Notes to Schedule of Investments

9


Schedule of Investments Intermediate Municipal Fund Inc.

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

Municipal Notes (157.5%)                 
 
Alabama (0.7%)
       
         $1,900                   Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35     $2,174 ß  
 
Arizona (9.2%)
  5,000     Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured),     5,715    
        5.13%, due 9/1/21          
2,265 Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22 2,600
  5,870     Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.), Ser.     6,756 ß  
        2008, 7.50%, due 5/1/19          
3,500 Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24 3,505 ß
  1,500     Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28     1,526 ß  
400 Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24 460
  1,450     Pima Co. Swr. Rev., Ser. 2012-A, 5.00%, due 7/1/27     1,701    
1,840 Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18 1,845
  1,155     Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22     1,159    
2,325 Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18 2,425
              27,692    
 
California (30.0%)
  515     California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42     519    
1,755 California HFA Rev. (Home Mtge.), Ser. 2006-E, (FGIC Insured), 4.95%, due 8/1/26 1,784
  2,250     California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39     2,487 ß  
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,122 ß
  1,725     California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.),     1,907    
        Ser. 2010, 5.13%, due 8/15/24          
805 California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), 815
Ser. 2014, 5.00%, due 7/1/24
  630     California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.),     632  
        Ser. 2014, 5.13%, due 7/1/29          
1,265 California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), 1,264 Ñß
Ser. 2014, 5.00%, due 7/1/24
  430     California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.),     424 Ñß  
        Ser. 2014, 5.13%, due 7/1/29          
585 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), 611 ß
Ser. 2014-A, 4.00%, due 1/1/26
  1,685     California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27     1,801    
1,220 California St. G.O. Ref., Ser. 2005, 5.00%, due 3/1/19 1,239
  5,000     California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27     5,510 ñß  
1,500 California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svcs. Cap East End), Ser. 2002-A, 1,506
(AMBAC Insured), 5.25%, due 12/1/17
  4,000     California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25     4,756    
840 California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18 913 ßØØ
  2,000     Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33     2,571    
1,400 Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, 1,686
(AGM Insured), 5.00%, due 9/1/25
  2,000     Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),     2,389 h  
        0.00%, due 8/1/40          
1,000 Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/16 1,058
  1,950     Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/17     2,116    
1,115 Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/18 1,228
  590     La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29     645 ß  
3,620 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM 2,594
Insured), 0.00%, due 8/1/24
  5,750     Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E,     5,033 d  
        (Assured Guaranty Insured), 0.00%, due 8/1/29          

See Notes to Schedule of Investments

10


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

        $5,000                 Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34           $5,491 e  
2,060 Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee 1,745        
Corp. Insured), 0.00%, due 8/1/19
  4,000     Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),     4,861    
        5.25%, due 12/1/26          
2,000 San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 1,910 f
0.00%, due 8/1/34
  740     San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17     742    
2,000 San Francisco City & Co. Arpt. Commission Int’l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25 2,288
  6,000     San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008),     4,973 g  
        Ser. 2010-A, 0.00%, due 8/1/32          
1,540 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,681
5.00%, due 8/1/26
  2,040     Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25     2,403    
3,000 Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21 3,377
  9,070     Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,     9,445 i  
        0.00%, due 8/1/37          
5,095 Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured Guaranty 3,309
Insured), 0.00%, due 8/1/26
  3,000     Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),     1,994 j  
        0.00%, due 8/1/36          
90,829
 
Colorado (2.7%)
         
5,000 Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24 5,700 ØØ
2,550 Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23 2,596
              8,296    
 
Connecticut (0.5%)
  650     Hamden G.O., Ser. 2013, (AGM Insured), 3.00%, due 8/15/24     648    
750 Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25 750
              1,398    
 
District of Columbia (2.8%)
  1,615     Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured),     1,731 ß  
        4.10%, due 12/1/26          
3,035 Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22 3,137 ß
  1,000     Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2008-A, 5.50%, due 10/1/18     1,165    
2,000 Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/26 2,303
              8,336    
 
Florida (6.1%)
  1,000     Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26     1,126    
1,000 Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B-1, 1,007
6.88%, due 5/15/21
  1,000     Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.), Ser. 2012-A,     991 ß  
        5.50%, due 6/15/22          
3,120 Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.), Ser. 2013-A, 3,376 ß
6.75%, due 12/15/27
  1,750     Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.), Ser. 2014-A,     1,748 ß  
        5.75%, due 6/15/29          
1,795 Florida St. Muni. Loan Council Rev., Ser. 2012, (AGM Insured), 5.00%, due 5/1/21 2,146
  1,000     Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32     1,321 ß  
        Pre-Refunded 8/15/19          
1,135 Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27 1,259 ß

See Notes to Schedule of Investments

11


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

         $2,000                   Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25            $2,355           
2,000 Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25 2,036 ß
  1,000     Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29     1,000 Ø  
18,365
 
Guam
(1.7%)
         
1,220 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/20 1,457
  650     Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/21     771    
2,630 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 2,956
              5,184    
 
Hawaii (2.6%)
  5,200     Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24     5,642 ØØ  
2,000 Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. - Subsidiary), 2,325 ß
Ser. 2009, 6.50%, due 7/1/39
              7,967    
 
Illinois (17.5%)
  2,680     Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17     2,744    
5,705 Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27 6,630
  1,350     Cook Co. Sch. Dist. Number 83 G.O. (Mannheim), Ser. 2013-C, 5.45%, due 12/1/30     1,509    
1,960 Cook Co. Sch. Dist. Number 83 G.O. (Mannheim), Ser. 2013-C, 5.50%, due 12/1/31 2,190
  1,970     Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25     2,226    
1,875 Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16 1,966 ß
  4,000     Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24     4,322 ß  
1,960 Illinois Fin. Au. Rev. (Navistar Int’l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40 2,096 ß
  5,840     Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22     6,986 ß  
1,670 Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured), 1,880
5.50%, due 6/15/17
  1,905     Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured),     1,143    
        0.00%, due 6/15/26          
3,900 Illinois St. G.O., Ser. 2012, 4.00%, due 8/1/25 3,905
  1,000     Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23     1,115    
1,930 Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26 2,147 ß
  945     So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.), Ser. 2014-A-1, (BAM Insured),     1,038    
        5.00%, due 2/15/27          
1,375 So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.), Ser. 2014-A-1, (BAM Insured), 1,502
5.00%, due 2/15/28
  715     So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.), Ser. 2014-A-1, (BAM Insured),     780    
        5.00%, due 2/15/29          
2,725 Univ. of Illinois (Hlth. Svc. Facs. Sys.), Ser. 2013, 5.00%, due 10/1/27 3,064
  2,875     Univ. of Illinois (Hlth. Svc. Facs. Sys.), Ser. 2013, 5.75%, due 10/1/28     3,378    
1,850 Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31 2,229
              52,850    
 
Indiana (5.1%)
  4,000     Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29     4,493 ß  
500 Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A, 534 ß
5.00%, due 6/1/32
  500     Indiana Fin. Au. Rev. (I-69 Dev. Partners LLC), Ser. 2014, 5.25%, due 9/1/25     580 ß  
500 Indiana Fin. Au. Rev. (I-69 Dev. Partners LLC), Ser. 2014, 5.25%, due 9/1/26 571 ß
  4,000     Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B,     4,218 ß  
        5.00%, due 2/15/21          
3,055 Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 3,874
5.75%, due 12/1/21
  1,000     Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24     1,128 ß  
15,398

See Notes to Schedule of Investments

12


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

Iowa(3.9%)                 
        $1,000                 Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15   $1,003        
  5,110     Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22     5,937    
2,700 Iowa Std. Loan Liquidity Corp. Rev., Ser. 2011-A-1, 5.00%, due 12/1/21 2,915
  780     Iowa Std. Loan Liquidity Corp. Rev., Ser. 2011-A-1, 5.30%, due 12/1/23     839    
1,005 Kirkwood Comm. College Iowa New Jobs Training Cert. G.O. (Merged Area X), 1,032
Ser. 2007-1B, 5.00%, due 6/1/17
              11,726    
 
Louisiana (1.5%)
  1,500     Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2,     1,775 ß  
        6.50%, due 11/1/35          
775 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), 837 ß
Ser. 2013-A, 7.63%, due 12/15/28
  1,655     St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%,     1,794 µß  
        due 12/1/40 Putable 6/1/22          
4,406
 
Maine
(0.8%)
         
2,400 Maine St. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2005, 6.25%, 2,534 ñµß
due 1/1/25 Putable 2/1/17
 
Maryland (0.8%)
         
2,400 Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, 2,478 µß
(Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23
 
Massachusetts (7.6%)
         
200 Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/24 217 ß
  415     Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/25     445 ß  
200 Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/26 213 ß
  190     Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/27     200 ß  
150 Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/28 157 ß
  3,220     Massachusetts St. Ed. Fin. Au. Rev., Ser. 2011-J, 5.00%, due 7/1/23     3,539    
4,525 Massachusetts St. Ed. Fin. Au. Rev., Ser. 2012-J, 4.70%, due 7/1/26 4,739
  5,000     Massachusetts St. Ed. Fin. Au. Rev., Ser. 2013-K, 4.50%, due 7/1/24     5,312    
5,000 Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25 5,233
  3,045     Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19     3,056    
23,111
 
Michigan (0.7%)
         
2,000 Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20 2,010
  150     Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15     153 ØØ  
2,163
 
Minnesota (1.5%)
         
2,000 Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17 2,174 ß
  2,250     Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), Ser. 2010-A1,     2,475 ß  
        (AGM Insured), 4.50%, due 8/15/24          
4,649
 
Mississippi (1.6%)
         
4,000 Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24 4,325 ß
  500     Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15     518 ß  
4,843

See Notes to Schedule of Investments

13


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

Missouri (2.0%)                        
        $390                 Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B, $391
5.50%, due 7/1/16
  2,275     Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children’s Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24     2,544 ß  
2,965 Missouri St. Univ. Auxiliary Enterprise Sys. Rev., Ser. 2007-A, (XLCA Insured), 5.00%, due 4/1/26 3,205
              6,140    
 
Nevada (2.0%)
  1,635     Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17     1,782    
3,545 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 4,105
              5,887    
 
New Hampshire (0.5%)
  1,500     New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.),     1,500 ñµß  
        Ser. 2013, 4.00%, due 4/1/29 Putable 10/1/19          
 
New Jersey (5.4%)
  2,500     New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23     2,686 ß  
500 New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.), 587 ß
Ser. 2013, 5.25%, due 1/1/25
  500     New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.),     588 ß  
        Ser. 2013, 5.50%, due 1/1/26          
1,420 New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group), 1,409 ß
Ser. 2013, 3.50%, due 7/1/24
  1,470     New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group),     1,455 ß  
        Ser. 2013, 3.63%, due 7/1/25          
1,520 New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group), 1,507 ß
Ser. 2013, 3.75%, due 7/1/26
  765     New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group),     767 ß  
        Ser. 2013, 4.00%, due 7/1/27          
7,000 New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26 7,258
              16,257    
 
New York (11.2%)
  1,320     Build NYC Res. Corp. Rev. (Int’l Leadership Charter Sch. Proj.), Ser. 2013, 5.00%, due 7/1/23     1,342 ß  
500 Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts), 493 ß
Ser. 2013-A, 3.88%, due 4/15/23
  1,450     Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts), Ser. 2013-A,     1,422 ß  
5.00%, due 4/15/43
  1,000     New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology),     1,041 ß  
        Ser. 2006-A, 5.00%, due 12/1/28          
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40 511 ñßØ
  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), 4,473 ß
Ser. 2009, 5.25%, due 7/1/33
  3,200     New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28     3,767    
2,000 New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41 2,095
  2,000     New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27     1,974    
2,000 New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20 2,332
  710     Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20     785    
  495     Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/20     548    
  520     Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/21     576    
550 Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/22 609
  1,435     Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23     1,626 ß  
1,000 Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), 1,010 ß
Ser. 2012-B, 4.00%, due 11/1/24

See Notes to Schedule of Investments

14


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

         $2,000                   Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21            $2,104           
1,155 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/26 1,209
  5,000     Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28     6,017    
33,934
 
North Carolina (3.7%)
         
1,835 North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 1,887 ß
2012-A, 4.25%, due 3/1/24
  2,000     North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23     2,136 ß  
5,250 North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev., Ser. 2009-A, 5.00%, due 1/1/26 6,015
  1,000     Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24     1,159    
11,197
 
Ohio
(1.5%)
         
2,060 Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27 2,276 ØØ
  1,000     Ohio St. Wtr. Dev. Au. Poll Ctrl. Facs. Rev. Ref. (First Energy Nuclear Generation Proj.), Ser. 2006-B,     1,068 µß  
        4.00%, due 12/1/33 Putable 6/3/19          
1,000 Ohio St. Wtr. Dev. Au. Poll Ctrl. Facs. Rev. Ref. (First Energy Nuclear Generation Proj.), Ser. 2008-C, 1,048 µß
3.95%, due 11/1/32 Putable 5/1/20
              4,392    
 
Oregon (0.2%)
  500     Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured),     503    
        3.50%, due 7/1/27          
 
Pennsylvania (7.8%)
  3,000     Beaver Co. Ind. Dev. Au. Rev. Ref. (Firstenergy Generation LLC), Ser. 2006-A, 3.50%, due 4/1/41     3,078 µß  
        Putable 6/1/20          
500 Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.50%, due 5/1/25 498 ß
  350     Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.60%, due 5/1/26     349 ß  
2,000 Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22 2,133 ß
  1,250     Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28     1,361 ß  
3,430 Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27 3,588
  2,625     Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A,     2,978 ß  
        5.00%, due 11/1/24          
1,000 Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 1,067 b
0.00%, due 12/1/34
  210     Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 4.00%, due 4/1/17     210 ß  
895 Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.00%, due 4/1/22 922 ß
  415     Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.50%, due 4/1/27     426 ß  
4,480 Reading G.O., Ser. 2010-C, 5.63%, due 11/15/20 4,869 ØØ
  2,000     Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27     2,177    
23,656
 
Puerto Rico (0.7%)
         
2,020 Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee 2,103
Corp. Insured), 5.50%, due 7/1/20
 
Rhode Island (1.9%)
         
1,000 Rhode Island St. Hlth. & Ed. Bldg. Corp. Rev. (Hosp. Fin. - Care New England Hlth. Sys.), 1,086 ß
Ser. 2013-A, 5.00%, due 9/1/23
  2,650     Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2013-A, 3.75%, due 12/1/26     2,570    
2,135 Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2013-A, 3.75%, due 12/1/27 2,045
              5,701    

See Notes to Schedule of Investments

15


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

PRINCIPAL
AMOUNT
(000’s omitted)

VALUE
(000’s omitted)z

Tennessee (1.8%)                      
        $2,705                 Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19 $3,149
  2,000     Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%,     2,323    
        due 9/1/23          
5,472
 
Texas
(7.5%)
         
500 Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy), Ser. 2014-A, 5.88%, due 3/1/24 529 ß
  1,000     Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy), Ser. 2014-A, 6.63%, due 3/1/29     1,046 ß  
1,050 Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22 1,032 ß
  2,000     Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42     2,137 ß  
500 Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25 510 ß
  1,000     Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.),     1,090 ß  
Ser. 2013-B, 5.75%, due 1/1/28
  2,300     Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18     2,667    
2,900 Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33 3,205
  610     HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15     618 ß  
590 Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 4.00%, due 2/15/22 617 ß
  1,000     Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 5.00%, due 2/15/32     1,100 ß  
1,000 Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20 1,123
  3,000     North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23     3,501    
500 San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev. (St. Edwards Univ. Proj.), Ser. 2007, 5.00%, due 6/1/19 545 ß
  1,500     Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21     1,691    
  1,175     West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35     1,296    
              22,707    
 
Utah
(1.9%)
  3,000     Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28     3,433 ß  
1,200 Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 1,346
  290     Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.00%, due 7/1/20     301    
265 Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.25%, due 7/1/21 275
  375     Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/22     390    
5,745
 
Vermont (2.5%)
         
1,600 Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2012-A, 5.00%, due 6/15/21 1,753
  465     Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.25%, due 6/15/24     473    
1,105 Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.35%, due 6/15/25 1,122
  1,640     Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.45%, due 6/15/26     1,662    
535 Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.55%, due 6/15/27 543
  1,800     Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2014-A, 5.00%, due 6/15/24     2,028    
7,581
 
Virginia (0.7%)
         
1,000 Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), 1,036 ß
Ser. 2013-A, 4.00%, due 12/1/22
  1,000     Virginia Beach Dev. Au. Residential Care Fac. Mtge. Ref. Rev. (Westminster-Canterbury of     1,014 ß  
        Hampton Roads, Inc.), Ser. 2005, 5.00%, due 11/1/22          
2,050
 
Washington (3.8%)
         
1,600 Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25 1,769
  6,700     Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28     6,933    
2,525 Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29 2,815 ß
              11,517    

See Notes to Schedule of Investments

16


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

  PRINCIPAL
AMOUNT
(000’s omitted)
    VALUE
(000’s omitted)z
 
West Virginia (0.4%)          
       $1,000          West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19 $1,134

Wisconsin (3.9%)
         
1,100        Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35 1,253 ß
  1,225     Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39     1,392 ß  
5,000   Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30 5,611 ß
  3,000     Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29     3,560 ß  
Pre-Refunded 12/1/18
              11,816    

Other (0.8%)
  3,000     Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37     2,315 #  
                            Total Municipal Notes (Cost $432,538) 476,006
 

Tax Exempt Preferred (0.6%)
 

Real Estate (0.6%)
1,875 Munimae TE Bond Subsidiary LLC, Unsecured Notes, 5.00%, due 4/30/28 (Cost $1,875) 1,875 #
                            Total Investments (158.1%) (Cost $434,413) 477,881 ##
                            Cash, receivables and other assets, less liabilities (1.2%) 3,828
                            Liquidation Value of Variable Rate Municipal Term Preferred Shares [(59.3%)] (179,400 )
                            Total Net Assets Applicable to Common Shareholders (100.0%)        $302,309       

See Notes to Schedule of Investments

17


Schedule of Investments New York Intermediate Municipal Fund Inc.

PRINCIPAL
AMOUNT
(000’s omitted)
          

VALUE
(000’s omitted)z

Municipal Notes (162.0%)

California (5.3%)
       $3,115               Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured), $2,306 ØØ
0.00%, due 8/1/24       
1,470 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 1,608
3,914

Florida (0.7%)
500 Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1,   503
6.88%, due 5/15/21

Guam (3.8%)
1,135 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19 1,326
330 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16 341
Pre-Refunded 7/1/15
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,124
2,791

Illinois (1.5%)
455 Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17 466
600 Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23 669
1,135

Louisiana (0.7%)
500 Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), 540 ß
Ser. 2013-A, 7.63%, due 12/15/28

Nevada (1.6%)
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 1,158

New York (140.8%)
380 Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences), Ser. 2014-A, 438 ß
5.00%, due 12/1/27
375 Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences), Ser. 2014-A, 430 ß
5.00%, due 12/1/28
270 Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences), Ser. 2014-A, 308 ß
5.00%, due 12/1/29
1,000 Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/22 1,113
1,000 Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/23 1,106
270 Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College), Ser. 2014-A, 5.00%, due 6/1/26 324 ß
225 Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College), Ser. 2014-A, 5.00%, due 6/1/29 265 ß
250 Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.), Ser. 2014, 5.00%, due 7/1/22 291 ß
500 Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.), Ser. 2014, 5.00%, due 7/1/29 571 ß
600 Build NYC Res. Corp. Rev. (Int’l Leadership Charter Sch. Proj.), Ser. 2013, 5.00%, due 7/1/23 610 ß
500 Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int’l Cultures), Ser. 2013-A, 3.88%, due 4/15/23 493 ß
500 Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23 524 ß
500 Clarkstown Central Sch. Dist. G.O., Ser. 2012, 4.00%, due 10/15/19 561
1,000 Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21 1,185 ß
1,050 Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25 1,211
1,270 Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21 1,506 ß
1,500 Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23 1,700 ß
580 Islip, G.O., Ser. 2012, 3.00%, due 8/1/25 606
1,050 Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (BHAC Insured), 5.00%, due 12/1/21 1,137

See Notes to Schedule of Investments

18


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

PRINCIPAL
AMOUNT
(000’s omitted)
   

VALUE
(000’s omitted)z

 
       $2,000               Metropolitan Trans. Au. Rev., Ser. 2012-F, 5.00%, due 11/15/21               $2,405
1,000 Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. of Rochester), Ser. 2005, 5.00%, due 8/1/15 1,029 ß
300 Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 343 ß  
  5.00%, due 1/15/29
500 Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A, 555 ß
5.00%, due 10/1/24
500 Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A, 550 ß
  5.00%, due 10/1/25
250 Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A, 250 ß
4.00%, due 10/1/26
1,120 Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/23 1,277 ß
210 Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/25 237 ß
520 Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16 521
1,265   Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured), 1,498
5.00%, due 9/1/27
2,000 Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28 2,281
800 Nassau Co. IDA Civic Fac. Rev. Ref. & Imp. (Cold Spring Harbor Laboratory), Ser. 1999, (LOC: TD Bank 800 µß
N.A.), 0.07%, due 1/1/34
500 Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.), 590 ß
Ser. 2014, 5.00%, due 7/1/23
1,000 Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.), 1,148 ß
Ser. 2014, 5.00%, due 7/1/27
950 New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22 1,108
1,000 New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21 1,169
1,925 New York City G.O., Subser. 2012-G1, 5.00%, due 4/1/27 2,244
200 New York City IDA Civic Fac. Rev. (American Civil Proj.), Ser. 2005, (LOC: JP Morgan Chase), 200 µß
0.07%, due 6/1/35
1,560 New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured), 1,565 ß
5.00%, due 6/1/22
490 New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology), Ser. 2006-A, 510 ß
5.00%, due 12/1/28
2,000 New York City IDA Spec. Fac. Rev. (Term. One Group Assoc. Proj.), Ser. 2005, 5.50%, due 1/1/19 2,105 µß
200 New York City Trust for Cultural Res. Rev. (American Museum of Natural History), Ser. 2008-A1, (LOC: 200 µß
JP Morgan Chase), 0.07%, due 4/1/27
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40 511 ñßØ
2,000 New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35 2,371 ßØØ
660 New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19 0 #‡
3,000 New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17 3,010 ß
250 New York St. Dorm. Au. Rev. (Brookdale Hosp. Med. Ctr.), Ser. 1998-J, 5.20%, due 2/15/16 251 ß
795 New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16 841
400 New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003, 401 ß
5.00%, due 5/1/18
905 New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.), Ser. 2002, (LOC: Allied Irish Banks), 905 ß
4.60%, due 7/1/16
780 New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 838 ß
4.63%, due 7/1/25
500 New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 537 ß
5.00%, due 7/1/24
900 New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA 993 ß
Insured), 5.00%, due 8/1/21
1,595 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 1,831 ß
5.25%, due 7/1/24
2,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), 2,127 ß
Ser. 2011-A, 4.38%, due 5/1/26
1,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2006-A, 1,072 ß
5.00%, due 7/1/20
805 New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 873 ß
5.25%, due 7/1/24
1,375 New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012, 1,464 ß
4.00%, due 7/1/28       

See Notes to Schedule of Investments

19


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

PRINCIPAL
AMOUNT
(000’s omitted)
   

VALUE
(000’s omitted)z

 
       $2,000               New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John’s Univ.), Ser. 2007-C, (National Public        $2,354 ß
  Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
460   New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), 475 ß
Ser. 2014-A, 4.00%, due 1/1/26
470 New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), 483 ß
Ser. 2014-A, 4.00%, due 1/1/27
200 New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), 205 ß
Ser. 2014-A, 4.00%, due 1/1/28
275 New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), 284 ß
Ser. 2014-A, 4.13%, due 1/1/29
1,350 New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28 1,589  
2,000 New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26 2,380
1,500 New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.), Ser. 2004-A, 1,561 ß
2.75%, due 7/1/17
2,000 New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26 2,213
1,615 New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29 1,697
960 New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27 960
1,045 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 1,031
1,230 New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/23 1,412
1,295 New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/24 1,482
1,000 New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2007-B,   1,122
5.00%, due 4/1/20
1,090 New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 1,269
5.00%, due 4/1/19  
1,250 New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20 1,457
965 New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A1, 5.00%, due 12/15/23 1,087
785 Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22   869
900 Niagara Area Dev. Corp. Rev. (Covanta Energy Proj.), Ser. 2012, 4.00%, due 11/1/24 909 ß
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
500 Onondaga Civic Dev. Corp. Rev. (St. Josephs Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25 528 ß
1,000 Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19 1,185 ß
1,500 Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21 1,578
3,000 Port Au. New York & New Jersey Cons. Bonds, Ser. 2012-175, 3.00%, due 12/1/27 3,069
750 Rensselaer City Sch. Dist. Cert. Participation, Ser. 2006, (XLCA Insured), 5.00%, due 6/1/26 776
1,500 Rockland Co. G.O. (Pub. Imp. ), Ser. 2014-C, (AGM Insured), 4.00%, due 5/1/21 1,657
1,000 Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22 1,068 ß
1,410 St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28 1,608 ßØØ
1,980 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25 2,219
190 Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. 197
Insured), 4.75%, due 1/1/24
1,000 Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23 Pre-Refunded 11/15/18 1,164
765 Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23 871
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 1,607
3,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 3,610 ØØ
1,350 Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28 1,475 ß
103,812       

Pennsylvania (2.9%)
2,000 Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 2,135 b
0.00%, due 12/1/34

See Notes to Schedule of Investments

20


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

PRINCIPAL
AMOUNT
(000’s omitted)
          

VALUE
(000’s omitted)z

 
Puerto Rico (4.3%)
       $2,000               Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee $2,083
Corp. Insured), 5.50%, due 7/1/20
1,060   Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 1,057 ß
2002-A, (ACA Insured), 5.25%, due 8/1/16
3,140

Virgin Islands (0.4%)
250 Virgin Islands Pub. Fin. Au. Rev., Ser. 2014-A, 5.00%, due 10/1/24 296
                 Total Municipal Notes (Cost $113,403) 119,424
               
UNITS
 
Liquidating Trust - Real Estate (2.5%)
600 CMS Liquidating Trust (Cost $3,105) 1,830 #*
                 Total Investments (164.5%) (Cost $116,508) 121,254 ##
                 Cash, receivables and other assets, less liabilities (1.0%) 773
                 Liquidation Value of Variable Rate Municipal Term Preferred Shares [(65.5%)] (48,300 )
                 Total Net Assets Applicable to Common Shareholders (100.0%) $73,727

See Notes to Schedule of Investments

 

21


Notes to Schedule of Investments

  In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“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.

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 and 3 inputs used by independent pricing services to value municipal securities and units 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, appraisals, bid offers 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, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). 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 in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, trading in futures or American Depositary Receipts (“ADRs”) and whether the issuer of the security being fair valued has other securities outstanding.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

See Notes to Financial Statements

22


Notes to Schedule of Investments (cont’d)

The following is a summary, categorized by Level, of inputs used to value the Funds’ investments as of October 31, 2014:

Asset Valuation Inputs
(000’s omitted)
       Level 1        Level 2        Level 3§        Total
California
Investments:
Municipal Notes^ $— $143,619 $ — $143,619
Total Investments 143,619 143,619
Intermediate
Investments:
Municipal Notes^ 476,006 476,006
Tax Exempt Preferred^ 1,875 1,875
Total Investments 477,881 477,881
New York
Investments:
Municipal Notes^ 119,424 119,424
Liquidating Trust—Real Estate 1,830 1,830
Total Investments 119,424 1,830 121,254

^      The Schedule of Investments provides information on the state categorization for the portfolio.
 
§     The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

       Beginning
balance,
as of
11/1/13
       Accrued
discounts/
(premiums)
       Realized
gain/(loss)
       Change in
unrealized
appreciation/
(depreciation)
       Purchases        Sales        Transfers
in to
Level 3
       Transfers
out of
Level 3
       Balance
as of
10/31/14
      

Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as
of 10/31/14

(000’s omitted)  
Investments in
Securities
New York
Units  
Liquidating
Trust—
Real Estate $1,920 $— $— $(90) $— $— $— $— $1,830 $(90)
Total $1,920 $— $— $(90) $— $— $— $— $1,830 $(90)

See Notes to Financial Statements

23


Notes to Schedule of Investments (cont’d)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of October 31, 2014.

Asset
class
Fair value
at 10/31/14
Valuation
techniques
Unobservable
input
Range
per unit
Weighted
Average
per unit
Impact to
valuation
from
increase
in Input
New York        Units        $1,830,000        Income Approach        Appraised value        $2,592-$3,252        $2,922        Decrease

As of the year ended October 31, 2014, the Funds had no transfers between Levels 1, 2 or 3 based on the beginning of period market values as of October 31, 2013.

##      At October 31, 2014, 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 $134,387 $9,424 $192 $9,232
Intermediate 434,426 45,727 2,272 43,455
New York 116,511 6,867 2,124 4,743

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 October 31, 2014, these securities amounted to approximately $2,204,000 or 2.6% of net assets applicable to common shareholders for California, approximately $10,055,000 or 3.3% of net assets applicable to common shareholders for Intermediate and approximately $511,000 or 0.7% of net assets applicable to common shareholders for New York.

Ñ   These securities have been deemed by the investment manager to be illiquid. At October 31, 2014, these securities amounted to approximately $493,000 or 0.6% of net assets applicable to common shareholders for California and approximately $1,688,000 or 0.6% 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 October 31, 2014, these securities amounted to approximately $1,511,000 or 0.5% of nets assets applicable to common shareholders for Intermediate and approximately $511,000 or 0.7% of net assets applicable to common shareholders for New York.

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

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 October 31, 2014, and at their final maturities.

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.

See Notes to Financial Statements

24


Notes to Schedule of Investments (cont’d)

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

  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.

  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.

z   A zero balance, if any, 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 October 31, 2014, these securities amounted to approximately $1,505,000 or 1.8% of net assets applicable to common shareholders for California, approximately $6,644,000 or 2.2% of net assets applicable to common shareholders for Intermediate and approximately $2,333,000 or 3.2% 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
October 31, 2014
       Fair Value
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
October 31, 2014
California Collier Co. Ind. Dev. Au.
Continuing Care Comm.
Rev. (Arlington of Naples
Proj.), Ser. 2014-B1,
6.88%, due 5/15/21 12/16/2013 $500 0.6% $503 0.6%
California Muni. Fin. Au.  
Charter Sch. Lease Rev.
(Sycamore Academy Proj.),  
Ser. 2014, 5.63%, due  
7/1/44 9/18/2014 982 1.2% 1,002 1.2%

See Notes to Financial Statements

25


Notes to Schedule of Investments (cont’d)

Acquisition