Edgar Filing: NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC

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

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.

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.

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

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.

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.

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	^#ß
		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

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

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	^#ß
		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

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

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	^#ß
		Ser. 2014, 5.00%, due 7/1/24
	630	California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.),		632	^#ß
		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

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	^#ß
		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

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

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

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

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

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

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

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	^#ß
		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

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

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

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

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.

Level 1 – quoted prices in active markets for identical investments
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
Level 3 – 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 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

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

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

Notes to Schedule of Investments (cont’d)

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.

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

Notes to Schedule of Investments (cont’d)

Acquisition

Annual Report October 31, 2014

Contents

Annual Report
October 31, 2014