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.
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 |
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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 |
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(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 |
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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. |
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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 | #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
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 |
VALUE† |
||||||||
$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
8
Schedule of Investments California Intermediate Municipal Fund Inc.
(cont’d)
PRINCIPAL |
VALUE† |
||||||||
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 |
VALUE† |
||||||||
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
10
Schedule of Investments Intermediate Municipal Fund Inc. (cont’d)
PRINCIPAL |
VALUE† |
||||||||
$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
11
Schedule of Investments Intermediate Municipal Fund Inc. (cont’d)
PRINCIPAL |
VALUE† |
||||||||
$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 |
VALUE† |
||||||||
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 |
VALUE† |
||||||||
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 |
VALUE† |
||||||||
$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 |
VALUE† |
||||||||
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† |
||||||||
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
18
Schedule of Investments New York Intermediate Municipal Fund Inc.
(cont’d)
PRINCIPAL AMOUNT (000’s omitted) |
VALUE† |
||||||||
$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† |
||||||||
$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† |
||||||||
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 |
|||||||||||
(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 |
||||
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.
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
25
Notes to Schedule of Investments (cont’d)
Acquisition |