As filed with the Securities and Exchange Commission on January 6, 2017
 
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 Registrant as specified in charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104
(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 Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104
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, 2016
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, as amended (“Act”) (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.
Following is a copy of the annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.
 






        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, 2016




 

 
 
               

      Contents
 
President’s Letter 1
 
  PORTFOLIO COMMENTARIES 2
 
SCHEDULES OF INVESTMENTS
California Intermediate Municipal Fund Inc. 6
Intermediate Municipal Fund Inc. 12
New York Intermediate Municipal Fund Inc. 23
 
FINANCIAL STATEMENTS 29
 
FINANCIAL HIGHLIGHTS/PER SHARE DATA
California Intermediate Municipal Fund Inc. 40
Intermediate Municipal Fund Inc. 41
New York Intermediate Municipal Fund Inc. 42
 
Report of Independent Registered Public Accounting Firm 45
Distribution Reinvestment Plan for each Fund 46
Directory 49
Directors and Officers 50
Proxy Voting Policies and Procedures 59
Quarterly Portfolio Schedule 59
Notice to Stockholders 60
Report of Votes of Stockholders 61
Board Consideration of the Management Agreements 62





The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. “Neuberger Berman Investment Advisers LLC” and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2016 Neuberger Berman Investment Advisers LLC. All rights reserved.




 

President’s Letter

Dear Stockholder,

I am pleased to present this annual report for Neuberger Berman California Intermediate Municipal Fund Inc. (“California Fund”), Neuberger Berman Intermediate Municipal Fund Inc. (“Intermediate Fund”) and Neuberger Berman New York Intermediate Municipal Fund Inc. (“New York Fund” and together with the California Fund and the Intermediate Fund, the “Funds”) for the twelve months ended October 31, 2016. The report includes a portfolio commentary, 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 April 15, 2016, the New York Fund announced a decrease in its monthly distribution rate to $0.048 per share of common stock from $0.057 per share, and the California Fund announced a decrease in its monthly distribution rate to $0.062 per share of common stock from $0.068 per share. The changes were reflected in the Funds’ May 16, 2016 distribution. The Funds’ decreases in distribution rates were the result of numerous factors, including the general decline in yields available in the municipal market and the resulting impact on the Funds’ levels of earnings.

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, 2016, on a net asset value (NAV) basis, each of Neuberger Berman California Intermediate Municipal Fund Inc. (“California Fund”), Neuberger Berman Intermediate Municipal Fund Inc. (“Intermediate Fund”) and Neuberger Berman New York Intermediate Municipal Fund Inc. (“New York Fund” and together with the California Fund and the Intermediate Fund, the “Funds”) outperformed its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. The California Fund, Intermediate Fund and New York Fund posted 7.28%, 7.19% and 6.27% total returns, respectively, whereas the benchmark generated a 4.31% return for the reporting period. (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 performance given the positive return for the municipal market during the reporting period.

The municipal bond market posted a positive return during the reporting period, but modestly lagged the overall taxable bond market. Fundamentals in the municipal market remained stable overall as the U.S. economy continued to modestly expand. However, federal and state tax revenues moderated in 2016, which bears close scrutiny going forward. The market was also supported by declining long-term Treasury yields and continued policy accommodation by the U.S. Federal Reserve (Fed). While new supply meaningfully increased as the reporting period progressed, this was generally met with solid demand. All told, the Bloomberg Barclays Municipal Bond Index gained 4.06% for the 12 months ended October 31, 2016. In contrast, the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.37%.

In terms of the Funds’ yield curve positioning, we maintained a barbell approach (investing in shorter and longer maturities). In contrast, the Funds’ benchmark is concentrated in the eight- to 12-year portion of the curve. Yield curve positioning was positive for results as the municipal curve flattened over the period. In general, the average durations of the securities held by the Funds were slightly shorter than the benchmark. This detracted from performance as longer-term rates declined over the fiscal year.

The Funds maintained a lower quality relative to that of the benchmark in an attempt to generate additional yield. This was additive for results given the outperformance of lower quality bonds during the reporting period. From a sector perspective, overweights to revenue bonds contributed to results as they largely outperformed general obligation bonds. In particular, an overweight and security selection of tobacco securitization bonds contributed to performance. Conversely, the Funds’ underweight to uninsured bonds issued by Puerto Rico was a drag on returns as these bonds rallied sharply over the period.

Looking ahead, we maintain an overall positive outlook for the municipal bond market.

We believe the U.S. economy will continue to expand at a moderate pace and the Fed will take a very measured approach in terms of normalizing monetary policy. Despite some weakening late in the period, we believe technical factors for the municipal market will improve in the coming months. In particular, we anticipate seeing moderating supply and solid demand from retail investors. We continue to believe that security selection and active yield curve management could be key drivers of returns for the remainder of the year and in 2017.

Sincerely,

James L. Iselin and S. Blake Miller
Portfolio Co-Managers

The portfolio composition, industries and holdings of each Fund are subject to change without notice.

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

2



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

CALIFORNIA INTERMEDIATE
MUNICIPAL FUND INC. PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments*)
American Samoa    0.4 %
California 83.7
Florida 0.8
Georgia 0.4
Guam 1.6
Illinois 1.4
Louisiana 0.4
Nevada 0.8
New Jersey 0.6
North Carolina 0.6
Ohio 0.7
Pennsylvania 1.7
Puerto Rico 5.8
Tennessee 0.4
Texas 0.2
Virgin Islands 0.5
Other
Total 100.0 %

Does not include the impact of the Fund’s open positions in derivatives, if any.

NEW YORK INTERMEDIATE
MUNICIPAL FUND INC. PORTFOLIO
BY STATE AND TERRITORY
(as a % of Total Investments*)
American Samoa    0.4 %
California 3.8
Georgia 0.4
Guam 2.0
Illinois 1.0
Louisiana 0.5
Nevada 1.0
New York 84.3
Ohio 0.4
Pennsylvania 2.0
Puerto Rico 1.8
Texas 0.3
Virgin Islands 0.8
Other 1.3
Total 100.0 %

Does not include the impact of the Fund’s open positions in derivatives, if any.
PERFORMANCE HIGHLIGHTS1
    Average Annual Total Return
Inception Ended 10/31/2016
At NAV2   Date   1 Year   5 Years   10 Years   Life of Fund
California Intermediate Municipal                            
Fund Inc. 09/24/2002 7.28 % 6.22 % 5.93 % 6.12 %
Intermediate Municipal Fund Inc. 09/24/2002 7.19 % 7.42 % 6.45 % 6.53 %
New York Intermediate Municipal
Fund Inc. 09/24/2002 6.27 % 5.44 % 5.31 % 5.59 %
At Market Price3
California Intermediate Municipal
Fund Inc. 09/24/2002 6.67 % 6.67 % 6.11 % 5.73 %
Intermediate Municipal Fund Inc. 09/24/2002 4.42 % 6.60 % 6.47 % 5.83 %
New York Intermediate Municipal
Fund Inc. 09/24/2002 1.87 % 4.84 % 4.53 % 4.65 %
Index
Bloomberg Barclays 10 Year Municipal
Bond Index4 4.31 % 4.52 % 5.07 % 4.76 %

Closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and, once issued, shares of common stock of closed-end funds are sold in the secondary market on 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/cef-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 stockholder would pay on Fund distributions or on the sale of shares of a Fund’s common stock.

The investment return and market price will fluctuate and shares of a Fund’s common stock may trade at prices above or below NAV. Shares of a Fund’s common stock, when sold, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers 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    0.4 %    Missouri   0.5 %
American Samoa 0.4 Nevada 1.7
Arizona 4.2   New Hampshire 0.3
California 20.4 New Jersey 3.5
Colorado 2.4 New Mexico 0.3
Connecticut 0.2   New York 7.5  
District of Columbia 1.9 North Carolina 2.3
Florida 3.8 Ohio 0.5
Georgia 0.6 Oklahoma   0.2
Guam 1.1 Oregon 0.1
Hawaii   1.7 Pennsylvania 4.6
Illinois 10.8 Puerto Rico 1.5
Indiana 2.0 Tennessee 1.1
Iowa 1.8 Texas 4.3
Kentucky 0.6 Utah 1.3
Louisiana 1.0 Vermont 2.0
Maine 0.5 Virginia 0.2
Maryland 0.5 Washington 2.4
Massachusetts 3.5 West Virginia 0.2
Michigan 1.6 Wisconsin 4.0
Minnesota 0.9 Other 0.4
Mississippi 0.8 Total 100.0 %
    
Does not include the impact of the Fund’s open positions in derivatives, if any.
    

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 stockholders.
 
2 Returns based on the NAV of each Fund.
 
3 Returns based on the market price of shares of each Fund’s common stock 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 Neuberger Berman Investment Advisers LLC at (800) 877-9700, or visit our website at www.nb.com.

4



 

Description of Index


Bloomberg Barclays 10-Year       
Municipal Bond Index:

The index is the 10-year (8-12 years to maturity) component of the Bloomberg Barclays Municipal Bond Index. The Bloomberg 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. On August 24, 2016, Bloomberg acquired the Barclays fixed income benchmark indices from Barclays. Barclays and Bloomberg have agreed to co-brand the indices as the Bloomberg Barclays Indices for an initial term of five years. For more information, please visit www.bloombergindices.com/.


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.
10/31/16


PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes (164.5%)               
 
American Samoa (0.7%)  
$ 600       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $ 602
California (137.7%)
1,000 Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 1,210
1,500 Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21 1,751
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
250 Ser. 2016-A, 5.00%, due 10/1/28 305 (a)
260 Ser. 2016-A, 3.00%, due 10/1/29 260 (a)
400 Ser. 2016-A, 3.00%, due 10/1/30 396 (a)
600 California Hlth. Facs. Fin. Au. Rev. (Catholic Healthcare), (LOC: Wells Fargo Bank N.A.), Ser. 2009, 600 (a)(b)
0.58%, due 7/1/33
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 1,156 (a)
5.00%, due 11/15/26
1,000 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. 1,122
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, 1,028 (a)(c)(d)
5.63%, due 7/1/44
500 California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 509 (a)(d)
5.13%, due 7/1/29
255 California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 262 (a)
4.50%, due 10/1/25
1,000 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 1,062 (a)(c)
4.00%, due 7/1/26
500 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 545 (a)(c)
California Muni. Fin. Au. Rev. (Biola Univ.)
375 Ser. 2013, 4.00%, due 10/1/25 416 (a)
410 Ser. 2013, 4.00%, due 10/1/26 450 (a)
455 Ser. 2013, 4.00%, due 10/1/27 495 (a)
1,040 California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21 1,057 (a)
600 California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26 714 (a)
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
605 Ser. 2014-A, 4.00%, due 1/1/27 629 (a)
630 Ser. 2014-A, 4.00%, due 1/1/28 652 (a)
330 Ser. 2014-A, 4.00%, due 1/1/29 339 (a)
400 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 456 (a)(c)
5.00%, due 7/1/30
450 California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.), Ser. 2014-A, 4.13%, due 7/1/24 494 (a)
2,195 California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29 2,173
California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.)
15 Ser. 2012-AN, 5.00%, due 12/1/21 18
540 Ser. 2012-AN, 5.00%, due 12/1/21 642
California St. Dept. of Wtr. Res. Pwr. Supply Rev.
1,240 Ser. 2010-L, 5.00%, due 5/1/22 Pre-Refunded 5/1/20 1,409
760 Ser. 2010-L, 5.00%, due 5/1/22 867
California St. G.O.
20 Ser. 2002, 5.00%, due 10/1/17 20
1,500 Ser. 2012, 5.00%, due 2/1/27 1,770
750 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC 755 (a)(c)(d)
Proj.), Ser. 2016, 7.00%, due 12/1/27
2,000 California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27 2,278 (a)(c)
1,095 California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 1,099
5.50%, due 6/1/20
415 California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, 425 (a)(c)
4.50%, due 6/1/31
400 California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31 437 (a)(c)
600 California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 662 (a)
5.35%, due 8/1/24

See Notes to Financial Statements 6



 

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


PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
$ 1,000       California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21              $  1,129      
120 California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 120 (a)
5.38%, due 4/1/17
740 California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18 776 (a)
720 California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 851 (a)
5.00%, due 10/1/26
225 California Statewide CDA Rev. (Lancer Ed. Std. Hsg. Proj.), Ser. 2007, 5.40%, due 6/1/17 229 (a)
700 California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28 843 (a)
800 California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 858 (a)(c)
6.25%, due 11/15/19
1,500 California Statewide CDA Rev. (St. Joseph Hlth. Sys.), Ser. 2000, (National Public Finance Guarantee 1,606 (a)
Corp. Insured), 5.13%, due 7/1/24 Pre-Refunded 7/1/18
130 California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17 134 (a)
1,500 California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29 1,758 (a)
1,200 California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.), 1,347
Ser. 2015, 4.50%, due 9/1/25
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
350 Ser. 2013-A, 5.00%, due 9/1/26 425
560 Ser. 2013-A, 5.00%, due 9/1/27 670
1,365 Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 1,422 (a)
5.00%, due 12/15/21
2,000 Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 2,345
4.00%, due 8/1/24
1,250 Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 1,553
5.00%, due 9/1/25
1,000 Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 1,013
6.00%, due 2/1/17
2,000 Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 2,008
5.50%, due 12/1/24 Pre-Refunded 12/1/16
Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev.
2,000 Ser. 2007-A-1, 4.50%, due 6/1/27 2,009
590 Ser. 2007-A-1, 5.00%, due 6/1/33 576
1,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 1,324
6.75%, due 8/1/40
1,000 Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18 1,062
1,000 Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26 1,223
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
150 Ser. 2013, 4.00%, due 9/1/23 168
300 Ser. 2013, 4.00%, due 9/1/24 333
450 Ser. 2013, 4.00%, due 9/1/25 497
645 Ser. 2013, 3.50%, due 9/1/26 690
690 Ser. 2013, 3.63%, due 9/1/27 736
680 Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24 830
La Verne Cert. of Participation (Brethren Hillcrest Homes)
315 Ser. 2014, 5.00%, due 5/15/26 353 (a)
500 Ser. 2014, 5.00%, due 5/15/29 555 (a)
1,105 Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26 1,311
255 Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17 259
3,900 Los Angeles Co. Metro. Trans. Au. Sales Tax Prop. A First Tier Sr. Rev., Ser. 2012-A, 4,583
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 2,340
500 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 539 (a)
635 Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19 582
1,000 Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22 1,042
1,385 Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29 883
1,490 Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24 1,655
1,250 Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39 1,265
1,500 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19 1,659

See Notes to Financial Statements 7



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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
1,000 Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.),
Ser. 2014, (AGM Insured), 5.00%, due 9/1/27
      $    1,223
415 Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road)
Ser. 2013, 4.00%, due 9/1/21
430
600       Ser. 2013, 5.00%, due 9/1/25 651
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation)
1,320 Ser. 2013-B, 0.00%, due 6/1/22 1,120
1,500 Ser. 2013-B, 0.00%, due 6/1/23 1,222
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), 5.25%, due 12/1/24
1,256
400 Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26 513
2,600 Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17 2,686
1,350 San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24 1,476
  Pre-Refunded 8/1/18
400 San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 405
5.25%, due 2/15/19 Pre-Refunded 2/15/17
San Francisco City & Co. Arpts. Commission Int’l Ref. Rev.
750 Ser. 2009-D2, 3.00%, due 5/1/21 811
1,000 Ser. 2009-C2, 5.00%, due 5/1/21 1,096
1,220 San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.), Ser. 2003-B, 1,222
(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 2,185
660 San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 662 (a)
4.95%, due 12/1/22
1,060 San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, 1,093
(AMBAC Insured), 5.00%, due 8/1/21
San Juan Unified Sch. Dist. G.O.
1,000 Ser. 2012-C, 4.00%, due 8/1/22 1,124
1,070 Ser. 2012-C, 4.00%, due 8/1/25 1,191
685 San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29 772
San Mateo Union High Sch. Dist. G.O. (Election 2010)
105 Ser. 2011-A, 0.00%, due 9/1/25 76
895 Ser. 2011-A, 0.00%, due 9/1/25 645
1,000 San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B, (National Public 978
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 1,559
Guaranty Insured), 5.00%, due 12/1/21
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.)
310 Ser. 2013, (BAM Insured), 3.25%, due 6/1/25 336
575 Ser. 2013, (BAM Insured), 3.50%, due 6/1/26 624
325 Ser. 2013, (BAM Insured), 3.50%, due 6/1/27 348
270 Ser. 2013, (BAM Insured), 3.50%, due 6/1/28 284
1,000 Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27 1,059
1,000 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,147
5.00%, due 8/1/26
355 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, 425
(AGM Insured), 6.50%, due 12/1/37
1,145 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded), 1,492
Ser. 2010, (AGM Insured), 6.50%, due 12/1/37
2,000 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25 2,383
970 Twin Rivers Unified Sch. Dist. Cert. of Participation (Sch. Fac. Bridge Funding Prog.), Ser. 2007, 973 (b)
(AGM Insured), 3.20%, due 6/1/27 Putable 6/1/20
Vernon Elec. Sys. Rev.
515 Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 557
1,190 Ser. 2009-A, 5.13%, due 8/1/21 1,293
3,000 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 3,627 (e)
0.00%, due 8/1/37
1,500 Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21 1,762

See Notes to Financial Statements 8



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted)       (000’s omitted)
 
3,500       William S.Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, (AGM $ 2,766
  Insured), 0.00%, due 9/1/26
2,250 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 1,954 (f)
0.00%, due 8/1/36
119,813
 
Florida (1.3%)
500 Florida St. Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 511 (a)(c)(d)
6.00%, due 6/1/30
525 Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24 603 (a)
1,114
 
Georgia (0.7%)
600 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 617 (a)(c)(d)
 

Guam (2.6%)

 
1,110 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18 1,190
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,097
2,287
               
Illinois (2.4%)
170 Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17 170
1,000 Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23 1,063
750 Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23 826
2,059
 
Louisiana (0.7%)
500 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), 592 (a)
Ser. 2013-A, 7.63%, due 12/15/28
 
Nevada (1.3%)
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 1,162
 
New Jersey (1.0%)
750 New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 832 (a)
 
North Carolina (0.9%)
750 North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, 814 (a)
Inc.), Ser. 2012-A, 4.25%, due 3/1/24
 
Ohio (1.1%)
1,000 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 937
 
Pennsylvania (2.7%)
Pennsylvania St. Turnpike Commission Rev.
285 Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 341
1,715 Subser. 2010-B, 6.00%, due 12/1/34 2,015 (g)
 
2,356

See Notes to Financial Statements 9



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Puerto Rico (9.5%)
2,000       Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee $ 2,184
Corp. Insured), 5.50%, due 7/1/20
1,600 Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Bristol-Myers Squibb Proj.), Ser. 2000, 1,600 (a)(b)
1.13%, due 12/1/30  
400 Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Int’l American Univ. Proj.), Ser. 2012, 403 (a)
5.00%, due 10/1/21
Puerto Rico Muni. Fin. Agcy. Rev.
3,000 Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17 3,060
1,000 Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21 1,028
8,275
 
Tennessee (0.7%)
500 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 597
5.25%, due 9/1/23
 
Texas (0.3%)
300 Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 304 (a)(c)(d)
7.75%, due 1/1/45
 
Virgin Islands (0.9%)
Virgin Islands Pub. Fin. Au. Rev.
250 Ser. 2014-A, 5.00%, due 10/1/24 251
500 Ser. 2014-A, 5.00%, due 10/1/29 493
744
 
       Total Investments (164.5%) (Cost $131,302) 143,105
 
       Other Assets Less Liabilities (3.3%) 2,892
 
       Liquidation Value of Variable Rate Municipal Term Preferred Shares [(67.8%)] (59,000 )
 
       Net Assets Applicable to Common Stockholders (100.0%) $ 86,997

(a) Security is guaranteed by the corporate or non-profit obligor.
 
(b) Variable or floating rate security. The interest rate shown was the current rate as of 10/31/2016 and changes periodically.
 
(c)       Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $9,276,000 or 10.7% of net assets applicable to common stockholders for the Fund. Securities denoted with (c) but without (d) have been deemed by the investment manager to be liquid.
 
(d) Illiquid security.
 
(e) Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
 
(f) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
 
(g) Security fair valued as of 10/31/2016 in accordance with procedures approved by the Board. Total value of all such securities at 10/31/2016 amounted to approximately $2,015,000, which represents 2.3% of net assets applicable to common stockholders.

See Notes to Financial Statements 10



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

           The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2016:

Asset Valuation Inputs                        
(000’s omitted) Level 1 Level 2 Level 3 Total
Investments:
Municipal Notes(a) $— $ 143,105 $— $ 143,105
Total Investments $— $ 143,105 $— $ 143,105

(a)      The Schedule of Investments provides a categorization by state for the portfolio.
 
As of the year ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

See Notes to Financial Statements 11



 
Schedule of Investments Intermediate Municipal Fund Inc.
10/31/16

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes (157.9%)
 
Alabama (0.7%)
1,900       Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35 $    2,168 (a)
 
American Samoa (0.6%)
1,700 American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 1,705
 
Arizona (6.7%)
5,000 Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5,383
5.13%, due 9/1/21 Pre-Refunded 9/1/18
500 Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), 529 (a)(b)
Ser. 2016, 5.00%, due 7/1/36
1,500 Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 1,483 (a)(b)(c)(d)
5.00%, due 1/1/26
4,560 Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.), 4,560 (a)
Ser. 2008, 7.50%, due 5/1/19
2,250 Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25 2,501 (b)
3,305 Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24 3,362 (a)
400 Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 387 (a)
5.13%, due 7/1/36
1,500 Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28 450 (a)(c)(e)
400 Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24 456
1,140 Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18 1,143
20,254
 
California (32.3%)
2,250 California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39 2,489 (a)
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 1,156 (a)
5.00%, due 11/15/26
1,725 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), 1,936 (f)
Ser. 2010, 5.13%, due 8/15/24
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
805 Ser. 2014, 5.00%, due 7/1/24 836 (a)(b)(c)
630 Ser. 2014, 5.13%, due 7/1/29 652 (a)(b)(c)
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
1,085 Ser. 2014, 5.00%, due 7/1/24 1,114 (a)(c)
430 Ser. 2014, 5.13%, due 7/1/29 438 (a)(c)
500 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 531 (a)(b)
4.00%, due 7/1/26
570 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 621 (a)(b)
585 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 612 (a)
4.00%, due 1/1/26
1,300 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 1,481 (a)(b)
5.00%, due 7/1/30
California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.
2,155 Ser. 2016-A, 2.90%, due 6/1/28 2,137
2,450 Ser. 2016-A, 2.95%, due 12/1/28 2,429
1,685 California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27 1,701 (f)
500 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC 503 (a)(b)(c)
Proj.), Ser. 2016, 7.00%, due 12/1/27
5,000 California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27 5,695 (a)(b)
4,000 California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25 4,449 (f)
625 California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18 656 (a)
1,000 California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda Wilder 1,083
Proj.), Ser. 2015, 4.25%, due 9/1/21
2,000 Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33 2,453

See Notes to Financial Statements 12



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
$ 855       Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1, $ 859
  4.50%, due 6/1/27  
2,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM 2,647
Insured), 6.75%, due 8/1/40  
Inglewood Pub. Fin. Au. Ref. Rev. (Lease)  
1,950 Ser. 2012, 5.00%, due 8/1/17 2,004
1,115 Ser. 2012, 5.00%, due 8/1/18 1,184
590 La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29 654 (a)
3,620 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 3,012
0.00%, due 8/1/24
5,750 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, 5,823 (g)
(Assured Guaranty Insured), 0.00%, due 8/1/29
5,000 Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/34 6,712
1,230 Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee 1,123
Corp. Insured), 0.00%, due 8/1/19
4,000 Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5,131
5.25%, due 12/1/26
2,000 San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 2,168 (h)
0.00%, due 8/1/34
740 San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 742
5.00%, due 9/1/17
2,000 San Francisco City & Co. Arpt. Commission Int’l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25 2,195
6,000 San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 5,811 (i)
0.00%, due 8/1/32
1,540 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,767
5.00%, due 8/1/26
2,040 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 2,430
5.00%, due 9/1/25
Vernon Elec. Sys. Rev.
775 Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 839
1,790 Ser. 2009-A, 5.13%, due 8/1/21 1,945
9,070 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 10,967 (j)
0.00%, due 8/1/37
5,095 Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured 3,893
Guaranty Insured), 0.00%, due 8/1/26
3,000 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 2,605 (k)
0.00%, due 8/1/36
97,483
 
Colorado (3.7%)
Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
565 Ser. 2015, 4.50%, due 4/1/25 571 (a)(b)
1,000 Ser. 2015, 5.13%, due 4/1/35 1,009 (a)(b)
Colorado Ed. & Cultural Facs. Au. Rev. Ref.
385 Ser. 2014, 4.00%, due 11/1/24 395 (a)(c)
750 Ser. 2014, 4.50%, due 11/1/29 767 (a)(c)
5,000 Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24 5,793
2,550 Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23 2,722 (b)
 
11,257
 
Connecticut (0.3%)
750 Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25 779
  
See Notes to Financial Statements 13
   


 
Schedule of Investments Intermediate Municipal Fund Inc.
(cont’d)
   
PRINCIPAL AMOUNT       VALUE
      
(000’s omitted) (000’s omitted)
 
District of Columbia (3.0%)
1,615       Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), $ 1,746 (a)
4.10%, due 12/1/26
3,035 Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22 3,211 (a)
520 Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23 577 (a)
Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev.
1,000 Ser. 2008-A, 5.50%, due 10/1/18 1,083
2,000 Ser. 2011-C, 5.00%, due 10/1/26 2,300
8,917
 
Florida (6.0%)
1,000 Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26 1,154
1,075 Florida Dev. Fin. Corp. Ed. Facs. Rev. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36 1,045 (a)
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
1,000 Ser. 2012-A, 5.50%, due 6/15/22 1,097 (a)
3,120 Ser. 2013-A, 6.75%, due 12/15/27 3,404 (a)
1,750 Ser. 2014-A, 5.75%, due 6/15/29 1,845 (a)
500 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 511 (a)(b)(c)
6.00%, due 6/1/30
1,075 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Obligated Group), Ser. 2015-A, 1,146 (a)(b)
7.00%, due 6/1/45
100 Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (Jetblue Airways Corp. Proj.), Ser. 2013, 105 (a)
5.00%, due 11/15/36
1,000 Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 1,199 (a)
8/15/19
1,135 Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27 1,294 (a)
2,000 Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25 2,325
2,000 Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 2,088 (a)
4.20%, due 12/15/25
985 Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29 1,008
18,221
 
Georgia (0.9%)
1,750 Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 1,710 (a)(b)(c)
6.00%, due 7/1/36
1,100 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 1,132 (a)(b)(c)
2,842
 
Guam (1.7%)
Guam Gov’t Hotel Occupancy Tax Rev.
1,220 Ser. 2011-A, 5.75%, due 11/1/20 1,397
650 Ser. 2011-A, 5.75%, due 11/1/21 751
2,630 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 2,884
5,032
 
Hawaii (2.6%)
5,200 Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24 5,675
2,000 Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009, 2,231 (a)
6.50%, due 7/1/39
7,906
   
See Notes to Financial Statements 14
 


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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted)       (000’s omitted)
 
Illinois (17.2%)
$ 1,030       Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17 $ 1,033
5,705 Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27 6,482 (f)
Chicago G.O.
250 Ser. 2002-2002B, 5.13%, due 1/1/27 266
2,000 Ser. 2002-B, 5.00%, due 1/1/25 2,131
2,000 Ser. 2009-C, 5.00%, due 1/1/27 2,030
Chicago Ref. G.O.
1,000 Ser. 2005-D, 5.50%, due 1/1/40 1,039
700 Ser. 2014-A, 5.00%, due 1/1/27 732
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
1,350 Ser. 2013-C, 5.45%, due 12/1/30 1,500
1,960 Ser. 2013-C, 5.50%, due 12/1/31 2,178
1,970 Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 2,093
5.00%, due 12/1/25
1,560 Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 1,745 (a)
5.00%, due 2/15/31
4,000 Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24 4,307 (a)
3,340 Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20 3,918 (a)
1,670 Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured), 1,719
5.50%, due 6/15/17
1,905 Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 1,334
0.00%, due 6/15/26
Illinois St. G.O.
3,900 Ser. 2012, 4.00%, due 8/1/25 3,996
1,000 Ser. 2013, 5.00%, due 7/1/23 1,101
1,720 Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26 1,893 (a)
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
945 Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27 1,082
1,375 Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28 1,579
715 Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29 810
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
2,725 Ser. 2013, 5.00%, due 10/1/27 3,162 (a)
2,875 Ser. 2013, 5.75%, due 10/1/28 3,456 (a)
1,850 Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31 2,183
51,769
 
Indiana (3.2%)
4,000 Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29 4,402 (a)
Pre-Refunded 2/1/19
500 Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A, 528 (a)
5.00%, due 6/1/32
3,055 Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. 3,709
Insured), 5.75%, due 12/1/21
950 Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24 1,099 (a)
9,738
 
Iowa (2.8%)
5,110 Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22 Pre-Refunded 8/1/18 5,518
Iowa Std. Loan Liquidity Corp. Rev.
2,145 Ser. 2011-A-1, 5.00%, due 12/1/21 2,263
615 Ser. 2011-A-1, 5.30%, due 12/1/23 654
8,435

See Notes to Financial Statements 15



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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Kentucky (0.9%)
$ 2,585       Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A, $ 2,607 (a)
  5.50%, due 11/15/27  
150 Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31 158 (a)
2,765
 
Louisiana (1.7%)
1,500 Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 1,767 (a)
6.50%, due 11/1/35
500 Louisiana Pub. Facs. Au. Rev. (Archdiocese of New Orleans Proj.), Ser. 2007, (Assured Guaranty 503 (a)
Insured), 4.50%, due 7/1/37
775 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), 918 (a)
Ser. 2013-A, 7.63%, due 12/15/28
1,655 St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 1,822 (a)(l)
4.00%, due 12/1/40 Putable 6/1/22
5,010
 
Maine (0.8%)
2,400 Maine St. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2005, 6.25%, due 1/1/25 2,415 (a)(b)(l)
Putable 2/1/17
 
Maryland (0.8%)
100 Howard Co. Retirement Comm. Rev. Ref. (Vantage House Fac.), Ser. 2007-A, 5.25%, due 4/1/33 102 (a)
2,375 Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, (Fannie Mae 2,424 (a)(l)
Insured), 4.85%, due 12/15/38 Putable 12/15/23
2,526
 
Massachusetts (5.6%)
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
200 Ser. 2014-F, 5.00%, due 7/15/24 230 (a)
415 Ser. 2014-F, 5.00%, due 7/15/25 475 (a)
200 Ser. 2014-F, 5.00%, due 7/15/26 228 (a)
190 Ser. 2014-F, 5.00%, due 7/15/27 215 (a)
150 Ser. 2014-F, 5.00%, due 7/15/28 169 (a)
Massachusetts St. Ed. Fin. Au. Rev.
2,260 Ser. 2011-J, 5.00%, due 7/1/23 2,497
3,180 Ser. 2012-J, 4.70%, due 7/1/26 3,290
3,825 Ser. 2013-K, 4.50%, due 7/1/24 4,178
4,125 Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25 4,438
1,175 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19 1,179
16,899
 
Michigan (2.5%)
Jackson College Dormitories Hsg. Rev.
1,000 Ser. 2015, 6.50%, due 5/1/35 1,111
500 Ser. 2015, 6.75%, due 5/1/46 553
2,000 Michigan St. Fin. Au. Ref. Rev. (Henry Ford Health System), Ser. 2016, 4.00%, due 11/15/46 2,013 (a)
Michigan St. Hsg. Dev. Au. Rev.
1,935 Ser. 2016-C, 2.05%, due 12/1/22 1,931
1,835 Ser. 2016-C, 2.15%, due 6/1/23 1,827
100 Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35 100
7,535

See Notes to Financial Statements 16



 
Schedule of Investments Intermediate Municipal Fund Inc.
(10/31/16)

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Minnesota (1.5%)
$ 2,000       Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17 $ 2,036 (a)
2,250 Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), 2,478 (a)
Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/24
 
4,514
 
Mississippi (1.3%)
400 Jackson Co. Port Fac. Ref. Rev. (Chevron, U.S.A., Inc. Proj.), Ser. 1993, 0.48%, due 6/1/23 400 (a)(l)
3,320 Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24 3,569 (a)
 
3,969
 
Missouri (0.8%)
2,275 Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children’s Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24 2,494 (a)
 
Nevada (2.7%)
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
1,900 Ser. 2015-A, 4.00%, due 12/15/25 1,933 (a)(b)
500 Ser. 2015-A, 5.13%, due 12/15/45 515 (a)(b)
Las Vegas Redev. Agcy. Tax Increment Rev.
1,635 Ser. 2009-A, 6.50%, due 6/15/17 1,691
3,545 Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 4,121
 
8,260
 
New Hampshire (0.5%)
1,500 New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 1,478 (a)(b)(l)
4.00%, due 4/1/29 Putable 10/1/19
 
New Jersey (5.5%)
2,500 New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 2,774 (a)
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
500 Ser. 2013, 5.25%, due 1/1/25 581 (a)
500 Ser. 2013, 5.50%, due 1/1/26 588 (a)
New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
1,420 Ser. 2013, 3.50%, due 7/1/24 1,496 (a)
1,470 Ser. 2013, 3.63%, due 7/1/25 1,528 (a)
1,520 Ser. 2013, 3.75%, due 7/1/26 1,581 (a)
765 Ser. 2013, 4.00%, due 7/1/27 798 (a)
180 New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 203
5.25%, due 12/15/20
5,580 New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26 5,962
1,000 New Jersey Trans. Trust Fund Au. Rev. (Federal Hwy. Reimbursement Notes), Ser. 2016-A-2, 1,046 (d)
5.00%, due 6/15/21
 
16,557
 
New Mexico (0.5%)
Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts
Tax Increment Bond)
500 Ser. 2015, 5.25%, due 5/1/25 516 (b)(c)
1,000 Ser. 2015, 5.75%, due 5/1/30 1,049 (b)(c)
 
1,565

See Notes to Financial Statements 17



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
New York (11.9%)
$ 625       Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29 $ 709 (a)
Build NYC Res. Corp. Rev.
1,100 Ser. 2014, 5.00%, due 11/1/24 1,238 (a)
835 Ser. 2014, 5.25%, due 11/1/29 939 (a)
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts)
500 Ser. 2013-A, 3.88%, due 4/15/23 512 (a)
1,450 Ser. 2013-A, 5.00%, due 4/15/43 1,493 (a)
1,000 Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 1,116 (a)(b)
4.50%, due 1/1/25
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
700 Ser. 2014, 5.00%, due 7/1/23 826 (a)
735 Ser. 2014, 5.00%, due 7/1/24 874 (a)
1,400 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24 1,367 (a)(b)
1,000 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 1,090
1,000 New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology), Ser. 2006-A, 1,002 (a)
5.00%, due 12/1/28
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 576 (a)(b)
5.38%, due 11/15/40
1,100 New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19 0 (c)(e)(m)
4,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 4,450 (a)
5.25%, due 7/1/33 Pre-Refunded 7/1/19
3,200 New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 3,818
5.00%, due 7/1/28
2,000 New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41 2,103
2,000 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 2,070
2,000 New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20 2,188
710 Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20 793
Newburgh G.O. (Deficit Liquidation)
495 Ser. 2012-B, 5.00%, due 6/15/20 553
520 Ser. 2012-B, 5.00%, due 6/15/21 595
550 Ser. 2012-B, 5.00%, due 6/15/22 640
1,435 Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23 1,648 (a)
1,000 Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), Ser. 2012-B, 1,012 (a)(b)
4.00%, due 11/1/24
1,155 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/26 1,259
2,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 2,439
600 Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 617 (a)(b)
5.00%, due 6/1/30
 
35,927
 
North Carolina (3.6%)
1,835 North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), 1,990 (a)
Ser. 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 2,222 (a)
North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev.
3,740 Ser. 2009-A, 5.00%, due 1/1/26 Pre-Refunded 1/1/19 4,059
1,510 Ser. 2009-A, 5.00%, due 1/1/26 1,625
1,000 Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24 1,118
Pre-Refunded 6/1/19
 
11,014
 
Ohio (0.8%)
2,060 Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27 2,347

See Notes to Financial Statements 18



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Oklahoma (0.3%)
      Tulsa Arpt. Imp. Trust Ref. Rev.
$ 250 Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24 $ 299
400 Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25 475
 
774
 
Oregon (0.2%)
480 Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 501
3.50%, due 7/1/27
 
Pennsylvania (7.3%)
Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
500 Ser. 2012, 3.50%, due 5/1/25 517 (a)
350 Ser. 2012, 3.60%, due 5/1/26 362 (a)
2,830 Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), 2,998 (a)
Ser. 2015-A, 4.25%, due 7/1/30
2,000 Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22 2,048 (a)
1,250 Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28 1,422 (a)
1,105 Moon Ind. Dev. Au. Rev. Ref. (Baptist Homes Society Obligated Group), Ser. 2015, 1,227 (a)
5.63%, due 7/1/30
3,430 Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 3,655
4.50%, due 4/1/27
2,625 Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 2,991 (a)
5.00%, due 11/1/24
Pennsylvania St. Turnpike Commission Rev.
145 SubSer. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 173
855 SubSer. 2010-B2, 6.00%, due 12/1/34 1,005 (n)
3,420 Reading G.O., Ser. 2010-C, 5.63%, due 11/15/20 3,559
2,000 Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27 2,219
 
22,176
 
Puerto Rico (2.4%)
2,020 Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance 2,205 (f)
Guarantee Corp. Insured), 5.50%, due 7/1/20
4,900 Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Bristol-Myers Squibb Proj.), Ser. 2000, 4,900 (a)(l)
1.13%, due 12/1/30
 
7,105
 
Tennessee (1.8%)
2,705 Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19 2,982
2,000 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 2,389
5.25%, due 9/1/23
 
5,371
 
Texas (6.8%)
250 Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45 252 (a)
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
500 Ser. 2014-A, 5.88%, due 3/1/24 512 (a)
1,000 Ser. 2014-A, 6.63%, due 3/1/29 1,046 (a)
910 Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22 923 (a)
250 Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28 266 (b)
2,000 Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42 2,109 (a)
500 Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25 527 (a)

See Notes to Financial Statements 19



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
       
1,000 Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, $ 1,254 (a)
5.75%, due 1/1/28
 
$ 2,900 Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33 Pre-Refunded 8/15/18 3,114
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
460 Ser. 2012-A, 4.00%, due 2/15/22 481 (a)
1,000 Ser. 2012-A, 5.00%, due 2/15/32 1,136 (a)
1,000 Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20 Pre-Refunded 3/1/18 1,054
500 New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.), 517 (a)
Ser. 2016, 5.00%, due 7/1/36
500 New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc.), Ser. 2016-C, 547 (a)
5.75%, due 7/1/51
3,000 North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23 3,322
500 San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev. (St. Edwards Univ. Proj.), Ser. 2007, 511 (a)
5.00%, due 6/1/19
1,500 Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21 1,727 (a)
1,175 West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35 1,304
 
20,602
 
Utah  (2.0%)
3,000 Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28 3,566 (a)
1,200 Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 Pre-Refunded 6/1/18 1,283
500 Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45 524 (a)(b)
Utah Hsg. Corp. Single Family Mtge. Rev.
185 Ser. 2011-A2, Class I, 5.00%, due 7/1/20 193
170 Ser. 2011-A2, Class I, 5.25%, due 7/1/21 177
235 Ser. 2011-A2, Class I, 5.45%, due 7/1/22 246
 
5,989
 
Vermont (3.1%)
Vermont Std. Assist. Corp. Ed. Loan Rev.
1,600 Ser. 2012-A, 5.00%, due 6/15/21 1,767
445 Ser. 2013-A, 4.25%, due 6/15/24 469
1,060 Ser. 2013-A, 4.35%, due 6/15/25 1,117
1,575 Ser. 2013-A, 4.45%, due 6/15/26 1,658
515 Ser. 2013-A, 4.55%, due 6/15/27 542
1,800 Ser. 2014-A, 5.00%, due 6/15/24 2,074
1,700 Ser. 2015-A, 4.13%, due 6/15/27 1,776
 
9,403
 
Virginia (0.3%)
1,000 Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 1,039 (a)
4.00%, due 12/1/22
 
Washington (3.8%)
1,600 Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25 Pre-Refunded 1,670
12/1/17
6,700 Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28 7,131
2,525 Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 2,810 (a)
5.38%, due 10/1/29
 
11,611
 
West Virginia (0.4%)
1,000 West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19 Pre-Refunded 1,067
7/1/18

See Notes to Financial Statements 20



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Wisconsin (6.4%)
$ 1,250       Pub. Fin. Au. Ed. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A, $ 1,244 (a)
4.00%, due 12/1/36
870 Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30 916 (a)(b)
200 Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35 206 (a)(b)
3,000 Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 2,853 (a)
4.25%, due 12/1/51
500 Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36 471 (a)
1,910 Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25 2,048 (a)
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College)
1,100 Ser. 2010-A, 6.13%, due 6/1/35 Pre-Refunded 6/1/20 1,292 (a)
1,225 Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20 1,438 (a)
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.)
1,340 Ser. 2008-B3, 5.00%, due 10/1/30 Pre-Refunded 12/23/19 1,503 (a)
3,660 Ser. 2008-B3, 5.00%, due 10/1/30 4,046 (a)
3,000 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29 Pre- 3,287 (a)
Refunded 12/1/18
19,304
       Total Municipal Notes (Cost $430,771) 476,723
 
Tax Exempt Preferred (0.6%)
 
Real Estate (0.6%)
1,650 Munimae TE Bond Subsidiary LLC, 5.00%, due 4/30/28 (Cost $1,650) 1,749 (b)(c)
       Total Investments (158.5%) (Cost $432,421) 478,472
       Other Assets Less Liabilities (0.9%) 2,774
       Liquidation Value of Variable Rate Municipal Term Preferred Shares [(59.4%)] (179,400 )
       Net Assets Applicable to Common Stockholders (100.0%) $ 301,846

(a) Security is guaranteed by the corporate or non-profit obligor.
       
(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $39,888,000 or 13.2% of net assets applicable to common stockholders for the Fund. Securities denoted with (b) but without (c) have been deemed by the investment manager to be liquid.
 
(c) Illiquid security.
 
(d) When-issued security. Total value of all such securities at 10/31/2016 amounted to approximately $2,529,000, which represents 0.8% of net assets applicable to common stockholders for the Fund.
 
(e) Defaulted security.
 
(f) All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $16,773,000.
 
(g) Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
 
(h) Currently a zero coupon security; will convert to 6.38% on August 1, 2019.

See Notes to Financial Statements 21



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

(i) Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
       
(j) Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
 
(k) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
 
(l) Variable or floating rate security. The interest rate shown was the current rate as of 10/31/2016 and changes periodically.
 
(m) Amount less than one thousand.
 
(n) Security fair valued as of 10/31/2016 in accordance with procedures approved by the Board. Total value of all such securities at 10/31/2016 amounted to approximately $1,005,000, which represents 0.3% of net assets applicable to common stockholders.
 
The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2016:

Asset Valuation Inputs                        
(000’s omitted) Level 1 Level 2 Level 3 Total
Investments:
Municipal Notes(a) $— $ 476,723 $— $ 476,723
Tax Exempt Preferred 1,749 1,749
Total Investments $— $ 478,472 $— $ 478,472

(a) The Schedule of Investments provides a categorization by state for the portfolio.
       
As of the year ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

See Notes to Financial Statements 22



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes (161.2%)
 
American Samoa (0.7%)
$ 500       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $ 501
 
California (6.1%)
250 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC Proj.), 252 (a)(b)(c)
Ser. 2016, 7.00%, due 12/1/27
3,115 Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured), 2,668
0.00%, due 8/1/24
1,470 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19 1,625
 
4,545
 
Georgia (0.7%)
500 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 514 (a)(b)(c)
 
Guam (3.2%)
1,135 Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19 1,259
1,000 Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,097
 
2,356
 
Illinois (1.7%)
175 Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17 176
1,000 Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/23 1,063
 
1,239
 
Louisiana (0.8%)
500 Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 592 (b)
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 Pre-Refunded 6/15/19 1,162
 
New York (137.8%)
Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences)
380 Ser. 2014-A, 5.00%, due 12/1/27 447 (b)
375 Ser. 2014-A, 5.00%, due 12/1/28 439 (b)
270 Ser. 2014-A, 5.00%, due 12/1/29 315 (b)
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park)
500 Ser. 2015, 5.00%, due 11/15/27 575 (b)
500 Ser. 2015, 5.00%, due 11/15/28 571 (b)
Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
270 Ser. 2014-A, 5.00%, due 6/1/26 331 (b)
225 Ser. 2014-A, 5.00%, due 6/1/29 273 (b)
Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.)
250 Ser. 2014, 5.00%, due 7/1/22 293 (b)
500 Ser. 2014, 5.00%, due 7/1/29 574 (b)
250 Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/45 252 (b)
Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.)
155 Ser. 2015, 5.00%, due 6/1/26 187 (b)
125 Ser. 2015, 5.00%, due 6/1/27 149 (b)
195 Ser. 2015, 5.00%, due 6/1/28 231 (b)

See Notes to Financial Statements 23



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
$ 220       Ser. 2015, 5.00%, due 6/1/29 $ 259 (b)
325 Ser. 2015, 5.00%, due 6/1/30 381 (b)
565 Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24 636 (b)
500 Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int'l Cultures), Ser. 2013-A, 3.88%, due 4/15/23 512 (b)
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.)
180 Ser. 2014, 3.75%, due 1/1/20 187 (a)(b)
200 Ser. 2014, 4.50%, due 1/1/25 223 (a)(b)
Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.)
200 Ser. 2016-A-1, 5.00%, due 7/1/41 231 (b)
275 Ser. 2016-A-1, 5.00%, due 7/1/46 316 (b)
1,000 Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21 1,164 (b)
1,050 Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25 Pre-Refunded 1,161
5/1/19
1,270 Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21 1,476 (b)
1,500 Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23 1,691 (b)
580 Islip, G.O., Ser. 2012, 3.00%, due 8/1/25 614
755 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 4.75%, due 1/1/20 751 (a)(b)
60 Long Island Pwr. Au. Rev. (Unrefunded), Ser. 2006-E, (BHAC/FGIC Insured), 5.00%, due 12/1/21 60
990 Long Island Pwr. Au. Rev., Ser. 2006-E, (BHAC/FGIC Insured), 5.00%, due 12/1/21 993
300 Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 351 (b)
5.00%, due 1/15/29
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.)
500 Ser. 2013-A, 5.00%, due 10/1/24 586 (b)
500 Ser. 2013-A, 5.00%, due 10/1/25 582 (b)
250 Ser. 2013-A, 4.00%, due 10/1/26 269 (b)
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
1,120 Ser. 2012-A, 5.00%, due 6/1/23 1,293 (b)
210 Ser. 2012-A, 5.00%, due 6/1/25 239 (b)
1,265 Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured), 1,535
5.00%, due 9/1/27
500 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 545
2,000 Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28 2,366
Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.)
500 Ser. 2014, 5.00%, due 7/1/23 595 (b)
1,000 Ser. 2014, 5.00%, due 7/1/27 1,176 (b)
New York City G.O.
950 Ser. 2009-B, 5.00%, due 8/1/22 1,049
1,000 Ser. 2009-E, 5.00%, due 8/1/21 1,105
New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology)
490 Ser. 2006-A, 5.00%, due 12/1/28 491 (b)
100 Ser. 2006-B, 5.25%, due 12/1/36 100 (b)
1,100 New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Subser. 2014-BB-4, (LOC: Wells Fargo Bank 1,100 (d)
N.A.), 0.48%, due 6/15/50
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40 576 (a)(b)
2,000 New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35 2,526 (b)
660 New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19 0 (c)(e)(f)
3,000 New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17 3,012 (b)
1,815 New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A, 1,909 (b)
3.00%, due 7/1/27
780 New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 903 (b)
4.63%, due 7/1/25
500 New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 544 (b)
5.00%, due 7/1/24
900 New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 938 (b)
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, 1,774 (b)
5.25%, due 7/1/24 Pre-Refunded 7/1/19
2,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), 2,162 (b)
Ser. 2011-A, 4.38%, due 5/1/26

See Notes to Financial Statements 24



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
$ 675       New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24 $ 695 (b)
Pre-Refunded 7/1/17
1,375 New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012, 1,520 (b)
4.00%, due 7/1/28
2,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John's Univ.), Ser. 2007-C, (National Public 2,209 (b)
Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
600 New York St. Dorm. Au. Rev. Non St. Supported Debt (St. Joseph's College), Ser. 2010, 613 (b)
5.25%, due 7/1/25
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group)
460 Ser. 2014-A, 4.00%, due 1/1/26 481 (b)
470 Ser. 2014-A, 4.00%, due 1/1/27 489 (b)
200 Ser. 2014-A, 4.00%, due 1/1/28 207 (b)
275 Ser. 2014-A, 4.13%, due 1/1/29 286 (b)
1,350 New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28 1,611
2,000 New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26 2,396
1,500 New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.), Ser. 2004-A, 1,517 (b)
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 2,271
New York St. HFA Rev. (Affordable Hsg.)
1,615 Ser. 2009-B, 4.50%, due 11/1/29 1,701
960 Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27 991
1,045 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 1,082
New York St. Muni. Bond Bank Agcy.
1,230 Subser. 2009-B1, 5.00%, due 12/15/23 1,381
1,295 Subser. 2009-B1, 5.00%, due 12/15/24 1,453
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds
1,000 Ser. 2007-B, 5.00%, due 4/1/20 Pre-Refunded 10/1/17 1,039
1,090 Ser. 2009-B, 5.00%, due 4/1/19 1,195
1,500 New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American Airlines, Inc.-John F Kennedy Int'l Arpt. 1,606 (b)
Proj.), Ser. 2016, 5.00%, due 8/1/31
1,000 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term B Redev. Proj.), Ser. 2016-A, 1,017 (b)
4.00%, due 7/1/41
1,250 New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20 1,367
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax)
665 Ser. 2008-A-1, 5.00%, due 12/15/23 Pre-Refunded 12/15/17 696
300 Ser. 2008-A-1, 5.00%, due 12/15/23 315
785 Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22 914
900 Niagara Area Dev. Corp. Rev. (Covanta Energy Proj.), Ser. 2012, 4.00%, due 11/1/24 911 (a)(b)
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.)
640 Ser. 2012-A, 5.00%, due 5/1/25 735 (b)
300 Ser. 2012-A, 5.00%, due 5/1/26 343 (b)
1,100 Niagara Falls City Sch. Dist. Ref. Cert. Participation (High Sch. Fac.), Ser. 2015, (AGM Insured), 1,226
4.00%, due 6/15/26
1,010 Onondaga Civic Dev. Corp. Ref. Rev., Ser. 2015, 5.00%, due 10/1/29 1,195 (b)
500 Onondaga Civic Dev. Corp. Rev. (St. Josephs Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25 553 (b)
Pre-Refunded 7/1/19
1,000 Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19 1,121 (b)
Oyster Bay, G.O.
1,500 Ser. 2014, (AGM Insured), 3.25%, due 8/1/21 1,557
300 Ser. 2016, 3.75%, due 3/31/17 301
3,000 Port Au. New York & New Jersey Cons. Bonds, Ser. 2012-175, 3.00%, due 12/1/27 3,152
750 Rensselaer City Sch. Dist. Cert. Participation, Ser. 2006, (XLCA Insured), 5.00%, due 6/1/26 753
1,000 Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22 1,047 (b)
1,410 St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28 1,674 (b)
1,980 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25 2,293
1,000 Syracuse IDA (Carousel Ctr. Proj.), Ser. 2016-A, 5.00%, due 1/1/31 1,142 (b)
190 Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 199
4.75%, due 1/1/24
Triborough Bridge & Tunnel Au. Rev.
1,000 Subser. 2008-D, 5.00%, due 11/15/23 Pre-Refunded 11/15/18 1,084

See Notes to Financial Statements 25



 

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


PRINCIPAL AMOUNT VALUE
 
(000’s omitted)       (000’s omitted)
 
$ 765       Subser. 2008-D, 5.00%, due 11/15/23 $ 826
  1,405   United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22 1,546
3,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 3,659
1,000 Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30 1,029 (a)(b)
Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.)  
825 Ser. 2016, 5.00%, due 11/1/30   963 (b)
1,000 Ser. 2016, 3.75%, due 11/1/37 977 (b)
1,350 Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28 1,506 (b)
101,862
 
Ohio (0.6%)
500 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 469
 
Pennsylvania (3.2%)
Pennsylvania St. Turnpike Commission Rev.
285 Ser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 341
1,715 Ser. 2010-B2, 6.00%, due 12/1/34 2,015 (g)
2,356
 
Puerto Rico (3.0%)
2,000 Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee 2,183
Corp. Insured), 5.50%, due 7/1/20
 
Texas (0.5%)
400 Mission Econ. Dev. Corp. Wtr. Sply. Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 405 (a)(b)(c)
7.75%, due 1/1/45
 
Virgin Islands (1.3%)
Virgin Islands Pub. Fin. Au. Rev.
250 Ser. 2014-A, 5.00%, due 10/1/24 251
500 Ser. 2014-A, 5.00%, due 10/1/29 493
200 Virgin Islands Pub. Fin. Au. Rev. (Matching Fund Loan-Diageo), Ser. 2009-A, 6.63%, due 10/1/29 206
950
Total Municipal Notes (Cost $111,958) 119,134
 
UNITS
 
Liquidating Trust - Real Estate (2.2%)
600 CMS Liquidating Trust (Cost $3,105) 1,635 *(g)(h)
Total Investments (163.4%) (Cost $115,063) $ 120,769
Other Assets Less Liabilities (1.9%) 1,455
Liquidation Value of Variable Rate Municipal Term Preferred Shares [(65.3%)] (48,300 )
Net Assets Applicable to Common Stockholders (100.0%) $ 73,924

See Notes to Financial Statements 26



 

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


*

Non-income producing security.

 
(a)       Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 10/31/2016, these securities amounted to approximately $4,848,000, or 6.6% of net assets applicable to common stockholders for the Fund. Securities denoted with (a) but without (c) have been deemed by the investment manager to be liquid.
 
(b) Security is guaranteed by the corporate or non-profit obligor.
 
(c) Illiquid security.
 
(d) Variable or floating rate security. The interest rate shown was the current rate as of 10/31/2016 and changes periodically.
 
(e) Defaulted security.
 
(f) Amount less than one thousand.
 
(g) Security fair valued as of 10/31/2016 in accordance with procedures approved by the Board. Total value of all such securities at 10/31/2016 amounted to approximately $3,650,000, which represents 4.9% of net assets applicable to common stockholders.
 
(h)

This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.

At 10/31/2016, this security amounted to approximately $1,635,000, which represents 2.2% of net assets applicable to common stockholders of the Fund.


Acquisition
            Cost            
Percentage Fair Value
of Net Assets Percentage
    Applicable of Net Assets
to Common Applicable
Stockholders to Common
  as of     Stockholders
(000’s omitted) Acquisition   Acquisition Acquisition Value as of as of
Restricted Security Date Cost Date 10/31/2016 10/31/2016
CMS Liquidating Trust 11/21/2012 $3,105 4.0% $1,635 2.2%

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2016:

Asset Valuation Inputs                  
(000’s omitted) Level 1 Level 2 Level 3(b) Total
Investments:  
Municipal Notes(a) $— $ 119,134 $  — $ 119,134
Liquidating Trust-Real Estate     1,635 1,635
Total Investments $— $ 119,134 $ 1,635   $ 120,769

(a)       

The Schedule of Investments provides a categorization by state for the portfolio.


See Notes to Financial Statements 27



 

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


(b)        The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:

Net change in
unrealized
appreciation/
                           (depreciation)
Beginning Change in from
balance, Accrued unrealized Transfers Transfers Balance investments
as of discounts/ Realized appreciation/ into out of as of still held as
11/1/2015 (premiums) gain/(loss) (depreciation) Purchases   Sales Level 3 Level 3 10/31/2016 of 10/31/2016
(000’s omitted)  
Investments in    
Securities          
Units        
       Liquidating                
       Trust—    
       Real Estate        $ 1,731   $— $—                 $ (96 )   $— $—   $— $—          $ 1,635                 $ (96 )
Total $ 1,731 $— $— $ (96 ) $— $— $— $— $ 1,635 $ (96 )

As of the year ended October 31, 2016, no securities were transferred from one level (as of October 31, 2015) to another.

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, 2016.

Impact to
  valuation
                                from
Asset Fair value Valuation Unobservable Range   Input value decrease
class at 10/31/2016   techniques   input per unit per unit in input
Units $1,635,000 Income Approach Appraised value   $2,592 - $2,903 $2,903 Decrease

See Notes to Financial Statements 28



 

Statements of Assets and Liabilities


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

CALIFORNIA             NEW YORK
INTERMEDIATE INTERMEDIATE INTERMEDIATE
MUNICIPAL MUNICIPAL MUNICIPAL
FUND INC. FUND INC. FUND INC.
October 31, 2016 October 31, 2016 October 31, 2016
Assets
Investments in securities, at value* (Note A)—
see Schedule of Investments:
Unaffiliated issuers $143,105 $478,472 $120,769
Cash 74 76 185
Interest receivable 1,699 6,439 1,671
Receivable for securities sold 1,649 700
Deferred offering costs (Note A) 78 152 74
Prepaid expenses and other assets 11 18 11
Total Assets 146,616 485,857 122,710
Liabilities
Variable Rate Municipal Term Preferred Shares Series A ($100,000
liquidation value per share; 590, 1,794 and 483 shares outstanding
for California, Intermediate and New York, respectively) (Note A) 59,000 179,400 48,300
Distributions payable—preferred shares 95 289 78
Distributions payable—common stock 344 1,409 244
Payable for securities purchased 2,531
Payable to investment manager (Note B) 31 102 26
Payable to administrator (Note B) 37 123 31
Payable to directors 6 6 6
Accrued expenses and other payables 106 151 101
Total Liabilities 59,619 184,011 48,786
Net Assets applicable to Common Stockholders $86,997 $301,846   $73,924
Net Assets applicable to Common Stockholders consist of:
Paid-in capital—common stock $79,254   $267,713 $71,787
Undistributed net investment income (loss) 7,285
Distributions in excess of net investment income (93) (87)
Accumulated net realized gains (losses) on investments (3,967) (19,203) (3,482)
Net unrealized appreciation (depreciation) in value of investments 11,803 46,051 5,706
Net Assets applicable to Common Stockholders $86,997 $301,846 $73,924
Shares of Common Stock Outstanding ($.0001 par value;
999,996,410, 999,990,206 and 999,996,517 shares authorized for
California, Intermediate and New York, respectively) 5,550 18,790 5,077
Net Asset Value Per Share of Common Stock Outstanding $15.67 $16.06 $14.56
*Cost of Investments $131,302 $432,421 $115,063

See Notes to Financial Statements 29



 

Statements of Operations


Neuberger Berman
(000’s omitted)

CALIFORNIA             NEW YORK
INTERMEDIATE INTERMEDIATE INTERMEDIATE
MUNICIPAL MUNICIPAL MUNICIPAL
FUND INC. FUND INC. FUND INC.
For the For the For the
Year Ended Year Ended Year Ended
October 31, 2016 October 31, 2016 October 31, 2016
Investment Income:
Income (Note A):
Interest and other income $5,574 $20,500 $4,701
Dividend income-unaffiliated issuers 1
Total income 5,574 20,501 4,701
Expenses:
Investment management fees (Note B) 367 1,213 308
Administration fees (Note B) 440 1,456   369
Audit fees 58 59 58
Basic maintenance expense (Note A) 40 40 40
Custodian and accounting fees 87 177 77
Insurance expense 5 16 4
Legal fees 41 115 35
Stockholder reports 12 44 11
Stock exchange listing fees 3 11 3
Stock transfer agent fees 26 25 26
Distributions to variable rate municipal term preferred shareholders
and amortization of offering costs (Note A) 955 2,872 785
Directors' fees and expenses 52 53 53
Interest expense 5 1
Miscellaneous 20 24 19
Total net expenses 2,106 6,110 1,789
Net investment income (loss) $3,468 $14,391 $2,912
 
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:  
Sales of investment securities of unaffiliated issuers (40) (414) 35
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 2,738 7,076 1,471
Net gain (loss) on investments 2,698 6,662 1,506
Net increase (decrease) in net assets applicable to Common
Stockholders resulting from operations $6,166 $21,053 $4,418

See Notes to Financial Statements 30



 

Statements of Changes in Net Assets


Neuberger Berman
(000’s omitted)

CALIFORNIA INTERMEDIATE INTERMEDIATE
MUNICIPAL FUND INC. MUNICIPAL FUND INC.
Year Ended       Year Ended       Year Ended       Year Ended
October 31, 2016 October 31, 2015 October 31, 2016 October 31, 2015
Increase (Decrease) in Net Assets Applicable
to Common Stockholders:
From Operations (Note A):  
Net investment income (loss) $3,468 $3,561 $14,391 $15,221
Net realized gain (loss) on investments (40) 154 (414) 1,155
Change in net unrealized appreciation
(depreciation) of investments 2,738 (167) 7,076 (4,493)
Net increase (decrease) in net assets applicable to    
Common Stockholders resulting from operations 6,166 3,548 21,053 11,883
Distributions to Common Stockholders
From (Note A):
Net investment income (4,293) (4,521) (16,900) (16,889)
From Capital Share Transactions (Note D):
Proceeds from reinvestment of dividends  
and distributions 124 72 390
Net Increase (Decrease) in Net Assets  
Applicable to Common Stockholders 1,997 (901) 4,543 (5,006)
Net Assets Applicable to  
Common Stockholders:  
Beginning of year 85,000 85,901 297,303 302,309
End of year $86,997 $85,000 $301,846 $297,303
Undistributed net investment income (loss)
at end of year $— $702 $7,285 $9,671
Distributions in excess of net investment income
at end of year $(93) $— $— $—

See Notes to Financial Statements 31



 

NEW YORK INTERMEDIATE
MUNICIPAL FUND INC.
Year Ended       Year Ended
October 31, 2016 October 31, 2015
 
 
 
$2,912 $3,028
35 37
 
1,471   (511)
 
4,418 2,554
 
 
(3,153) (3,635)
 
 
13
 
1,278 (1,081)
 
 
72,646 73,727
$73,924 $72,646
 
$— $28
 
$(87) $—

See Notes to Financial Statements 32



 

Notes to Financial Statements Intermediate Municipal
Closed-End Funds

Note A—Summary of Significant Accounting Policies:
    
1 General: 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”) were organized as Maryland corporations on July 29, 2002. California and New York registered as non-diversified, closed-end management investment companies and Intermediate registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the status of a Fund that was registered as non-diversified may, under certain circumstances, change to that of a diversified fund. Each Fund is currently a diversified fund. The Funds’ Boards of Directors (each Fund’s Board of Directors, a “Board”) may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of stockholders.
          
A zero balance, if any, reflects an actual amount rounding to less than $1,000.
 
The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.
 

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

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

 
2 Portfolio valuation: In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“ASC 820”), all investments held by each Fund are carried at the value that 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


33



 

          

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 inform 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 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, securities within the same industry with recent highly correlated performance, 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.


3 Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost and stated separately in the Statements of Operations.
 
4 Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify for treatment as a regulated investment company (“RIC”) by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its stockholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to stockholders, no federal income or excise tax provision is required.
 
           The Funds have adopted the provisions of ASC 740 “Income Taxes” (“ASC 740”). ASC 740 sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of October 31, 2016, the Funds did not have any unrecognized tax positions.
 
At October 31, 2016, selected fund information on a U.S. federal income tax basis was as follows:
 
Gross Gross Net Unrealized
Cost of       Unrealized       Unrealized       Appreciation/
(000’s omitted) Investments   Appreciation Depreciation (Depreciation)
California $131,302   $11,961 $158 $11,803  
Intermediate   432,514   48,662       2,704       45,958
New York 115,187 7,930 2,348 5,582

          

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


34



 

          

As determined on October 31, 2016, permanent differences resulting primarily from different book and tax accounting were reclassified at year end. Such differences are attributed to the tax treatment of partnership basis adjustments, prior year partnership adjustments, defaulted bonds, non-deductible Variable Rate Municipal Term Preferred Shares, Series A (“VMTPS”), and expiration of capital loss carryforwards. These reclassifications had no effect on net income, net asset value (“NAV”) or NAV per share of each Fund. For the year ended October 31, 2016, the Funds recorded the following permanent reclassifications:


            Accumulated Net
Undistributed Realized Gains
Net Investment (Losses) on
Paid-in Capital   Income (Loss) Investments
California $  (29,646) $  29,646          $        
Intermediate   (289,827) 122,726     167,101  
New York   (297,323) 126,261 171,062

The tax character of distributions paid during the years ended October 31, 2016 and October 31, 2015 were as follows:

Distributions Paid From:
Tax-Exempt Income Ordinary Income Total
2016       2015       2016       2015       2016       2015
California $  5,188,627 $5,183,345 $  30,146   $102,578 $  5,218,773   $5,285,923
Intermediate 19,536,613   19,033,784 178,448 179,893 19,715,061 19,213,677
New York 3,856,004 4,234,101 54,767 23,910 3,910,771 4,258,011

As of October 31, 2016, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

Undistributed Undistributed   Undistributed Unrealized Loss Other
Tax-Exempt       Ordinary       Long-Term       Appreciation/       Carryforwards       Temporary      
Income Income   Capital Gain (Depreciation) and Deferrals Differences Total
California $    345,959   $— $—     $11,803,061 $(3,966,592) $(439,145)   $7,743,283
Intermediate    8,982,722   — 45,957,760 (19,109,698)   (1,698,178) 34,132,606
New York