As filed with the Securities and Exchange Commission on July 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 10104-0002
(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 10104-0002
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: April 30, 2017
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 semi-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.

 

     
       
    Semi-Annual Report
         
        April 30, 2017
                                                     

 






               
                                             
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. 24
 
FINANCIAL STATEMENTS 30
 
FINANCIAL HIGHLIGHTS/PER SHARE DATA
California Intermediate Municipal Fund Inc. 42
Intermediate Municipal Fund Inc. 43
New York Intermediate Municipal Fund Inc. 44
 
Distribution Reinvestment Plan for each Fund 47
Directory 50
Proxy Voting Policies and Procedures 51
Quarterly Portfolio Schedule 51
Privacy Notice Located after the Funds’ Report


The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2017 Neuberger Berman Investment Advisers LLC. All rights reserved.




President’s Letter

Dear Stockholder,

I am pleased to present this semi-annual report for Neuberger Berman California Intermediate Municipal Fund Inc. (“NBW”), Neuberger Berman Intermediate Municipal Fund Inc. (“NBH”) and Neuberger Berman New York Intermediate Municipal Fund Inc. (“NBO” and, together with NBW and NBH, the “Funds”) for the six months ended April 30, 2017. The report includes portfolio commentaries, listings of the Funds’ investments and their unaudited financial statements for the reporting period.

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

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

On February 15, 2017, NBH announced a decrease in its monthly distribution rate to $0.0675 per share of common stock from the prior monthly distribution rate of $0.075 per share, NBW announced a decrease in its monthly distribution rate to $0.0512 per share of common stock from the prior monthly distribution rate of $0.062 per share, and NBO announced a decrease in its monthly distribution rate to $0.0437 per share of common stock from the prior monthly distribution rate of $0.048 per share. 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 related impact on the Funds’ levels of earnings, the amount of available undistributed net investment income, and with respect to NBW and NBO, the lack thereof, and the Funds’ current and expected costs of leverage.

Thank you for your confidence in the Funds. We will continue to do our best to earn your trust in the years to come.

Sincerely,

Robert Conti

President and CEO
Neuberger Berman California Intermediate Municipal Fund Inc.
Neuberger Berman Intermediate Municipal Fund Inc.
Neuberger Berman New York Intermediate Municipal Fund Inc.

1




Neuberger Berman Intermediate Municipal Closed-End Funds Portfolio Commentaries

For the six months ended April 30, 2017, on a net asset value (NAV) basis, all three of the Neuberger Berman Intermediate Municipal Closed-End Funds underperformed their benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index. The California Intermediate Municipal Fund, Intermediate Municipal Fund and New York Intermediate Municipal Fund posted -1.60%, -1.57%, and -1.79% total returns, respectively, whereas the benchmark generated a -0.44% return for the same 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) detracted from performance given the negative return for the municipal market during the reporting period.

As was the case for taxable bonds, the municipal bond market generated a small negative return during the reporting period. Treasury yields moved sharply higher following the November 2016 presidential election, due to expectations for improving growth and higher inflation. Also impacting the fixed income market was the U.S. Federal Reserve increasing interest rates at its meetings in December 2016 and March 2017. However, Treasury yields declined from their peak in mid-March 2017, as investors tempered their policy optimism following the health care bill setback. After a weak start in November 2016, the municipal bond market posted positive results over the last five months of the period. This turnaround was driven by generally solid fundamentals and improving demand, along with falling yields as the period progressed. All told, the Bloomberg Barclays Municipal Bond Index declined -0.34% for the six months ended April 30, 2017, whereas the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, fell -0.67%.

Throughout the reporting period, the Funds 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. This positioning detracted from results as the five- to seven- year portion of the municipal curve was the best performer over the six-month reporting period. The Funds' leverage–adjusted durations were longer than the benchmark. This detracted from performance as rates moved higher over the period, especially in the aftermath of the presidential election.

The Funds maintained lower quality portfolio holdings relative to the benchmark as they sought to generate additional yield. This was additive for results given the outperformance of lower quality bonds, especially during the second half of the reporting period. From a sector perspective, overweights to revenue bonds added to results as they largely outperformed general obligation bonds. In particular, an overweight and security selection of tobacco securitization bonds significantly contributed to performance. In addition, the Funds' underweight to uninsured bonds issued by Puerto Rico was beneficial over the period.

A number of changes were made to the Funds during the reporting period. In particular, we increased the Funds' allocations to lower quality securities and longer-term debt in order to generate incremental yield.

We continue to monitor the U.S. economic and political landscape as the Trump administration and Congress move ahead with proposals to boost both business activity and jobs. Specific to the municipal bond market, we are keeping a particularly close eye on both tax-reform legislation and infrastructure investment. Both issues have the potential to impact valuations and supply. We believe that several months may pass before specific details are available. Proposed legislation will then need to be debated, passed by both houses of Congress and signed by the President. Based upon the failure of the replacement of the Affordable Care Act, the exact process required for success is not clear at this time. Looking forward, we envision elevated headline risk, which will likely create attractive buying opportunities when markets become volatile.

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 a Fund, as well as the market value of shares of the Fund’s common stock, may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; 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 84.9
Florida 0.7
Georgia 0.4
Guam 1.6
Illinois 1.3
Louisiana 0.4
Nevada 0.8
New Jersey 0.6
New York 0.3
North Carolina 0.6
Ohio 0.7
Pennsylvania 1.6
Puerto Rico 4.7
Tennessee 0.4
Texas 0.2
Virgin Islands 0.4
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 1.9
Illinois 0.9
Louisiana 0.5
Nevada 1.0
New York 84.7
Ohio 0.4
Pennsylvania 1.9
Puerto Rico 1.8
Texas 0.3
Virgin Islands 0.6
Other 1.4
Total 100.0 %

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

PERFORMANCE HIGHLIGHTS1
Six Month Average Annual Total Return
  Inception Period Ended Ended 04/30/2017
At NAV2 Date 04/30/2017 1 Year 5 Years 10 Years Life of Fund
California Intermediate          
Municipal Fund Inc. 09/24/2002   -1.60% -0.40% 4.57% 5.65%   5.79%
Intermediate Municipal    
Fund Inc. 09/24/2002 -1.57% -0.48% 5.51% 6.15% 6.18%
New York Intermediate  
Municipal Fund Inc. 09/24/2002 -1.79% -1.12% 3.92% 4.97% 5.26%
At Market Price3
California Intermediate
Municipal Fund Inc. 09/24/2002 -6.17% -7.84% 2.71% 5.21% 5.07%
Intermediate Municipal
Fund Inc. 09/24/2002 0.44% -4.87% 4.23% 6.50% 5.66%
New York Intermediate
Municipal Fund Inc. 09/24/2002 -3.95% -9.38% 1.20% 4.20% 4.20%
Index
Bloomberg Barclays 10-Year
Municipal Bond Index*4 -0.44% -0.09% 3.23% 4.88% 4.56%

*   Effective August 24, 2016, the Barclays 10-Year Municipal Bond Index changed its name to the Bloomberg Barclays 10-Year Municipal Bond Index.

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 0.7 %    Missouri 0.6 %
Alaska 0.2   Nevada 1.7  
American Samoa 0.3 New Hampshire 0.3
Arizona 3.4 New Jersey 3.3
California 20.8 New Mexico 0.3
Colorado 2.3 New York 7.3
Connecticut 0.2 North Carolina 2.4
District of Columbia 2.0 Ohio 1.1
Florida 3.8 Oklahoma 0.2
Georgia 0.6 Oregon 0.1
Guam 1.0 Pennsylvania 3.9
Hawaii 1.7 Puerto Rico 0.5
Illinois 11.9 Tennessee 1.2
Indiana 2.0 Texas 4.3
Iowa 1.7 Utah 2.0
Kentucky 0.6 Vermont 2.0
Louisiana 1.4 Virginia 0.2
Maryland 0.5 Washington 2.5
Massachusetts 3.4 West Virginia 0.2
Michigan 1.2 Wisconsin 4.0
Minnesota 1.0 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.

Please note that the index does not take into account any fees and expenses or any tax consequences of investing in the 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. Each Fund may invest in securities not included in the above described index and generally does not invest in all securities included in the index.

5




Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited) April 30, 2017
 
PRINCIPAL AMOUNT       VALUE
 
(000's omitted) (000's omitted)
 
Municipal Notes 169.1%  
 
American Samoa 0.7%
$ 600       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $       568
 
California 143.6%
1,000 Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 1,173
1,500 Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21 1,711
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
250        Ser. 2016-A, 5.00%, due 10/1/28 295
260        Ser. 2016-A, 3.00%, due 10/1/29 254
400        Ser. 2016-A, 3.00%, due 10/1/30 387
1,000 California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,123
1,000 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. 1,103
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, 5.63%, 1,008 (a)(b)
due 7/1/44
500 California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, 510 (b)
due 7/1/29
255 California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%, 257
due 10/1/25
1,000 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, 1,032 (a)
due 7/1/31
500 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 517 (a)
California Muni. Fin. Au. Rev. (Biola Univ.)
375        Ser. 2013, 4.00%, due 10/1/25 407
410        Ser. 2013, 4.00%, due 10/1/26 443
455        Ser. 2013, 4.00%, due 10/1/27 496
1,800 California Muni. Fin. Au. Rev. (Chevron USA-Rec. Zone BDS), Ser. 2010-C, 0.76%, due 11/1/35 1,800 (c)
600 California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26 683
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
605        Ser. 2014-A, 4.00%, due 1/1/27 618
630        Ser. 2014-A, 4.00%, due 1/1/28 640
330        Ser. 2014-A, 4.00%, due 1/1/29 333
1,800 California Poll. Ctrl. Fin. Au. Rev. Ref. (Pacific Gas & Elec. Co.), Ser. 1996, (LOC: Sumitomo Mitsui 1,800 (c)
Banking), 0.73%, due 11/1/26
400 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, 430 (a)
due 7/1/30
450 California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.), Ser. 2014-A, 4.13%, due 7/1/24 468
2,195 California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29 2,166
California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.)
15        Ser. 2012-AN, 5.00%, due 12/1/21 17
540        Ser. 2012-AN, 5.00%, due 12/1/21 627
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 1,381
760        Ser. 2010-L, 5.00%, due 5/1/22 844
California St. G.O.
20        Ser. 2002, 5.00%, due 10/1/17 20
1,500        Ser. 2012, 5.00%, due 2/1/27 1,722
1,000 California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. 992 (a)
Proj.), Ser. 2016-A, 5.00%, due 1/1/36
2,000 California St. Poll. Ctrl. Fin. Au. Rev. (San Jose Wtr. Co. Proj.), Ser. 2016, 4.75%, due 11/1/46 2,114
750 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC 724 (a)(b)
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 2,198 (a)
1,095 California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, 1,099
due 6/1/20
415 California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, 416 (a)
4.50%, due 6/1/31

See Notes to Financial Statements 6




Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
PRINCIPAL AMOUNT       VALUE
 
(000's omitted) (000's omitted)
 
$ 400       California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31 $       416 (a)
600 California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 626
5.35%, due 8/1/24
1,000   California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21 1,108
740 California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18 758
720 California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured),   825
5.00%, due 10/1/26  
700 California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28 818
800 California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, 850 (a)
due 11/15/19
1,500 California Statewide CDA Rev. (St. Joseph Hlth. Sys.), Ser. 2000, (National Public Finance Guarantee 1,573
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 7/15/17 131
600 California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/36 620 (a)
1,500 California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29 1,666
1,500 California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/41 1,479
1,200 California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.), 1,295
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 9/1/26 394
560        Ser. 2013-A, 5.00%, due 9/1/27 628
1,365 Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, 1,394
due 12/15/21
2,000 Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, 2,277
due 8/1/24
1,250 Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, 1,485
due 9/1/25
Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev.
210        Ser. 2007-A-1, 4.50%, due 6/1/27 211
3,590        Ser. 2007-A-1, 5.00%, due 6/1/33 3,612
1,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 1,284
6.75%, due 8/1/40
1,000 Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18 1,042
1,000 Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26 1,178
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
150        Ser. 2013, 4.00%, due 9/1/23 163
300        Ser. 2013, 4.00%, due 9/1/24 323
450        Ser. 2013, 4.00%, due 9/1/25 480
645        Ser. 2013, 3.50%, due 9/1/26 665
690        Ser. 2013, 3.63%, due 9/1/27 712
680 Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24 794
La Verne Cert. of Participation (Brethren Hillcrest Homes)
315        Ser. 2014, 5.00%, due 5/15/26 339
500        Ser. 2014, 5.00%, due 5/15/29 530
1,105 Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26 1,274
255 Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17 258
2,100 Los Angeles Dept. of Wtr. & Pwr. Rev. Ref., Subser. 2001 B-3, (LOC: Barclays Bank PLC), 0.70%, 2,100 (c)
due 7/1/34
2,000 Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27 2,275
500 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 539
635 Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19 584
1,000 Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22 1,022
1,385 Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29 865
1,490 Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24 1,597
1,250 Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39 1,123
1,500 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19 1,625
1,000 Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), 1,180
Ser. 2014, (AGM Insured), 5.00%, due 9/1/27
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road)
415        Ser. 2013, 4.00%, due 9/1/21 424
600        Ser. 2013, 5.00%, due 9/1/25 633

See Notes to Financial Statements 7




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

PRINCIPAL AMOUNT         VALUE
 
(000's omitted) (000's omitted)
  
      Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation)
$ 1,320            Ser. 2013-B, 0.00%, due 6/1/22 $ 1,106
1,500        Ser. 2013-B, 0.00%, due 6/1/23 1,201
360 Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17 364
1,700 Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Capital Assessment Dist. Number 2), Ser. 2016-A, 1,922
5.00%, due 10/1/47
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.)
1,000        Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24 1,213
400        Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26 493
2,600 Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17 2,621
1,350 San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24 1,439
Pre-Refunded 8/1/18
San Francisco City & Co. Arpts. Commission Int'l Ref. Rev.
750        Ser. 2009-D2, 3.00%, due 5/1/21 796
1,000        Ser. 2009-C2, 5.00%, due 5/1/21 1,079
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 2,149
620 San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, 622
due 12/1/22
1,060 San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured), 1,070
5.00%, due 8/1/21
San Juan Unified Sch. Dist. G.O.
1,000        Ser. 2012-C, 4.00%, due 8/1/22 1,102
1,070        Ser. 2012-C, 4.00%, due 8/1/25 1,166
685 San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29 749
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 9/1/25 641
1,000 San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B, (National Public 979
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 1,521
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 6/1/25 328
575        Ser. 2013, (BAM Insured), 3.50%, due 6/1/26 610
325        Ser. 2013, (BAM Insured), 3.50%, due 6/1/27 342
270        Ser. 2013, (BAM Insured), 3.50%, due 6/1/28 279
1,000 Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27 1,035
1,000 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,110
5.00%, due 8/1/26
325 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, 379
(AGM Insured), 6.50%, due 12/1/37
1,145 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded), 1,448
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 2,337
Vernon Elec. Sys. Rev.
515        Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 546
1,190        Ser. 2009-A, 5.13%, due 8/1/21 1,279
3,000 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, 3,511 (d)
due 8/1/37
1,500 Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21 1,723
3,500 William S.Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, 2,710
(AGM Insured), 0.00%, due 9/1/26
2,250 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, 1,865 (e)
due 8/1/36
120,016

See Notes to Financial Statements 8




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

PRINCIPAL AMOUNT       VALUE
 
(000's omitted) (000's omitted)
 
Florida 1.3%
$ 500       Florida St. Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.00%, $ 489 (a)(b)
      due 6/1/30
525 Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24 583
1,072
 
Georgia 0.7%
600 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 601 (a)(b)
 
Guam 2.7%  
1,110 Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18 1,161
1,000 Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,075
2,236
 
Illinois 2.2%
1,000 Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23 1,016
750 Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23 795
1,811
 
Louisiana 0.7%
500 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 579
7.63%, due 12/15/28
 
Nevada 1.4%
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 1,133
 
New Jersey 1.0%
750 New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 809
 
New York 0.5%
400 New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 2005-A, 0.89%, due 6/15/32 400 (c)
 
North Carolina 0.9%
750 North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, 782
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 6/1/47 958
 
Pennsylvania 2.7%
Pennsylvania St. Turnpike Commission Rev.
285        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 333
305        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 356
1,410        Subser. 2010-B2, 6.00%, due 12/1/34 1,613
2,302
 
Puerto Rico 7.9%
2,000 Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee 2,142
Corp. Insured), 5.50%, due 7/1/20
400 Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Int'l American Univ. Proj.), Ser. 2012, 5.00%, 417
due 10/1/21
Puerto Rico Muni. Fin. Agcy. Rev.
3,000        Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17 3,016
1,000        Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21 1,026
6,601

See Notes to Financial Statements 9




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

PRINCIPAL AMOUNT       VALUE
 
(000's omitted) (000's omitted)
 
Tennessee 0.7%
$ 500       Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, $ 588
      due 9/1/23
 
Texas 0.3%
300 Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, 285 (a)(b)
due 1/1/45
 
Virgin Islands 0.7%
Virgin Islands Pub. Fin. Au. Rev.
250        Ser. 2014-A, 5.00%, due 10/1/24 204
500        Ser. 2014-A, 5.00%, due 10/1/29 395
  599
Total Investments 169.1% (Cost $132,709)   141,340
 
Other Assets Less Liabilities 1.4%   1,197
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (58,936 )
(net of unamortized deferred offering costs of approximately $64,000) (70.5)%
             
Net Assets Applicable to Common Stockholders 100.0% $ 83,601

(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 April 30, 2017, these securities amounted to approximately $10,578,000 or 12.7% of net assets applicable to common stockholders of the Fund. Securities denoted with (a) but without (b) have been deemed by the investment manager to be liquid.
 
(b)       Illiquid security.
 
(c)       Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2017 and changes periodically.
 
(d)       Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
 
(e)       Currently a zero coupon security; will convert to 7.30% on August 1, 2026.

See Notes to Financial Statements 10




Schedule of Investments California Intermediate Municipal Fund Inc.
(Unaudited) (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 April 30, 2017:

Asset Valuation Inputs                        
(000’s omitted) Level 1 Level 2 Level 3 Total
Investments:
Municipal Notes(a) $— $ 141,340 $— $ 141,340
Total Investments $— $ 141,340 $ $ 141,340

(a)       The Schedule of Investments provides a categorization by state for the portfolio.
 
      As of the six months ended April 30, 2017, no securities were transferred from one level (as of October 31, 2016) to another.

See Notes to Financial Statements 11




Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) April 30, 2017

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes 159.6%
 
Alabama 1.1%
$ 1,200       Mobile IDB Poll. Ctrl. Rev. (Alabama Pwr. Barry Plant), Ser. 2009, 0.95%, due 6/1/34 $ 1,200 (a)
1,900       Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35 2,131
3,331
 
Alaska 0.3%
800 Valdez Marine Term. Rev. Ref. (Exxon Pipeline Co. Proj.), Ser. 1993-A, 0.85%, due 12/1/33 800 (a)
 
American Samoa 0.5%
1,700 American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 1,610
 
Arizona 5.4%
5,000 Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5,273
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.), 516 (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.), 1,458 (b)(c)
Ser. 2016, 5.00%, due 1/1/26
2,250 Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25 2,429 (b)
3,305 Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24 3,457
400 Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), 376
Ser. 2016-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 4/1/28 540 (c)(d)
400 Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24 446
1,140 Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18 1,140
15,635
 
California 33.3%
2,250 California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), 2,454
Ser. 2009, 5.00%, due 8/15/39 Pre-Refunded 8/15/19
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,123
600 California Hlth. Facs. Fin. Au. Rev. (Hosp. Adventist Hlth. Sys.), 600 (a)
Ser. 1998-B, (LOC: U.S. Bank), 0.70%, due 9/1/28
1,725 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), 1,902
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 7/1/24 822 (b)(c)
630        Ser. 2014, 5.13%, due 7/1/29 641 (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 1,133 (c)
430        Ser. 2014, 5.13%, due 7/1/29 439 (c)
500 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), 516 (b)
Ser. 2016, 5.00%, due 7/1/31
570 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 589 (b)
585 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), 601
Ser. 2014-A, 4.00%, due 1/1/26
1,300 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), 1,398 (b)
Ser. 2015-A, 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 2,139
2,450        Ser. 2016-A, 2.95%, due 12/1/28 2,431

See Notes to Financial Statements 12




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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
$ 170       California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27 $ 170
500       California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & 496 (b)
No. Proj.), Ser. 2016-A, 5.00%, due 1/1/36
500 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. 483 (b)(c)
California LLC 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 5,495 (b)
4,000 California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25 4,346
625 California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18 641
1,000 California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 1,061
Orinda Wilder 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 2,384
90 Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., 90
Ser. 2007-A-1, 4.50%, due 6/1/27
2,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), 2,568
Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/40
Inglewood Pub. Fin. Au. Ref. Rev. (Lease)
1,950        Ser. 2012, 5.00%, due 8/1/17 1,968
1,115        Ser. 2012, 5.00%, due 8/1/18 1,162
590 La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29 625
2,250 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 2,426
3,620 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, 2,976
Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/24
5,750 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), 5,736 (e)
Ser. 2009-E, (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 6,552
1,230 Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, 1,129
(National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/19
4,000 Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, 4,932
(AMBAC Insured), 5.25%, due 12/1/26
2,000 San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), 2,127 (f)
Ser. 2009-B, 0.00%, due 8/1/34
740 San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17 742
2,000 San Francisco City & Co. Arpt. Commission Int’l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25 2,155
6,000 San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), 5,517 (g)
Ser. 2010-A, 0.00%, due 8/1/32
1,540 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), 1,710
Ser. 2013, 5.00%, due 8/1/26
2,040 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%,due 9/1/25 2,383
Vernon Elec. Sys. Rev.
775        Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 822
1,790        Ser. 2009-A, 5.13%, due 8/1/21 1,924
9,070 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), 10,616 (h)
Ser. 2009-C, 0.00%, due 8/1/37
5,095 Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, 3,792
(Assured Guaranty Insured), 0.00%, due 8/1/26
3,000 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), 2,486 (i)
Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
96,302

See Notes to Financial Statements 13




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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Colorado 3.8%
  Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
$ 500              Ser. 2015, 4.50%, due 4/1/25 $ 497 (b)
1,000        Ser. 2015, 5.13%, due 4/1/35 981 (b)
Colorado Ed. & Cultural Facs. Au. Rev. Ref.  
385        Ser. 2014, 4.00%, due 11/1/24 389 (c)
750        Ser. 2014, 4.50%, due 11/1/29 753 (c)
5,000 Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24 5,675
2,550 Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23 2,616 (b)
10,911
 
Connecticut 0.3%
750 Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25 767
 
District of Columbia 3.2%
1,615 Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, 1,710
due 12/1/26
3,035 Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22 3,110
520 Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23 553
700 Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/45 632
Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev.
1,000        Ser. 2008-A, 5.50%, due 10/1/18 1,061
2,000        Ser. 2011-C, 5.00%, due 10/1/26 2,242
9,308
  
Florida 6.1%
1,000 Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26 1,102
1,075 Florida Dev. Fin. Corp. Ed. Facs. Rev. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36 1,007
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
1,000        Ser. 2012-A, 5.50%, due 6/15/22 1,077
3,120        Ser. 2013-A, 6.75%, due 12/15/27 3,342
1,750        Ser. 2014-A, 5.75%, due 6/15/29 1,812
500 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), 489 (b)(c)
Ser. 2016-A, 6.00%, due 6/1/30
1,075 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Obligated Group), Ser. 2015-A, 7.00%, due 6/1/45 867 (b)
100 Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), 103
Ser. 2013, 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 1,163
Pre-Refunded 8/15/19
1,135 Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27 1,251
2,000 Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25 2,273
2,000 Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25 2,049 (b)
980 Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29 989
17,524
  
Georgia 0.9%
1,750 Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, 1,612 (b)(c)
due 7/1/36
1,100 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 1,102 (b)(c)
2,714

See Notes to Financial Statements 14




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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Guam 1.7%
      Guam Gov’t Hotel Occupancy Tax Rev.
$ 1,220              Ser. 2011-A, 5.75%, due 11/1/20 $ 1,353
650        Ser. 2011-A, 5.75%, due 11/1/21 726
2,630 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 2,827
4,906
 
Hawaii 2.7%
5,200 Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24 5,568
2,000 Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), 2,168
Ser. 2009, 6.50%, due 7/1/39
7,736
  
Illinois 19.0%
5,705 Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27 6,306
Chicago G.O.
250        Ser. 2002-2002B, 5.13%, due 1/1/27 251
2,000        Ser. 2002-B, 5.00%, due 1/1/25 2,009
2,000        Ser. 2009-C, 5.00%, due 1/1/27 1,989
Chicago Ref. G.O.
1,000        Ser. 2005-D, 5.50%, due 1/1/40 992
2,500        Ser. 2012-C, 5.00%, due 1/1/24 2,524
700        Ser. 2014-A, 5.00%, due 1/1/27 696
3,000        Ser. 2017-A, 6.00%, due 1/1/38 3,134
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
1,350        Ser. 2013-C, 5.45%, due 12/1/30 1,461
1,960        Ser. 2013-C, 5.50%, due 12/1/31 2,121
1,970 Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25 2,050
1,560 Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/31 1,688
4,000 Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24 4,240
3,340 Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20 3,825
1,670 Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, 1,679
(FGIC Insured), 5.50%, due 6/15/17
1,905 Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, 1,302
(AMBAC Insured), 0.00%, due 6/15/26
Illinois St. G.O.
3,900        Ser. 2012, 4.00%, due 8/1/25 3,827
1,000        Ser. 2013, 5.00%, due 7/1/23 1,061
1,720 Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26 1,859
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
945        Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27 1,043
1,375        Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28 1,509
715        Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29 780
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
2,725        Ser. 2013, 5.00%, due 10/1/27 3,059
2,875        Ser. 2013, 5.75%, due 10/1/28 3,355
1,850 Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31 2,140
54,900

See Notes to Financial Statements 15




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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted)   (000’s omitted)
 
Indiana 3.3%
$ 4,000       Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, $        4,309
          due 8/1/29 Pre-Refunded 2/1/19
500 Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), 501
Ser. 2012-A, 5.00%, due 6/1/32
3,055 Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 3,621
5.75%, due 12/1/21
900 Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24 1,011
9,442
 
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 5,396
Iowa Std. Loan Liquidity Corp. Rev.
1,970        Ser. 2011-A-1, 5.00%, due 12/1/21 2,068
565        Ser. 2011-A-1, 5.30%, due 12/1/23 596
8,060
 
Kentucky 0.9%
2,585 Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), 2,530
Ser. 2016-A, 5.50%, due 11/15/27
150 Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31 150
2,680
 
Louisiana 2.3%
1,500 Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), 1,707
Ser. 2010-A2, 6.50%, due 11/1/35
1,715 Louisiana Local Govt. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), 1,730 (b)
Ser. 2017-A, 5.75%, due 2/1/32
500 Louisiana Pub. Facs. Au. Rev. (Archdiocese of New Orleans Proj.), Ser. 2007, 503
(Assured Guaranty Insured), 4.50%, due 7/1/37
775 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), 897
Ser. 2013-A, 7.63%, due 12/15/28
1,655 St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, 1,757 (a)
due 12/1/40 Putable 6/1/22
6,594
 
Maryland 0.8%
2,350 Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, 2,375 (a)
(Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23
 
Massachusetts 5.5%
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
200        Ser. 2014-F, 5.00%, due 7/15/24 222
415        Ser. 2014-F, 5.00%, due 7/15/25 457
200        Ser. 2014-F, 5.00%, due 7/15/26 219
190        Ser. 2014-F, 5.00%, due 7/15/27 207
150        Ser. 2014-F, 5.00%, due 7/15/28 163
Massachusetts St. Ed. Fin. Au. Rev.
2,260        Ser. 2011-J, 5.00%, due 7/1/23 2,441
3,180        Ser. 2012-J, 4.70%, due 7/1/26 3,332
3,410        Ser. 2013-K, 4.50%, due 7/1/24 3,626
3,875 Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25 4,096
1,175 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19 1,179
15,942

See Notes to Financial Statements 16




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

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
 
Michigan 1.9%
      Jackson College Dormitories Hsg. Rev.
$ 1,000        Ser. 2015, 6.50%, due 5/1/35 $       1,071
500          Ser. 2015, 6.75%, due 5/1/46 533
Michigan St. Hsg. Dev. Au. Rev.
1,935        Ser. 2016-C, 2.05%, due 12/1/22 1,922
1,835        Ser. 2016-C, 2.15%, due 6/1/23 1,812
100 Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35 100
  5,438
 
Minnesota 1.5%
2,000 Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17 2,000
2,250 Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), Ser. 2010-A1, 2,429
  (AGM Insured), 4.50%, due 8/15/24
  4,429
 
Mississippi 1.3%
600 Jackson Co. Port Fac. Ref. Rev. (Chevron, U.S.A., Inc. Proj.), Ser. 1993, 0.87%, due 6/1/23 600 (a)
2,960 Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24 3,127
 
  3,727
 
Missouri 1.0%
Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children’s Mercy Hosp.)
1,885        Ser. 2009, 5.13%, due 5/15/24 Pre-Refunded 5/15/19 2,037
390        Ser. 2009, 5.13%, due 5/15/24 420
325 Missouri St. Hlth. & Ed. Facs. Au. Rev. (St. Louis Univ.), Ser. 2002, (LOC: U.S. Bank), 0.85%, 325 (a)
due 7/1/32
 
  2,782
 
Nevada 2.7%
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
1,800        Ser. 2015-A, 4.00%, due 12/15/25 1,796 (b)
500        Ser. 2015-A, 5.13%, due 12/15/45 504 (b)
Las Vegas Redev. Agcy. Tax Increment Rev.
1,635        Ser. 2009-A, 6.50%, due 6/15/17 1,646
3,545        Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 4,017
 
  7,963
 
New Hampshire 0.5%
1,500 New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), 1,487 (a)(b)
Ser. 2013, 4.00%, due 4/1/29 Putable 10/1/19
 
New Jersey 5.3%
2,500 New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 2,696
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
500        Ser. 2013, 5.25%, due 1/1/25 569
500        Ser. 2013, 5.50%, due 1/1/26 574
New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
1,420        Ser. 2013, 3.50%, due 7/1/24 1,413
1,470        Ser. 2013, 3.63%, due 7/1/25 1,455
1,520        Ser. 2013, 3.75%, due 7/1/26 1,506
765        Ser. 2013, 4.00%, due 7/1/27 766

See Notes to Financial Statements 17




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

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
 
$ 180 New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, $       196
      (AMBAC Insured), 5.25%, due 12/15/20
4,800   New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26 4,991
1,000 New Jersey Trans. Trust Fund Au. (Federal Hwy. Reimbursement Notes), 1,038
Ser. 2016-A-2, 5.00%, due 6/15/21
 
15,204
 
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 5/1/25 503 (b)(c)
1,000        Ser. 2015, 5.75%, due 5/1/30 1,020 (b)(c)
 
1,523
 
New York 11.7%
625 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29 671
Build NYC Res. Corp. Rev.
1,100        Ser. 2014, 5.00%, due 11/1/24 1,160
835        Ser. 2014, 5.25%, due 11/1/29 872
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts)
500        Ser. 2013-A, 3.88%, due 4/15/23 504
1,450        Ser. 2013-A, 5.00%, due 4/15/43 1,466
1,000 Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), 1,076 (b)
Ser. 2014, 4.50%, due 1/1/25
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
700        Ser. 2014, 5.00%, due 7/1/23 792
735        Ser. 2014, 5.00%, due 7/1/24 838
1,400 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24 1,304 (b)
1,000 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 1,061
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40 546 (b)
4,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), 4,354
Ser. 2009, 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, 5.00%, due 7/1/28 3,688
2,000 New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41 2,071
2,000 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 2,033
2,000 New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20 2,140
710 Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20 774
Newburgh G.O. (Deficit Liquidation)
495        Ser. 2012-B, 5.00%, due 6/15/20 539
520        Ser. 2012-B, 5.00%, due 6/15/21 579
550        Ser. 2012-B, 5.00%, due 6/15/22 619
1,435 Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23 1,577
1,000 Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), 1,003 (b)
Ser. 2012-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 1,236
2,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 2,370
600 Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30 594 (b)
 
33,867

See Notes to Financial Statements 18




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

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
 
North Carolina 3.8%
$ 1,835       North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), $         1,913
Ser. 2012-A, 4.25%, due 3/1/24
200 North Carolina Med. Care Commission Hosp. Rev. (Moses Cone Hlth. Sys.), 200 (a)
Ser. 2001-B, 0.84%, due 10/1/35
2,000 North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23 2,150
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 3,985
1,510        Ser. 2009-A, 5.00%, due 1/1/26 1,602
1,000 Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, 1,094
due 6/1/24 Pre-Refunded 6/1/19
 
10,944
 
Ohio 1.7%
2,875 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 2,756
2,060 Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27 2,300
 
5,056
 
Oklahoma 0.3%
Tulsa Arpt. Imp. Trust Ref. Rev.
250        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24 285
400        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25 460
 
745
 
Oregon 0.2%
480 Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, 492
due 7/1/27
 
Pennsylvania 6.3%  
Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
500        Ser. 2012, 3.50%, due 5/1/25 509
350        Ser. 2012, 3.60%, due 5/1/26 356
2,830 Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), 2,906
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 2,017
1,250 Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28 1,368
1,105 Moon Ind. Dev. Au. Rev. Ref. (Baptist Homes Society Obligated Group), Ser. 2015, 5.63%, due 7/1/30 1,160
3,430 Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27 3,593
2,625 Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, 2,927
due 11/1/24
Pennsylvania St. Turnpike Commission Rev.
150        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 175
705        Subser. 2010-B2, 6.00%, due 12/1/34 807
145        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 169
2,000 Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27 2,117
 
18,104

See Notes to Financial Statements 19




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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Puerto Rico 0.7%
$ 2,020       Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance $         2,163  
Guarantee Corp. Insured), 5.50%, due 7/1/20
 
Tennessee 2.0%
535 Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22 415 (b)
2,705 Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19 2,927
2,000 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), 2,351
Ser. 2006-A, 5.25%, due 9/1/23
 
5,693
 
Texas 6.9%
250 Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45 243
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
500        Ser. 2014-A, 5.88%, due 3/1/24 504
1,000        Ser. 2014-A, 6.63%, due 3/1/29 1,029
910 Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22 913
250 Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28 264 (b)
2,000 Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42 2,038
500 Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25 511
1,000 Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), 1,092
Ser. 2013-B, 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 3,049
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
390        Ser. 2012-A, 4.00%, due 2/15/22 406
1,000        Ser. 2012-A, 5.00%, due 2/15/32 1,080
1,000 Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20 Pre-Refunded 3/1/18 1,034
500 New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.), 494
Ser. 2016, 5.00%, due 7/1/36
500 New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. Village On The Park 524
Carriage), Ser. 2016-C, 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 3,228
500 San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev. (St. Edwards Univ. Proj.), 501
Ser. 2007, 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 1,690
1,175 West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35 1,272
 
19,872
 
Utah 3.2%
Salt Lake City Arpt. Rev.
1,000        Ser. 2017-A, 5.00%, due 7/1/42 1,129
2,000        Ser. 2017-A, 5.00%, due 7/1/47 2,249
3,000 Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28 3,531
1,200 Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 Pre-Refunded 6/1/18 1,254
500 Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45 516 (b)
Utah Hsg. Corp. Single Family Mtge. Rev.
140        Ser. 2011-A2, Class I, 5.00%, due 7/1/20 144
130        Ser. 2011-A2, Class I, 5.25%, due 7/1/21 133
175        Ser. 2011-A2, Class I, 5.45%, due 7/1/22 180
 
9,136

See Notes to Financial Statements 20




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

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
 
Vermont 3.1%
      Vermont Std. Assist. Corp. Ed. Loan Rev.
$ 1,600        Ser. 2012-A, 5.00%, due 6/15/21 $       1,732
445        Ser. 2013-A, 4.25%, due 6/15/24 463
1,060        Ser. 2013-A, 4.35%, due 6/15/25 1,093
1,575        Ser. 2013-A, 4.45%, due 6/15/26 1,622  
515        Ser. 2013-A, 4.55%, due 6/15/27 530
1,800        Ser. 2014-A, 5.00%, due 6/15/24 2,008
1,615        Ser. 2015-A, 4.13%, due 6/15/27 1,645
 
9,093
 
Virginia 0.3%
1,000 Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), 1,025
Ser. 2013-A, 4.00%, due 12/1/22
 
Washington 3.9%
1,600 Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, 1,644
due 12/1/25 Pre-Refunded 12/1/17
6,700 Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28 6,982
2,525 Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29 2,778
Pre-Refunded 10/1/19
 
11,404
 
West Virginia 0.4%
1,000 West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19 Pre-Refunded 7/1/18 1,047
 
Wisconsin 6.5%
870 Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30 898 (b)
200 Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35 202 (b)
3,000 Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), 2,702
Ser. 2016-A, 4.25%, due 12/1/51
500 Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36 447
1,250 Pub. Fin. Au. Multi-Family Hsg. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A, 1,197  
4.00%, due 12/1/36
1,850 Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25 1,930
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 1,261
1,225        Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20 1,405
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 1,472
3,660        Ser. 2008-B3, 5.00%, due 10/1/30 3,973
3,000 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, 3,215
due 12/1/29 Pre-Refunded 12/1/18
 
18,702
 
Total Municipal Notes (Cost $426,008) 461,433

See Notes to Financial Statements 21




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

PRINCIPAL AMOUNT VALUE
  
(000’s omitted) (000’s omitted)
 
Tax Exempt Preferred 0.6%      
 
Real Estate 0.6%
$ 1,625       Munimae TE Bond Subsidiary LLC, 5.00%, due 4/30/28 (Cost $1,625) $ 1,673 (b)(c)
 
Total Investments 160.2% (Cost $427,633)   463,106
 
Other Assets Less Liabilities 1.8% 5,177
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (179,276 )
(net of unamortized deferred offering costs of approximately $124,000) (62.0)%
 
Net Assets Applicable to Common Stockholders 100.0% $ 289,007

(a)     Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2017 and changes periodically.
 
(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 April 30, 2017, these securities amounted to approximately $40,587,000 or 14.0% of net assets applicable to common stockholders of the Fund. Securities denoted with (b) but without (c) have been deemed by the investment manager to be liquid.
 
(c) Illiquid security.
 
(d) Defaulted security.
 
(e) Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
 
(f) Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
 
(g) Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
 
(h) Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
 
(i) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.

See Notes to Financial Statements 22




Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (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 April 30, 2017:

Asset Valuation Inputs
(000’s omitted)       Level 1       Level 2       Level 3       Total
Investments:
Municipal Notes(a)   $— $ 461,433 $— $ 461,433
Tax Exempt Preferred 1,673 1,673
Total Investments $— $ 463,106 $— $ 463,106

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

As of the six months ended April 30, 2017, no securities were transferred from one level (as of October 31, 2016) to another.


See Notes to Financial Statements 23




Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited) April 30, 2017

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
 
Municipal Notes 164.5%
 
American Samoa 0.7%
$ 500       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $          473
 
California 6.3%
250 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC 241 (a)(b)
Proj.), 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), 2,606
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 1,593
 
4,440
 
Georgia 0.7%
500 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 501 (a)(b)
 
Guam 3.2%
1,135 Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19 1,224
1,000 Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,075
 
2,299
 
Illinois 1.4%
1,000 Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/23 1,016
 
Louisiana 0.8%
500 Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), 579
Ser. 2013-A, 7.63%, due 12/15/28
 
Nevada 1.6%
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 1,133
 
New York 141.3%
Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences)
380        Ser. 2014-A, 5.00%, due 12/1/27 429
375        Ser. 2014-A, 5.00%, due 12/1/28 421
270        Ser. 2014-A, 5.00%, due 12/1/29 302
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park)
500        Ser. 2015, 5.00%, due 11/15/27 544
500        Ser. 2015, 5.00%, due 11/15/28 540
Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
270        Ser. 2014-A, 5.00%, due 6/1/26 319 (c)
225        Ser. 2014-A, 5.00%, due 6/1/29 262 (c)
Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.)
250        Ser. 2014, 5.00%, due 7/1/22 285 (c)
500        Ser. 2014, 5.00%, due 7/1/29 552 (c)
250 Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/45 246 (c)
Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.)
155        Ser. 2015, 5.00%, due 6/1/26 181 (c)
125        Ser. 2015, 5.00%, due 6/1/27 145 (c)
195        Ser. 2015, 5.00%, due 6/1/28 225 (c)
220        Ser. 2015, 5.00%, due 6/1/29 252 (c)
325        Ser. 2015, 5.00%, due 6/1/30 370 (c)
565 Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24 596 (c)
500 Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int'l Cultures), Ser. 2013-A, 3.88%, due 4/15/23 504 (c)

See Notes to Financial Statements 24




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

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
 
      Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.)
$ 155        Ser. 2014, 3.75%, due 1/1/20 $        158 (a)(c)
200        Ser. 2014, 4.50%, due 1/1/25 215 (a)(c)
Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.)
200        Ser. 2016-A-1, 5.00%, due 7/1/41 217
275        Ser. 2016-A-1, 5.00%, due 7/1/46   298
1,000 Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21 1,139
1,050 Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25 Pre-Refunded 1,137
5/1/19
1,270 Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21 1,444
1,500 Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23 1,637
580 Islip, G.O., Ser. 2012, 3.00%, due 8/1/25 603
640 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 4.75%, due 1/1/20 627 (a)
300 Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due 342
1/15/29
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.)
500        Ser. 2013-A, 5.00%, due 10/1/24 564
500        Ser. 2013-A, 5.00%, due 10/1/25 561
250        Ser. 2013-A, 4.00%, due 10/1/26 260
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
1,120        Ser. 2012-A, 5.00%, due 6/1/23 1,270
210        Ser. 2012-A, 5.00%, due 6/1/25 237
1,265 Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured), 1,490
  5.00%, due 9/1/27
500 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 530
2,000 Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28 2,271
Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.)
500        Ser. 2014, 5.00%, due 7/1/23 572
1,000        Ser. 2014, 5.00%, due 7/1/27 1,120
New York City G.O.
950        Ser. 2009-B, 5.00%, due 8/1/22 1,031
1,000        Ser. 2009-E, 5.00%, due 8/1/21 1,087
100 New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Subser. 2014-BB-4, (LOC: Wells Fargo Bank 100 (d)
N.A.), 0.85%, due 6/15/50
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40 546 (a)
2,000 New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35 2,423
1,815 New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A, 3.00%, due 1,854
7/1/27
780 New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 868
4.63%, due 7/1/25
500 New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 529
5.00%, due 7/1/24
900 New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA 920
Insured), 5.00%, due 8/1/21
1,595 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 1,736
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), 2,117
Ser. 2011-A, 4.38%, due 5/1/26
675 New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 680
7/1/24 Pre-Refunded 7/1/17
1,375 New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012, 1,476
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 2,171
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, 5.25%, due 603
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 1/1/26 466
470        Ser. 2014-A, 4.00%, due 1/1/27 473
200        Ser. 2014-A, 4.00%, due 1/1/28 200
275        Ser. 2014-A, 4.13%, due 1/1/29 276

See Notes to Financial Statements 25




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

PRINCIPAL AMOUNT       VALUE
  
(000’s omitted) (000’s omitted)
 
$ 1,350        New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28 $          1,556
750 New York St. Dorm. Au. Rev. Non St. Supported Debt (Vaughn College of Aeronautics & Technology), 764 (a)
Ser. 2016, 5.00%, due 12/1/26
New York St. Dorm. Au. Rev. Ref. Non St. Supported Debt (Orange Reg. Med. Ctr.)
400        Ser. 2017, 5.00%, due 12/1/35 429 (a)
200        Ser. 2017, 5.00%, due 12/1/36 214 (a)
400        Ser. 2017, 5.00%, due 12/1/37 426 (a)
2,000 New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26 2,333
1,500 New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.), Ser. 2004-A, 1,504
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 2,214
New York St. HFA Rev. (Affordable Hsg.)
1,615        Ser. 2009-B, 4.50%, due 11/1/29 1,677
960        Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27 969
1,045 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27   1,062
New York St. Muni. Bond Bank Agcy.
1,230        Subser. 2009-B1, 5.00%, due 12/15/23 1,351
1,295          Subser. 2009-B1, 5.00%, due 12/15/24 1,422
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 1,017
1,090        Ser. 2009-B, 5.00%, due 4/1/19 1,173
1,500 New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American Airlines, Inc.-John F Kennedy Int'l Arpt. 1,577
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, 975
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 1,337
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax)
665        Ser. 2008-A-1, 5.00%, due 12/15/23 Pre-Refunded 12/15/17 682
300        Ser. 2008-A-1, 5.00%, due 12/15/23 Pre-Refunded 12/15/17 308
785 Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22 883
900 Niagara Area Dev. Corp. Rev. (Covanta Energy Proj.), Ser. 2012, 4.00%, due 11/1/24 903 (a)
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.)
640        Ser. 2012-A, 5.00%, due 5/1/25 704
300        Ser. 2012-A, 5.00%, due 5/1/26 329
1,100 Niagara Falls City Sch. Dist. Ref. Cert. Participation (High Sch. Fac.), Ser. 2015, (AGM Insured), 4.00%, 1,189
due 6/15/26
1,010 Onondaga Civic Dev. Corp. Ref. Rev., Ser. 2015, 5.00%, due 10/1/29 1,128
500 Onondaga Civic Dev. Corp. Rev. (St. Joseph’s Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25 542
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 1,098
1,500 Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21 1,558
3,000 Port Au. New York & New Jersey Cons. Bonds, Ser. 2012-175, 3.00%, due 12/1/27 3,098
500 Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred -Third), Ser. 2017, 5.00%, due 559 (e)
4/15/57
1,000 Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22 Pre- 1,024
Refunded 12/1/17
1,410 St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28 1,614
1,980 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25 2,236
1,000 Syracuse IDA (Carousel Ctr. Proj.), Ser. 2016-A, 5.00%, due 1/1/31 1,125
190 Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. 197
Insured), 4.75%, due 1/1/24
Triborough Bridge & Tunnel Au. Rev.
1,650        Subser. 2005-B-2, (LOC: Wells Fargo Bank N.A.), 0.85%, due 1/1/32 1,650 (d)
765        Subser. 2008-D, 5.00%, due 11/15/23 810
1,000        Subser. 2008-D, 5.00%, due 11/15/23 Pre-Refunded 11/15/18 1,061
TSASC Inc. Rev. Ref.
580        Ser. 2017-A, 5.00%, due 6/1/28 670
3,000        Ser. 2017-A, 5.00%, due 6/1/41 3,252
1,405 United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22 1,517
3,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 3,555
1,000 Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30 990 (a)

See Notes to Financial Statements 26




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

PRINCIPAL AMOUNT VALUE
 
(000's omitted) (000's omitted)
 
      Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.)
$ 825       Ser. 2016, 5.00%, due 11/1/30 $ 910
1,000       Ser. 2016, 3.75%, due 11/1/37 899
1,350 Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28 1,461
100,373
 
Ohio 0.7%
500 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 479
 
Pennsylvania 3.2%
Pennsylvania St. Turnpike Commission Rev.
285       Ser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 333
305       Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 356
1,410       Subser. 2010-B2, 6.00%, due 12/1/34 1,613
2,302
 
Puerto Rico 3.0%
2,000 Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee 2,141
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, 7.75%, due 380 (a)(b)
1/1/45
 
Virgin Islands 1.1%
Virgin Islands Pub. Fin. Au. Rev.
250       Ser. 2014-A, 5.00%, due 10/1/24 204
500       Ser. 2014-A, 5.00%, due 10/1/29 395
200 Virgin Islands Pub. Fin. Au. Rev. (Matching Fund Loan-Diageo), Ser. 2009-A, 6.63%, due 10/1/29 165
764
 
Total Municipal Notes (Cost $111,933) 116,880
 
UNITS
 
Liquidating Trust - Real Estate 2.3%
600 CMS Liquidating Trust (Cost $3,105) 1,635 *(f)
             
Total Investments 166.8% (Cost $115,038) 118,515
           
Other Assets Less Liabilities 1.1% 777
           
Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering (48,240 )
costs of approximately $60,000) (67.9)%
           
Net Assets Applicable to Common Stockholders 100.0% $ 71,052

*

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 April 30, 2017, these securities amounted to approximately $6,394,000 or 9.0% of net assets applicable to common stockholders of the Fund. Securities denoted with (a) but without (b) have been deemed by the investment manager to be liquid.
 
(b) Illiquid security.

See Notes to Financial Statements 27




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

(c) All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $4,310,000.
        
(d) Variable or floating rate security. The interest rate shown was the current rate as of April 30, 2017 and changes periodically.
 
(e) When-issued security. Total value of all such securities at April 30, 2017, amounted to approximately $559,000, which represents 0.8% of net assets applicable to common stockholders of the Fund.
 
(f) This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale. At April 30, 2017, this security amounted to approximately $1,635,000, which represents 2.3% of net assets applicable to common stockholders of the Fund.

Acquisition Fair Value
Cost Percentage Percentage
of Net Assets of Net Assets
Applicable Applicable
to Common to Common
  Stockholders Stockholders
(000’s omitted) Acquisition Acquisition as of Acquisition Value as of as of
Restricted Security       Date       Cost       Date       4/30/2017       4/30/2017
CMS Liquidating Trust 11/21/2012 $3,105 4.0% $1,635 2.3%
          
        

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 April 30, 2017:


Asset Valuation Inputs
(000’s omitted) Level 1 Level 2 Level 3(b) Total
Investments:
Municipal Notes(a)         $       $ 116,880       $  —       $ 116,880
Liquidating Trust—Real Estate 1,635 1,635
Total Investments $ $ 116,880 $ 1,635 $ 118,515
        
(a) The Schedule of Investments provides a categorization by state for the portfolio.

See Notes to Financial Statements 28




Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited) (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/                    in to      out of      as of      still held as of
11/1/2016 (premiums) gain/(loss) (depreciation) Purchases Sales Level 3 Level 3 4/30/2017 4/30/2017
(000’s omitted)
Investments in
Securities:
Units
      Liquidating
      Trust—
      Real Estate $1,635 $— $— $ — $— $— $— $— $1,635 $—
Total $1,635 $— $— $ — $— $— $— $— $1,635 $—
        

As of the six months ended April 30, 2017, no securities were transferred from one level (as of October 31, 2016) 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 April 30, 2017.


Impact to
valuation
Input from
Asset      Fair value      Valuation      Unobservable      Range      value per      decrease
class at 4/30/2017 techniques input per unit unit in input
Units $1,635,000 Income Approach Appraised value $2,592 - $2,903 $2,903 Decrease

See Notes to Financial Statements 29




Statements of Assets and Liabilities (Unaudited)

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

CALIFORNIA
INTERMEDIATE
MUNICIPAL
FUND INC.
INTERMEDIATE
MUNICIPAL
FUND INC.
NEW YORK
INTERMEDIATE
MUNICIPAL
FUND INC.
April 30, 2017 April 30, 2017 April 30, 2017
Assets                  
Investments in securities, at value* (Note A)—see Schedule of
Investments:
Unaffiliated issuers             $141,340             $463,106             $118,515
Cash 38 183 104
Interest receivable 1,695 6,550 1,666
Receivable for securities sold 365
Total Assets 143,073 470,204 120,285
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)(Notes A & F) 58,936 179,276 48,240
Distributions payable—preferred shares 97 296 80
Distributions payable—common stock 284 1,269 222
Payable to investment manager (Note B) 29 96 25
Payable for securities purchased 558
Payable to administrator (Note B) 35 116 29
Payable to directors 3 1 1
Accrued expenses and other payables 88 143 78
Total Liabilities 59,472 181,197 49,233
Net Assets applicable to Common Stockholders $83,601 $289,007 $71,052
Net Assets applicable to Common Stockholders consist of:
Paid-in capital—common stock $79,266 $267,852 $71,787
Undistributed net investment income (loss) 6,278
Distributions in excess of net investment income (217 ) (38 )
Accumulated net realized gains (losses) on investments (4,079 ) (20,596 ) (4,174 )
Net unrealized appreciation (depreciation) in value of investments 8,631 35,473 3,477
Net Assets applicable to Common Stockholders $83,601 $289,007 $71,052
Shares of Common Stock Outstanding ($0.0001 par value;
999,996,410, 999,990,206 and 999,996,517 shares authorized for
California, Intermediate and New York, respectively) 5,551 18,799 5,077
Net Asset Value Per Share of Common Stock Outstanding $15.06 $15.37 $13.99
* Cost of Investments $132,709 $427,633 $115,038
 
† Net of unamortized deferred offering costs of approximately: $64 $124 $60

See Notes to Financial Statements 30




Statements of Operations (Unaudited)

Neuberger Berman
(000’s omitted)

CALIFORNIA
INTERMEDIATE
MUNICIPAL
FUND INC.
INTERMEDIATE
MUNICIPAL
FUND INC.
NEW YORK
INTERMEDIATE
MUNICIPAL
FUND INC.
For the Six For the Six For the Six
      Months Ended       Months Ended       Months Ended
April 30, 2017 April 30, 2017 April 30, 2017
Investment Income:
Income (Note A):  
Interest income-unaffiliated issuers                 $2,851                 $10,260                 $2,362
Expenses:
Investment management fees (Note B) 176 579 147
Administration fees (Note B) 211 695 177
Audit fees 29 29 29
Basic maintenance expense (Note A) 20 20 20
Custodian and accounting fees 44 88 38
Insurance expense 3 9 2
Legal fees 19 44 14
Stockholder reports 7 26 7
Stock exchange listing fees 2 6 1
Stock transfer agent fees 11 13 11
Distributions to variable rate municipal term preferred shareholders and
amortization of offering costs (Note A) 582 1,752 478
Directors’ fees and expenses 22 22 22
Miscellaneous 9 14 9
Total expenses 1,135 3,297 955
Custodian out-of-pocket expenses refunded (Note E) (45 ) (65 ) (39 )
Total net expenses 1,090 3,232 916
Net investment income (loss) $1,761 $7,028 $1,446
 
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers (112 ) (1,393 ) (692 )
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (3,172 ) (10,578 ) (2,229 )
Net gain (loss) on investments (3,284 ) (11,971 ) (2,921 )
Net increase (decrease) in net assets applicable to Common Stockholders
resulting from operations $(1,523 ) $(4,943 ) $(1,475 )

See Notes to Financial Statements 31




Statements of Changes in Net Assets

Neuberger Berman
(000’s omitted)

CALIFORNIA INTERMEDIATE INTERMEDIATE
MUNICIPAL FUND INC. MUNICIPAL FUND INC.
Six Months Six Months
Ended Ended
April 30, 2017 Year Ended April 30, 2017 Year Ended
(Unaudited) October 31, 2016 (Unaudited) October 31, 2016
Increase (Decrease) in Net Assets Applicable to                        
Common Stockholders:
From Operations (Note A):  
Net investment income (loss)            $1,761                  $3,468             $7,028                $14,391
Net realized gain (loss) on investments (112 ) (40 ) (1,393 ) (414 )
Change in net unrealized appreciation (depreciation)  
of investments (3,172 ) 2,738 (10,578 ) 7,076
Net increase (decrease) in net assets applicable to
Common Stockholders resulting from operations (1,523 ) 6,166 (4,943 ) 21,053
Distributions to Common Stockholders From
(Note A):
Net investment income (1,885 ) (4,293 ) (8,035 ) (16,900 )
From Capital Share Transactions (Note D):
Proceeds from reinvestment of dividends and distributions 12 124 139 390
Net Increase (Decrease) in Net Assets
Applicable to Common Stockholders (3,396 ) 1,997 (12,839 ) 4,543
Net Assets Applicable to Common
Stockholders:
Beginning of period 86,997 85,000 301,846 297,303
End of period $83,601 $86,997 $289,007 $301,846
Undistributed net investment income (loss) at end
of period $— $— $6,278 $7,285
Distributions in excess of net investment income at
end of period $(217 ) $(93 ) $— $—

See Notes to Financial Statements 33




 


 

NEW YORK INTERMEDIATE
MUNICIPAL FUND INC.
Six Months
Ended
April 30, 2017 Year Ended
(Unaudited)        October 31, 2016
 
 
 
           $1,446 $2,912
(692 ) 35

 (2,229
) 1,471
 
(1,475 ) 4,418
 
 
(1,397 ) (3,153 )
 
13
(2,872 ) 1,278
 
 
73,924 72,646
$71,052               $73,924
 
$— $—
 
$(38 ) $(87 )

See Notes to Financial Statements 34




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

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

35




quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal securities and units include current trades, bid-wanted lists (which 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 April 30, 2017, the Funds did not have any unrecognized tax positions.
 
At April 30, 2017, selected Fund information on a U.S. federal income tax basis was as follows:

Gross Gross Net Unrealized
Unrealized Unrealized Appreciation/
(000’s omitted)       Cost       Appreciation       Depreciation       (Depreciation)
California $132,709      $9,249             $618                $8,631        
Intermediate 427,727 38,193 2,814 35,379
New York 115,163 5,544 2,192 3,352

36




         

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

As determined on October 31, 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 234,405 5,581,754 (3,357,862 ) (321,512 ) 2,136,785

         

The temporary differences between book basis and tax basis distributable earnings are primarily due to: timing differences of distribution payments, partnership basis adjustments, capital loss carryforwards and defaulted bond income adjustments.

To the extent each Fund’s net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. The Regulated Investment Company Modernization Act of 2010 made changes to the capital loss carryforward rules allowing for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term (“Post-Enactment”). Rules in


37




          effect previously limited the carryforward period to eight years and all carryforwards were considered short-term in character (“Pre-Enactment”). As determined at October 31, 2016, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:

Pre-Enactment
Expiring in:
      2017       2018       2019
California $783,685 $— $—
Intermediate   9,552,881   302,263  
New York 1,053,807 7,374

Post-Enactment (No Expiration Date)
      Long-Term       Short-Term
California     $2,838,508 $344,399  
Intermediate 7,855,133     1,399,421
New York 1,831,000 465,681

Post-Enactment capital loss carryforwards must be fully used before Pre-Enactment capital loss carryforwards; therefore, under certain circumstances, Pre-Enactment capital loss carryforwards available as of the report date may expire unused.

During the year ended October 31, 2016, Intermediate and New York had capital loss carryforwards expire of $232,566 and $269,555, respectively.

During the year ended October 31, 2016, New York utilized capital loss carryforwards of $34,796.
 

5 Distributions to common stockholders: Each Fund earns income, net of expenses, daily on its investments. It is the policy of each Fund to declare and pay monthly distributions to common stockholders. Distributions from net realized capital gains, if any, are normally distributed in December. Distributions to common stockholders are recorded on the ex-date. Distributions to preferred stockholders are accrued and determined as described in Note A.
    
          On May 15, 2017, each Fund declared a monthly distribution to common stockholders payable June 15, 2017, to stockholders of record on May 31, 2017, with an ex-date of May 26, 2017 as follows:
  
      Distribution per share
California   $0.0512
Intermediate   0.0675
New York   0.0437

          On June 15, 2017, each Fund declared a monthly distribution to common stockholders payable July 17, 2017, to stockholders of record on June 30, 2017, with an ex-date of June 28, 2017 as follows:

      Distribution per share
California $0.0512
Intermediate     0.0675
New York   0.0437
         
6 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a Fund are charged to that Fund. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which Management serves as investment manager, that are not directly attributable to a particular investment company (e.g., a Fund) are allocated among the Funds and the other investment companies or series thereof in the complex on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly.

38




7 Financial leverage: On June 24, 2014, the Funds re-classified unissued shares of capital stock into VMTPS as follows:
         
      Shares
California       590    
Intermediate 1,794
New York 483

         

On June 30, 2014, July 1, 2014 and July 2, 2014, the Funds issued VMTPS as follows:


      Shares
California     590