Neuberger Berman Intermediate Municipal Fund Inc.
Arthur C. Delibert, Esq.
1601 K Street, N.W.
Washington, D.C. 20006-1600
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:
|