As filed with the Securities and Exchange Commission on January 4, 2018
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21168
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
(Exact name of registrant as specified in charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104
(Address of principal executive offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Robert Conti
Chief Executive Officer and President
Neuberger Berman Intermediate Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104
Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and addresses of agents for service)
Date of fiscal year end: October 31
Date of reporting period: October 31, 2017
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy

of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.
Following is a copy of the annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.
 






       

Neuberger Berman
Intermediate Municipal
Closed-End Funds

 

Neuberger Berman California Intermediate
Municipal Fund Inc.

Neuberger Berman Intermediate Municipal
Fund Inc.

Neuberger Berman New York Intermediate
Municipal Fund Inc.

 

 

 

 

 

 
 
 
               

 

Annual Report

October 31, 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. 23
 
FINANCIAL STATEMENTS 29
 
FINANCIAL HIGHLIGHTS/PER SHARE DATA
California Intermediate Municipal Fund Inc. 40
Intermediate Municipal Fund Inc. 41
New York Intermediate Municipal Fund Inc. 42
 
Report of Independent Registered Public Accounting Firm 45
Distribution Reinvestment Plan for each Fund 46
Directory 49
Directors and Officers 50
Proxy Voting Policies and Procedures 59
Quarterly Portfolio Schedule 59
Notice to Stockholders 60
Report of Votes of Stockholders 61
Board Consideration of the Management Agreements 62







The “Neuberger Berman” name and logo 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 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 12 months ended October 31, 2017. The report includes portfolio commentaries, as well as audited listings of the Funds’ investments and 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 bond 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 12 months ended October 31, 2017, on a net asset value (NAV) basis, each of 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”) underperformed its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index (the benchmark index). NBW, NBH and NBO posted 1.60%, 1.83% and 1.04% total returns, respectively, whereas the benchmark index generated a 2.23% return for the same period. (Fund performance on a market price basis is provided in the table immediately following this commentary.) The use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) contributed to performance given the positive return for the municipal bond market during the reporting period.

The municipal bond market outperformed the taxable bond market during the reporting period. Municipal securities were supported by generally positive fundamentals, solid demand and more moderate supply than a year earlier. Both short- and longer-term Treasury yields rose over the 12 months ended October 31, 2017. Short-term yields generally moved higher as the U.S. Federal Reserve (Fed) raised interest rates three times over the period and began reducing its balance sheet in October 2017. Meanwhile, longer-term Treasury yields fluctuated given changing expectations for economic growth in the U.S., uncertainties surrounding future fiscal policy and a number of geopolitical events. All told, the Bloomberg Barclays Municipal Bond Index gained 2.19% for the 12 months ended October 31, 2017 while the overall taxable bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 0.90% for the same period.

Throughout the reporting period, the Funds’ leverage-adjusted durations were longer than the benchmark index’s. This detracted from performance as rates moved higher over the period, especially in the aftermath of the Presidential election and late in the reporting period. The Funds maintained a lower average quality relative to that of the benchmark index as they sought to generate additional yield. This was positive for results given the outperformance of lower quality bonds. From a sector perspective, an overweight to revenue bonds added to results as they largely outperformed general obligation bonds. In particular, an overweight to and security selection of tobacco securitization bonds contributed to the performance of NBW and NBO. In addition, on a relative basis, the Funds’ exposure to uninsured bonds issued by Puerto Rico was detrimental over the period and a small diversified exposure to the Virgin Islands by NBW and NBO also detracted from performance due to the impact of Hurricane Maria.

A number of changes were made to the Funds during the reporting period. In particular, we increased the Funds’ exposure to tobacco securitization bonds. In addition, NBH and NBO eliminated their allocation to insured bonds issued by Puerto Rico.

Given the steady economic growth backdrop and subdued but stable level of inflation, we see no reason to doubt the Fed’s intention of taking a measured approach to future monetary policy tightening. That said, changes in fiscal policy or potential volatility caused by the withdrawal of monetary accommodation might cause adjustments to that forecast. Specific to the municipal bond market, we believe technicals continue to look promising for the remainder of the year. As was characteristic of most of 2017, reduced new issue supply if it continues, would likely provide a firm bid for municipal bonds. We will keep a close eye on both tax reform and infrastructure investment legislation and continue to execute on our research based, bottom-up investment process in an effort to find attractive buying opportunities for our investors.

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 89.6
Florida 0.4
Georgia 0.4
Guam 1.6
Illinois 1.3
Louisiana 0.4
Nevada 0.8
New Jersey 0.6  
North Carolina 0.6
Ohio 0.7
Pennsylvania 1.6
Puerto Rico 0.7
Tennessee 0.4
Texas 0.2
Virgin Islands 0.3
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 0.9
New York 86.7
Ohio 0.4
Pennsylvania 1.9
Texas 0.3
Virgin Islands 0.5
Other 1.4
Total 100.0 %

Does not include the impact of the Fund’s open positions in derivatives, if any.
PERFORMANCE HIGHLIGHTS1
Average Annual Total Return
Inception Ended 10/31/2017
At NAV2     Date     1 Year     5 Years     10 Years     Life of Fund
California Intermediate Municipal                
Fund Inc. 09/24/2002 1.60 % 4.42 % 5.87 % 5.82 %
Intermediate Municipal Fund Inc. 09/24/2002 1.83 % 5.15 % 6.38 % 6.21 %
New York Intermediate Municipal
Fund Inc. 09/24/2002 1.04 % 3.80 % 5.16 % 5.28 %
At Market Price3
California Intermediate Municipal
Fund Inc. 09/24/2002 -6.55 % 1.54 % 6.08 % 4.87 %
Intermediate Municipal Fund Inc. 09/24/2002 2.68 % 3.76 % 7.30 % 5.62 %
New York Intermediate Municipal
Fund Inc. 09/24/2002 -3.43 % 0.30 % 4.88 % 4.09 %
Index
Bloomberg Barclays 10-Year Municipal
Bond Index4 2.23 % 3.17 % 4.97 % 4.59 %

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. The waived fees are from prior years that are no longer disclosed in the Financial Highlights.

INTERMEDIATE MUNICIPAL FUND INC. PORTFOLIO BY STATE AND TERRITORY
(as a % of Total Investments*)
Alabama 0.5 %       Missouri 0.5 %
American Samoa 0.4 Nevada 1.3
Arizona 2.9 New Hampshire 0.3
California 20.6 New Jersey 3.2
Colorado 2.3 New Mexico 0.3
Connecticut 0.2 New York 7.3
District of Columbia 2.0 North Carolina 2.3
Florida 4.4 Ohio 2.3
Georgia 0.6 Oklahoma 0.2
Guam 1.0 Oregon 0.1
Hawaii 1.7 Pennsylvania 3.5
Illinois 13.7 Tennessee 1.2
Indiana 2.0 Texas 4.7
Iowa 1.6 Utah 2.0
Kentucky 0.6 Vermont 1.9
Louisiana 1.3 Virginia 0.2
Maryland 0.5 Washington 2.7
Massachusetts 2.8 West Virginia 0.2
Michigan 1.2 Wisconsin 4.0
Minnesota 0.5 Other 0.3
Mississippi 0.7 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 American.
 
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.

October 31, 2017

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
Municipal Notes 167.9%
 
American Samoa 0.7%
$ 600       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $     599
 
California 150.5%
1,000 Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 Pre-Refunded 4/1/23 1,184
1,500 Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21 1,689
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
250        Ser. 2016-A, 5.00%, due 10/1/28 299
260        Ser. 2016-A, 3.00%, due 10/1/29 264
400        Ser. 2016-A, 3.00%, due 10/1/30 401
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,114
1,000 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. 1,090
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%, due 1,021 (a)(b)
7/1/44
500 California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, 528 (b)
due 7/1/29
255 California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%, due 273
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 11/1/30 543 (a)
California Muni. Fin. Au. Rev. (Biola Univ.)
375        Ser. 2013, 4.00%, due 10/1/25 414
410        Ser. 2013, 4.00%, due 10/1/26 451
455        Ser. 2013, 4.00%, due 10/1/27 498
600 California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26 679
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
605        Ser. 2014-A, 4.00%, due 1/1/27 646
630        Ser. 2014-A, 4.00%, due 1/1/28 669
330        Ser. 2014-A, 4.00%, due 1/1/29 347
400 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, 449 (a)
due 7/1/30
California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
400        Ser. 2017-A, 4.00%, due 7/1/23 437 (a)
435        Ser. 2014-A, 4.13%, due 7/1/24 463
375        Ser. 2017-A, 5.00%, due 7/1/25 439 (a)
130        Ser. 2017-A, 5.00%, due 7/1/27 154 (a)
2,195 California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29 2,149
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 12/1/21 620
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 1,358
760        Ser. 2010-L, 5.00%, due 5/1/22 833
1,500 California St. G.O., Ser. 2012, 5.00%, due 2/1/27 1,714
700 California St. G.O. (Kindergarten Univ.), (LOC: State Street Bank & Trust Co.), Ser. 2004, 0.80%, 700 (c)
due 5/1/34
1,000 California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. 1,010 (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 2,128
750 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC 736 (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 2,190 (a)
1,095 California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, 1,099
due 6/1/20

See Notes to Financial Statements 6



 

Schedule of Investments California Intermediate Municipal Fund Inc.

(cont’d)


PRINCIPAL AMOUNT Value
 
(000’s omitted)       (000’s omitted)
 
$ 415       California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, $       426 (a)
4.50%, due 6/1/31
400 California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31 411 (a)
595 California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 633
5.35%, due 8/1/24
1,000 California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21 1,100
605 California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18 617
720 California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 832
5.00%, due 10/1/26
700 California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28 811
550 California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, 573 (a)
due 11/15/19
1,500 California Statewide CDA Rev. (St. Joseph Hlth. Sys.), Ser. 2000, (National Public Finance Guarantee 1,541
Corp. Insured), 5.13%, due 7/1/24 Pre-Refunded 7/1/18
600 California Statewide CDA Rev. Ref. (Lancer Ed. Std. Hsg. Proj.), Ser. 2016-A, 5.00%, due 6/1/36 628 (a)
1,500 California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29 1,679
1,500 California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/41 1,541
1,200 California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.), 1,346
Ser. 2015, 4.50%, due 9/1/25
2,055 California Statewide CDA Std. Hsg. Rev. (Univ. of Irvin Campus Apts. Phase IV), Ser. 2017-A, 5.00%, 2,432
due 5/15/32
500 California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/32 547 (a)
2,000 Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured), 2,398
5.00%, due 8/1/31
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
350        Ser. 2013-A, 5.00%, due 9/1/26 406
560        Ser. 2013-A, 5.00%, due 9/1/27 646
1,365 Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, 1,370
due 12/15/21
2,000 Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, due 2,274
8/1/24
1,250 Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, 1,491
due 9/1/25
Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev.
3,520        Ser. 2007-A-1, 5.00%, due 6/1/33 3,508
3,000        Ser. 2007-A-1, 5.75%, due 6/1/47 2,956
1,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 1,292
6.75%, due 8/1/40
1,000 Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18 1,025
1,000 Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26 1,195
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
150        Ser. 2013, 4.00%, due 9/1/23 165
300        Ser. 2013, 4.00%, due 9/1/24 327
450        Ser. 2013, 4.00%, due 9/1/25 486
645        Ser. 2013, 3.50%, due 9/1/26 674
690        Ser. 2013, 3.63%, due 9/1/27 721
2,500 Irvine Unified Sch. Dist. Spec. Tax (Comm. Facs. Dist. # 09-1), (LOC: U.S. Bank), Ser. 2014, 2,500 (c)
0.82%, due 9/1/54
680 Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24 808
La Verne Cert. of Participation (Brethren Hillcrest Homes)
315        Ser. 2014, 5.00%, due 5/15/26 344
500        Ser. 2014, 5.00%, due 5/15/29 539
1,105 Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26 1,264
255 Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17 255
2,100 Los Angeles Dept. of Wtr. & Pwr. Rev. Ref., Subser. 2001 B-3, (LOC: Barclays Bank PLC), 2,100 (c)
0.80%, 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 2,285
500 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 534
425 Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19 405
1,000 Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22 1,003

See Notes to Financial Statements 7



 

Schedule of Investments California Intermediate Municipal Fund Inc.

(cont’d)

PRINCIPAL AMOUNT Value
 
(000’s omitted) (000’s omitted)
 
$ 1,385       Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29 $        939
1,490 Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24 1,672
1,250 Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39 1,256
1,500 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19 1,600
1,000 Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), Ser. 2014, 1,184
(AGM Insured), 5.00%, due 9/1/27
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road)
355        Ser. 2013, 4.00%, due 9/1/21 372
600        Ser. 2013, 5.00%, due 9/1/25 660
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation)
1,320        Ser. 2013-B, 0.00%, due 6/1/22 1,162
1,500        Ser. 2013-B, 0.00%, due 6/1/23 1,272
Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1)
100        Ser. 2017, 4.00%, due 9/1/29 106
200        Ser. 2017, 4.00%, due 9/1/30 210
525        Ser. 2017, 3.25%, due 9/1/31 507
1,700 Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Capital Assessment Dist. Number 2), Ser. 2016-A, 1,940
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 1,225
400        Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26 502
500 Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%, 528 (a)
due 9/1/47
1,350 San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, 1,403
due 8/1/24 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 1,059
1,220 San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.), Ser. 2003-B, 1,224
(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 2,143
575 San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, 576
due 12/1/22
1,060 San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured), 1,063
5.00%, due 8/1/21
San Juan Unified Sch. Dist. G.O.
1,000        Ser. 2012-C, 4.00%, due 8/1/22 1,097
1,070        Ser. 2012-C, 4.00%, due 8/1/25 1,168
685 San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29 776
San Mateo Union High Sch. Dist. G.O. (Election 2010)
105        Ser. 2011-A, 0.00%, due 9/1/25 78
895        Ser. 2011-A, 0.00%, due 9/1/25 668
1,000 San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B, (National Public 992
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 1,485
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 6/1/25 330
575        Ser. 2013, (BAM Insured), 3.50%, due 6/1/26 616
325        Ser. 2013, (BAM Insured), 3.50%, due 6/1/27 346
270        Ser. 2013, (BAM Insured), 3.50%, due 6/1/28 285
1,000 Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27 1,056
1,000 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,144
5.00%, due 8/1/26
290 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, 337
(AGM Insured), 6.50%, due 12/1/37
1,145 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded), 1,454
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 2,346

See Notes to Financial Statements 8



 

Schedule of Investments California Intermediate Municipal Fund Inc.

(cont’d)

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
      Vernon Elec. Sys. Rev.
$ 420        Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 $   443
975        Ser. 2009-A, 5.13%, due 8/1/21 1,012
3,000 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 3,855 (d)
8/1/37
1,500 Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21 1,707
3,500 William S.Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, (AGM 2,796
Insured), 0.00%, due 9/1/26
2,250 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 1,987 (e)
0.00%, due 8/1/36
127,103
 
Florida 0.7%
525 Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24 595
 
Georgia 0.7%
600 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 607 (a)(b)
 
Guam 2.6%
1,110 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18 1,145
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,074
2,219
 
Illinois 2.3%
1,000 Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23 1,089
750 Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23 817
1,906
 
Louisiana 0.7%
500 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 552
7.63%, due 12/15/28
 
Nevada 1.3%
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 1,102
 
New Jersey 1.0%
750 New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 825
 
North Carolina 0.9%
750 North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, Inc.), 792
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 6/1/47 938
 
Pennsylvania 2.7%
Pennsylvania St. Turnpike Commission Rev.
285        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 325
305        Subser. 2010-B2, 6.00%, due 12/1/34 348
1,410        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 1,610
2,283

See Notes to Financial Statements 9



 

Schedule of Investments California Intermediate Municipal Fund Inc.

(cont’d)

PRINCIPAL AMOUNT       Value
 
(000’s omitted) (000’s omitted)
 
Puerto Rico 1.2%
$ 1,000       Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21 $ 1,002
 
Tennessee 0.7%
500 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 582
5.25%, due 9/1/23
 
Texas 0.3%
300 Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 256 (a)(b)
7.75%, due 1/1/45
 
Virgin Islands 0.5%
Virgin Islands Pub. Fin. Au. Rev.
250        Ser. 2014-A, 5.00%, due 10/1/24 154
500        Ser. 2014-A, 5.00%, due 10/1/29 309
463
Total Investments 167.9% (Cost $132,353) 141,824
Other Assets Less Liabilities 1.9% 1,608
Liquidation Value of Variable Rate Municipal Term Preferred Shares (58,951 )
(net of unamortized deferred offering costs of approximately $49,000) (69.8)%
Net Assets Applicable to Common Stockholders 100.0% $ 84,481

(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 October 31, 2017, these securities amounted to approximately $11,987,000, which represents 14.2% 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)

Weighted average coupon that changes/updates periodically. Rate shown is the rate at October 31, 2017.

 

(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.

(cont’d)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2017:

Asset Valuation Inputs                        
(000’s omitted) Level 1 Level 2 Level 3 Total
Investments:
Municipal Notes(a) $— $ 141,824 $— $ 141,824
Total Investments $— $ 141,824 $— $ 141,824

(a)

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

     

 

As of the year ended October 31, 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.

October 31, 2017

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes 159.9%      
 
Alabama 0.7%
$ 1,900       Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35 $      2,081
 
American Samoa 0.6%
1,700 American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 1,697
 
Arizona 4.7%
5,000 Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5,168
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.), 518 (a)
Ser. 2016, 5.00%, due 7/1/36
1,500 Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 1,498 (a)(b)
5.00%, due 1/1/26
2,250 Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25 2,432 (a)
3,000 Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24 3,094
400 Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A, 405
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 4/1/28 138 (b)(c)
400 Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24 447
13,700
 
California 33.0%
2,250 California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, 2,406
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, 1,114
5.00%, due 11/15/26
1,725 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), 1,881
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 7/1/24 821 (a)(b)
630        Ser. 2014, 5.13%, due 7/1/29 626 (a)(b)
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
970        Ser. 2014, 5.00%, due 7/1/24 1,027 (b)
430        Ser. 2014, 5.13%, due 7/1/29 454 (b)
500 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 516 (a)
5.00%, due 7/1/31
570 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 619 (a)
585 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 629
4.00%, due 1/1/26
1,300 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 1,461 (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 2,118
2,450        Ser. 2016-A, 2.95%, due 12/1/28 2,404
50 California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27 50
500 California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & 505 (a)
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. California LLC 491 (a)(b)
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 5,474 (a)
4,000 California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25 4,254
510 California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 520
5.30%, due 11/1/18 Pre-Refunded 11/1/18

See Notes to Financial Statements 12



 
Schedule of Investments Intermediate Municipal Fund Inc.

(cont’d)

PRINCIPAL AMOUNT VALUE
 
(000’s omitted)        (000’s omitted)
 
$ 1,000       California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda Wilder $      1,083
Proj.), Ser. 2015, 4.25%, due 9/1/21
2,000 Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, 2,380
due 8/1/33 Pre-Refunded 8/1/21
2,000 Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1, 1,970
5.75%, due 6/1/47
2,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, 2,583
(AGM Insured), 6.75%, due 8/1/40
1,115 Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/18 1,143
590 La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29 636
2,250 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 2,404
3,620 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 3,127
0.00%, due 8/1/24
5,750 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, 6,012 (d)
(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 6,629
815 Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee 774
Corp. Insured), 0.00%, due 8/1/19
4,000 Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5,016
5.25%, due 12/1/26
2,000 San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 2,374 (e)
0.00%, due 8/1/34
2,000 San Francisco City & Co. Arpt. Commission Int’l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25 2,118
6,000 San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 5,908 (f)
0.00%, due 8/1/32
1,540 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,761
5.00%, due 8/1/26
2,040 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 2,393
5.00%, due 9/1/25
Vernon Elec. Sys. Rev.
635        Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 670
1,470        Ser. 2009-A, 5.13%, due 8/1/21 1,527
9,070 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 11,656 (g)
0.00%, due 8/1/37
5,095 Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, 4,033
(Assured Guaranty Insured), 0.00%, due 8/1/26
3,000 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 2,649 (h)
0.00%, due 8/1/36
96,216
 
Colorado 3.7%
Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
500        Ser. 2015, 4.50%, due 4/1/25 506 (a)
1,000        Ser. 2015, 5.13%, due 4/1/35 1,002 (a)
Colorado Ed. & Cultural Facs. Au. Rev. Ref.
305        Ser. 2014, 4.00%, due 11/1/24 313 (b)
750        Ser. 2014, 4.50%, due 11/1/29 765 (b)
5,000 Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24 5,639
2,550 Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23 2,654 (a)
10,879
 
Connecticut 0.3%
750 Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25 777

See Notes to Financial Statements 13



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

PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
District of Columbia 3.2%
$ 1,615       Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), $      1,684
4.10%, due 12/1/26
3,035 Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22 3,124
520 Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23 548
650 Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 656
5.00%, due 10/1/45
Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev.
1,000        Ser. 2008-A, 5.50%, due 10/1/18 1,039
2,000        Ser. 2011-C, 5.00%, due 10/1/26 2,245
9,296
 
Florida 7.1%
1,600 Cap. Trust Agcy. Rev. (Tuscan Gardens Palm Coast Proj.), Ser. 2017-A, 7.00%, due 10/1/49 1,558 (a)(b)
1,000 Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26 1,127
1,075 Florida Dev. Fin. Corp. Ed. Facs. Rev. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36 1,035
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
1,000        Ser. 2012-A, 5.50%, due 6/15/22 1,040
3,120        Ser. 2013-A, 6.75%, due 12/15/27 3,283
1,750        Ser. 2014-A, 5.75%, due 6/15/29 1,828
1,075 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Obligated Group), Ser. 2015-A, 871 (a)
7.00%, due 6/1/45
100 Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 104
5.00%, due 11/15/36
1,000 Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, 1,130
due 8/15/32 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 1,278
2,000 Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25 2,277
2,000 Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 2,050 (a)
4.20%, due 12/15/25
2,100 Miami-Dade Co. Ind. Dev. Au. Rev. Ref. (Florida Pwr. & Lt. Co. Proj.), Ser. 1993, 2,100 (i)
0.96%, due 6/1/21
965 Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29 985
20,666
 
Georgia 0.9%
1,750 Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 1,615 (a)(b)
6.00%, due 7/1/36
1,100 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 1,114 (a)(b)
2,729
 
Guam 1.7%
Guam Gov’t Hotel Occupancy Tax Rev.
1,220        Ser. 2011-A, 5.75%, due 11/1/20 1,343
650        Ser. 2011-A, 5.75%, due 11/1/21 727
2,630 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 2,825
4,895
 
Hawaii 2.7%
5,200 Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24 5,633
2,000 Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. - Subsidiary), Ser. 2009, 2,150
6.50%, due 7/1/39
7,783

See Notes to Financial Statements 14



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted)       (000’s omitted)
 
Illinois 22.0%
$ 5,705       Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27 $ 6,373
Chicago G.O.
250         Ser. 2002-2002B, 5.13%, due 1/1/27 274
2,000         Ser. 2002-B, 5.00%, due 1/1/25 2,204
2,000         Ser. 2009-C, 5.00%, due 1/1/27 2,042
Chicago Ref. G.O.
1,000         Ser. 2005-D, 5.50%, due 1/1/40 1,069 (j)
2,500         Ser. 2012-C, 5.00%, due 1/1/24 2,676
700         Ser. 2014-A, 5.00%, due 1/1/27 754
3,000         Ser. 2017-A, 6.00%, due 1/1/38 3,442
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
1,350         Ser. 2013-C, 5.45%, due 12/1/30 1,494
1,960         Ser. 2013-C, 5.50%, due 12/1/31 2,167
1,970 Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 2,014
5.00%, due 12/1/25
1,560 Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 1,760
5.00%, due 2/15/31
4,000 Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24 4,292
3,340 Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20 3,745
1,905 Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 1,375
0.00%, due 6/15/26
Illinois St. G.O.
2,900         Ser. 2009-A, 5.00%, due 9/1/29 2,945
3,900         Ser. 2012, 4.00%, due 8/1/25 3,961
1,000         Ser. 2013, 5.00%, due 7/1/23 1,089
2,200         Ser. 2017-D, 5.00%, due 11/1/28 2,406 (k)
4,250 Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/24 4,636
1,600 Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26 1,747
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
945         Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27 1,039
1,375         Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28 1,502
715         Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29 777
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
2,725         Ser. 2013, 5.00%, due 10/1/27 3,002
2,875         Ser. 2013, 5.75%, due 10/1/28 3,301
1,850 Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31 2,101
64,187
 
Indiana 3.2%
4,000 Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 4,218
5.50%, due 8/1/29 Pre-Refunded 2/1/19
500 Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A, 506
5.00%, due 6/1/32
3,055 Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. 3,593
Insured), 5.75%, due 12/1/21
845 Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24 946
9,263
 
Iowa 2.6%
5,110 Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22 Pre-Refunded 8/1/18 5,278
Iowa Std. Loan Liquidity Corp. Rev.
1,755         Ser. 2011-A-1, 5.00%, due 12/1/21 1,885
505         Ser. 2011-A-1, 5.30%, due 12/1/23 546
7,709

See Notes to Financial Statements

15




 
Schedule of Investments Intermediate Municipal Fund Inc.

(cont’d)

PRINCIPAL AMOUNT VALUE
  
(000’s omitted) (000’s omitted)
 
Kentucky 1.0%      
$ 2,585       Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A, $      2,610
5.50%, due 11/15/27
150 Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31 153
2,763
 
Louisiana 2.1%
1,500 Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 1,679
6.50%, due 11/1/35
1,715 Louisiana Local Govt. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), 1,715 (a)
Ser. 2017-A, 5.75%, due 2/1/32
775 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), 855
Ser. 2013-A, 7.63%, due 12/15/28
1,655 St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 1,757 (i)
4.00%, due 12/1/40 Putable 6/1/22
6,006
 
Maryland 0.8%
2,325 Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, 2,331 (i)
(Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23
 
Massachusetts 4.5%
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
200        Ser. 2014-F, 5.00%, due 7/15/24 224
415        Ser. 2014-F, 5.00%, due 7/15/25 463
200        Ser. 2014-F, 5.00%, due 7/15/26 222
190        Ser. 2014-F, 5.00%, due 7/15/27 210
150        Ser. 2014-F, 5.00%, due 7/15/28 165
Massachusetts St. Ed. Fin. Au. Rev.
1,745        Ser. 2011-J, 5.00%, due 7/1/23 1,895
2,455        Ser. 2012-J, 4.70%, due 7/1/26 2,608
3,410        Ser. 2013-K, 4.50%, due 7/1/24 3,669
2,770 Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25 2,944
795 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19 798
13,198
 
Michigan 1.9%
Jackson College Dormitories Hsg. Rev.
1,000        Ser. 2015, 6.50%, due 5/1/35 1,066
500        Ser. 2015, 6.75%, due 5/1/46 535
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 1,821
100 Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35 100
5,444
 
Minnesota 0.8%
2,250 Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), Ser. 2010-A1, 2,419
(AGM Insured), 4.50%, due 8/15/24

See Notes to Financial Statements 16



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted)       (000’s omitted)
 
Mississippi 1.1%
$ 100       Jackson Co. Port Fac. Ref. Rev. (Chevron, U.S.A., Inc. Proj.), Ser. 1993, 0.90%, due 6/1/23 $      100 (i)
2,960 Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24 3,095
3,195
 
Missouri 0.8%
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 1,996
390        Ser. 2009, 5.13%, due 5/15/24 413
2,409
 
Nevada 2.1%
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
1,800        Ser. 2015-A, 4.00%, due 12/15/25 1,810 (a)
500        Ser. 2015-A, 5.13%, due 12/15/45 511 (a)
3,545 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 3,906
6,227
 
New Hampshire 0.5%
1,500 New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 1,490 (a)(i)
4.00%, due 4/1/29 Putable 10/1/19
 
New Jersey 5.1%
2,500 New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 2,750
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
500        Ser. 2013, 5.25%, due 1/1/25 572
500        Ser. 2013, 5.50%, due 1/1/26 578
New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
1,420        Ser. 2013, 3.50%, due 7/1/24 1,449
1,470        Ser. 2013, 3.63%, due 7/1/25 1,497
1,520        Ser. 2013, 3.75%, due 7/1/26 1,546
765        Ser. 2013, 4.00%, due 7/1/27 783
180 New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 197
5.25%, due 12/15/20
4,080 New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26 4,364
1,000 New Jersey Trans. Trust Fund Au. (Federal Hwy. Reimbursement Notes), Ser. 2016-A-2, 1,023
5.00%, due 6/15/21
14,759
 
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 5/1/25 508 (a)(b)
1,000        Ser. 2015, 5.75%, due 5/1/30 1,023 (a)(b)
1,531

See Notes to Financial Statements 17



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted)       (000’s omitted)
 
New York 11.7%
$ 225       Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), $       242
Ser. 2017-A, 5.00%, due 6/1/35
625 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29 693
Build NYC Res. Corp. Rev.
1,100        Ser. 2014, 5.00%, due 11/1/24 1,193
835        Ser. 2014, 5.25%, due 11/1/29 892
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 1,437
1,000 Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 1,045 (a)
4.50%, due 1/1/25
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
700        Ser. 2014, 5.00%, due 7/1/23 799
735        Ser. 2014, 5.00%, due 7/1/24 849
1,400 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24 1,250 (a)
1,000 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 1,064
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40 555 (a)
4,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 4,270
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 3,742
2,000 New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41 2,041
2,000 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 2,068
2,000 New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20 2,096
710 Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20 768
Newburgh G.O. (Deficit Liquidation)
495        Ser. 2012-B, 5.00%, due 6/15/20 536
520        Ser. 2012-B, 5.00%, due 6/15/21 575
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 1,615
1,000 Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), Ser. 2012-B, 1,000 (a)
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 1,250
2,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 2,359
600 Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30 600 (a)
34,062
 
North Carolina 3.7%
1,835 North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), 1,939
Ser. 2012-A, 4.25%, due 3/1/24
2,000 North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23 2,156
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 3,908
1,510        Ser. 2009-A, 5.00%, due 1/1/26 1,576
1,000 Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24 1,070
Pre-Refunded 6/1/19
10,649
 
Ohio 3.6%
8,875 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 8,327
5.88%, due 6/1/47
2,060 Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27 2,282
10,609

See Notes to Financial Statements 18



 

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


PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Oklahoma 0.3%
         Tulsa Arpt. Imp. Trust Ref. Rev.       
$ 250        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24 $ 288
400        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25 457
745
 
Oregon 0.2%
480 Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 486
3.50%, due 7/1/27
 
Pennsylvania 5.6%
Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
500        Ser. 2012, 3.50%, due 5/1/25 521
350        Ser. 2012, 3.60%, due 5/1/26 364
2,830 Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), 2,940
Ser. 2015-A, 4.25%, due 7/1/30
1,250 Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28 1,411
1,105 Moon Ind. Dev. Au. Rev. Ref. (Baptist Homes Society Obligated Group), Ser. 2015, 5.63%, due 7/1/30 1,182
3,430 Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27 3,604
2,625 Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 2,954
5.00%, due 11/1/24
Pennsylvania St. Turnpike Commission Rev.
150        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 171
705        Subser. 2010-B2, 6.00%, due 12/1/34 805
145        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 166
2,000 Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27 2,176
16,294
 
Tennessee 1.9%
535 Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22 428 (a)
2,705 Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19 2,889
2,000 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 2,328
5.25%, due 9/1/23
5,645
 
Texas 7.6%
250 Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45 262
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
500        Ser. 2014-A, 5.88%, due 3/1/24 510
1,000        Ser. 2014-A, 6.63%, due 3/1/29 1,023
770 Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22 774
250 Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28 264 (a)
2,000 Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42 2,035
500 Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25 520
1,000 Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 1,138
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 2,988
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
390        Ser. 2012-A, 4.00%, due 2/15/22 405
1,000        Ser. 2012-A, 5.00%, due 2/15/32 1,075
1,000 Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20 Pre-Refunded 3/1/18 1,013

See Notes to Financial Statements 19



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
$ 500       New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.),       $    514
Ser. 2016, 5.00%, due 7/1/36
500 New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. VIillage On The Park 531
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 3,171
3,000 Tender Option Bond Trust Receipts/Certs. Var. Sts. (Floaters), Ser. 2017-XM0531, (LOC: JP Morgan 3,000 (a)(i)
Chase), 1.09%, due 3/1/23
1,500 Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21 1,691
1,175 West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35 1,261
22,175
 
Utah 3.1%
Salt Lake City Arpt. Rev.
1,000        Ser. 2017-A, 5.00%, due 7/1/42 1,151
2,000        Ser. 2017-A, 5.00%, due 7/1/47 2,261
3,000 Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28 3,543
1,200 Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 Pre-Refunded 6/1/18 1,229
500 Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45 526 (a)
Utah Hsg. Corp. Single Family Mtge. Rev.
125        Ser. 2011-A2, Class I, 5.00%, due 7/1/20 132
115        Ser. 2011-A2, Class I, 5.25%, due 7/1/21 121
155        Ser. 2011-A2, Class I, 5.45%, due 7/1/22 162
9,125
 
Vermont 3.0%
Vermont Std. Assist. Corp. Ed. Loan Rev.
1,600        Ser. 2012-A, 5.00%, due 6/15/21 1,735
415        Ser. 2013-A, 4.25%, due 6/15/24 439
990        Ser. 2013-A, 4.35%, due 6/15/25 1,045
1,470        Ser. 2013-A, 4.45%, due 6/15/26 1,549
480        Ser. 2013-A, 4.55%, due 6/15/27 505
1,800        Ser. 2014-A, 5.00%, due 6/15/24 2,010
1,540        Ser. 2015-A, 4.13%, due 6/15/27 1,591
8,874
 
Virginia 0.4%
1,000 Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 1,037
4.00%, due 12/1/22
 
Washington 4.3%
1,600 Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25 1,606
Pre-Refunded 12/1/17
6,700 Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28 6,927
1,250 Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Columbia Pulp I LLC Proj.), Ser. 2017-A, 1,383 (a)
7.50%, due 1/1/32
2,525 Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 2,723
5.38%, due 10/1/29 Pre-Refunded 10/1/19
12,639
 

West Virginia 0.4%

1,000 West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19 1,025
Pre-Refunded 7/1/18

See Notes to Financial Statements 20  


 

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


PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Wisconsin 6.5%      
$ 870       Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30 $ 911 (a)
200 Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35 202 (a)
3,000 Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 2,945
4.25%, due 12/1/51
500 Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36 477
1,250 Pub. Fin. Au. Multi-Family Hsg. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), 1,233

Ser. 2016-A, 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 1,972
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 1,236
1,225        Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20 1,377
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 1,448
3,660        Ser. 2008-B3, 5.00%, due 10/1/30 3,920
3,000 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29 3,146
Pre-Refunded 12/1/18
18,867
Total Municipal Notes (Cost $427,580) 465,882
 
Tax Exempt Preferred 0.6%
 
Real Estate 0.6%
1,550 Munimae TE Bond Subsidiary LLC, 5.00%, due 4/30/28 (Cost $1,550) 1,596 (a)(b)
Total Investments 160.5% (Cost $429,130) 467,478
Other Assets Less Liabilities 1.1% 3,122
Liquidation Value of Variable Rate Municipal Term Preferred Shares (179,305 )
(net of unamortized deferred offering costs of approximately $95,000) (61.6)%
Net Assets Applicable to Common Stockholders 100.0% $ 291,295

(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 October 31, 2017, these securities amounted to approximately $46,148,000, which represents 15.8% 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) Defaulted security.
     
(d) Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
     
(e) Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
     
(f) Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
     
(g) Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
     
(h) Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
     
(i) Weighted average coupon that changes/updates periodically. Rate shown is the rate at October 31, 2017.

See Notes to Financial Statements 21



 

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


(j)       All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $1,069,000.
 
(k) When-issued security. Total value of all such securities at October 31, 2017 amounted to approximately $2,406,000, which represents 0.8% of net assets applicable to common stockholders of the Fund.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund’s investments as of October 31, 2017:


Asset Valuation Inputs                        
(000’s omitted) Level 1 Level 2 Level 3 Total
Investments:
Municipal Notes(a) $— $465,882 $— $465,882
Tax Exempt Preferred 1,596 1,596
Total Investments $— $467,478 $ $467,478

(a)       

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

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


See Notes to Financial Statements 22



 

Schedule of Investments New York Intermediate Municipal Fund Inc.
October 31, 2017


PRINCIPAL AMOUNT VALUE
  
(000’s omitted) (000’s omitted)
 
Municipal Notes 165.3%
 
American Samoa 0.7%      
$ 500       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $ 499
 
California 6.3%
250 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC Proj.), 245 (a)(b)
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), 2,709 (c)
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 1,568
4,522
 
Georgia 0.7%
500 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 506 (a)(b)
 
Guam 3.2%
1,135 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19 1,209
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,074
2,283
 
Illinois 1.5%
1,000 Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/23 1,089
 
Louisiana 0.8%
500 Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 552
7.63%, due 12/15/28
 
Nevada 1.5%
1,000 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19 1,102
 
New York 145.4%
Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences)
380        Ser. 2014-A, 5.00%, due 12/1/27 434
375        Ser. 2014-A, 5.00%, due 12/1/28 426
270        Ser. 2014-A, 5.00%, due 12/1/29 305
500 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 8/1/47 514
1,325 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 1,425
5.00%, due 6/1/35
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park)
500        Ser. 2015, 5.00%, due 11/15/27 562
500        Ser. 2015, 5.00%, due 11/15/28 558
Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
270        Ser. 2014-A, 5.00%, due 6/1/26 320
225        Ser. 2014-A, 5.00%, due 6/1/29 264
Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.)
250        Ser. 2014, 5.00%, due 7/1/22 285
500        Ser. 2014, 5.00%, due 7/1/29 575
250 Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/45 253
Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.)
155        Ser. 2015, 5.00%, due 6/1/26 184
125        Ser. 2015, 5.00%, due 6/1/27 148
195        Ser. 2015, 5.00%, due 6/1/28 229
220        Ser. 2015, 5.00%, due 6/1/29 258
325        Ser. 2015, 5.00%, due 6/1/30 379

See Notes to Financial Statements 23  



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

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
$ 565       Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24       $         613
500 Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int’l Cultures), Ser. 2013-A, 3.88%, due 4/15/23 504
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.)
130        Ser. 2014, 3.75%, due 1/1/20 132 (a)
200        Ser. 2014, 4.50%, due 1/1/25 209 (a)
Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.)
200        Ser. 2016-A-1, 5.00%, due 7/1/41 224
275        Ser. 2016-A-1, 5.00%, due 7/1/46 307
1,000 Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21 1,125
1,050 Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25 Pre-Refunded 5/1/19 1,115
1,270 Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21 1,436
1,500 Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23 1,615
Pre-Refunded 7/1/19
580 Islip, G.O., Ser. 2012, 3.00%, due 8/1/25 610
1,500 Jefferson Co. Civic Fac. Dev. Corp. Rev. Ref. (Samaritan Med. Ctr. Obligated Group Proj.), Ser. 2017-A, 1,471 (d)
4.00%, due 11/1/47
640 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 4.75%, due 1/1/20 626 (a)
300 Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 339
5.00%, due 1/15/29
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.)
500        Ser. 2013-A, 5.00%, due 10/1/24 569
500        Ser. 2013-A, 5.00%, due 10/1/25 567
250        Ser. 2013-A, 4.00%, due 10/1/26 267
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
1,120        Ser. 2012-A, 5.00%, due 6/1/23 1,268
210        Ser. 2012-A, 5.00%, due 6/1/25 236
1,265 Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured), 1,488
5.00%, due 9/1/27
500 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 532
2,000 Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28 2,299 (c)
Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.)
500        Ser. 2014, 5.00%, due 7/1/23 577
1,000        Ser. 2014, 5.00%, due 7/1/27 1,149
2,000 Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser. 2006-A-3, 5.13%, due 6/1/46 1,960
New York City G.O.
950        Ser. 2009-B, 5.00%, due 8/1/22 1,012
1,000        Ser. 2009-E, 5.00%, due 8/1/21 1,065
2,100 New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Gen. Resolution Rev. Bonds), 2,100 (e)
Ser. 2015-AA-2,(LOC: PNC Bank, N.A.) 0.93%, due 6/15/48
2,000 New York City Transitional Fin. Au. Rev., Subser. 2017-B-1, 5.00%, due 8/1/19 2,134
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40 555 (a)
2,000 New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35 2,551
1,815 New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A, 3.00%, due 7/1/27 1,878
780 New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 867
4.63%, due 7/1/25
500 New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 526
5.00%, due 7/1/24
900 New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 908
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, 1,702
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), 2,212
Ser. 2011-A, 4.38%, due 5/1/26 Pre-Refunded 5/1/21
1,375 New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012, 1,491
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 2,142
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 7/1/25 601

See Notes to Financial Statements 24  



 

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


PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
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       $           488
470        Ser. 2014-A, 4.00%, due 1/1/27 495
200        Ser. 2014-A, 4.00%, due 1/1/28 209
275        Ser. 2014-A, 4.13%, due 1/1/29 288
1,350 New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28 1,579
750 New York St. Dorm. Au. Rev. Non St. Supported Debt (Vaughn College of Aeronautics & Technology), 775 (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 12/1/35 436 (a)
200        Ser. 2017, 5.00%, due 12/1/36 218 (a)
400        Ser. 2017, 5.00%, due 12/1/37 435 (a)
2,000 New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26 2,323
2,000 New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26 2,211
New York St. HFA Rev. (Affordable Hsg.)
1,615        Ser. 2009-B, 4.50%, due 11/1/29 1,671
960        Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27 980
400 New York St. Hsg. Fin. Agy. Rev. (625 W 57th Street), Ser. 2014-A, (LOC: Bank of New York), 400 (e)
0.88%, due 5/1/49
1,045 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 1,080
New York St. Muni. Bond Bank Agcy.
1,230        Subser. 2009-B1, 5.00%, due 12/15/23 1,328
1,295        Subser. 2009-B1, 5.00%, due 12/15/24 1,398
1,090 New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 5.00%, due 4/1/19 1,147
1,500 New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American Airlines, Inc.-John F Kennedy Int’l Arpt. 1,600
Proj.), Ser. 2016, 5.00%, due 8/1/31
1,545 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term B Redev. Proj.), Ser. 2016-A, 1,575
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 1,310
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax)
665        Ser. 2008-A-1, 5.00%, due 12/15/23 Pre-Refunded 12/15/17 668
300        Ser. 2008-A-1, 5.00%, due 12/15/23 Pre-Refunded 12/15/17 301
785 Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22 884
900 Niagara Area Dev. Corp. Rev. (Covanta Energy Proj.), Ser. 2012, 4.00%, due 11/1/24 900 (a)
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.)
640        Ser. 2012-A, 5.00%, due 5/1/25 718
300        Ser. 2012-A, 5.00%, due 5/1/26 336
1,100 Niagara Falls City Sch. Dist. Ref. Cert. Participation (High Sch. Fac.), Ser. 2015, (AGM Insured), 1,194
4.00%, due 6/15/26
1,010 Onondaga Civic Dev. Corp. Ref. Rev., Ser. 2015, 5.00%, due 10/1/29 1,131
500 Onondaga Civic Dev. Corp. Rev. (St. Josephs Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25 532
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 1,078
1,500 Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21 1,559
500 Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred-Third), Ser. 2017, 566
5.00%, due 4/15/57
1,000