As filed with the Securities and Exchange Commission on July 6, 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: 811-21167
NEUBERGER BERMAN CALIFORNIA INTERMEDIATE MUNICIPAL FUND INC.
(Exact name of registrant as specified in charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
(Address of principal executive offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Joseph V. Amato
Chief Executive Officer and President
Neuberger Berman California Intermediate Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104-0002
Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and addresses of agents for service)
Date of fiscal year end: October 31
Date of reporting period: April 30, 2018
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 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, 2018




 

         
 
                               
 
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
 
Distribution Reinvestment Plan for each Fund 45
Directory 48
Proxy Voting Policies and Procedures 49
Quarterly Portfolio Schedule 49
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. ©2018 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, 2018. 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 April 16, 2018, NBH decreased its monthly distribution rate to $0.06244 per share of common stock from the prior monthly distribution rate of $0.0675 per share. NBW decreased its monthly distribution rate to $0.04480 per share of common stock from the prior monthly distribution rate of $0.0512 per share. NBO decreased its monthly distribution rate to $0.03933 per share of common stock from the prior monthly distribution rate of $0.0437 per share. The Funds’ decrease in distribution rates is the result of numerous factors, including the current level of yields available in the municipal market and the impact on the Funds’ levels of earnings, expected increased costs of leverage associated with forecasted interest-rate hikes and the amount of available undistributed net investment income, and with respect to NBW and NBO, the lack thereof.

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 six months ended April 30, 2018, on a net asset value (NAV) basis, two of the three Neuberger Berman Intermediate Municipal Closed-End Funds outperformed their benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index (the Index). The California Intermediate Municipal Fund, Intermediate Municipal Fund and New York Intermediate Municipal Fund posted -1.14%, -0.93% and -2.02% total returns, respectively, whereas the benchmark generated a -1.53% total return for the same period. (Fund performance on a market 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) detracted from performance given the negative price return for the municipal market during the reporting period.

While it produced a negative total return, the municipal bond market outperformed the taxable bond market on a relative basis during the reporting period. Municipal securities were supported by overall positive fundamentals, as well as by solid investor demand at times. However, this wasn’t enough to overcome the negative impact from rising Treasury yields. Short-term yields moved higher as the U.S. Federal Reserve (Fed) raised interest rates twice over the period and continued reducing its balance sheet. Meanwhile, longer-term Treasury yields moved higher given expectations of improving growth following the passage of the tax reform bill and, more recently, concerns that the Fed may take a more aggressive approach in terms of future rate hikes. All told, the Bloomberg Barclays Municipal Bond Index returned -0.97% for the six months ended April 30, 2018, whereas the overall taxable investment grade bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned -1.87%.

The Funds’ yield curve positioning contributed to performance as the curve flattened over the reporting period. The Funds maintained a lower quality relative to that of the benchmark as they sought to generate additional yield. This was positive for results given the relative 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 and security selection of tobacco securitization bonds contributed to performance. On the downside, several of the Funds’ holdings experienced idiosyncratic risks that caused them to generate weak results.

Looking ahead, we believe investors are rightly focused on the potential for rising rates—both inflation and interest—and the implications this may have for fixed income portfolios going forward. Specific to the municipal bond market, we believe that technicals continue to look promising for 2018. In our opinion, significantly-reduced new issue supply should help maintain demand for municipal products. At this time, we also believe that the modest reduction in top marginal tax brackets should have little impact on demand from most individual investors in the tax-exempt market. That said, we have seen a reduction in demand from U.S. banks, and property & casualty insurance companies, as some of these institutions process the impact of the cut in the corporate tax rate to 21%. Elsewhere, we continue to track the progress on the Trump administration’s infrastructure spending proposals. We believe that there are significant challenges for the current proposals and are skeptical that the proposals will lead to a meaningful increase in municipal supply this year. We continue to closely follow the primary and secondary markets in order to seek 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 89.9
Florida 0.4
Georgia 0.4
Guam 1.5
Illinois 1.3
Louisiana 0.4
Nevada 0.7
New Jersey 0.5
North Carolina 0.5
Ohio 0.7
Pennsylvania 1.6
Puerto Rico 0.7
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 3.7
Georgia 0.4
Guam 1.9
Illinois 0.9
Louisiana 0.5
Nevada 0.9
New York 86.8
Ohio 0.4
Pennsylvania 1.9
Puerto Rico 0.0
Texas 0.3
Virgin Islands 0.4
Other 1.5
Total 100.0 %

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

PERFORMANCE HIGHLIGHTS1
Six Months
Period Average Annual Total Return
Inception Ended Ended 04/30/2018
At NAV2    Date    04/30/2018 1 Year 5 Years 10 Years Life of Fund
California Intermediate             
Municipal Fund Inc. 09/24/2002 -1.14% 2.08% 3.70% 5.72% 5.55%
Intermediate Municipal
Fund Inc. 09/24/2002 -0.93% 2.49% 4.31% 6.21% 5.94%
New York Intermediate
Municipal Fund Inc. 09/24/2002 -2.02% 0.79% 2.92% 4.81% 4.97%
At Market Price3
California Intermediate
Municipal Fund Inc. 09/24/2002 -7.20%   -7.58% 0.46% 4.96% 4.21%
Intermediate Municipal
Fund Inc. 09/24/2002 -6.73% -4.64% 1.89% 6.12% 4.97%
New York Intermediate
Municipal Fund Inc. 09/24/2002 -4.72%   -4.21% -0.71% 4.29% 3.64%
Index
Bloomberg Barclays 10-Year
Municipal Bond Index4 -1.53% 1.11% 2.41% 4.57% 4.33%

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               0.6 %
Alaska 0.0 Nevada 1.3
American Samoa 0.4 New Hampshire 0.3
Arizona 2.9 New Jersey 3.0
California 21.0 New Mexico 0.3
Colorado 2.8 New York 7.8
Connecticut 0.2 North Carolina 2.2
District of Columbia 2.0 Ohio 2.4
Florida 4.2 Oklahoma 0.6
Georgia 0.6 Oregon 0.1
Guam 1.1 Pennsylvania 3.6
Hawaii 1.6 South Carolina 0.5
Illinois 14.4 Tennessee 1.2
Indiana 1.8 Texas 3.9
Iowa 1.6 Utah 1.9
Kentucky 0.6 Vermont 1.8
Louisiana 1.3 Virginia 0.2
Massachusetts 2.6 Washington 2.4
Michigan 1.2 West Virginia 0.2
Minnesota 0.5 Wisconsin 3.8
Mississippi 0.6 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.
(Unaudited) April 30, 2018

PRINCIPAL AMOUNT VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes 173.4%
 
American Samoa 0.7%
$ 600       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $ 577
 
California 155.9%
1,000 Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27 Pre-Refunded 4/1/23    1,136
1,500 Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21 1,633
California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands)
250        Ser. 2016-A, 5.00%, due 10/1/28 289
260        Ser. 2016-A, 3.00%, due 10/1/29 257
400        Ser. 2016-A, 3.00%, due 10/1/30 390
1,000 California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26 1,089
1,000 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. 1,057
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%, 1,017 (a)(b) 
due 7/1/44
500 California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014, 5.13%, 526 (b) 
due 7/1/29
255 California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A, 4.50%, 258
due 10/1/25
1,000 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, 1,042 (a) 
due 7/1/31
500 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30 539 (a) 
California Muni. Fin. Au. Rev. (Biola Univ.)
375        Ser. 2013, 4.00%, due 10/1/25 400
410        Ser. 2013, 4.00%, due 10/1/26 436
455        Ser. 2013, 4.00%, due 10/1/27 483
600 California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26 669
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group)
605        Ser. 2014-A, 4.00%, due 1/1/27 625
630        Ser. 2014-A, 4.00%, due 1/1/28 648
330        Ser. 2014-A, 4.00%, due 1/1/29 338
400 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, 446 (a) 
due 7/1/30
California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.)
400        Ser. 2017-A, 4.00%, due 7/1/23 421 (a) 
435        Ser. 2014-A, 4.13%, due 7/1/24 452
375        Ser. 2017-A, 5.00%, due 7/1/25 422 (a) 
130        Ser. 2017-A, 5.00%, due 7/1/27 149 (a) 
2,195 California St. Dept. of Veterans Affairs Home Purchase Ref. Rev., Ser. 2016-A, 3.00%, due 6/1/29 2,137
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 12/1/21 598
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 1,317
760        Ser. 2010-L, 5.00%, due 5/1/22 807
1,500 California St. G.O., Ser. 2012, 5.00%, due 2/1/27 1,649
965 California St. G.O. (Kindergarten Univ.), (LOC: State Street Bank & Trust Co.), Ser. 2004, 1.20%, 965 (c) 
due 5/1/34
1,000 California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. 969 (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 2,124
750 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC 715 (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 2,170 (a) 
1,095 California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, 1,098
due 6/1/20

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)
 
$ 415       California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016, $ 416 (a) 
4.50%, due 6/1/31
400 California St. Sch. Fin. Au. Charter Sch. Rev. (Rocketship Edu.), Ser. 2016-A, 5.00%, due 6/1/31 414 (a) 
595 California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A, 618
5.35%, due 8/1/24
1,000 California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21    1,064
720 California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 812
5.00%, due 10/1/26
700 California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28 792
550 California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, 570 (a) 
due 11/15/19
1,500 California Statewide CDA Rev. (St. Joseph Hlth. Sys.), Ser. 2000, (National Public Finance Guarantee 1,509
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 6/1/36 621 (a) 
1,500 California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29 1,639
1,500 California Statewide CDA Rev. Ref. (Redlands Comm. Hosp.), Ser. 2016, 4.00%, due 10/1/41 1,491
1,200 California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.), 1,320
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%, 2,338
due 5/15/32
500 California Statewide CDA Std. Hsg. Rev. Ref. (Baptist University), Ser. 2017-A, 5.00%, due 11/1/32 544 (a) 
2,000 Contra Costa Co. Redev. Agcy. Successor Agcy. Tax Allocation Ref., Ser. 2017-A, (BAM Insured), 2,350
5.00%, due 8/1/31
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev.
350        Ser. 2013-A, 5.00%, due 9/1/26 394
560        Ser. 2013-A, 5.00%, due 9/1/27 629
1,365 Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, 1,368
due 12/15/21
2,000 Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured), 4.00%, 2,180
due 8/1/24
5,000 Deutsche Bank Spears/Lifers Trust Rev. (Floaters) (Deutsche Bank AG), Ser. 2017-7007, 2.25%, 5,000 (a)(c) 
due 3/1/42
1,250 Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured), 5.00%, 1,444
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 3,521
3,000        Ser. 2007-A-1, 5.75%, due 6/1/47 3,045 (d) 
1,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 1,299
6.75%, due 8/1/40 Pre-Refunded 8/1/25
1,000 Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18 1,008
1,000 Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26 1,156
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2)
150        Ser. 2013, 4.00%, due 9/1/23 161
300        Ser. 2013, 4.00%, due 9/1/24 321
450        Ser. 2013, 4.00%, due 9/1/25 480
645        Ser. 2013, 3.50%, due 9/1/26 668
690        Ser. 2013, 3.63%, due 9/1/27 716
1,600 Irvine Unified Sch. Dist. Spec. Tax (Comm. Facs. Dist. # 09-1), (LOC: U.S. Bank), Ser. 2014, 1,600 (c) 
1.29%, due 9/1/54
680 Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24 781
La Verne Cert. of Participation (Brethren Hillcrest Homes)
315        Ser. 2014, 5.00%, due 5/15/26 338
500        Ser. 2014, 5.00%, due 5/15/29 533
1,105 Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26 1,228
2,000 Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27 2,207
500 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27 520
425 Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19 406
1,000 Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22 1,002
1,385 Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29 921
1,490 Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24 1,624

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)
 
$ 1,250       Palomar Hlth. Ref. Rev., Ser. 2016, 4.00%, due 11/1/39 $         1,228
1,500 Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25 Pre-Refunded 9/1/19 1,559
1,000 Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.), Ser. 2014, 1,145
(AGM Insured), 5.00%, due 9/1/27
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road)
355        Ser. 2013, 4.00%, due 9/1/21 365
600        Ser. 2013, 5.00%, due 9/1/25 655
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 1,269
Romoland Sch. Dist. Spec. Tax Ref. (Comm. Facs. Dist. Number 2006-1)
100        Ser. 2017, 4.00%, due 9/1/29 104
200        Ser. 2017, 4.00%, due 9/1/30 205
525        Ser. 2017, 3.25%, due 9/1/31 488
1,700 Sacramento Area Flood Ctrl. Agcy. Ref. (Consol Capital Assessment Dist. Number 2), Ser. 2016-A, 1,917
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 1,174
400        Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26 483
1,950 Sacramento Co. Arpt. Sys. Rev. Ref., Ser. 2018-C, 5.00%, due 7/1/33 2,247 (e) 
500 Sacramento Spec. Tax (Natomas Meadows Comm. Facs. Dist. Number 2007-01), Ser. 2017, 5.00%, 518 (a) 
due 9/1/47
1,350 San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, 1,365
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 5/1/21 772
1,000        Ser. 2009-C2, 5.00%, due 5/1/21 1,031
1,220 San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.), Ser. 2003-B, 1,223
(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 2,086
530 San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, 531
due 12/1/22
San Juan Unified Sch. Dist. G.O.
1,000        Ser. 2012-C, 4.00%, due 8/1/22 1,060
1,070        Ser. 2012-C, 4.00%, due 8/1/25 1,128
685 San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29 750
San Mateo Union High Sch. Dist. G.O. (Election 2010)
105        Ser. 2011-A, 0.00%, due 9/1/25 77
895        Ser. 2011-A, 0.00%, due 9/1/25 Pre-Refunded 9/1/21 657
1,000 San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B, (National Public 996
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 1,449
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 6/1/25 322
575        Ser. 2013, (BAM Insured), 3.50%, due 6/1/26 602
325        Ser. 2013, (BAM Insured), 3.50%, due 6/1/27 338
270        Ser. 2013, (BAM Insured), 3.50%, due 6/1/28 280
1,000 Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27 1,031
1,000 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 1,096
5.00%, due 8/1/26
290 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010, 327
(AGM Insured), 6.50%, due 12/1/37
1,145 Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded), 1,404
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 2,265

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)
 
      Vernon Elec. Sys. Rev.
$ 420        Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19 $ 434
975        Ser. 2009-A, 5.13%, due 8/1/21       1,006
3,000 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, 3,863 (f) 
due 8/1/37
1,500 Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21 1,646
3,500 William S. Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, 2,757
(AGM Insured), 0.00%, due 9/1/26
2,250 Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 1,947 (g) 
0.00%, due 8/1/36
127,298
 
Florida 0.7%
525 Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24 577
 
Georgia 0.7%
600 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 584 (a)(b) 
 
Guam 2.7%
1,110 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18 1,126
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, 1,067
due 7/1/25 Pre-Refunded 7/1/20
2,193
 
Illinois 2.3%
1,000 Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23 1,052
750 Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23 784
1,836
 
Louisiana 0.6%
500 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 528
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 1,061
 
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
 
North Carolina 0.8%
655 North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, Inc.), 679
Ser. 2012-A, 4.25%, due 3/1/24
 
Ohio 1.2%
1,000 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 994
 
Pennsylvania 2.7%
Pennsylvania St. Turnpike Commission Rev.
285        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 313
305        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 335
1,410        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 1,551
2,199

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)
 
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, 559
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, 232 (a)(b) 
7.75%, due 1/1/45
 
Virgin Islands 0.6%
Virgin Islands Pub. Fin. Au. Rev.
250        Ser. 2014-A, 5.00%, due 10/1/24 182
500        Ser. 2014-A, 5.00%, due 10/1/29 334
516
 
Total Investments 173.4% (Cost $134,811) 141,644
 
Liabilities Less Other Assets (1.2)% (998 )
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (58,966 )
(net of unamortized deferred offering costs of approximately $34,000) (72.2)%
 
Net Assets Applicable to Common Stockholders 100.0% $ 81,680

(a)      

Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $16,789,000, which represents 20.6% 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 rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at April 30, 2018.

 

(d)

All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $3,045,000.

 

(e)

When-issued security. Total value of all such securities at April 30, 2018, amounted to approximately $2,247,000, which represents 2.8% of net assets applicable to common stockholders of the Fund.

 

(f)

Currently a zero coupon security; will convert to 6.88% on August 1, 2019.

 

(g)

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, 2018:

Asset Valuation Inputs              
(000’s omitted) Level 1   Level 2 Level 3   Total
Investments:                                
Municipal Notes(a)  $—         $141,644 $—         $141,644
Total Investments $— $141,644 $— $141,644

(a) The Schedule of Investments provides a categorization by state/territory for the portfolio.
     
  As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) to another.

See Notes to Financial Statements 11



 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) April 30, 2018

PRINCIPAL AMOUNT   VALUE
 
(000’s omitted)       (000’s omitted)
     
Municipal Notes 162.9%        
 
Alabama 0.7%        
$1,900       Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35 $      2,044  
 
Alaska 0.1%        
200 Valdez Marine Term. Rev. Ref. (Exxon Pipeline Co. Proj.), Ser. 1993-A, 1.55%, due 12/1/33     200 (a) 
 
American Samoa 0.6%        
1,700 American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29     1,635  
 
Arizona 4.8%        
5,000 Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%,     5,055  
    due 9/1/21 Pre-Refunded 9/1/18        
500 Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.),     507 (b) 
    Ser. 2016, 5.00%, due 7/1/36        
1,500 Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016,     1,500 (b)(c) 
    5.00%, due 1/1/26        
2,250 Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25     2,386 (b) 
3,000 Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24     3,058  
400 Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living Proj.), Ser. 2016-A,     392  
    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     82 (c)(d) 
400 Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24     438  
          13,418  
 
California 34.2%        
2,250 California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%,     2,342  
    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,     1,089  
    5.00%, due 11/15/26        
1,725 California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.),     1,824  
    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     818 (b)(c) 
630 Ser. 2014, 5.13%, due 7/1/29     628 (b)(c) 
    California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)        
970 Ser. 2014, 5.00%, due 7/1/24     1,013 (c) 
430 Ser. 2014, 5.13%, due 7/1/29     452 (c) 
500 California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016,     521 (b) 
    5.00%, due 7/1/31        
570 California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30     615 (b) 
585 California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A,     606  
    4.00%, due 1/1/26        
1,300 California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A,     1,449 (b) 
    5.00%, due 7/1/30        
    California St. Dept. of Veterans Affairs Home Purchase Ref. Rev.        
2,155 Ser. 2016-A, 2.90%, due 6/1/28     2,094  
2,450 Ser. 2016-A, 2.95%, due 12/1/28     2,383  
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 &     484 (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. California LLC     477 (b)(c) 
    Proj.), Ser. 2016, 7.00%, due 12/1/27        

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)
 
$5,000       California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27 $      5,424 (b) 
4,000 California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25     4,138  
2,800 Deutsche Bank Spears/Lifers Trust Rev. (Floaters) (Deutsche Bank AG), Ser. 2017-7007,     2,800 (a)(b) 
    2.25%, due 3/1/42        
2,000 Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33 Pre-Refunded 8/1/21     2,285  
2,000 Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1,     2,030  
    5.75%, due 6/1/47        
2,000 Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A,     2,598  
    (AGM Insured), 6.75%, due 8/1/40 Pre-Refunded 8/1/25        
1,115 Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/18     1,124  
590 La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29     629  
2,250 Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27     2,342  
3,620 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),     3,082  
    0.00%, due 8/1/24        
5,750 Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E,     5,987 (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     6,408  
815 Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee     779  
    Corp. Insured), 0.00%, due 8/1/19        
4,000 Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),     4,825  
    5.25%, due 12/1/26        
2,000 San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%,     2,313 (f) 
    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     2,062  
6,000 San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%,     5,819 (g) 
    due 8/1/32        
1,540 Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013,     1,687  
    5.00%, due 8/1/26        
2,040 Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%,     2,310  
    due 9/1/25        
    Vernon Elec. Sys. Rev.        
635 Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19     656  
1,470 Ser. 2009-A, 5.13%, due 8/1/21     1,516  
9,070 Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,     11,679 (h) 
    0.00%, due 8/1/37        
5,095 Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009,     3,993  
    (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),     2,596 (i) 
    0.00%, due 8/1/36        
          95,927  
 
Colorado 4.5%        
    Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)        
500 Ser. 2015, 4.50%, due 4/1/25     505 (b) 
1,000 Ser. 2015, 5.13%, due 4/1/35     1,010 (b) 
    Colorado Ed. & Cultural Facs. Au. Rev. Ref.        
305 Ser. 2014, 4.00%, due 11/1/24     308 (c) 
750 Ser. 2014, 4.50%, due 11/1/29     761 (c) 
5,000 Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24     5,420  
2,550 Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23     2,614 (b) 
8,000 Villages at Castle Rock Co. Metro. Dist. #6 (Cabs - Cobblestone Ranch Proj.), Ser. 2007-2,     2,033  
    0.00%, due 12/1/37        
          12,651  

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)
   
Connecticut 0.3%        
$ 750       Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25 $ 760  
   
District of Columbia 3.3%        
1,615 Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured),     1,690  
      4.10%, due 12/1/26        
3,035 Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22     3,072 (j) 
520 Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23     554  
650 Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%,     643  
      due 10/1/45        
      Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev.        
1,000 Ser. 2008-A, 5.50%, due 10/1/18     1,014  
2,000 Ser. 2011-C, 5.00%, due 10/1/26     2,157  
            9,130  
   
Florida 6.9%        
1,600 Cap. Trust Agcy. Rev. (Tuscan Gardens Palm Coast Proj.), Ser. 2017-A, 7.00%, due 10/1/49     1,551 (b)(c) 
1,000 Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26     1,123  
1,075 Florida Dev. Fin. Corp. Ed. Facs. Rev. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36     1,005  
      Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)        
975 Ser. 2012-A, 5.50%, due 6/15/22     990 (b) 
3,120 Ser. 2013-A, 6.75%, due 12/15/27     3,289  
1,750 Ser. 2014-A, 5.75%, due 6/15/29     1,820  
1,200 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.38%,     1,180 (b) 
      due 6/1/46        
1,075 Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Obligated Group), Ser. 2015-A, 7.00%,     858 (b) 
      due 6/1/45        
100 Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013,     103  
      5.00%, due 11/15/36        
1,000 Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%,     1,087  
      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     1,242  
2,000 Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25     2,191  
2,000 Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25     2,022 (b) 
955 Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29     954  
            19,415  
   
Georgia 1.0%        
1,750 Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%,     1,608 (b)(c) 
      due 7/1/36        
1,100 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25     1,070 (b)(c) 
            2,678  
   
Guam 1.7%        
      Guam Gov’t Hotel Occupancy Tax Rev.        
1,220 Ser. 2011-A, 5.75%, due 11/1/20     1,309  
650 Ser. 2011-A, 5.75%, due 11/1/21     705  
2,630 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%,     2,808  
      due 7/1/25 Pre-Refunded 7/1/20        
            4,822  

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)
 
Hawaii 2.7%        
$5,200       Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24 $      5,450  
2,000 Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009,     2,079  
    6.50%, due 7/1/39        
          7,529  
 
Illinois 23.4%        
5,705 Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27     5,985  
    Chicago G.O.        
250 Ser. 2002-2002B, 5.13%, due 1/1/27     262  
2,000 Ser. 2002-B, 5.00%, due 1/1/25     2,101  
2,000 Ser. 2009-C, 5.00%, due 1/1/27     2,012  
    Chicago Ref. G.O.        
1,000 Ser. 2005-D, 5.50%, due 1/1/40     1,048  
2,500 Ser. 2012-C, 5.00%, due 1/1/24     2,594  
700 Ser. 2014-A, 5.00%, due 1/1/27     724  
3,000 Ser. 2017-A, 6.00%, due 1/1/38     3,334  
    Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)        
1,350 Ser. 2013-C, 5.45%, due 12/1/30     1,472  
1,960 Ser. 2013-C, 5.50%, due 12/1/31     2,139  
1,970 Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008,     1,975  
    5.00%, due 12/1/25        
1,560 Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C,     1,748  
    5.00%, due 2/15/31        
4,000 Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24     4,192  
3,340 Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20     3,612  
2,000 Illinois Fin. Au. Rev. Ref. (Northwestern Mem. Hlth. Care Obligated Group), Ser. 2017-A,     2,023  
    4.00%, due 7/15/47        
1,905 Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured),     1,335  
    0.00%, due 6/15/26        
    Illinois St. G.O.        
2,900 Ser. 2009-A, 5.00%, due 9/1/29     2,907  
3,900 Ser. 2012, 4.00%, due 8/1/25     3,815  
1,000 Ser. 2013, 5.00%, due 7/1/23     1,046  
2,200 Ser. 2017-D, 5.00%, due 11/1/28     2,271  
4,250 Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/24     4,419  
1,600 Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%,     1,824  
    due 6/1/26 Pre-Refunded 6/1/21        
    So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)        
945 Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27     1,007  
1,375 Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28     1,460  
715 Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29     756  
    Univ. of Illinois (Hlth. Svc. Facs. Sys.)        
2,725 Ser. 2013, 5.00%, due 10/1/27     2,946  
2,875 Ser. 2013, 5.75%, due 10/1/28     3,224  
1,500 Upper Illinois River Valley Dev. Au. Rev. Ref. (Cambridge Lakes Learning Ctr.), Ser. 2017-A,     1,507 (b) 
    5.25%, due 12/1/47        
1,850 Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31     2,033  
          65,771  
 
Indiana 3.0%        
4,000 Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%,     4,107  
    due 8/1/29 Pre-Refunded 2/1/19        
3,055 Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp.     3,438  
    Insured), 5.75%, due 12/1/21        
795 Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24     867  
          8,412  

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)
 
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 $ 5,156  
    Iowa Std. Loan Liquidity Corp. Rev.        
1,540 Ser. 2011-A-1, 5.00%, due 12/1/21     1,622  
440 Ser. 2011-A-1, 5.30%, due 12/1/23     465  
          7,243  
 
Kentucky 1.0%        
2,585 Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A,     2,533  
    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     151  
          2,684  
 
Louisiana 2.1%        
1,500 Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%,     1,648  
    due 11/1/35        
1,715 Louisiana Local Govt. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.),     1,679 (b) 
    Ser. 2017-A, 5.75%, due 2/1/32        
775 Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.),     818  
    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%,     1,722  
    due 12/1/40 Putable 6/1/22        
          5,867  
 
Massachusetts 4.2%        
    Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)        
200 Ser. 2014-F, 5.00%, due 7/15/24     216  
415 Ser. 2014-F, 5.00%, due 7/15/25     446  
200 Ser. 2014-F, 5.00%, due 7/15/26     214  
190 Ser. 2014-F, 5.00%, due 7/15/27     202  
150 Ser. 2014-F, 5.00%, due 7/15/28     159  
    Massachusetts St. Ed. Fin. Au. Rev.        
1,640 Ser. 2011-J, 5.00%, due 7/1/23     1,742  
2,305 Ser. 2012-J, 4.70%, due 7/1/26     2,405  
3,410 Ser. 2013-K, 4.50%, due 7/1/24     3,594  
1,995 Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25     2,070  
795 Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19     797  
          11,845  
 
Michigan 1.9%        
    Jackson College Dormitories Hsg. Rev.        
1,000 Ser. 2015, 6.50%, due 5/1/35     1,038  
500 Ser. 2015, 6.75%, due 5/1/46     521  
    Michigan St. Hsg. Dev. Au. Rev.        
1,935 Ser. 2016-C, 2.05%, due 12/1/22     1,879  
1,835 Ser. 2016-C, 2.15%, due 6/1/23     1,779  
100 Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35     100  
          5,317  

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)
  
Minnesota 0.8%      
$ 2,250       Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), $ 2,346
Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/24
  
Mississippi 0.9%
2,585 Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24 2,652
  
Missouri 1.0%
400 Missouri St. Hlth. & Ed. Fac. Au. Rev. (St. Louis Univ.), Ser. 2008-B-1, (LOC: Barclays Bank PLC), 400 (a) 
1.48%, due 10/1/35
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 1,947
390        Ser. 2009, 5.13%, due 5/15/24 402
2,749
  
Nevada 2.1%
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
1,650        Ser. 2015-A, 4.00%, due 12/15/25 1,636 (b) 
500        Ser. 2015-A, 5.13%, due 12/15/45 506 (b) 
3,545 Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 3,763
Pre-Refunded 6/15/19
5,905
   
New Hampshire 0.5%
1,500 New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 1,496 (b) 
4.00%, due 4/1/29 Putable 10/1/19
               
New Jersey 5.0%
2,500 New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23 2,698
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
500        Ser. 2013, 5.25%, due 1/1/25 560
500        Ser. 2013, 5.50%, due 1/1/26 565
New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
1,420        Ser. 2013, 3.50%, due 7/1/24 1,429
1,470        Ser. 2013, 3.63%, due 7/1/25 1,482
1,520        Ser. 2013, 3.75%, due 7/1/26 1,535
765        Ser. 2013, 4.00%, due 7/1/27 779
180 New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 192
5.25%, due 12/15/20
3,535 New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26 3,698
1,000 New Jersey Trans. Trust Fund Au. (Federal Hwy. Reimbursement Notes), Ser. 2016-A-2, 5.00%, 1,004
due 6/15/21
13,942
  
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 5/1/25 492 (b)(c) 
1,000        Ser. 2015, 5.75%, due 5/1/30 1,009 (b)(c) 
1,501

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)
  
New York 12.7%
$ 225       Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), $ 238
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 11/15/29 673
Build NYC Res. Corp. Rev.
1,100        Ser. 2014, 5.00%, due 11/1/24 1,142
835        Ser. 2014, 5.25%, due 11/1/29 869
250 Build NYC Res. Corp. Rev. (Met Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/47 258 (b) 
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts)
500        Ser. 2013-A, 3.88%, due 4/15/23 501
1,450        Ser. 2013-A, 5.00%, due 4/15/43 1,469
1,000 Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, 1,077 (b) 
due 1/1/25
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
700        Ser. 2014, 5.00%, due 7/1/23 773
735        Ser. 2014, 5.00%, due 7/1/24 821
1,400 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24 1,274 (b) 
1,000 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 1,033
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, 540 (b) 
due 11/15/40
4,000 New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 4,156
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%, 3,576
due 7/1/28
2,000 New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41 2,014
2,000 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 2,009
2,000 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D 2,225 (k) 
Redev.), Ser. 2018, 5.00%, due 1/1/33
2,000 New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20 2,045
710 Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20 746
Newburgh G.O. (Deficit Liquidation)
495        Ser. 2012-B, 5.00%, due 6/15/20 520
520        Ser. 2012-B, 5.00%, due 6/15/21 556
550        Ser. 2012-B, 5.00%, due 6/15/22 597
1,435 Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23 1,566
1,000 Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), Ser. 2012-B, 1,000 (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 1,216
2,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 2,271
600 Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, 595 (b) 
due 6/1/30
35,760
               
North Carolina 3.6%
1,605 North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), 1,663
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 2,118
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 3,818
1,510        Ser. 2009-A, 5.00%, due 1/1/26 1,538
1,000 Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24 1,040
Pre-Refunded 6/1/19
  10,177

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)
  
Ohio 3.9%      
$ 8,875       Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, $ 8,819
due 6/1/47
2,060 Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27 2,210
11,029
 
Oklahoma 1.0%
2,000 Oklahoma St. Dev. Fin. Au. Hlth. Sys. Rev. (OU Medicine Proj.), Ser. 2018-B, 5.00%, due 8/15/33 2,206
Tulsa Arpt. Imp. Trust Ref. Rev.
250        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24 277
400        Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25 442
2,925
  
Oregon 0.1%
240 Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 241
3.50%, due 7/1/27
  
Pennsylvania 5.9%
Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
500        Ser. 2012, 3.50%, due 5/1/25 514
350        Ser. 2012, 3.60%, due 5/1/26 360
2,830 Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), 2,934
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 1,369
3,430 Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 3,580
4.50%, due 4/1/27
2,625 Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 2,858
5.00%, due 11/1/24
1,600 Pennsylvania Econ. Dev. Fin. Au. Rev. Ref. (Tapestry Moon Sr. Hsg. Proj.), Ser. 2018-A, 1,607 (b) 
6.75%, due 12/1/53
Pennsylvania St. Turnpike Commission Rev.
150        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 165
705        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 775
145        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 160
2,000 Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27 2,151
16,473
 
South Carolina 0.8%
1,500 South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (River Park Sr. Living Proj.), Ser. 2017-A, 1,481
7.75%, due 10/1/57
750 South Carolina Jobs Econ. Dev. Au. Solid Waste Disp. Rev. (Repower South Berkeley LLC Proj.), 769 (b) 
Ser. 2017, 6.25%, due 2/1/45
2,250
 
Tennessee 2.0%
535 Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22 424 (b) 
2,705 Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19 2,813
2,000 Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 2,236
5.25%, due 9/1/23
5,473

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)
      
Texas 6.3%      
$ 250       Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45 $ 259
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
500        Ser. 2014-A, 5.88%, due 3/1/24 499
1,000        Ser. 2014-A, 6.63%, due 3/1/29 1,005
770 Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22 776
250 Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28 262 (b) 
2,000 Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42 2,029
500 Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25 512
1,000 Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 1,099
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 2,926
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
320        Ser. 2012-A, 4.00%, due 2/15/22 327
1,000        Ser. 2012-A, 5.00%, due 2/15/32 1,058
500 New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.), 511
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 528
Carriage), Ser. 2016-C, 5.75%, due 7/1/51
North Texas Tollway Au. Dallas North Tollway Sys. Rev.
2,435        Ser. 2005-C, 6.00%, due 1/1/23 Pre-Refunded 1/1/19 2,501
565        Ser. 2005-C, 6.00%, due 1/1/23 580
1,500 Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21 1,638
1,175 West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35 1,220
17,730
    
Utah 3.1%
Salt Lake City Arpt. Rev.
1,000        Ser. 2017-A, 5.00%, due 7/1/42 1,115
2,000        Ser. 2017-A, 5.00%, due 7/1/47 2,214
3,000 Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28 3,394
1,200 Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 Pre-Refunded 6/1/18 1,203
500 Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45 518 (b) 
Utah Hsg. Corp. Single Family Mtge. Rev.
100        Ser. 2011-A2, Class I, 5.00%, due 7/1/20 103
95        Ser. 2011-A2, Class I, 5.25%, due 7/1/21 99
125        Ser. 2011-A2, Class I, 5.45%, due 7/1/22 129
8,775
  
Vermont 3.0%
Vermont Std. Assist. Corp. Ed. Loan Rev.
1,600        Ser. 2012-A, 5.00%, due 6/15/21 1,711
395        Ser. 2013-A, 4.25%, due 6/15/24 411
940        Ser. 2013-A, 4.35%, due 6/15/25 979
1,400        Ser. 2013-A, 4.45%, due 6/15/26 1,457
455        Ser. 2013-A, 4.55%, due 6/15/27 474
1,800        Ser. 2014-A, 5.00%, due 6/15/24 1,981
1,390        Ser. 2015-A, 4.13%, due 6/15/27 1,387
8,400
  
Virginia 0.3%
850 Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 867
4.00%, due 12/1/22

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)
  
Washington 3.9%      
$ 6,700       Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28 $ 6,834
1,250 Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Columbia Pulp I LLC Proj.), Ser. 2017-A, 1,461 (b) 
7.50%, due 1/1/32
2,525 Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, 2,646
due 10/1/29 Pre-Refunded 10/1/19
10,941
  
West Virginia 0.4%
1,000 West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19 1,005
Pre-Refunded 7/1/18
   
Wisconsin 6.1%
870 Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30 906 (b) 
200 Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35 198 (b) 
3,000 Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 2,728
4.25%, due 12/1/51
500 Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36 456
250 Pub. Fin. Au. Multi-Family Hsg. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), 243
Ser. 2016-A, 4.00%, due 12/1/36
1,790 Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25 1,882
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 1,193
1,225        Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20 1,328
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 1,406
3,660        Ser. 2008-B3, 5.00%, due 10/1/30 3,803
3,000 Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29 3,066
Pre-Refunded 12/1/18
17,209
  
Total Investments 162.9% (Cost $428,612) 457,194
   
Other Assets Less Liabilities 1.0% 2,763
    
Liquidation Value of Variable Rate Municipal Term Preferred Shares (179,334 )
(net of unamortized deferred offering costs of approximately $66,000) (63.9)%
    
Net Assets Applicable to Common Stockholders 100.0% $ 280,623

(a)       

Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at April 30, 2018.

  

(b)

Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $50,231,000, which represents 17.9% 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.


See Notes to Financial Statements

21




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

(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.

  

(j)

All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $3,072,000.

  

(k)

When-issued security. Total value of all such securities at April 30, 2018 amounted to approximately $2,225,000, 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 April 30, 2018:


Asset Valuation Inputs
(000’s omitted)       Level 1       Level 2       Level 3       Total
Investments:
Municipal Notes(a) $— $ 457,194 $— $ 457,194
Total Investments $— $ 457,194 $— $ 457,194

(a)        

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

As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) to another.


See Notes to Financial Statements

22




 
Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited) April 30, 2018

 
PRINCIPAL AMOUNT       VALUE
 
(000’s omitted) (000’s omitted)
 
Municipal Notes 169.0%
 
American Samoa 0.7%
$ 500       American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29 $         481
California 6.4%
250 California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC Proj.), 238 (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), 2,640
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 1,528
4,406
 
Georgia 0.7%
500 Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25 486 (a)(b) 
 
Guam 3.3%
1,135 Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19 1,184
1,000 Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25 1,068
Pre-Refunded 7/1/20
2,252
 
Illinois 1.5%
1,000 Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/23 1,052
 
Louisiana 0.8%
500 Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 528
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 1,061
 
New York 148.9%
Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences)
380        Ser. 2014-A, 5.00%, due 12/1/27 425
375        Ser. 2014-A, 5.00%, due 12/1/28 418
270        Ser. 2014-A, 5.00%, due 12/1/29 301
500 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. (Tapestry Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 8/1/47 519
1,325 Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Charter Sch. for Applied Technologies Proj.), Ser. 2017-A, 1,402
5.00%, due 6/1/35
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park)
500        Ser. 2015, 5.00%, due 11/15/27 542
500        Ser. 2015, 5.00%, due 11/15/28 541
Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College)
270        Ser. 2014-A, 5.00%, due 6/1/26 309
225        Ser. 2014-A, 5.00%, due 6/1/29 256
Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.)
250        Ser. 2014, 5.00%, due 7/1/22 275
500        Ser. 2014, 5.00%, due 7/1/29 558
250 Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/45 236

See Notes to Financial Statements 23



 
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. Ref. Rev. (Packer Collegiate Institute Proj.)      
$ 155        Ser. 2015, 5.00%, due 6/1/26 $            176
125        Ser. 2015, 5.00%, due 6/1/27 141
195        Ser. 2015, 5.00%, due 6/1/28 220
220        Ser. 2015, 5.00%, due 6/1/29 248
325        Ser. 2015, 5.00%, due 6/1/30 365
565 Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24 587
750 Build NYC Res. Corp. Rev. (Met Lighthouse Charter Sch. Proj.), Ser. 2017-A, 5.00%, due 6/1/47 774 (a) 
500 Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int’l Cultures), Ser. 2013-A, 3.88%, due 4/15/23 501
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.)
105        Ser. 2014, 3.75%, due 1/1/20 107 (a) 
200        Ser. 2014, 4.50%, due 1/1/25 215 (a) 
Dutchess Co. Local Dev. Corp. Rev. (Culinary Institute of America Proj.)
200        Ser. 2016-A-1, 5.00%, due 7/1/41 218
275        Ser. 2016-A-1, 5.00%, due 7/1/46 297
1,000 Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21 1,089
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 1,085
1,270 Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21 1,387
1,500 Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23 1,567
Pre-Refunded 7/1/19
580 Islip, G.O., Ser. 2012, 3.00%, due 8/1/25 594
1,500 Jefferson Co. Civic Fac. Dev. Corp. Rev. Ref. (Samaritan Med. Ctr. Obligated Group Proj.), 1,418
Ser. 2017-A, 4.00%, due 11/1/47
460 Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 4.75%, due 1/1/20 451 (a) 
300 Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due 1/15/29 333
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.)
500        Ser. 2013-A, 5.00%, due 10/1/24 548
500        Ser. 2013-A, 5.00%, due 10/1/25 546
250        Ser. 2013-A, 4.00%, due 10/1/26 259
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College)
1,120        Ser. 2012-A, 5.00%, due 6/1/23 1,233
210        Ser. 2012-A, 5.00%, due 6/1/25 231
1,265 Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured), 5.00%, 1,453
due 9/1/27
500 MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46 517
2,000 Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28 Pre-Refunded 4/1/23 2,262
1,770 Nassau Co. IDA Rev. Ref. & Impt. (Cold Spring Harbor Laboratory), Ser. 1999, (LOC: TD Bank N.A.), 1,770 (c) 
1.36%, due 1/1/34
Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.)
500        Ser. 2014, 5.00%, due 7/1/23 554
1,000        Ser. 2014, 5.00%, due 7/1/27 1,107
4,175 Nassau Co. Tobacco Settlement Corp. Asset Backed, Ser. 2006-A-3, 5.13%, due 6/1/46 4,046
New York City G.O.
950        Ser. 2009-B, 5.00%, due 8/1/22 986
1,000        Ser. 2009-E, 5.00%, due 8/1/21 1,038
650 New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Gen. Fiscal 2008), Ser. 2007-BB-1, 650 (c) 
(LOC: Bank of Tokyo), 1.68%, due 6/15/36
400 New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev. (Second Generation Rev. Bonds), (LOC: JP 400 (c) 
Morgan Chase), Ser. 2010-DD-2, 1.55%, due 6/15/43
500 New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40 540 (a) 
2,000 New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35 2,438 (d) 
1,815 New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A, 3.00%, due 7/1/27 1,836
780 New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), 846
Ser. 2013, 4.63%, due 7/1/25
500 New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), 514
Ser. 2009, 5.00%, due 7/1/24
900 New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 902
5.00%, due 8/1/21

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)
 
$ 1,595       New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, $         1,657
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), 2,137
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, 1,449
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 2,076
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
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group)
460        Ser. 2014-A, 4.00%, due 1/1/26 480
470        Ser. 2014-A, 4.00%, due 1/1/27 489
200        Ser. 2014-A, 4.00%, due 1/1/28 207
275        Ser. 2014-A, 4.13%, due 1/1/29 286
1,350 New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28 1,509
750 New York St. Dorm. Au. Rev. Non St. Supported Debt (Vaughn College of Aeronautics & Technology), 774 (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 12/1/35 434 (a) 
200        Ser. 2017, 5.00%, due 12/1/36 216 (a) 
400        Ser. 2017, 5.00%, due 12/1/37 432 (a) 
2,000 New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26 2,227
2,000 New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26 2,133
New York St. HFA Rev. (Affordable Hsg.)
1,615        Ser. 2009-B, 4.50%, due 11/1/29 1,639
960        Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27 962
400 New York St. Hsg. Fin. Agy. Rev. (625 W 57th Street), Ser. 2014-A, (LOC: Bank of New York), 1.75%, 400 (c) 
due 5/1/49
1,045 New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27 1,050
New York St. Muni. Bond Bank Agcy.
1,230        Subser. 2009-B1, 5.00%, due 12/15/23 1,289
1,295        Subser. 2009-B1, 5.00%, due 12/15/24 1,356
1,090 New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 5.00%, due 4/1/19 1,122
1,500 New York St. Trans. Dev. Corp. Spec. Fac. Ref. Rev. (American Airlines, Inc.-John F Kennedy Int’l Arpt. 1,569
Proj.), Ser. 2016, 5.00%, due 8/1/31
2,000 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (Delta Airlines, Inc.-LaGuardia Arpt. Term. C&D Redev.), 2,225 (e) 
Ser. 2018, 5.00%, due 1/1/33
1,545 New York St. Trans. Dev. Corp. Spec. Fac. Rev. (LaGuardia Arpt. Term B Redev. Proj.), 1,519
Ser. 2016-A, 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 1,278
785 Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22 852
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 5/1/25 696
300        Ser. 2012-A, 5.00%, due 5/1/26 326
1,100 Niagara Falls City Sch. Dist. Ref. Cert. Participation (High Sch. Fac.), 1,167
Ser. 2015, (AGM Insured), 4.00%, due 6/15/26
1,010 Onondaga Civic Dev. Corp. Ref. Rev., Ser. 2015, 5.00%, due 10/1/29 1,118
500 Onondaga Civic Dev. Corp. Rev. (St. Josephs Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25 518
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 1,049
1,500 Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21 1,530
500 Port Au. New York & New Jersey Cons. Bonds Rev. Ref. (Two Hundred -Third), Ser. 2017, 5.00%, due 548
4/15/57
1,410 St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28 1,556
1,980 Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25 2,168
1,000 Syracuse IDA (Carousel Ctr. Proj.), Ser. 2016-A, 5.00%, due 1/1/31 1,084
190 Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 190
4.75%, due 1/1/24

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)
 
      Triborough Bridge & Tunnel Au. Rev.
$ 1,000        Subser. 2008-D, 5.00%, due 11/15/23 Pre-Refunded 11/15/18 $ 1,017
765        Subser. 2008-D, 5.00%, due 11/15/23 778
TSASC Inc. Rev. Ref.
580        Ser. 2017-A, 5.00%, due 6/1/28 661
3,000        Ser. 2017-A, 5.00%, due 6/1/41 3,230
1,405 United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22 1,458
3,000 Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28 3,406
1,000 Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30 992 (a) 
Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.)
825        Ser. 2016, 5.00%, due 11/1/30 904
1,000        Ser. 2016, 3.75%, due 11/1/37 935
1,350 Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28 1,444
102,274
 
Ohio 0.7%
500 Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47 497
 
Pennsylvania 3.2%
Pennsylvania St. Turnpike Commission Rev.
285        Ser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 313
305        Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20 335
1,410        Subser. 2010-B2, 6.00%, due 12/1/34 1,551
2,199
 
Texas 0.5%
400 Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%, 309 (a)(b) 
due 1/1/45
 
Virgin Islands 0.8%
Virgin Islands Pub. Fin. Au. Rev.
250        Ser. 2014-A, 5.00%, due 10/1/24 183
500        Ser. 2014-A, 5.00%, due 10/1/29 334
517
Total Municipal Notes (Cost $113,628) 116,062
 
UNITS
 
Liquidating Trust - Real Estate 2.5%
600 CMS Liquidating Trust (Cost $3,106) 1,740 *(f)(g) 
               
Total Investments 171.5% (Cost $116,734) 117,802
               
Liabilities Less Other Assets (1.2)% (863 )
               
Liquidation Value of Variable Rate Municipal Term Preferred Shares (48,268 )
(net of unamortized deferred offering costs of approximately $32,000) (70.3)%
               
Net Assets Applicable to Common Stockholders 100.0% $ 68,671

See Notes to Financial Statements 26



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

*       Non-income producing security.
     
(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2018, these securities amounted to approximately $6,868,000, which represents 10.0% 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.
 
(c) Variable rate demand obligation where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate generally resets daily or weekly and is determined by the remarketing agent. The rate shown represents the rate in effect at April 30, 2018.
 
(d) All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $2,438,000.
 
(e) When-issued security. Total value of all such securities at April 30, 2018 amounted to approximately $2,225,000, which represents 3.2% of net assets applicable to common stockholders of the Fund.
 
(f) Value determined using significant unobservable inputs.
 
(g) This security has been deemed by the investment manager to be illiquid, and is subject to restrictions on resale.
     
    At April 30, 2018, this security amounted to approximately $1,740,000 which represents 2.5% of net assets applicable to common stockholders of the Fund.

Acquisition
Cost
Percentage Fair Value
of Net Assets Percentage
Applicable of Net Assets
to Common Applicable
Stockholders to Common
as of Stockholders
(000’s omitted) Acquisition Acquisition Acquisition Value as of as of
Restricted Security       Date       Cost       Date       4/30/2018       4/30/2018
CMS Liquidating Trust 11/21/2012         $ 3,105 4.0%         $ 1,740               2.5 %

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, 2018:

Asset Valuation Inputs
(000’s omitted)       Level 1       Level 2       Level 3(b)       Total
Investments:
Municipal Notes(a)         $ $ 116,062       $ $ 116,062
Liquidating Trust - Real Estate 1,740 1,740
Total Investments $ $ 116,062 $ 1,740 $ 117,802

(a)         The Schedule of Investments provides a categorization by state/territory or industry for the portfolio.

See Notes to Financial Statements 27



 
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
   11/1/2017    (premiums)    gain/(loss)    (depreciation)    Purchases    Sales    Level 3    Level 3    4/30/2018    4/30/2018
(000’s omitted)    
Investments in    
Securities:
Units
       Liquidating
       Trust—
       Real Estate $ 1,710              $             $                  $ 30              $      $ $ — $ —      $ 1,740                  $ 30
Total $ 1,710 $ $ $ 30 $ $ $ — $ — $ 1,740 $ 30

As of the six months ended April 30, 2018, no securities were transferred from one level (as of October 31, 2017) 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, 2018.

Impact to
valuation
from
Asset Fair value Valuation Unobservable Range Input value decrease
class       at 4/30/2018       approach       input       per unit       per unit       in input
Units $1,740,000 Income Approach Appraised value $2,592 - $2,903 $2,903 Decrease

See Notes to Financial Statements 28



 
Statements of Assets and Liabilities (Unaudited)

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

CALIFORNIA NEW YORK
INTERMEDIATE INTERMEDIATE INTERMEDIATE
MUNICIPAL MUNICIPAL MUNICIPAL
FUND INC. FUND INC. FUND INC.
      April 30, 2018       April 30, 2018       April 30, 2018
Assets
Investments in securities, at value* (Note A)—
see Schedule of Investments:
Unaffiliated issuers(a)          $141,644           $457,194           $117,802
Cash 56 90 1,841
Interest receivable 1,679 6,401 1,717
Receivable for securities sold 35 385
Total Assets 143,414 464,070 121,360
Liabilities
Variable Rate Municipal Term Preferred Shares, Series A ($100,000
liquidation value per share; 590, 1,794 and 483 shares outstanding for
California, Intermediate and New York, respectively) † (Note A)
58,966 179,334 48,268
Distributions payable—preferred shares 138 421 113
Distributions payable—common stock 249 1,174 200
Payable to investment manager (Note B) 29 95 24
Payable for securities purchased 2,256 2,223 3,995
Payable to administrator (Note B) 35 114 29
Payable to directors 3 3 3
Accrued expenses and other payables 58 83 57
Total Liabilities 61,734 183,447 52,689
Net Assets applicable to Common Stockholders $81,680 $280,623 $68,671
Net Assets applicable to Common Stockholders consist of:
Paid-in capital—common stock $78,453 $258,325 $70,706
Undistributed net investment income/(loss) 4,701 28
Distributions in excess of net investment income (473 )
Accumulated net realized gains/(losses) on investments (3,133 ) (10,985 ) (3,131 )
Net unrealized appreciation/(depreciation) in value of investments 6,833 28,582 1,068
Net Assets applicable to Common Stockholders $81,680 $280,623 $68,671
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 18,804 5,077
Net Asset Value Per Share of Common Stock Outstanding $14.71 $14.92 $13.52
 
* Cost of Investments
(a) Unaffiliated Issuers $134,811 $428,612 $116,734
† Net of unamortized deferred offering costs of approximately: $34 $66 $32

See Notes to Financial Statements 29



 
Statements of Operations (Unaudited)

Neuberger Berman
(000’s omitted)

CALIFORNIA NEW YORK
INTERMEDIATE INTERMEDIATE INTERMEDIATE
MUNICIPAL MUNICIPAL MUNICIPAL
      FUND INC.       FUND INC.       FUND INC.
For the Six For the Six For the Six
Months Ended Months Ended Months Ended
April 30, 2018 April 30, 2018 April 30, 2018
Investment Income:
Income (Note A):
Interest income-unaffiliated issuers                  2,742                10,324                  2,357
Expenses:
Investment management fees (Note B) 176 578 147
Administration fees (Note B) 211 694 176
Audit fees 29 29 29
Basic maintenance expense (Note A) 20 20 20
Custodian and accounting fees 37 48 35
Insurance expense 2 8 2
Legal fees 11 37 12
Stockholder reports 2 5 2
Stock exchange listing fees 2 5 1
Stock transfer agent fees 14 14 14
Distributions to variable rate municipal term preferred shareholders
and amortization of offering costs (Note A) 745 2,249 612
Directors’ fees and expenses 22 22 22
Miscellaneous 12 20 9
Total expenses 1,283 3,729 1,081
Total net expenses 1,283 3,729 1,081
Net investment income/(loss) $1,459 $6,595 $1,276
 
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers 48 19 (181 )
Change in net unrealized appreciation/(depreciation)
in value of:
Investment securities of unaffiliated issuers (2,638 ) (9,766 ) (2,724 )
Net gain/(loss) on investments (2,590 ) (9,747 ) (2,905 )
Net increase/(decrease) in net assets applicable to Common
Stockholders resulting from operations $(1,131 ) $(3,152 ) $(1,629 )

See Notes to Financial Statements 30



 
Statements of Changes in Net Assets

Neuberger Berman
(000’s omitted)

CALIFORNIA INTERMEDIATE INTERMEDIATE
MUNICIPAL FUND INC. MUNICIPAL FUND INC.
Six Months Six Months
      Ended             Ended      
April 30, 2018 Year Ended April 30, 2018 Year Ended
      (Unaudited)       October 31, 2017       (Unaudited)       October 31, 2017
Increase/(Decrease) in Net Assets Applicable
to Common Stockholders:
From Operations (Note A):
Net investment income/(loss)              $1,459                   $3,391               $6,595                $13,880
Net realized gain/(loss) on investments 48 3 19 (1,300 )
Change in net unrealized appreciation/
(depreciation) of investments (2,638 ) (2,332 ) (9,766 ) (7,703 )
Net increase/(decrease) in net assets applicable to
Common Stockholders resulting from operations (1,131 ) 1,062 (3,152 ) 4,877
Distributions to Common Stockholders
From (Note A):
Net investment income (1,670 ) (3,590 ) (7,520 ) (15,650 )
From Capital Share Transactions (Note D):
Proceeds from reinvestment of dividends
and distributions 12 222
Net Increase/(Decrease) in Net Assets
Applicable to Common Stockholders (2,801 ) (2,516 ) (10,672 ) (10,551 )
Net Assets Applicable to
Common Stockholders:
Beginning of period 84,481 86,997 291,295 301,846
End of period $81,680 $84,481 $280,623 $291,295
Undistributed net investment income/(loss)
at end of period $— $— $4,701 $5,626
Distributions in excess of net investment income
at end of period $(473 ) $(262 ) $— $

See Notes to Financial Statements 31



 
 


 

NEW YORK INTERMEDIATE
MUNICIPAL FUND INC.
Six Months      
Ended
April 30, 2018 Year Ended
(Unaudited) October 31, 2017
 
 
 
$1,276 $2,800
(181 ) (473 )
 
(2,724 ) (1,914 )
 
(1,629 ) 413
 
 
(1,309 ) (2,728 )
 
 
 
(2,938 ) (2,315 )
 
 
71,609 73,924
$68,671 $71,609
 
$28 $61
 
$— $—

See Notes to Financial Statements 32



 
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 (“ASC”) 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 (“NBIA” or “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 ASC 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of the Funds 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 notes and liquidating trust - real estate is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing

33



 

          

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 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, 2018, the Funds did not have any unrecognized tax positions.

At April 30, 2018, selected Fund information for all long security positions for U.S. federal income tax purposes was as follows:


Gross Gross Net Unrealized
Unrealized Unrealized Appreciation/
(000’s omitted)               Cost       Appreciation       Depreciation       (Depreciation)
California $134,811      $ 7,797            $ 964             $ 6,833      
Intermediate 428,792 32,059 3,657 28,402
New York 116,906 3,363 2,467 896

          

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

34



 

          

As determined on October 31, 2017, 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, 2017, the Funds recorded the following permanent reclassifications:

 
Accumulated Net
Undistributed Realized Gains/
Net Investment (Losses) on
Paid-in Capital       Income/(Loss)       Investments
California      $ (813,250 )           $ 29,565           $ 783,685     
Intermediate (9,609,985 ) 110,711 9,499,274
New York (1,081,500 ) 76,349 1,005,151

           The tax character of distributions paid during the years ended October 31, 2017 and October 31, 2016 was as follows:

Distributions Paid From:
Ordinary Income Tax-Exempt Income Total
      2017       2016       2017       2016       2017       2016
California $ 33,345 $ 30,146 $ 4,743,113 $ 5,188,627 $ 4,776,458 $ 5,218,773
Intermediate 187,099 178,448 19,069,206 19,536,613 19,256,305 19,715,061
New York 71,711 54,767 3,627,414 3,856,004 3,699,125 3,910,771
 
           As of October 31, 2017, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

Undistributed Undistributed Unrealized Loss Other
Tax-Exempt Long-Term Appreciation/ Carryforwards Temporary
      Income       Capital Gain       (Depreciation)       and Deferrals       Differences       Total
California    $ 126,631            $            $ 9,471,339       $ (3,180,626 )    $ (389,282 ) $ 6,028,062
Intermediate 7,214,827 38,168,615 (10,825,249 ) (1,588,752 ) 32,969,441
New York 369,262 3,618,456 (2,776,692 ) (307,897 ) 903,129

          

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 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, 2017, 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:
      2018       2019
California $ $
Intermediate 302,263
New York 7,374

35



 

Post-Enactment (No Expiration Date)
      Long-Term       Short-Term
California       $ 2,792,194             $ 388,432      
Intermediate 8,932,302 1,590,684
New York 2,303,637 465,681
 

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, 2017, California, Intermediate and New York had capital loss carryforwards expire of $783,685, $9,552,881 and $1,053,807, respectively.

 

During the year ended October 31, 2017, California utilized capital loss carryforwards of $2,281.

 

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, 2018, each Fund declared a monthly distribution to common stockholders payable June 15, 2018, to stockholders of record on May 31, 2018, with an ex-date of May 30, 2018 as follows:

 

      Distribution per share
California           $ 0.0448          
Intermediate 0.0624
New York 0.0393

           On June 15, 2018, each Fund declared a monthly distribution to common stockholders payable July 16, 2018, to stockholders of record on June 29, 2018, with an ex-date of June 28, 2018 as follows:

      Distribution per share
California           $ 0.0448          
Intermediate 0.0624
New York 0.0393
 

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.

          

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

36



 

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

      Shares
California    590   
Intermediate 1,794
New York 483

           Each Fund’s VMTPS have a liquidation preference of $100,000 per share plus any accumulated unpaid distributions, whether or not earned or declared by the Fund, but excluding interest thereon (“VMTPS Liquidation Value”). Distributions on the VMTPS are accrued daily and paid monthly at a floating rate. For financial reporting purposes only, the liquidation preference of the VMTPS is recognized as a liability in each Fund’s Statement of Assets and Liabilities.
 
The distribution rate for each Fund’s VMTPS is calculated based on the applicable SIFMA (Securities Industry and Financial Markets Association) Municipal Swap Index plus a spread. The table below sets forth key terms of each Fund’s VMTPS.

Term Aggregate
Redemption Shares Liquidation
Fund       Series       Date       Outstanding       Preference
California Series A 6/30/2019 590 $59,000,000
Intermediate Series A 7/1/2019 1,794 $179,400,000
New York Series A 7/2/2019 483 $48,300,000
 

The Funds have paid up front expenses in connection with offering the VMTPS, which are being amortized over the life of the VMTPS. The expenses are included in the “Distributions to variable rate municipal term preferred shareholders and amortization of offering costs (Note A)” line item that is reflected in the Statements of Operations.

            

Each Fund may redeem VMTPS, in whole or in part, at its option after giving a minimum amount of notice to the relevant holders of its VMTPS, but will incur additional expenses if it chooses to so redeem. Each Fund is also subject to certain restrictions relating to the VMTPS. Failure to comply with these restrictions could preclude a Fund from declaring any distributions to common stockholders or repurchasing common stock and/or could trigger the mandatory redemption of VMTPS at VMTPS Liquidation Value. The holders of VMTPS are entitled to one vote per share and will vote with holders of common stock as a single class, except that the holders of VMTPS will vote separately as a class on certain matters, as required by law or the Fund’s organizational documents. The holders of VMTPS, voting as a separate class, are entitled at all times to elect two Directors of the Fund, and to elect a majority of the Directors of the Fund if the Fund fails to pay distributions on VMTPS for two consecutive years.

During the period ended April 30, 2018, the average aggregate liquidation preference outstanding and average annualized distribution rate of VMTPS were $59,000,000 and 2.50%, $179,400,000 and 2.50%, and $48,300,000 and 2.50%, for California, Intermediate and New York, respectively.

 

8

Concentration of risk: The ability of the issuers of the debt securities held by the Funds to meet their obligations may be affected by economic developments, including those particular to a specific industry or region. California and New York normally invest a substantial portion of their assets in municipal bonds of issuers located in the state of California and the state of New York, respectively. The value of each of these Funds’ securities are more susceptible to adverse economic, political, regulatory or other factors affecting the issuers of such municipal bonds than a fund that does not limit its investments to such issuers.

37



 

9

Indemnifications: Like many other companies, the Funds’ organizational documents provide that their officers (“Officers”) and directors (“Directors”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, both in some of their principal service contracts and in the normal course of their business, the Funds enter into contracts that provide indemnifications to other parties for certain types of losses or liabilities. Each Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against each Fund.

          

10

Arrangements with certain non-affiliated service providers: In order to satisfy rating agency requirements, each Fund is required to provide the rating agency that rates its VMTPS a report on a monthly basis verifying that each Fund is maintaining eligible assets having a discounted value equal to or greater than the Preferred Shares Basic Maintenance Amount, which is a minimum level set by the rating agency as one of the conditions to maintain its rating on the VMTPS. “Discounted value” refers to the fact that the rating agency requires each Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the rating agency. Each Fund pays a fee to State Street Bank and Trust Company (“State Street”) for the preparation of this report which is reflected in the Statements of Operations under the caption “Basic maintenance expense (Note A).”

Note B—Investment Management Fees, Administration Fees, and Other Transactions with Affiliates:

           Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee at the annual rate of 0.25% of its average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered into for purposes of leverage. For purposes of calculating Managed Assets, any VMTPS Liquidation Value is not considered a liability.
 
Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.30% of its average daily Managed Assets under this agreement. Additionally, Management retains State Street as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement.

Note C—Securities Transactions:

           During the six months ended April 30, 2018, there were purchase and sale transactions of long-term securities as follows:
 
(000’s omitted)       Purchases       Sales
California    $ 11,256       $ 8,807   
Intermediate 51,005 51,797
New York 11,627 10,822

Note D—Capital:

           Transactions in shares of common stock for the six months ended April 30, 2018 and for the year ended October 31, 2017 were as follows:

Stock Issued on Net Increase/(Decrease)
Reinvestment of Dividends in Common Stock
and Distributions Outstanding
      2018       2017       2018       2017
California 804 804
Intermediate 14,429 14,429
New York

38



 

Note E—Custodian Out-of-Pocket Expenses Refunded:

           In May 2016, the Funds’ custodian, State Street, announced that it had identified inconsistencies in the way in which the Funds were invoiced for categories of expenses, particularly those deemed “out-of-pocket” costs, from 1998 through November 2015. The amounts in the table below represent the refunded expenses and interest determined to be payable to the Funds for the period in question. These amounts were refunded to the Funds by State Street during the year ended October 31, 2017.
 
      Expenses       Interest Paid to
Refunded the Funds
California        $ 44,975               $ 2,910       
Intermediate 65,069 3,963
New York 39,182 2,629

Note F—Recent Accounting Pronouncement:

           In March 2017, FASB issued Accounting Standards Update No. 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 shortens the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact of applying this guidance.

Note G—Unaudited Financial Information:

           The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

39



 

Financial Highlights

California Intermediate Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A “-” indicates that the line item was not applicable in the corresponding period.

Six Months
Ended
April 30, 2018 Year Ended October 31,
      (Unaudited)       2017       2016       2015       2014       2013
Common Stock Net Asset Value,
Beginning of Period $ 15.22 $ 15.67 $ 15.34 $ 15.51 $ 14.46 $ 15.85
 
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss)@ 0.26 0.61 0.63 0.64 0.72 0.79
Net Gains or Losses on Securities
(both realized and unrealized) (0.47 ) (0.41 ) 0.47 0.01 1.16 (1.34 )
Common Stock Equivalent of Distributions to
AMPs Preferred Stockholders From:
       Net Investment Income@ (0.01 ) (0.02 )
Total From Investment Operations
Applicable to Common Stockholders (0.21 ) 0.20 1.10 0.65 1.87 (0.57 )
 
Less Distributions to Common
Stockholders From:
       Net Investment Income (0.30 ) (0.65 ) (0.77 ) (0.82 ) (0.82 ) (0.82 )
Common Stock Net Asset Value,
End of Period $ 14.71 $ 15.22 $ 15.67 $ 15.34 $ 15.51 $ 14.46
Common Stock Market Value,
End of Period $ 12.62 $ 13.91 $ 15.57 $ 15.33 $ 15.53 $ 14.26
Total Return, Common Stock Net Asset Value (1.14 )%* 1.60 %a 7.28 % 4.37 % 13.28 % (3.65 )%
Total Return, Common Stock Market Value (7.20 )%* (6.55 )%a 6.67 % 4.16 % 15.02 % (9.60 )%
 
Supplemental Data/Ratios††
Net Assets Applicable to Common
Stockholders, End of Period (in millions) $ 81.7 $ 84.5 $ 87.0 $ 85.0 $ 85.9 $ 80.0
Preferred Stock Outstanding,
End of Period (in millions)^ $ 59.0 ØØ  $ 59.0 ØØ  $ 59.0 $ 59.0 $ 59.0 $ 59.0
Preferred Stock Liquidation Value Per Share^ $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 25,000
Ratios are Calculated Using
Average Net Assets Applicable to
Common Stockholders
Ratio of Gross ExpensesØ 3.11 %** 2.76 % 2.40 % 2.20 % 1.70 % 1.43 %
Ratio of Net ExpensesØ 3.11 %** 2.70 %b 2.40 % 2.20 % 1.70 % 1.43 %
Ratio of Net Investment Income/(Loss)
Excluding AMPs Preferred Stock Distributions^ 3.54 %** 4.04 %b 3.95 % 4.16 % 4.85 %c 5.19 %c
Portfolio Turnover Rate 6 %* 36 % 12 % 9 % 24 % 47 %
Asset Coverage Per Share, of Preferred
Stock, End of Period¢ $ 238,617 $ 243,283 $ 247,614 $ 244,175 $ 245,704 $ 58,900

See Notes to Financial Highlights 40



 
Financial Highlights

Intermediate Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A “-” indicates that the line item was not applicable in the corresponding period.

      Six Months                              
Ended
April 30, 2018 Year Ended October 31,
(Unaudited) 2017 2016 2015 2014 2013
Common Stock Net Asset Value,
Beginning of Period   $ 15.49 $ 16.06 $ 15.84 $ 16.11 $ 14.54 $ 15.96
 
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss)@ 0.35 0.74 0.77 0.81 0.88 0.89
Net Gains or Losses on Securities
(both realized and unrealized) (0.52 ) (0.48 ) 0.35 (0.18 ) 1.55 (1.45 )
Common Stock Equivalent of Distributions to
AMPs Preferred Stockholders From:
       Net Investment Income@ (0.01 ) (0.02 )
Total From Investment Operations
Applicable to Common Stockholders (0.17 ) 0.26 1.12 0.63 2.42 (0.58 )
 
Less Distributions to Common
Stockholders From:
       Net Investment Income (0.40 ) (0.83 ) (0.90 ) (0.90 ) (0.85 ) (0.84 )
Common Stock Net Asset Value,
End of Period $ 14.92 $ 15.49 $ 16.06 $ 15.84 $ 16.11 $ 14.54
Common Stock Market Value,
End of Period $ 13.53 $ 14.92 $ 15.34 $ 15.53 $ 15.42 $ 14.10
Total Return, Common Stock Net Asset Value (0.93 )%* 1.83 %a 7.19 % 4.21 % 17.24 % (3.59 )%
Total Return, Common Stock Market Value (6.73 )%* 2.68 %a 4.42 % 6.74 % 15.72 % (9.19 )%
 
Supplemental Data/Ratios††
Net Assets Applicable to Common
Stockholders, End of Period (in millions) $ 280.6 $ 291.3 $ 301.8 $ 297.3 $ 302.3 $ 272.9
Preferred Stock Outstanding,
End of Period (in millions)^^ $ 179.3 ØØ $ 179.3 ØØ $ 179.4 $ 179.4 $ 179.4 $ 179.4
Preferred Stock Liquidation Value Per Share^^ $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 25,000
Ratios are Calculated Using
Average Net Assets Applicable to
Common Stockholders
Ratio of Gross ExpensesØ 2.62 %** 2.31 % 2.00 % 1.84 % 1.41 % 1.17 %
Ratio of Net ExpensesØ 2.62 %** 2.29 %b 2.00 % 1.84 % 1.41 % 1.17 %
Ratio of Net Investment Income/(Loss)
Excluding AMPs Preferred Stock Distributions^^ 4.64 %** 4.78 %b 4.70 % 5.05 % 5.77 %c 5.78 %c
Portfolio Turnover Rate 11 %* 20 % 19 % 9 % 24 % 40 %
Asset Coverage Per Share, of Preferred
Stock, End of Period¢ $ 256,621 $ 262,497 $ 268,414 $ 265,828 $ 268,620 $ 63,026

See Notes to Financial Highlights 41



 
Financial Highlights

New York Intermediate Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A “-” indicates that the line item was not applicable in the corresponding period.

      Six Months                              
Ended
April 30, 2018 Year Ended October 31,
(Unaudited) 2017 2016 2015 2014 2013
Common Stock Net Asset Value,
Beginning of Period   $ 14.10 $ 14.56 $ 14.31 $ 14.52 $ 13.71 $ 15.03
 
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income/(Loss)@ 0.25 0.55 0.57 0.60 0.67 0.71
Net Gains or Losses on Securities
(both realized and unrealized) (0.57 ) (0.47 ) 0.30 (0.09 ) 0.93 (1.23 )
Common Stock Equivalent of Distributions to
AMPs Preferred Stockholders From:
       Net Investment Income@ (0.01 ) (0.02 )
Total From Investment Operations
Applicable to Common Stockholders (0.32 ) 0.08 0.87 0.51 1.59 (0.54 )
 
Less Distributions to Common
Stockholders From:
       Net Investment Income (0.26 ) (0.54 ) (0.62 ) (0.72 ) (0.78 ) (0.78 )
Common Stock Net Asset Value,
End of Period $ 13.52 $ 14.10 $ 14.56 $ 14.31 $ 14.52 $ 13.71
Common Stock Market Value,
End of Period $ 11.60 $ 12.44 $ 13.44 $ 13.78 $ 14.11 $ 12.97
Total Return, Common Stock Net Asset Value (2.02 )%* 1.04 %a 6.27 % 3.70 % 12.16 % (3.50 )%
Total Return, Common Stock Market Value (4.72 )%* (3.43 )%a 1.87 % 2.76 % 15.21 % (12.82 )%
 
Supplemental Data/Ratios††
Net Assets Applicable to Common
Stockholders, End of Period (in millions) $ 68.7 $ 71.6 $ 73.9 $ 72.6 $ 73.7 $ 69.6
Preferred Stock Outstanding,
End of Period (in millions)^^^ $ 48.3 ØØ $ 48.3 ØØ $ 48.3 $ 48.3 $ 48.3 $ 48.3
Preferred Stock Liquidation Value Per Share^^^ $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 25,000
Ratios are Calculated Using
Average Net Assets Applicable to
Common Stockholders
Ratio of Gross ExpensesØ 3.10 %** 2.75 % 2.39 % 2.19 % 1.71 % 1.43 %
Ratio of Net ExpensesØ 3.10 %** 2.69 %b 2.39 % 2.19 % 1.71 % 1.43 %
Ratio of Net Investment Income/(Loss)
Excluding AMPs Preferred Stock Distributions^^^ 3.67 %** 3.92 %b 3.90 % 4.14 % 4.75 %c 4.93 %c
Portfolio Turnover Rate 9 %* 25 % 10 % 18 % 32 % 52 %
Asset Coverage Per Share, of Preferred
Stock, End of Period¢ $ 242,345 $ 248,341 $ 253,212 $ 250,512 $ 252,753 $ 61,059

See Notes to Financial Highlights 42



 
Notes to Financial Highlights (Unaudited)

@ Calculated based on the average number of shares of common stock outstanding during each fiscal period.
          
Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Total return based on per share market value assumes the purchase of shares of common stock at the market price on the first day and sale of common stock at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under each Fund’s distribution reinvestment plan. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns may fluctuate and shares of common stock when sold may be worth more or less than original cost.
 
* Not annualized.
 
†† Expense ratios do not include the effect of distributions on Auction Market Preferred Shares (“AMPs”). Income ratios include income earned on assets attributable to the VMTPS (AMPs prior to June 30, 2014, July 1, 2014 and July 2, 2014 for California, Intermediate and New York, respectively) outstanding.
 
^ Prior to June 30, 2014, California had AMPs outstanding. On June 30, 2014, California issued 590 VMTPS and redeemed its outstanding AMPs.
 
^^ Prior to July 1, 2014, Intermediate had AMPs outstanding. On July 1, 2014, Intermediate issued 1,794 VMTPS and redeemed its outstanding AMPs.
 
^^^ Prior to July 2, 2014, New York had AMPs outstanding. On July 2, 2014, New York issued 483 VMTPS and redeemed its outstanding AMPs.
 
Ø Distributions on VMTPS are included in expense ratios. The annualized ratios of distributions on VMTPS to average net assets applicable to common stockholders were:

           Six Months Ended April 30, Year Ended October 31,
      2018       2017       2016       2015       2014
California 1.77% 1.41% 1.06% 0.89% 0.96%
Intermediate 1.56% 1.24% 0.92% 0.77% 0.83%
New York 1.72% 1.36% 1.01% 0.85% 0.91%

**

Annualized.

          

ØØ

During the year ended October 31, 2017, each Fund adopted FASB’s Accounting Standards Update No. 2015-03. At April 30, 2018, the Value of Preferred Stock Outstanding is being shown net of unamortized deferred offering costs of approximately $34,000, $66,000 and $32,000 for California, Intermediate and New York, respectively. At October 31, 2017, the Value of Preferred Stock Outstanding is being shown net of unamortized deferred offering costs of approximately $49,000, $95,000 and $46,000 for California, Intermediate and New York, respectively.

 

Each Fund is required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements. Prior to January 1, 2013, each Fund had an expense offset arrangement in connection with its custodian contract. Had the Funds not received expense reductions related to expense offset arrangements, the annualized ratios of net expenses to average daily net assets applicable to common stockholders would have been:


Year Ended October 31,
           2013
California 1.43%
Intermediate 1.17%
New York 1.43%

43



 

¢ Calculated by subtracting the Fund’s total liabilities (excluding the liquidation preference of VMTPS and accumulated unpaid distributions on VMTPS (AMPs prior to June 30, 2014, July 1, 2014 and July 2, 2014 for California, Intermediate and New York, respectively)) from the Fund’s total assets and dividing by the number of VMTPS/AMPs outstanding.
 
a The Custodian Out-of-Pocket Expenses Refunded listed in Note E of the Notes to Financial Statements had no impact on the Funds’ total returns for the year ended October 31, 2017.
            
b Custodian Out-of-Pocket Expenses Refunded, as listed in Note E of the Notes to Financial Statements, which is non-recurring, is included in these ratios on a non-annualized basis. Had the Funds not received the refund the annualized ratios of net expenses to average net assets and net investment income/(loss) to average net assets would have been:

                 Ratio of Net Expenses
to Average Net Assets
Year Ended
October 31, 2017
      Ratio of Net Investment Income/
(Loss) to Average Net Assets
Year Ended
October 31, 2017
California 2.76% 3.98%
Intermediate 2.31% 4.75%
New York 2.75% 3.86%
          
c The annualized ratios of distributions on AMPs to average net assets applicable to common stockholders were:

           Year Ended October 31,
2014       2013
California 0.05% 0.13%
Intermediate 0.04% 0.12%
New York 0.05% 0.12%

44



 
Distribution Reinvestment Plan for each Fund

American Stock Transfer & Trust Company, LLC (the “Plan Agent”) will act as Plan Agent for stockholders who have not elected in writing to receive dividends and distributions in cash (each a “Participant”), will open an account for each Participant under the Distribution Reinvestment Plan (“Plan”) in the same name as their then-current shares of the Fund’s common stock (“Shares”) are registered, and will put the Plan into effect for each Participant as of the first record date for a dividend or capital gains distribution.

Whenever the Fund declares a dividend or distribution with respect to the Shares, each Participant will receive such dividends and distributions in additional Shares, including fractional Shares acquired by the Plan Agent and credited to each Participant’s account. If on the payment date for a cash dividend or distribution, the net asset value is equal to or less than the market price per Share plus estimated brokerage commissions, the Plan Agent shall automatically receive such Shares, including fractions, for each Participant’s account. Except in the circumstances described in the next paragraph, the number of additional Shares to be credited to each Participant’s account shall be determined by dividing the dollar amount of the dividend or distribution payable on their Shares by the greater of the net asset value per Share determined as of the date of purchase or 95% of the then-current market price per Share on the payment date.

Should the net asset value per Share exceed the market price per Share plus estimated brokerage commissions on the payment date for a cash dividend or distribution, the Plan Agent or a broker-dealer selected by the Plan Agent shall endeavor, for a purchase period lasting until the last business day before the next date on which the Shares trade on an “ex-dividend” basis, but in no event, except as provided below, more than 30 days after the payment date, to apply the amount of such dividend or distribution on each Participant’s Shares (less their pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of such dividend or distribution) to purchase Shares on the open market for each Participant’s account. No such purchases may be made more than 30 days after the payment date for such dividend or distribution except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws. If, at the close of business on any day during the purchase period the net asset value per Share equals or is less than the market price per Share plus estimated brokerage commissions, the Plan Agent will not make any further open-market purchases in connection with the reinvestment of such dividend or distribution. If the Plan Agent is unable to invest the full dividend or distribution amount through open-market purchases during the purchase period, the Plan Agent shall request that, with respect to the uninvested portion of such dividend or distribution amount, the Fund issue new Shares at the close of business on the earlier of the last day of the purchase period or the first day during the purchase period on which the net asset value per Share equals or is less than the market price per Share, plus estimated brokerage commissions, such Shares to be issued in accordance with the terms specified in the third paragraph hereof. These newly issued Shares will be valued at the then-current market price per Share at the time such Shares are to be issued.

For purposes of making the reinvestment purchase comparison under the Plan, (a) the market price of the Shares on a particular date shall be the last sales price on the New York Stock Exchange (or if the Shares are not listed on the New York Stock Exchange, such other exchange on which the Shares are principally traded) on that date, or, if there is no sale on such Exchange (or if not so listed, in the over-the-counter market) on that date, then the mean between the closing bid and asked quotations for such Shares on such Exchange on such date and (b) the net asset value per Share on a particular date shall be the net asset value per Share most recently calculated by or on behalf of the Fund. All dividends, distributions and other payments (whether made in cash or Shares) shall be made net of any applicable withholding tax.

Open-market purchases provided for above may be made on any securities exchange where the Fund’s Shares are traded, in the over-the-counter market or in negotiated transactions and may be on such terms as to price, delivery and otherwise as the Plan Agent shall determine. Each Participant’s uninvested funds held by the Plan Agent will not bear interest, and it is understood that, in any event, the Plan Agent shall have no liability in connection with any inability to purchase Shares within 30 days after the initial date of such purchase as herein provided, or with the timing

45



 

of any purchases effected. The Plan Agent shall have no responsibility as to the value of the Shares acquired for each Participant’s account. For the purpose of cash investments, the Plan Agent may commingle each Participant’s funds with those of other stockholders of the Fund for whom the Plan Agent similarly acts as agent, and the average price (including brokerage commissions) of all Shares purchased by the Plan Agent as Plan Agent shall be the price per Share allocable to each Participant in connection therewith.

The Plan Agent may hold each Participant’s Shares acquired pursuant to the Plan together with the Shares of other stockholders of the Fund acquired pursuant to the Plan in noncertificated form in the Plan Agent’s name or that of the Plan Agent’s nominee. The Plan Agent will forward to each Participant any proxy solicitation material and will vote any Shares so held for each Participant only in accordance with the instructions set forth on proxies returned by the Participant to the Fund.

The Plan Agent will confirm to each Participant each acquisition made for their account as soon as practicable but not later than 60 days after the date thereof. Although each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Share, no certificates for a fractional Share will be issued. However, dividends and distributions on fractional Shares will be credited to each Participant’s account. In the event of termination of a Participant’s account under the Plan, the Plan Agent will adjust for any such undivided fractional interest in cash at the market value of the Shares at the time of termination, less the pro rata expense of any sale required to make such an adjustment.

Any Share dividends or split Shares distributed by the Fund on Shares held by the Plan Agent for Participants will be credited to their accounts. In the event that the Fund makes available to its stockholders rights to purchase additional Shares or other securities, the Shares held for each Participant under the Plan will be added to other Shares held by the Participant in calculating the number of rights to be issued to each Participant.

The Plan Agent’s service fee for handling capital gains and other distributions or income dividends will be paid by the Fund. Participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Each Participant may terminate their account under the Plan by notifying the Plan Agent in writing. Such termination will be effective immediately if the Participant’s notice is received by the Plan Agent not less than ten days prior to any dividend or distribution record date, otherwise such termination will be effective the first trading day after the payment date for such dividend or distribution with respect to any subsequent dividend or distribution. The Plan may be terminated by the Plan Agent or the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund.

These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Agent receives written notice of the termination of their account under the Plan. Any such amendment may include an appointment by the Plan Agent in its place and stead of a successor Plan Agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Agent under these terms and conditions. Upon any such appointment of any Plan Agent for the purpose of receiving dividends and distributions, the Fund will be authorized to pay to such successor Plan Agent, for each Participant’s account, all dividends and distributions payable on Shares held in their name or under the Plan for retention or application by such successor Plan Agent as provided in these terms and conditions.

The Plan Agent shall at all times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of all services performed under this Agreement and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Agent’s negligence, bad faith, or willful misconduct or that of its employees. These terms and conditions are governed by the laws of the State of Maryland.

46



 

Reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions — i.e., reinvestment in additional Shares does not relieve stockholders of, or defer the need to pay, any income tax that may be payable (or that is required to be withheld) on Fund dividends and distributions. Participants should contact their tax professionals for information on how the Plan impacts their personal tax situation. For additional information about the Plan, please contact the Plan Agent by telephone at 1-866-227-2136 or by mail at 6201 15th Avenue, Brooklyn, NY, 11219 or online at www.astfinancial.com.

47



 

Directory

Investment Manager and Administrator
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
877.461.1899 or 212.476.8800

Plan Agent
American Stock Transfer & Trust Company, LLC
Plan Administration Department
P.O. Box 922
Wall Street Station
New York, NY 10269-0560

 

Custodian
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Overnight correspondence should be sent to:
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219

 

Transfer Agent
American Stock Transfer
& Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219

Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006-1600

Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

48



 

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge, by calling 800-877-9700 (toll-free) and on the Securities and Exchange Commission’s website, at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available, upon request, without charge, by calling 800-877-9700 (toll-free), on the Securities and Exchange Commission’s website at www.sec.gov, and on Management’s website at www.nb.com.

Quarterly Portfolio Schedule

Each Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The information on Form N-Q is available upon request, without charge, by calling 800-877-9700 (toll-free).

49


FACTS

WHAT DOES NEUBERGER BERMAN
DO WITH YOUR PERSONAL INFORMATION?

                             
Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

 
What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

Social Security number and account balances
income and transaction history
credit history and credit scores

When you are no longer our customer, we continue to share your information as described in this notice.

 
How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Neuberger Berman chooses to share; and whether you can limit this sharing.

   
Reasons we can share your personal information Does Neuberger
Berman share?
Can you limit this sharing?
For our everyday business purposes—
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
Yes No
For our marketing purposes—
to offer our products and services to you
Yes No
For joint marketing with other financial companies No We don’t share
For our affiliates’ everyday business purposes—
information about your transactions and experiences
Yes No
For our affiliates’ everyday business purposes—
information about your creditworthiness
No We don’t share
For nonaffiliates to market to you No We don’t share
 
                                
Questions?

Call 800.223.6448

This is not part of the Funds’ stockholder report.


Page 2
                             
Who we are
Who is providing this notice?

Entities within the Neuberger Berman family of companies, mutual funds, and private investment funds.

 
What we do
How does Neuberger Berman
protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

We restrict access to customer information to those employees who need to know such information in order to perform their job responsibilities.

How does Neuberger Berman
collect my personal information?

We collect your personal information, for example, when you

open an account or provide account information
seek advice about your investments or give us your income information
give us your contact information

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only

sharing for affiliates’ everyday business purposes—information about your creditworthiness
affiliates from using your information to market to you
sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

 
Definitions
Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

Our affiliates include companies with a Neuberger Berman name; financial companies, such as investment advisers, broker dealers; mutual funds, and private investment funds.
Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

Nonaffiliates we share with can include companies that perform administrative services on our behalf (such as vendors that provide data processing, transaction processing, and printing services) or other companies such as brokers, dealers, or counterparties in connection with servicing your account.
Joint marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

Neuberger Berman doesn’t jointly market.

This is not part of the Funds’ stockholder report.
















   


Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104-0002
Internal Sales & Services
877.461.1899
www.nb.com

Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of stockholders and is not an offer for shares of the Funds.

 I0208 06/18

 

                                                       


 
 
 

Item 2. Code of Ethics.
The Board of Directors (“Board”) of Neuberger Berman California Intermediate Municipal Fund Inc. (“Registrant”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”).  During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Advisers Management Trust’s Form N-CSRS, Investment Company Act file number 811-04255 (filed August 25, 2016).  The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).
Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports on Form N-CSR.

Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.
Not applicable to semi-annual reports on Form N-CSR.

Item 6. Schedule of Investments.
The complete schedule of investments for the Registrant is disclosed in the Registrant’s semi-annual report included as Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to semi-annual reports on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to semi-annual reports on Form N-CSR. There have been no changes in any of the Portfolio Managers since the Registrant’s most recent annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No reportable purchases for the period covered by this report.


Item 10.  Submission of Matters to a Vote of Security Holders.
There were no changes to the procedures by which stockholders may recommend nominees to the Board.
Item 11. Controls and Procedures.
(a)
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
(b)
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a)
The Fund did not engage in any securities lending activity during the fiscal period ended April 30, 2018.
(b)
The Fund did not did not engage in any securities lending activity and did not engage a securities lending agent during the fiscal period ended April 30, 2018.
Item 13. Exhibits.
(a)(1)
A copy of the Code of Ethics is incorporated by reference to Neuberger Berman Advisers Management Trust’s Form N-CSRS, Investment Company Act file number 811-04255 (filed August 25, 2016).
(a)(2)
The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.
(a)(3)
Not applicable to the Registrant.
(a)(4)
Not applicable to the Registrant.
(b)
The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman California Intermediate Municipal Fund Inc.
By: /s/ Joseph V. Amato                                                   
Joseph V. Amato
Chief Executive Officer and President
Date: July 6, 2018


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



By: /s/ Joseph V. Amato                                                   
Joseph V. Amato
Chief Executive Officer and President
Date: July 6, 2018


By:/s/ John M. McGovern                                               
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer

Date: July 6, 2018