Neuberger Berman
Neuberger Berman California Intermediate Neuberger Berman Intermediate Municipal Neuberger Berman New York Intermediate
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Semi-Annual ReportApril 30, 2018 |
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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 | ||||
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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
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
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. |
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2 |
Returns based on the NAV of each Fund. |
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3 |
Returns based on the market price of shares of each Fund’s common stock on the NYSE American. |
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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
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.
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(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)
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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) |
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).” |
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. |
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 |
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
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 |
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. |
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
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 |
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 |
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% |
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¢ | 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% |
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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
Investment Manager and Administrator |
Plan Agent |
Custodian |
Overnight correspondence should be sent to: |
Transfer Agent |
Legal Counsel Independent Registered Public Accounting Firm |
48
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.
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 |
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.
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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.
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Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◼Neuberger Berman doesn’t jointly market.
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This is not part of the Funds’ stockholder report.
Neuberger Berman Investment Advisers LLC 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
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(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.
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(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.
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(a) |
The Fund did not engage in any securities lending activity during the fiscal period ended April 30, 2018.
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(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.
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(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).
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(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.
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(a)(3) |
Not applicable to the Registrant.
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(a)(4) |
Not applicable to the Registrant.
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(b) |
The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act is furnished herewith.
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