As filed with the Securities and Exchange Commission on July 6, 2016

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-21169

 

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

605 Third Avenue, 2nd Floor

New York, New York 10158-0180

(Address of Principal Executive Offices – Zip Code)

 

Registrant's telephone number, including area code: (212) 476-8800

 

Robert Conti

Chief Executive Officer and President

Neuberger Berman New York Intermediate Municipal Fund Inc.

c/o Neuberger Berman Investment Advisers LLC

605 Third Avenue, 2nd Floor

New York, New York  10158-0180

 

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

 

Date of fiscal year end: October 31

 

Date of reporting period: April 30, 2016

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (“Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the

 

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

Item 1. Report to Stockholders.

 

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

 

				Neuberger Berman Intermediate Municipal Closed-End Funds
				Neuberger Berman California Intermediate
				Municipal Fund Inc.
				Neuberger Berman Intermediate Municipal
				Fund Inc.
				Neuberger Berman New York Intermediate
				Municipal Fund Inc.
				Semi-Annual Report
				April 30, 2016

				Contents
				President’s Letter	1
				PORTFOLIO COMMENTARIES	2
				SCHEDULES OF INVESTMENTS
				California Intermediate Municipal Fund Inc.	6
				Intermediate Municipal Fund Inc.	11
				New York Intermediate Municipal Fund Inc.	20
				FINANCIAL STATEMENTS	28
				FINANCIAL HIGHLIGHTS/PER SHARE DATA
				California Intermediate Municipal Fund Inc.	39
				Intermediate Municipal Fund Inc.	40
				New York Intermediate Municipal Fund Inc.	41
				Distribution Reinvestment Plan for each Fund	43
				Directory	46
				Proxy Voting Policies and Procedures	47
				Quarterly Portfolio Schedule	47
				Privacy Notice	Located after the Funds’ Report

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. “Neuberger Berman Investment Advisers LLC” and the individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC. ©2016 Neuberger Berman Management LLC, distributor. All rights reserved.

President’s Letter

Dear Stockholder,

I am pleased to present the semi-annual report for the Neuberger Berman Intermediate Municipal Closed-End Funds for the six months ended April 30, 2016. 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 the New York Fund, New York City personal income tax).

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

On April 15, 2016, Neuberger Berman New York Intermediate Municipal Fund Inc. announced a decrease in its monthly distribution rate to $0.048 per share of common stock from the prior monthly distribution rate of $0.057 per share. On April 15, 2016, Neuberger Berman California Intermediate Municipal Fund Inc. also decreased its monthly distribution rate, decreasing it to $0.062 per share of common stock from the prior monthly distribution rate of $0.068 per share. The changes were reflected in the Funds’ May 16, 2016 distribution. The Funds’ decreases in distribution rates were the result of numerous factors, including the general decline in yields available in the municipal market and the resulting impact on the Funds’ levels of earnings.

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

Sincerely,

Robert Conti

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

1

Neuberger Berman Intermediate Municipal Closed-End Funds
Portfolio Commentaries

For the six months ended April 30, 2016, on a net asset value (NAV) basis, all three of the Neuberger Berman Intermediate Municipal Closed-End Funds posted positive returns and outperformed their benchmark, the Barclays 10-Year Municipal Bond Index. California Intermediate Municipal Fund, Intermediate Municipal Fund and New York Intermediate Municipal Fund posted 5.99%, 6.01% and 5.55% total returns for the period, respectively, whereas the benchmark generated a 3.94% return. (Fund performance on a market basis is provided in the table immediately following this letter.) The Funds’ use of leverage (typically a performance enhancer in up markets and a detractor during market retreats) contributed to the performance of each Fund given the positive return for the municipal market during the reporting period.

The municipal bond market posted a positive return and outperformed the overall taxable bond market during the six-month reporting period. Supporting the municipal bond market were generally solid fundamentals and the continued resiliency of the U.S. economy, which aided tax revenues. The municipal bond market was also the beneficiary of declining long-term Treasury yields and indications from the U.S. Federal Reserve (Fed) that it expected to take a less aggressive approach in terms of interest rate hikes in 2016. All told, the Barclays Municipal Bond Index gained 3.55% for the six months ended April 30, 2016. In contrast, the overall taxable bond market, as measured by the Barclays U.S. Aggregate Bond Index, returned 2.82%.

Given the steepness of the municipal yield curve and our aim to generate incremental income, we maintained a long duration for each of the Funds. This benefited performance as interest rates generally declined during the reporting period. In terms of the Funds’ municipal yield curve positioning, we maintained a barbell approach (investing in shorter and longer maturities). In contrast, the Funds’ benchmark is concentrated in the eight- to 12-year portion of the curve. Municipal yield curve positioning was negative for results as the intermediate portion of the municipal yield curve underperformed its shorter- and longer-term counterparts.

The Funds maintained a lower quality relative to that of the benchmark in an attempt to generate additional yield. This was additive for results given the outperformance of lower quality bonds during the reporting period. From a sector perspective, overweights to revenue bonds added to results as they largely outperformed general obligation bonds.

A number of changes were made to the Funds’ portfolios during the reporting period. In particular, we increased our allocation to lower rated securities in an attempt to boost the Funds’ yield.

Looking ahead, we maintain an overall positive outlook for the municipal bond market. While growth in many parts of the world has moderated, the U.S. economy has been relatively resilient. We believe this backdrop should be supportive for municipal tax revenues going forward. In addition, demand for municipal securities has been solid. In our view, the municipal bond market should continue to benefit from generally attractive valuations relative to other high-quality fixed income alternatives, especially on a tax-adjusted basis. In such an environment, we could see some further flattening of the municipal yield curve, with short-term interest rates rising more than long-term rates. In terms of the Fed, we believe it will take a very measured approach to raising interest rates as the year progresses. Despite these positives, periods of volatility could persist driven by headlines surrounding the Puerto Rico debt crisis and other one-off credit events.

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 the Funds, as well as the market value of shares of a Fund’s common stock, may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; 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

3

Endnotes

1		A portion of each Fund’s income may be a tax preference item for purposes of the federal alternative minimum tax for certain stockholders.
2		Returns based on the NAV of each Fund.
3		Returns based on the market price of shares of each Fund’s common stock on the NYSE MKT.
4		Please see “Description of Index” on page 5 for a description of the index.

For more complete information on any of the Neuberger Berman Intermediate Municipal Closed-End Funds, call Neuberger Berman Investment Advisers LLC at (800) 877-9700, or visit our website at www.nb.com.

4

Description of Index

Barclays 10-Year Municipal Bond Index:

The index is the 10-year (8-12 years to maturity) component of the Barclays Municipal Bond Index. The 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. The Funds may invest in securities not included in the above described index and generally do not invest in all securities included in the index.

5

Schedule of Investments California Intermediate Municipal Fund Inc.

(Unaudited) 4/30/16

PRINCIPAL AMOUNT				VALUE†
(000’s omitted)				(000’s omitted)
Municipal Notes (165.4%)
American Samoa (0.7%)
$	600		American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29		$	620
California (140.5%)
	1,000		Bay Area Toll Au. Toll Bridge Rev., Ser. 2013-S-4, 5.00%, due 4/1/27			1,206
	1,500		Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21			1,785
	250		California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands), Ser. 2016-A, 5.00%, due 10/1/28			304	ß
	260		California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands), Ser. 2016-A, 3.00%, due 10/1/29			262	ß
	400		California Ed. Facs. Au. Ref. Rev. (Univ. of Redlands), Ser. 2016-A, 3.00%, due 10/1/30			401	ß
	2,000		California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17			2,004
	1,000		California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.95%, due 8/1/26			1,003
	30		California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42			30
	1,000		California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26			1,141	ß
	1,000		California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch.			1,142
			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,			1,027	Ññß
			5.63%, due 7/1/44
	500		California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014,			508	Ñß
			5.13%, due 7/1/29
	255		California Muni. Fin. Au. Charter Sch. Rev. (John Adams Academics Proj.), Ser. 2015-A,			265	ß
			4.50%, due 10/1/25
	1,000		California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016,			1,060	ñß
			4.00%, due 7/1/26
	100		California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A,			100	ß
			5.00%, due 6/1/16
	500		California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30			534	ñß
	375		California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/25			417	ß
	410		California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/26			451	ß
	455		California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/27			495	ß
	1,040		California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21			1,078	ß
	600		California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26			696	ß
	605		California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A,			633	ß
			4.00%, due 1/1/27
	630		California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A,			655	ß
			4.00%, due 1/1/28
	330		California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A,			339	ß
			4.00%, due 1/1/29
	400		California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A,			437	ñß
			5.00%, due 7/1/30
	450		California Sch. Fac. Fin. Au. Rev. (KIPP LA Proj.), Ser. 2014-A, 4.13%, due 7/1/24			484	ß
	555		California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.), Ser. 2012-AN, 5.00%, due 12/1/21			673
	1,240		California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2010-L, 5.00%, due 5/1/22 Pre-Refunded 5/1/20			1,442
	760		California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2010-L, 5.00%, due 5/1/22			875
	20		California St. G.O., Ser. 2002, 5.00%, due 10/1/17			20
	1,500		California St. G.O., Ser. 2012, 5.00%, due 2/1/27			1,791
	750		California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.),			753	Ññß
			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			2,279	ñß
	1,095		California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%,			1,099
			due 6/1/20
	415		California St. Sch. Fin. Au. Charter Sch. Rev. (Downtown College Prep-Oblig. Group), Ser. 2016,			424	ñß
			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			438	ñß
	600		California St. Sch. Fin. Au. Ed. Facs. Rev. (Partnerships Uplifts Comm. Valley Proj.), Ser. 2014-A,			670	ß
			5.35%, due 8/1/24
	1,000		California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21			1,148

See Notes to Schedule of Investments

6

Schedule of Investments California Intermediate Municipal Fund Inc.

(Unaudited) (cont’d)

PRINCIPAL AMOUNT				VALUE†
(000’s omitted)				(000’s omitted)
$	120		California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999,		$	120	ß
			5.38%, due 4/1/17
	870		California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18			919	ß
	720		California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured),			863	ß
			5.00%, due 10/1/26
	415		California Statewide CDA Rev. (Lancer Ed. Std. Hsg. Proj.), Ser. 2007, 5.40%, due 6/1/17			422	ß
	700		California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28			846	ß
	1,035		California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009,			1,122	ñß
			6.25%, due 11/15/19
	1,500		California Statewide CDA Rev. (St. Joseph Hlth. Sys.), Ser. 2000, (National Public Finance Guarantee			1,639	ß
			Corp. Insured), 5.13%, due 7/1/24
	130		California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17			133	ß
	1,500		California Statewide CDA Rev. Ref. (Loma Linda Univ. Med. Ctr.), Ser. 2014-A, 5.25%, due 12/1/29			1,717	ß
	1,200		California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. #2007-01 Orinda Wilder Proj.),			1,338
			Ser. 2015, 4.50%, due 9/1/25
	350		Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/26			405
	560		Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/27			643
	1,365		Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%,			1,447	ß
			due 12/15/21
	2,000		Davis Joint Unified Sch. Dist. Cert. of Participation (Yolo Co.), Ser. 2014, (BAM Insured),			2,327
			4.00%, due 8/1/24
	1,250		Emeryville Redev. Agcy. Successor Agcy. Tax Allocation Ref. Rev., Ser. 2014-A, (AGM Insured),			1,557
			5.00%, due 9/1/25
	1,000		Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured),			1,039
			6.00%, due 2/1/17
	2,000		Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 5.50%,			2,057
			due 12/1/24 Pre-Refunded 12/1/16
	2,000		Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1,			2,034
			4.50%, due 6/1/27
	590		Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1,			591
			5.00%, due 6/1/33
	1,000		Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),			1,330
			6.75%, due 8/1/40
	1,000		Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18			1,080
	1,000		Inglewood Unified Sch. Dist. Facs. Fin. Au. Rev., Ser. 2007, (AGM Insured), 5.25%, due 10/15/26			1,241
	150		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/23			169
	300		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/24			335
	450		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/25			499
	645		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.50%, due 9/1/26			691
	690		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.63%, due 9/1/27			737
	680		Jurupa Pub. Fin. Auth. Spec. Tax Rev., Ser. 2014-A, 5.00%, due 9/1/24			851
	315		La Verne Cert. of Participation (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/26			354	ß
	500		La Verne Cert. of Participation (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29			551	ß
	1,105		Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26			1,303
	495		Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17			508
	3,900		Los Angeles Co. Metro. Trans. Au. Sales Tax Prop. A First Tier Sr. Rev., Ser. 2012-A, 5.00%, due 7/1/21			4,682
	2,000		Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27			2,367
	500		Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27			546	ß
	850		Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19			756
	1,000		Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22			1,066
	1,385		Ohlone Comm. College Dist. G.O. (Election 2010), Ser. 2014-B, 0.00%, due 8/1/29			871
	1,490		Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24			1,661
	1,500		Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25			1,654
	1,000		Rancho Cucamonga Redev. Agcy. Successor Agcy. Tax Allocation Rev. (Rancho Redev. Proj.),			1,214
			Ser. 2014, (AGM Insured), 5.00%, due 9/1/27
	460		Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 4.00%, due 9/1/21			476
	600		Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 5.00%, due 9/1/25			658
	1,320		Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation), Ser. 2013-B, 0.00%, due 6/1/22			1,093
	1,500		Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation), Ser. 2013-B, 0.00%, due 6/1/23			1,189
	360		Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17			363

See Notes to Schedule of Investments

7

Schedule of Investments California Intermediate Municipal Fund Inc.

(Unaudited) (cont’d)

PRINCIPAL AMOUNT				VALUE†
(000’s omitted)				(000’s omitted)
$	1,000		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),		$	1,279
			5.25%, due 12/1/24
	400		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),			521
			5.25%, due 12/1/26
	2,600		Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17			2,754
	1,350		San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24			1,516
			Pre-Refunded 8/1/18
	400		San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 5.25%,			415
			due 2/15/19 Pre-Refunded 2/15/17
	820		San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16			822
	750		San Francisco City & Co. Arpts. Commission Int’l Ref. Rev., Ser. 2009-D2, 3.00%, due 5/1/21			821
	1,000		San Francisco City & Co. Arpts. Commission Int’l Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21			1,120
	2,115		San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.), Ser. 2003-B,			2,117
			(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			2,213
	700		San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured),			702	ß
			4.95%, due 12/1/22
	1,060		San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured),			1,115
			5.00%, due 8/1/21
	1,000		San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/22			1,139
	1,070		San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/25			1,201
	685		San Mateo Foster City Sch. Dist. G.O. (Election 2015), Ser. 2016-A, 4.00%, due 8/1/29			788
	105		San Mateo Union High Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 0.00%, due 9/1/25			76
	895		San Mateo Union High Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 0.00%, due 9/1/25			638
	1,000		San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B,			979
			(National Public 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,			1,581
			(Assured Guaranty Insured), 5.00%, due 12/1/21
	310		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,			335
			(BAM Insured), 3.25%, due 6/1/25
	575		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,			617
			(BAM Insured), 3.50%, due 6/1/26
	325		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,			344
			(BAM Insured), 3.50%, due 6/1/27
	270		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013,			283
			(BAM Insured), 3.50%, due 6/1/28
	1,000		Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27			1,066
	1,000		Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013,			1,125
			5.00%, due 8/1/26
	355		Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds, Ser. 2010,			435
			(AGM Insured), 6.50%, due 12/1/37
	1,145		Sulphur Springs Union Sch. Dist. Cert. of Participation Conv. Cap. Appreciation Bonds (Unrefunded),			1,500
			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			2,416
	2,000		Twin Rivers Unified Sch. Dist. Cert. of Participation (Sch. Fac. Bridge Funding Prog.), Ser. 2007,			2,004	µ
			(AGM Insured), 3.20%, due 6/1/27 Putable 6/1/20
	615		Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19			671
	1,385		Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21			1,520
	3,000		Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,			3,525	f
			0.00%, due 8/1/37
	1,500		Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21			1,802
	3,500		William S.Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B,			2,648
			(AGM Insured), 0.00%, due 9/1/26
	2,250		Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),			1,890	g
			0.00%, due 8/1/36
						123,511

See Notes to Schedule of Investments

8

Schedule of Investments California Intermediate Municipal Fund Inc.

(Unaudited) (cont’d)

PRINCIPAL AMOUNT				VALUE†
(000’s omitted)				(000’s omitted)
Florida (1.3%)
$	500		Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A,		$	505	Ññß
			6.00%, due 6/1/30
	525		Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24			591	ß
						1,096
Georgia (0.7%)
	600		Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25			610	Ññß
Guam(2.7%)
	1,110		Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18			1,213
	1,000		Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25			1,128
						2,341
Illinois (2.3%)
	170		Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17			172
	1,000		Chicago Ref. G.O., Ser. 2003-B, 5.00%, due 1/1/23			1,023
	750		Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23			845
						2,040
Louisiana (0.7%)
	500		Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A,			596	ß
			7.63%, due 12/15/28
Nevada (1.4%)
	1,000		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19			1,201
New Jersey (0.9%)
	750		New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23			829	ß
North Carolina (0.9%)
	750		North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, Inc.),			797	ß
			Ser. 2012-A, 4.25%, due 3/1/24
Ohio(1.1%)
	1,000		Buckeye Tobacco Settlement Fin. Au. Asset-Backed Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47			963
Pennsylvania (2.7%)
	2,000		Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,			2,394
			6.00%, due 12/1/34
Puerto Rico (7.5%)
	2,000		Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee			2,114
			Corp. Insured), 5.50%, due 7/1/20
	400		Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Int’l American Univ. Proj.), Ser. 2012,			406	ß
			5.00%, due 10/1/21
	3,000		Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17			3,043
	1,000		Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21			1,012
						6,575
Tennessee (0.7%)
	500		Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A,			604
			5.25%, due 9/1/23

See Notes to Schedule of Investments

9

Schedule of Investments California Intermediate Municipal Fund Inc.

(Unaudited) (cont’d)

PRINCIPAL AMOUNT				VALUE†
(000’s omitted)				(000’s omitted)
Texas(0.3%)
$	300		Mission Econ. Dev. Corp. Wtr. Supply Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%,		$	303	Ññß
			due 1/1/45
Virgin Islands (1.0%)
	250		Virgin Islands Pub. Fin. Au. Rev., Ser. 2014-A, 5.00%, due 10/1/24			290
	500		Virgin Islands Pub. Fin. Au. Rev., Ser. 2014-A, 5.00%, due 10/1/29			563
						853
	Total Municipal Notes (Cost $132,975)					145,333
Variable Rate Demand Preferred Shares (0.2%)
California (0.2%)
	200		Nuveen California Dividend Advantage Muni. Fund, Ser. 2014-6, (LOC: Citibank, N.A.), 0.53%,			200	ñµ
			due 8/1/40 (Cost $200)
	Total Investments (165.6%) (Cost $133,175)					145,533	##
	Cash, receivables and other assets, less liabilities (1.5%)					1,358
	Liquidation Value of Variable Rate Municipal Term Preferred Shares [(67.1%)]					(59,000	)
	Total Net Assets Applicable to Common Stockholders (100.0%)				$	87,891

See Notes to Schedule of Investments

10

Schedule of Investments Intermediate Municipal Fund Inc.

(Unaudited) 4/30/16

PRINCIPAL AMOUNT				VALUE†
(000’s omitted)				(000’s omitted)
Municipal Notes (155.2%)
Alabama (1.0%)
$	800		Rib Floater Trust Rev. (Alfed Aid Hwy.), Ser. 2013-2W, (LOC: Barclays Bank PLC), 0.49%, due 9/1/26		$	800	ñµ
	1,900		Selma IDB Rev. (Int’l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35			2,168	ß
						2,968
American Samoa (0.6%)
	1,700		American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29			1,757
Arizona (6.3%)
	5,000		Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%,			5,500
			due 9/1/21 Pre-Refunded 9/1/18
	4,560		Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.),			4,932	ß
			Ser. 2008, 7.50%, due 5/1/19
	2,250		Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25			2,503	ñ
	3,500		Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24			3,791	ß
	1,500		Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28			504	ৄ
	400		Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24			462
	1,745		Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18			1,755
						19,447
California (31.1%)
	50		California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42			50
	1,755		California HFA Rev. (Home Mtge.), Ser. 2006-E, (FGIC Insured), 4.95%, due 8/1/26			1,760
	2,250		California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39			2,511	ß
	1,000		California Hlth. Facs. Fin. Au. Rev. (Children’s Hosp. Los Angeles), Ser. 2012-A, 5.00%,			1,141	ß
			due 11/15/26
	1,725		California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.),			1,970
			Ser. 2010, 5.13%, due 8/15/24
	805		California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.00%,			835	Ññß
			due 7/1/24
	630		California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.), Ser. 2014, 5.13%,			651	Ññß
			due 7/1/29
	1,195		California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014,			1,225	Ñß
			5.00%, due 7/1/24
	430		California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.), Ser. 2014,			437	Ñß
			5.13%, due 7/1/29
	500		California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 4.00%,			530	ñß
			due 7/1/26
	570		California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30			609	ñß
	585		California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%,			617	ß
			due 1/1/26
	1,300		California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%,			1,422	ñß
			due 7/1/30
	1,685		California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27			1,730
	500		California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC			502	Ññß
			Proj.), Ser. 2016, 7.00%, due 12/1/27
	5,000		California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27			5,697	ñß
	4,000		California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25			4,549
	735		California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18			776	ß
	1,000		California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda			1,072
			Wilder Proj.), Ser. 2015, 4.25%, due 9/1/21
	2,000		Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33			2,494
	855		Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1,			869
			4.50%, due 6/1/27

See Notes to Schedule of Investments

11

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
$	2,000		Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured),		$	2,660
			6.75%, due 8/1/40
	1,950		Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/17			2,041
	1,115		Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/18			1,204
	590		La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29			651	ß
	3,620		Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),			2,955
			0.00%, due 8/1/24
	5,750		Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E,			5,940	b
			(Assured Guaranty Insured), 0.00%, due 8/1/29
	5,000		Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34			6,433	c
	1,645		Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee			1,451
			Corp. Insured), 0.00%, due 8/1/19
	4,000		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),			5,211
			5.25%, due 12/1/26
	2,000		San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%,			2,165	d
			due 8/1/34
	740		San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17			742
	2,000		San Francisco City & Co. Arpt. Commission Int’l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25			2,233
	6,000		San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%,			5,774	e
			due 8/1/32
	1,540		Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013,			1,733
			5.00%, due 8/1/26
	2,040		Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25			2,464
	920		Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19			1,003
	2,080		Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21			2,282
	9,070		Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%,			10,658	f
			due 8/1/37
	5,095		Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured			3,763
			Guaranty Insured), 0.00%, due 8/1/26
	3,000		Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured),			2,520	g
			0.00%, due 8/1/36
						95,330
Colorado (3.7%)
	565		Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.), Ser. 2015,			570	ñß
			4.50%, due 4/1/25
	1,000		Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.), Ser. 2015,			1,006	ñß
			5.13%, due 4/1/35
	465		Colorado Ed. & Cultural Facs. Au. Rev. Ref., Ser. 2014, 4.00%, due 11/1/24			476	Ñß
	750		Colorado Ed. & Cultural Facs. Au. Rev. Ref., Ser. 2014, 4.50%, due 11/1/29			765	Ñß
	5,000		Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24			5,810
	2,550		Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23			2,621	ñ
						11,248
Connecticut (0.3%)
	750		Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25			783
District of Columbia (3.1%)
	1,615		Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured),			1,742	ß
			4.10%, due 12/1/26
	1,025		Dist. of Columbia Hosp. Rev., Ser. 2010, (Assured Guaranty Insured), 0.61%, due 7/15/17			1,025	ñµk
	3,035		Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22			3,219	ß
	1,000		Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2008-A, 5.50%, due 10/1/18			1,107
	2,000		Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/26			2,311
						9,404

See Notes to Schedule of Investments

12

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
Florida (5.2%)
$	1,000		Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26		$	1,172
	1,000		Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.), Ser. 2012-A, 5.50%,			1,103	ß
			due 6/15/22
	3,120		Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.), Ser. 2013-A, 6.75%,			3,412	ß
			due 12/15/27
	1,750		Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.), Ser. 2014-A, 5.75%,			1,885	ß
			due 6/15/29
	500		Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.00%,			505	Ññß
			due 6/1/30
	100		Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (Jetblue Airways Corp. Proj.), Ser. 2013, 5.00%,			106	ß
			due 11/15/36
	1,000		Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32			1,235	ß
			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			1,257	ß
	2,000		Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25			2,356
	2,000		Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25			2,042	ß
	990		Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29			1,022
						16,095
Georgia (0.4%)
	1,100		Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25			1,118	Ññß
Guam (1.7%)
	1,220		Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/20			1,434
	650		Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/21			773
	2,630		Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25			2,967
						5,174
Hawaii (2.6%)
	5,200		Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24			5,752
	2,000		Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc.-Subsidiary), Ser. 2009,			2,280	ß
			6.50%, due 7/1/39
						8,032
Illinois (16.4%)
	1,030		Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17			1,042
	5,705		Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27			6,569
	250		Chicago G.O., Ser. 2002-2002B, 5.13%, due 1/1/27			250
	2,000		Chicago G.O., Ser. 2002-B, 5.00%, due 1/1/25			2,007
	2,000		Chicago G.O., Ser. 2009-C, 5.00%, due 1/1/27			1,985
	1,000		Chicago Ref. G.O., Ser. 2005-D, 5.50%, due 1/1/40			999
	700		Chicago Ref. G.O., Ser. 2014-A, 5.00%, due 1/1/27			695
	1,350		Cook Co. Sch. Dist. Number 83 G.O. (Mannheim), Ser. 2013-C, 5.45%, due 12/1/30			1,521
	1,960		Cook Co. Sch. Dist. Number 83 G.O. (Mannheim), Ser. 2013-C, 5.50%, due 12/1/31			2,208
	1,970		Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%,			2,139
			due 12/1/25
	4,000		Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24			4,352	ß
	3,340		Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22			3,858	ß
	1,670		Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured),			1,759
			5.50%, due 6/15/17
	1,905		Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured),			1,286
			0.00%, due 6/15/26
	3,900		Illinois St. G.O., Ser. 2012, 4.00%, due 8/1/25			4,033
	1,000		Illinois St. G.O., Ser. 2013, 5.00%, due 7/1/23			1,127
	1,830		Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26			2,027	ß

See Notes to Schedule of Investments

13

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
$	945		So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.), Ser. 2014-A-1, (BAM Insured), 5.00%,		$	1,099
			due 2/15/27
	1,375		So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.), Ser. 2014-A-1, (BAM Insured), 5.00%,			1,590
			due 2/15/28
	715		So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.), Ser. 2014-A-1, (BAM Insured), 5.00%,			822
			due 2/15/29
	2,725		Univ. of Illinois (Hlth. Svc. Facs. Sys.), Ser. 2013, 5.00%, due 10/1/27			3,123	ß
	2,875		Univ. of Illinois (Hlth. Svc. Facs. Sys.), Ser. 2013, 5.75%, due 10/1/28			3,536	ß
	1,850		Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31			2,232
						50,259
Indiana (3.6%)
	4,000		Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29			4,504	ß
			Pre-Refunded 2/1/19
	500		Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A,			534	ß
			5.00%, due 6/1/32
	500		Indiana Fin. Au. Rev. (I-69 Dev. Partners LLC), Ser. 2014, 5.25%, due 9/1/25			586	ß
	500		Indiana Fin. Au. Rev. (I-69 Dev. Partners LLC), Ser. 2014, 5.25%, due 9/1/26			584	ß
	3,055		Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp.			3,778
			Insured), 5.75%, due 12/1/21
	1,000		Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24			1,183	ß
						11,169
Iowa (2.9%)
	5,110		Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22 Pre-Refunded 8/1/18			5,646
	2,325		Iowa Std. Loan Liquidity Corp. Rev., Ser. 2011-A-1, 5.00%, due 12/1/21			2,476
	665		Iowa Std. Loan Liquidity Corp. Rev., Ser. 2011-A-1, 5.30%, due 12/1/23			714
						8,836
Kentucky (0.0%)
	150		Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31			151	ß
Louisiana (1.6%)
	1,500		Louisiana Local Gov’t Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%,			1,787	ß
			due 11/1/35
	500		Louisiana Pub. Facs. Au. Rev. (Archdiocese of New Orleans Proj.), Ser. 2007, (CIFG Insured),			505	ß
			4.50%, due 7/1/37
	775		Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.),			924	ß
			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%,			1,801	µß
			due 12/1/40 Putable 6/1/22
						5,017
Maine (0.8%)
	2,400		Maine St. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2005, 6.25%,			2,458	ñµß
			due 1/1/25 Putable 2/1/17
Maryland (0.8%)
	100		Howard Co. Retirement Comm. Rev. Ref. (Vantage House Fac.), Ser. 2007-A, 5.25%, due 4/1/33			100	ß
	2,400		Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, (Fannie Mae			2,444	µß
			Insured), 4.85%, due 12/15/38 Putable 12/15/23
						2,544

See Notes to Schedule of Investments

14

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
Massachusetts (6.5%)
$	200		Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/24		$	219	ß
	415		Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/25			450	ß
	200		Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/26			215	ß
	190		Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/27			203	ß
	150		Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.), Ser. 2014-F, 5.00%, due 7/15/28			159	ß
	2,570		Massachusetts St. Ed. Fin. Au. Rev., Ser. 2011-J, 5.00%, due 7/1/23			2,865
	3,615		Massachusetts St. Ed. Fin. Au. Rev., Ser. 2012-J, 4.70%, due 7/1/26			3,825
	4,220		Massachusetts St. Ed. Fin. Au. Rev., Ser. 2013-K, 4.50%, due 7/1/24			4,648
	5,000		Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25			5,340
	2,095		Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19			2,103
						20,027
Michigan (2.7%)
	1,000		Jackson College Dormitories Hsg. Rev., Ser. 2015, 6.50%, due 5/1/35			1,117
	500		Jackson College Dormitories Hsg. Rev., Ser. 2015, 6.75%, due 5/1/46			556
	3,820		Michigan St. Hsg. Dev. Au. Rev., Ser. 2008-A, (LOC: JP Morgan Chase), 0.54%, due 10/1/37			3,820	µ
	2,000		Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20			2,004
	750		Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.50%, due 11/1/35			752
	100		Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35			100
						8,349
Minnesota (1.5%)
	2,000		Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17			2,074	ß
	2,250		Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children’s Hlth. Care Facs.), Ser. 2010-A1,			2,517	ß
			(AGM Insured), 4.50%, due 8/15/24
						4,591
Mississippi (1.2%)
	3,320		Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24			3,632	ß
Missouri (1.2%)
	660		Bridgeton Ind. Dev. Au. Ref. Rev. (Hilltop Comm. Imp. Dist. Proj.), Ser. 2015-A, 4.25%, due 5/1/35			669
	390		Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B,			391
			5.50%, due 7/1/16
	2,275		Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children’s Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24			2,547	ß
						3,607
Nevada (2.8%)
	1,900		Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy), Ser. 2015-A, 4.00%,			1,927	ñß
			due 12/15/25
	500		Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy), Ser. 2015-A, 5.13%,			514	ñß
			due 12/15/45
	1,635		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17			1,740
	3,545		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19			4,260
						8,441
New Hampshire (0.5%)
	1,500		New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 4.00%,			1,537	ñµß
			due 4/1/29 Putable 10/1/19
New Jersey (5.2%)
	2,500		New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23			2,764	ß
	500		New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.), Ser. 2013, 5.25%,			582	ß
			due 1/1/25

See Notes to Schedule of Investments

15

Schedule of Investments Intermediate Municipal Fund Inc.

(Unaudited) (cont’d)

 

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
$	500		New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.), Ser. 2013, 5.50%,		$	590	ß
			due 1/1/26
	1,420		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group),			1,442	ß
			Ser. 2013, 3.50%, due 7/1/24
	1,470		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group),			1,495	ß
			Ser. 2013, 3.63%, due 7/1/25
	1,520		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group),			1,552	ß
			Ser. 2013, 3.75%, due 7/1/26
	765		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group),			791	ß
			Ser. 2013, 4.00%, due 7/1/27
	180		New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured),			201
			5.25%, due 12/15/20
	6,275		New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26			6,671
						16,088
New Mexico (0.5%)
	500		Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax			517	Ññ
			Increment Bond), Ser. 2015, 5.25%, due 5/1/25
	1,000		Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax			1,052	Ññ
			Increment Bond), Ser. 2015, 5.75%, due 5/1/30
						1,569
New York (11.7%)
	625		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29			711	ß
	1,100		Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24			1,240	ß
	835		Build NYC Res. Corp. Rev., Ser. 2014, 5.25%, due 11/1/29			940	ß
	500		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts), Ser. 2013-A,			511	ß
			3.88%, due 4/15/23
	1,450		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int’l Cultures and the Arts), Ser. 2013-A,			1,492	ß
			5.00%, due 4/15/43
	1,000		Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%,			1,088	ñß
			due 1/1/25
	700		Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2014, 5.00%, due 7/1/23			831	ß
	735		Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2014, 5.00%, due 7/1/24			878	ß
	1,400		Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24			1,377	ñß
	1,000		New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology), Ser. 2006-A, 5.00%,			1,017	ß
			due 12/1/28
	500		New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40			555	ñß
	1,100		New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19			0	чz
	4,000		New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009,			4,520	ß
			5.25%, due 7/1/33 Pre-Refunded 7/1/19
	3,200		New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28			3,837
	2,000		New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41			2,084
	2,000		New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27			2,052
	2,000		New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20			2,235
	710		Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20			805
	495		Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/20			561
	520		Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/21			602
	550		Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/22			647
	1,435		Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23			1,635	ß
	1,000		Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), Ser. 2012-B, 4.00%,			1,023	ñß
			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			1,268
	850		Tender Option Bond Trust Receipts/Certs. Var. Sts. (Floaters), Ser. 2008-XF0288,			850	ñµ
			(LOC: JP Morgan Chase), 0.44%, due 7/1/30

See Notes to Schedule of Investments

16

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
$	2,000		Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28		$	2,474
	600		Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%,			616	ñß
			due 6/1/30
						35,849
North Carolina (3.6%)
	1,835		North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.),			1,950	ß
			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			2,301	ß
	3,740		North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev., Ser. 2009-A, 5.00%,			4,144
			due 1/1/26 Pre-Refunded 1/1/19
	1,510		North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev., Ser. 2009-A, 5.00%,			1,657
			due 1/1/26
	1,000		Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%,			1,144
			due 6/1/24 Pre-Refunded 6/1/19
						11,196
Ohio (1.4%)
	2,060		Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27			2,321
	1,000		Ohio St. Wtr. Dev. Au. Poll Ctrl. Facs. Rev. Ref. (First Energy Nuclear Generation Proj.), Ser. 2006-B,			1,047	µß
			4.00%, due 12/1/33 Putable 6/3/19
	1,000		Ohio St. Wtr. Dev. Au. Poll Ctrl. Facs. Rev. Ref. (First Energy Nuclear Generation Proj.), Ser. 2008-C,			1,038	µß
			3.95%, due 11/1/32 Putable 5/1/20
						4,406
Oklahoma (0.2%)
	250		Tulsa Arpt. Imp. Trust Ref. Rev., Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24			296
	400		Tulsa Arpt. Imp. Trust Ref. Rev., Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25			468
						764
Oregon (0.2%)
	480		Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%,			494
			due 7/1/27
Pennsylvania (8.4%)
	3,000		Beaver Co. Ind. Dev. Au. Rev. Ref. (Firstenergy Generation LLC), Ser. 2006-A, 3.50%, due 4/1/41			3,107	µß
			Putable 6/1/20
	500		Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.50%, due 5/1/25			520	ß
	350		Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.60%, due 5/1/26			363	ß
	2,830		Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.),			2,881	ß
			Ser. 2015-A, 4.25%, due 7/1/30
	2,000		Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22			2,076	ß
	1,250		Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28			1,431	ß
	1,105		Moon Ind. Dev. Au. Rev. Ref. (Baptist Homes Society Obligated Group), Ser. 2015, 5.63%,			1,154	ß
			due 7/1/30
	3,430		Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%,			3,664
			due 4/1/27
	2,625		Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%,			3,033	ß
			due 11/1/24
	1,000		Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 6.00%,			1,197
			due 12/1/34
	3,785		Reading G.O., Ser. 2010-C, 5.63%, due 11/15/20			3,971
	2,000		Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27			2,235
						25,632

See Notes to Schedule of Investments

17

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
Puerto Rico (0.7%)
$	2,020		Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee		$	2,135
			Corp. Insured), 5.50%, due 7/1/20
Rhode Island (0.9%)
	2,650		Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2013-A, 3.75%, due 12/1/26			2,707
South Carolina (0.8%)
	2,400		South Carolina Jobs Econ. Dev. Au. Econ. Dev. Rev. (Dorris Properties LLC Proj.), Ser. 2006, (LOC: TD			2,400	µß
			Bank N.A.), 0.85%, due 7/1/32
Tennessee (1.8%)
	2,705		Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19			3,047
	2,000		Tennessee St. Energy Acquisition Corp. Gas Rev. (LOC: Goldman Sachs Group, Inc.), Ser. 2006-A,			2,415
			5.25%, due 9/1/23
						5,462
Texas (6.4%)
	250		Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45			252	ß
	500		Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy), Ser. 2014-A, 5.88%, due 3/1/24			528	ß
	1,000		Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy), Ser. 2014-A, 6.63%, due 3/1/29			1,062	ß
	1,050		Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22			1,046	ß
	250		Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28			267	ñ
	2,000		Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42			2,072	ß
	500		Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25			527	ß
	1,000		Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B,			1,136	ß
			5.75%, due 1/1/28
	2,900		Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33			3,146
	460		Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 4.00%, due 2/15/22			491	ß
	1,000		Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 5.00%, due 2/15/32			1,104	ß
	1,000		Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20 Pre-Refunded 3/1/18			1,077
	3,000		North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23			3,374
	500		San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev. (St. Edwards Univ. Proj.), Ser. 2007, 5.00%,			521	ß
			due 6/1/19
	1,500		Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21			1,715
	1,175		West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35			1,315
						19,633
Utah (2.0%)
	3,000		Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28			3,623	ß
	1,200		Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 Pre-Refunded 6/1/18			1,312
	500		Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45			526	ñß
	185		Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.00%, due 7/1/20			193
	170		Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.25%, due 7/1/21			177
	240		Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/22			250
						6,081
Vermont (3.2%)
	1,600		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2012-A, 5.00%, due 6/15/21			1,777
	465		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.25%, due 6/15/24			498
	1,105		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.35%, due 6/15/25			1,178
	1,640		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.45%, due 6/15/26			1,750
	535		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.55%, due 6/15/27			569
	1,800		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2014-A, 5.00%, due 6/15/24			2,107
	1,700		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2015-A, 4.13%, due 6/15/27			1,790
						9,669

See Notes to Schedule of Investments

18

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
Virginia (0.3%)
$	1,000		Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%,		$	1,029	ß
			due 12/1/22
Washington (3.8%)
	1,600		Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25			1,701
	6,700		Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28			7,128
	2,525		Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29			2,782	ß
						11,611
West Virginia (0.4%)
	1,000		West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19 Pre-Refunded 7/1/18			1,089
Wisconsin (5.2%)
	1,250		Pub. Fin. Au. Ed. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A, 4.00%,			1,246	ß
			due 12/1/36
	870		Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30			889	ñß
	200		Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35			205	ñß
	1,910		Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25			1,965	ß
	1,100		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35			1,226	ß
	1,225		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39			1,360	ß
	1,340		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30			1,531	ß
			Pre-Refunded 12/23/19
	3,660		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30			4,112	ß
	3,000		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29			3,364	ß
			Pre-Refunded 12/1/18
						15,898
Total Municipal Notes (Cost $426,671)						475,686
Tax Exempt Preferred (0.6%)
Real Estate (0.6%)
	1,725		Munimae TE Bond Subsidiary LLC, Unsecured Notes, 5.00%, due 4/30/28 (Cost $1,725)			1,828	Ññ
Variable Rate Demand Preferred Shares (0.1%)
California (0.1%)
	400		Nuveen California Dividend Advantage Muni. Fund, Ser. 2014-6, (LOC: Citibank, N.A.), 0.53%,			400	ñµ
			due 8/1/40 (Cost $400)
Total Investments (155.9%) (Cost $428,796)						477,914	##
Cash, receivables and other assets, less liabilities (2.6%)						8,021
Liquidation Value of Variable Rate Municipal Term Preferred Shares [(58.5%)]						(179,400	)
Total Net Assets Applicable to Common Stockholders (100.0%)					$	306,535

See Notes to Schedule of Investments

19

Schedule of Investments New York Intermediate Municipal Fund Inc.
(Unaudited) 4/30/16

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
Municipal Notes (160.3%)
American Samoa (0.7%)
$	500		American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29		$	517
California (6.1%)
	250		California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerge Redpak Svcs. So. California LLC			251	Ññß
			Proj.), Ser. 2016, 7.00%, due 12/1/27
	3,115		Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured),			2,674
			0.00%, due 8/1/24
	1,470		Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25			1,621
						4,546
Georgia (0.7%)
	500		Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25			508	Ññß
Guam (3.2%)
	1,135		Guam Gov’t Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19			1,285
	1,000		Guam Gov’t Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25			1,128
						2,413
Illinois (1.6%)
	175		Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17			177
	1,000		Chicago G.O. Ref., Ser. 2003-B, 5.00%, due 1/1/23			1,023
						1,200
Louisiana (0.8%)
	500		Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.),			596	ß
			Ser. 2013-A, 7.63%, due 12/15/28
Nevada (1.6%)
	1,000		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19			1,202
New York (135.9%)
	380		Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences), Ser. 2014-A,			439	ß
			5.00%, due 12/1/27
	375		Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences), Ser. 2014-A,			431	ß
			5.00%, due 12/1/28
	270		Albany Cap. Res. Corp. Ref. Rev. (Albany College of Pharmacy & Hlth. Sciences), Ser. 2014-A,			309	ß
			5.00%, due 12/1/29
	1,000		Barclays Cap. Muni. Trust Receipts Var. Sts. (Floaters), Ser. 2011-7B, 0.45%, due 11/1/27			1,000	ñµ
	500		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/27			576	ß
	500		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/28			572	ß
	270		Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College), Ser. 2014-A, 5.00%, due 6/1/26			331	ß
	225		Build NYC Res. Corp. Ref. Rev. (City Univ. - Queens College), Ser. 2014-A, 5.00%, due 6/1/29			270	ß
	250		Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.), Ser. 2014, 5.00%, due 7/1/22			295	ß
	500		Build NYC Res. Corp. Ref. Rev. (Methodist Hosp. Proj.), Ser. 2014, 5.00%, due 7/1/29			577	ß
	250		Build NYC Res. Corp. Ref. Rev. (New York Law Sch. Proj.), Ser. 2016, 4.00%, due 7/1/45			256	ß
	155		Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.), Ser. 2015, 5.00%, due 6/1/26			189	ß
	125		Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.), Ser. 2015, 5.00%, due 6/1/27			151	ß
	195		Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.), Ser. 2015, 5.00%, due 6/1/28			233	ß
	220		Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.), Ser. 2015, 5.00%, due 6/1/29			262	ß
	325		Build NYC Res. Corp. Ref. Rev. (Packer Collegiate Institute Proj.), Ser. 2015, 5.00%, due 6/1/30			385	ß
	565		Build NYC Res. Corp. Rev., Ser. 2014, 5.00%, due 11/1/24			637	ß
	500		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int’l Cultures), Ser. 2013-A, 3.88%, due 4/15/23			511	ß
	205		Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.),			213	ñß
			Ser. 2014, 3.75%, due 1/1/20

See Notes to Schedule of Investments

20

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
$	200		Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.),		$	218	ñß
			Ser. 2014, 4.50%, due 1/1/25
	500		Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A,			500	ß
			5.00%, due 5/1/23
	1,000		Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21			1,179	ß
	1,050		Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25			1,185
	1,270		Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21			1,500	ß
	1,500		Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23			1,723	ß
	580		Islip, G.O., Ser. 2012, 3.00%, due 8/1/25			619
	755		Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 4.75%, due 1/1/20			754	ñß
	1,050		Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (BHAC Insured), 5.00%, due 12/1/21			1,076
	300		Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured),			354	ß
			5.00%, due 1/15/29
	500		Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A,			582	ß
			5.00%, due 10/1/24
	500		Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A,			578	ß
			5.00%, due 10/1/25
	250		Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A,			265	ß
			4.00%, due 10/1/26
	1,120		Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/23			1,267	ß
	210		Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/25			236	ß
	1,265		Montgomery Co. Cap. Res. Corp. Lease Ref. Rev. (HFM Boces Proj.), Ser. 2014, (MAC Insured),			1,532
			5.00%, due 9/1/27
	2,000		Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28			2,404
	500		Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.),			600	ß
			Ser. 2014, 5.00%, due 7/1/23
	1,000		Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.),			1,186	ß
			Ser. 2014, 5.00%, due 7/1/27
	950		New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22			1,072
	1,000		New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21			1,129
	490		New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology), Ser. 2006-A,			498	ß
			5.00%, due 12/1/28
	100		New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology), Ser. 2006-B,			101	ß
			5.25%, due 12/1/36
	500		New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014, 5.38%, due 11/15/40			555	ñß
	2,000		New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35			2,542	ß
	660		New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19			0	чz
	3,000		New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17			3,012	ß
	1,815		New York St. Dorm. Au. Ref. Rev. Non St. Supported Debt (Pratt Institute), Ser. 2015-A,			1,876	ß
			3.00%, due 7/1/27
	410		New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16			413
	780		New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013,			886	ß
			4.63%, due 7/1/25
	500		New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009,			548	ß
			5.00%, due 7/1/24
	900		New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008,			952	ß
			(FHA Insured), 5.00%, due 8/1/21
	1,595		New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009,			1,803	ß
			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),			2,186	ß
			Ser. 2011-A, 4.38%, due 5/1/26
	1,000		New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2006-A,			1,008	ß
			5.00%, due 7/1/20
	745		New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B,			776	ß
			5.25%, due 7/1/24 Pre-Refunded 7/1/17
	1,375		New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology),			1,504	ß
			Ser. 2012, 4.00%, due 7/1/28

See Notes to Schedule of Investments

21

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
$	2,000		New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John’s Univ.), Ser. 2007-C,		$	2,265	ß
			(National Public 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,			623	ß
			5.25%, due 7/1/25
	460		New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group),			487	ß
			Ser. 2014-A, 4.00%, due 1/1/26
	470		New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group),			494	ß
			Ser. 2014-A, 4.00%, due 1/1/27
	200		New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group),			209	ß
			Ser. 2014-A, 4.00%, due 1/1/28
	275		New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group),			288	ß
			Ser. 2014-A, 4.13%, due 1/1/29
	1,350		New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28			1,619
	2,000		New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26			2,441
	1,500		New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.),			1,532	ß
			Ser. 2004-A, 2.75%, due 7/1/17
	2,000		New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26			2,256
	1,615		New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29			1,689
	960		New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27			991
	1,045		New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27			1,072
	1,230		New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/23			1,408
	1,295		New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/24			1,482
	1,000		New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2007-B,			1,061
			5.00%, due 4/1/20 Pre-Refunded 10/1/17
	1,090		New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B,			1,219
			5.00%, due 4/1/19
	1,250		New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20			1,397
	665		New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A-1, 5.00%, due 12/15/23			710
			Pre-Refunded 12/15/17
	300		New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A-1, 5.00%, due 12/15/23			320
	785		Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22			923
	900		Niagara Area Dev. Corp. Rev. (Covanta Energy Proj.), Ser. 2012, 4.00%, due 11/1/24			920	ñß
	640		Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/25			727	ß
	300		Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/26			339	ß
	1,100		Niagara Falls City Sch. Dist. Ref. Cert. Participation (High Sch. Fac.), Ser. 2015, (AGM Insured),			1,252
			4.00%, due 6/15/26
	1,010		Onondaga Civic Dev. Corp. Ref. Rev., Ser. 2015, 5.00%, due 10/1/29			1,174	ß
	500		Onondaga Civic Dev. Corp. Rev. (St. Joseph’s Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25			564	ß
			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			1,142	ß
	1,500		Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21			1,578
	3,000		Port Au. New York & New Jersey Cons. Bonds, Ser. 2012-175, 3.00%, due 12/1/27			3,167
	750		Rensselaer City Sch. Dist. Cert. Participation, Ser. 2006, (XLCA Insured), 5.00%, due 6/1/26			752
	1,500		Rockland Co. G.O. (Pub. Imp. ), Ser. 2014-C, (AGM Insured), 4.00%, due 5/1/21			1,671
	1,000		Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22			1,069	ß
	1,410		St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28			1,653	ß
	1,980		Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25			2,290
	1,830		Tender Option Bond Trust Receipts/Certs. Var. Sts. (Floaters), Ser. 2008-XF0288,			1,830	ñµ
			(LOC: JP Morgan Chase), 0.44%, due 7/1/30
	190		Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp.			201
			Insured), 4.75%, due 1/1/24
	1,000		Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23 Pre-Refunded 11/15/18			1,103
	765		Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23			843
	1,405		United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22			1,574
	3,000		Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28			3,711
	1,000		Westchester Co. Local Dev. Corp. Ref. Rev. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30			1,026	ñß
	825		Westchester Co. Local Dev. Corp. Ref. Rev. (Westchester Med. Ctr.), Ser. 2016, 5.00%, due 11/1/30			978	ß
	1,350		Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28			1,530	ß
						101,836

See Notes to Schedule of Investments

22

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

PRINCIPAL AMOUNT					VALUE†
(000’s omitted)					(000’s omitted)
Ohio (0.7%)
$	500		Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47		$	482
Pennsylvania (3.2%)
	2,000		Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 6.00%,			2,394
			due 12/1/34
Puerto Rico (4.2%)
	2,000		Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee			2,113
			Corp. Insured), 5.50%, due 7/1/20
	1,060		Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.),			1,057	ß
			Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/16
						3,170
Texas (0.5%)
	400		Mission Econ. Dev. Corp. Wtr. Sply. Rev. (Green Bond-Env. Wtr. Minerals Proj.), Ser. 2015, 7.75%,			404	Ññß
			due 1/1/45
Virgin Islands (1.1%)
	250		Virgin Islands Pub. Fin. Au. Rev., Ser. 2014-A, 5.00%, due 10/1/24			290
	500		Virgin Islands Pub. Fin. Au. Rev., Ser. 2014-A, 5.00%, due 10/1/29			563
						853
			Total Municipal Notes (Cost $112,089)			120,121
UNITS
Liquidating Trust - Real Estate (2.3%)
	600		CMS Liquidating Trust (Cost $3,105)			1,747	#*^^
Total Investments (162.6%) (Cost $115,194)						121,868	##
Cash, receivables and other assets, less liabilities (1.9%)						1,360
Liquidation Value of Variable Rate Municipal Term Preferred Shares [(64.5%)]						(48,300	)
Total Net Assets Applicable to Common Stockholders (100.0%)					$	74,928

See Notes to Schedule of Investments

23

Notes to Schedule of Investments (Unaudited)

See Notes to Schedule of Investments

24

Notes to Schedule of Investments (Unaudited) (cont’d)

The following is a summary, categorized by Level, of inputs used to value the Funds’ investments as of April 30, 2016:

Asset Valuation Inputs
(000’s omitted)		Level 1			Level 2		Level 3§			Total
California
Investments:
Municipal Notes^		$—		$	145,333		$—		$	145,333
Variable Rate Demand Preferred Shares^		—			200		—			200
Total Investments		—			145,533		—			145,533
Intermediate
Investments:
Municipal Notes^		—			475,686		—			475,686
Tax Exempt Preferred		—			1,828		—			1,828
Variable Rate Demand Preferred Shares^		—			400		—			400
Total Investments		—			477,914		—			477,914
New York
Investments:
Municipal Notes^		—			120,121		—			120,121
Liquidating Trust—Real Estate		—			—		1,747			1,747
Total Investments		—			120,121		1,747			121,868

^	The Schedule of Investments provides a categorization by state.
§	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

11/1/2015

(premiums)

gain/(loss)

(depreciation)

Purchases

Sales

Level 3

Level 3

4/30/2016

of 4/30/2016

(000’s omitted)

Investments in

Securities:

New York

Units

Liquidating

Trust—

Real Estate

$

1,731

$—

$—

$

16

$—

$—

$—

$—

$

1,747

$16

Total

$

1,731

$—

$—

$

16

$—

$—

$—

$—

$

1,747

$16

See Notes to Financial Statements

25

Notes to Schedule of Investments (Unaudited)(cont’d)

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, 2016:

Impact to

valuation

Input

from

Asset

Fair value

Valuation

Unobservable

Range

value

decrease

class

at 4/30/2016

techniques

input

per unit

per unit

in input

New York

Units

$1,747,200

Income Approach

Appraised value

$2,685 - $2,974

$2,974

Increase

	As of the six months ended April 30, 2016, the Funds had no transfers between Levels 1, 2 or 3 based on the beginning of period market values as of October 31, 2015.
##	At April 30, 2016, selected fund information on a U.S. federal income tax basis was as follows:

											Net
					Gross			Gross			Unrealized
					Unrealized			Unrealized			Appreciation
(000’s omitted)		Cost			Appreciation			Depreciation			(Depreciation)
California		$	133,175		$	12,414		$	56		$	12,358
Intermediate			428,818			51,351			2,255			49,096
New York			115,221			8,694			2,047			6,647

ß	Security is guaranteed by the corporate or non-profit obligor.
ñ	Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At 4/30/2016, these securities amounted to approximately $9,692,000 or 11.0% of net assets applicable to common stockholders for California, approximately $34,232,000 or 11.2% of net assets applicable to common stockholders for Intermediate and approximately $7,679,000 or 10.2% of net assets applicable to common stockholders for New York. Securities denoted with “ñ” but without “Ñ” have been deemed by the investment manager to be liquid.
µ	Variable or floating rate security. The interest rate shown was the current rate as of 4/30/2016 and changes periodically.
b	Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
c	Currently a zero coupon security; will convert to 6.38% on August 1, 2016.
d	Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
e	Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
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.
k	Security is subject to a guarantee provided by Citibank N.A., backing 100% of the total principal.
z	Amount less than one thousand.

See Notes to Financial Statements

26

Notes to Schedule of Investments (Unaudited) (cont’d)

*	Non-income producing security.
^^	Security fair valued as of 4/30/2016 in accordance with procedures approved by the Board. Total value of all such securities at 4/30/2016 amounted to approximately $1,747,000, which represents 2.3% of net assets applicable to common stockholders of New York.
‡	Defaulted securities.
Ñ	Illiquid security.
#	These securities have been deemed by the investment manager to be illiquid, and are restricted securities subject to restrictions on resale.
	At 4/30/2016, these securities amounted to approximately $1,747,000, which represents 2.3% of net assets applicable to common stockholders of New York.

Acquisition

Fair Value

Cost Percentage

Percentage

of Net Assets

of Net Assets

Applicable

Applicable

to Common

to Common

Stockholders

Stockholders

Acquisition

Acquisition

as of Acquisition

Value as of

as of

(000’s omitted)

Restricted Security

Date

Cost

Date

4/30/2016

4/30/2016

New York

CMS Liquidating Trust

11/21/2012

$3,105

4.0%

$1,747

2.3%

See Notes to Financial Statements

27

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, 2016			April 30, 2016			April 30, 2016
Assets
Investments in securities, at value* (Note A)-see Schedule of Investments:
Unaffiliated issuers	$145,533			$477,914			$121,868
Cash	85			1,607			44
Interest receivable	1,732			6,504			1,655
Receivable for securities sold	—			1,690			—
Deferred offering costs (Note A)	95			181			88
Prepaid expenses and other assets	3			9			2
Total Assets	147,448			487,905			123,657
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)	59,000			179,400			48,300
Distributions payable-preferred shares	80			243			66
Distributions payable-common stock	344			1,408			244
Payable to investment manager (Note B)	30			100			25
Payable to administrator (Note B)	36			120			30
Accrued expenses and other payables	67			99			64
Total Liabilities	59,557			181,370			48,729
Net Assets applicable to Common Stockholders	$87,891			$306,535			$74,928
Net Assets applicable to Common Stockholders consist of:
Paid-in capital-common stock	$79,222			$267,767			$72,084
Undistributed net investment income (loss)	269			8,711			—
Distributions in excess of net investment income	—			—			(126	)
Accumulated net realized gains (losses) on investments	(3,958	)		(19,061	)		(3,704	)
Net unrealized appreciation (depreciation) in value of investments	12,358			49,118			6,674
Net Assets applicable to Common Stockholders	$87,891			$306,535			$74,928
Shares of Common Stock Outstanding ($.0001 par value;
999,996,410, 999,990,206 and 999,996,517 shares authorized for
California, Intermediate and New York, respectively)	5,546			18,775			5,077
Net Asset Value Per Share of Common Stock Outstanding	$15.85			$16.33			$14.76
* Cost of Investments	$133,175			$428,796			$115,194

See Notes to Financial Statements

28

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, 2016					April 30, 2016					April 30, 2016
Investment Income:
Income (Note A):
Interest and other income			$	2,756				$	10,295				$	2,354
Expenses:
Investment management fees (Note B)				181					600					152
Administration fees (Note B)				217					719					182
Audit fees				29					29					29
Basic maintenance expense (Note A)				20					20					20
Custodian and accounting fees				43					86					37
Insurance expense				2					7					2
Legal fees				13					42					12
Stockholder reports				5					21					5
Stock exchange listing fees				1					4					1
Stock transfer agent fees				11					12					11
Distributions to variable rate municipal term preferred shareholders and
amortization of offering costs (Note A)				411					1,232					338
Directors’ fees and expenses				19					19					19
Interest expense				—					4					1
Miscellaneous				8					13					8
Total net expenses				960					2,808					817
Net investment income (loss)			$	1,796					$7,487				$	1,537
Realized and Unrealized Gain (Loss) on Investments (Note A):
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers				(31	)				(105	)				(16	)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities				3,293					10,143					2,439
Net gain (loss) on investments				3,262					10,038					2,423
Net increase (decrease) in net assets applicable to Common
Stockholders resulting from operations			$	5,058				$	17,525				$	3,960

See Notes to Financial Statements

29

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, 2016			Year Ended			April 30, 2016			Year Ended
		(Unaudited)			October 31, 2015			(Unaudited)			October 31, 2015
Increase (Decrease) in Net Assets Applicable to
Common Stockholders:
From Operations (Note A):
Net investment income (loss)		$1,796			$3,561			$7,487			$15,221
Net realized gain (loss) on investments		(31	)		154			(105	)		1,155
Change in net unrealized appreciation (depreciation)
of investments		3,293			(167	)		10,143			(4,493	)
Net increase (decrease) in net assets applicable to
Common Stockholders resulting from operations		5,058			3,548			17,525			11,883
Distributions to Common Stockholders From
(Note A):
Net investment income		(2,229	)		(4,521	)		(8,447	)		(16,889	)
From Capital Share Transactions (Note D):
Proceeds from reinvestment of dividends and
distributions		62			72			154			—
Net Increase (Decrease) in Net Assets
Applicable to Common Stockholders		2,891			(901	)		9,232			(5,006	)
Net Assets Applicable to
Common Stockholders:
Beginning of period		85,000			85,901			297,303			302,309
End of period		$87,891			$85,000			$306,535			$297,303
Undistributed net investment income (loss) at end
of period		$269			$702			$8,711			$9,671
Distributions in excess of net investment income at
end of period		$—			$—			$—			$—

See Notes to Financial Statements

31

	NEW YORK INTERMEDIATE
	MUNICIPAL FUND INC.
	Six Months
	Ended
	April 30, 2016			Year Ended
	(Unaudited)			October 31, 2015
	$1,537			$3,028
	(16	)		37
	2,439			(511	)
	3,960			2,554
	(1,691	)		(3,635	)
	13			—
	2,282			(1,081	)
	72,646			73,727
	$74,928			$72,646
	$—			$28
	$(126	)		$—

See Notes to Financial Statements

32

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

Note A—Summary of Significant Accounting Policies:

1	General: 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”). Each Fund’s Board may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of stockholders.
	A zero balance, if any, reflects an actual amount rounding to less than $1,000.
	The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.
	Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.
2	Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds’ Schedule of Investments.
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, 2016, the Funds did not have any unrecognized tax positions.
	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.

33

As determined on October 31, 2015, 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, 2015, the Funds recorded the following permanent reclassifications:

											Accumulated Net
							Undistributed				Realized Gains
							Net Investment				(Losses) on
		Paid-in Capital					Income (Loss)				Investments
California			$(29,565	)			$	29,565				$—
Intermediate			(183,884	)				62,305				121,579
New York			(27,693	)				50,591				(22,898	)

The tax character of distributions paid during the years ended October 31, 2015 and October 31, 2014 were as follows:

						Distributions Paid From:
		Tax-Exempt Income				Ordinary Income				Total
		2015		2014		2015		2014		2015		2014
California		$5,183,345		$4,720,334		$102,578		$97,664		$5,285,923		$4,817,998
Intermediate		19,033,784		16,472,593		179,893		290,773		19,213,677		16,763,366
New York		4,234,101		4,178,249		23,910		24,603		4,258,011		4,202,852

As of October 31, 2015, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

		Undistributed				Undistributed		Undistributed		Unrealized				Loss				Other
		Tax-Exempt				Ordinary		Long-Term		Appreciation				Carryforwards				Temporary
		Income				Income		Capital Gain		(Depreciation)				and Deferrals				Differences				Total
California			$1,142,951			$—		$—			$9,064,519				$(3,927,515	)			$(440,366	)		$5,839,589
Intermediate			11,271,977			—		—			38,953,157				(18,935,668	)			(1,600,446	)		29,689,020
New York			368,893			—		—			4,208,848				(3,662,213	)			(341,327	)		574,201

The 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, 2015, 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:
		2016			2017		2018		2019
California		$—			$783,685		$—		$—
Intermediate		232,566			9,552,881		302,263		—
New York		269,555			1,053,807		—		7,374

34

	Post-Enactment (No Expiration Date)
	Long-Term			Short-Term
California		$2,799,431			$344,399
Intermediate		7,490,081			1,357,877
New York		1,865,796			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, 2015, Intermediate had capital loss carryforwards expire of $126,780.
	During the year ended October 31, 2015, California, Intermediate and New York utilized capital loss carryforwards of $154,002, $1,157,984 and $36,561, respectively.
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-7.
	On May 16, 2016, each Fund declared a monthly distribution to common stockholders payable June 15, 2016, to stockholders of record on May 31, 2016, with an ex-date of May 26, 2016 as follows:

		Distribution per share
California			$	0.062
Intermediate				0.075
New York				0.048

On June 15, 2016, each Fund declared a monthly distribution to common stockholders payable July 15, 2016, to stockholders of record on June 30, 2016, with an ex-date of June 28, 2016 as follows:

		Distribution per share
California			$	0.062
Intermediate				0.075
New York				0.048

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 October 21, 2002, the Funds re-classified unissued shares of capital stock into several series of Auction Market Preferred Shares (“AMPS”), as follows:

		Series A Shares		Series B Shares
California		1,500		1,500
Intermediate		4,000		4,000
New York		1,500		1,500

35

On December 13, 2002, the Funds issued several series of AMPS, as follows:

		Series A Shares				Series B Shares
California			1,180				1,180
Intermediate			3,588				3,588
New York			965				965

All shares of each series of AMPS had a liquidation preference of $25,000 per share plus any accumulated unpaid distributions, whether or not earned or declared by a Fund, but excluding interest thereon (“AMPS Liquidation Value”). Distributions to AMPS stockholders, which were cumulative, were accrued daily. It was the policy of each Fund to pay distributions every 7 days for each Fund’s AMPS Series A and every 28 days for each Fund’s AMPS Series B, unless in a special rate period.

On June 24, 2014, the Funds re-classified unissued shares of capital stock into VMTPS, as follows:

	Shares
California		590
Intermediate		1,794
New York		483

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

	Shares
California		590
Intermediate		1,794
New York		483

Each Fund used the proceeds of the sale of VMTPS to redeem its outstanding AMPS. 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 Municipal Swap Index plus a spread. The table below sets forth key terms of each Fund’s VMTPS.

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

36

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.
9	Indemnifications: Like many other companies, the Funds’ organizational documents provide that their officers (“Officers”) and directors (“Directors”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, both in some of their principal service contracts and in the normal course of their business, the Funds enter into contracts that provide indemnifications to other parties for certain types of losses or liabilities. Each Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against each Fund.
10	Arrangements with certain non-affiliated service providers: In order to satisfy rating agency requirements, each Fund is required to provide the rating agency that rates its VMTPS a report on a monthly basis verifying that each Fund is maintaining eligible assets having a discounted value equal to or greater than the Preferred Shares Basic Maintenance Amount, which is a minimum level set by the rating agency as one of the conditions to maintain its rating on the VMTPS. “Discounted value” refers to the fact that the rating agency requires each Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the rating agency. Each Fund pays a fee to State Street Bank and Trust Company (“State Street”) for the preparation of this report which is reflected in the Statements of Operations under the caption “Basic maintenance expense (Note A).”

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

Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee at the annual rate of 0.25% of its average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered into for purposes of leverage. For purposes of calculating Managed Assets, any VMTPS Liquidation Value (AMPS Liquidation Value prior to June 30, 2014, July 1, 2014 and July 2, 2014 for California, Intermediate and New York, respectively) 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.

Prior to January 1, 2016, Neuberger Berman LLC (“Neuberger”) was retained by Management pursuant to a Sub-Advisory Agreement to furnish it with investment recommendations and research information without added cost to the Funds. Several individuals who are Officers and/or Directors of each Fund are also employees of Management.

Note C—Securities Transactions:

During the six months ended April 30, 2016, there were purchase and sale transactions of long-term securities as follows:

(000’s omitted)		Purchases		Sales
California		$11,444		$11,765
Intermediate		33,537		37,479
New York		5,625		5,669

37

Note D—Capital:

Transactions in shares of common stock for the six months ended April 30, 2016 and for the year ended October 31, 2015 were as follows:

		Stock Issued on						Net Increase/(Decrease)
		Reinvestment of Dividends						in Common Stock
		and Distributions						Outstanding
			2016		2015				2016		2015
California			3,938		4,619				3,938		4,619
Intermediate			9,506		—				9,506		—
New York			897		—				897		—

Note E—Legal Entity Consolidation:

Effective January 1, 2016, Neuberger Berman Management LLC (“NBM”) and Neuberger transferred to Neuberger Berman Fixed Income LLC (“NBFI”) their rights and obligations pertaining to all services they provided to the Funds under the Management Agreements, Sub-Advisory Agreements, and/or Administration Agreements, as applicable (the “Agreements”). Following such transfer, NBFI was renamed Neuberger Berman Investment Advisers LLC (“NBIA”). Additionally, effective January 1, 2016, the Sub-Advisory Agreements between Neuberger and NBFI were terminated.

NBIA now serves as the Funds’ investment manager and administrator. The investment professionals of Management and Neuberger, who provided services to the Funds under the Agreements, continue to provide the same services, except that they provide those services in their new capacities as investment professionals of NBIA. Further, the consolidation did not result in any change in the investment processes currently employed by any Fund, the nature or level of services provided to any Fund, or the fees any Fund pays under its Agreements.

Note F—Subsequent Event:

Under normal market conditions, each of California and New York invests at least 80% of its total assets in securities with remaining maturities of less than 15 years and each invests at least 90% of its total assets in securities that are exempt from federal income tax and the state income tax of their specific state (and, with respect to New York, New York City personal income tax). Effective June 22, 2016, neither Fund will have a separate policy to invest at least 90% of its total assets in securities with remaining maturities of less than 15 years. There are no other changes to either Fund’s investment strategy or policies.

Note G—Unaudited Financial Information:

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

38

Financial Highlights

California Intermediate Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A “—” indicates that the line item was not applicable in the corresponding period.

		Six Months Ended April 30, 2016 (Unaudited)				Year Ended October 31,
						2015				2014				2013				2012				2011
Common Stock Net Asset Value, Beginning
of Period		$	15.34			$	15.51			$	14.46			$	15.85			$	15.09			$	15.25
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income (Loss)¢			0.32				0.64				0.72				0.79				0.89				0.99
Net Gains or Losses on Securities
(both realized and unrealized)			0.59				0.01				1.16				(1.34	)			0.72				(0.29	)
Common Stock Equivalent of Distributions to
AMPS Preferred Stockholders From:
Net Investment Income¢			—				—				(0.01	)			(0.02	)			(0.03	)			(0.04	)
Total From Investment Operations
Applicable to Common Stockholders			0.91				0.65				1.87				(0.57	)			1.58				0.66
Less Distributions to Common
Stockholders From:
Net Investment Income			(0.40	)			(0.82	)			(0.82	)			(0.82	)			(0.82	)			(0.82	)
Common Stock Net Asset Value,
End of Period		$	15.85			$	15.34			$	15.51			$	14.46			$	15.85			$	15.09
Common Stock Market Value,
End of Period		$	16.23			$	15.33			$	15.53			$	14.26			$	16.66			$	14.68
Total Return, Common Stock Net Asset Value†			5.99	%**			4.37	%			13.28	%			(3.65	)%			10.65	%			4.77	%
Total Return, Common Stock Market Value†			8.60	%**			4.16	%			15.02	%			(9.60	)%			19.55	%			6.75	%
Supplemental Data/Ratios††
Net Assets Applicable to Common Stockholders,
End of Period (in millions)		$	87.9			$	85.0			$	85.9			$	80.0			$	87.5			$	83.1
Preferred Stock Outstanding, End of
Period (in millions)^		$	59.0			$	59.0			$	59.0			$	59.0			$	59.0			$	59.0
Preferred Stock Liquidation Value
Per Share^		$	100,000			$	100,000			$	100,000			$	25,000			$	25,000			$	25,000
Ratios are Calculated Using Average
Net Assets Applicable to Common
Stockholders
Ratio of Gross ExpensesØ			2.23	%*			2.20	%			1.70	%			1.43	%			1.41	% #			1.46	% #
Ratio of Net ExpensesØ			2.23	%*			2.20	%			1.70	%			1.43	% ‡			1.33	% ‡			1.29	% ‡
Ratio of Net Investment Income (Loss) Excluding
AMPS Preferred Stock Distributions^			4.16	%*			4.16	%			4.85	% ØØ			5.19	%ØØ			5.67	% ØØ			6.68	% ØØ
Portfolio Turnover Rate			8	%**			9	%			24	%			47	%			41	%			16	%
Asset Coverage Per Share of Preferred
Stock, End of Period@		$	249,104			$	244,175			$	245,704			$	58,900			$	62,095			$	60,224

See Notes to Financial Highlights

39

Financial Highlights

Intermediate Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A “—” indicates that the line item was not applicable in the corresponding period.

		Six Months
		Ended
		April 30, 2016				Year Ended October 31,
		(Unaudited)				2015				2014				2013				2012				2011
Common Stock Net Asset Value, Beginning
of Period		$	15.84			$	16.11			$	14.54			$	15.96			$	14.86			$	14.94
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income (Loss)¢			0.40				0.81				0.88				0.89				0.98				1.00
Net Gains or Losses on Securities
(both realized and unrealized)			0.54				(0.18	)			1.55				(1.45	)			0.98				(0.21	)
Common Stock Equivalent of Distributions to
AMPS Preferred Stockholders From:
Net Investment Income¢			—				—				(0.01	)			(0.02	)			(0.02	)			(0.03	)
Total From Investment Operations
Applicable to Common Stockholders			0.94				0.63				2.42				(0.58	)			1.94				0.76
Less Distributions to Common
Stockholders From:
Net Investment Income			(0.45	)			(0.90	)			(0.85	)			(0.84	)			(0.84	)			(0.84	)
Common Stock Net Asset Value,
End of Period		$	16.33			$	15.84			$	16.11			$	14.54			$	15.96			$	14.86
Common Stock Market Value,
End of Period		$	16.65			$	15.53			$	15.42			$	14.10			$	16.43			$	14.75
Total Return, Common Stock Net Asset Value†			6.01	%**			4.21	%			17.24	%			(3.59	)%			13.30	%			5.51	%
Total Return, Common Stock Market Value†			10.25	%**			6.74	%			15.72	%			(9.19	)%			17.51	%			5.71	%
Supplemental Data/Ratios††
Net Assets Applicable to Common Stockholders,
End of Period (in millions)		$	306.5			$	297.3			$	302.3			$	272.9			$	299.2			$	277.5
Preferred Stock Outstanding, End of
Period (in millions)^^		$	179.4			$	179.4			$	179.4			$	179.4			$	179.4			$	179.4
Preferred Stock Liquidation Value
Per Share^^		$	100,000			$	100,000			$	100,000			$	25,000			$	25,000			$	25,000
Ratios are Calculated Using Average
Net Assets Applicable to Common
Stockholders
Ratio of Gross ExpensesØ			1.86	%*			1.84	%			1.41	%			1.17	%			1.17	% #			1.22	% #
Ratio of Net ExpensesØ			1.86	%*			1.84	%			1.41	%			1.17	% ‡			1.09	% ‡			1.05	% ‡
Ratio of Net Investment Income (Loss) Excluding
AMPS Preferred Stock Distributions^^			4.97	%*			5.05	%			5.77	% ØØ			5.78	% ØØ			6.30	% ØØ			6.92	% ØØ
Portfolio Turnover Rate			7	%**			9	%			24	%			40	%			35	%			23	%
Asset Coverage Per Share of Preferred
Stock, End of Period@		$	271,002			$	265,828			$	268,620			$	63,026			$	66,698			$	63,673

See Notes to Financial Highlights

40

Financial Highlights

New York Intermediate Municipal Fund Inc.

The following table includes selected data for a share of common stock outstanding throughout each period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Asset amounts with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A “—” indicates that the line item was not applicable in the corresponding period.

		Six Months
		Ended
		April 30, 2016				Year Ended October 31,
		(Unaudited)				2015				2014				2013				2012				2011
Common Stock Net Asset Value, Beginning
of Period		$	14.31			$	14.52			$	13.71			$	15.03			$	14.49			$	14.85
Income From Investment Operations
Applicable to Common Stockholders:
Net Investment Income (Loss)¢			0.30				0.60				0.67				0.71				0.79				0.89
Net Gains or Losses on Securities
(both realized and unrealized)			0.48				(0.09	)			0.93				(1.23	)			0.55				(0.44	)
Common Stock Equivalent of Distributions to
AMPS Preferred Stockholders From:
Net Investment Income¢			—				—				(0.01	)			(0.02	)			(0.02	)			(0.03	)
Total From Investment Operations
Applicable to Common Stockholders			0.78				0.51				1.59				(0.54	)			1.32				0.42
Less Distributions to Common
Stockholders From:
Net Investment Income			(0.33	)			(0.72	)			(0.78	)			(0.78	)			(0.78	)			(0.78	)
Common Stock Net Asset Value,
End of Period		$	14.76			$	14.31			$	14.52			$	13.71			$	15.03			$	14.49
Common Stock Market Value,
End of Period		$	14.54			$	13.78			$	14.11			$	12.97			$	15.74			$	13.76
Total Return, Common Stock Net Asset Value†			5.55	%**			3.70	%			12.16	%			(3.50	)%			9.26	%			3.25	%
Total Return, Common Stock Market Value†			7.97	%**			2.76	%			15.21	%			(12.82	)%			20.49	%			(2.61	)%
Supplemental Data/Ratios††
Net Assets Applicable to Common Stockholders,
End of Period (in millions)		$	74.9			$	72.6			$	73.7			$	69.6			$	76.2			$	73.1
Preferred Stock Outstanding, End of
Period (in millions)^^^		$	48.3			$	48.3			$	48.3			$	48.3			$	48.3			$	48.3
Preferred Stock Liquidation Value
Per Share^^^		$	100,000			$	100,000			$	100,000			$	25,000			$	25,000			$	25,000
Ratios are Calculated Using Average
Net Assets Applicable to Common
Stockholders
Ratio of Gross ExpensesØ			2.22	%*			2.19	%			1.71	%			1.43	%			1.42	% #			1.46	% #
Ratio of Net ExpensesØ			2.22	%*			2.19	%			1.71	%			1.43	% ‡			1.34	% ‡			1.29	% ‡
Ratio of Net Investment Income (Loss) Excluding
AMPS Preferred Stock Distributions^^^			4.18	%*			4.14	%			4.75	% ØØ			4.93	% ØØ			5.31	% ØØ			6.21	% ØØ
Portfolio Turnover Rate			5	%**			18	%			32	%			52	%			28	%			16	%
Asset Coverage Per Share of Preferred
Stock, End of Period@		$	255,266			$	250,512			$	252,753			$	61,059			$	64,471			$	62,895

See Notes to Financial Highlights

41

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

†		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. For each Fund, total return would have been lower if Management had not waived a portion of the investment management fee during certain of the periods shown.
#		Represents the annualized ratios of net expenses to average daily net assets if Management had not waived a portion of the investment management fee.
‡		After waiver of a portion of the investment management fee by Management during certain of the periods shown. 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			2012			2011
California		1.43	%		1.33	%		1.29	%
Intermediate		1.17	%		1.09	%		1.05	%
New York		1.43	%		1.34	%		1.29	%

@		Calculated by subtracting the Fund’s total liabilities (excluding the liquidation preference of VMTPS and accumulated unpaid distributions on the 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.
††		Expense ratios do not include the effect of distributions on 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.
¢		Calculated based on the average number of shares of common stock outstanding during each fiscal period.
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,
	2016		2015		2014
California	0.92%		0.89%		0.96%
Intermediate	0.80%		0.77%		0.83%
New York	0.88%		0.85%		0.91%

ØØ

The annualized ratios of distributions on AMPS to average net assets applicable to common stockholders were:

		Year Ended October 31,
		2014		2013		2012		2011
California		0.05%		0.13%		0.17%		0.24%
Intermediate		0.04%		0.12%		0.15%		0.22%
New York		0.05%		0.12%		0.16%		0.22%

^		Prior to June 30, 2014, California had AMPS outstanding. On June 30, 2014, California issued 590 VMTPS and redeemed its outstanding AMPS (see Note A to Financial Statements).
^^		Prior to July 1, 2014, Intermediate had AMPS outstanding. On July 1, 2014, Intermediate issued 1,794 VMTPS and redeemed its outstanding AMPS (see Note A to Financial Statements).
^^^		Prior to July 2, 2014, New York had AMPS outstanding. On July 2, 2014, New York issued 483 VMTPS and redeemed its outstanding AMPS (see Note A to Financial Statements).
*		Annualized.
**		Not annualized.

42

Distribution Reinvestment Plan for each Fund

Computershare, Inc. (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 of any purchases effected. The Plan Agent shall have no responsibility as to the value of the Shares acquired for each

43

 

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.

44

 

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 at 1-866-227-2136 or P.O. Box 30170, College Station, TX 77842-3170.

45

Directory

Investment Manager and Administrator	Plan Agent
Neuberger Berman Investment Advisers LLC	Computershare, Inc.
605 Third Avenue, 2nd Floor	P.O. Box 30170
New York, NY 10158-0180	College Station, TX 77842-3170
212.476.8800
Sub-Adviser (prior to January 1, 2016)	Overnight correspondence should be sent to:
Neuberger Berman LLC	Computershare, Inc.
605 Third Avenue	211 Quality Circle, Suite 210
New York, NY 10158-3698	College Station, TX 77845
Custodian	Legal Counsel
State Street Bank and Trust Company	K&L Gates LLP
One Lincoln Street	1601 K Street, NW
Boston, MA 02111	Washington, DC 20006-1600
Stock Transfer Agent	Independent Registered Public Accounting Firm
Computershare, Inc.	Ernst & Young LLP
480 Washington Boulevard	200 Clarendon Street
Jersey City, NJ 07310	Boston, MA 02116

46

Proxy Voting Policies and Procedures

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

Quarterly Portfolio Schedule

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

47

Rev. 12/2010

FACTS	WHAT DOES NEUBERGER BERMAN DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■Social Security number and account balances ■income and transaction history ■credit history and credit scores When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Neuberger Berman chooses to share; and whether you can limit this sharing.

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

Questions?	Call 800.223.6448

This is not part of the Funds’ stockholder report.

Page 2

Who we are
Who is providing this notice?	Entities within the Neuberger Berman family of companies, mutual funds, and private investment funds.
What we do
How does Neuberger Berman protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to customer information to those employees who need to know such information in order to perform their job responsibilities.
How does Neuberger Berman collect my personal information?	We collect your personal information, for example, when you ■open an account or provide account information ■seek advice about your investments or give us your income information ■give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■sharing for affiliates’ everyday business purposes—information about your creditworthiness ■affiliates from using your information to market to you ■sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■Our affiliates include companies with a Neuberger Berman name; financial companies, such as investment advisers, broker dealers; mutual funds, and private investment funds.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■Nonaffiliates we share with can include companies that perform administrative services on our behalf (such as vendors that provide data processing, transaction processing, and printing services) or other companies such as brokers, dealers, or counterparties in connection with servicing your account.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■Neuberger Berman doesn’t jointly market.

This is not part of the Funds’ stockholder report.

				Neuberger Berman Investment Advisers LLC 605 Third Avenue, 2nd Floor New York, NY 10158–0180 Internal Sales & Services 877.461.1899 www.nb.com
				Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of stockholders and is not an offer of shares of the Funds.
					I0208 06/16