As filed with the Securities and Exchange Commission on March 28, 2017
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-21168
NEUBERGER BERMAN INTERMEDIATE MUNICIPAL FUND INC.
(Exact Name of Registrant as Specified in Charter)
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104
(Address of Principal Executive Offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Robert Conti, Chief Executive Officer and President
Neuberger Berman Intermediate Municipal Fund Inc.
c/o Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, New York 10104
Arthur C. Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and Addresses of Agents for Service)
Date of fiscal year end:  October 31
Date of reporting period:  January 31, 2017
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (“1940 Act”) (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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. Schedule of Investments.
 
Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) January 31, 2017
 
 
Principal Amount 
 
Value
 
(000's omitted)
   
(000's omitted)
 
         
Municipal Notes 160.9%
 
Alabama 2.1%
 
$
4,000
 
Mobile IDB Poll. Ctrl. Rev. (Alabama Pwr. Barry Plant), Ser. 2009, 0.68%, due 6/1/34
$
4,000
(a)
   
1,900
 
Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35
 
2,131
 
 
6,131
 
Alaska 1.0%
   
2,900
 
Valdez Marine Term. Rev. Ref. (Exxon Pipeline Co. Proj.), Ser. 1993-B, 0.58%, due 12/1/33
 
2,900
(a)
               
American Samoa 0.6%
   
1,700
 
American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29
 
1,614
 
               
Arizona 5.4%
   
5,000
 
Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21 Pre-Refunded 9/1/18
 
5,316
 
   
500
 
Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/36
 
512
(b)
   
1,500
 
Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/26
 
1,411
(b)(c)
   
2,250
 
Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25
 
2,383
(b)
   
3,305
 
Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24
 
3,282
 
   
400
 
Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living  Proj.), Ser. 2016-A, 5.13%, due 7/1/36
 
356
 
   
1,500
 
Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28
 
540
(c)(d)
   
400
 
Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24
 
442
 
   
1,140
 
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18
 
1,142
 
 
15,384
 
California 32.9%
   
2,250
 
California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39 Pre-Refunded 8/15/19
 
2,462
 
   
1,000
 
California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26
 
1,107
 
   
600
 
California Hlth. Facs. Fin. Au. Rev. (Hosp. Adventist Hlth. Sys.), Ser. 1998-B, (LOC: U.S. Bank), 0.54%, due 9/1/28
 
600
(a)
   
1,725
 
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/24
 
1,899
 
       
California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
     
   
805
 
Ser. 2014, 5.00%, due 7/1/24
 
816
(b)(c)
   
630
 
Ser. 2014, 5.13%, due 7/1/29
 
637
(b)(c)
       
California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
     
   
1,085
 
Ser. 2014, 5.00%, due 7/1/24
 
1,088
(c)
   
430
 
Ser. 2014, 5.13%, due 7/1/29
 
427
(c)
   
500
 
California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/31
 
512
(b)
   
570
 
California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30
 
584
(b)
   
585
 
California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/26
 
578
 
   
1,300
 
California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/30
 
1,355
(b)
       
California St. Dept. of  Veterans Affairs Home Purchase Ref. Rev.
     
   
2,155
 
Ser. 2016-A, 2.90%, due 6/1/28
 
2,039
 
   
2,450
 
Ser. 2016-A, 2.95%, due 12/1/28
 
2,314
 
 
 
1,005
 
California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27
 
1,008
 
   
500
 
California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. Proj.), Ser. 2016-A, 5.00%, due 1/1/36
 
487
(b)
   
500
 
California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/27
 
479
(b)(c)
   
5,000
 
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27
 
5,266
(b)
   
4,000
 
California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25
 
4,374
 
   
625
 
California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18
 
643
 
   
1,000
 
California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda Wilder Proj.), Ser. 2015, 4.25%, due 9/1/21
 
1,060
 
   
2,000
 
Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33
 
2,384
 
   
855
 
Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1, 4.50%, due 6/1/27
 
861
 
   
2,000
 
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/40
 
2,543
 
       
Inglewood Pub. Fin. Au. Ref. Rev. (Lease)
     
   
1,950
 
Ser. 2012, 5.00%, due 8/1/17
 
1,984
 
   
1,115
 
Ser. 2012, 5.00%, due 8/1/18
 
1,169
 
   
590
 
La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29
 
622
 
   
3,620
 
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/24
 
2,824
 
   
5,750
 
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (Assured Guaranty Insured), 0.00%, due 8/1/29
 
5,597
(e)
   
5,000
 
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/34
 
6,447
 
   
1,230
 
Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/19
 
1,123
 
   
4,000
 
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26
 
4,856
 
   
2,000
 
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%, due 8/1/34
 
2,093
(f)
   
740
 
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17
 
743
 
   
2,000
 
San Francisco City & Co. Arpt. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25
 
2,162
 
   
6,000
 
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/32
 
5,537
(g)
   
1,540
 
Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26
 
1,711
 
   
2,040
 
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25
 
2,361
 
       
Vernon Elec. Sys. Rev.
     
   
775
 
Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19
 
826
 
   
1,790
 
Ser. 2009-A, 5.13%, due 8/1/21
 
1,912
 
   
9,070
 
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
 
10,468
(h)
   
5,095
 
Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured Guaranty Insured), 0.00%, due 8/1/26
 
3,686
 
   
3,000
 
Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
 
2,440
(i)
 
94,084
 
Colorado 3.8%
       
Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
     
   
565
 
Ser. 2015, 4.50%, due 4/1/25
 
557
(b)
   
1,000
 
Ser. 2015, 5.13%, due 4/1/35
 
967
(b)
       
Colorado Ed. & Cultural Facs. Au. Rev. Ref.
     
 
 
385
 
Ser. 2014, 4.00%, due 11/1/24
 
386
(c)
   
750
 
Ser. 2014, 4.50%, due 11/1/29
 
746
(c)
   
5,000
 
Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24
 
5,654
 
   
2,550
 
Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23
 
2,599
(b)
 
10,909
 
Connecticut 0.3%
   
750
 
Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25
 
754
 
               
District of Columbia 3.2%
   
1,615
 
Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/26
 
1,698
 
   
3,035
 
Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22
 
3,094
 
   
520
 
Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23
 
552
 
   
700
 
Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/45
 
622
 
       
Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev.
     
   
1,000
 
Ser. 2008-A, 5.50%, due 10/1/18
 
1,067
 
   
2,000
 
Ser. 2011-C, 5.00%, due 10/1/26
 
2,234
 
 
9,267
 
Florida 6.2%
   
1,000
 
Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26
 
1,095
 
   
1,075
 
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36
 
992
 
       
Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
     
   
1,000
 
Ser. 2012-A, 5.50%, due 6/15/22
 
1,074
 
   
3,120
 
Ser. 2013-A, 6.75%, due 12/15/27
 
3,329
 
   
1,750
 
Ser. 2014-A, 5.75%, due 6/15/29
 
1,801
 
   
500
 
Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.00%, due 6/1/30
 
483
(b)(c)
   
1,075
 
Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Obligated Group), Ser. 2015-A, 7.00%, due 6/1/45
 
1,067
(b)
   
100
 
Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (Jetblue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/36
 
103
 
   
1,000
 
Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 8/15/19
 
1,174
 
   
1,135
 
Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27
 
1,248
 
   
2,000
 
Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25
 
2,266
 
   
2,000
 
Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25
 
2,046
(b)
   
985
 
Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29
 
961
 
 
17,639
 
Georgia 0.9%
   
1,750
 
Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, due 7/1/36
 
1,581
(b)(c)
   
1,100
 
Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25
 
1,094
(b)(c)
 
2,675
 
Guam 1.7%
       
Guam Gov't Hotel Occupancy Tax Rev.
     
   
1,220
 
Ser. 2011-A, 5.75%, due 11/1/20
 
1,347
 
   
650
 
Ser. 2011-A, 5.75%, due 11/1/21
 
725
 
 
 
2,630
 
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
 
2,821
 
 
4,893
 
Hawaii 2.7%
   
5,200
 
Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24
 
5,526
 
   
2,000
 
Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009, 6.50%, due 7/1/39
 
2,180
 
 
7,706
 
Illinois 17.1%
   
5,705
 
Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27
 
6,253
 
       
Chicago G.O.
     
   
250
 
Ser. 2002-2002B, 5.13%, due 1/1/27
 
244
 
   
2,000
 
Ser. 2002-B, 5.00%, due 1/1/25
 
1,974
 
   
2,000
 
Ser. 2009-C, 5.00%, due 1/1/27
 
1,962
 
       
Chicago Ref. G.O.
     
   
1,000
 
Ser. 2005-D, 5.50%, due 1/1/40
 
961
 
   
700
 
Ser. 2014-A, 5.00%, due 1/1/27
 
686
 
       
Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
     
   
1,350
 
Ser. 2013-C, 5.45%, due 12/1/30
 
1,452
 
   
1,960
 
Ser. 2013-C, 5.50%, due 12/1/31
 
2,107
 
   
1,970
 
Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25
 
2,067
 
   
1,560
 
Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/31
 
1,621
 
   
4,000
 
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24
 
4,195
 
   
3,340
 
Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20
 
3,839
 
   
1,670
 
Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured), 5.50%, due 6/15/17
 
1,698
 
   
1,905
 
Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/26
 
1,206
 
       
Illinois St. G.O.
     
   
3,900
 
Ser. 2012, 4.00%, due 8/1/25
 
3,754
 
   
1,000
 
Ser. 2013, 5.00%, due 7/1/23
 
1,051
 
   
1,720
 
Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26
 
1,859
 
       
So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
     
   
945
 
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27
 
1,033
 
   
1,375
 
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28
 
1,499
 
   
715
 
Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29
 
778
 
       
Univ. of Illinois (Hlth. Svc. Facs. Sys.)
     
   
2,725
 
Ser. 2013, 5.00%, due 10/1/27
 
3,050
 
   
2,875
 
Ser. 2013, 5.75%, due 10/1/28
 
3,336
 
   
1,850
 
Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31
 
2,133
 
 
48,758
 
Indiana 3.3%
   
4,000
 
Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29 Pre-Refunded 2/1/19
 
4,340
 
   
500
 
Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A, 5.00%, due 6/1/32
 
504
 
   
3,055
 
Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21
 
3,606
 
   
900
 
Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24
 
1,013
 
 
9,463
 
Iowa 2.8%
 
 
5,110
 
Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22 Pre-Refunded 8/1/18
 
5,445
 
       
Iowa Std. Loan Liquidity Corp. Rev.
     
   
1,970
 
Ser. 2011-A-1, 5.00%, due 12/1/21
 
2,061
 
   
565
 
Ser. 2011-A-1, 5.30%, due 12/1/23
 
593
 
 
8,099
 
Kentucky 0.9%
   
2,585
 
Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A, 5.50%, due 11/15/27
 
2,479
 
   
150
 
Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31
 
148
 
 
2,627
 
Louisiana 1.7%
   
1,500
 
Louisiana Local Gov't Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/35
 
1,708
 
   
500
 
Louisiana Pub. Facs. Au. Rev. (Archdiocese of New Orleans Proj.), Ser. 2007, (Assured Guaranty Insured), 4.50%, due 7/1/37
 
499
 
   
775
 
Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/28
 
895
 
   
1,655
 
St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/40 Putable 6/1/22
 
1,734
(a)
 
4,836
 
Maine 0.8%
   
2,400
 
Maine St. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2005, 6.25%, due 1/1/25 Putable 2/1/17
 
2,400
(a)(b)
               
Maryland 0.9%
   
100
 
Howard Co. Retirement Comm. Rev. Ref. (Vantage House Fac.), Ser. 2007-A, 5.25%, due 4/1/33 Pre-Refunded 4/1/17
 
101
 
   
2,350
 
Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, (Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23
 
2,375
(a)
 
2,476
 
Massachusetts 5.5%
       
Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
     
   
200
 
Ser. 2014-F, 5.00%, due 7/15/24
 
220
 
   
415
 
Ser. 2014-F, 5.00%, due 7/15/25
 
455
 
   
200
 
Ser. 2014-F, 5.00%, due 7/15/26
 
218
 
   
190
 
Ser. 2014-F, 5.00%, due 7/15/27
 
206
 
   
150
 
Ser. 2014-F, 5.00%, due 7/15/28
 
163
 
       
Massachusetts St. Ed. Fin. Au. Rev.
     
   
2,260
 
Ser. 2011-J, 5.00%, due 7/1/23
 
2,425
 
   
3,180
 
Ser. 2012-J, 4.70%, due 7/1/26
 
3,311
 
   
3,410
 
Ser. 2013-K, 4.50%, due 7/1/24
 
3,587
 
   
3,875
 
Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25
 
4,081
 
   
1,175
 
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19
 
1,179
 
 
15,845
 
Michigan 2.5%
       
Jackson College Dormitories Hsg. Rev.
     
   
1,000
 
Ser. 2015, 6.50%, due 5/1/35
 
1,071
 
   
500
 
Ser. 2015, 6.75%, due 5/1/46
 
533
 
   
2,000
 
Michigan St. Fin. Au. Ref. Rev. (Henry Ford Health System), Ser. 2016, 4.00%, due 11/15/46
 
1,896
 
       
Michigan St. Hsg. Dev. Au. Rev.
     
   
1,935
 
Ser. 2016-C, 2.05%, due 12/1/22
 
1,855
 
   
1,835
 
Ser. 2016-C, 2.15%, due 6/1/23
 
1,748
 
 
 
100
 
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35
 
100
 
 
7,203
 
Minnesota 1.6%
   
2,000
 
Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17
 
2,016
 
   
2,250
 
Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children's Hlth. Care Facs.), Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/24
 
2,419
 
 
4,435
 
Mississippi 1.6%
   
1,000
 
Jackson Co. Port Fac. Ref. Rev. (Chevron, U.S.A., Inc. Proj.), Ser. 1993, 0.59%, due 6/1/23
 
1,000
(a)
   
3,320
 
Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24
 
3,518
 
 
4,518
 
Missouri 1.5%
       
Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children's Mercy Hosp.)
     
   
1,885
 
Ser. 2009, 5.13%, due 5/15/24 Pre-Refunded 5/15/19
 
2,048
 
   
390
 
Ser. 2009, 5.13%, due 5/15/24
 
419
 
   
1,725
 
Missouri St. Hlth. & Ed. Facs. Au. Rev. (St. Louis Univ.), Ser. 2002, (LOC: U.S. Bank), 0.58%, due 7/1/32
 
1,725
(a)
 
4,192
 
Nevada 2.8%
       
Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
     
   
1,800
 
Ser. 2015-A, 4.00%, due 12/15/25
 
1,780
(b)
   
500
 
Ser. 2015-A, 5.13%, due 12/15/45
 
499
(b)
       
Las Vegas Redev. Agcy. Tax Increment Rev.
     
   
1,635
 
Ser. 2009-A, 6.50%, due 6/15/17
 
1,669
 
   
3,545
 
Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19
 
4,061
 
 
8,009
 
New Hampshire 0.5%
   
1,500
 
New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 4.00%, due 4/1/29 Putable 10/1/19
 
1,479
(a)(b)
               
New Jersey 5.3%
   
2,500
 
New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23
 
2,634
 
       
New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
     
   
500
 
Ser. 2013, 5.25%, due 1/1/25
 
560
 
   
500
 
Ser. 2013, 5.50%, due 1/1/26
 
564
 
       
New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
     
   
1,420
 
Ser. 2013, 3.50%, due 7/1/24
 
1,399
 
   
1,470
 
Ser. 2013, 3.63%, due 7/1/25
 
1,440
 
   
1,520
 
Ser. 2013, 3.75%, due 7/1/26
 
1,489
 
   
765
 
Ser. 2013, 4.00%, due 7/1/27
 
757
 
   
180
 
New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 5.25%, due 12/15/20
 
193
 
   
4,800
 
New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26
 
4,956
 
   
1,000
 
New Jersey Trans. Trust Fund Au. (Federal Hwy. Reimbursement Notes), Ser. 2016-A-2, 5.00%, due 6/15/21
 
1,032
 
 
15,024
 
New Mexico 0.5%
       
Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax Increment Bond)
     
   
500
 
Ser. 2015, 5.25%, due 5/1/25
 
499
(b)(c)
 
 
1,000
 
Ser. 2015, 5.75%, due 5/1/30
 
1,013
(b)(c)
 
1,512
 
New York 11.8%
   
625
 
Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29
 
666
 
       
Build NYC Res. Corp. Rev.
     
   
1,100
 
Ser. 2014, 5.00%, due 11/1/24
 
1,131
 
   
835
 
Ser. 2014, 5.25%, due 11/1/29
 
827
 
       
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)
     
   
500
 
Ser. 2013-A, 3.88%, due 4/15/23
 
500
 
   
1,450
 
Ser. 2013-A, 5.00%, due 4/15/43
 
1,458
 
   
1,000
 
Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/25
 
1,069
(b)
       
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
     
   
700
 
Ser. 2014, 5.00%, due 7/1/23
 
789
 
   
735
 
Ser. 2014, 5.00%, due 7/1/24
 
834
 
   
1,400
 
Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24
 
1,316
(b)
   
1,000
 
MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46
 
1,065
 
   
500
 
New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40
 
538
(b)
   
1,100
 
New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
 
0
(c)(d)(j)
   
4,000
 
New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 5.25%, due 7/1/33 Pre-Refunded 7/1/19
 
4,381
 
   
3,200
 
New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28
 
3,655
 
   
2,000
 
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41
 
2,072
 
   
2,000
 
New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27
 
2,003
 
   
2,000
 
New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20
 
2,145
 
   
710
 
Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20
 
775
 
       
Newburgh G.O. (Deficit Liquidation)
     
   
495
 
Ser. 2012-B, 5.00%, due 6/15/20
 
540
 
   
520
 
Ser. 2012-B, 5.00%, due 6/15/21
 
579
 
   
550
 
Ser. 2012-B, 5.00%, due 6/15/22
 
618
 
   
1,435
 
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23
 
1,574
 
   
1,000
 
Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), Ser. 2012-B, 4.00%, due 11/1/24
 
1,004
(b)
   
1,155
 
Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/26
 
1,223
 
   
2,000
 
Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28
 
2,359
 
   
600
 
Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30
 
586
(b)
 
33,707
 
North Carolina 5.4%
   
1,835
 
North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/24
 
1,877
 
   
4,600
 
North Carolina Med. Care Commission Hosp. Rev. (Moses Cone Hlth. Sys.), Ser. 2001-B, 0.57%, due 10/1/35
 
4,600
(a)
   
2,000
 
North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23
 
2,106
 
       
North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev.
     
   
3,740
 
Ser. 2009-A, 5.00%, due 1/1/26 Pre-Refunded 1/1/19
 
4,007
 
   
1,510
 
Ser. 2009-A, 5.00%, due 1/1/26
 
1,602
 
 
 
1,000
 
Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24 Pre-Refunded 6/1/19
 
1,100
 
 
15,292
 
Ohio 0.8%
   
2,060
 
Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27
 
2,267
 
               
Oklahoma 0.3%
       
Tulsa Arpt. Imp. Trust Ref. Rev.
     
   
250
 
Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24
 
280
 
   
400
 
Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25
 
457
 
 
737
 
Oregon 0.2%
   
480
 
Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/27
 
488
 
               
Pennsylvania 6.2%
       
Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
     
   
500
 
Ser. 2012, 3.50%, due 5/1/25
 
503
 
   
350
 
Ser. 2012, 3.60%, due 5/1/26
 
351
 
   
2,830
 
Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A, 4.25%, due 7/1/30
 
2,798
 
   
2,000
 
Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22
 
2,024
 
   
1,250
 
Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28
 
1,361
 
   
1,105
 
Moon Ind. Dev. Au. Rev. Ref. (Baptist Homes Society Obligated Group), Ser. 2015, 5.63%, due 7/1/30
 
1,135
 
   
3,430
 
Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27
 
3,530
 
   
2,625
 
Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/24
 
2,900
 
       
Pennsylvania St. Turnpike Commission Rev.
     
   
150
 
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
 
175
 
   
705
 
Subser. 2010-B2, 6.00%, due 12/1/34
 
801
 
   
145
 
Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20
 
169
 
   
2,000
 
Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27
 
2,086
 
 
17,833
 
Puerto Rico 0.8%
   
2,020
 
Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.50%, due 7/1/20
 
2,174
 
               
Tennessee 2.0%
   
535
 
Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22
 
390
(b)
   
2,705
 
Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19
 
2,941
 
   
2,000
 
Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/23
 
2,285
 
 
5,616
 
Texas 6.9%
   
250
 
Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45
 
239
 
       
Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
     
   
500
 
Ser. 2014-A, 5.88%, due 3/1/24
 
500
 
   
1,000
 
Ser. 2014-A, 6.63%, due 3/1/29
 
1,023
 
   
910
 
Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22
 
907
 
   
250
 
Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28
 
256
(b)
   
2,000
 
Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42
 
2,000
 
 
 
500
 
Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25
 
508
 
   
1,000
 
Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 5.75%, due 1/1/28
 
1,097
 
   
2,900
 
Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33 Pre-Refunded 8/15/18
 
3,073
 
       
Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
     
   
390
 
Ser. 2012-A, 4.00%, due 2/15/22
 
403
 
   
1,000
 
Ser. 2012-A, 5.00%, due 2/15/32
 
1,079
 
   
1,000
 
Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20 Pre-Refunded 3/1/18
 
1,042
 
   
500
 
New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.), Ser. 2016, 5.00%, due 7/1/36
 
485
 
   
500
 
New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc.), Ser. 2016-C, 5.75%, due 7/1/51
 
518
 
   
3,000
 
North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23
 
3,253
 
   
500
 
San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev. (St. Edwards Univ. Proj.), Ser. 2007, 5.00%, due 6/1/19
 
506
 
   
1,500
 
Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21
 
1,683
 
   
1,175
 
West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35
 
1,273
 
 
19,845
 
Utah 2.0%
   
3,000
 
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28
 
3,490
 
   
1,200
 
Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 Pre-Refunded 6/1/18
 
1,265
 
   
500
 
Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45
 
516
(b)
       
Utah Hsg. Corp. Single Family Mtge. Rev.
     
   
140
 
Ser. 2011-A2, Class I, 5.00%, due 7/1/20
 
144
 
   
130
 
Ser. 2011-A2, Class I, 5.25%, due 7/1/21
 
134
 
   
175
 
Ser. 2011-A2, Class I, 5.45%, due 7/1/22
 
180
 
 
5,729
 
Vermont 3.1%
       
Vermont Std. Assist. Corp. Ed. Loan Rev.
     
   
1,600
 
Ser. 2012-A, 5.00%, due 6/15/21
 
1,723
 
   
445
 
Ser. 2013-A, 4.25%, due 6/15/24
 
457
 
   
1,060
 
Ser. 2013-A, 4.35%, due 6/15/25
 
1,083
 
   
1,575
 
Ser. 2013-A, 4.45%, due 6/15/26
 
1,607
 
   
515
 
Ser. 2013-A, 4.55%, due 6/15/27
 
526
 
   
1,800
 
Ser. 2014-A, 5.00%, due 6/15/24
 
1,979
 
   
1,615
 
Ser. 2015-A, 4.13%, due 6/15/27
 
1,617
 
 
8,992
 
Virginia 0.4%
   
1,000
 
Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/22
 
1,022
 
               
Washington 4.0%
   
1,600
 
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25 Pre-Refunded 12/1/17
 
1,661
 
   
6,700
 
Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28
 
6,929
 
   
2,525
 
Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29 Pre-Refunded 10/1/19
 
2,790
 
 
11,380
 
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
 
1,055
 
               
Wisconsin 6.5%
   
1,250
 
Pub. Fin. Au. Ed. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A, 4.00%, due 12/1/36
 
1,167
 
   
870
 
Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30
 
892
(b)
   
200
 
Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35
 
200
(b)
   
3,000
 
Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 4.25%, due 12/1/51
 
2,613
 
   
500
 
Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36
 
434
 
   
1,910
 
Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25
 
1,947
 
       
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College)
     
   
1,100
 
Ser. 2010-A, 6.13%, due 6/1/35 Pre-Refunded 6/1/20
 
1,266
 
   
1,225
 
Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20
 
1,410
 
       
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.)
     
   
1,340
 
Ser. 2008-B3, 5.00%, due 10/1/30 Pre-Refunded 12/23/19
 
1,477
 
   
3,660
 
Ser. 2008-B3, 5.00%, due 10/1/30
 
3,982
 
   
3,000
 
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29 Pre-Refunded 12/1/18
 
3,240
 
 
18,628
 
 
 
Total Municipal Notes (Cost $428,968)
 
459,597
 
 
Tax Exempt Preferred 0.6%
 
Real Estate 0.6%
   
1,650
 
Munimae TE Bond Subsidiary LLC, 5.00%, due 4/30/28 (Cost  $1,650)
 
1,699
(b)(c)
               
 
Total Investments 161.5% (Cost $430,618)
461,296
##
       
 
Other Assets Less Liabilities 1.3%
3,797
 
       
 
Liquidation Value of Variable Rate Municipal Term Preferred Shares (62.8)%
(179,400)
 
       
 
Net Assets Applicable to Common Stockholders 100.0%
$285,693
 
 
 
(a)
 
Variable or floating rate security. The interest rate shown was the current rate as of January 31, 2017 and changes periodically.    
(b)
 
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At January 31, 2017, these securities amounted to approximately $40,972,000 or 14.3% of net assets applicable to common stockholders for the Fund. Securities denoted with (b) but without (c) have been deemed by the investment manager to be liquid.    
(c)
 
Illiquid security.    
(d)
 
Defaulted security.    
(e)
 
Currently a zero coupon security; will convert to 5.50% on August 1, 2021.    
(f)
 
Currently a zero coupon security; will convert to 6.38% on August 1, 2019.    
(g)
 
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.    
(h)
 
Currently a zero coupon security; will convert to 6.88% on August 1, 2019.    
(i)
 
Currently a zero coupon security; will convert to 7.30% on August 1, 2026.    
(j)
 
Amount less than one thousand.    
 
See Notes to Schedule of Investments

Schedule of Investments Intermediate Municipal Fund Inc.
(Unaudited) (cont’d)
 
 
 
The following is a summary, categorized by Level (see Notes to Schedule of Investments), of inputs used to value the Fund's investments as of January 31, 2017:
 
Asset Valuation Inputs
(000's omitted)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
   
Municipal Notes(a)
$
 
$
459,597
 
$
 
$
459,597
 
Tax Exempt Preferred
 
    
1,699
   
   
1,699
 
Total Investments
$
 
$
461,296
 
$
 
$
461,296
 
 

(a)
The Schedule of Investments provides a categorization by state for the portfolio.
 
 
 
As of the period ended January 31, 2017, no securities were transferred from one level (as of October 31, 2016) to another.
 
See Notes to Schedule of Investments

January 31, 2017

 Notes to Schedule of Investments (Unaudited)

In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of Neuberger Berman California Intermediate Municipal Fund Inc. (“California”), Neuberger Berman Intermediate Municipal Fund Inc. (“Intermediate”) and Neuberger Berman New York Intermediate Municipal Fund Inc. (“New York”) (each individually a “Fund” and collectively, the “Funds”) are carried at the value that Neuberger Berman Investment Advisers LLC (“Management”) believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds’ investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 – quoted prices in active markets for identical investments
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
Level 3 – unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds’ investments in municipal securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions (generally Level 2 inputs). Other Level 2 and 3 inputs used by independent pricing services to value municipal securities and units include current trades, bid-wanted lists (which inform the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, appraisals, bid offers and specific data on specialty issues.

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods each Fund’s Board of Directors has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 3 inputs, including available analyst, media or other reports, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts (“ADRs”) and whether the issuer of the security being fair valued has other securities outstanding.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.

##
At January 31, 2017, selected fund information on a U.S. federal income tax basis was as follows:

 
 
(000’s omitted)
 
 
Cost
 
Gross Unrealized
Appreciation
 
Gross Unrealized
Depreciation
Net Unrealized
Appreciation/
(Depreciation)
California
$132,693
$8,397
$1,079
$7,318
Intermediate
430,712
35,674
5,090
30,584
New York
115,832
5,012
3,153
1,859

 
For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent stockholder reports.

Item 2. Controls and Procedures.
 
(a)
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-Q is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
 (b)
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Intermediate Municipal Fund Inc.
By:
/s/ Robert Conti
 
Robert Conti
Chief Executive Officer and President
Date:
March 28, 2017
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
 
By:
/s/ Robert Conti
 
Robert Conti
Chief Executive Officer and President
Date:
March 28, 2017

 
By:
/s/ John M. McGovern
 
John M. McGovern
Treasurer and Principal Financial and Accounting Officer
Date:
March 28, 2017