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.
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Semi-Annual Report
April 30, 2010
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Contents
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THE FUNDS | |||||
President's Letter
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1
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||||
PORTFOLIO COMMENTARY | |||||
California Intermediate Municipal Fund Inc.
|
3
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||||
Intermediate Municipal Fund Inc.
|
3
|
||||
New York Intermediate Municipal Fund Inc.
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3
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SCHEDULE OF INVESTMENTS |
California Intermediate Municipal Fund Inc.
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7
|
||||
Intermediate Municipal Fund Inc.
|
10
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||||
New York Intermediate Municipal Fund Inc.
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17
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FINANCIAL STATEMENTS
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23
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||||
FINANCIAL HIGHLIGHTS/PER SHARE DATA |
California Intermediate Municipal Fund Inc.
|
35
|
||||
Intermediate Municipal Fund Inc.
|
36
|
||||
New York Intermediate Municipal Fund Inc.
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37
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||||
Distribution Reinvestment Plan
|
39
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||||
Directory
|
41
|
||||
Proxy Voting Policies and Procedures
|
42
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||||
Quarterly Portfolio Schedule
|
42
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TICKER SYMBOLS | |||
California Intermediate Municipal Fund
|
NBW
|
||
Intermediate Municipal Fund
|
NBH
|
||
New York Intermediate Municipal Fund
|
NBO
|
||
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND INC.
RATING SUMMARY
|
(% of total investments)
|
|||||
AAA/Government/
Government Agency
|
15.6
|
%
|
|||
AA
|
21.3
|
||||
A
|
34.5
|
||||
BBB
|
23.3
|
||||
BB
|
4.4
|
||||
Short Term
|
0.9
|
||||
Total
|
100.0
|
%
|
|||
INTERMEDIATE MUNICIPAL FUND INC.
RATING SUMMARY
|
(% of total investments)
|
|||||
AAA/Government/
Government Agency
|
24.6
|
%
|
|||
AA
|
22.1
|
||||
A
|
34.5
|
||||
BBB
|
13.7
|
||||
BB
|
4.6
|
||||
B
|
0.4
|
||||
Short Term
|
0.1
|
||||
Total
|
100.0
|
%
|
|||
NEW YORK INTERMEDIATE
MUNICIPAL FUND INC.
RATING SUMMARY
|
(% of total investments)
|
|||||
AAA/Government/
Government Agency
|
9.3
|
%
|
|||
AA
|
31.6
|
||||
A
|
35.5
|
||||
BBB
|
16.3
|
||||
BB
|
5.0
|
||||
B
|
0.0
|
||||
CCC
|
2.2
|
||||
Short Term
|
0.1
|
||||
Total
|
100.0
|
%
|
|||
Each Fund's portfolio holdings are categorized using the ratings assigned by Standard and Poor's, Moody's Investors Service, Inc., or Fitch, Inc., nationally recognized statistical rating organizations. All ratings are as of the report date and do not reflect any subsequent changes in ratings. |
PERFORMANCE HIGHLIGHTS | |||||||||||||||||||
Neuberger Berman
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|||||||||||||||||||
Inception
|
Six Month
Period Ended
|
Average Annual Total Return
Ended 04/30/2010
|
|||||||||||||||||
NAV1,3,4,5
|
Date
|
04/30/2010
|
1 Year
|
5 Years
|
Life of Fund
|
||||||||||||||
California Intermediate
Municipal Fund
|
09/24/2002
|
5.74
|
%
|
15.18
|
%
|
4.98
|
%
|
5.85
|
%
|
||||||||||
Intermediate
Municipal Fund
|
09/24/2002
|
5.44
|
%
|
12.32
|
%
|
4.63
|
%
|
5.69
|
%
|
||||||||||
New York Intermediate
Municipal Fund
|
09/24/2002
|
5.58
|
%
|
14.37
|
%
|
4.82
|
%
|
5.63
|
%
|
||||||||||
Inception
|
Six Month
Period Ended
|
Average Annual Total Return
Ended 04/30/2010
|
|||||||||||||||||
Market Price2,3,4,5
|
Date
|
04/30/2010
|
1 Year
|
5 Years
|
Life of Fund
|
||||||||||||||
California Intermediate
Municipal Fund
|
09/24/2002
|
9.61
|
%
|
18.00
|
%
|
6.53
|
%
|
4.43
|
%
|
||||||||||
Intermediate
Municipal Fund
|
09/24/2002
|
11.67
|
%
|
18.87
|
%
|
6.45
|
%
|
4.69
|
%
|
||||||||||
New York Intermediate
Municipal Fund
|
09/24/2002
|
16.05
|
%
|
22.33
|
%
|
7.68
|
%
|
5.08
|
%
|
||||||||||
Closed-end funds, unlike open-end funds, are not continually offered. There is an initial public offering and, once issued, common shares of closed-end funds are sold in the open market through a stock exchange. | |||||||||||||||||||
The composition, industries and holdings of the Funds are subject to change. Investment return will fluctuate. Past performance is no guarantee of future results. |
1 | Returns based on the net asset value (NAV) of the Funds. |
2 | Returns based on the market price of Fund shares on the NYSE Amex. |
3 | A portion of the income from each Fund may be a tax preference item for purposes of the Federal Alternative Minimum Tax for certain investors. |
4 | Neuberger Berman Management LLC ("Management") has contractually agreed to waive a portion of the management fees that it would otherwise be entitled to receive from each Fund. Each undertaking lasts until October 31, 2011. Management has voluntarily extended these waivers for one year. Please see the notes to the financial statements for specific information regarding the rate of the management fees waived by Management. Absent such a waiver, the performance of each Fund would be lower. |
5 | Unaudited performance data current to the most recent month-end are available at www.nb.com. |
Barclays Capital 10-Year Municipal
Bond Index:
|
An unmanaged index that is the 10-year (8-12) component of the Barclays Capital Municipal Bond Index, which is a rules based, market-value-weighted index engineered for the long-term tax-exempt bond market. To be included in the index, bonds must have a minimum credit rating of Baa. They must have an outstanding par value of at least $5 million and be issued as part of a transaction of at least $50 million. The bonds must have a dated-date after December 31, 1990 and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
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||
PRINCIPAL AMOUNT | SECURITY@ | VALUE† | |||||||
(000's omitted) |
(000's omitted)
|
||||||||
Arizona (0.9%)
|
|||||||||
$
|
750
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
|
$
|
714
|
|||||
California (148.7%)
|
|||||||||
3,050
|
Abag Fin. Au. Cert. of Participation Rev. (Episcopal Homes Foundation), Ser. 1998, 5.13%, due 7/1/18
|
3,052
|
ß
|
||||||
700
|
Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18
|
708
|
ß
|
||||||
1,250
|
Alameda Co. Cert. of Participation Ref. Rev., Ser. 2001-A,
(National Public Finance Guarantee Corp. Insured), 5.38%, due 12/1/17
|
1,298
|
|||||||
1,285
|
Bay Area Gov't Assoc. BART SFO Extension Rev. (Arpt. Premium Fare), Ser. 2002-A, (AMBAC Insured), 5.00%, due 8/1/21
|
1,170
|
|||||||
1,000
|
Burbank Pub. Svc. Dept. Elec. Rev., Ser. 1998, (AGM Insured), 5.13%, due 6/1/16
|
1,003
|
|||||||
205
|
California Co. Tobacco Securitization Agcy. Tobacco Settlement Asset-Backed Rev., Ser. 2002, 4.75%, due 6/1/19
|
205
|
|||||||
1,750
|
California Ed. Fac. Au. Ref. Rev. (Stanford Univ.), Ser. 2001-R, 5.00%, due 11/1/21
|
1,820
|
ß
|
||||||
500
|
California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
|
539
|
ß
|
||||||
2,000
|
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17
|
2,018
|
|||||||
1,715
|
California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42
|
1,706
|
|||||||
2,000
|
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I,
4.95%, due 7/1/26 Putable 7/1/14
|
2,175
|
µß
|
||||||
2,000
|
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2009-C,
5.00%, due 7/1/37 Putable 7/2/12
|
2,128
|
µß
|
||||||
2,000
|
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21
|
2,081
|
ß
|
||||||
1,000
|
California Infrastructure & Econ. Dev. Bank St. Sch. Fund Apportionment Lease Revenue Bonds (King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24
|
1,010
|
|||||||
500
|
California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A, 5.00%, due 6/1/16
|
487
|
ß
|
||||||
1,040
|
California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21
|
1,086
|
ß
|
||||||
2,500
|
California St. Dept. of Wtr. Res. Pwr. Supply Rev., Ser. 2002-A,
5.75%, due 5/1/17 Pre-Refunded 5/1/12
|
2,776
|
|||||||
2,250
|
California St. G.O., Ser. 2002, 5.00%, due 10/1/17
|
2,382
|
|||||||
1,200
|
California St. G.O. (Muni. Sec. Trust Receipts), Ser. 2001-SGA136, (XLCA Insured), 0.27%, due 5/3/10
|
1,200
|
µb
|
||||||
1,095
|
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, due 6/1/20
|
1,131
|
|||||||
1,000
|
California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svc.) (Cap. East End ), Ser. 2002-A, (AMBAC Insured), 5.25%, due 12/1/16
|
1,044
|
|||||||
2,000
|
California Statewide CDA Cert. of Participation Rev. (Children's Hosp. Los Angeles), Ser. 1999, 5.13%, due 8/15/19
|
2,007
|
ß
|
||||||
1,340
|
California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 5.38%, due 4/1/17
|
1,345
|
ß
|
||||||
1,000
|
California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20
|
1,020
|
ß
|
||||||
5,000
|
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
|
5,397
|
ß
|
||||||
1,490
|
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
|
1,414
|
ß
|
||||||
1,000
|
California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22
|
955
|
ß
|
||||||
1,255
|
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, due 11/15/19
|
1,334
|
ß
|
||||||
450
|
California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17
|
441
|
ß
|
||||||
1,020
|
Cerritos Pub. Fin. Au. Sub. Tax Allocation Rev. (Cerritos Redev. Proj.), Ser. 2002-B, 4.40%, due 11/1/16
|
962
|
|||||||
1,500
|
Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D,
(AMBAC Insured), 0.00%, due 6/1/14
|
1,327
|
|||||||
1,365
|
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/21
|
1,277
|
ß
|
||||||
820
|
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/12
|
807
|
|||||||
250
|
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13
|
243
|
|||||||
2,000
|
Fresno Joint Pwr. Fin. Au. Lease Rev. (Master Lease Proj.), Ser. 2008-A, (Assured Guaranty Insured), 5.00%, due 4/1/23
|
2,047
|
|||||||
1,000
|
Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 2/1/17
|
1,112
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
2,835
|
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 12/1/16
|
$
|
2,903
|
|||||
2,480
|
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17
|
2,551
|
|||||||
2,000
|
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 5.50%, due 12/1/24
|
1,995
|
|||||||
1,245
|
Long Beach Bond Fin. Au. Tax Allocation Rev. (Downtown, North Long Beach, Poly High, & West Beach Redev. Proj.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 8/1/17 Pre-Refunded 8/1/12
|
1,370
|
|||||||
500
|
Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17
|
542
|
|||||||
4,000
|
Los Angeles Dept. of Arpts. Rev. (Los Angeles Int'l Arpt.), Ser. 2002-A,
(National Public Finance Guarantee Corp. Insured), 5.25%, due 5/15/18
|
4,207
|
|||||||
1,500
|
Los Angeles Harbor Dept. Ref. Rev., Ser. 2001-B, (AMBAC Insured), 5.50%, due 8/1/17
|
1,570
|
|||||||
500
|
Marin Co. Dixie Elementary Sch. Dist. G.O., Ser. 2000-A, (AGM Insured), 5.38%, due 8/1/17
|
510
|
|||||||
1,045
|
Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.00%, due 7/1/17
|
1,092
|
|||||||
1,070
|
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
|
685
|
|||||||
1,090
|
Moreland Sch. Dist. Ref. G.O., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.13%, due 9/1/17
|
1,144
|
|||||||
1,000
|
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
|
930
|
|||||||
535
|
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/16
|
556
|
|||||||
565
|
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev., Ser. 2002,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/17
|
585
|
|||||||
500
|
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18
|
452
|
|||||||
500
|
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19
|
446
|
|||||||
1,045
|
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/15
|
1,095
|
|||||||
1,210
|
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/18
|
1,251
|
|||||||
605
|
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/16 Pre-Refunded 3/1/13
|
672
|
|||||||
635
|
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/17 Pre-Refunded 3/1/13
|
705
|
|||||||
1,290
|
Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Proj.), Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/17
|
1,341
|
|||||||
1,445
|
Oceanside Cert. of Participation Ref. Rev., Ser. 2003-A, (AMBAC Insured), 5.25%, due 4/1/14
|
1,531
|
|||||||
1,500
|
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
|
1,492
|
|||||||
3,890
|
Port of Oakland Ref. Rev., Ser. 2002-N, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/13
|
4,111
|
|||||||
440
|
Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17
|
430
|
|||||||
400
|
Sacramento Co. Sanitation Dist. Fin. Au. Rev., Ser. 2000-A, 5.60%, due 12/1/17
|
401
|
|||||||
2,600
|
Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17
|
2,956
|
|||||||
1,350
|
San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24
|
1,580
|
|||||||
830
|
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15
|
834
|
|||||||
820
|
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16
|
819
|
|||||||
2,000
|
San Diego Unified Sch. Dist. G.O., Ser. 2002-D, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/21
|
2,191
|
|||||||
1,000
|
San Francisco City & Co. Arpts. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21
|
1,086
|
|||||||
1,500
|
San Francisco City & Co. Arpts. Commission Int'l Arpt. Rev., Ser. 1999-23A, (National Public Finance Guarantee Corp. Insured), 5.25%, due 5/1/16
|
1,508
|
|||||||
1,000
|
San Francisco City & Co. Redev. Fin. Au. Tax Allocation (Mission Bay North Redev.), Ser. 2009-C, 5.50%, due 8/1/22
|
1,030
|
|||||||
2,115
|
San Francisco City & Co. Redev. Fin. Au. Tax Allocation (San Francisco Redev. Proj.), Ser. 2003-B, (National Public Finance Guarantee Corp. Insured), 5.25%, due 8/1/18
|
2,172
|
|||||||
1,000
|
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/11
|
1,018
|
|||||||
1,615
|
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/12
|
1,702
|
|||||||
925
|
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22
|
883
|
ß
|
||||||
1,060
|
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured), 5.00%, due 8/1/21
|
1,071
|
|||||||
1,000
|
San Rafael City High Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/18
|
690
|
|||||||
1,390
|
San Rafael Redev. Agcy. Tax Allocation Ref. (Central San Rafael Redev. Proj.), Ser. 2009, (Assured Guaranty Insured), 5.00%, due 12/1/21
|
1,510
|
|||||||
1,620
|
Santa Clara Co. Fremont Union High Sch. Dist. G.O., Ser. 2002-C, (AGM Insured), 5.00%, due 9/1/20 Pre-Refunded 9/1/12
|
1,780
|
PRINCIPAL AMOUNT | SECURITY@ | VALUE† | |||||||
(000's omitted)
|
|
(000's omitted)
|
|||||||
$
|
485
|
Santa Maria Bonita Sch. Dist. Cert. of Participation (Cap. Imp. & Ref. Proj.), Ser. 1998,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 3/1/14
|
$
|
486
|
|||||
525
|
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.40%, due 7/1/13
|
537
|
|||||||
505
|
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14
|
515
|
|||||||
3,905
|
Solano Co. Cert. of Participation Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 11/1/17 Pre-Refunded 11/1/12
|
4,314
|
|||||||
745
|
South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1), Ser. 2002, (XLCA Insured), 5.00%, due 9/1/16
|
753
|
|||||||
1,250
|
Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21
|
1,368
|
|||||||
1,300
|
Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20
|
1,278
|
|||||||
3,000
|
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/19
|
1,815
|
g
|
||||||
121,170
|
|||||||||
Guam (0.9%)
|
|||||||||
700
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
|
726
|
|||||||
Illinois (1.0%)
|
|||||||||
910
|
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
843
|
|||||||
Louisiana (1.5%)
|
|||||||||
1,250
|
Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.50%, due 5/15/30
|
1,250
|
|||||||
Nevada (1.4%)
|
|||||||||
1,000
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
1,128
|
|||||||
New York (1.8%)
|
|||||||||
1,000
|
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A, 5.88%, due 1/1/18
|
1,000
|
ß
|
||||||
500
|
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
|
503
|
ß
|
||||||
1,503
|
|||||||||
Pennsylvania (1.3%)
|
|||||||||
1,000
|
Cumberland Co. West Shore Area Au. Hosp. Rev. (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.), Ser. 2001, 6.00%, due 1/1/18
|
1,019
|
ß
|
||||||
Puerto Rico (12.8%)
|
|||||||||
1,500
|
Puerto Rico Elec. Pwr. Au. Pwr. Ref. Rev., Ser. 2007-VV, 5.50%, due 7/1/20
|
1,669
|
|||||||
1,000
|
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
|
1,008
|
|||||||
1,000
|
Puerto Rico Ind., Tourist, Ed., Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/15
|
1,008
|
ß
|
||||||
3,000
|
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17
|
3,152
|
|||||||
1,000
|
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
|
1,024
|
|||||||
1,500
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24
|
1,562
|
|||||||
1,000
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/39 Putable 8/1/11
|
1,044
|
µ
|
||||||
10,467
|
|||||||||
Total Investments (170.3%) (Cost $135,895)
|
138,820
|
##
|
|||||||
Cash, receivables and other assets, less liabilities (2.1%)
|
1,677
|
||||||||
Liquidation Value of Auction Market Preferred Shares [(72.4%)]
|
(59,000
|
)
|
|||||||
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$
|
81,497
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
Alabama (1.6%)
|
|||||||||
$
|
4,210
|
DCH Hlth. Care Au. Hlth. Care Fac. Rev., Ser. 2002, 5.25%, due 6/1/14
|
$
|
4,361
|
|||||
Arizona (8.4%)
|
|||||||||
1,465
|
Arizona Energy Management Svcs. (Main) LLC Energy Conservation Rev.
(Arizona St. Univ. Proj.-Main Campus), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/17
|
1,531
|
ß
|
||||||
5,000
|
Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21
|
5,336
|
|||||||
2,265
|
Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22
|
2,546
|
|||||||
5,730
|
Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.), Ser. 2008, 7.50%, due 5/1/19
|
6,460
|
ß
|
||||||
1,840
|
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18
|
1,915
|
|||||||
1,155
|
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22
|
1,178
|
|||||||
1,750
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
|
1,666
|
|||||||
2,325
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18
|
2,013
|
|||||||
22,645
|
|||||||||
California (18.8%)
|
|||||||||
2,565
|
California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42
|
2,551
|
|||||||
2,250
|
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39
|
2,176
|
ß
|
||||||
1,725
|
California Infrastructure & Econ. Dev. Bank St. Sch. Fund (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/24
|
1,743
|
|||||||
1,955
|
California St. G.O., Ser. 2003, (AMBAC Insured), 5.00%, due 2/1/27
|
2,013
|
|||||||
1,685
|
California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27
|
1,600
|
|||||||
1,845
|
California St. G.O., Ser. 2005, 5.00%, due 3/1/19
|
1,954
|
|||||||
1,500
|
California St. Pub. Works Board Lease Rev. (Dept. of Gen. Svcs. Cap East End), Ser. 2002-A, (AMBAC Insured), 5.25%, due 12/1/17
|
1,554
|
|||||||
4,000
|
California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25
|
4,333
|
|||||||
1,240
|
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
|
1,338
|
ß
|
||||||
1,265
|
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
|
1,200
|
ß
|
||||||
3,000
|
Cerritos Pub. Fin. Au. Rev. (Tax Allocation Redev. Proj.), Ser. 2002-A, (AMBAC Insured), 5.00%, due 11/1/19
|
3,018
|
|||||||
2,525
|
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev., Ser. 2003-A1, 6.25%, due 6/1/33
|
2,788
|
|||||||
5,750
|
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (AGC Insured), 0.00%, due 8/1/21
|
3,087
|
c
|
||||||
2,080
|
Oakland Redev. Agcy. Sub. Tax Allocation Rev. (Central Dist. Redev. Proj.), Ser. 2003, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/18
|
2,151
|
|||||||
5,000
|
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/16
|
3,622
|
d
|
||||||
2,060
|
Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B,
(National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/19
|
1,320
|
|||||||
2,000
|
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%, due 8/1/19
|
1,217
|
e
|
||||||
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
|
2,119
|
|||||||
6,000
|
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/23
|
2,802
|
f
|
||||||
9,070
|
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/19
|
5,487
|
g
|
||||||
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
|
1,893
|
|||||||
50,708
|
|||||||||
Colorado (5.7%)
|
|||||||||
4,220
|
Colorado Springs Utils. Sys. Sub. Lien Ref. Rev., Ser. 2002-A, (AMBAC Insured), 5.38%, due 11/15/18
|
4,579
|
|||||||
1,325
|
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13
|
1,462
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
4,000
|
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002-E,
|
$
|
4,279
|
|||||
(National Public Finance Guarantee Corp. Insured), 5.25%, due 11/15/14
|
|||||||||
4,610
|
Thornton Cert. of Participation, Ser. 2002, (AMBAC Insured),
5.38%, due 12/1/16 Pre-Refunded 12/1/12
|
5,130
|
|||||||
15,450
|
|||||||||
District of Columbia (0.4%)
|
|||||||||
1,000
|
Metro. Washington Dist. of Columbia Arpt. Au. Sys., Ser. 2008-A, 5.50%, due 10/1/18
|
1,093
|
|||||||
Florida (0.8%)
|
|||||||||
1,000
|
Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32
|
1,138
|
ß
|
||||||
1,000
|
Sarasota Co. Utils. Sys. Ref. Rev., Ser. 2002-C, (National Public Finance Guarantee Corp. Insured), 5.25%, due 10/1/20
|
1,063
|
|||||||
2,201
|
|||||||||
Georgia (3.0%)
|
|||||||||
4,575
|
Henry Co. Wtr. & Swr. Au. Ref. Rev., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.13%, due 2/1/17
|
5,008
|
|||||||
2,710
|
Newnan Hosp. Au. Rev. Anticipation Cert. (Newnan Hosp., Inc. Proj.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 1/1/18 Pre-Refunded 1/1/13
|
3,025
|
ß
|
||||||
8,033
|
|||||||||
Guam (1.0%)
|
|||||||||
2,550
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 6.00%, due 7/1/25
|
2,627
|
|||||||
Illinois (13.1%)
|
|||||||||
5,365
|
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
4,972
|
|||||||
180
|
Chicago G.O. (Unrefunded Bal.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 1/1/17
|
195
|
|||||||
1,500
|
Chicago Metro. Wtr. Reclamation Dist. Cap. Imp. G.O., Ser. 2002-C,
5.38%, due 12/1/16 Pre-Refunded 12/1/12
|
1,673
|
|||||||
1,970
|
Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25
|
2,173
|
|||||||
5,130
|
Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002,
4.30%, due 11/1/36 Putable 11/1/13
|
5,265
|
µß
|
||||||
1,875
|
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16
|
1,981
|
ß
|
||||||
4,000
|
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24
|
4,156
|
ß
|
||||||
4,000
|
Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006-A, 5.75%, due 11/15/16
|
3,642
|
ß
|
||||||
5,840
|
Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22
|
6,146
|
ß
|
||||||
3,000
|
Illinois Hlth. Fac. Au. Rev. (Loyola Univ. Hlth. Sys.) (Unrefunded Bal.), Ser. 1997-A,
(National Public Finance Guarantee Corp. Insured), 6.00%, due 7/1/14
|
3,210
|
ß
|
||||||
1,670
|
Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured), 5.50%, due 6/15/17
|
1,973
|
|||||||
35,386
|
|||||||||
Indiana (13.6%)
|
|||||||||
4,000
|
Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29
|
4,154
|
ß
|
||||||
8,535
|
Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2001-A,
5.38%, due 2/1/17 Pre-Refunded 2/1/13
|
9,612
|
|||||||
3,240
|
Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2002-B,
5.25%, due 2/1/18 Pre-Refunded 2/1/13
|
3,611
|
|||||||
965
|
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17
|
1,054
|
|||||||
320
|
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2002-B, 5.25%, due 2/1/18
|
342
|
|||||||
4,000
|
Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B, 5.00%, due 2/15/21
|
4,040
|
ß
|
||||||
2,050
|
Indiana Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St. Francis), Ser. 2001, 5.35%, due 11/1/15
|
2,130
|
ß
|
||||||
1,000
|
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev., Ser. 2003-B,
(National Public Finance Guarantee Corp. Insured), 5.25%, due 1/1/18
|
1,062
|
|||||||
1,065
|
Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/18
|
1,109
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
1,125
|
Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/19
|
$
|
1,168
|
|||||
3,055
|
Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21
|
3,727
|
|||||||
2,580
|
Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.), Ser. 2003-A, (AGM Insured), 5.63%, due 1/1/17
|
2,699
|
|||||||
2,000
|
Jasper Hosp. Au. Hosp. Fac. Ref. Rev. (Mem. Hosp. & Hlth. Care Ctr. Proj.), Ser. 2002, (Radian Insured), 5.50%, due 11/1/17
|
2,029
|
ß
|
||||||
36,737
|
|||||||||
Iowa (6.0%)
|
|||||||||
1,000
|
Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15
|
1,058
|
|||||||
5,110
|
Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22
|
5,867
|
|||||||
2,750
|
Iowa Std. Loan Liquidity Corp. Std. Loan Rev., Ser. 2009-3, 5.50%, due 12/1/19
|
2,890
|
|||||||
2,875
|
Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.30%, due 6/1/25 Pre-Refunded 6/1/11
|
3,015
|
|||||||
3,000
|
Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., Ser. 2005-C, 5.38%, due 6/1/38
|
2,291
|
|||||||
1,005
|
Kirkwood Comm. College Iowa New Jobs Training Cert. G.O.(Merged Area X), Ser. 2007-1B, 5.00%, due 6/1/17
|
1,068
|
|||||||
16,189
|
|||||||||
Louisiana (0.4%)
|
|||||||||
1,000
|
Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.50%, due 5/15/30
|
1,000
|
|||||||
Maryland (0.4%)
|
|||||||||
1,000
|
Maryland St. Hlth. & Higher Ed. Fac. Au. Rev. (Union Hosp. of Cecil Co.), Ser. 2002, 5.50%, due 7/1/14
|
1,057
|
ß
|
||||||
Massachusetts (7.3%)
|
|||||||||
1,850
|
Massachusetts St. G.O., Ser. 2002-E, (National Public Finance Guarantee Corp. Insured), 5.38%, due 1/1/18 Pre-Refunded 1/1/13
|
2,046
|
|||||||
2,070
|
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi Oblig. Group), Ser. 1999-A, 5.70%, due 7/1/15
|
2,086
|
ß
|
||||||
1,990
|
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Reg. Hosp.), Ser. 1998-C, 5.75%, due 7/15/13
|
1,994
|
ß
|
||||||
4,935
|
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (New England Med. Ctr. Hosp.), Ser. 2002-H, (FGIC Insured), 5.38%, due 5/15/16 Pre-Refunded 5/15/12
|
5,388
|
ß
|
||||||
5,030
|
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19
|
5,390
|
|||||||
2,775
|
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.), Ser. 2001-7, 5.25%, due 2/1/16
|
2,900
|
|||||||
19,804
|
|||||||||
Michigan (3.6%)
|
|||||||||
200
|
L'Anse Creuse Pub. Sch. G.O. (Sch. Bldg. & Site), Ser. 2008, (LOC: JP Morgan Chase), 0.29%, due 5/3/10
|
200
|
µ
|
||||||
1,375
|
Macomb Co. New Haven Comm. Sch. Bldg. & Site G.O., Ser. 2002,
5.25%, due 5/1/17 Pre-Refunded 11/1/12
|
1,517
|
|||||||
1,500
|
Michigan St. Bldg. Au. Rev. (Fac. Prog.), Ser. 2001-II, 5.50%, due 10/15/18 Pre-Refunded 10/15/11
|
1,609
|
|||||||
3,850
|
Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont Hosp.), Ser. 1996, 6.25%, due 1/1/12
|
4,080
|
ß
|
||||||
2,000
|
Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20
|
1,598
|
|||||||
780
|
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15
|
747
|
|||||||
9,751
|
|||||||||
Minnesota (3.4%)
|
|||||||||
2,000
|
Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17
|
2,045
|
|||||||
2,000
|
Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17
|
2,130
|
ß
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
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
|
$
|
2,219
|
ß
|
||||
2,540
|
St. Paul Port Au. Lease Rev. (Office Bldg.), Ser. 2002, 5.00%, due 12/1/17
|
2,719
|
|||||||
9,113
|
|||||||||
Mississippi (1.7%)
|
|||||||||
4,000
|
Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24
|
3,912
|
ß
|
||||||
500
|
Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15
|
551
|
ß
|
||||||
4,463
|
|||||||||
Missouri (6.2%)
|
|||||||||
3,495
|
Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Proj.), Ser. 2002-B, (AGM Insured), 5.25%, due 10/1/16
|
3,774
|
|||||||
2,000
|
Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002, 5.05%, due 8/1/20
|
2,019
|
ß
|
||||||
2,425
|
Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003-A, 5.00%, due 12/1/17
|
2,451
|
|||||||
705
|
Branson Ind. Dev. Au. Tax Increment Rev. (Branson Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21
|
563
|
|||||||
1,250
|
Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Drinking Wtr.), Ser. 2002-B, 5.50%, due 7/1/16 Pre-Refunded 1/1/13
|
1,397
|
|||||||
750
|
Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B, 5.50%, due 7/1/16
|
821
|
|||||||
2,275
|
Missouri St. Hlth. & Ed. Fac. Au. Rev. (Children's Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24
|
2,344
|
ß
|
||||||
245
|
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16
|
248
|
a
|
||||||
110
|
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-III, (FHA Insured), 5.05%, due 12/1/15
|
111
|
|||||||
2,965
|
Missouri St. Univ. Auxiliary Enterprise Sys. Rev., Ser. 2007-A, (XLCA Insured), 5.00%, due 4/1/26
|
3,054
|
|||||||
16,782
|
|||||||||
Nevada (3.9%)
|
|||||||||
1,635
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17
|
1,784
|
|||||||
3,545
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
3,999
|
|||||||
4,355
|
Las Vegas Valley Wtr. Dist. Ref. & Wtr. Imp. G.O., Ser. 2003-A, (National Public Finance Guarantee Corp. Insured), 5.25%, due 6/1/16
|
4,721
|
|||||||
10,504
|
|||||||||
New Hampshire (3.1%)
|
|||||||||
2,600
|
New Hampshire Hlth. & Ed. Fac. Au. Rev. (Dartmouth-Hitchcock Clinic), Ser. 2009, 5.00%, due 8/1/19
|
2,672
|
ß
|
||||||
1,700
|
New Hampshire Hlth. & Ed. Fac. Au. Rev. (Univ. Sys. of New Hampshire) (Unrefunded Bal.), Ser. 2001, (AMBAC Insured), 5.38%, due 7/1/17
|
1,769
|
ß
|
||||||
4,000
|
Strafford Co. G.O. (TANS), Ser. 2010-A, 6.50%, due 12/31/10
|
4,021
|
|||||||
8,462
|
|||||||||
New Jersey (2.9%)
|
|||||||||
6,900
|
New Jersey Ed. Fac. Au. Rev. (Stevens Institute of Technology), Ser. 2002-C, 5.25%, due 7/1/17 Pre-Refunded 7/1/13
|
7,742
|
ß
|
||||||
New York (8.6%)
|
|||||||||
740
|
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
|
794
|
|||||||
3,250
|
New York City G.O., Ser. 2002-C, 5.50%, due 8/1/15
|
3,567
|
|||||||
2,580
|
New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA Insured), 5.50%, due 6/1/14
|
2,747
|
ß
|
||||||
2,750
|
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
|
2,767
|
ß
|
||||||
1,100
|
New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
|
3
|
#‡
|
||||||
1,700
|
New York St. Dorm. Au. Personal Income Tax Rev., Ser. 2003-A,
5.38%, due 3/15/20 Pre-Refunded 3/15/13
|
1,909
|
|||||||
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
|
4,093
|
ß
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
2,000
|
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41
|
$
|
1,987
|
|||||
2,000
|
New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20
|
2,217
|
|||||||
3,000
|
Tobacco Settlement Fin. Corp., Ser. 2003-B-1C, 5.50%, due 6/1/21
|
3,223
|
|||||||
23,307
|
|||||||||
North Carolina (2.5%)
|
|||||||||
5,250
|
North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev., Ser. 2009-A, 5.00%, due 1/1/26
|
5,579
|
|||||||
1,000
|
Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24
|
1,060
|
|||||||
6,639
|
|||||||||
North Dakota (1.6%)
|
|||||||||
4,100
|
Fargo Hlth. Sys. Rev. (Meritcare Obligated Group), Ser. 2002-A, (AMBAC Insured), 5.63%, due 6/1/17
|
4,223
|
ß
|
||||||
Ohio (1.4%)
|
|||||||||
3,760
|
Ohio St. Air Quality Dev. Au. Env. Imp. Ref. Rev. (USX Corp. Proj.), Ser. 1995, 5.00%, due 11/1/15 Putable 11/1/11
|
3,883
|
µß
|
||||||
Pennsylvania (5.2%)
|
|||||||||
1,765
|
Cumberland Co. West Shore Area Au. Hosp. Rev. (Holy Spirit Hosp. of the Sisters of Christian Charity Proj.), Ser. 2001, 6.05%, due 1/1/19
|
1,793
|
ß
|
||||||
565
|
Delaware River Joint Toll Bridge Comm. Sys. Rev., Ser. 2003, 5.25%, due 7/1/18 Pre-Refunded 7/1/13
|
638
|
|||||||
435
|
Delaware River Joint Toll Bridge Comm. Sys. Rev. (Unrefunded Bal.), Ser. 2003, 5.25%, due 7/1/18
|
459
|
|||||||
2,000
|
Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22
|
1,996
|
ß
|
||||||
5,000
|
Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev. (Abington Mem. Hosp. Proj.), Ser. 2002-A, 5.00%, due 6/1/19
|
5,062
|
ß
|
||||||
2,000
|
Philadelphia Arpt. Ref. Rev. (Philadelphia Arpt. Sys.), Ser. 1998,
(National Public Finance Guarantee Corp. Insured), 5.38%, due 6/15/14
|
2,008
|
|||||||
1,480
|
Sayre Hlth. Care Fac. Au. Rev., (Guthrie Hlth. Proj.), Ser. 2002-A,
5.75%, due 12/1/21 Pre-Refunded 12/1/11
|
1,614
|
ß
|
||||||
520
|
Sayre Hlth. Care Fac. Au. Rev. (Unrefunded Bal.), (Guthrie Hlth. Proj.), Ser. 2002-A, 5.75%, due 12/1/21
|
536
|
ß
|
||||||
14,106
|
|||||||||
Puerto Rico (1.4%)
|
|||||||||
750
|
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
|
756
|
|||||||
3,000
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/39 Putable 8/1/11
|
3,133
|
µ
|
||||||
3,889
|
|||||||||
South Carolina (1.3%)
|
|||||||||
1,100
|
Charleston Co. Sch. Dist. G.O., Ser. 2001, (AGM Insured), 5.00%, due 2/1/18
|
1,138
|
|||||||
2,140
|
Mt. Pleasant Town Waterworks & Swr. Sys. Ref. & Imp. Rev., Ser. 2002,
(National Public Finance Guarantee Corp. Insured), 5.25%, due 12/1/17
|
2,274
|
|||||||
3,412
|
|||||||||
Tennessee (2.3%)
|
|||||||||
1,655
|
Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev., Ser. 2002-A, (AGM Insured), 5.50%, due 1/1/18 Pre-Refunded 1/1/13
|
1,845
|
|||||||
1,360
|
Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev. (Unrefunded Bal.), Ser. 2002-A, (AGM Insured), 5.50%, due 1/1/18
|
1,408
|
|||||||
2,705
|
Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19
|
2,858
|
|||||||
6,111
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
Texas (15.4%)
|
|||||||||
$
|
4,145
|
Anson Ed. Fac. Corp. Std. Hsg. Rev. (Univ. of Texas at Dallas-Waterview Park Proj.), Ser. 2002, (ACA Insured), 5.00%, due 1/1/23
|
$
|
2,832
|
ß
|
||||
795
|
Austin Convention Enterprises, Inc. Convention Ctr. Hotel First Tier Rev., Ser. 2001-A, 6.38%, due 1/1/16 Pre-Refunded 1/1/11
|
818
|
|||||||
3,600
|
Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002, (AGM Insured), 5.50%, due 9/1/17
|
3,804
|
|||||||
1,935
|
Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004-B, (AGM Insured), 5.50%, due 11/1/18
|
2,047
|
|||||||
1,750
|
Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002-A, 5.63%, due 4/15/16
|
1,755
|
|||||||
1,745
|
Ector Co. Hosp. Dist. Hosp. Rev., Ser. 2002-A, 5.63%, due 4/15/17
|
1,750
|
|||||||
2,300
|
Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18
|
2,701
|
|||||||
2,900
|
Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33
|
3,021
|
|||||||
2,210
|
Harris Co. Toll Road Sr. Lien Rev., (Unrefunded Bal.), Ser. 2002, (AGM Insured), 5.38%, due 8/15/16
|
2,385
|
|||||||
610
|
HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15
|
585
|
ß
|
||||||
3,235
|
Houston Arpt. Sys. Sub. Lien. Ref. Rev., Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.50%, due 7/1/16
|
3,279
|
|||||||
1,000
|
Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20
|
1,111
|
|||||||
4,780
|
North Central Hlth. Fac. Dev. Corp. Hosp. Ref. Rev. (Baylor Hlth. Care Sys. Proj.), Ser. 1998, 5.10%, due 5/15/13
|
4,794
|
ß
|
||||||
3,000
|
North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23
|
3,292
|
|||||||
950
|
Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF Insured), 5.50%, due 8/15/17 Pre-Refunded 2/15/13
|
1,067
|
|||||||
50
|
Northwest Texas Independent Sch. Dist. Sch. Bldg. (Unrefunded Bal.), Ser. 2002, (PSF Insured), 5.50%, due 8/15/17
|
55
|
|||||||
20
|
San Antonio Cert. of Oblig. G.O., Ser. 2002, 5.00%, due 2/1/14 Pre-Refunded 2/1/12
|
21
|
|||||||
500
|
San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ. Proj.), Ser. 2007, 5.00%, due 6/1/19
|
520
|
ß
|
||||||
910
|
Southmost Reg. Wtr. Au. Wtr. Supply Contract Rev., Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/19 Pre-Refunded 9/1/12
|
1,009
|
|||||||
1,000
|
Southmost Reg. Wtr. Au. Wtr. Supply Contract Rev. (Unrefunded Bal.), Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/19
|
1,040
|
|||||||
235
|
Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.), Ser. 2002, 5.50%, due 9/1/12
|
247
|
|||||||
1,000
|
Trinity River Au. Imp. & Ref. Rev. (Tarrant Co. Wtr. Proj.), Ser. 2003,
(National Public Finance Guarantee Corp. Insured), 5.50%, due 2/1/16 Pre-Refunded 2/1/13
|
1,120
|
|||||||
1,085
|
Tyler Hlth. Fac. Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg. Hlth. Care Ctr. Proj.), Ser. 2003, 5.25%, due 7/1/13
|
1,134
|
ß
|
||||||
1,175
|
West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35
|
1,178
|
|||||||
41,565
|
|||||||||
Utah (1.7%)
|
|||||||||
3,000
|
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28
|
3,221
|
ß
|
||||||
1,200
|
Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20
|
1,299
|
|||||||
4,520
|
|||||||||
Virginia (1.0%)
|
|||||||||
2,620
|
Peninsula Ports Au. Res. Care Fac. Ref. Rev. (VA Baptist Homes), Ser. 2006-C, 5.25%, due 12/1/21
|
1,786
|
ß
|
||||||
1,000
|
Virginia Beach Dev. Au. Residential Care Fac. Mtge. Ref. Rev. (Westminster-Canterbury of Hampton Roads, Inc.), Ser. 2005, 5.00%, due 11/1/22
|
917
|
ß
|
||||||
2,703
|
|||||||||
Washington (6.8%)
|
|||||||||
6,250
|
Port of Seattle Sub. Lien Rev., Ser. 2002-B, (National Public Finance Guarantee Corp. Insured), 5.50%, due 9/1/16
|
6,457
|
|||||||
1,000
|
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25
|
1,005
|
|||||||
1,000
|
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/23
|
1,022
|
|||||||
1,625
|
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/18
|
1,707
|
|||||||
2,500
|
Tacoma Wtr. Sys. Rev., Ser. 2001, (National Public Finance Guarantee Corp. Insured), 5.13%, due 12/1/19
|
2,589
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
2,525
|
Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29
|
$
|
2,548
|
ß
|
||||
3,125
|
Washington St. Hlth. Care Fac. Au. Rev. (Yakima Valley Mem. Hosp. Assoc.), Ser. 2002, (ACA Insured), 5.00%, due 12/1/17
|
3,105
|
ß
|
||||||
18,433
|
|||||||||
West Virginia (0.4%)
|
|||||||||
1,000
|
West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19
|
1,095
|
|||||||
Wisconsin (6.9%)
|
|||||||||
995
|
Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2002, 6.13%, due 6/1/27
|
1,067
|
|||||||
1,900
|
Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002-B, 5.50%, due 4/1/12
|
1,981
|
|||||||
1,370
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group, Inc. Proj.), Ser. 1996, (AGM Insured), 6.00%, due 11/15/11
|
1,436
|
ß
|
||||||
1,100
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35
|
1,104
|
ß
|
||||||
1,225
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39
|
1,229
|
ß
|
||||||
1,000
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Franciscan Sisters Hlth. Care), Ser. 2007, 5.00%, due 9/1/14
|
1,036
|
ß
|
||||||
2,780
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med. Ctr., Inc. Proj.), Ser. 1999,
5.50%, due 5/15/15
|
2,784
|
ß
|
||||||
5,000
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30
|
5,011
|
ß
|
||||||
3,000
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29
|
3,116
|
ß
|
||||||
18,764
|
|||||||||
Wyoming (1.8%)
|
|||||||||
4,895
|
Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006-6, 5.00%, due 12/1/21
|
4,920
|
|||||||
Other (0.8%)
|
|||||||||
3,000
|
Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37
|
2,238
|
#
|
||||||
Total Investments (164.4%) (Cost $433,843)
|
443,916
|
##
|
|||||||
Cash, receivables and other assets, less liabilities (2.0%)
|
5,536
|
||||||||
Liquidation Value of Auction Market Preferred Shares [(66.4%)]
|
(179,400
|
)
|
|||||||
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$
|
270,052
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
Arizona (0.6%)
|
|||||||||
$
|
500
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
|
$
|
476
|
|||||
California (4.0%)
|
|||||||||
3,115
|
Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured), 0.00%, due 8/1/24
|
1,433
|
|||||||
1,470
|
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
|
1,462
|
|||||||
2,895
|
|||||||||
Guam (0.7%)
|
|||||||||
500
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
|
518
|
|||||||
Illinois (1.2%)
|
|||||||||
910
|
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
843
|
|||||||
Louisiana (1.4%)
|
|||||||||
1,000
|
Tobacco Settlement Fin. Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B, 5.50%, due 5/15/30
|
1,000
|
|||||||
Nevada (1.5%)
|
|||||||||
1,000
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
1,128
|
|||||||
New York (145.8%)
|
|||||||||
3,000
|
Albany IDA Civic Fac. Rev. (Charitable Leadership Foundation Ctr. for Med. Science Proj.), Ser. 2002-A, 6.00%, due 7/1/19
|
2,572
|
ß
|
||||||
500
|
Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23
|
496
|
ß
|
||||||
1,000
|
Dutchess Co. IDA Civic Fac. Ref. Rev. (Marist College Proj.), Ser. 2003-A, 5.15%, due 7/1/17
|
1,055
|
ß
|
||||||
1,000
|
Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25
|
1,085
|
|||||||
1,500
|
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23
|
1,645
|
ß
|
||||||
1,050
|
Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (FGIC Insured), 5.00%, due 12/1/21
|
1,163
|
|||||||
855
|
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
|
917
|
|||||||
1,000
|
Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. Rochester), Ser. 2005, 5.00%, due 8/1/15
|
1,053
|
ß
|
||||||
980
|
Monroe Co. IDA Std. Hsg. Rev. (Collegiate Hsg. Foundation - Rochester Institute of Technology Proj.), Ser. 1999-A, 5.25%, due 4/1/19
|
933
|
ß
|
||||||
1,000
|
Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16
|
1,020
|
|||||||
1,000
|
Monroe Co. Pub. Imp. Ref. G.O., Ser. 1996, 6.00%, due 3/1/13
|
1,088
|
|||||||
1,125
|
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A, 5.88%, due 1/1/18
|
1,125
|
ß
|
||||||
1,000
|
New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16
|
1,085
|
|||||||
100
|
New York City G.O., Ser. 2006-I3, (LOC: Bank of America), 0.26%, due 5/3/10
|
100
|
µ
|
||||||
950
|
New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22
|
1,045
|
|||||||
1,000
|
New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21
|
1,107
|
|||||||
1,410
|
New York City Hlth. & Hosp. Corp. Rev., Ser. 2002-A, (AGM Insured), 5.50%, due 2/15/13
|
1,496
|
|||||||
4,000
|
New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., Ser. 2002-E2, 5.05%, due 11/1/23
|
4,016
|
|||||||
1,000
|
New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA Insured), 5.50%, due 6/1/15
|
1,056
|
ß
|
||||||
1,030
|
New York City IDA Civic Fac. Rev. (Lycee Francais de New York Proj.), Ser. 2002-A, (ACA Insured), 5.50%, due 6/1/17
|
1,068
|
ß
|
||||||
2,920
|
New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured), 5.00%, due 6/1/22
|
3,014
|
ß
|
||||||
750
|
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
|
754
|
ß
|
||||||
2,000
|
New York City IDA Spec. Fac. Rev. (Term. One Group Assoc. Proj.), Ser. 2005, 5.50%, due 1/1/19 Putable 1/1/16
|
2,084
|
µß
|
||||||
960
|
New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 1992-A, (AMBAC Insured), 5.88%, due 6/15/13
|
1,102
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
2,025
|
New York City Transitional Fin. Au. Ref. Rev., Ser. 2002-C, (AMBAC Insured), 5.25%, due 8/1/17
|
$
|
2,176
|
|||||
660
|
New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
|
2
|
#‡
|
||||||
2,000
|
New York St. Dorm. Au. Court Fac. Lease Rev. (New York City Issue), Ser. 2003-A, 5.50%, due 5/15/17 Pre-Refunded 5/15/13
|
2,268
|
|||||||
1,675
|
New York St. Dorm. Au. Insured Rev. (Long Island Univ.), Ser. 2003-A, (Radian Insred), 5.25%, due 9/1/15
|
1,722
|
ß
|
||||||
1,600
|
New York St. Dorm. Au. Insured Rev. (The Culinary Institute of America), Ser. 1999, (National Public Finance Guarantee Corp. Insured), 5.38%, due 7/1/15
|
1,621
|
ß
|
||||||
3,000
|
New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17
|
3,199
|
ß
|
||||||
250
|
New York St. Dorm. Au. Rev. (Brookdale Hosp. Med. Ctr.), Ser. 1998-J, 5.20%, due 2/15/16
|
251
|
ß
|
||||||
1,125
|
New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16
|
1,270
|
|||||||
1,000
|
New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/14
|
1,034
|
ß
|
||||||
1,000
|
New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/16
|
1,026
|
ß
|
||||||
2,000
|
New York St. Dorm. Au. Rev. (Mount Sinai NYU Hlth.), Ser. 2000-C, 5.50%, due 7/1/26
|
2,005
|
ß
|
||||||
1,980
|
New York St. Dorm. Au. Rev. (New York Med. College Proj.), Ser. 1998,
(National Public Finance Guarantee Corp. Insured), 5.00%, due 7/1/21
|
1,981
|
ß
|
||||||
500
|
New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003, 5.00%, due 5/1/18
|
512
|
ß
|
||||||
2,855
|
New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured), 5.25%, due 11/1/15
|
3,054
|
ß
|
||||||
2,410
|
New York St. Dorm. Au. Rev. (Rochester Institute of Technology Proj.), Ser. 2002-A, (AMBAC Insured), 5.25%, due 7/1/19
|
2,562
|
ß
|
||||||
1,000
|
New York St. Dorm. Au. Rev. (Sch. Dist. Financing Proj.), Ser. 2002-A
(National Public Finance Guarantee Corp. Insured), 5.75%, due 10/1/17
|
1,066
|
|||||||
3,000
|
New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.), Ser. 2002, (LOC: Allied Irish Bank), 4.60%, due 7/1/16
|
2,965
|
ß
|
||||||
500
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 5.00%, due 7/1/24
|
503
|
ß
|
||||||
900
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 5.00%, due 8/1/21
|
951
|
ß
|
||||||
1,595
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 5.25%, due 7/1/24
|
1,663
|
ß
|
||||||
1,000
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2006-A, 5.00%, due 7/1/20
|
1,020
|
ß
|
||||||
1,085
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24
|
1,112
|
ß
|
||||||
2,000
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John's Univ.), Ser. 2007-C, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
|
2,221
|
ß
|
||||||
2,600
|
New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2003-A,
5.38%, due 3/15/17 Pre-Refunded 3/15/13
|
2,920
|
|||||||
5,000
|
New York St. Energy Res. & Dev. Au. Fac. Rev. (Consolidated Edison Co. of New York, Inc. Proj.), Ser. 2001, 4.70%, due 6/1/36 Putable 10/1/12
|
5,006
|
µß
|
||||||
1,615
|
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29
|
1,621
|
|||||||
2,000
|
New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 1997-67, 5.70%, due 10/1/17
|
2,001
|
|||||||
1,230
|
New York St. Muni. Bond Bank Agcy., Ser. 2009-B1, 5.00%, due 12/15/23
|
1,332
|
|||||||
1,295
|
New York St. Muni. Bond Bank Agcy., Ser. 2009-B1, 5.00%, due 12/15/24
|
1,394
|
|||||||
1,475
|
New York St. Thruway Au. Hwy. & Bridge, Ser. 2007-B, 5.00%, due 4/1/20
|
1,623
|
|||||||
1,090
|
New York St. Thruway Au. Hwy. & Bridge, Ser. 2009-B, 5.00%, due 4/1/19
|
1,241
|
|||||||
250
|
New York St. Urban Dev. Corp. Correctional & Youth Fac. Svc. Rev., Ser. 2002-C, 4.00%, due 1/1/20 Putable 1/1/11
|
255
|
µ
|
||||||
1,250
|
New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20
|
1,385
|
|||||||
965
|
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A1, 5.00%, due 12/15/23
|
1,056
|
|||||||
1,375
|
New York Tobacco Settlement Fin. Corp., Ser. 2003-B1C, 5.50%, due 6/1/22
|
1,472
|
|||||||
2,000
|
Niagara Co. IDA Civic Fac. Rev. (Niagara Univ. Proj.), Ser. 2001-A, (Radian Insured), 5.50%, due 11/1/16
|
2,094
|
ß
|
||||||
1,000
|
Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19
|
1,144
|
ß
|
||||||
3,000
|
Port Au. of NY & NJ Rev., Ser. 2002, (AMBAC Insured), 5.50%, due 12/15/12
|
3,294
|
|||||||
1,000
|
Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22
|
980
|
ß
|
||||||
1,570
|
Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A,
(National Public Finance Guarantee Corp. Insured), 4.75%, due 1/1/24
|
1,582
|
|||||||
2,000
|
Triborough Bridge & Tunnel Au. Rev., Ser. 2008-D, 5.00%, due 11/15/23
|
2,196
|
|||||||
1,535
|
Ulster Co. Res. Rec. Agcy. Solid Waste Sys. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 3/1/16
|
1,636
|
|||||||
1,405
|
United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22
|
1,513
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
1,000
|
Westchester Co. IDA Continuing Care Retirement Comm. Rev. (Kendal on Hudson Proj.), Ser. 2003-B, 6.50%, due 1/1/34 Putable 1/1/13
|
$
|
1,003
|
µß
|
||||
855
|
Yonkers IDA Civic Fac. Rev. (Comm. Dev. Properties-Yonkers, Inc.), Ser. 2001-A, 6.25%, due 2/1/16 Pre-Refunded 2/1/11
|
891
|
ß
|
||||||
105,902
|
|||||||||
Puerto Rico (9.1%)
|
|||||||||
1,500
|
Puerto Rico Commonwealth Gov't Dev. Bank, Ser. 1985,
(National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15
|
1,559
|
|||||||
1,050
|
Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (XLCA Insured), 5.50%, due 7/1/17
|
1,143
|
|||||||
750
|
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
|
756
|
|||||||
1,060
|
Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/16
|
1,063
|
ß
|
||||||
1,000
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Ser. 2009-A, 5.00%, due 8/1/24
|
1,041
|
|||||||
1,000
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Ser. 2009-A, 5.00%, due 8/1/39 Putable 8/1/11
|
1,045
|
µ
|
||||||
6,607
|
|||||||||
Total Investments (164.3%) (Cost $117,661)
|
119,369
|
##
|
|||||||
Cash, receivables and other assets, less liabilities (2.1%)
|
1,514
|
||||||||
Liquidation Value of Auction Market Preferred Shares [(66.4%)]
|
(48,250
|
)
|
|||||||
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$
|
72,633
|
† | The value of investments in securities by 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") (individually a "Fund", and collectively, the "Funds") is determined by Neuberger Berman Management LLC ("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 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. Management has developed a process to periodically review information provided by independent pricing services. If a valuation is not available from an independent pricing service or if Management has reason to believe that the valuation does not represent the amount a Fund might reasonably expect to receive on a current sale, the Fund seeks to obtain quotations from principal market makers. If such quotations are not readily available, the security is valued using methods the Fund's Board of Directors (each Fund's Board of Directors, a "Board") has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security, including available analyst, media or other reports, trading in futures or 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. Short-term debt securities with less than 60 days until maturity may be valued at cost which, when combined with interest earned, is expected to approximate market value. | ||
In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820"), all investments held by a fund are carried at "fair value" as defined by ASC 820. Fair value is defined as the price that 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 determining the value of the Funds' investments, some of which are discussed above. Significant management judgement may be necessary to estimate fair value in accordance with ASC 820. | |||
In addition to defining fair value, ASC 820 established a three-tier hierarchy of inputs to establish a classification of fair 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 significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.) | ||
• | Level 3 – significant unobservable inputs (including the Funds' 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 following is a summary, by category of Level, of inputs used to value the Funds' investments as of April 30, 2010: |
Asset Valuation Inputs | |||||||||||||||||
(000's omitted) |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
California | |||||||||||||||||
Investments: | |||||||||||||||||
Municipal Notes^
|
|
$—
|
|
$138,820
|
|
$—
|
|
$138,820
|
|||||||||
Total Investments
|
—
|
138,820
|
—
|
138,820
|
(000's omitted)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||
Intermediate
|
|||||||||
Investments:
|
Municipal Notes^
|
|
$—
|
|
$443,916
|
|
$—
|
|
$443,916
|
|||||||||
Total Investments
|
—
|
443,916
|
—
|
443,916
|
|||||||||||||
New York
|
|||||||||||||||||
Investments:
|
|||||||||||||||||
Municipal Notes^
|
—
|
119,369
|
—
|
119,369
|
|||||||||||||
Total Investments
|
—
|
119,369
|
—
|
119,369
|
(000's omitted) |
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
(Depreciation)
|
|||||||||||||
California
|
|
$ 135,895
|
|
$ 3,996
|
|
$ 1,071
|
|
$ 2,925
|
|||||||||
Intermediate
|
433,843
|
16,831
|
6,758
|
10,073
|
|||||||||||||
New York
|
117,664
|
3,163
|
1,458
|
1,705
|
‡ | Security is in default. |
# | Restricted security subject to restrictions on resale under federal securities laws. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and have been deemed by the investment manager to be illiquid and restricted. At April 30, 2010, these securities amounted to approximately $2,241,720 or 0.8% of net assets applicable to common shareholders for Intermediate and approximately $1,980 or 0.0% of net assets applicable to common shareholders for New York. |
(000's omitted) |
Restricted Security
|
Acquisition
Date
|
Acquisition
Cost
|
Acquisition
Cost
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
Acquisition
Date
|
Value as of
April 30, 2010
|
Fair Value
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
April 30, 2010
|
||||||||||||
Intermediate
|
New York Liberty
Dev. Corp. Rev.
(Nat'l Sports
Museum Proj.),
Ser. 2006-A, 6.13%,
due 2/15/19
|
8/4/2006
|
|
$1,100
|
0.4
|
%
|
|
$ 3
|
0.0
|
%
|
||||||||
Non-Profit Pfd.
Fdg. Trust I,
Ser. 2006-C, 4.72%,
due 9/15/37
|
10/2/2006
|
3,000
|
1.0
|
2,238
|
0.8
|
|||||||||||||
New York
|
New York Liberty
Dev. Corp. Rev.
(Nat'l Sports
Museum Proj.),
Ser. 2006-A, 6.13%,
due 2/15/19
|
8/4/2006
|
660
|
0.9
|
2
|
0.0
|
CALIFORNIA
INTERMEDIATE
MUNICIPAL FUND
|
INTERMEDIATE
MUNICIPAL FUND
|
NEW YORK
INTERMEDIATE
MUNICIPAL FUND
|
|||||||||||
April 30,
2010
|
April 30,
2010
|
April 30,
2010
|
|||||||||||
Assets | |||||||||||||
Investments in securities, at value* (Note A)—
see Schedule of Investments:
|
|||||||||||||
Unaffiliated issuers
|
|
$138,820
|
|
$443,916
|
|
$119,369
|
|||||||
Cash
|
62
|
—
|
84
|
||||||||||
Interest receivable
|
2,015
|
7,049
|
1,865
|
||||||||||
Receivable for securities sold
|
100
|
92
|
—
|
||||||||||
Prepaid expenses and other assets
|
10
|
3
|
12
|
||||||||||
Total Assets
|
141,007
|
451,060
|
121,330
|
||||||||||
Liabilities
|
|||||||||||||
Distributions payable—preferred shares
|
7
|
15
|
5
|
||||||||||
Distributions payable—common shares
|
374
|
1,304
|
326
|
||||||||||
Payable to investment manager—net (Notes A & B)
|
11
|
37
|
10
|
||||||||||
Payable to administrator (Note B)
|
35
|
111
|
30
|
||||||||||
Accrued expenses and other payables
|
83
|
141
|
76
|
||||||||||
Total Liabilities
|
510
|
1,608
|
447
|
||||||||||
Auction Market Preferred Shares Series A & B at liquidation value
|
|||||||||||||
3,000, 8,000 and 3,000 shares authorized, 2,360, 7,176 and
1,930 shares issued and outstanding for California, Intermediate
and New York, respectively;
|
|||||||||||||
$.0001 par value; $25,000 liquidation value per share (Note A)
|
59,000
|
179,400
|
48,250
|
||||||||||
Net Assets applicable to Common Shareholders at value
|
|
$81,497
|
|
$270,052
|
|
$72,633
|
|||||||
Net Assets applicable to Common Shareholders consist of:
|
|||||||||||||
Paid-in capital—common shares
|
|
$78,644
|
|
$265,984
|
|
$71,789
|
|||||||
Undistributed net investment income (loss)
|
1,095
|
4,568
|
958
|
||||||||||
Accumulated net realized gains (losses) on investments
|
(1,167
|
)
|
(10,573
|
)
|
(1,822
|
)
|
|||||||
Net unrealized appreciation (depreciation) in value of investments
|
2,925
|
10,073
|
1,708
|
||||||||||
Net Assets applicable to Common Shareholders at value |
$81,497
|
$270,052
|
$72,633
|
||||||||||
Common Shares Outstanding ($.0001 par value, 999,997,000, 999,992,000 and 999,997,000 shares authorized for California,
Intermediate and New York, respectively)
|
5,507
|
18,635
|
5,028
|
||||||||||
Net Asset Value Per Common Share Outstanding
|
|
$14.80
|
|
$14.49
|
|
$14.45
|
|||||||
*Cost of Investments:
|
|
$135,895
|
|
$433,843
|
|
$117,661
|
CALIFORNIA
INTERMEDIATE
MUNICIPAL FUND
|
INTERMEDIATE
MUNICIPAL FUND
|
NEW YORK
INTERMEDIATE
MUNICIPAL FUND
|
||||||||||
For the Six
Months Ended
April 30,
2010
|
For the Six
Months Ended
April 30,
2010
|
For the Six
Months Ended
April 30,
2010
|
||||||||||
Investment Income:
|
||||||||||||
Income (Note A)
|
||||||||||||
Interest income
|
$
|
3,232
|
$
|
10,612
|
$
|
2,837
|
||||||
Expenses:
|
||||||||||||
Investment management fees (Note B)
|
173
|
554
|
149
|
|||||||||
Administration fees (Note B)
|
208
|
665
|
178
|
|||||||||
Auction agent fees (Note B)
|
43
|
146
|
23
|
|||||||||
Audit fees
|
24
|
25
|
24
|
|||||||||
Basic maintenance expense (Note B)
|
14
|
14
|
14
|
|||||||||
Custodian fees (Note B)
|
39
|
74
|
33
|
|||||||||
Insurance expense
|
7
|
22
|
6
|
|||||||||
Legal fees
|
60
|
145
|
52
|
|||||||||
Shareholder reports
|
20
|
37
|
20
|
|||||||||
Stock exchange listing fees
|
2
|
5
|
1
|
|||||||||
Stock transfer agent fees
|
10
|
10
|
10
|
|||||||||
Directors' fees and expenses
|
25
|
26
|
25
|
|||||||||
Miscellaneous
|
17
|
25
|
16
|
|||||||||
Total expenses
|
642
|
1,748
|
551
|
|||||||||
Investment management fees waived (Note B)
|
(104
|
)
|
(333
|
)
|
(89
|
)
|
||||||
Expenses reduced by custodian fee expense offset arrangement (Note B)
|
—
|
(1
|
)
|
—
|
||||||||
Total net expenses
|
538
|
1,414
|
462
|
|||||||||
Net investment income (loss)
|
$
|
2,694
|
$
|
9,198
|
$
|
2,375
|
||||||
Realized and Unrealized Gain (Loss) on Investments (Note A)
|
||||||||||||
Net realized gain (loss) on:
|
||||||||||||
Sales of investment securities of unaffiliated issuers
|
359
|
242
|
42
|
|||||||||
Change in net unrealized appreciation (depreciation) in value of:
|
||||||||||||
Unaffiliated investment securities
|
1,417
|
4,971
|
1,506
|
|||||||||
Net gain (loss) on investments
|
1,776
|
5,213
|
1,548
|
|||||||||
Distributions to Preferred Shareholders
|
(115
|
)
|
(350
|
)
|
(95
|
)
|
||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations
|
$
|
4,355
|
$
|
14,061
|
$
|
3,828
|
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
|
INTERMEDIATE MUNICIPAL FUND
|
|||||||
Six Months
Ended
April 30,
2010
(Unaudited)
|
Year Ended
October 31,
2009
|
Six Months
Ended
April 30,
2010
(Unaudited)
|
Year Ended
October 31,
2009
|
|||||
Increase (Decrease) in
Net Assets Applicable to
Common Shareholders:
|
From Operations (Note A):
|
|||||||||||||||||
Net investment income (loss)
|
$
|
2,694
|
$
|
5,770
|
$
|
9,198
|
$
|
18,954
|
|||||||||
Net realized gain (loss) on investments
|
359
|
(1,362
|
)
|
242
|
(9,553
|
)
|
|||||||||||
Change in net unrealized appreciation
(depreciation) of investments
|
1,417
|
9,198
|
4,971
|
27,702
|
|||||||||||||
Distributions to Preferred
Shareholders From (Note A):
|
|||||||||||||||||
Net investment income
|
(115
|
)
|
(513
|
)
|
(350
|
)
|
(1,555
|
)
|
|||||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations
|
4,355
|
13,093
|
14,061
|
35,548
|
|||||||||||||
Distributions to Common
Shareholders From (Note A):
|
|||||||||||||||||
Net investment income
|
(2,199
|
)
|
(4,272
|
)
|
(7,644
|
)
|
(13,345
|
)
|
|||||||||
From Capital Share
Transactions (Note D):
|
|||||||||||||||||
Proceeds from reinvestment of dividends and distributions
|
—
|
—
|
—
|
—
|
|||||||||||||
Payments for shares redeemed in connection with tender offer
(Note E)
|
—
|
(17,811
|
)
|
—
|
(27,869
|
)
|
|||||||||||
Total net proceeds from capital share transactions
|
—
|
(17,811
|
)
|
—
|
(27,869
|
)
|
|||||||||||
Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders
|
2,156
|
(8,990
|
)
|
6,417
|
(5,666
|
)
|
|||||||||||
Net Assets Applicable to
Common Shareholders:
|
|||||||||||||||||
Beginning of period
|
79,341
|
88,331
|
263,635
|
269,301
|
|||||||||||||
End of period
|
$
|
81,497
|
$
|
79,341
|
$
|
270,052
|
$
|
263,635
|
|||||||||
Undistributed net investment
income (loss) at end of period
|
$
|
1,095
|
$
|
715
|
$
|
4,568
|
$
|
3,364
|
NEW YORK INTERMEDIATE
MUNICIPAL FUND
|
|||||
Six Months
Ended
April 30,
2010
(Unaudited)
|
Year Ended
October 31,
2009
|
||||
Increase (Decrease) in
Net Assets Applicable to
Common Shareholders:
|
|||||
From Operations (Note A):
|
Net investment income (loss)
|
2,375
|
$
|
4,793
|
|||
Net realized gain (loss) on investments
|
42
|
(1,053
|
)
|
|||
Change in net unrealized appreciation
(depreciation) of investments
|
1,506
|
7,294
|
||||
Distributions to Preferred
Shareholders From (Note A):
|
||||||
Net investment income
|
(95
|
)
|
(426
|
)
|
||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations
|
3,828
|
10,608
|
||||
Distributions to Common
Shareholders From (Note A):
|
||||||
Net investment income
|
(1,930
|
)
|
(3,542
|
)
|
||
From Capital Share
Transactions (Note D):
|
||||||
Proceeds from reinvestment of dividends and distributions
|
55
|
—
|
||||
Payments for shares redeemed in connection with tender offer
(Note E)
|
—
|
(7,441
|
)
|
|||
Total net proceeds from capital share transactions
|
55
|
(7,441
|
)
|
|||
Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders
|
1,953
|
(375
|
)
|
|||
Net Assets Applicable to
Common Shareholders:
|
||||||
Beginning of period
|
70,680
|
71,055
|
||||
End of period
|
72,633
|
$
|
70,680
|
|||
Undistributed net investment
income (loss) at end of period
|
958
|
$
|
608
|
Distributions Paid From:
|
||||||||||||||||||||||||
Tax-Exempt Income
|
Ordinary Income
|
Total
|
||||||||||||||||||||||
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||||
California
|
$
|
4,756,650
|
$
|
6,458,574
|
$
|
28,416
|
$
|
7,760
|
$
|
4,785,066
|
$
|
6,466,334
|
||||||||||||
Intermediate
|
14,800,907
|
20,178,654
|
99,261
|
38,868
|
14,900,168
|
20,217,522
|
||||||||||||||||||
New York
|
3,956,547
|
5,304,908
|
11,613
|
6,228
|
3,968,160
|
5,311,136
|
Undistributed
Tax-Exempt
Income
|
Undistributed
Ordinary
Income
|
Undistributed
Long-Term
Gain
|
Unrealized
Appreciation
(Depreciation)
|
Loss
Carryforwards
and Deferrals
|
Total
|
|||||||||||||||||||
California
|
$
|
1,042,807
|
$
|
—
|
$
|
—
|
$
|
1,507,904
|
$
|
(1,525,938
|
)
|
$
|
1,024,773
|
|||||||||||
Intermediate
|
4,517,274
|
—
|
—
|
5,096,161
|
(10,809,374
|
)
|
(1,195,939
|
)
|
||||||||||||||||
New York
|
914,445
|
—
|
—
|
198,908
|
(1,861,396
|
)
|
(748,043
|
)
|
Expiring in:
|
||||||||||||||||||||||||||||
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
||||||||||||||||||||||
California
|
$
|
—
|
$
|
159,305
|
$
|
4,477
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
1,362,156
|
||||||||||||||
Intermediate
|
509,968
|
328,363
|
58,816
|
—
|
126,780
|
232,566
|
9,552,881
|
|||||||||||||||||||||
New York
|
362,560
|
156,636
|
18,838
|
—
|
—
|
269,555
|
1,053,807
|
Distribution per share
|
||||
California
|
$
|
0.068
|
||
Intermediate
|
0.070
|
|||
New York
|
0.065
|
Distribution per share
|
||||
California
|
$
|
0.068
|
||
Intermediate
|
0.070
|
|||
New York
|
0.065
|
6 | Expense allocation: Certain expenses are applicable to multiple funds. 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 in the complex or series thereof on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies in the complex or series thereof 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 |
Series A Shares
|
Series B Shares
|
||||||
California
|
1,180 |
1,180
|
|||||
Intermediate
|
3,588 |
3,588
|
|||||
New York
|
965 |
965
|
Distribution Rate
|
||||
California
|
0.26
|
% – 0.50%
|
||
Intermediate
|
0.24
|
% – 0.50%
|
||
New York
|
0.26
|
% – 0.50%
|
Distribution Rate
|
||||
California
|
0.32
|
% – 0.49%
|
||
Intermediate
|
0.34
|
% – 0.50%
|
||
New York
|
0.34
|
% – 0.50%
|
Series A Shares
|
Series B Shares
|
|||||||
California
|
$
|
11,267
|
$
|
11,591
|
||||
Intermediate
|
33,666
|
35,393
|
||||||
New York
|
9,253
|
9,881
|
Year Ended
October 31,
|
% of Average
Daily Managed Assets
|
||||||
2010
|
0.10
|
||||||
2011
|
0.05
|
Year Ended
October 31,
|
% of Average
Daily Managed Assets
|
||||||
2010
|
0.15
|
||||||
2011
|
0.10
|
||||||
2012
|
0.05
|
(000's omitted)
|
Purchases
|
Sales
|
||||||
California
|
$
|
19,696
|
$
|
20,170
|
||||
Intermediate
|
84,744
|
97,120
|
||||||
New York
|
29,433
|
29,806
|
Common Shares
Outstanding
|
Common Shares
Owned by Neuberger
|
|||||||
California
|
5,507,477
|
6,981
|
||||||
Intermediate
|
18,634,612
|
6,981
|
||||||
New York
|
5,027,865
|
6,981
|
Shares Issued on
Reinvestment of Dividends
and Distributions
|
Redemption of Common
Shares (Note E)
|
Net Increase/(Decrease) in
Common Shares Outstanding
|
||||||||||||||||||||
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||
California
|
—
|
—
|
—
|
(1,291,877
|
)
|
—
|
(1,291,877
|
)
|
||||||||||||||
Intermediate
|
—
|
—
|
—
|
(2,070,512
|
)
|
—
|
(2,070,512
|
)
|
||||||||||||||
New York
|
3,868
|
—
|
—
|
(558,221
|
)
|
3,868
|
(558,221
|
)
|
Six Months
Ended
April 30,
|
Year Ended October 31,
|
|||||||||||||||||||||||
2010
(Unaudited)
|
2009
|
2008
|
2007
|
2006
|
2005
|
|||||||||||||||||||
Common Share Net Asset Value,
Beginning of Period
|
$
|
14.41
|
$
|
12.99
|
$
|
14.60
|
$
|
15.00
|
$
|
14.68
|
$
|
15.06
|
||||||||||||
Income From Investment Operations
Applicable to Common Shareholders:
|
||||||||||||||||||||||||
Net Investment Income (Loss)¢
|
.49
|
.88
|
.92
|
.94
|
.94
|
.91
|
||||||||||||||||||
Net Gains or Losses on Securities
(both realized and unrealized)
|
.32
|
1.22
|
(1.58
|
)
|
(.35
|
)
|
.37
|
(.40
|
)
|
|||||||||||||||
Common Share Equivalent of Distributions
to Preferred Shareholders From:
|
||||||||||||||||||||||||
Net Investment Income¢
|
(.02
|
)
|
(.08
|
)
|
(.31
|
)
|
(.30
|
)
|
(.27
|
)
|
(.14
|
)
|
||||||||||||
Total From Investment Operations
Applicable to Common Shareholders
|
.79
|
2.02
|
(.97
|
)
|
.29
|
1.04
|
.37
|
|||||||||||||||||
Less Distributions to Common
Shareholders From:
|
||||||||||||||||||||||||
Net Investment Income
|
(.40
|
)
|
(.66
|
)
|
(.64
|
)
|
(.69
|
)
|
(.72
|
)
|
(.75
|
)
|
||||||||||||
Accretive Effect of Tender Offer
|
—
|
.06
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Common Share Net Asset Value,
End of Period
|
$
|
14.80
|
$
|
14.41
|
$
|
12.99
|
$
|
14.60
|
$
|
15.00
|
$
|
14.68
|
||||||||||||
Common Share Market Value,
End of Period
|
$
|
13.99
|
$
|
13.14
|
$
|
10.73
|
$
|
13.08
|
$
|
14.65
|
$
|
13.75
|
||||||||||||
Total Return, Common Share
Net Asset Value†
|
5.74
|
%**
|
17.12
|
%
|
(6.39
|
)%
|
2.16
|
%
|
7.51
|
%
|
2.96
|
%
|
||||||||||||
Total Return, Common Share
Market Value†
|
9.61
|
%**
|
29.29
|
%
|
(13.69
|
)%
|
(6.29
|
)%
|
12.10
|
%
|
7.82
|
%
|
||||||||||||
Supplemental Data/Ratios††
|
||||||||||||||||||||||||
Net Assets Applicable to Common Shareholders, End of Period (in millions)
|
$
|
81.5
|
$
|
79.3
|
$
|
88.3
|
$
|
99.3
|
$
|
101.9
|
$
|
99.7
|
||||||||||||
Preferred Shares Outstanding,
End of Period (in millions)
|
$
|
59.0
|
$
|
59.0
|
$
|
59.0
|
$
|
59.0
|
$
|
59.0
|
$
|
59.0
|
||||||||||||
Preferred Shares Liquidation and
Market Value Per Share
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
||||||||||||
Ratios are calculated using
Average Net Assets Applicable
to Common Shareholders
Ratio of Gross Expenses#
|
1.35
|
%*
|
1.34
|
%
|
1.03
|
%
|
.94
|
%
|
.93
|
%
|
.96
|
%
|
||||||||||||
Ratio of Net Expenses‡
|
1.35
|
%*
|
1.34
|
%
|
1.02
|
%
|
.94
|
%
|
.93
|
%
|
.96
|
%
|
||||||||||||
Ratio of Net Investment Income (Loss) Excluding Preferred Share DistributionsØØ
|
6.75
|
%*
|
6.51
|
%
|
6.45
|
%
|
6.36
|
%
|
6.36
|
%
|
6.08
|
%
|
||||||||||||
Portfolio Turnover Rate
|
14
|
%**
|
27
|
%
|
14
|
%
|
3
|
%
|
3
|
%
|
3
|
%
|
||||||||||||
Asset Coverage Per Preferred Share, End of Period@
|
$
|
59,535
|
$
|
58,620
|
$
|
62,432
|
$
|
67,108
|
$
|
68,208
|
$
|
67,273
|
Six Months
Ended
April 30,
|
Year Ended October 31,
|
||||||||||||||||||||||||
2010
(Unaudited)
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||||||
Common Share Net Asset Value,
Beginning of Period
|
$
|
14.15
|
$
|
13.01
|
$
|
14.55
|
$
|
14.91
|
$
|
14.68
|
$
|
15.11
|
|||||||||||||
Income From Investment Operations
Applicable to Common Shareholders:
|
|||||||||||||||||||||||||
Net Investment Income (Loss)¢
|
.49
|
.95
|
.97
|
.98
|
.97
|
.95
|
|||||||||||||||||||
Net Gains or Losses on Securities
(both realized and unrealized)
|
.28
|
.91
|
(1.53
|
)
|
(.35
|
)
|
.30
|
(.43
|
)
|
||||||||||||||||
Common Share Equivalent of Distributions
to Preferred Shareholders From:
|
|||||||||||||||||||||||||
Net Investment Income¢
|
(.02
|
)
|
(.08
|
)
|
(.33
|
)
|
(.32
|
)
|
(.29
|
)
|
(.15
|
)
|
|||||||||||||
Total From Investment Operations
Applicable to Common Shareholders
|
.75
|
1.78
|
(.89
|
)
|
.31
|
.98
|
.37
|
||||||||||||||||||
Less Distributions to Common
Shareholders From:
|
|||||||||||||||||||||||||
Net Investment Income
|
(.41
|
)
|
(.67
|
)
|
(.65
|
)
|
(.67
|
)
|
(.75
|
)
|
(.80
|
)
|
|||||||||||||
Accretive Effect of Tender Offers
|
—
|
.03
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Common Share Net Asset Value,
End of Period
|
$
|
14.49
|
$
|
14.15
|
$
|
13.01
|
$
|
14.55
|
$
|
14.91
|
$
|
14.68
|
|||||||||||||
Common Share Market Value,
End of Period
|
$
|
14.11
|
$
|
13.01
|
$
|
11.00
|
$
|
12.86
|
$
|
14.22
|
$
|
13.62
|
|||||||||||||
Total Return, Common Share
Net Asset Value†
|
5.44
|
%**
|
14.73
|
%
|
(5.87
|
)%
|
2.48
|
%
|
7.22
|
%
|
2.93
|
%
|
|||||||||||||
Total Return, Common Share
Market Value†
|
11.67
|
%**
|
24.76
|
%
|
(9.95
|
)%
|
(5.03
|
)%
|
10.22
|
%
|
5.32
|
%
|
|||||||||||||
Supplemental Data/Ratios††
|
|||||||||||||||||||||||||
Net Assets Applicable to Common Shareholders, End of Period (in millions)
|
$
|
270.1
|
$
|
263.6
|
$
|
269.3
|
$
|
301.3
|
$
|
308.7
|
$
|
303.9
|
|||||||||||||
Preferred Shares Outstanding,
End of Period (in millions)
|
$
|
179.4
|
$
|
179.4
|
$
|
179.4
|
$
|
179.4
|
$
|
179.4
|
$
|
179.4
|
|||||||||||||
Preferred Shares Liquidation and
Market Value Per Share
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
|||||||||||||
Ratios are calculated using
Average Net Assets Applicable
to Common Shareholders
Ratio of Gross Expenses#
|
1.07
|
%*
|
1.09
|
%
|
.87
|
%
|
.79
|
%
|
.78
|
%
|
.80
|
%
|
|||||||||||||
Ratio of Net Expenses‡
|
1.07
|
%*
|
1.08
|
%
|
.86
|
%
|
.78
|
%
|
.78
|
%
|
.80
|
%
|
|||||||||||||
Ratio of Net Investment Income (Loss) Excluding Preferred Share DistributionsØØ
|
6.93
|
%*
|
6.98
|
%
|
6.80
|
%
|
6.65
|
%
|
6.61
|
%
|
6.33
|
%
|
|||||||||||||
Portfolio Turnover Rate
|
19
|
%**
|
40
|
%
|
8
|
%
|
4
|
%
|
6
|
%
|
2
|
%
|
|||||||||||||
Asset Coverage Per Preferred Share, End of Period@
|
$
|
62,635
|
$
|
61,743
|
$
|
62,606
|
$
|
67,027
|
$
|
68,048
|
$
|
67,368
|
Six Months
Ended
April 30,
|
Year Ended October 31,
|
||||||||||||||||||||||||
2010
(Unaudited)
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||||||
Common Share Net Asset Value,
Beginning of Period
|
$
|
14.07
|
$
|
12.73
|
$
|
14.34
|
$
|
14.69
|
$
|
14.47
|
$
|
14.90
|
|||||||||||||
Income From Investment Operations
Applicable to Common Shareholders:
|
|||||||||||||||||||||||||
Net Investment Income (Loss)¢
|
.47
|
.89
|
.94
|
.95
|
.96
|
.93
|
|||||||||||||||||||
Net Gains or Losses on Securities
(both realized and unrealized)
|
.31
|
1.16
|
(1.60
|
)
|
(.33
|
)
|
.29
|
(.44
|
)
|
||||||||||||||||
Common Share Equivalent of Distributions
to Preferred Shareholders From:
|
|||||||||||||||||||||||||
Net Investment Income¢
|
(.02
|
)
|
(.08
|
)
|
(.31
|
)
|
(.30
|
)
|
(.28
|
)
|
(.14
|
)
|
|||||||||||||
Total From Investment Operations
Applicable to Common Shareholders
|
.76
|
1.97
|
(.97
|
)
|
.32
|
.97
|
.35
|
||||||||||||||||||
Less Distributions to Common
Shareholders From:
|
|||||||||||||||||||||||||
Net Investment Income
|
(.38
|
)
|
(.66
|
)
|
(.64
|
)
|
(.67
|
)
|
(.75
|
)
|
(.78
|
)
|
|||||||||||||
Accretive Effect of Tender Offers
|
—
|
.03
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Common Share Net Asset Value,
End of Period
|
$
|
14.45
|
$
|
14.07
|
$
|
12.73
|
$
|
14.34
|
$
|
14.69
|
$
|
14.47
|
|||||||||||||
Common Share Market Value,
End of Period
|
$
|
14.54
|
$
|
12.88
|
$
|
10.57
|
$
|
12.99
|
$
|
14.60
|
$
|
13.54
|
|||||||||||||
Total Return, Common Share
Net Asset Value†
|
5.58
|
%**
|
16.74
|
%
|
(6.50
|
)%
|
2.50
|
%
|
7.05
|
%
|
2.87
|
%
|
|||||||||||||
Total Return, Common Share
Market Value†
|
16.05
|
%**
|
28.71
|
%
|
(14.30
|
)%
|
(6.58
|
)%
|
13.70
|
%
|
7.68
|
%
|
|||||||||||||
Supplemental Data/Ratios††
|
|||||||||||||||||||||||||
Net Assets Applicable to Common Shareholders,
End of Period (in millions)
|
$
|
72.6
|
$
|
70.7
|
$
|
71.1
|
$
|
80.0
|
$
|
81.9
|
$
|
80.7
|
|||||||||||||
Preferred Shares Outstanding,
End of Period (in millions)
|
$
|
48.3
|
$
|
48.3
|
$
|
48.3
|
$
|
48.3
|
$
|
48.3
|
$
|
48.3
|
|||||||||||||
Preferred Shares Liquidation and
Market Value Per Share
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
$
|
25,000
|
|||||||||||||
Ratios are calculated using
Average Net Assets Applicable
to Common Shareholders
|
|||||||||||||||||||||||||
Ratio of Gross Expenses#
|
1.30
|
%*
|
1.37
|
%
|
1.09
|
%
|
1.00
|
%
|
.98
|
%
|
1.02
|
%
|
|||||||||||||
Ratio of Net Expenses‡
|
1.30
|
%*
|
1.37
|
%
|
1.09
|
%
|
1.00
|
%
|
.98
|
%
|
1.01
|
%
|
|||||||||||||
Ratio of Net Investment Income (Loss)
Excluding Preferred Share DistributionsØØ
|
6.67
|
%*
|
6.70
|
%
|
6.64
|
%
|
6.56
|
%
|
6.60
|
%
|
6.30
|
%
|
|||||||||||||
Portfolio Turnover Rate
|
25
|
%**
|
33
|
%
|
10
|
%
|
1
|
%
|
5
|
%
|
2
|
%
|
|||||||||||||
Asset Coverage Per Preferred Share,
End of Period@
|
$
|
62,636
|
$
|
61,627
|
$
|
61,892
|
$
|
66,496
|
$
|
67,488
|
$
|
66,813
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||||||
California
|
1.61
|
%
|
1.59
|
%
|
1.34
|
%
|
1.34
|
%
|
1.32
|
%
|
1.36
|
%
|
|||||||||||||
Intermediate
|
1.32
|
%
|
1.33
|
%
|
1.19
|
%
|
1.18
|
%
|
1.17
|
%
|
1.20
|
%
|
|||||||||||||
New York
|
1.55
|
%
|
1.62
|
%
|
1.41
|
%
|
1.40
|
%
|
1.38
|
%
|
1.41
|
%
|
Six Months
Ended April 30,
|
Year Ended October 31,
|
||||||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||||||
California
|
.29
|
%
|
.58
|
%
|
2.17
|
%
|
2.02
|
%
|
1.86
|
%
|
.91
|
%
|
|||||||||||||
Intermediate
|
.26
|
%
|
.57
|
%
|
2.27
|
%
|
2.20
|
%
|
1.95
|
%
|
1.02
|
%
|
|||||||||||||
New York
|
.27
|
%
|
.59
|
%
|
2.19
|
%
|
2.07
|
%
|
1.90
|
%
|
.92
|
%
|
Investment Manager and Administrator
Neuberger Berman Management LLC
605 Third Avenue, 2nd Floor
New York, NY 10158-0180
877.461.1899 or 212.476.8800
|
Stock Transfer Agent
The Bank of New York Mellon
480 Washington Boulevard
Jersey City, NJ 07317
|
Sub-Adviser
Neuberger Berman LLC
605 Third Avenue
New York, NY 10158-3698
|
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006
|
Custodian
State Street Bank and Trust Company
2 Avenue de Lafayette
Boston, MA 02111
|
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
|
Neuberger Berman Management 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 shareholders and is not an offer of shares of the Funds. | |
I0208 06/10
|
S. Blake Miller is a Senior Vice President of Neuberger Berman Management LLC and Neuberger Berman Fixed Income LLC. Mr. Miller joined Neuberger Berman Fixed Income LLC in 2008. Prior to that time, he was the head of Municipal Fixed Income investing at another firm where he worked since 1986.
|
||
Type of Account
|
Number of Accounts Managed
|
Total Assets Managed
($ millions)
|
Number of Accounts Managed for which Advisory Fee is Performance-Based
|
Assets Managed for which Advisory Fee is Performance-Based
($ millions)
|
||||||||||||
S. Blake Miller
|
||||||||||||||||
Registered Investment Companies*
|
3 | $ | 1,091 | - | - | |||||||||||
Other Pooled Investment Vehicles
|
1 | $ | 262 | - | - | |||||||||||
Other Accounts**
|
1,115 | $ | 9,088 | - | - | |||||||||||
*Registered Investment Companies include: Mutual Funds.
|
||||||||||||||||
**Other Accounts include: Institutional Separate Accounts, Sub-Advised, and Managed Accounts (WRAP Accounts).
|
Portfolio Manager
|
Dollar Range of
Equity Securities Owned in
the Registrant
|
||
S. Blake Miller
|
A
|
||
A = None
|
E = $100,001-$500,000
|
||
B = $1-$10,000
|
F = $500,001-$1,000,000
|
||
C = $10,001 - $50,000
|
G = $1,000,001 or More
|
||
D =$50,001-$100,000
|
(a)
|
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing date of this document, the Chief Executive Officer and Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR and 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 Act) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
(a)(1)
|
A copy of the Code of Ethics is incorporated by reference to the Registrant’s Form N-CSR, Investment Company Act file number 811-21167 (filed July 10, 2006).
|
(a)(2)
|
The certifications required by Rule 30a-2(a) of the Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.
|
(a)(3)
|
Not applicable to the Registrant.
|
(b)
|
The certifications required by Rule 30a-2(b) of the Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.
|