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. Annual Report
October 31, 2010
|
THE FUNDS
|
|
President's Letter
|
1
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PORTFOLIO COMMENTARIES
|
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California Intermediate Municipal Fund Inc.
|
2
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Intermediate Municipal Fund Inc.
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2
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New York Intermediate Municipal Fund Inc.
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2
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SCHEDULES OF INVESTMENTS
|
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California Intermediate Municipal Fund Inc.
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7
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Intermediate Municipal Fund Inc.
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11
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New York Intermediate Municipal Fund Inc.
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18
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FINANCIAL STATEMENTS
|
24
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FINANCIAL HIGHLIGHTS/PER SHARE DATA
|
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California Intermediate Municipal Fund Inc.
|
37
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Intermediate Municipal Fund Inc.
|
38
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New York Intermediate Municipal Fund Inc.
|
39
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Report of Independent Registered Public Accounting Firm
|
41
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Distribution Reinvestment Plan
|
42
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Directory
|
44
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Directors and Officers
|
45
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Proxy Voting Policies and Procedures
|
55
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Quarterly Portfolio Schedule
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55
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Notice to Shareholders
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55
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Report of Votes of Shareholders
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56
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Board Consideration of the Management and Sub-Advisory Agreements
|
57
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TICKER SYMBOLS
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California Intermediate Municipal Fund
|
NBW
|
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Intermediate Municipal Fund
|
NBH
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New York Intermediate Municipal Fund
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NBO
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PERFORMANCE HIGHLIGHTS | |||||||||||||||
Neuberger Berman
|
|||||||||||||||
Inception
|
Average Annual Total Return
Ended 10/31/2010
|
||||||||||||||
NAV1, 3, 4, 5
|
Date
|
1 Year
|
5 Years
|
Life of Fund
|
|||||||||||
California Intermediate
Municipal Fund
|
09/24/2002
|
12.07
|
%
|
6.18
|
%
|
6.23
|
%
|
||||||||
Intermediate Municipal
Fund
|
09/24/2002
|
11.89
|
%
|
5.83
|
%
|
6.11
|
%
|
||||||||
New York Intermediate
Municipal Fund
|
09/24/2002
|
11.43
|
%
|
5.94
|
%
|
5.97
|
%
|
||||||||
Market Price2, 3, 4, 5
|
Inception
Date
|
1 Year
|
5 Years
|
Life of Fund
|
|||||||||||
California Intermediate
Municipal Fund
|
09/24/2002
|
17.34
|
%
|
6.59
|
%
|
5.03
|
%
|
||||||||
Intermediate Municipal
Fund
|
09/24/2002
|
20.56
|
%
|
7.23
|
%
|
5.38
|
%
|
||||||||
New York Intermediate
Municipal Fund
|
09/24/2002
|
22.54
|
%
|
7.50
|
%
|
5.46
|
%
|
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND PORTFOLIO BY STATE AND TERRITORY |
(as a % of Total Investments)
|
|||||
Arizona
|
0.5
|
%
|
|||
California
|
86.7
|
||||
Guam
|
0.5
|
||||
Illinois
|
1.0
|
||||
Nevada
|
0.8
|
||||
New York
|
1.1
|
||||
Pennsylvania
|
1.9
|
||||
Puerto Rico
|
7.5
|
||||
Total
|
100.0
|
NEW YORK INTERMEDIATE
MUNICIPAL FUND PORTFOLIO BY STATE AND TERRITORY |
(as a % of Total Investments)
|
|||||
Arizona
|
0.4
|
%
|
|||
California
|
2.5
|
||||
Guam
|
0.4
|
||||
Illinois
|
0.7
|
||||
Nevada
|
1.0
|
||||
New York
|
88.2
|
||||
Pennsylvania
|
1.3
|
||||
Puerto Rico
|
5.5
|
||||
Total
|
100.0
|
INTERMEDIATE MUNICIPAL FUND PORTFOLIO BY STATE AND TERRITORY |
|||||
(as a % of Total Investments)
|
|||||
Alabama
|
1.0
|
%
|
|||
Arizona
|
5.1
|
||||
California
|
12.4
|
||||
Colorado
|
3.3
|
||||
District of Columbia
|
0.3
|
||||
Florida
|
0.5
|
||||
Georgia
|
1.8
|
||||
Guam
|
0.6
|
||||
Illinois
|
8.3
|
||||
Indiana
|
8.2
|
||||
Iowa
|
3.0
|
||||
Kentucky
|
0.1
|
||||
Maryland
|
0.2
|
||||
Massachusetts
|
4.6
|
||||
Michigan
|
2.4
|
||||
Minnesota
|
2.1
|
||||
Mississippi
|
1.0
|
||||
Missouri
|
3.9
|
||||
Nevada
|
2.4
|
||||
New Hampshire
|
1.9
|
%
|
|||
New Jersey
|
1.7
|
||||
New York
|
5.4
|
||||
North Carolina
|
1.5
|
||||
North Dakota
|
0.9
|
||||
Ohio
|
0.9
|
||||
Pennsylvania
|
3.3
|
||||
Puerto Rico
|
0.9
|
||||
South Carolina
|
0.8
|
||||
Tennessee
|
1.4
|
||||
Texas
|
8.4
|
||||
Utah
|
1.0
|
||||
Virginia
|
0.6
|
||||
Washington
|
4.1
|
||||
West Virginia
|
0.3
|
||||
Wisconsin
|
4.1
|
||||
Wyoming
|
1.1
|
||||
Other
|
0.5
|
||||
Total
|
100.0
|
1
|
Returns based on the net asset value ("NAV") of each Fund.
|
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 is 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 be rated investment-grade, have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, 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.
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
Arizona (0.9%)
|
|||||||||
$
|
750
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
|
$
|
731
|
|||||
California (145.9%)
|
|||||||||
3,120
|
Abag Fin. Au. Cert. of Participation Rev. (Episcopal Homes Foundation), Ser. 1998, 5.13%, due 7/1/18
|
3,125
|
ß
|
||||||
700
|
Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18
|
722
|
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
|
1,302
|
|||||||
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
|
1,211
|
|||||||
1,750
|
California Ed. Fac. Au. Ref. Rev. (Stanford Univ.), Ser. 2001-R, 5.00%, due 11/1/21
|
1,814
|
ß
|
||||||
500
|
California Ed. Fac. Au. Rev. (Scripps College),
Ser. 2007, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
|
548
|
ß
|
||||||
2,000
|
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17
|
2,046
|
|||||||
1,530
|
California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42
|
1,507
|
|||||||
2,000
|
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I,
4.95%, due 7/1/26 Putable 7/1/14
|
2,195
|
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
|
2,119
|
µß
|
||||||
2,000
|
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21
|
2,111
|
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
|
1,023
|
|||||||
500
|
California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.),
Ser. 2006-A, 5.00%, due 6/1/16
|
511
|
ß
|
||||||
1,040
|
California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21
|
1,101
|
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
|
2,726
|
|||||||
2,250
|
California St. G.O., Ser. 2002, 5.00%, due 10/1/17
|
2,404
|
|||||||
100
|
California St. G.O. (Muni. Sec. Trust Receipts), Ser. 2001-SGA135, (AMBAC Insured),
0.31%, due 12/1/30
|
100
|
ñµi
|
||||||
1,095
|
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B,
5.50%, due 6/1/20
|
1,156
|
|||||||
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
|
1,070
|
|||||||
2,000
|
California Statewide CDA Cert. of Participation Rev. (Children's Hosp. Los Angeles),
Ser. 1999, 5.13%, due 8/15/19
|
2,009
|
ß
|
||||||
1,340
|
California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999,
5.38%, due 4/1/17
|
1,344
|
ß
|
||||||
1,000
|
California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20
|
1,038
|
ß
|
||||||
5,000
|
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
|
5,442
|
ß
|
||||||
1,425
|
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
|
1,478
|
ß
|
||||||
1,000
|
California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22
|
991
|
ß
|
||||||
1,255
|
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009,
6.25%, due 11/15/19
|
1,373
|
ß
|
||||||
1,500
|
California Statewide CDA Rev. (St. Joseph Hlth. Sys.),
Ser. 2000, (National Public Finance Guarantee Corp. Insured), 5.13%, due 7/1/24
|
1,579
|
ß
|
||||||
405
|
California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17
|
397
|
ß
|
||||||
1,020
|
Cerritos Pub. Fin. Au. Sub. Tax Allocation Rev. (Cerritos Redev. Proj.),
Ser. 2002-B, 4.40%, due 11/1/16
|
982
|
|||||||
1,500
|
Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D, (AMBAC Insured),
0.00%, due 6/1/14
|
1,373
|
|||||||
1,365
|
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A,
5.00%, due 12/15/21
|
1,356
|
ß
|
||||||
820
|
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/12
|
822
|
|||||||
250
|
Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13
|
257
|
|||||||
2,000
|
Fresno Joint Pwr. Fin. Au. Lease Rev. (Master Lease Proj.),
Ser. 2008-A, (Assured Guaranty Insured), 5.00%, due 4/1/23
|
2,100
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
1,000
|
Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured),
|
$
|
1,153
|
|||||
6.00%, due 2/1/17
|
|||||||||
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
|
2,922
|
|||||||
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
|
2,565
|
|||||||
2,000
|
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.),
Ser. 2010, 5.50%, due 12/1/24
|
2,052
|
|||||||
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
|
1,349
|
|||||||
500
|
Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17
|
544
|
|||||||
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
|
4,232
|
|||||||
1,500
|
Los Angeles Harbor Dept. Ref. Rev., Ser. 2001-B, (AMBAC Insured), 5.50%, due 8/1/17
|
1,554
|
|||||||
500
|
Marin Co. Dixie Elementary Sch. Dist. G.O., Ser. 2000-A, (AGM Insured), 5.38%, due 8/1/17
|
507
|
|||||||
1,045
|
Marin Co. Muni. Wtr. Dist. Wtr. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.00%, due 7/1/17
|
1,098
|
|||||||
1,070
|
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
|
740
|
|||||||
1,090
|
Moreland Sch. Dist. Ref. G.O., Ser. 2002, (National Public Finance Guarantee Corp. Insured),
5.13%, due 9/1/17
|
1,137
|
|||||||
1,000
|
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
|
961
|
|||||||
535
|
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev.,
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/16
|
562
|
|||||||
565
|
Nevada & Placer Cos. Irrigation Dist. Cert. of Participation Rev.,
Ser. 2002, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/1/17
|
592
|
|||||||
500
|
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18
|
446
|
|||||||
500
|
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19
|
441
|
|||||||
1,045
|
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/15
|
1,092
|
|||||||
1,210
|
Oakland G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 5.00%, due 1/15/18
|
1,256
|
|||||||
605
|
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/16 Pre-Refunded 3/1/13
|
668
|
|||||||
635
|
Oakland Redev. Agcy. Rev. (Coliseum Area Redev. Proj.), Ser. 2003,
5.00%, due 9/1/17 Pre-Refunded 3/1/13
|
701
|
|||||||
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
|
1,334
|
|||||||
1,445
|
Oceanside Cert. of Participation Ref. Rev., Ser. 2003-A, (AMBAC Insured), 5.25%, due 4/1/14
|
1,537
|
|||||||
1,500
|
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
|
1,528
|
|||||||
3,890
|
Port of Oakland Ref. Rev., Ser. 2002-N, (National Public Finance Guarantee Corp. Insured),
5.00%, due 11/1/13
|
4,085
|
|||||||
440
|
Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17
|
438
|
|||||||
1,000
|
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured),
5.25%, due 12/1/24
|
1,066
|
|||||||
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
|
3,104
|
|||||||
1,350
|
San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24
|
1,624
|
|||||||
400
|
San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured),
5.25%, due 2/15/19
|
435
|
ñ
|
||||||
830
|
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15
|
835
|
|||||||
820
|
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16
|
823
|
|||||||
2,000
|
San Diego Unified Sch. Dist. G.O. (Election 1998), Ser. 2002-D, (FGIC Insured), 5.25%, due 7/1/21
|
2,165
|
|||||||
1,000
|
San Francisco City & Co. Arpts. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21
|
1,094
|
|||||||
1,000
|
San Francisco City & Co. Redev. Fin. Au. Tax Allocation (Mission Bay North Redev.),
Ser. 2009-C, 5.50%, due 8/1/22
|
1,050
|
|||||||
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
|
2,197
|
|||||||
500
|
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/11
|
507
|
|||||||
1,615
|
San Jose Arpt. Ref. Rev., Ser. 2003-B, (AGM Insured), 5.00%, due 3/1/12
|
1,699
|
|||||||
925
|
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured),
4.95%, due 12/1/22
|
910
|
ß
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
1,900
|
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured),
|
$
|
2,052
|
|||||
5.00%, due 8/1/18
|
|||||||||
1,060
|
San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.), Ser. 2006-D, (AMBAC Insured),
5.00%, due 8/1/21
|
1,118
|
|||||||
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
|
739
|
|||||||
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
|
1,551
|
|||||||
1,620
|
Santa Clara Co. Fremont Union High Sch. Dist. G.O. (Election 1998),
Ser. 2002-C, (AGM Insured), 5.00%, due 9/1/20 Pre-Refunded 9/1/12
|
1,756
|
|||||||
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
|
547
|
|||||||
505
|
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14
|
529
|
|||||||
3,405
|
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
|
3,722
|
|||||||
655
|
South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1),
Ser. 2002, (XLCA Insured), 5.00%, due 9/1/16
|
668
|
|||||||
1,250
|
Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21
|
1,409
|
|||||||
1,300
|
Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20
|
1,321
|
|||||||
3,000
|
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008),
Ser. 2009-C, 0.00%, due 8/1/37
|
1,954
|
f
|
||||||
122,588
|
|||||||||
Guam (0.8%)
|
|||||||||
700
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
|
731
|
|||||||
Illinois (1.7%)
|
|||||||||
910
|
Bartlett Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
893
|
|||||||
500
|
Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
|
520
|
ß
|
||||||
1,413
|
|||||||||
Nevada (1.4%)
|
|||||||||
1,000
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
1,166
|
|||||||
New York (1.8%)
|
|||||||||
1,000
|
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A,
5.88%, due 1/1/18
|
1,039
|
ß
|
||||||
500
|
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
|
505
|
ß
|
||||||
1,544
|
|||||||||
Pennsylvania (3.1%)
|
|||||||||
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
|
1,018
|
ß
|
||||||
2,000
|
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
|
1,580
|
a
|
||||||
2,598
|
|||||||||
Puerto Rico (12.6%)
|
|||||||||
1,500
|
Puerto Rico Elec. Pwr. Au. Pwr. Ref. Rev., Ser. 2007-VV, 5.50%, due 7/1/20
|
1,720
|
|||||||
1,000
|
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
|
1,026
|
|||||||
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
|
1,031
|
ß
|
||||||
3,000
|
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17
|
3,143
|
|||||||
1,000
|
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
|
1,023
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
1,500
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24
|
$
|
1,584
|
|||||
1,000
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A,
5.00%, due 8/1/39 Pre-Refunded 8/1/11
|
1,035
|
µ
|
||||||
10,562
|
|||||||||
Total Investments (168.2%) (Cost $136,383)
|
141,333
|
##
|
|||||||
Cash, receivables and other assets, less liabilities (2.0%)
|
1,673
|
||||||||
Liquidation Value of Auction Market Preferred Shares [(70.2%)]
|
(59,000
|
)
|
|||||||
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$
|
84,006
|
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
|
$
|
4,383
|
|||||
Arizona (8.3%)
|
|||||||||
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
|
1,535
|
ß
|
||||||
5,000
|
Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21
|
5,361
|
|||||||
2,265
|
Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22
|
2,590
|
|||||||
5,730
|
Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.),
Ser. 2008, 7.50%, due 5/1/19
|
6,600
|
ß
|
||||||
1,840
|
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18
|
1,968
|
|||||||
1,155
|
Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22
|
1,203
|
|||||||
1,750
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
|
1,707
|
|||||||
2,325
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18
|
2,078
|
|||||||
23,042
|
|||||||||
California (20.1%)
|
|||||||||
2,290
|
California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42
|
2,256
|
|||||||
2,250
|
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39
|
2,259
|
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
|
1,765
|
|||||||
1,955
|
California St. G.O., Ser. 2003, (AMBAC Insured), 5.00%, due 2/1/27
|
2,085
|
|||||||
1,685
|
California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27
|
1,681
|
|||||||
1,845
|
California St. G.O., Ser. 2005, 5.00%, due 3/1/19
|
2,003
|
|||||||
1,950
|
California St. G.O. (Muni. Sec. Trust Receipts), Ser. 2001-SGA135, (AMBAC Insured),
0.31%, due 12/1/30
|
1,950
|
ñµi
|
||||||
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
|
1,595
|
|||||||
4,000
|
California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25
|
4,427
|
|||||||
1,240
|
California Statewide CDA Hlth. Fac. Rev. (Mem. Hlth. Svcs.), Ser. 2003-A, 6.00%, due 10/1/16
|
1,350
|
ß
|
||||||
1,210
|
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
|
1,255
|
ß
|
||||||
3,000
|
Cerritos Pub. Fin. Au. Rev. (Tax Allocation Redev. Proj.), Ser. 2002-A, (AMBAC Insured),
5.00%, due 11/1/19
|
3,204
|
|||||||
2,220
|
Golden St. Tobacco Securitization Corp. Tobacco Settlement Rev., Ser. 2003-A1, 6.25%, due 6/1/33
|
2,452
|
|||||||
3,620
|
Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured),
0.00%, due 8/1/24
|
1,750
|
|||||||
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
|
3,232
|
b
|
||||||
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
|
2,146
|
|||||||
5,000
|
Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34
|
3,905
|
c
|
||||||
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
|
1,425
|
|||||||
2,000
|
San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B,
0.00%, due 8/1/34
|
1,269
|
d
|
||||||
740
|
San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17
|
744
|
|||||||
2,000
|
San Francisco City & Co. Arpt. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25
|
2,137
|
|||||||
6,000
|
San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A,
0.00%, due 8/1/32
|
3,022
|
e
|
||||||
9,070
|
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C,
0.00%, due 8/1/37
|
5,908
|
f
|
||||||
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
|
2,129
|
|||||||
55,949
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
Colorado (5.4%)
|
|||||||||
$
|
4,220
|
Colorado Springs Utils. Sys. Sub. Lien Ref. Rev., Ser. 2002-A, (AMBAC Insured), 5.38%, due 11/15/18
|
$
|
4,568
|
|||||
1,030
|
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13
|
1,117
|
|||||||
4,000
|
Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 2002-E, (National Public Finance Guarantee Corp. Insured),
5.25%, due 11/15/14
|
4,264
|
|||||||
4,610
|
Thornton Cert. of Participation, Ser. 2002, (AMBAC Insured),
5.38%, due 12/1/16 Pre-Refunded 12/1/12
|
5,070
|
|||||||
15,019
|
|||||||||
District of Columbia (0.4%)
|
|||||||||
1,000
|
Metro. Washington Dist. of Columbia Arpt. Au. Sys., Ser. 2008-A, 5.50%, due 10/1/18
|
1,156
|
|||||||
Florida (0.9%)
|
|||||||||
1,000
|
Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B,
8.00%, due 8/15/32 Pre-Refunded 8/15/19
|
1,421
|
ß
|
||||||
1,000
|
Sarasota Co. Util. Sys. Ref. Rev., Ser. 2002-C, (National Public Finance Guarantee Corp. Insured),
5.25%, due 10/1/20
|
1,059
|
|||||||
2,480
|
|||||||||
Georgia (2.9%)
|
|||||||||
4,575
|
Henry Co. Wtr. & Swr. Au. Ref. Rev., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured),
5.13%, due 2/1/17
|
5,014
|
|||||||
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
|
2,997
|
ß
|
||||||
8,011
|
|||||||||
Guam (1.0%)
|
|||||||||
2,550
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 6.00%, due 7/1/25
|
2,660
|
|||||||
Illinois (13.4%)
|
|||||||||
5,365
|
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
5,263
|
|||||||
180
|
Chicago G.O. (Unrefunded Bal.), Ser. 2002-A, (AMBAC Insured), 5.38%, due 1/1/17
|
194
|
|||||||
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
|
1,653
|
|||||||
1,970
|
Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25
|
2,212
|
|||||||
5,130
|
Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002,
4.30%, due 11/1/36 Putable 11/1/13
|
5,393
|
µß
|
||||||
1,875
|
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16
|
2,027
|
ß
|
||||||
4,000
|
Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24
|
4,315
|
ß
|
||||||
4,000
|
Illinois Fin. Au. Rev. (Clare Oaks Proj.), Ser. 2006-A, 5.75%, due 11/15/16
|
3,116
|
ß
|
||||||
5,840
|
Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22
|
6,354
|
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
|
3,262
|
ß
|
||||||
1,670
|
Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured),
5.50%, due 6/15/17
|
2,038
|
|||||||
1,600
|
Romeoville IL Rev. (Lewis Univ.), (LOC: JP Morgan Chase), 0.28%, due 10/1/36
|
1,600
|
µß
|
||||||
37,427
|
|||||||||
Indiana (13.3%)
|
|||||||||
4,000
|
Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29
|
4,270
|
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
|
9,532
|
|||||||
3,240
|
Indiana Bond Bank Rev. (St. Revolving Fund Prog.), Ser. 2002-B,
5.25%, due 2/1/18 Pre-Refunded 2/1/13
|
3,582
|
|||||||
965
|
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2001-A, 5.38%, due 2/1/17
|
1,056
|
|||||||
320
|
Indiana Bond Bank Rev. (Unrefunded Bal. St. Revolving Fund Prog.), Ser. 2002-B, 5.25%, due 2/1/18
|
343
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
4,000
|
Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B,
|
$
|
4,137
|
ß
|
||||
5.00%, due 2/15/21
|
|||||||||
2,050
|
Indiana Hlth. Fac. Fin. Au. Rev. (Hlth. Sys. Sisters of St. Francis), Ser. 2001, 5.35%, due 11/1/15
|
2,139
|
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
|
1,078
|
|||||||
1,065
|
Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/18
|
1,131
|
|||||||
1,125
|
Indiana St. Recreational Dev. Comm. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 7/1/19
|
1,191
|
|||||||
3,055
|
Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured),
5.75%, due 12/1/21
|
3,829
|
|||||||
2,580
|
Indianapolis Local Pub. Imp. Rev. (Indianapolis Arpt. Au. Proj.), Ser. 2003-A, (AGM Insured),
5.63%, due 1/1/17
|
2,712
|
|||||||
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
|
2,042
|
ß
|
||||||
37,042
|
|||||||||
Iowa (4.9%)
|
|||||||||
1,000
|
Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15
|
1,095
|
|||||||
5,110
|
Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22
|
5,952
|
|||||||
2,750
|
Iowa Std. Loan Liquidity Corp. Std. Loan Rev., Ser. 2009-3, 5.50%, due 12/1/19
|
2,951
|
|||||||
2,535
|
Iowa Tobacco Settlement Au. Tobacco Settlement Asset-Backed Rev., Ser. 2001-B,
5.30%, due 6/1/25 Pre-Refunded 6/1/11
|
2,631
|
|||||||
1,005
|
Kirkwood Comm. College Iowa New Jobs Training Cert. G.O. (Merged Area X), Ser. 2007-1B,
5.00%, due 6/1/17
|
1,091
|
|||||||
13,720
|
|||||||||
Kentucky (0.1%)
|
|||||||||
380
|
Shelby Co. Lease Rev., Ser. 2004-A, (LOC: U.S. Bank), 0.27%, due 9/1/34
|
380
|
µ
|
||||||
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
|
1,053
|
ß
|
||||||
Massachusetts (7.5%)
|
|||||||||
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
|
2,036
|
|||||||
2,000
|
Massachusetts St. G.O., Ser. 2006-B, (LOC: Bank of America), 0.29%, due 3/1/26
|
2,000
|
µ
|
||||||
1,740
|
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Caritas Christi Oblig. Group), Ser. 1999-A,
5.70%, due 7/1/15
|
1,752
|
ß
|
||||||
1,525
|
Massachusetts St. Hlth. & Ed. Fac. Au. Rev. (Milford-Whitinsville Reg. Hosp.), Ser. 1998-C,
5.75%, due 7/15/13
|
1,527
|
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
|
5,303
|
ß
|
||||||
5,030
|
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19
|
5,363
|
|||||||
2,775
|
Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.),
Ser. 2001-7, 5.25%, due 2/1/16
|
2,865
|
|||||||
20,846
|
|||||||||
Michigan (3.9%)
|
|||||||||
1,000
|
Lakewood Pub. Sch. G.O. (Putters), Ser. 2008-2624Z, (AGM Insured), 0.29%, due 5/1/15
|
1,000
|
µh
|
||||||
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
|
1,502
|
|||||||
2,000
|
Oakland Co. Econ. Dev. Corp. Ltd. Oblig. Rev. (Michigan Motion Picture Studios Proj. Recovery Zone),
Ser. 2010-A, 7.00%, due 8/1/40
|
2,059
|
|||||||
3,850
|
Royal Oak Hosp. Fin. Au. Hosp. Ref. Rev. (William Beaumont Hosp.), Ser. 1996, 6.25%, due 1/1/12
|
4,039
|
ß
|
||||||
2,000
|
Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20
|
1,715
|
|||||||
670
|
Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15
|
673
|
|||||||
10,988
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
Minnesota (3.4%)
|
|||||||||
$
|
2,000
|
Freeborn Co. Hsg. & Redev. Au. Lease Rev. (Criminal Justice Ctr. Proj.), Ser. 2002, 5.38%, due 2/1/17
|
$
|
2,050
|
|||||
2,000
|
Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17
|
2,212
|
ß
|
||||||
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
|
2,429
|
ß
|
||||||
2,540
|
St. Paul Port Au. Lease Rev. (Office Bldg.), Ser. 2002, 5.00%, due 12/1/17
|
2,727
|
|||||||
9,418
|
|||||||||
Mississippi (1.7%)
|
|||||||||
4,000
|
Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24
|
4,064
|
ß
|
||||||
500
|
Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15
|
588
|
ß
|
||||||
4,652
|
|||||||||
Missouri (6.3%)
|
|||||||||
3,495
|
Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Proj.), Ser. 2002-B, (AGM Insured),
5.25%, due 10/1/16
|
3,801
|
|||||||
1,860
|
Boone Co. Hosp. Ref. Rev. (Boone Hosp. Ctr.), Ser. 2002, 5.05%, due 8/1/20
|
1,887
|
ß
|
||||||
2,425
|
Branson Dev. Fin. Board Infrastructure Fac. Board Rev., Ser. 2003-A, 5.00%, due 12/1/17
|
2,466
|
|||||||
605
|
Branson Ind. Dev. Au. Tax Increment Rev. (Branson Landing-Retail Proj.), Ser. 2005, 5.25%, due 6/1/21
|
529
|
|||||||
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
|
1,384
|
|||||||
750
|
Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B,
5.50%, due 7/1/16
|
820
|
|||||||
2,275
|
Missouri St. Hlth. & Ed. Fac. Au. Rev. (Children's Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24
|
2,404
|
ß
|
||||||
900
|
Missouri St. Hlth. & Ed. Fac. Au. Rev. (Washington Univ.), Ser. 2004-A, (LOC: Wells Fargo Bank),
0.27%, due 2/15/34
|
900
|
µß
|
||||||
245
|
Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16
|
248
|
g
|
||||||
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
|
3,135
|
|||||||
17,685
|
|||||||||
Nevada (3.8%)
|
|||||||||
1,635
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17
|
1,844
|
|||||||
3,545
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
4,135
|
|||||||
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
|
4,717
|
|||||||
10,696
|
|||||||||
New Hampshire (3.0%)
|
|||||||||
2,600
|
New Hampshire Hlth. & Ed. Fac. Au. Rev. (Dartmouth-Hitchcock Clinic), Ser. 2009, 5.00%, due 8/1/19
|
2,712
|
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
|
1,765
|
ß
|
||||||
4,000
|
Strafford Co. G.O. (TANS), Ser. 2010-A, 6.50%, due 12/31/10
|
4,006
|
|||||||
8,483
|
|||||||||
New Jersey (2.8%)
|
|||||||||
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
|
7,720
|
ß
|
||||||
New York (8.8%)
|
|||||||||
605
|
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
|
646
|
|||||||
3,250
|
New York City G.O., Ser. 2002-C, 5.50%, due 8/1/15
|
3,585
|
|||||||
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
|
2,745
|
ß
|
||||||
2,750
|
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
|
2,778
|
ß
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted) |
|||||||
$
|
1,000
|
New York City Transitional Fin. Au. (NYC Recovery), Subser. 2002-3F, (LOC: Royal Bank of Canada),
|
$
|
1,000
|
µ
|
||||
0.25%, due 11/1/22
|
|||||||||
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
|
1,894
|
|||||||
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
|
4,169
|
ß
|
||||||
2,000
|
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41
|
2,011
|
|||||||
2,000
|
New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20
|
2,324
|
|||||||
3,000
|
Tobacco Settlement Fin. Corp., Ser. 2003-B-1C, 5.50%, due 6/1/21
|
3,273
|
|||||||
24,428
|
|||||||||
North Carolina (2.4%)
|
|||||||||
5,250
|
North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev., Ser. 2009-A, 5.00%, due 1/1/26
|
5,692
|
|||||||
1,000
|
Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24
|
1,083
|
|||||||
6,775
|
|||||||||
North Dakota (1.5%)
|
|||||||||
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
|
3,864
|
µß
|
||||||
Pennsylvania (5.4%)
|
|||||||||
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
|
634
|
|||||||
435
|
Delaware River Joint Toll Bridge Comm. Sys. Rev. (Unrefunded Bal.), Ser. 2003, 5.25%, due 7/1/18
|
462
|
|||||||
2,000
|
Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22
|
2,036
|
ß
|
||||||
5,000
|
Montgomery Co. Higher Ed. & Hlth. Au. Hosp. Rev. (Abington Mem. Hosp. Proj.), Ser. 2002-A,
5.00%, due 6/1/19
|
5,110
|
ß
|
||||||
1,000
|
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
|
790
|
a
|
||||||
2,000
|
Philadelphia Arpt. Ref. Rev. (Philadelphia Arpt. Sys.), Ser. 1998,
(National Public Finance Guarantee Corp. Insured), 5.38%, due 6/15/14
|
2,006
|
|||||||
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
|
1,580
|
ß
|
||||||
520
|
Sayre Hlth. Care Fac. Au. Rev. (Unrefunded Bal.), (Guthrie Hlth. Proj.), Ser. 2002-A,
5.75%, due 12/1/21
|
535
|
ß
|
||||||
14,946
|
|||||||||
Puerto Rico (1.4%)
|
|||||||||
750
|
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
|
770
|
|||||||
3,000
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/39 Pre-Refunded 8/1/11
|
3,104
|
µ
|
||||||
3,874
|
|||||||||
South Carolina (1.2%)
|
|||||||||
1,100
|
Charleston Co. Sch. Dist. G.O., Ser. 2001, (AGM Insured), 5.00%, due 2/1/18 Pre-Refunded 2/1/12
|
1,164
|
|||||||
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
|
2,308
|
|||||||
3,472
|
|||||||||
Tennessee (2.2%)
|
|||||||||
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
|
1,828
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted) |
|||||||
$
|
1,360
|
Knox Co. Hlth. Ed. & Hsg. Fac. Board Hosp. Fac. Rev. (Unrefunded Bal.), Ser. 2002-A, (AGM Insured),
|
$
|
1,418
|
|||||
5.50%, due 1/1/18
|
|||||||||
2,705
|
Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19
|
2,991
|
|||||||
6,237
|
|||||||||
Texas (13.6%)
|
|||||||||
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
|
3,175
|
ß
|
||||||
3,600
|
Corpus Christi Tax & Muni. Hotel Occupancy Tax G.O., Ser. 2002, (AGM Insured), 5.50%, due 9/1/17
|
3,835
|
|||||||
1,935
|
Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004-B, (AGM Insured), 5.50%, due 11/1/18
|
2,094
|
|||||||
2,300
|
Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18
|
2,797
|
|||||||
2,900
|
Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33
|
3,064
|
|||||||
2,210
|
Harris Co. Toll Road Sr. Lien Rev., (Unrefunded Bal.), Ser. 2002, (AGM Insured), 5.38%, due 8/15/16
|
2,403
|
|||||||
610
|
HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15
|
592
|
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
|
3,383
|
|||||||
1,000
|
Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20
|
1,143
|
|||||||
4,780
|
North Central Hlth. Fac. Dev. Corp. Hosp. Ref. Rev. (Baylor Hlth. Care Sys. Proj.), Ser. 1998,
5.10%, due 5/15/13
|
4,795
|
ß
|
||||||
3,000
|
North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23
|
3,439
|
|||||||
950
|
Northwest Texas Independent Sch. Dist. Sch. Bldg., Ser. 2002, (PSF Insured),
5.50%, due 8/15/17 Pre-Refunded 2/15/13
|
1,057
|
|||||||
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
|
535
|
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
|
994
|
|||||||
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
|
1,042
|
|||||||
160
|
Texas Std. Hsg. Corp. Std. Hsg. Rev. (Midwestern St. Univ. Proj.), Ser. 2002, 5.50%, due 9/1/12
|
170
|
|||||||
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
|
1,110
|
|||||||
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
|
1,146
|
ß
|
||||||
1,175
|
West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35
|
1,207
|
|||||||
38,057
|
|||||||||
Utah (1.7%)
|
|||||||||
3,000
|
Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28
|
3,364
|
ß
|
||||||
1,200
|
Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20
|
1,338
|
|||||||
4,702
|
|||||||||
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
|
1,806
|
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
|
956
|
ß
|
||||||
2,762
|
|||||||||
Washington (6.7%)
|
|||||||||
6,250
|
Port of Seattle Sub. Lien Rev., Ser. 2002-B, (National Public Finance Guarantee Corp. Insured),
5.50%, due 9/1/16
|
6,515
|
|||||||
1,000
|
Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25
|
1,030
|
|||||||
1,000
|
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/23
|
1,034
|
|||||||
1,625
|
Skagit Co. Pub. Hosp. Dist. Ref. Rev., Ser. 2003, 6.00%, due 12/1/18
|
1,720
|
|||||||
2,500
|
Tacoma Wtr. Sys. Rev., Ser. 2001, (National Public Finance Guarantee Corp. Insured),
5.13%, due 12/1/19 Pre-Refunded 12/1/11
|
2,628
|
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
|
$
|
2,651
|
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
|
3,161
|
ß
|
||||||
18,739
|
|||||||||
West Virginia (0.4%)
|
|||||||||
1,000
|
West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19
|
1,140
|
|||||||
Wisconsin (6.8%)
|
|||||||||
810
|
Badger Tobacco Asset Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2002,
6.13%, due 6/1/27
|
865
|
|||||||
1,900
|
Univ. of Wisconsin Hosp. & Clinics Au. Hosp. Rev., Ser. 2002-B, 5.50%, due 4/1/12
|
1,976
|
|||||||
1,370
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Aurora Med. Group, Inc. Proj.), Ser. 1996, (AGM Insured),
6.00%, due 11/15/11
|
1,421
|
ß
|
||||||
1,100
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35
|
1,163
|
ß
|
||||||
1,225
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39
|
1,292
|
ß
|
||||||
1,000
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Franciscan Sisters Hlth. Care), Ser. 2007, 5.00%, due 9/1/14
|
1,050
|
ß
|
||||||
2,780
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Kenosha Hosp. & Med. Ctr., Inc. Proj.), Ser. 1999,
5.50%, due 5/15/15
|
2,785
|
ß
|
||||||
5,000
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.), Ser. 2008-B3, 5.00%, due 10/1/30
|
5,227
|
ß
|
||||||
3,000
|
Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29
|
3,180
|
ß
|
||||||
18,959
|
|||||||||
Wyoming (1.8%)
|
|||||||||
4,895
|
Wyoming Comm. Dev. Au. Hsg. Rev., Ser. 2006-6, 5.00%, due 12/1/21
|
4,971
|
|||||||
Other (0.8%)
|
|||||||||
3,000
|
Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37
|
2,293
|
#
|
||||||
Total Investments (162.2%) (Cost $434,176)
|
452,252
|
##
|
|||||||
Cash, receivables and other assets, less liabilities (2.1%)
|
6,049
|
||||||||
Liquidation Value of Auction Market Preferred Shares [(64.3%)]
|
(179,400
|
)
|
|||||||
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$
|
278,901
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted) |
|||||||
Arizona (0.7%)
|
|||||||||
$
|
500
|
Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2003, 6.15%, due 7/15/17
|
$
|
488
|
|||||
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
|
1,536
|
|||||||
1,470
|
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
|
1,498
|
|||||||
3,034
|
|||||||||
Guam (0.7%)
|
|||||||||
500
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
|
522
|
|||||||
Illinois (1.2%)
|
|||||||||
910
|
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
893
|
|||||||
Nevada (1.6%)
|
|||||||||
1,000
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
1,166
|
|||||||
New York (143.3%)
|
|||||||||
3,000
|
Albany IDA Civic Fac. Rev. (Charitable Leadership Foundation Ctr. for Med. Science Proj.),
Ser. 2002-A, 6.00%, due 7/1/19
|
2,685
|
ß
|
||||||
500
|
Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23
|
511
|
ß
|
||||||
1,000
|
Dutchess Co. IDA Civic Fac. Ref. Rev. (Marist College Proj.), Ser. 2003-A, 5.15%, due 7/1/17
|
1,057
|
ß
|
||||||
1,000
|
Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25
|
1,113
|
|||||||
1,500
|
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23
|
1,728
|
ß
|
||||||
1,050
|
Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (BHAC Insured), 5.00%, due 12/1/21
|
1,175
|
|||||||
700
|
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
|
747
|
|||||||
1,000
|
Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. Rochester), Ser. 2005, 5.00%, due 8/1/15
|
1,092
|
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
|
958
|
ß
|
||||||
1,000
|
Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16 `
|
1,036
|
|||||||
1,000
|
Monroe Co. Pub. Imp. Ref. G.O., Ser. 1996, 6.00%, due 3/1/13
|
1,103
|
|||||||
1,125
|
Nassau Co. IDA Continuing Care Retirement (The Amsterdam Harborside), Ser. 2007-A,
5.88%, due 1/1/18
|
1,168
|
ß
|
||||||
30
|
New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16 Pre-Refunded 8/1/12
|
33
|
|||||||
970
|
New York City G.O., Ser. 2002-A, 5.75%, due 8/1/16
|
1,048
|
|||||||
100
|
New York City G.O., Ser. 2006-13, (LOC: Bank of America), 0.29%, due 4/1/36
|
100
|
µ
|
||||||
950
|
New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22
|
1,075
|
|||||||
1,000
|
New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21 '
|
1,136
|
|||||||
1,410
|
New York City Hlth. & Hosp. Corp. Rev., Ser. 2002-A, (AGM Insured),
5.50%, due 2/15/13 Pre-Refunded 2/15/12
|
1,503
|
|||||||
4,000
|
New York City Hsg. Dev. Corp. Multi-Family Hsg. Rev., Ser. 2002-E2, 5.05%, due 11/1/23
|
4,035
|
|||||||
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
|
1,057
|
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
|
1,073
|
ß
|
||||||
2,920
|
New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured),
5.00%, due 6/1/22
|
3,010
|
ß
|
||||||
750
|
New York City IDA Liberty Rev. (7 World Trade Ctr., LLC Proj.), Ser. 2005-A, 6.25%, due 3/1/15
|
758
|
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
|
2,126
|
µß
|
||||||
960
|
New York City Muni. Wtr. Fin. Au. Wtr. & Swr. Sys. Rev., Ser. 1992-A, (AMBAC Insured),
5.88%, due 6/15/13
|
1,092
|
|||||||
215
|
New York City Transitional Fin. Au. Ref. Rev. (Future Tax), Ser. 2002-C, (AMBAC Insured),
5.25%, due 8/1/17
|
232
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted) |
|||||||
$
|
500
|
New York City Transitional Fin. Au. Rev., Subser. 2002-2F, (LOC: Bayerische Landesbank),
|
$
|
500
|
µ
|
||||
0.30%, due 11/1/22
|
|||||||||
2,000
|
New York City Transitional Fin. Au. Rev. (Future Tax Secured), Ser. 2001-B, (LOC: Landesbank
Baden-Wurttemberg), 0.30%, due 2/1/31
|
2,000
|
µ
|
||||||
1,810
|
New York City Transitional Fin. Au. Rev. (Future Tax Secured), Ser. 2002-C, (AMBAC Insured),
5.25%, due 8/1/17 Pre-Refunded 8/1/12
|
1,964
|
|||||||
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
|
2,250
|
|||||||
1,675
|
New York St. Dorm. Au. Insured Rev. (Long Island Univ.), Ser. 2003-A, (Radian Insured),
5.25%, due 9/1/15
|
1,729
|
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
|
1,613
|
ß
|
||||||
3,000
|
New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17
|
3,196
|
ß
|
||||||
250
|
New York St. Dorm. Au. Rev. (Brookdale Hosp. Med. Ctr.), Ser. 1998-J, 5.20%, due 2/15/16
|
251
|
ß
|
||||||
1,126
|
New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16
|
1,301
|
|||||||
1,000
|
New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/14
|
1,026
|
ß
|
||||||
1,000
|
New York St. Dorm. Au. Rev. (Lenox Hill Hosp. Oblig. Group Proj.), Ser. 2001, 5.75%, due 7/1/16
|
1,021
|
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
|
||||||
600
|
New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003,
5.00%, due 5/1/18
|
516
|
ß
|
||||||
2,855
|
New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured),
5.25%, due 11/1/15
|
3,072
|
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 Pre-Refunded 7/1/12
|
2,603
|
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
|
1,070
|
|||||||
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
|
3,025
|
ß
|
||||||
500
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College),
Ser. 2009, 5.00%, due 7/1/24
|
509
|
ß
|
||||||
900
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Montfiore Med. Ctr.), Ser. 2008,
(FHA Insured), 5.00%, due 8/1/21
|
973
|
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
|
1,702
|
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
|
1,052
|
ß
|
||||||
1,030
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24
|
1,079
|
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
|
2,301
|
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
|
2,897
|
|||||||
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
|
5,009
|
µß
|
||||||
1,615
|
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29
|
1,631
|
|||||||
2,000
|
New York St. Mtge. Agcy. Homeowner Mtge. Rev., Ser. 1997-67, 5.70%, due 10/1/17
|
2,002
|
|||||||
1,230
|
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/23
|
1,367
|
|||||||
1,295
|
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/24
|
1,428
|
|||||||
1,475
|
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2007-B,
5.00%, due 4/1/20
|
1,672
|
|||||||
1,090
|
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B,
5.00%, due 4/1/19
|
1,279
|
|||||||
250
|
New York St. Urban Dev. Corp. Correctional & Youth Fac. Svc. Rev., Ser. 2002-C,
4.00%, due 1/1/20 Pre-Refunded 1/1/11
|
252
|
µ
|
||||||
1,250
|
New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20
|
1,452
|
|||||||
965
|
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A1, 5.00%, due 12/15/23
|
1,081
|
|||||||
1,375
|
New York Tobacco Settlement Fin. Corp., Ser. 2003-B1C, 5.50%, due 6/1/22
|
1,495
|
|||||||
2,000
|
Niagara Co. IDA Civic Fac. Rev. (Niagara Univ. Proj.), Ser. 2001-A, (Radian Insured), 5.50%, due 11/1/16
|
2,081
|
ß
|
||||||
1,000
|
Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19
|
1,188
|
ß
|
||||||
3,000
|
Port Au. of NY & NJ Rev. Consolidated Bonds, Ser. 2002, (AMBAC Insured), 5.50%, due 12/15/12
|
3,262
|
|||||||
1,000
|
Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22
|
1,016
|
ß
|
||||||
1,570
|
Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured),
4.75%, due 1/1/24
|
1,578
|
PRINCIPAL AMOUNT
(000's omitted)
|
SECURITY@
|
VALUE†
(000's omitted)
|
|||||||
$
|
2,000
|
Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23
|
$
|
2,252
|
|||||
1,535
|
Ulster Co. Res. Rec. Agcy. Solid Waste Sys. Ref. Rev., Ser. 2002, (AMBAC Insured), 5.25%, due 3/1/16
|
1,642
|
|||||||
1,405
|
United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22
|
1,572
|
|||||||
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
|
1,004
|
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
|
867
|
ß
|
||||||
107,414
|
|||||||||
Pennsylvania (2.1%)
|
|||||||||
2,000
|
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2,
0.00%, due 12/1/34
|
1,580
|
a
|
||||||
Puerto Rico (8.9%)
|
|||||||||
1,500
|
Puerto Rico Commonwealth Gov't Dev. Bank, Ser. 1985, (National Public Finance
Guarantee Corp. Insured), 4.75%, due 12/1/15
|
1,568
|
|||||||
1,050
|
Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (XLCA Insured), 5.60%, due 7/1/17
|
1,168
|
|||||||
750
|
Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35
|
769
|
|||||||
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
|
1,088
|
ß
|
||||||
1,000
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24
|
1,056
|
|||||||
1,000
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/39 Pre-Refunded 8/1/11
|
1,035
|
µ
|
||||||
6,684
|
|||||||||
Total Investments (162.5%) (Cost $118,333)
|
121,781
|
##
|
|||||||
Cash, receivables and other assets, less liabilities (1.9%)
|
1,411
|
||||||||
Liquidation Value of Auction Market Preferred Shares [(64.4%)]
|
(48,250
|
)
|
|||||||
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$
|
74,942
|
†
|
In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("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 Management 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 significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
|
||
•
|
Level 3 – significant 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 inputs used to evaluate municipal securities include current trades, bid-wanted lists (which informs 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, 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, the affected Fund seeks to obtain quotations from principal market makers (generally considered Level 3 inputs). 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 based on Level 2 or 3 inputs, 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. These 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.
|
|||
The following is a summary, categorized by Level, of inputs used to value the Funds' investments as of October 31, 2010:
|
|||
Asset Valuation Inputs
(000's omitted) |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
California
|
|||||||||||||||||
Investments:
|
|||||||||||||||||
Municipal Notes^
|
$
|
—
|
$
|
141,333
|
$
|
—
|
$
|
141,333
|
|||||||||
Total Investments
|
—
|
141,333
|
—
|
141,333
|
(000's omitted)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Intermediate
|
|||||||||||||||||
Investments:
|
|||||||||||||||||
Municipal Notes^
|
$
|
—
|
$
|
452,252
|
$
|
—
|
$
|
452,252
|
|||||||||
Total Investments
|
—
|
452,252
|
—
|
452,252
|
|||||||||||||
New York
|
|||||||||||||||||
Investments:
|
|||||||||||||||||
Municipal Notes^
|
—
|
121,781
|
—
|
121,781
|
|||||||||||||
Total Investments
|
—
|
121,781
|
—
|
121,781
|
^
|
The Schedule of Investments provides information on the state categorization for the portfolio.
|
The Funds had no significant transfers between Levels 1 and 2 during the year ended October 31, 2010.
|
|
##
|
At October 31, 2010, 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
|
$
|
136,383
|
$
|
5,466
|
$
|
516
|
$
|
4,950
|
|||||
Intermediate
|
434,181
|
23,257
|
5,186
|
18,071
|
|||||||||
New York
|
118,337
|
4,636
|
1,192
|
3,444
|
@
|
Approximately 72%, 61%, and 64% of the municipal securities held by California, Intermediate, and New York, respectively, have credit enhancement features backing them.
|
ß
|
Security is guaranteed by the corporate or non-profit obligor.
|
µ
|
Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of October 31, 2010 and their final maturity dates.
|
a
|
Currently a zero coupon security; will convert to 6.00% on December 1, 2015.
|
b
|
Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
|
c
|
Currently a zero coupon security; will convert to 6.38% on August 1, 2016.
|
d
|
Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
|
e
|
Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
|
f
|
Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
|
g
|
Security is subject to a guarantee provided by Bayerische Landesbank, backing 100% of the total principal.
|
h
|
Security is subject to a guarantee provided by JP Morgan Chase, backing 100% of the total principal.
|
i
|
Security is subject to a guarantee provided by Societe Generale, backing 100% of the total principal.
|
‡
|
Security had an event of default.
|
ñ
|
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 liquid. At October 31, 2010, these securities amounted to approximately $535,000 or 0.6% of net assets applicable to common shareholders for California and approximately $1,950,000 or 0.7% of net assets applicable to common shareholders for Intermediate.
|
#
|
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 October 31, 2010, these securities amounted to $2,296,000 or 0.8% of net assets applicable to common shareholders for Intermediate, and $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
October 31, 2010
|
Fair Value
Percentage
of Net Assets
Applicable
to Common
Shareholders
as of
October 31, 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
|
2,293
|
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
|
|||||||||||
October 31,
2010
|
October 31,
2010
|
October 31,
2010
|
|||||||||||
Assets
|
|||||||||||||
Investments in securities, at value* (Note A)—
see Schedule of Investments:
|
|||||||||||||
Unaffiliated issuers
|
$
|
141,333
|
$
|
452,252
|
$
|
121,781
|
|||||||
Cash
|
62
|
29
|
89
|
||||||||||
Interest receivable
|
2,094
|
7,255
|
1,813
|
||||||||||
Receivable for securities sold
|
65
|
460
|
—
|
||||||||||
Prepaid expenses and other assets
|
10
|
22
|
7
|
||||||||||
Total Assets
|
143,564
|
460,018
|
123,690
|
||||||||||
Liabilities
|
|||||||||||||
Distributions payable—preferred shares
|
3
|
33
|
9
|
||||||||||
Distributions payable—common shares
|
374
|
1,306
|
328
|
||||||||||
Payable to investment manager—net (Notes A & B)
|
12
|
39
|
10
|
||||||||||
Payable to administrator (Note B)
|
37
|
117
|
31
|
||||||||||
Accrued expenses and other payables
|
132
|
222
|
120
|
||||||||||
Total Liabilities
|
558
|
1,717
|
498
|
||||||||||
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
|
$
|
84,006
|
$
|
278,901
|
$
|
74,942
|
|||||||
Net Assets applicable to Common Shareholders consist of:
|
|||||||||||||
Paid-in capital—common shares
|
$
|
78,644
|
$
|
266,396
|
$
|
72,067
|
|||||||
Undistributed net investment income (loss)
|
1,436
|
5,546
|
1,167
|
||||||||||
Accumulated net realized gains (losses) on investments
|
(1,024
|
)
|
(11,117
|
)
|
(1,740
|
)
|
|||||||
Net unrealized appreciation (depreciation) in value of investments
|
4,950
|
18,076
|
3,448
|
||||||||||
Net Assets applicable to Common Shareholders at value
|
$
|
84,006
|
$
|
278,901
|
$
|
74,942
|
|||||||
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
|
18,662
|
5,047
|
||||||||||
Net Asset Value Per Common Share Outstanding
|
$
|
15.25
|
$
|
14.94
|
$
|
14.85
|
|||||||
*Cost of Investments:
|
$
|
136,383
|
$
|
434,176
|
$
|
118,333
|
CALIFORNIA
INTERMEDIATE
MUNICIPAL FUND
|
INTERMEDIATE
MUNICIPAL FUND
|
NEW YORK
INTERMEDIATE
MUNICIPAL FUND
|
|||||||||||
For the Year
Ended
October 31,
2010
|
For the Year
Ended
October 31,
2010
|
For the Year
Ended
October 31,
2010
|
|||||||||||
Investment Income:
|
|||||||||||||
Income (Note A)
|
|||||||||||||
Interest income
|
$
|
6,500
|
$
|
21,245
|
$
|
5,602
|
|||||||
Expenses:
|
|||||||||||||
Investment management fees (Note B)
|
352
|
1,129
|
303
|
||||||||||
Administration fees (Note B)
|
423
|
1,354
|
364
|
||||||||||
Auction agent fees (Note B)
|
90
|
276
|
62
|
||||||||||
Audit fees
|
49
|
49
|
49
|
||||||||||
Basic maintenance expense (Note B)
|
25
|
25
|
25
|
||||||||||
Custodian fees (Note B)
|
76
|
156
|
67
|
||||||||||
Insurance expense
|
12
|
38
|
10
|
||||||||||
Legal fees
|
130
|
311
|
110
|
||||||||||
Shareholder reports
|
44
|
78
|
41
|
||||||||||
Stock exchange listing fees
|
5
|
16
|
4
|
||||||||||
Stock transfer agent fees
|
19
|
20
|
20
|
||||||||||
Directors' fees and expenses
|
51
|
51
|
51
|
||||||||||
Miscellaneous
|
28
|
37
|
27
|
||||||||||
Total expenses
|
1,304
|
3,540
|
1,133
|
||||||||||
Investment management fees waived (Note B)
|
(211
|
)
|
(677
|
)
|
(182
|
)
|
|||||||
Expenses reduced by custodian fee expense offset
arrangement (Note B)
|
—
|
(1
|
)
|
—
|
|||||||||
Total net expenses
|
1,093
|
2,862
|
951
|
||||||||||
Net investment income (loss)
|
$
|
5,407
|
$
|
18,383
|
$
|
4,651
|
|||||||
Realized and Unrealized Gain (Loss) on Investments (Note A)
|
|||||||||||||
Net realized gain (loss) on:
|
|||||||||||||
Sales of investment securities of unaffiliated issuers
|
502
|
(302
|
)
|
124
|
|||||||||
Change in net unrealized appreciation (depreciation) in value of:
|
|||||||||||||
Unaffiliated investment securities
|
3,442
|
12,974
|
3,246
|
||||||||||
Net gain (loss) on investments
|
3,944
|
12,672
|
3,370
|
||||||||||
Distributions to Preferred Shareholders
|
(241
|
)
|
(727
|
)
|
(197
|
)
|
|||||||
Net increase (decrease) in net assets applicable to Common
Shareholders resulting from operations
|
$
|
9,110
|
$
|
30,328
|
$
|
7,824
|
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
|
INTERMEDIATE
MUNICIPAL FUND
|
||||||||||||||||
Year Ended
October 31,
2010
|
Year Ended
October 31,
2009
|
Year Ended
October 31,
2010
|
Year Ended
October 31,
2009
|
||||||||||||||
Increase (Decrease) in Net Assets Applicable
to Common Shareholders:
|
|||||||||||||||||
From Operations (Note A):
|
|||||||||||||||||
Net investment income (loss)
|
$
|
5,407
|
$
|
5,770
|
$
|
18,383
|
$
|
18,954
|
|||||||||
Net realized gain (loss) on investments
|
502
|
(1,362
|
)
|
(302
|
)
|
(9,553
|
)
|
||||||||||
Change in net unrealized appreciation
(depreciation) of investments
|
3,442
|
9,198
|
12,974
|
27,702
|
|||||||||||||
Distributions to Preferred Shareholders
From (Note A):
|
|||||||||||||||||
Net investment income
|
(241
|
)
|
(513
|
)
|
(727
|
)
|
(1,555
|
)
|
|||||||||
Net increase (decrease) in net assets applicable to
common shareholders resulting from operations
|
9,110
|
13,093
|
30,328
|
35,548
|
|||||||||||||
Distributions to Common Shareholders
From (Note A):
|
|||||||||||||||||
Net investment income
|
(4,445
|
)
|
(4,272
|
)
|
(15,474
|
)
|
(13,345
|
)
|
|||||||||
From Capital Share Transactions (Note D):
|
|||||||||||||||||
Proceeds from reinvestment of dividends and
distributions
|
—
|
—
|
412
|
—
|
|||||||||||||
Payments for shares redeemed in connection with
tender offer (Note E)
|
—
|
(17,811
|
)
|
—
|
(27,869
|
)
|
|||||||||||
Total net proceeds from capital share transactions
|
—
|
(17,811
|
)
|
412
|
(27,869
|
)
|
|||||||||||
Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders
|
4,665
|
(8,990
|
)
|
15,266
|
(5,666
|
)
|
|||||||||||
Net Assets Applicable to
Common Shareholders:
|
|||||||||||||||||
Beginning of year
|
79,341
|
88,331
|
263,635
|
269,301
|
|||||||||||||
End of year
|
$
|
84,006
|
$
|
79,341
|
$
|
278,901
|
$
|
263,635
|
|||||||||
Undistributed net investment income (loss) at
end of year
|
$
|
1,436
|
$
|
715
|
$
|
5,546
|
$
|
3,364
|
NEW YORK INTERMEDIATE
MUNICIPAL FUND
|
|||||||||
Year Ended
October 31,
2010
|
Year Ended
October 31,
2009
|
||||||||
Increase (Decrease) in Net Assets Applicable
to Common Shareholders:
|
|||||||||
From Operations (Note A):
|
|||||||||
Net investment income (loss)
|
$
|
4,651
|
$
|
4,793
|
|||||
Net realized gain (loss) on investments
|
124
|
(1,053
|
)
|
||||||
Change in net unrealized appreciation
(depreciation) of investments
|
3,246
|
7,294
|
|||||||
Distributions to Preferred Shareholders
From (Note A):
|
|||||||||
Net investment income
|
(197
|
)
|
(426
|
)
|
|||||
Net increase (decrease) in net assets applicable to
common shareholders resulting from operations
|
7,824
|
10,608
|
|||||||
Distributions to Common Shareholders
From (Note A):
|
|||||||||
Net investment income
|
(3,895
|
)
|
(3,542
|
)
|
|||||
From Capital Share Transactions (Note D):
|
|||||||||
Proceeds from reinvestment of dividends and
distributions
|
333
|
—
|
|||||||
Payments for shares redeemed in connection with
tender offer (Note E)
|
—
|
(7,441
|
)
|
||||||
Total net proceeds from capital share transactions
|
333
|
(7,441
|
)
|
||||||
Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders
|
4,262
|
(375
|
)
|
||||||
Net Assets Applicable to
Common Shareholders:
|
|||||||||
Beginning of year
|
70,680
|
71,055
|
|||||||
End of year
|
$
|
74,942
|
$
|
70,680
|
|||||
Undistributed net investment income (loss) at
end of year
|
$
|
1,167
|
$
|
608
|
1
|
General: The Funds were organized as Maryland corporations on July 29, 2002. California and New York are registered as non-diversified, closed-end management investment companies and Intermediate is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Each Fund's Board may classify or re-classify any unissued shares of capital stock into one or more classes of preferred stock without the approval of shareholders.
|
The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other.
|
|
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.
|
|
2
|
Portfolio valuation: Investment securities are valued as indicated in the notes following the Funds' Schedule of Investments.
|
3
|
Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Interest income, including accretion of discount (adjusted for original issue discount, where applicable) and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost and stated separately in the Statements of Operations.
|
4
|
Income tax information: The Funds are treated as separate entities for U.S. federal income tax purposes. It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its earnings to its shareholders. Therefore, no federal income or excise tax provision is required.
|
The Funds have adopted the provisions of ASC 740 "Income Taxes" ("ASC 740"). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years 2007 - 2009. As of October 31, 2010, the Funds did not have any unrecognized tax benefits.
|
|
Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund as a whole.
|
|
As determined on October 31, 2010, there were no permanent differences resulting from different book and tax accounting reclassified at fiscal year-end.
|
|
The tax character of distributions paid during the years ended October 31, 2010 and October 31, 2009 was as follows:
|
Distributions Paid From:
|
|||||||||||||||||||||||||
Tax-Exempt Income
|
Ordinary Income
|
Total
|
|||||||||||||||||||||||
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
||||||||||||||||||||
California
|
$
|
4,663,999
|
$
|
4,756,650
|
$
|
22,209
|
$
|
28,416
|
$
|
4,686,208
|
$
|
4,785,066
|
|||||||||||||
Intermediate
|
15,934,271
|
14,800,907
|
266,542
|
99,261
|
16,200,813
|
14,900,168
|
|||||||||||||||||||
New York
|
4,083,442
|
3,956,547
|
8,576
|
11,613
|
4,092,018
|
3,968,160
|
As of October 31, 2010, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:
|
Undistributed
Tax-Exempt
Income
|
Undistributed
Ordinary
Income
|
Undistributed
Long-Term
Gain
|
Unrealized
Appreciation
(Depreciation)
|
Loss
Carryforwards
and Deferrals
|
Total
|
||||||||||||||||||||
California
|
$
|
1,813,702
|
$
|
—
|
$
|
—
|
$
|
4,949,453
|
$
|
(1,023,948
|
)
|
$
|
5,739,207
|
||||||||||||
Intermediate
|
6,884,559
|
—
|
—
|
18,070,628
|
(11,111,637
|
)
|
13,843,550
|
||||||||||||||||||
New York
|
1,504,452
|
—
|
—
|
3,444,268
|
(1,736,478
|
)
|
3,212,242
|
The differences between book basis and tax basis distributable earnings is attributable primarily to timing differences of distribution payments, capital loss carryforwards and for Intermediate and New York, defaulted bond income adjustments.
|
|
To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Under current tax law, the use of a fund's capital loss carryforwards to offset future gains may be limited. As determined at October 31, 2010, each Fund had unused capital loss carryforwards available for federal income tax purposes to offset net realized capital gains, if any, as follows:
|
Expiring in:
|
|||||||||||||||||||||||||||||||||
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
||||||||||||||||||||||||||
California
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
1,023,948
|
$
|
—
|
|||||||||||||||||
Intermediate
|
509,968
|
328,363
|
58,816
|
—
|
126,780
|
232,566
|
9,552,881
|
302,263
|
|||||||||||||||||||||||||
New York
|
237,642
|
156,636
|
18,838
|
—
|
—
|
269,555
|
1,053,807
|
—
|
During the year ended October 31, 2010, California and New York utilized capital loss carryforwards of $501,990 and $124,918, respectively.
|
|
5
|
Distributions to shareholders: Each Fund earns income, net of expenses, daily on its investments. It is the policy of each Fund to declare and pay monthly distributions to common shareholders. Distributions from net realized capital gains, if any, are normally distributed in December. Distributions to common shareholders are recorded on the ex-date. Distributions to preferred shareholders are accrued and determined as described in Note A-7.
|
On November 15, 2010, each Fund declared a monthly distribution to common shareholders payable December 15, 2010, to shareholders of record on November 30, 2010, with an ex-date of November 26, 2010 as follows:
|
Distribution per share
|
|||||
California
|
$
|
0.068
|
|||
Intermediate
|
0.070
|
||||
New York
|
0.065
|
On December 15, 2010, each Fund declared a monthly distribution to common shareholders payable January 18, 2011, to shareholders of record on December 31, 2010, with an ex-date of December 29, 2010 as follows:
|
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
|
On December 13, 2002, the Funds issued several series of AMPS, as follows:
|
Series A Shares
|
Series B Shares
|
||||||||
California
|
1,180
|
1,180
|
|||||||
Intermediate
|
3,588
|
3,588
|
|||||||
New York
|
965
|
965
|
All shares of each series of AMPS have a liquidation preference of $25,000 per share plus any accumulated unpaid distributions, whether or not earned or declared by a Fund, but excluding interest thereon ("Liquidation Value"). Distributions to AMPS shareholders, which are cumulative, are accrued daily. It is the policy of each Fund to pay distributions every 7 days for each Fund's AMPS Series A and every 28 days for each Fund's AMPS Series B, unless in a special rate period.
|
In the absence of a special rate period, distribution rates are reset every 7 days for each Fund's AMPS Series A, based on the results of an auction. For the year ended October 31, 2010, distribution rates ranged from:
|
Distribution Rate
|
||
California
|
0.26% – 0.50%
|
|
Intermediate
|
0.24% – 0.50%
|
|
New York
|
0.26% – 0.50%
|
In the absence of a special rate period, distribution rates are reset every 28 days for each Fund's AMPS Series B, based on the results of an auction. For the year ended October 31, 2010, distribution rates ranged from:
|
Distribution Rate
|
||
California
|
0.32% – 0.49%
|
|
Intermediate
|
0.34% – 0.50%
|
|
New York
|
0.34% – 0.50%
|
The Funds declared distributions to AMPS shareholders for the period November 1, 2010 to November 30, 2010 for each series of the AMPS as follows:
|
Series A Shares
|
Series B Shares
|
||||||||
California
|
$
|
10,102
|
$
|
10,391
|
|||||
Intermediate
|
30,821
|
31,487
|
|||||||
New York
|
8,266
|
8,458
|
Since February 2008, the market for auction rate preferred securities has experienced an unprecedented number of failed auctions. In the Funds' regularly scheduled auctions, more AMPS were submitted for sale than there were offers to buy. This meant that these auctions "failed to clear," and that preferred shareholders who wanted to sell their AMPS in these auctions were unable to do so. When a failed auction of AMPS occurs, the distribution rate for AMPS resets to a maximum rate, which is 110% of the base rate (the base rate is the greater of an "AA" rated composite commercial paper rate or the taxable equivalent of a short-term municipal bond rate) as a result of the failed auctions. Although the failed auctions have resulted in a current lack of liquidity for preferred shareholders, they are not an event of default for the Funds nor have they affected the credit quality of the AMPS. The Funds have paid, and continue to pay, distributions on their AMPS that are set at the maximum rate as a result of the failed auctions. If auctions continue to fail and the maximum rate increases due to changes in short term interest rates, the Funds' returns for common shareholders could be adversely affected. The Funds continue to monitor the developments in the AMPS market.
|
|
The Funds may redeem shares of each series of AMPS, in whole or in part, on the second business day preceding any distribution payment date at Liquidation Value.
|
|
The Funds are also subject to certain restrictions relating to the AMPS. Failure to comply with these restrictions could preclude the Funds from declaring any distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of AMPS at Liquidation Value.
|
|
The holders of AMPS are entitled to one vote per share and will vote with holders of common shares as a single class, except that the AMPS will vote separately as a class on certain matters, as required by law or a Fund's charter. The holders of a Fund's AMPS, voting as a separate class, are entitled at all times to elect two Directors of the Fund, and to elect a majority of the Directors of the Fund if the Fund fails to pay distributions on AMPS for two consecutive years.
|
|
8
|
Concentration of risk: The ability of the issuers of the debt securities held by the Funds to meet their obligations may be affected by economic developments, including those particular to a specific industry or region. California
|
and New York normally invest substantially all of their assets in municipal bonds of issuers located in the state of California and the state of New York, respectively. The value of each of these Funds' securities are more susceptible to adverse economic, political, regulatory or other factors affecting the issuers of such municipal bonds than a fund that does not limit its investments to such issuers.
|
|
9
|
Indemnifications: Like many other companies, the Funds' organizational documents provide that their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, both in some of their principal service contracts and in the normal course of their business, the Funds enter into contracts that provide indemnifications to other parties for certain types of losses or liabilities. Each Fund's maximum exposure under these arrangements is unknown as this could involve future claims against each Fund.
|
Each Fund retains Management as its investment manager under a Management Agreement. For such investment management services, each Fund pays Management a fee at the annual rate of 0.25% of its average daily Managed Assets. Managed Assets equal the total assets of the Fund, less liabilities other than the aggregate indebtedness entered into for purposes of leverage. For purposes of calculating Managed Assets, the Liquidation Value of any AMPS outstanding is not considered a liability.
|
|
Management has contractually agreed to waive a portion of the management fees it is entitled to receive from each Fund at the following annual rates:
|
Year Ended
October 31,
|
% of Average
Daily Managed Assets
|
||||||
2010
|
0.10
|
||||||
2011
|
0.05
|
Management has not contractually agreed to waive any portion of its fees beyond October 31, 2011.
|
|
In connection with the May 2009 tender offer and the tender offer program, more fully described in Note E, Management has agreed to voluntarily extend for one year the contractual fee waivers currently in place, so that the fee waiver as a percentage of average daily Managed Assets for each Fund would be:
|
Year Ended
October 31,
|
% of Average
Daily Managed Assets
|
||||||
2010
|
0.15
|
||||||
2011
|
0.10
|
||||||
2012
|
0.05
|
For the year ended October 31, 2010, such waived fees amounted to $211,326, $677,332, and $181,970 for California, Intermediate, and New York, respectively.
|
|
Each Fund retains Management as its administrator under an Administration Agreement. Each Fund pays Management an administration fee at the annual rate of 0.30% of its average daily Managed Assets under this agreement. Additionally, Management retains State Street Bank and Trust Company ("State Street") as its sub-administrator under a Sub-Administration Agreement. Management pays State Street a fee for all services received under the agreement.
|
|
Neuberger Berman LLC ("Neuberger") is retained by Management to furnish it with investment recommendations and research information without added cost to the Funds. Several individuals who are officers and/or Directors of each Fund are also employees of Neuberger and/or Management.
|
On May 4, 2009, NBSH Acquisition, LLC ("NBSH"), an entity organized by key members of Neuberger Berman's senior management, acquired a majority interest in Neuberger Berman's business and the fixed income and certain alternative asset management businesses of Lehman Brothers Holdings Inc.'s ("LBHI") Investment Management Division (together with Neuberger Berman, the "Acquired Businesses") (the "Acquisition"). Prior to that date, the predecessor of Management and Neuberger were wholly owned subsidiaries of LBHI. On September 15, 2008, LBHI filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code, and on December 22, 2008, the bankruptcy court having jurisdiction over the LBHI matter approved the sale of the Acquired Businesses to NBSH (or its successor or assign), as the successful bidder in a public auction.
|
|
The Acquired Businesses are now indirectly owned by, among others, portfolio managers, Neuberger Berman's management team, and certain key members and senior professionals who are employed in various parts of the Neuberger Berman complex of companies, with a minority interest retained by LBHI and certain affiliates of LBHI. The closing of the Acquisition resulted in an "assignment" of the Funds' Management Agreements and Sub-Advisory Agreements. Such an assignment, by law, automatically terminated those agreements. Accordingly, prior to the closing, the Board, including the Directors who are not "interested persons" of the Funds' investment manager and its affiliates or the Funds, considered and approved new Management Agreements and new Sub-Advisory Agreements for the Funds. The new agreements, which are virtually identical to those previously in effect, were also approved by a vote of the Funds' shareholders.
|
|
These events have not had a material impact on the Funds or their operations. Management and Neuberger continue to operate in the ordinary course of business as the investment manager and sub-adviser, respectively, of the Funds.
|
|
Other non-affiliated service providers: Each Fund has an expense offset arrangement in connection with its custodian contract. For the year ended October 31, 2010, the impact of this arrangement was a reduction of expenses of $463, $805 and $371 for California, Intermediate, and New York, respectively.
|
|
In connection with the settlement of each AMPS auction, each Fund pays, through the auction agent, a service fee to each participating broker-dealer based upon the aggregate liquidation preference of the AMPS held by the broker-dealer's customers. For any auction preceding a rate period of less than one year, the service fee is paid at the annual rate of 1/4 of 1% for each successful auction, and up to 3/20 of 1% if the auction fails; for any auction preceding a rate period of one year or more, the service fee is paid at a rate agreed to by each Fund and the broker-dealer.
|
|
In order to satisfy rating agency requirements, each Fund is required to provide the rating agency that rates its AMPS a report on a monthly basis verifying that each Fund is maintaining eligible assets having a discounted value equal to or greater than the Preferred Shares Basic Maintenance Amount, which is a minimum level set by the rating agency as one of the conditions to maintain its rating on the AMPS. "Discounted value" refers to the fact that the rating agency requires each Fund, in performing this calculation, to discount portfolio securities below their face value, at rates determined by the rating agency. Each Fund pays a fee to State Street for the preparation of this report which is reflected in the Statements of Operations under the caption "Basic maintenance expense."
|
During the year ended October 31, 2010, there were purchase and sale transactions (excluding short-term securities) as follows:
|
(000's omitted)
|
Purchases
|
Sales
|
|||||||
California
|
$
|
31,869,169
|
$
|
31,369,140
|
|||||
Intermediate
|
117,288,764
|
128,475,105
|
|||||||
New York
|
35,270,988
|
34,900,836
|
At October 31, 2010, the common shares outstanding and the common shares of each Fund owned by Neuberger were as follows:
|
Common Shares
Outstanding
|
Common Shares
Owned by Neuberger
|
||||||||
California
|
5,507,477
|
7,820
|
|||||||
Intermediate
|
18,661,983
|
7,862
|
|||||||
New York
|
5,046,649
|
7,851
|
Transactions in common shares for the years ended October 31, 2010 and October 31, 2009, were as follows:
|
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
|
27,371
|
—
|
—
|
(2,070,512
|
)
|
27,371
|
(2,070,512
|
)
|
|||||||||||||||||
New York
|
22,652
|
—
|
—
|
(558,221
|
)
|
22,652
|
(558,221
|
)
|
Each Fund conducted a tender offer in May 2009 for up to 10% of its outstanding common shares at a price equal to 98% of its NAV per share determined on the day the tender offer expired. Under the terms of each tender offer, on June 5, 2009, California, Intermediate and New York accepted 679,935, 2,070,512 and 558,221 common shares, respectively, representing in each case approximately 10% of the Funds' then-outstanding common shares. Final payment was made at $13.46, $13.46 and $13.33 per share for California, Intermediate and New York, respectively, in each case representing 98% of the Fund's NAV per share on May 29, 2009.
|
|
In 2009, each Fund's Board authorized a semi-annual tender offer program consisting of up to four tender offers over a two-year period (each, a "Tender Offer Program"). Under each Tender Offer Program, if a Fund's common shares trade at an average daily discount to NAV per share of greater than 10% during a 12-week measurement period, the Fund would conduct a tender offer for between 5% and 20% of its outstanding common shares at a price equal to 98% of its NAV per share determined on the day the tender offer expires.
|
|
During the initial measurement period under the Tender Offer Program, each of Intermediate and New York traded at an average daily discount to NAV of less than 10% and, therefore, in accordance with its Tender Offer Program, did not conduct a tender offer. During the initial measurement period under the Tender Offer Program, California, however, traded at an average daily discount to NAV of greater than 10%. As a result, California conducted a tender offer for up to 10% of its outstanding common shares that commenced September 18, 2009 and ended October 16, 2009. Under the terms of the tender offer, on October 23, 2009, California accepted 611,942 common shares, representing approximately 10% of its then outstanding common shares. Final payment was made at $14.15 per share, representing 98% of the NAV per share on October 16, 2009.
|
|
During each Fund's second measurement period under the Tender Offer Program, February 19, 2010 to May 14, 2010, each of California, Intermediate and New York traded at an average daily discount to NAV of less than 10% and, therefore, in accordance with its Tender Offer Program, did not conduct a tender offer.
|
During each Fund's third measurement period under the Tender Offer Program, August 18, 2010 to November 10, 2010, each of California, Intermediate and New York traded at an average daily discount to NAV of less than 10% and, therefore, in accordance with its Tender Offer Program, did not conduct a tender offer.
|
|
In connection with each Fund's May 2009 tender offer and the adoption of the Tender Offer Program by each Fund, Management agreed to voluntarily extend for one year the contractual fee waivers currently in place for each Fund to offset some of the expenses associated with, or possible increases in each Fund's expense ratio resulting from, the tender offers (see Note B for additional disclosure). Each Board retains the ability, consistent with its fiduciary duty, to opt out of its Tender Offer Program should circumstances arise that the Board believes could cause a material negative effect on its Fund or its Fund's shareholders.
|
Recent events in the financial sector have resulted in an unusually high degree of volatility in the financial markets and the economy at large. Both domestic and international equity and fixed income markets have been experiencing heightened volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected. It is uncertain how long these conditions will continue.
|
|
In addition to the recent unprecedented turbulence in financial markets, the reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide. Illiquidity in these markets may mean there is less money available to purchase raw materials, goods and services, which may, in turn, bring down the prices of these economic staples. It may also result in issuers having more difficulty obtaining financing and ultimately a decline in their stock prices. These events and the potential for continuing market turbulence may have an adverse effect on each Fund.
|
|
The U.S. federal government and certain foreign central banks have acted to calm credit markets and increase confidence in the U.S. and world economies. Certain of these entities have injected liquidity into the markets and taken other steps in an effort to stabilize the markets and grow the economy. The ultimate effect of these efforts is, of course, not yet known. Withdrawal of this support, or other policy changes by governments or central banks, could negatively affect the value and liquidity of certain securities.
|
|
The situation in the financial markets has resulted in calls for increased regulation, and the need of many financial institutions for government help has given lawmakers and regulators new leverage. In response, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), was signed into law initiating a dramatic revision of the U.S. financial regulatory framework that is now expected to unfold over several years. The Dodd-Frank Act covers a broad range of topics, including (among many others) a reorganization of federal financial regulators; a process intended to ensure financial systemic stability and the resolution of potentially insolvent financial firms; new rules for derivatives trading; the creation of a consumer financial protection watchdog; the registration and additional regulation of hedge and private equity fund managers; and new federal requirements for residential mortgage loans. Instruments in which the Funds invest, or the issuers of such instruments, may be affected by the new legislation and regulation in ways that are unforeseeable. The ultimate impact of the Dodd-Frank Act, and any resulting regulations, is not yet certain.
|
|
Because the situation in the markets is widespread and largely unprecedented, it may be unusually difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the severity or duration of these market events.
|
Year Ended October 31,
|
|||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||
Common Share Net Asset Value,
Beginning of Year
|
$
|
14.41
|
$
|
12.99
|
$
|
14.60
|
$
|
15.00
|
$
|
14.68
|
|||||||||||
Income From Investment Operations Applicable to
Common Shareholders:
|
|||||||||||||||||||||
Net Investment Income (Loss)¢
|
.98
|
.88
|
.92
|
.94
|
.94
|
||||||||||||||||
Net Gains or Losses on Securities
(both realized and unrealized)
|
.71
|
1.22
|
(1.58
|
)
|
(.35
|
)
|
.37
|
||||||||||||||
Common Share Equivalent of Distributions to
Preferred Shareholders From:
|
|||||||||||||||||||||
Net Investment Income¢
|
(.04
|
)
|
(.08
|
)
|
(.31
|
)
|
(.30
|
)
|
(.27
|
)
|
|||||||||||
Total From Investment Operations Applicable to
Common Shareholders
|
1.65
|
2.02
|
(.97
|
)
|
.29
|
1.04
|
|||||||||||||||
Less Distributions to Common Shareholders From:
|
|||||||||||||||||||||
Net Investment Income
|
(.81
|
)
|
(.66
|
)
|
(.64
|
)
|
(.69
|
)
|
(.72
|
)
|
|||||||||||
Accretive Effect of Tender Offer
|
—
|
.06
|
—
|
—
|
—
|
||||||||||||||||
Common Share Net Asset Value, End of Year
|
$
|
15.25
|
$
|
14.41
|
$
|
12.99
|
$
|
14.60
|
$
|
15.00
|
|||||||||||
Common Share Market Value, End of Year
|
$
|
14.56
|
$
|
13.14
|
$
|
10.73
|
$
|
13.08
|
$
|
14.65
|
|||||||||||
Total Return, Common Share Net Asset Value†
|
12.07
|
%
|
17.12
|
%
|
(6.39
|
)%
|
2.16
|
%
|
7.51
|
%
|
|||||||||||
Total Return, Common Share Market Value†
|
17.34
|
%
|
29.29
|
%
|
(13.69
|
)%
|
(6.29
|
)%
|
12.10
|
%
|
|||||||||||
Supplemental Data/Ratios††
|
|||||||||||||||||||||
Net Assets Applicable to Common Shareholders,
End of Year (in millions)
|
$
|
84.0
|
$
|
79.3
|
$
|
88.3
|
$
|
99.3
|
$
|
101.9
|
|||||||||||
Preferred Shares Outstanding, End of Year (in millions)
|
$
|
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
|
|||||||||||
Ratios are calculated using Average Net Assets
Applicable to Common Shareholders
|
|||||||||||||||||||||
Ratio of Gross Expenses#
|
1.34
|
%
|
1.34
|
%
|
1.03
|
%
|
.94
|
%
|
.93
|
%
|
|||||||||||
Ratio of Net Expenses‡
|
1.33
|
%
|
1.34
|
%
|
1.02
|
%
|
.94
|
%
|
.93
|
%
|
|||||||||||
Ratio of Net Investment Income (Loss) Excluding
Preferred Share DistributionsØØ
|
6.60
|
%
|
6.51
|
%
|
6.45
|
%
|
6.36
|
%
|
6.36
|
%
|
|||||||||||
Portfolio Turnover Rate
|
23
|
%
|
27
|
%
|
14
|
%
|
3
|
%
|
3
|
%
|
|||||||||||
Asset Coverage Per Preferred Share, End of Year@
|
$
|
60,597
|
$
|
58,620
|
$
|
62,432
|
$
|
67,108
|
$
|
68,208
|
Year Ended October 31,
|
|||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||
Common Share Net Asset Value,
Beginning of Year
|
$
|
14.15
|
$
|
13.01
|
$
|
14.55
|
$
|
14.91
|
$
|
14.68
|
|||||||||||
Income From Investment Operations Applicable to
Common Shareholders:
|
|||||||||||||||||||||
Net Investment Income (Loss)¢
|
.99
|
.95
|
.97
|
.98
|
.97
|
||||||||||||||||
Net Gains or Losses on Securities
(both realized and unrealized)
|
.67
|
.91
|
(1.53
|
)
|
(.35
|
)
|
.30
|
||||||||||||||
Common Share Equivalent of Distributions to
Preferred Shareholders From:
|
|||||||||||||||||||||
Net Investment Income¢
|
(.04
|
)
|
(.08
|
)
|
(.33
|
)
|
(.32
|
)
|
(.29
|
)
|
|||||||||||
Total From Investment Operations Applicable to
Common Shareholders
|
1.62
|
1.78
|
(.89
|
)
|
.31
|
.98
|
|||||||||||||||
Less Distributions to Common Shareholders From:
|
|||||||||||||||||||||
Net Investment Income
|
(.83
|
)
|
(.67
|
)
|
(.65
|
)
|
(.67
|
)
|
(.75
|
)
|
|||||||||||
Accretive Effect of Tender Offer
|
—
|
.03
|
—
|
—
|
—
|
||||||||||||||||
Common Share Net Asset Value, End of Year
|
$
|
14.94
|
$
|
14.15
|
$
|
13.01
|
$
|
14.55
|
$
|
14.91
|
|||||||||||
Common Share Market Value, End of Year
|
$
|
14.80
|
$
|
13.01
|
$
|
11.00
|
$
|
12.86
|
$
|
14.22
|
|||||||||||
Total Return, Common Share Net Asset Value†
|
11.89
|
%
|
14.73
|
%
|
(5.87
|
)%
|
2.48
|
%
|
7.22
|
%
|
|||||||||||
Total Return, Common Share Market Value†
|
20.56
|
%
|
24.76
|
%
|
(9.95
|
)%
|
(5.03
|
)%
|
10.22
|
%
|
|||||||||||
Supplemental Data/Ratios††
|
|||||||||||||||||||||
Net Assets Applicable to Common Shareholders,
End of Year (in millions)
|
$
|
278.9
|
$
|
263.6
|
$
|
269.3
|
$
|
301.3
|
$
|
308.7
|
|||||||||||
Preferred Shares Outstanding, End of Year (in millions)
|
$
|
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
|
|||||||||||
Ratios are calculated using Average Net Assets
Applicable to Common Shareholders
|
|||||||||||||||||||||
Ratio of Gross Expenses#
|
1.05
|
%
|
1.09
|
%
|
.87
|
%
|
.79
|
%
|
.78
|
%
|
|||||||||||
Ratio of Net Expenses‡
|
1.05
|
%
|
1.08
|
%
|
.86
|
%
|
.78
|
%
|
.78
|
%
|
|||||||||||
Ratio of Net Investment Income (Loss) Excluding
Preferred Share DistributionsØØ
|
6.75
|
%
|
6.98
|
%
|
6.80
|
%
|
6.65
|
%
|
6.61
|
%
|
|||||||||||
Portfolio Turnover Rate
|
26
|
%
|
40
|
%
|
8
|
%
|
4
|
%
|
6
|
%
|
|||||||||||
Asset Coverage Per Preferred Share, End of Year@
|
$
|
63,870
|
$
|
61,743
|
$
|
62,606
|
$
|
67,027
|
$
|
68,048
|
Year Ended October 31,
|
|||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||
Common Share Net Asset Value,
Beginning of Year
|
$
|
14.07
|
$
|
12.73
|
$
|
14.34
|
$
|
14.69
|
$
|
14.47
|
|||||||||||
Income From Investment Operations Applicable to
Common Shareholders:
|
|||||||||||||||||||||
Net Investment Income (Loss)¢
|
.92
|
.89
|
.94
|
.95
|
.96
|
||||||||||||||||
Net Gains or Losses on Securities
(both realized and unrealized)
|
.67
|
1.16
|
(1.60
|
)
|
(.33
|
)
|
.29
|
||||||||||||||
Common Share Equivalent of Distributions to
Preferred Shareholders From:
|
|||||||||||||||||||||
Net Investment Income¢
|
(.04
|
)
|
(.08
|
)
|
(.31
|
)
|
(.30
|
)
|
(.28
|
)
|
|||||||||||
Total From Investment Operations Applicable to
Common Shareholders
|
1.55
|
1.97
|
(.97
|
)
|
.32
|
.97
|
|||||||||||||||
Less Distributions to Common Shareholders From:
|
|||||||||||||||||||||
Net Investment Income
|
(.77
|
)
|
(.66
|
)
|
(.64
|
)
|
(.67
|
)
|
(.75
|
)
|
|||||||||||
Accretive Effect of Tender Offer
|
—
|
.03
|
—
|
—
|
—
|
||||||||||||||||
Common Share Net Asset Value, End of Year
|
$
|
14.85
|
$
|
14.07
|
$
|
12.73
|
$
|
14.34
|
$
|
14.69
|
|||||||||||
Common Share Market Value, End of Year
|
$
|
14.95
|
$
|
12.88
|
$
|
10.57
|
$
|
12.99
|
$
|
14.60
|
|||||||||||
Total Return, Common Share Net Asset Value†
|
11.43
|
%
|
16.74
|
%
|
(6.50
|
)%
|
2.50
|
%
|
7.05
|
%
|
|||||||||||
Total Return, Common Share Market Value†
|
22.54
|
%
|
28.71
|
%
|
(14.30
|
)%
|
(6.58
|
)%
|
13.70
|
%
|
|||||||||||
Supplemental Data/Ratios††
|
|||||||||||||||||||||
Net Assets Applicable to Common Shareholders,
End of Year (in millions)
|
$
|
74.9
|
$
|
70.7
|
$
|
71.1
|
$
|
80.0
|
$
|
81.9
|
|||||||||||
Preferred Shares Outstanding, End of Year (in millions)
|
$
|
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
|
|||||||||||
Ratios are calculated using Average Net Assets
Applicable to Common Shareholders
|
|||||||||||||||||||||
Ratio of Gross Expenses#
|
1.30
|
%
|
1.37
|
%
|
1.09
|
%
|
1.00
|
%
|
.98
|
%
|
|||||||||||
Ratio of Net Expenses‡
|
1.30
|
%
|
1.37
|
%
|
1.09
|
%
|
1.00
|
%
|
.98
|
%
|
|||||||||||
Ratio of Net Investment Income (Loss) Excluding
Preferred Share DistributionsØØ
|
6.37
|
%
|
6.70
|
%
|
6.64
|
%
|
6.56
|
%
|
6.60
|
%
|
|||||||||||
Portfolio Turnover Rate
|
29
|
%
|
33
|
%
|
10
|
%
|
1
|
%
|
5
|
%
|
|||||||||||
Asset Coverage Per Preferred Share, End of Year@
|
$
|
63,835
|
$
|
61,627
|
$
|
61,892
|
$
|
66,496
|
$
|
67,488
|
†
|
Total return based on per share NAV reflects the effects of changes in NAV on the performance of each Fund during each fiscal period. Total return based on per share market value assumes the purchase of common shares at the market price on the first day and sale of common shares at the market price on the last day of the period indicated. Dividends and distributions, if any, are assumed to be reinvested at prices obtained under each Fund's distribution reinvestment plan. Results represent past performance and do not guarantee future results. Current returns may be lower or higher than the performance data quoted. Investment returns may fluctuate and shares when sold may be worth more or less than original cost. For each Fund, total return would have been lower if Management had not waived a portion of the investment management fee.
|
#
|
The Fund is required to calculate an expense ratio without taking into consideration any expense reductions related to expense offset arrangements.
|
‡
|
After waiver of a portion of the investment management fee by Management. Had Management not undertaken such action, the annualized ratios of net expenses to average daily net assets applicable to common shareholders would have been:
|
Year Ended October 31,
|
|||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||
California
|
1.59
|
%
|
1.59
|
%
|
1.34
|
%
|
1.34
|
%
|
1.32
|
%
|
|||||||||||
Intermediate
|
1.30
|
%
|
1.33
|
%
|
1.19
|
%
|
1.18
|
%
|
1.17
|
%
|
|||||||||||
New York
|
1.55
|
%
|
1.62
|
%
|
1.41
|
%
|
1.40
|
%
|
1.38
|
%
|
@
|
Calculated by subtracting the Fund's total liabilities (excluding accumulated unpaid distributions on AMPS) from the Fund's total assets and dividing by the number of AMPS outstanding.
|
††
|
Expense ratios do not include the effect of distributions to holders of AMPS. Income ratios include income earned on assets attributable to AMPS outstanding.
|
¢
|
Calculated based on the average number of shares outstanding during each fiscal period.
|
ØØ
|
The annualized ratios of preferred share distributions to average net assets applicable to common shareholders were:
|
Year Ended October 31,
|
|||||||||||||||||||||
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||
California
|
.29
|
%
|
.58
|
%
|
2.17
|
%
|
2.02
|
%
|
1.86
|
%
|
|||||||||||
Intermediate
|
.27
|
%
|
.57
|
%
|
2.27
|
%
|
2.20
|
%
|
1.95
|
%
|
|||||||||||
New York
|
.27
|
%
|
.59
|
%
|
2.19
|
%
|
2.07
|
%
|
1.90
|
%
|
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
Sub-Adviser
Neuberger Berman LLC
605 Third Avenue
New York, NY 10158-3698
Custodian
State Street Bank and Trust Company
2 Avenue de Lafayette
Boston, MA 02111
|
Stock Transfer Agent
The Bank of New York Mellon
480 Washington Boulevard
Jersey City, NJ 07317
Legal Counsel
K&L Gates LLP
1601 K Street, NW
Washington, DC 20006
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
|
Name, (Year of Birth)
and Address(1)
|
Position(2)
with Each
Fund and
Length of
Time Served
|
Principal Occupation(s)(3)
|
Number of
Portfolios in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director
|
|||||||
CLASS I
|
|||||||||||
Independent Directors
|
|||||||||||
Faith Colish (1935)
|
Director since
2002
|
Counsel, Carter Ledyard & Milburn LLP (law firm) since October 2002; formerly, Attorney-at-Law and President, Faith Colish, A Professional Corporation, 1980 to 2002.
|
43
|
Formerly, Director, 1997 to 2003, and Advisory Director, 2003 to 2006; ABA Retirement Funds (formerly, American Bar Retirement Association) (not-for-profit membership corporation).
|
|||||||
Michael M. Knetter (1960)
|
Director since
2007
|
President and Chief Executive Officer, University of Wisconsin Foundation, October 2010 to Present; formerly, Dean, School of Business, University of Wisconsin — Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business — Dartmouth College, 1998 to 2002.
|
43
|
Director, American Family Insurance (a mutual company, not publicly traded), since March 2009; Trustee, Northwestern Mutual Series Fund, Inc., since February 2007; Director, Wausau Paper, since 2005; formerly, Director, Great Wolf Resorts, 2004 to 2009.
|
|||||||
Name, (Year of Birth)
and Address(1)
|
Position(2)
with Each
Fund and
Length of
Time Served
|
Principal Occupation(s)(3)
|
Number of
Portfolios in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director
|
|||||||
Cornelius T. Ryan (1931)
|
Director since
2002
|
General Partner and Adviser, TD2, TD3, and TOF1 Healthcare Venture Capital Partnerships; Founding General Partner, Oxford Partners and Oxford Bioscience Partners (venture capital investing) and President, Oxford Venture Corporation, since 1981.
|
43
|
Trustee, Norwalk Hospital Foundation, since 2000; Director, Supply Pro (privately held company), since 2008; formerly, Trustee, Norwalk Hospital, 1995 to 2004; formerly, President and Director, Randolph Computer Corp. , 1966 to 1984; formerly, Director of numerous privately held portfolio companies of Oxford Partners and Oxford Bio Science Partners, 1981 to 2005.
|
|||||||
Peter P. Trapp (1944)
|
Director since
2002
|
Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.
|
43
|
None.
|
|||||||
Director who is an "Interested Person"
|
|||||||||||
Robert Conti* (1956)
|
Chief Executive Officer, President and Director since 2008; prior thereto, Executive Vice President in 2008 and Vice President 2006 to 2008
|
Managing Director, Neuberger, since 2007; formerly, Senior Vice President, Neuberger, 2003 to 2006; formerly, Vice President, Neuberger, 1999 to 2003; President and Chief Executive Officer, Management, since 2008; formerly, Senior Vice President, Management, 2000 to 2008.
|
43
|
Chairman of the Board, Staten Island Mental Health Society since 2008.
|
|||||||
Name, (Year of Birth)
and Address(1)
|
Position(2)
with Each
Fund and
Length of
Time Served
|
Principal Occupation(s)(3)
|
Number of
Portfolios in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director
|
|||||||
CLASS II
|
|||||||||||
Independent Directors
|
|||||||||||
John Cannon (1930)
|
Director since
2002
|
Consultant; formerly, Chairman, CDC Investment Advisers (registered investment adviser), 1993 to January 1999; formerly, President and Chief Executive Officer, AMA Investment Advisors, an affiliate of the American Medical Association.
|
43
|
Formerly, Independent Trustee or Director of three series of Oppenheimer Funds: Oppenheimer Limited Term New York Municipal Fund, Rochester Fund Municipals, and Oppenheimer Convertible Securities Fund, 1992 to 2009.
|
|||||||
C. Anne Harvey (1937)
|
Director since
2002
|
President, C.A. Harvey Associates, since October 2001; formerly, Director, AARP, 1978 to December 2001.
|
43
|
Formerly, President, Board of Associates to The National Rehabilitation Hospital's Board of Directors, 2001 to 2002; formerly, Member, Individual Investors Advisory Committee to the New York Stock Exchange Board of Directors, 1998 to 2002.
|
|||||||
George W. Morriss (1947)
|
Director since
2007
|
General Partner, Seip Investments LP (a private investment partnership); formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.
|
43
|
Manager, Old Mutual Funds of Hedge Funds fund complex (consisting of six funds) since 2006 for four funds and since 2007 for two funds; formerly, Member NASDAQ Issuers' Affairs Committee, 1995 to 2003.
|
|||||||
Name, (Year of Birth)
and Address(1)
|
Position(2)
with Each
Fund and
Length of
Time Served
|
Principal Occupation(s)(3)
|
Number of
Portfolios in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director
|
|||||||
Tom D. Seip (1950)
|
Director since 2002; Chairman of the Board since 2008; Lead Independent Director from 2006 to 2008
|
General Partner, Seip Investments LP (a private investment partnership); formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive at the Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc., and Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998, and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.
|
43
|
Director, H&R Block, Inc. (financial services company), since May 2001; Chairman, Compensation Committee, H&R Block, Inc., since 2006; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.
|
|||||||
Director who is an "Interested Person"
|
|||||||||||
Jack L. Rivkin* (1940)
|
Director since
2002; formerly, President 2002 to 2008
|
Formerly, Executive Vice President and Chief Investment Officer, Neuberger Berman Holdings LLC (holding company), 2002 to August 2008 and 2003 to August 2008, respectively; formerly, Managing Director and Chief Investment Officer, Neuberger, December 2005 to August 2008 and 2003 to August 2008, respectively; formerly, Executive Vice President, Neuberger, December 2002 to 2005; formerly, Director and Chairman, Management, December 2002 to August 2008; formerly, Executive Vice President, Citigroup Investments, Inc., September 1995 to February 2002; formerly, Executive Vice President, Citigroup Inc., September 1995 to February 2002.
|
43
|
Director, Idealab (private company), since 2009; Director, Distributed World Power (private company), since 2009; Director, Dale Carnegie and Associates, Inc. (private company), since 1999; Director, Solbright, Inc. (private company), since 1998; Director, SA Agricultural Fund, since 2009; Chairman and Director, Essential Brands (consumer products) since 2008; formerly, Director, New York Society of Security Analysts, 2006 to 2008.
|
|||||||
Name, (Year of Birth)
and Address(1)
|
Position(2)
with Each
Fund and
Length of
Time Served
|
Principal Occupation(s)(3)
|
Number of
Portfolios in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director
|
|||||||
CLASS III
|
|||||||||||
Independent Directors
|
|||||||||||
Martha C. Goss (1949)
|
Director since
2007
|
President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; Chief Operating and Financial Officer, Hopewell Holdings LLC/ Amwell Holdings, LLC (a holding company for a healthcare reinsurance company start-up), since 2003; formerly, Consultant, Resources Connection (temporary staffing), 2002 to 2006.
|
43
|
Director, Ocwen Financial Corporation (mortgage servicing), since 2005; Director, American Water (water utility), since 2003; Director, Channel Reinsurance (financial guaranty reinsurance), since 2006; Director, Allianz Life of New York (insurance), since 2005; Director, Financial Women's Association of New York (not -for -profit association), since 2003; Trustee Emerita, Brown University, since 1998; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Director, Claire's Stores, Inc. (retailer), 2005 to 2007.
|
|||||||
Robert A. Kavesh (1927)
|
Director since
2002
|
Retired; Marcus Nadler Professor Emeritus of Finance and Economics, New York University Stern School of Business; formerly, Executive Secretary-Treasurer, American Finance Association, 1961 to 1979.
|
43
|
Formerly, Director, The Caring Community (not-for-profit), 1997 to 2006; formerly, Director, DEL Laboratories, Inc. (cosmetics and pharmaceuticals), 1978 to 2004; formerly, Director, Apple Bank for Savings, 1979 to 1990; formerly, Director, Western Pacific Industries, Inc., (public company), 1972 to 1986.
|
|||||||
Name, (Year of Birth)
and Address(1)
|
Position(2)
with Each
Fund and
Length of
Time Served
|
Principal Occupation(s)(3)
|
Number of
Portfolios in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director
|
|||||||
Howard A. Mileaf (1937)
|
Director since
2002
|
Retired; formerly, Vice President and General Counsel, WHX Corporation (holding company), 1993 to 2001.
|
43
|
Formerly, Director, Webfinancial Corporation (holding company), 2002 to 2008; formerly, Director, WHX Corporation (holding company), 2002 to 2005; formerly, Director, State Theatre of New Jersey (not-for-profit theatre), 2000 to 2005.
|
|||||||
Edward I. O'Brien (1928)
|
Director since
2002
|
Retired; formerly, Member, Investment Policy Committee, Edward Jones, 1993 to 2001; President, Securities Industry Association ("SIA") (securities industry's representative in government relations and regulatory matters at the federal and state levels), 1974 to 1992; Adviser to SIA, November 1992 to November 1993.
|
43
|
Formerly, Director, Legg Mason, Inc. (financial services holding company), 1993 to July 2008; formerly, Director, Boston Financial Group (real estate and tax shelters), 1993 to 1999.
|
|||||||
Candace L. Straight (1947)
|
Director since
2002
|
Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to December 2003.
|
43
|
Director, Montpelier Re Holdings Ltd. (reinsurance company), since 2006; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.
|
|||||||
Name, (Year of Birth)
and Address(1)
|
Position(2)
with Each
Fund and
Length of
Time Served
|
Principal Occupation(s)(3)
|
Number of
Portfolios in
Fund Complex
Overseen by
Director
|
Other Directorships Held
Outside Fund Complex by
Director
|
|||||||
Director who is an "Interested Person"
|
|||||||||||
Joseph V. Amato* (1962)
|
Director since
2008
|
President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer, Neuberger, since 2009; Chief Investment Officer (Equities) and Managing Director, Management, since 2009; Managing Director, Neuberger Berman Fixed Income LLC (formerly known as Lehman Brothers Asset Management LLC) ("NBFI"), since 2007; Board member of NBFI since 2006; formerly, Global Head of Asset Management of LBHI Investment Management Division, 2006 to 2009; formerly, member of LBHI's Investment Management Division's Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. ("LBI"), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI's Equity Sales and a Member of its Equities Division Executive Committee, 2003 to 2005.
|
43
|
Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007.
|
|||||||
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
(2)
|
The Board of Directors shall at times be divided as equally as possible into three classes of Directors designated Class I, Class II, and Class III. The terms of office of Class I, Class II, and Class III Directors shall expire at the annual meeting of shareholders held in 2012, 2013, and 2011, respectively, and at each third annual meeting of shareholders thereafter.
|
(3)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
*
|
Indicates a Fund Director who is an "interested person" within the meaning of the 1940 Act. Mr. Amato and Mr. Conti are interested persons of the Funds by virtue of the fact that each is an officer of Management, Neuberger and/or their affiliates. Mr. Rivkin may be deemed an interested person of the Funds by virtue of the fact that, until August 2008, he was a director of Management and an officer of Neuberger.
|
Name, (Year of Birth),
and Address(1)
|
Position and
Length of Time
Served
|
Principal Occupation(s)(2)
|
|||
Andrew B. Allard (1961)
|
Anti-Money
Laundering Compliance Officer since 2002 |
Senior Vice President, Neuberger, since 2006; Deputy General Counsel, Neuberger, since 2004; formerly, Vice President, Neuberger, 2000 to 2005; Anti-Money Laundering Compliance Officer, nine registered investment companies for which Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
|||
Claudia A. Brandon (1956)
|
Executive Vice
President since 2008 and Secretary since 2002 |
Senior Vice President, Neuberger, since 2007 and Employee since 1999; Senior Vice President, Management, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger, 2002 to 2006; formerly, Vice President-Mutual Fund Board Relations, Management, 2000 to 2008; Executive Vice President, nine registered investment companies for which Management acts as investment manager and administrator (nine since 2008); Secretary, nine registered investment companies for which Management acts as investment manager and administrator (three since 1985, three since 2002, one since 2003, one since 2005 and one since 2006).
|
|||
Maxine L. Gerson (1950)
|
Executive Vice
President since 2008 and Chief Legal Officer since 2005 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002) |
Managing Director, Neuberger, since 2009, and Deputy General Counsel and Assistant Secretary Neuberger since 2001; Managing Director, Management, since 2009, and Secretary and General Counsel, Management, since 2004; formerly, Senior Vice President, Neuberger, 2002 to 2009; formerly, Senior Vice President, Management, 2006 to 2009; Executive Vice President, nine registered investment companies for which Management acts as investment manager and administrator (nine since 2008); Chief Legal Officer (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002), nine registered investment companies for which Management acts as investment manager and administrator (eight since 2005 and one since 2006).
|
|||
Sheila R. James (1965)
|
Assistant
Secretary since 2002 |
Vice President, Neuberger, since 2008 and Employee since 1999; formerly, Assistant Vice President, Neuberger, 2007; Assistant Secretary, nine registered investment companies for which Management acts as investment manager and administrator (six since 2002, one since 2003, one since 2005 and one since 2006).
|
|||
Brian Kerrane (1969)
|
Vice President
since 2008 |
Senior Vice President, Neuberger, since 2006; formerly, Vice President, Neuberger, 2002 to 2006; Vice President, Management, since 2008 and Employee since 1991; Vice President, nine registered investment companies for which Management acts as investment manager and administrator (nine since 2008).
|
|||
Kevin Lyons (1955)
|
Assistant
Secretary since 2003 |
Assistant Vice President, Neuberger, since 2008 and Employee since 1999; Assistant Secretary, nine registered investment companies for which Management acts as investment manager and administrator (seven since 2003, one since 2005 and one since 2006).
|
|||
Name, (Year of Birth),
and Address(1)
|
Position and
Length of Time
Served
|
Principal Occupation(s)(2)
|
|||
Owen F. McEntee, Jr. (1961)
|
Vice President
since 2008 |
Vice President, Neuberger, since 2006; Employee, Management, since 1992; Vice President, nine registered investment companies for which Management acts as investment manager and administrator (nine since 2008).
|
|||
John M. McGovern (1970)
|
Treasurer and
Principal Financial and Accounting Officer since 2005 |
Senior Vice President, Neuberger, since 2007; formerly, Vice President, Neuberger, 2004 to 2006; Employee, Management, since 1993; Treasurer and Principal Financial and Accounting Officer, nine registered investment companies for which Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Assistant Treasurer, eight registered investment companies for which Management acts as investment manager and administrator, 2002 to 2005.
|
|||
Andrew Provencher (1965)
|
Vice President
since 2008 |
Managing Director, Management, since 2008; Managing Director, Neuberger, since 2005; formerly, Senior Vice President, Neuberger, 2003 to 2005; Vice President, nine registered investment companies for which Management acts as investment manager and administrator (nine since 2008).
|
|||
Frank Rosato (1971)
|
Assistant
Treasurer since 2005 |
Vice President, Neuberger, since 2006; Employee, Management, since 1995; Assistant Treasurer, nine registered investment companies for which Management acts as investment manager and administrator (eight since 2005 and one since 2006).
|
|||
Neil S. Siegel (1967)
|
Vice President
since 2008 |
Managing Director, Management, since 2008; Managing Director, Neuberger, since 2006; formerly, Senior Vice President, Neuberger, 2004 to 2006; Vice President, nine registered investment companies for which Management acts as investment manager and administrator (nine since 2008).
|
|||
Chamaine Williams (1971)
|
Chief
Compliance Officer since 2005 |
Senior Vice President, Neuberger, since 2007; Chief Compliance Officer, Management, since 2006; Chief Compliance Officer, nine registered investment companies for which Management acts as investment manager and administrator (eight since 2005 and one since 2006); formerly, Senior Vice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006; formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc., 2003 to 2007; formerly, Chief Compliance Officer, Lehman Brothers Alternative Investment Management LLC, 2003 to 2007.
|
|||
(1)
|
The business address of each listed person is 605 Third Avenue, New York, New York 10158.
|
(2)
|
Except as otherwise indicated, each individual has held the positions shown for at least the last five years.
|
California Intermediate Municipal Fund Inc.
|
99.53
|
%
|
|||
Intermediate Municipal Fund Inc.
|
98.35
|
%
|
|||
New York Intermediate Municipal Fund Inc.
|
99.79
|
%
|
Votes For
|
Votes
Withheld
|
Abstentions
|
Broker
Non-Votes
|
||||||||||
C. Anne Harvey
|
4,924,648
|
122,703
|
—
|
—
|
|||||||||
George W. Morriss
|
4,930,218
|
117,132
|
—
|
—
|
|||||||||
Jack L. Rivkin
|
4,925,361
|
121,990
|
—
|
—
|
|||||||||
Tom D. Seip
|
4,930,218
|
117,132
|
—
|
—
|
Votes For
|
Votes
Withheld
|
Abstentions
|
Broker
Non-Votes
|
||||||||||
C. Anne Harvey
|
17,198,789
|
433,220
|
—
|
—
|
|||||||||
George W. Morriss
|
17,256,675
|
375,335
|
—
|
—
|
|||||||||
Jack L. Rivkin
|
17,167,142
|
464,868
|
—
|
—
|
|||||||||
Tom D. Seip
|
17,255,020
|
376,990
|
—
|
—
|
Votes For
|
Votes
Withheld
|
Abstentions
|
Broker
Non-Votes
|
||||||||||
C. Anne Harvey
|
4,316,471
|
286,759
|
—
|
—
|
|||||||||
George W. Morriss
|
4,379,089
|
224,141
|
—
|
—
|
|||||||||
Jack L. Rivkin
|
4,327,883
|
275,346
|
—
|
—
|
|||||||||
Tom D. Seip
|
4,375,364
|
227,866
|
—
|
—
|
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)
|
James L. Iselin
|
||||
Registered Investment Companies*
|
3
|
$278
|
0
|
0
|
Other Pooled Investment Vehicles
|
0
|
0
|
0
|
0
|
Other Accounts**
|
199
|
$928
|
0
|
0
|
S. Blake Miller
|
||||
Registered Investment Companies*
|
3
|
$278
|
0
|
0
|
Other Pooled Investment Vehicles
|
0
|
0
|
0
|
0
|
Other Accounts**
|
172
|
$674
|
0
|
0
|
Portfolio Manager
|
Dollar Range of Equity Securities Owned in the Registrant
|
James L. Iselin
|
A
|
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.
|
By:
|
/s/ Robert Conti
|
|
Robert Conti
|
||
Chief Executive Officer
|
||
Date:
|
December 29, 2010
|
|
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
|
||
Date:
|
December 29, 2010
|
|
By:
|
/s/ John M. McGovern
|
|
John M. McGovern
|
||
Treasurer and Principal Financial
|
||
and Accounting Officer
|
||
Date:
|
December 29, 2010
|