JULY 31, 2013

Principal Amount			Security	Value†
($000's omitted)				($000's omitted)z
Municipal Notes (163.7%)
Alabama (1.3%)
	1,500		Courtland IDB Solid Waste Disp. Rev. (Champion Int'l Corp. Proj.), Ser. 1999, 6.00%, due 8/1/29		1,505	ß
	1,900		Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35		1,916	ß
					3,421
Arizona (8.8%)
	5,000		Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21		5,516
	2,265		Arizona Wtr. Infrastructure Fin. Au. Rev. (Wtr. Quality), Ser. 2008-A, 5.00%, due 10/1/22		2,570
	5,870		Mohave Co. Ind. Dev. Au. Correctional Fac. Contract Rev. (Mohave Prison LLC Expansion Proj.), Ser. 2008, 7.50%, due 5/1/19		7,061	ß
	1,500		Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28		1,336	ß
	400		Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24		418
	1,450		Pima Co. Swr. Rev., Ser. 2012-A, 5.00%, due 7/1/27		1,559
	1,840		Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/18		1,923
	1,155		Pinal Co. Cert. of Participation, Ser. 2004, 5.25%, due 12/1/22		1,198
	2,325		Verrado Comm. Fac. Dist. Number 1 G.O., Ser. 2006, 5.05%, due 7/15/18		2,223
					23,804
California (25.7%)
	885		California HFA Rev. (Home Mtge.), Ser. 2007-E, 5.00%, due 2/1/42		911
	2,250		California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39		2,253	ß
	1,000		California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26		1,032	ß
	1,725		California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/24		1,747
	1,685		California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27		1,727
	1,845		California St. G.O., Ser. 2005, 5.00%, due 3/1/19		1,948
	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		1,505
	4,000		California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25		4,511
	1,500		California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21		1,637
	1,035		California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18		1,069	ß
	2,000		Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33		2,272
	2,000		Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010),      Ser. 2011-A, (AGM Insured), 0.00%, due 8/1/40		1,912	h
	1,000		Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/16		1,036
	1,950		Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/17		2,036
	1,115		Inglewood Pub. Fin. Au. Ref. Rev. (Lease), Ser. 2012, 5.00%, due 8/1/18		1,167
	3,620		Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/24		2,234
	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		3,542	d
	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		2,085
	5,000		Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 0.00%, due 8/1/34		4,516	e
	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		1,757
	4,000		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26		4,310
	2,000		San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%, due 8/1/34		1,544	f
	740		San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17		741
	2,000		San Francisco City & Co. Arpt. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25		2,198
	6,000		San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/32		3,314	g
	2,000		St. Helena Unified Sch. Dist. G.O. (Election 2012), Ser. 2013-A1, 0.00%,  due 8/1/27		1,218	m
	1,540		Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26		1,556
	3,000		Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21		3,220
	9,070		Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37		6,528	i
	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		2,866
	3,000		Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36		1,517	j
					69,909
Colorado (3.0%)
	380		Denver City & Co. Arpt. Sys. Ref. Rev., Ser. 1991-D, (XLCA Insured), 7.75%, due 11/15/13		388
	5,000		Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24		5,378
	2,550		Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23		2,397
					8,163
Connecticut (0.4%)
	650		Hamden G.O., Ser. 2013, (AGM Insured), 3.00%, due 8/15/24		574
	750		Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25		655
					1,229
District of Columbia (2.9%)
	1,615		Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/26		1,652	ß
	3,035		Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22		2,829	ß
	1,000		Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2008-A, 5.50%, due 10/1/18		1,172
	2,000		Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev., Ser. 2011-C, 5.00%, due 10/1/26		2,114
					7,767
Florida (4.6%)
	1,000		Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26		1,069
	1,000		Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.),  Ser. 2012-A, 5.50%, due 6/15/22		935	ß
	1,710		Florida St. Muni. Loan Council Rev., Ser. 2012, (AGM Insured), 5.00%, due 5/1/20		1,915
	1,795		Florida St. Muni. Loan Council Rev., Ser. 2012, (AGM Insured), 5.00%, due 5/1/21		1,993
	1,000		Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 8/15/19		1,356	ß
	1,135		Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27		1,154	ß
	2,000		Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25		2,208
	2,000		Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25		1,752	ß
					12,382
Guam (2.7%)
	1,220		Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/20		1,358
	650		Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.75%, due 11/1/21		718
	2,550		Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 6.00%, due 7/1/25		2,596
	2,630		Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25		2,671
					7,343
Hawaii (2.8%)
	5,200		Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24		5,307
	2,000		Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009, 6.50%, due 7/1/39		2,208	ß
					7,515
Illinois (14.8%)
	3,460		Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17		3,498
	180		Chicago G.O. (Unrefunded Bal.), Ser. 2002-A, (AMBAC Insured), 5.38%,  due 1/1/17		181
	1,970		Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25		2,161
	5,130		Illinois Ed. Fac. Au. Rev. (Field Museum of Natural History), Ser. 2002, 4.30%, due 11/1/36 Putable 11/1/13		5,168	µß
	1,875		Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.00%, due 4/1/16		1,980	ß
	4,000		Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24		4,259	ß
	1,960		Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40		2,012	ß
	5,840		Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22		6,698	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		3,154	ß
	1,670		Illinois Metro. Pier & Exposition Au. Dedicated St. Tax Ref. Rev., Ser. 1998-A, (FGIC Insured), 5.50%, due 6/15/17		1,937
	1,905		Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/26		1,056
	3,900		Illinois St. G.O., Ser. 2012, 4.00%, due 8/1/25		3,773
	2,025		Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26		2,143	ß
	1,850		Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31		2,106
					40,126
Indiana (5.4%)
	4,000		Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29		4,192	ß
	500		Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A, 5.00%, due 6/1/32		479	ß
	4,000		Indiana Hlth. & Ed. Fac. Fin. Au. Hosp. Ref. Rev. (Clarian Hlth. Oblig. Group), Ser. 2006-B, 5.00%, due 2/15/21		4,265	ß
	3,055		Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21		3,758
	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		2,005	ß
					14,699
Iowa (5.7%)
	1,000		Coralville Urban Renewal Rev., Tax Increment, Ser. 2007-C, 5.00%, due 6/1/15		999
	5,110		Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22		5,877
	4,000		Iowa Higher Ed. Loan Au. Rev. (William Penn Univ.), Ser. 2013-D, 6.00%, due 5/15/14		4,045	ß
	3,120		Iowa Std. Loan Liquidity Corp. Rev., Ser. 2011-A1, 5.00%, due 12/1/21		3,385
	1,005		Kirkwood Comm. College Iowa New Jobs Training Cert. G.O. (Merged Area X), Ser. 2007-1B, 5.00%, due 6/1/17		1,055
					15,361
Kansas (0.2%)
	500		Kansas Independent College Fin. Au. Rev. (Bethel College), Ser. 2013-A, 4.50%, due 5/1/14		501	ß
Kentucky (0.0%)
	10		Shelby Co. Lease Rev., Ser. 2004-A, (LOC: U.S. Bank), 0.05%, due 9/1/34		10	µ
Louisiana (1.2%)
	1,500		Louisiana Local Gov't Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/35		1,598	ß
	1,655		St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/40 Putable 6/01/22		1,647	µß
					3,245
Maine (0.9%)
	2,400		Maine St. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2005, 6.25%, due 1/1/25 Putable 2/1/17		2,437	µß
Maryland (0.9%)
	2,400		Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, (Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23		2,463	µß
Massachusetts (8.8%)
	3,555		Massachusetts St. Ed. Fin. Au. Rev., Ser. 2011-J, 5.00%, due 7/1/23		3,691
	5,000		Massachusetts St. Ed. Fin. Au. Rev., Ser. 2012-J, 4.70%, due 7/1/26		4,765
	5,000		Massachusetts St. Ed. Fin. Au. Rev., Ser. 2013-K, 4.50%, due 7/1/24		4,804
	5,000		Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25		5,060
	1,375		Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30		1,377
	4,030		Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19		4,043
	140		Massachusetts St. Wtr. Poll. Abatement Trust Rev. (Unrefunded Bal. Rev. Pool Prog.), Ser. 2001-7, 5.25%, due 2/1/16		141
					23,881
Michigan (0.9%)
	2,000		Summit Academy North Pub. Sch. Academy Ref. Rev., Ser. 2005, 5.25%, due 11/1/20		1,949
	430		Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.00%, due 11/1/15		440
					2,389
Minnesota (2.6%)
	2,000		Maple Grove Hlth. Care Sys. Rev. (Maple Grove Hosp. Corp.), Ser. 2007, 5.00%, due 5/1/17		2,153	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		2,396	ß
	2,500		Wayzata Sr. Hsg. Enhanced Deposit Rev. (Folkestone Sr. Living Comm.), Ser. 2012-B, 4.88%, due 5/1/19		2,456	ß
					7,005
Mississippi (4.4%)
	4,000		Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24		4,222	ß
	500		Mississippi Dev. Bank Spec. Oblig. (Wilkinson Co. Correctional), Ser. 2008-D, 5.00%, due 8/1/15		545	ß
	6,495		Mississippi St. Dev. Bank Spec. Oblig. Ref. Rev. (Madison Co. Hwy. Proj.), Ser. 2013-C, 5.00%, due 1/1/27		7,121
					11,888
Missouri (3.7%)
	3,495		Bi State Dev. Agcy. Metro. Dist. Rev. (Metrolink Cross Co. Proj.), Ser. 2002-B, (AGM Insured), 5.25%, due 10/1/16 Pre-Refunded 10/1/13		3,522
	750		Missouri St. Env. Imp. & Energy Res. Au. Wtr. PCR (Unrefunded Bal. Drinking Wtr.), Ser. 2002-B, 5.50%, due 7/1/16		753
	2,275		Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children's Mercy Hosp.), Ser. 2009, 5.13%, due 5/15/24		2,409	ß
	125		Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-II, (FHA Insured), 5.25%, due 12/1/16		125	k
	110		Missouri St. Hsg. Dev. Comm. Multi-Family Hsg. Rev., Ser. 2001-III, (FHA Insured), 5.05%, due 12/1/15		110
	2,965		Missouri St. Univ. Auxiliary Enterprise Sys. Rev., Ser. 2007-A, (XLCA Insured), 5.00%, due 4/1/26		3,226
					10,145
Nevada (2.1%)
	1,635		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 6.50%, due 6/15/17		1,751
	3,545		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23		3,885
					5,636
New Hampshire (1.0%)
	2,600		New Hampshire Hlth. & Ed. Facs. Au. Rev. (Dartmouth-Hitchcock Clinic), Ser. 2009, 5.00%, due 8/1/19		2,689	ß
New Jersey (5.0%)
	2,500		New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23		2,374	ß
	1,420		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group), Ser. 2013, 3.50%, due 7/1/24		1,244	ß
	1,470		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group), Ser. 2013, 3.63%, due 7/1/25		1,277	ß
	1,520		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group), Ser. 2013, 3.75%, due 7/1/26		1,311	ß
	765		New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group), Ser. 2013, 4.00%, due 7/1/27		660	ß
	7,000		New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26		6,844
					13,710
New York (8.7%)
	1,320		Build NYC Res. Corp. Rev. (Int'l Leadership Charter Sch. Proj.), Ser. 2013, 5.00%, due 7/1/23		1,232	ß
	500		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts), Ser. 2013-A, 3.88%, due 4/15/23		451	ß
	1,450		Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts), Ser. 2013-A, 5.00%, due 4/15/43		1,206	ß
	100		JPMorganChase Putters/Drivers Trust Var. Sts. G.O. (Putters), Ser. 2012-4075, (LOC: JPMorganChase Bank N.A.), 0.06%, due 8/1/13		100	ñµ
	320		Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14		321
	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		2,589	ß
	140		New York G.O. (Unrefunded Bal.), Ser. 2002-C, 5.50%, due 8/1/15		140
	1,100		New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19		0	#‡
	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		4,096	ß
	2,000		New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41		1,931
	2,000		New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20		2,305
	710		Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20		736
	495		Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/20		513
	520		Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/21		532
	550		Newburgh G.O. (Deficit Liquidation), Ser. 2012-B, 5.00%, due 6/15/22		556
	1,435		Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%,  due 5/1/23		1,525	ß
	3,000		Tobacco Settlement Fin. Corp., Ser. 2003-B-1C, 5.50%, due 6/1/21		3,010
	2,515		Triborough Bridge & Tunnel Au. Rev., Ser. 2013-A, 4.00%, due 11/15/27		2,493
					23,736
North Carolina (3.1%)
	1,835		North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/24		1,690	ß
	5,250		North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Rev., Ser. 2009-A, 5.00%, due 1/1/26		5,600
	1,000		Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24		1,124
					8,414
Ohio (0.8%)
	2,060		Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27		2,104
Oregon (0.2%)
	500		Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/27		452
Pennsylvania (5.1%)
	500		Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.50%, due 5/1/25		457	ß
	350		Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.), Ser. 2012, 3.60%, due 5/1/26		315	ß
	2,000		Lancaster Co. Hosp. Au. Rev. (Brethren Village Proj.), Ser. 2008-A, 6.10%, due 7/1/22		2,077	ß
	3,430		Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27		3,331
	2,625		Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/24		2,838	ß
	1,000		Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 0.00%, due 12/1/34		929	b
	275		Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 4.00%, due 4/1/17		273	ß
	895		Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.00%, due 4/1/22		893	ß
	415		Philadelphia Au. For Ind. Dev. Rev. (Discovery Charter Sch. Proj.), Ser. 2012, 5.50%, due 4/1/27		420	ß
	200		Philadelphia Hosp. & Higher Ed. Facs. Au. Rev. (Children's Hosp.), Ser. 2005-A, (LOC: Wells Fargo Bank N.A.), 0.05%, due 2/15/21		200	µ
	2,000		Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27		2,015
					13,748
Puerto Rico (6.7%)
	6,000		Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25		5,029
	7,000		Puerto Rico Commonwealth G.O. Ref. (Pub. Imp.), Ser. 2012-A, 5.50%,   due 7/1/26		6,509
	5,000		Puerto Rico Commonwealth Gov't Dev. Bank Rev. Ref., Ser. 1985, (National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15		5,052
	750		Puerto Rico Elec. Pwr. Au. Pwr. Rev., Ser. 2010-XX, 5.25%, due 7/1/35		635
	1,000		Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2011-C, 5.00%, due 8/1/21		1,106
					18,331
Rhode Island (2.9%)
	4,000		Rhode Island St. Hsg. & Mtge. Fin. Corp. Rev. (Homeownership Opportunity), Ser. 2012-63-A, 3.50%, due 10/1/27		3,709
	2,650		Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2013-A, 3.75%, due 12/1/26		2,301
	2,135		Rhode Island St. Std. Loan Au. Std. Loan Rev. (Sr. Prog.), Ser. 2013-A, 3.75%, due 12/1/27		1,806
					7,816
South Carolina (0.6%)
	1,700		South Carolina Ed. Facs. Au. for Private Nonprofit Institutions Higher Learning Ed. Rev. (Furman Univ.), Ser. 2006-B, (LOC: Wells Fargo Bank N.A.), 0.08%, due 10/1/39		1,700	µß
Tennessee (1.9%)
	2,705		Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19		3,083
	2,000		Tennessee St. Energy Acquisition Corp. Gas Rev., Ser. 2006-A, 5.25%,   due 9/1/23		2,122
					5,205
Texas (8.7%)
	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		4,228	ß
	1,050		Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22		924	ß
	1,935		Dallas-Fort Worth Int'l Arpt. Imp. Rev., Ser. 2004-B, (AGM Insured), 5.50%, due 11/1/18		2,033
	2,000		Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42		1,778	ß
	500		Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25		484	ß
	2,300		Harris Co. Perm. Imp. Ref. G.O., Ser. 2008-B, 5.00%, due 10/1/19 Pre-Refunded 10/1/18		2,722
	2,900		Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33		3,029
	610		HFDC Ctr. Texas, Inc. Retirement Fac. Rev., Ser. 2006-A, 5.25%, due 11/1/15		625	ß
	650		Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 4.00%, due 2/15/22		631	ß
	1,000		Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation), Ser. 2012-A, 5.00%, due 2/15/32		948	ß
	1,000		Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20		1,130
	3,000		North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23		3,436
	500		San Leanna Ed. Fac. Corp. Higher Ed. Ref. Rev., (St. Edwards Univ. Proj.), Ser. 2007, 5.00%, due 6/1/19		532	ß
	1,175		West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35		1,235
					23,735
Utah (2.2%)
	3,000		Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28		3,229	ß
	1,200		Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20		1,315
	410		Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.00%, due 7/1/20		431
	370		Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.25%, due 7/1/21		387
	525		Utah Hsg. Corp. Single Family Mtge. Rev., Ser. 2011-A2, Class I, 5.45%, due 7/1/22		548
					5,910
Vermont (1.9%)
	1,600		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2012-A, 5.00%, due 6/15/21		1,665
	465		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.25%, due 6/15/24		440
	1,105		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.35%, due 6/15/25		1,037
	1,640		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.45%, due 6/15/26		1,513
	535		Vermont Std. Assist. Corp. Ed. Loan Rev., Ser. 2013-A, 4.55%, due 6/15/27		489
					5,144
Virginia (0.7%)
	1,000		Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/22		929	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		1,010	ß
					1,939
Washington (4.8%)
	1,000		Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2003, 6.00%, due 12/1/23 Pre-Refunded 12/1/13		1,019
	1,600		Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25		1,692
	1,625		Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2003, 6.00%, due 12/1/18 Pre-Refunded 12/1/13		1,655
	6,700		Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28		6,171
	2,525		Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29		2,558	ß
					13,095
West Virginia (0.4%)
	1,000		West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19		1,139
Wisconsin (4.3%)
	1,100		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/35		1,162	ß
	1,225		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College), Ser. 2010-A, 6.13%, due 6/1/39		1,291	ß
	1,000		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Franciscan Sisters Hlth. Care),   Ser. 2007, 5.00%, due 9/1/14		1,039	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		3,108	ß
					11,827
Other (0.9%)
	3,000		Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37		2,349	#
			Total Municipal Notes (Cost $437,244)		444,362
Miscellaneous (0.8%)
Real Estate (0.8%)
	2,000		Munimae TE Bond Subsidiary LLC, Unsecured Notes, 5.00%, due 4/30/28 (Cost $2,000)		2,001	#
			Total Investments (164.5%) (Cost $439,244)		446,363	##
			Cash, receivables and other assets, less liabilities (1.6%)		4,427
			Liquidation Value of Auction Market Preferred Shares [(66.1%)]		(179,400)
			Total Net Assets Applicable to Common Shareholders (100.0%)		$271,390

 

 

†	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 by an independent pricing service to value 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 applicable 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.
	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 July 31, 2013:

 

 

 

 

^	The Schedule of Investments provides information on the state categorization for the portfolio.
	The Funds had no transfers between Levels 1 and 2 during the period ended July 31, 2013.
##	At July 31, 2013, 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		$	137,208			$	4,050			$	3,966			$	84
Intermediate			439,249				19,135				12,021				7,114
New York			119,700				3,314				5,938				(2,624	)

ß	Security is guaranteed by the corporate or non-profit obligor.
ñ	Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be liquid. At July 31, 2013, these securities amounted to approximately $1,951,000 or 2.4% of net assets applicable to common shareholders for California.
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 July 31, 2013, and at their final maturity dates.
b	Currently a zero coupon security; will convert to 6.00% on December 1, 2015.
c	Currently a zero coupon security; will convert to 6.50% on December 1, 2015.
d	Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
e	Currently a zero coupon security; will convert to 6.38% on August 1, 2016.
f	Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
g	Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
h	Currently a zero coupon security; will convert to 6.75% on August 1, 2015.
i	Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
j	Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
k	Security is subject to a guarantee provided by Bayerische Landesbank, backing 100% of the total principal.
m	Currently a zero coupon security; will convert to 4.00% on August 1, 2023.
z	A zero balance may reflect actual amounts rounding to less than $1,000.
*	Security did not produce income during the last twelve months.
‡	Security had an event of default.

#

Restricted securities subject to restrictions on resale. Securities were purchased under Rule 144A of the 1933 Act or are private placements and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors. These securities have been deemed by the investment manager to be illiquid.   At July 31, 2013, these securities amounted to approximately $4,350,000 or 1.7% of net assets applicable to common shareholders for Intermediate and approximately $1,920,000 or 2.8% 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 July 31, 2013				Fair Value Percentage of Net Assets Applicable to Common Shareholders as of July 31, 2013
Intermediate	Munimae TE Bond Subsidiary LLC, Unsecured Notes, 5.00%, due 4/30/28	1/31/2013		$	2,000				0.7	%		$	2,001				0.8	%
	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	%			0				0.0	%
	Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37	10/2/2006			3,000				1.0	%			2,349				0.9	%
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	%			0				0.0	%
	CMS Liquidating Trust	11/21/2012			3,105				4.0	%			1,920				2.8	%

 

 

(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 (“1940 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 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

 

 

 

 

By:	/s/ Robert Conti
	Robert Conti
	Chief Executive Officer and President