Principal Amount			Security	Value†
($000's omitted)				($000's omitted)z
Municipal Notes (171.9%)
California (140.0%)
	400		Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18		409	ß
	1,500		Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21		1,760
	500		California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15		537	ß
	2,000		California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17		2,051
	590		California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42		607
	2,000		California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I, 4.95%, due 7/1/26 Putable 7/1/14		2,080	µß
	2,000		California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21		2,115	ß
	1,000		California Hlth. Fac. Fin. Au. Rev. (Children Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26		1,032	ß
	800		California Infrastructure & Econ. Dev. Bank Rev. (Los Angeles Co. Museum of Natural History Foundation), Ser. 2008-B, (LOC: Wells Fargo Bank N.A.), 0.03%, due 9/1/37		800	µß
	1,000		California Infrastructure & Econ. Dev. Bank St. Sch. Fund Lease Rev. (King City Joint Union High Sch. Dist. Fin.), Ser. 2010, 5.13%, due 8/15/24		1,013
	500		California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A, 5.00%, due 6/1/16		503	ß
	375		California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/25		366	ß
	410		California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/26		391	ß
	455		California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/27		426	ß
	1,040		California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21		1,099	ß
	600		California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26		647	ß
	555		California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.), Ser. 2012-AN, 5.00%, due 12/1/21		667
	2,000		California St. Dept. of Wtr. Res. Supply Rev., Ser. 2010-L, 5.00%, due 5/1/22		2,303
	20		California St. G.O., Ser. 2002, 5.00%, due 10/1/17		20
	1,500		California St. G.O., Ser. 2012, 5.00%, due 2/1/27		1,609
	600		California St. G.O. (Kindergarten Univ.), Ser. 2004, (LOC: Citibank N.A.), 0.05%, due 5/1/34		600	µ
	2,000		California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%,   due 7/1/27		1,951	ñß
	1,095		California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, due 6/1/20		1,130
	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		1,003
	1,000		California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21		1,091
	575		California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 5.38%, due 4/1/17		576	ß
	1,000		California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20		1,043	ß
	1,220		California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18		1,260	ß
	1,000		California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22		1,020	ß
	780		California Statewide CDA Rev. (Lancer Ed. Std. Hsg. Proj.), Ser. 2007, 5.40%, due 6/1/17		805	ß
	1,255		California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, due 11/15/19		1,384	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		1,646	ß
	250		California Statewide CDA Rev. (Valley Care Hlth. Sys.), Ser. 2007-A, 4.80%, due 7/15/17		255	ß
	1,500		Compton Unified Sch. Dist. Ref. G.O. (Election 2002), Ser. 2006-D, (AMBAC Insured), 0.00%, due 6/1/14		1,473
	350		Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/26		361
	560		Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/27		571
	1,365		Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/21		1,395	ß
	250		Folsom Pub. Fin. Au. Spec. Tax Rev., Ser. 2007-B, 4.40%, due 9/1/13		250
	1,000		Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 2/1/17		1,138
	2,000		Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 5.50%, due 12/1/24		2,044
	1,000		Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 0.00%, due 8/1/40		956	h
	1,000		Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18		1,046
	150		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%,  due 9/1/23		150
	300		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%,  due 9/1/24		297
	450		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%,  due 9/1/25		439
	645		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.50%,  due 9/1/26		588
	690		Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.63%,  due 9/1/27		624
	1,105		Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26		1,141
	1,130		Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17		1,169
	3,900		Los Angeles Co. Metro. Trans. Au. Sales Tax Prop. A First Tier Sr. Rev.,  Ser. 2012-A, 5.00%, due 7/1/21		4,639
	2,050		Los Angeles Dept. of Wtr. & Pwr. Rev., Ser. 2012-A, 5.00%, due 7/1/24		2,358
	2,000		Los Angeles G.O., Ser. 2012-A, 5.00%, due 9/1/20		2,372
	2,000		Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27		2,091
	500		Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27		469	ß
	1,070		Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19		881
	1,000		Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22		1,068
	500		Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18		475
	500		Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19		471
	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		1,293
	1,490		Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24		1,466
	1,500		Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25		1,551
	555		Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 4.00%, due 9/1/21		538
	600		Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 5.00%, due 9/1/25		598
	1,320		Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation),  Ser. 2013-B, 0.00%, due 6/1/22		846
	1,500		Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation),  Ser. 2013-B, 0.00%, due 6/1/23		892
	440		Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17		446
	1,000		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24		1,102
	400		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26		431
	2,600		Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17		3,011
	1,350		San Bernardino Comm. College Dist. G.O. (Election 2002), Ser. 2008-A, 6.25%, due 8/1/24 Pre-Refunded 8/1/18		1,675
	400		San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 5.25%, due 2/15/19		440
	830		San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.80%, due 9/1/15		831
	820		San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 4.90%, due 9/1/16		821
	750		San Francisco City & Co. Arpts. Commission Int'l Ref. Rev., Ser. 2009-D2, 3.00%, due 5/1/21		756
	1,000		San Francisco City & Co. Arpts. Commission Int'l Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21		1,135
	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		2,119
	2,000		San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%,  due 6/15/25		2,045
	890		San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22		892	ß
	1,060		San Jose Redev. Agcy. Tax Allocation Ref. (Merged Area Redev. Proj.),  Ser. 2006-D, (AMBAC Insured), 5.00%, due 8/1/21		1,082
	1,000		San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/22		1,074
	1,070		San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/25		1,113
	1,000		San Mateo Union High Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, 0.00%, due 9/1/25		542
	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		900
	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		1,474
	310		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.25%, due 6/1/25		275
	575		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.50%, due 6/1/26		507
	325		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.50%, due 6/1/27		274
	270		Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.50%, due 6/1/28		219
	1,000		Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27		839
	505		Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14		514
	460		South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1), Ser. 2002, (XLCA Insured), 5.00%, due 9/1/16		465
	1,550		St. Helena Unified Sch. Dist. G.O. Cap. Appreciation (Election 2012), Ser. 2013-A-1, 0.00%, due 8/1/27		944	m
	1,000		Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26		1,010
	1,500		Sulphur Springs Union Sch. Dist. Cert. of Participation (Cap. Appreciation), Ser. 2010, (AGM Insured), 0.00%, due 12/1/37		1,411	c
	1,250		Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21		1,327
	1,300		Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20		1,277
	2,000		Twin Rivers Unified Sch. Dist. Cert. of Participation (Sch. Fac. Bridge Funding Prog.), Ser. 2007, (AGM Insured), 3.20%, due 6/1/27 Putable 6/1/20		1,952	µ
	2,000		Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21		2,146
	3,000		Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37		2,159	i
	1,500		Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21		1,725
	3,500		William S.Hart Union High Sch. Dist. G.O. Cap. Appreciation (Election 2001), Ser. 2005-B, (AGM Insured), 0.00%, due 9/1/26		1,876
	2,250		Wiseburn Sch. Dist. G.O. Cap Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36		1,138	j
					111,796
Florida (0.7%)
	525		Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%,  due 9/1/24		554	ß
Guam (3.7%)
	1,110		Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18		1,226
	700		Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16		728
	1,000		Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25		1,016
					2,970
Illinois (1.4%)
	585		Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17		592
	500		Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40		513	ß
					1,105
Massachusetts (1.2%)
	1,000		Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 5.00%, due 12/1/30		1,002
Nevada (1.4%)
	1,000		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23		1,096
New Jersey (0.9%)
	750		New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23		712	ß
North Carolina (0.9%)
	750		North Carolina Med. Care Commission Hlth. Care Fac. First Mtge. Rev. (Lutheran Svcs. for Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/24		691	ß
Pennsylvania (2.3%)
	2,000		Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 0.00%, due 12/1/34		1,858	b
Puerto Rico (16.6%)
	2,000		Puerto Rico Commonwealth Aqueduct & Swr. Au. Sr. Lien Rev., Ser. 2012-A, 4.25%, due 7/1/25		1,676
	1,230		Puerto Rico Commonwealth Gov't Dev. Bank, Ser. 1985, (National Public Finance Guarantee Corp. Insured), 4.75%, due 12/1/15		1,243
	1,500		Puerto Rico Elec. Pwr. Au. Rev., Ser. 2007-VV, 5.50%, due 7/1/20		1,557
	1,000		Puerto Rico Elec. Pwr. Au. Rev., Ser. 2010-XX, 5.25%, due 7/1/35		847
	400		Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Int'l American Univ. Proj.), Ser. 2012, 5.00%, due 10/1/21		420	ß
	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		1,002	ß
	3,000		Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17		3,005
	1,000		Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21		1,001
	900		Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Ser. 2011-C, 5.00%, due 8/1/21		995
	1,500		Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24		1,522
					13,268
Tennessee (0.7%)
	500		Tennessee St. Energy Acquisition Corp. Gas Rev., Ser. 2006-A, 5.25%, due 9/1/23		530
Texas (2.1%)
	1,750		Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010, 5.25%, due 11/1/40		1,710	ß
			Total Investments (171.9%) (Cost $137,203)		137,292	##
			Cash, receivables and other assets, less liabilities (2.0%)		1,556
			Liquidation Value of Auction Market Preferred Shares [(73.9%)]		(59,000)
			Total Net Assets Applicable to Common Shareholders (100.0%)		$79,848

 

†	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