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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Neuberger Berm Div Adv FD | AMEX:NDD | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
As filed with the Securities and Exchange Commission on September 29, 2009
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21499
NEUBERGER BERMAN DIVIDEND ADVANTAGE
FUND INC
.
(Exact Name of the Registrant as Specified in Charter)
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
(Address of Principal Executive Offices – Zip Code)
Registrant's telephone number, including area code: (212) 476-8800
Robert Conti, Chief Executive Officer
Neuberger Berman Dividend Advantage Fund Inc.
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
Arthur Delibert, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006-1600
(Names and addresses of agents for service)
Date of fiscal year end: October 31, 2009
Date of reporting period: July 31, 2009
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission not later than 60 days after the close of their first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (“1940 Act”) (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
July 31, 2009
Schedule of Investments
Dividend Advantage Fund Inc.
|
||||||
Number of Shares |
Value†
|
|||||
Common Stocks (131.4%) |
||||||
Aerospace & Defense (1.7%) |
||||||
14,400 |
United Technologies |
784 |
||||
Air Freight & Logistics (2.1%) |
||||||
17,900 |
United Parcel Service |
962 |
||||
Apartments (7.6%) |
||||||
16,400 |
American Campus Communities |
376 |
||||
11,902 |
AvalonBay Communities |
693 |
||||
19,600 |
Camden Property Trust |
578 |
||||
51,700 |
Equity Residential |
1,241 |
||||
10,400 |
Essex Property Trust |
676 |
È |
|||
3,564 |
||||||
Beverages (4.4%) |
||||||
15,300 |
Diageo PLC ADR |
954 |
||||
19,100 |
PepsiCo, Inc. |
1,084 |
||||
2,038 |
||||||
Diversified (2.2%) |
||||||
19,637 |
Vornado Realty Trust |
1,002 |
||||
Diversified Telecommunication Services (4.3%) |
||||||
46,100 |
AT&T Inc. |
1,209 |
||||
35,500 |
BCE Inc. |
818 |
||||
2,027 |
||||||
Electric Utilities (11.4%) |
||||||
12,800 |
Entergy Corp. |
1,028 |
||||
18,900 |
Exelon Corp. |
961 |
||||
20,500 |
FirstEnergy Corp. |
845 |
||||
24,000 |
FPL Group |
1,360 |
||||
23,100 |
ITC Holdings |
1,102 |
||||
5,296 |
||||||
Electrical Equipment (4.8%) |
||||||
60,200 |
ABB Ltd. |
1,101 |
||||
27,700 |
Rockwell Automation |
1,147 |
||||
2,248 |
||||||
Food Products (4.5%) |
||||||
22,900 |
Kraft Foods |
649 |
||||
16,500 |
Nestle SA ADR |
678 |
||||
28,600 |
Unilever NV |
778 |
||||
2,105 |
||||||
Health Care (6.7%) |
||||||
48,100 |
HCP, Inc. |
1,239 |
||||
25,500 |
Nationwide Health Properties |
740 |
||||
23,300 |
OMEGA Healthcare Investors |
389 |
||||
22,000 |
Ventas, Inc. |
777 |
||||
3,145 |
||||||
Hotels, Restaurants & Leisure (2.4%) |
||||||
9,900 |
McDonald's Corp. |
545 |
||||
23,900 |
Starwood Hotels & Resorts Worldwide |
564 |
||||
1,109 |
||||||
Industrial (3.0%) |
||||||
31,100 |
AMB Property |
616 |
||||
88,300 |
DCT Industrial Trust |
403 |
||||
11,300 |
EastGroup Properties |
392 |
||||
1,411 |
||||||
Industrial Conglomerates (2.4%) |
||||||
15,900 |
3M Co. |
1,121 |
||||
Insurance (6.7%) |
||||||
31,000 |
Endurance Specialty Holdings |
1,034 |
||||
53,800 |
Marsh & McLennan |
1,099 |
||||
39,700 |
Willis Group Holdings |
989 |
||||
3,122 |
||||||
Lodging (1.7%) |
||||||
54,400 |
Host Hotels & Resorts |
494 |
È |
|||
19,700 |
LaSalle Hotel Properties |
294 |
||||
788 |
||||||
Machinery (4.2%) |
||||||
15,300 |
Deere & Co. |
669 |
||||
43,900 |
Ingersoll-Rand PLC |
1,268 |
||||
1,937 |
||||||
Media (4.4%) |
||||||
86,100 |
CBS Corp. Class B |
705 |
È |
|||
45,000 |
Regal Entertainment Group |
560 |
||||
30,100 |
Time Warner |
802 |
||||
2,067 |
||||||
Mixed (1.5%) |
||||||
31,200 |
Duke Realty |
296 |
||||
7,700 |
PS Business Parks |
398 |
||||
694 |
||||||
Multi-Utilities (6.3%) |
||||||
18,600 |
NSTAR |
597 |
||||
13,500 |
PG&E Corp. |
545 |
È |
|||
86,700 |
TECO Energy |
1,170 |
||||
14,300 |
Wisconsin Energy |
614 |
È |
|||
2,926 |
||||||
Office (8.4%) |
||||||
18,700 |
Alexandria Real Estate Equities |
713 |
È |
|||
27,400 |
Boston Properties |
1,449 |
||||
61,000 |
Brandywine Realty Trust |
499 |
||||
12,600 |
Corporate Office Properties Trust |
427 |
||||
19,900 |
Highwoods Properties |
510 |
||||
12,600 |
SL Green Realty |
325 |
È |
|||
3,923 |
||||||
Oil, Gas & Consumable Fuels (6.6%) |
||||||
47,300 |
Canadian Oil Sands Trust |
1,192 |
||||
67,700 |
Spectra Energy |
1,243 |
||||
38,300 |
The Williams Companies |
639 |
||||
3,074 |
||||||
Pharmaceuticals (5.6%) |
||||||
13,000 |
Abbott Laboratories |
585 |
||||
22,000 |
Johnson & Johnson |
1,340 |
||||
23,400 |
Merck & Co. |
702 |
||||
2,627 |
||||||
Real Estate Management & Development (0.6%) |
||||||
31,400 |
Brookfield Properties |
297 |
||||
Regional Malls (5.6%) |
||||||
19,769 |
Macerich Co. |
389 |
È |
|||
39,985 |
Simon Property Group |
2,228 |
||||
2,617 |
||||||
Road & Rail (2.6%) |
||||||
28,200 |
Norfolk Southern |
1,220 |
||||
Self Storage (4.5%) |
||||||
23,300 |
Public Storage |
1,691 |
È |
|||
14,700 |
Sovran Self Storage |
396 |
||||
2,087 |
||||||
Semiconductors & Semiconductor Equipment (1.8%) |
||||||
43,600 |
Intel Corp. |
839 |
||||
Shopping Centers (4.6%) |
||||||
17,855 |
Acadia Realty Trust |
244 |
||||
13,200 |
Federal Realty Investment Trust |
753 |
||||
26,900 |
Kimco Realty |
265 |
||||
12,800 |
Regency Centers |
411 |
||||
13,900 |
Tanger Factory Outlet Centers |
494 |
||||
2,167 |
||||||
Specialty (5.6%) |
||||||
32,600 |
Digital Realty Trust |
1,322 |
È |
|||
25,700 |
Dupont Fabros Technology |
275 |
È |
|||
13,800 |
Plum Creek Timber Company |
431 |
||||
15,000 |
Rayonier Inc. |
585 |
È |
|||
2,613 |
||||||
Thrifts & Mortgage Finance (1.9%) |
||||||
78,700 |
New York Community Bancorp |
861 |
||||
Water Utilities (1.3%) |
||||||
34,600 |
Aqua America |
625 |
||||
Total Common Stocks
|
61,296 |
|||||
Convertible Preferred Stocks (3.4%) |
||||||
Metals & Mining (3.4%) |
||||||
17,200 |
Freeport-McMoRan Copper & Gold (Cost $1,283) |
1,587 |
È |
|||
Short-Term Investments (14.9%) |
||||||
2,717,710 |
Neuberger Berman Prime Money Fund Trust Class |
2,718 |
@ØØ |
|||
4,202,302 |
Neuberger Berman Securities Lending Quality Fund, LLC |
4,244 |
‡ |
|||
Total Short-Term Investments
|
6,962 |
|||||
Total Investments (149.7%)
|
69,845 |
## |
||||
Liabilities, less cash, receivables and other assets [(43.8%)] |
(20,426) |
|||||
Liquidation Value of Perpetual Preferred Shares [(5.9%)] |
(2,750) |
|||||
Total Net Assets Applicable to Common Shareholders (100.0%) |
$ |
46,669 |
See Notes to Schedule of Investments
Notes to Schedule of Investments (Unaudited)
† |
The value of investments in equity securities by Neuberger Berman Dividend Advantage Fund Inc. (the “Fund”) is determined by Neuberger Berman Management LLC (“Management”) primarily by obtaining valuations from an independent pricing service. The independent pricing service values equity securities at the latest sale price when that price is readily available. Securities traded primarily on the NASDAQ Stock Market are normally valued by the Fund at the NASDAQ Official Closing Price (“NOCP”) provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern time, unless that price is outside the range of the “inside” bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no reported sale of a security on a particular day, the independent pricing service may value the security based on reported market quotations. If a valuation is not available from an independent pricing service, the Fund seeks to obtain quotations from principal market makers. If such quotations are not readily available, securities are valued using methods the Board of Directors of the Fund (the “Board”) has approved on the belief that they reflect fair value. Numerous factors may be considered when determining the fair value of a security, including available analyst, media or other reports, trading in futures or ADRs and whether the issuer of the security being fair valued has other securities outstanding. Foreign security prices are furnished by independent quotation services and expressed in local currency values. Foreign security prices are currently translated from the local currency into U.S. dollars using the exchange rate as of 4:00 p.m., Eastern time. The Board has approved the use of Interactive Data Pricing and Reference Data, Inc. (“Interactive”) to assist in determining the fair value of the Fund’s foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that the Fund could expect to receive for those securities. In this event, Interactive will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors. In the absence of precise information about the market values of these foreign securities as of the close of the New York Stock Exchange, the Board has determined on the basis of available data that prices adjusted in this way are likely to be closer to the prices the Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade. 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 next trades. Short-term debt securities with less than 60 days until maturity may be valued at cost which, when combined with interest earned, is expected to approximate market value. |
In accordance with Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157"), investments held by the Fund are carried at “fair value” on a recurring basis. Fair value is defined as the price that the 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 are used in determining the value of the Fund’s investments, some of which are discussed above. |
|
In addition, effective July 31, 2009, the Fund adopted FASB Staff position (“FSP”) No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP No. 157-4”). FSP No. 157-4 emphasizes that the objective of fair value measurement described in FAS 157 remains unchanged and provides additional guidance for estimating fair value in accordance with FAS 157 when the volume and level of activity for the asset or liability have significantly decreased, as well as identifying circumstances that indicate that transactions are not orderly. FSP No. 157-4 identifies factors to be considered when determining whether or not a market is inactive and indicates that if a market is determined to be inactive and/or current market prices are reflective of “ distressed sales” significant management judgment may be necessary to estimate fair value in accordance with FAS 157. |
|
In addition to defining fair value, FAS 157 established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. |
· |
Level 1 – quoted prices in active markets for identical investments |
|
· |
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.) |
|
· |
Level 3 – significant unobservable inputs (including the 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 following is a summary, by category of Level, of inputs used to value the Fund’s investments as of July 31, 2009:
Neuberger Berman
|
|
|
|
|
|
|
|
|
Investments |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Common Stocks^ |
|
$61,296 |
|
$— |
|
$— |
|
$61,296 |
Convertible Preferred Stocks^ |
|
1,587 |
|
— |
|
— |
|
1,587 |
Short-Term Investments |
|
— |
|
6,962 |
|
— |
|
6,962 |
Total Investments |
|
$62,883 |
|
$6,962 |
|
$— |
|
$69,845 |
^ |
The Schedule of Investments provides information on the industry categorization for the portfolio. |
## |
At July 31, 2009, the cost of investments for U.S. federal income tax purposes was $73,438,000. Gross unrealized appreciation of investments was $574,000 and gross unrealized depreciation of investments was $4,167,000, resulting in net unrealized depreciation of $3,593,000 based on cost for U.S. federal income tax purposes. |
ØØ |
All or a portion of this security is segregated in connection with obligations for security lending. |
‡ |
Managed by an affiliate of Management and could be deemed an affiliate of the Fund and is segregated in connection with obligations for security lending. |
@ |
During the period ended July 31, 2009, Neuberger Berman Prime Money Fund ("Prime Money") was also managed by Management and may have been considered an affiliate since it had the same officers, Board members, and investment manager as the Fund and because, at times, the Fund may have owned 5% or more of the outstanding voting securities of Prime Money. |
È |
All or a portion of this security is on loan. |
For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent shareholder reports.
Item 2. Controls and Procedures.
(a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the 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. |
Item 3. Exhibits
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Dividend Advantage Fund Inc.
By: |
/s/ Robert Conti |
Robert Conti |
|
Chief Executive Officer |
Date: September 22, 2009
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: September 22, 2009
By: |
/s/ John M. McGovern |
John M. McGovern Treasurer and Principal Financial and Accounting Officer |
Date: September 22, 2009
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