The bonds in the Fund's portfolio issued in California are geographicallydiversified throughout the state, and consist of essential service bonds (waterand power), as well as general obligations of major cities within California. Disclaimers Regarding Fund Commentary - The Fund Commentary is intended toassist shareholders in understanding how the Fund performed during the monthnoted.Views and opinions were current as of the date of this press release.Theyare not guarantees of performance or investment results and should not be takenas investment advice.Investment decisions reflect a variety of factors, and theFund and UBS Global AM reserve the right to change views about individualsecurities, sectors and markets at any time.As a result, the views expressedshould not be relied upon as a forecast of the Fund`s future investment intent. 2 Net asset value (NAV), market price and yields will fluctuate. NAV yield iscalculated by multiplying the current month`s dividend by 12 and dividing by themonth-end net asset value. Market yield is calculated by multiplying the currentmonth`s dividend by 12 and dividing by the month-end market price. 3 Credit quality ratings shown are based on those assigned by Standard & Poor's("S&P"), a division of The McGraw-Hill Companies, Inc S&P is an independentrating agency. 4 Modified duration is the change in the price of a security, expressed inyears, expected in response to each 1% change in the yield to maturity of theportfolio's holdings 5 Weighted by par.
6 Includes leverage attributable to both the Fund`s Auction Preferred Shares andthe Tender Option Bond Program as a percentage of total assets Leverage mayvary. UBS Global Asset Management Closed-End Funds Desk, 888-793 8637 Copyright Business Wire 2009. WALTHAM, Mass.--(Business Wire)--Oscient Pharmaceuticals Corporation (NASDAQ: OSCI) and its wholly ownedsubsidiary, Guardian II Acquisition Corporation, today each filed a voluntarypetition for relief under Chapter 11 of the United States Bankruptcy Code in theUnited States Bankruptcy Court for the District of Massachusetts. Oscient andGuardian will continue to manage and operate their businesses and assets duringthe pendency of the bankruptcy case, subject to the supervision of theBankruptcy Court. In conjunction with the filing, Oscient and Guardian are seeking customaryauthority from the Bankruptcy Court that will enable them to continue operationsand deliver products to customers in the ordinary course of business and withoutinterruption.
The companies currently sell two products, ANTARA® (fenofibrate) capsules, whichis a cardiovascular product indicated for the adjunct treatment ofhypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (hightriglycerides) in combination with diet, and FACTIVE® (gemifloxacin mesylate)tablets, which is a fluoroquinolone antibiotic indicated for the treatment ofacute bacterial exacerbations of chronic bronchitis and community-acquiredpneumonia of mild to moderate severity. In connection with the filing Oscient entered into an agreement with asubsidiary of Cornerstone Therapeutics Inc for the sale of assets related toFACTIVE. Under the terms of the agreement, Cornerstone will pay Oscient $5million plus the value of FACTIVE inventory at closing and a royalty onCornerstone's sales of FACTIVE, less certain adjustments, through the fifthanniversary of the closing date. The sale is subject to customary closingconditions, approval of the Bankruptcy Court and the conduct of a BankruptcyCourt supervised auction process in which Oscient will seek competing bids toachieve the highest price possible for the FACTIVE assets. Oscient and Guardian are continuing to explore strategic alternatives, includingseeking a buyer for the ANTARA product and other assets. It is Oscient's belief that there will be no value for the common stockholdersin the bankruptcy liquidation process.
Stockholders of a company in Chapter 11generally receive value only if all claims of the company`s secured andunsecured creditors are fully satisfied Oscient believes all such claims willnot be fully satisfied. Probable NASDAQ De-listingAlso, on July 10, 2009 Oscient received a letter from NASDAQ notifying it thatits common stock will be de-listed from the Nasdaq Stock Market effective July21, 2009 for failure to pay certain fees required by listing Rule 5210(d). Atthis time, the Company does not intend to appeal the decision and expects thatthe Company`s common stock will be de-listed. About Oscient PharmaceuticalsOscient Pharmaceuticals Corporation markets two FDA-approved products in theUnited States: ANTARA® (fenofibrate) capsules, a cardiovascular product andFACTIVE® (gemifloxacin mesylate) tablets, a fluoroquinolone antibiotic.
ANTARAis indicated for the adjunct treatment of hypercholesterolemia (high bloodcholesterol) and hypertriglyceridemia (high triglycerides) in combination withdiet. FACTIVE is approved for the treatment of acute bacterial exacerbations ofchronic bronchitis and community-acquired pneumonia of mild to moderateseverity. For important information regarding the safety and use of ANTARA and FACTIVE,please see the full prescribing information available at and. Forward-looking statementstypically are identified by use of terms such as "may," "will," "should,""plan," "expect," "intend," "anticipate," "estimate," and similar words,although some forward-looking statements are expressed differently We do notplan to update these forward-looking statements. Vice President of Finance & Treasurer Michael Morris to Serve as Interim ChiefFinancial OfficerFORT WASHINGTON, Pa.--(Business Wire)--Kulicke & Soffa Industries, Inc (NASDAQ:KLIC) ("K&S") today announced thatMaurice E. Carson, Senior Vice President, Chief Financial Officer and PrincipalAccounting Officer, has resigned to accept a position with a semiconductorcompany in Northern California Michael J. Morris, Vice President of Finance andTreasurer, has been appointed interim Chief Financial Officer and Ran Bareket,Vice President and Corporate Controller, has been appointed interim PrincipalAccounting Officer Mr.