|
Principal Amount
|
Security
|
Value | † | ||
|
($000's omitted)
|
($000's omitted)
|
z | |||
|
Municipal Notes (172.4%)
|
|||||
|
California (145.3%)
|
|||||
|
400
|
Abag Fin. Au. Rev. (San Diego Hosp. Assoc.), Ser. 2003-C, 5.13%, due 3/1/18
|
401
|
ßØØ
|
||
|
1,500
|
Bay Area Toll Au. Toll Bridge Rev. (San Francisco Bay Area), Ser. 2012, 5.00%, due 4/1/21
|
1,791
|
|||
|
500
|
California Ed. Fac. Au. Rev. (Scripps College), Ser. 2007, (National Public Finance Guarantee Corp. Insured), 5.00%, due 11/1/15
|
540
|
ß
|
||
|
2,000
|
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.88%, due 2/1/17
|
2,055
|
|||
|
1,000
|
California HFA Home Mtge. Rev., Ser. 2006-E, (FGIC Insured), 4.95%, due 8/1/26
|
995
|
|||
|
465
|
California HFA Home Mtge. Rev., Ser. 2007-E, 5.00%, due 2/1/42
|
478
|
ØØ
|
||
|
2,000
|
California Hlth. Fac. Fin. Au. Rev. (Catholic Healthcare West), Ser. 2004-I, 4.95%, due 7/1/26 Putable 7/1/14
|
2,038
|
µß
|
||
|
2,000
|
California Hlth. Fac. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2005, 5.00%, due 11/15/21
|
2,110
|
ß
|
||
|
1,000
|
California Hlth. Fac. Fin. Au. Rev. (Children Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26
|
1,047
|
ß
|
||
|
1,700
|
California Infrastructure & Econ. Dev. Bank Rev. (Los Angeles Co. Museum of Natural History Foundation), Ser. 2008-B, (LOC: Wells Fargo Bank N.A.), 0.04%, due 9/1/37
|
1,700
|
µß
|
||
|
1,300
|
California Infrastructure & Econ. Dev. Bank Rev. (Pacific Gas & Elec. Co.), Ser. 2009-D, (LOC: Sumitomo Mitsui Banking), 0.03%, due 12/1/16
|
1,300
|
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
|
1,024
|
|||
|
500
|
California Muni. Fin. Au. Ed. Rev. (American Heritage Ed. Foundation Proj.), Ser. 2006-A, 5.00%, due 6/1/16
|
502
|
ß
|
||
|
375
|
California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/25
|
372
|
ß
|
||
|
410
|
California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/26
|
398
|
ß
|
||
|
455
|
California Muni. Fin. Au. Rev. (Biola Univ.), Ser. 2013, 4.00%, due 10/1/27
|
435
|
ß
|
||
|
1,040
|
California Muni. Fin. Au. Rev. (Loma Linda Univ.), Ser. 2007, 5.00%, due 4/1/21
|
1,097
|
ß
|
||
|
600
|
California Muni. Fin. Au. Rev. (Southwestern Law Sch.), Ser. 2011, 6.00%, due 11/1/26
|
649
|
ß
|
||
|
555
|
California St. Dept. of Wtr. Res. Ctr. Valley Proj. Rev. (Wtr. Sys.), Ser. 2012-AN, 5.00%, due 12/1/21
|
671
|
|||
|
2,000
|
California St. Dept. of Wtr. Res. Supply Rev., Ser. 2010-L, 5.00%, due 5/1/22
|
2,337
|
|||
|
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
|
1,661
|
|||
|
2,700
|
California St. G.O. (Kindergarten Univ.), Ser. 2004, (LOC: Citibank N.A.), 0.04%, due 5/1/34
|
2,700
|
µ
|
||
|
2,000
|
California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27
|
1,969
|
ñß
|
||
|
1,095
|
California St. Pub. Works Board Lease Rev. (California Comm. Colleges), Ser. 2004-B, 5.50%, due 6/1/20
|
1,110
|
|||
|
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
|
1,004
|
|||
|
1,000
|
California St. Var. Purp. G.O., Ser. 2012, 4.00%, due 9/1/21
|
1,122
|
|||
|
420
|
California Statewide CDA Cert. of Participation Rev. (The Internext Group), Ser. 1999, 5.38%, due 4/1/17
|
421
|
ß
|
||
|
1,000
|
California Statewide CDA Hlth. Fac. Rev. (Adventist Hlth.), Ser. 2005-A, 5.00%, due 3/1/20
|
1,031
|
ß
|
||
|
1,110
|
California Statewide CDA Rev. (California Baptist Univ.), Ser. 2007-A, 5.30%, due 11/1/18
|
1,194
|
ß
|
||
|
1,000
|
California Statewide CDA Rev. (Daughters of Charity Hlth.), Ser. 2005-G, 5.00%, due 7/1/22
|
1,028
|
ß
|
||
|
720
|
California Statewide CDA Rev. (Henry Mayo Newhall Mem. Hosp.), Ser. 2014-A, (AGM Insured), 5.00%, due 10/1/26
|
752
|
ßØ
|
||
|
780
|
California Statewide CDA Rev. (Lancer Ed. Std. Hsg. Proj.), Ser. 2007, 5.40%, due 6/1/17
|
802
|
ß
|
||
|
700
|
California Statewide CDA Rev. (Redwoods Proj.), Ser. 2013, 5.00%, due 11/15/28
|
747
|
ß
|
||
|
1,255
|
California Statewide CDA Rev. (Sr. Living So. California Presbyterian Homes), Ser. 2009, 6.25%, due 11/15/19
|
1,380
|
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
|
1,647
|
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
|
1,495
|
|||
|
350
|
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/26
|
358
|
|||
|
560
|
Corona Norco Unified Sch. Dist. Pub. Fin. Au. Sr. Lien Rev., Ser. 2013-A, 5.00%, due 9/1/27
|
569
|
|||
|
1,365
|
Daly City Hsg. Dev. Fin. Agcy. Rev. Ref. (Franciscan Mobile Home Park), Ser. 2007-A, 5.00%, due 12/15/21
|
1,377
|
ß
|
||
|
1,000
|
Fresno Unified Sch. Dist. Ref. G.O., Ser. 2002-A, (National Public Finance Guarantee Corp. Insured), 6.00%, due 2/1/17
|
1,145
|
|||
|
2,000
|
Glendale Redev. Agcy. Tax Allocation Rev. (Central Glendale Redev. Proj.), Ser. 2010, 5.50%, due 12/1/24
|
2,081
|
|||
|
1,000
|
Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 0.00%, due 8/1/40
|
1,014
|
h
|
||
|
1,000
|
Inglewood Pub. Fin. Au. Ref. Rev., Ser. 2012, 5.00%, due 8/1/18
|
1,094
|
|||
|
150
|
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/23
|
152
|
|||
|
300
|
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/24
|
300
|
|||
|
450
|
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 4.00%, due 9/1/25
|
444
|
|||
|
645
|
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.50%, due 9/1/26
|
599
|
|||
|
690
|
Irvine Spec. Tax (Comm. Facs. Dist. Number 2005-2), Ser. 2013, 3.63%, due 9/1/27
|
638
|
|||
|
1,105
|
Lodi Pub. Fin. Au. Lease Rev., Ser. 2012, 5.25%, due 10/1/26
|
1,165
|
|||
|
930
|
Long Beach Fin. Au. Rev., Ser. 1992, (AMBAC Insured), 6.00%, due 11/1/17
|
982
|
|||
|
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
|
4,728
|
|||
|
2,000
|
Los Angeles G.O., Ser. 2012-A, 5.00%, due 9/1/20
|
2,406
|
|||
|
2,000
|
Los Angeles Muni. Imp. Corp. Lease Ref. Rev. (Real Property), Ser. 2012-C, 5.00%, due 3/1/27
|
2,179
|
|||
|
500
|
Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27
|
503
|
ß
|
||
|
1,070
|
Mill Valley Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-A, 0.00%, due 8/1/19
|
903
|
|||
|
1,000
|
Mountain House Pub. Fin. Au. Utils. Sys. Rev., Ser. 2007, 5.00%, due 12/1/22
|
1,060
|
|||
|
500
|
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.70%, due 9/1/18
|
478
|
|||
|
500
|
Northstar Comm. Svcs. Dist. Spec. Tax (Comm. Facs. Dist. Number 1), Ser. 2006, 4.75%, due 9/1/19
|
475
|
|||
|
1,490
|
Oxnard Harbor Dist. Rev., Ser. 2011-B, 4.50%, due 8/1/24
|
1,491
|
|||
|
1,500
|
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
|
1,568
|
|||
|
525
|
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 4.00%, due 9/1/21
|
513
|
|||
|
600
|
Riverside Co. Comm. Facs. Dist. Spec. Tax Rev. (Scott Road), Ser. 2013, 5.00%, due 9/1/25
|
596
|
|||
|
1,320
|
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation), Ser. 2013-B, 0.00%, due 6/1/22
|
877
|
|||
|
1,500
|
Riverside Co. Trans. Commission Toll Rev. Sr. Lien (Cap. Appreciation), Ser. 2013-B, 0.00%, due 6/1/23
|
935
|
|||
|
440
|
Roseville Stone Point Comm. Fac. Dist. Number 1 Special Tax Rev., Ser. 2003, 5.70%, due 9/1/17
|
445
|
|||
|
1,000
|
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/24
|
1,143
|
|||
|
400
|
Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26
|
446
|
|||
|
2,600
|
Sacramento Muni. Utils. Dist. Elec. Rev., Ser. 1997-K, (AMBAC Insured), 5.70%, due 7/1/17
|
3,037
|
ØØ
|
||
|
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
|
1,662
|
|||
|
400
|
San Diego Pub. Facs. Fin. Au. Lease Rev. (Ballpark), Ser. 2007-A, (AMBAC Insured), 5.25%, due 2/15/19
|
442
|
|||
|
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
|
822
|
|||
|
750
|
San Francisco City & Co. Arpts. Commission Int'l Ref. Rev., Ser. 2009-D2, 3.00%, due 5/1/21
|
781
|
|||
|
1,000
|
San Francisco City & Co. Arpts. Commission Int'l Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/21
|
1,164
|
|||
|
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
|
2,117
|
|||
|
2,000
|
San Francisco City & Co. Unified Sch. Dist. Ref. Rev., Ser. 2012, 4.00%, due 6/15/25
|
2,137
|
|||
|
855
|
San Jose Multi-Family Hsg. Rev. (Fallen Leaves Apts. Proj.), Ser. 2002-J1, (AMBAC Insured), 4.95%, due 12/1/22
|
858
|
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
|
1,107
|
|||
|
1,000
|
San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/22
|
1,095
|
|||
|
1,070
|
San Juan Unified Sch. Dist. G.O., Ser. 2012-C, 4.00%, due 8/1/25
|
1,136
|
|||
|
1,000
|
San Mateo Union High Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, 0.00%, due 9/1/25
|
564
|
|||
|
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
|
916
|
|||
|
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
|
1,481
|
|||
|
310
|
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.25%, due 6/1/25
|
297
|
|||
|
575
|
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.50%, due 6/1/26
|
554
|
|||
|
325
|
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.50%, due 6/1/27
|
308
|
|||
|
270
|
Santa Maria Bonita Sch. Dist. Cert. of Participation (New Sch. Construction Proj.), Ser. 2013, (BAM Insured), 3.50%, due 6/1/28
|
244
|
|||
|
1,000
|
Santa Monica-Malibu Unified Sch. Dist. Ref. G.O., Ser. 2013, 3.00%, due 8/1/27
|
895
|
|||
|
505
|
Sierra View Local Hlth. Care Dist. Rev., Ser. 2007, 4.50%, due 7/1/14
|
512
|
|||
|
355
|
South Gate Pub. Fin. Au. Tax Allocation Rev. (South Gate Redev. Proj. Number 1), Ser. 2002, (XLCA Insured), 5.00%, due 9/1/16
|
362
|
|||
|
1,000
|
Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26
|
1,015
|
|||
|
1,500
|
Sulphur Springs Union Sch. Dist. Cert. of Participation (Cap. Appreciation), Ser. 2010, (AGM Insured), 0.00%, due 12/1/37
|
1,502
|
c
|
||
|
1,250
|
Sunnyvale Sch. Dist. G.O. (Election 2004), Ser. 2005-A, (AGM Insured), 5.00%, due 9/1/21
|
1,312
|
|||
|
2,000
|
Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25
|
2,196
|
|||
|
1,300
|
Tulare Local Hlth. Care Dist., Ser. 2007, 5.00%, due 11/1/20
|
1,282
|
|||
|
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
|
2,000
|
µ
|
||
|
2,000
|
Vernon Elec. Sys. Rev., Ser. 2009-A, 5.13%, due 8/1/21
|
2,195
|
|||
|
3,000
|
Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37
|
2,508
|
i
|
||
|
1,500
|
Vista Unified Sch. Dist. G.O., Ser. 2012, 5.00%, due 8/1/21
|
1,779
|
|||
|
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
|
1,995
|
|||
|
2,250
|
Wiseburn Sch. Dist. G.O. Cap Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36
|
1,248
|
j
|
||
|
117,296
|
|||||
|
Florida (1.3%)
|
|||||
|
500
|
Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1, 6.88%, due 5/15/21
|
502
|
#ß
|
||
|
525
|
Lakeland Ed. Facs. Rev. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/24
|
557
|
ß
|
||
|
1,059
|
|||||
|
Guam (3.7%)
|
|||||
|
1,110
|
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.25%, due 11/1/18
|
1,217
|
|||
|
700
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
|
729
|
|||
|
1,000
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
|
1,032
|
|||
|
2,978
|
|||||
|
Illinois (1.2%)
|
|||||
|
450
|
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
456
|
|||
|
500
|
Illinois Fin. Au. Rev. (Navistar Int'l Rec. Zone Fac.), Ser. 2010, 6.50%, due 10/15/40
|
486
|
ß
|
||
|
942
|
|||||
|
Louisiana (0.6%)
|
|||||
|
500
|
Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/28
|
509
|
|||
|
Nevada (1.3%)
|
|||||
|
1,000
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
1,084
|
|||
|
New Jersey (0.9%)
|
|||||
|
750
|
New Jersey St. Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23
|
729
|
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
|
707
|
ß
|
||
|
Pennsylvania (2.4%)
|
|||||
|
2,000
|
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 0.00%, due 12/1/34
|
1,931
|
b
|
||
|
Puerto Rico (11.9%)
|
|||||
|
2,000
|
Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.50%, due 7/1/20
|
1,899
|
|||
|
1,500
|
Puerto Rico Elec. Pwr. Au. Rev., Ser. 2007-VV, 5.50%, due 7/1/20
|
1,095
|
|||
|
400
|
Puerto Rico Ind., Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Int'l American Univ. Proj.), Ser. 2012, 5.00%, due 10/1/21
|
383
|
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
|
977
|
ß
|
||
|
3,000
|
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/17
|
3,000
|
|||
|
1,000
|
Puerto Rico Muni. Fin. Agcy. Rev., Ser. 2002-A, (AGM Insured), 5.25%, due 8/1/21
|
981
|
|||
|
1,500
|
Puerto Rico Sales Tax Fin. Corp. Sales Tax Rev., Subser. 2009-A, 5.00%, due 8/1/24
|
1,249
|
|||
|
9,584
|
|||||
|
Tennessee (0.7%)
|
|||||
|
500
|
Tennessee St. Energy Acquisition Corp. Gas Rev. (LOC: Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/23
|
557
|
|||
|
Texas (2.2%)
|
|||||
|
1,750
|
Love Field Arpt. Modernization Corp. Spec. Fac. Rev. (Southwest Airlines Co. Proj.), Ser. 2010, 5.25%, due 11/1/40
|
1,765
|
ß
|
||
|
Total Investments (172.4%) (Cost $136,584)
|
139,141
|
##
|
|||
|
Cash, receivables and other assets, less liabilities (0.7%)
|
565
|
||||
|
Liquidation Value of Auction Market Preferred Shares [(73.1%)]
|
(59,000)
|
||||
|
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$80,706
|
||||
|
†
|
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 observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
|
|
| ● |
Level 3 – 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 American Depositary Receipts ("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.
|
|
(000’s omitted)
|
Level 1
|
Level 2
|
Level 3§
|
Total
|
|
California
|
||||
|
Investments:
|
||||
|
Municipal Notes^
|
$—
|
$139,141
|
$—
|
$139,141
|
|
Total Investments
|
—
|
139,141
|
—
|
139,141
|
|
Intermediate
|
||||
|
Investments:
|
||||
|
Municipal Notes^
|
—
|
450,040
|
—
|
450,040
|
|
Tax Exempt Preferred^
Total Investments
|
—
—
|
1,925
451,965
|
—
—
|
1,925
451,965
|
|
New York
|
||||
|
Investments:
|
||||
|
Municipal Notes^
|
—
|
115,464
|
—
|
115,464
|
|
Liquidating Trust—Real Estate^
|
—
|
—
|
2,071
|
2,071
|
|
Total Investments
|
$—
|
$115,464
|
$2,071
|
$117,535
|
|
^
|
The Schedule of Investments provides information on the state categorization for the portfolio.
|
|
|
§
|
The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value:
|
|
Beginning
balance, as of
11/1/13
|
Accrued
discounts/
(premiums)
|
Realized
gain/(loss)
|
Change in
unrealized
appreciation/
(depreciation)
|
Purchases
|
Sales
|
Transfers
in
to Level 3
|
Transfers
out of
Level 3
|
Balance
as of
1/31/14
|
Net change in unrealized appreciation/(depreciation) from investments still held as of 1/31/14
|
|
|
Investments
in Securities
New York
|
||||||||||
|
Units
|
||||||||||
|
Liquidating Trust—Real Estate
|
$1,920
|
$—
|
$—
|
$151
|
$—
|
$—
|
$—
|
$—
|
$2,071
|
$151
|
|
Total
|
$1,920
|
$—
|
$—
|
$151
|
$—
|
$—
|
$—
|
$—
|
$2,071
|
$151
|
| The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of January 31, 2014. |
|
Asset class
|
Fair value at
1/31/14
|
Valuation
techniques
|
Unobservable
input
|
Range per unit
|
Weighted
average per
unit
|
Impact to
valuation from
increase in input
|
|
|
New York
|
Units
|
$2,071,000
|
Income
Approach
|
Appraised
Value
|
$3,252-$3,680
|
$3,466
|
Increase
|
| The Funds had no transfers between Levels 1, 2 and 3 during the period ended January 31, 2014. |
|
##
|
At January 31, 2014, 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
|
$136,584 | $5,089 | $2,532 | $2,557 | ||||||||||||
|
Intermediate
|
436,883 | 24,222 | 9,140 | 15,082 | ||||||||||||
|
New York
|
117,595 | 3,884 | 3,944 | (60 | ) | |||||||||||
|
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 January 31, 2014, these securities amounted to approximately $1,969,000 or 2.4% of net assets applicable to common shareholders for California and approximately $5,223,000 or 1.9% of net assets applicable to common shareholders for Intermediate.
|
|
Ø
|
All or a portion of this security was purchased on a when-issued basis. At January 31, 2014, these securities amounted to $752,000 or 0.9% of net assets applicable to common shareholders for California.
|
|
ØØ
|
All or a portion of this security is segregated in connection with obligations for when-issued security purchase commitments.
|
|
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 January 31, 2014, 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.
|
|
z
|
A zero balance, if any, 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 January 31, 2014, these securities amounted to approximately $502,000 or 0.6% of net assets applicable to common shareholders for California, approximately $4,602,000 or 1.7 % of net assets applicable to common shareholders for Intermediate, and approximately $2,572,000 or 3.7% 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
January 31,
2014
|
Fair Value
Percentage of
Net Assets
Applicable to
Common
Shareholders
as of January
31, 2014
|
|
California
|
Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1, 6.88%, due 5/15/21
|
12/16/2013
|
$500
|
0.6%
|
$502
|
0.6%
|
|
Intermediate
|
Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1, 6.88%, due 5/15/21
|
12/16/2013
|
1,000
|
0.4%
|
1,003
|
0.4%
|
|
Munimae TE Bond Subsidiary LLC, Unsecured Notes, 5.00%, due 4/30/28
|
1/31/2013
|
1,925
|
0.7%
|
1,925
|
0.7%
|
|
|
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%
|
1,674
|
0.6%
|
|
|
New York
|
Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1, 6.88%, due 5/15/21
|
12/16/2013
|
500
|
0.7%
|
501
|
0.7%
|
|
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%
|
2,071
|
3.0%
|
|
(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.
|
|
|
The certifications required by Rule 30a-2(a) of the 1940 Act are filed herewith.
|
| By: | /s/ Robert Conti | ||
|
Robert Conti
Chief Executive Officer and President
|
| By: | /s/ Robert Conti | ||
|
Robert Conti
Chief Executive Officer and President
|
|||
| By: | /s/ John M. McGovern | ||
|
John M. McGovern
Treasurer and Principal Financial
and Accounting Officer
|