|
Principal Amount
|
Value
|
†
|
|||||
|
($000's omitted)
|
($000's omitted)
|
z
|
|||||
|
Municipal Notes (164.8%)
|
|||||||
|
California (5.2%)
|
|||||||
|
|
|
3,115
|
|
Corona-Norca Unified Sch. Dist. G.O. Cap. Appreciation (Election 2006), Ser. 2009-C, (AGM Insured), 0.00%, due 8/1/24
|
|
2,224
|
|
|
1,470
|
Pico Rivera Pub. Fin. Au. Lease Rev., Ser. 2009, 4.75%, due 9/1/25
|
1,556
|
|||||
|
|
|
|
|
|
3,780
|
|
|
|
Florida (0.7%)
|
|||||||
|
|
|
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
|
|
Guam (3.7%)
|
|||||||
|
|
|
1,135
|
|
Guam Gov't Hotel Occupancy Tax Rev., Ser. 2011-A, 5.50%, due 11/1/19
|
|
1,240
|
|
|
|
|
330
|
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2005, 5.50%, due 7/1/16
|
|
346
|
|
|
1,000
|
Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25
|
1,106
|
|||||
|
|
|
|
|
|
2,692
|
|
|
|
Illinois (0.7%)
|
|||||||
|
|
|
455
|
|
Bartlett Sr. Lien Tax Increment Ref. Rev. (Quarry Redev. Proj.), Ser. 2007, 5.35%, due 1/1/17
|
|
465
|
|
|
Louisiana (0.7%)
|
|||||||
|
|
|
500
|
|
Louisiana St. Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/28
|
|
531
|
ß
|
|
Nevada (1.6%)
|
|||||||
|
|
|
1,000
|
|
Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23
|
|
1,147
|
|
|
New York (145.1%)
|
|||||||
|
|
|
1,000
|
|
Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/22
|
|
1,102
|
|
|
|
|
1,000
|
|
Albany Co. G.O., Ser. 2012-B, 4.00%, due 11/1/23
|
|
1,094
|
|
|
|
|
600
|
|
Build NYC Res. Corp. Rev. (Int'l Leadership Charter Sch. Proj.), Ser. 2013, 5.00%, due 7/1/23
|
|
599
|
ß
|
|
|
|
500
|
|
Build NYC Res. Corp. Rev. (South Bronx Charter Sch. Int'l Cultures), Ser. 2013-A, 3.88%, due 4/15/23
|
|
470
|
ß
|
|
|
|
500
|
|
Cattaraugus Co. IDA Civic Fac. Rev. (St. Bonaventure Univ. Proj.), Ser. 2006-A, 5.00%, due 5/1/23
|
|
526
|
ß
|
|
|
|
500
|
|
Clarkstown Central Sch. Dist. G.O., Ser. 2012, 4.00%, due 10/15/19
|
|
560
|
|
|
|
|
1,000
|
|
Dutchess Co. Local Dev. Corp. Rev. (Marist College Proj.), Ser. 2012-A, 5.00%, due 7/1/21
|
|
1,158
|
ß
|
|
|
|
1,050
|
|
Erie Co. IDA Sch. Fac. Rev. (Buffalo City Sch. Dist.), Ser. 2009-A, 5.25%, due 5/1/25
|
|
1,193
|
|
|
|
|
1,270
|
|
Geneva Dev. Corp. Rev. (Hobart & William Smith College Proj.), Ser. 2012, 5.00%, due 9/1/21
|
|
1,475
|
ß
|
|
|
|
1,500
|
|
Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.), Ser. 2009, 5.75%, due 7/1/23
|
|
1,691
|
ß
|
|
|
|
580
|
|
Islip, G.O., Ser. 2012, 3.00%, due 8/1/25
|
|
591
|
|
|
|
|
1,050
|
|
Long Island Pwr. Au. Elec. Sys. Gen. Rev., Ser. 2006-E, (BHAC Insured), 5.00%, due 12/1/21
|
|
1,141
|
|
|
|
|
185
|
|
Lyons Comm. Hlth. Initiatives Corp. Fac. Rev., Ser. 2004, 5.50%, due 9/1/14
|
|
186
|
|
|
|
|
2,000
|
|
Metropolitan Trans. Au. Rev., Ser. 2012-F, 5.00%, due 11/15/21
|
|
2,375
|
|
|
|
|
1,000
|
|
Monroe Co. IDA Civic Fac. Rev. (Highland Hosp. of Rochester), Ser. 2005, 5.00%, due 8/1/15
|
|
1,039
|
ß
|
|
|
|
300
|
|
Monroe Co. Ind. Dev. Corp. Rev. (Monroe Comm. College), Ser. 2014, (AGM Insured), 5.00%, due 1/15/29
|
|
332
|
ß
|
|
|
|
500
|
|
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A, 5.00%, due 10/1/24
|
|
545
|
ß
|
|
|
|
500
|
|
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A, 5.00%, due 10/1/25
|
|
541
|
ß
|
|
|
|
250
|
|
Monroe Co. Ind. Dev. Corp. Rev. (Nazareth College of Rochester Proj.), Ser. 2013-A, 4.00%, due 10/1/26
|
|
244
|
ß
|
|
|
|
1,120
|
|
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/23
|
|
1,259
|
ß
|
|
|
|
210
|
|
Monroe Co. Ind. Dev. Corp. Rev. (St. John Fisher College), Ser. 2012-A, 5.00%, due 6/1/25
|
|
233
|
ß
|
|
|
|
520
|
|
Monroe Co. Newpower Corp. Pwr. Fac. Rev., Ser. 2003, 5.10%, due 1/1/16
|
|
522
|
|
|
|
|
2,000
|
|
Nassau Co. G.O. (Gen. Imp. Bonds), Ser. 2013-B, 5.00%, due 4/1/28
|
|
2,238
|
|
|
|
|
4,000
|
|
Nassau Co. IDA Civic Fac. Rev. Ref. & Imp. (Cold Spring Harbor Laboratory), Ser. 1999, (LOC: TD Bank N.A.), 0.06%, due 1/1/34
|
|
4,000
|
µß
|
|
|
|
1,000
|
|
Nassau Co. Local Econ. Assist. Corp. Rev. (Catholic Hlth. Svcs. of Long Island Obligated Group Proj.), Ser. 2014, 5.00%, due 7/1/27
|
|
1,104
|
ß
|
|
|
|
950
|
|
New York City G.O., Ser. 2009-B, 5.00%, due 8/1/22
|
|
1,101
|
|
|
|
|
1,000
|
|
New York City G.O., Ser. 2009-E, 5.00%, due 8/1/21
|
|
1,162
|
|
|
|
|
1,925
|
|
New York City G.O., Subser. 2012-G1, 5.00%, due 4/1/27
|
|
2,211
|
|
|
|
|
1,000
|
|
New York City IDA Civic Fac. Rev. (American Civil Proj.), Ser. 2005, (LOC: JP Morgan Chase), 0.06%, due 6/1/35
|
|
1,000
|
µß
|
|
|
|
1,560
|
|
New York City IDA Civic Fac. Rev. (Packer Collegiate Institute Proj.), Ser. 2002, (AMBAC Insured), 5.00%, due 6/1/22
|
|
1,564
|
ß
|
|
|
|
490
|
|
New York City IDA Civic Fac. Rev. (Vaughn College Aeronautics & Technology), Ser. 2006-A, 5.00%, due 12/1/28
|
|
510
|
ß
|
|
|
|
2,000
|
|
New York City IDA Spec. Fac. Rev. (Term. One Group Assoc. Proj.), Ser. 2005, 5.50%, due 1/1/19
|
|
2,124
|
µß
|
|
|
|
900
|
|
New York City Trust for Cultural Res. Rev. (American Museum of Natural History), Ser. 2008-A1, (LOC: JP Morgan Chase), 0.06%, due 4/1/27
|
|
900
|
µß
|
|
|
|
2,000
|
|
New York Liberty Dev. Corp. Rev. (Goldman Sachs Headquarters), Ser. 2005, 5.25%, due 10/1/35
|
|
2,320
|
ßØØ
|
|
|
|
660
|
|
New York Liberty Dev. Corp. Rev. (Nat'l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
|
|
0
|
#‡
|
|
|
|
3,000
|
|
New York St. Dorm. Au. Ref. Rev. (North Gen. Hosp. Proj.), Ser. 2003, 5.75%, due 2/15/17
|
|
3,010
|
ß
|
|
|
|
250
|
|
New York St. Dorm. Au. Rev. (Brookdale Hosp. Med. Ctr.), Ser. 1998-J, 5.20%, due 2/15/16
|
|
251
|
ß
|
|
|
|
795
|
|
New York St. Dorm. Au. Rev. (City Univ. Sys. Proj.), Ser. 1995-A, 5.63%, due 7/1/16
|
|
851
|
ß
|
|
|
|
400
|
|
New York St. Dorm. Au. Rev. (North Shore-Long Island Jewish Oblig. Group), Ser. 2003, 5.00%, due 5/1/18
|
|
401
|
ß
|
|
|
|
2,525
|
|
New York St. Dorm. Au. Rev. (Rivington House Hlth. Care Fac.), Ser. 2002, (SONYMA Insured), 5.25%, due 11/1/15
|
|
2,534
|
ß
|
|
|
|
905
|
|
New York St. Dorm. Au. Rev. (SS Joachim & Anne Residence Proj.), Ser. 2002, (LOC: Allied Irish Banks), 4.60%, due 7/1/16
|
|
906
|
ß
|
|
|
|
780
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Culinary Institute of America), Ser. 2013, 4.63%, due 7/1/25
|
|
824
|
ß
|
|
|
|
500
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Manhattan Marymount College), Ser. 2009, 5.00%, due 7/1/24
|
|
532
|
ß
|
|
|
|
900
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Montefiore Med. Ctr.), Ser. 2008, (FHA Insured), 5.00%, due 8/1/21
|
|
991
|
ß
|
|
|
|
1,595
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 5.25%, due 7/1/24
|
|
1,775
|
ß
|
|
|
|
2,000
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (North Shore-Long Island Jewish Oblig. Group), Ser. 2011-A, 4.38%, due 5/1/26
|
|
2,103
|
ß
|
|
|
|
1,000
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2006-A, 5.00%, due 7/1/20
|
|
1,078
|
ß
|
|
|
|
805
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (NYU Hosp. Ctr.), Ser. 2007-B, 5.25%, due 7/1/24
|
|
871
|
ß
|
|
|
|
1,375
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Rochester Institute of Technology), Ser. 2012, 4.00%, due 7/1/28
|
|
1,429
|
ß
|
|
|
|
2,000
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (St. John's Univ.), Ser. 2007-C, (National Public Finance Guarantee Corp. Insured), 5.25%, due 7/1/19
|
|
2,299
|
ß
|
|
|
|
460
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/26
|
|
465
|
ß
|
|
|
|
470
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/27
|
|
471
|
ß
|
|
|
|
200
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/28
|
|
199
|
ß
|
|
|
|
275
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.13%, due 1/1/29
|
|
274
|
ß
|
|
|
|
1,350
|
|
New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28
|
|
1,540
|
|
|
|
|
2,000
|
|
New York St. Dorm. Au. Rev. St. Personal Income Tax Rev., Ser. 2012-A, 5.00%, due 12/15/26
|
|
2,352
|
|
|
|
|
1,500
|
|
New York St. Env. Fac. Corp. Solid Waste Disp. Rev. (Waste Management, Inc. Proj.), Ser. 2004-A, 2.75%, due 7/1/17
|
|
1,578
|
ß
|
|
|
|
2,000
|
|
New York St. Env. Facs. Corp. (St. Clean Wtr. & Drinking), Ser. 2012-A, 4.00%, due 6/15/26
|
|
2,185
|
|
|
|
|
1,615
|
|
New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.50%, due 11/1/29
|
|
1,687
|
|
|
|
|
960
|
|
New York St. HFA Rev. (Affordable Hsg.), Ser. 2012-F, (SONYMA Insured), 3.05%, due 11/1/27
|
|
939
|
|
|
|
|
1,230
|
|
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/23
|
|
1,400
|
|
|
|
|
1,295
|
|
New York St. Muni. Bond Bank Agcy., Subser. 2009-B1, 5.00%, due 12/15/24
|
|
1,469
|
|
|
|
|
1,000
|
|
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2007-B, 5.00%, due 4/1/20
|
|
1,128
|
|
|
|
|
1,090
|
|
New York St. Thruway Au. Second Gen. Hwy. & Bridge Trust Fund Bonds, Ser. 2009-B, 5.00%, due 4/1/19
|
|
1,265
|
|
|
|
|
1,250
|
|
New York St. Urban Dev. Corp. Ref. Rev., Ser. 2008-D, 5.25%, due 1/1/20
|
|
1,447
|
|
|
|
|
965
|
|
New York St. Urban Dev. Corp. Rev. (St. Personal Income Tax), Ser. 2008-A1, 5.00%, due 12/15/23
|
|
1,093
|
|
|
|
|
785
|
|
Newburgh, G.O., Ser. 2012-A, 5.00%, due 6/15/22
|
|
857
|
|
|
|
|
900
|
|
Niagara Area Dev. Corp. Rev. (Covanta Energy Proj.), Ser. 2012, 4.00%, due 11/1/24
|
|
891
|
ß
|
|
|
|
640
|
|
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/25
|
|
717
|
ß
|
|
|
|
300
|
|
Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/26
|
|
334
|
ß
|
|
|
|
500
|
|
Onondaga Civic Dev. Corp. Rev. (St. Josephs Hosp. Hlth. Ctr. Proj.), Ser. 2014-A, 5.00%, due 7/1/25
|
|
522
|
ß
|
|
|
|
1,300
|
|
Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-A, (LOC: Wells Fargo & Co.), 0.05%, due 12/1/29
|
|
1,300
|
µß
|
|
|
|
1,000
|
|
Onondaga Co. Trust Cultural Res. Rev. (Syracuse Univ. Proj.), Ser. 2010-B, 5.00%, due 12/1/19
|
|
1,177
|
ß
|
|
|
|
1,500
|
|
Oyster Bay, G.O., Ser. 2014, (AGM Insured), 3.25%, due 8/1/21
|
|
1,567
|
Ø
|
|
|
|
3,000
|
|
Port Au. New York & New Jersey Cons. Bonds, Ser. 2012-175, 3.00%, due 12/1/27
|
|
2,990
|
|
|
|
|
750
|
|
Rensselaer City Sch. Dist. Cert. Participation, Ser. 2006, (XLCA Insured), 5.00%, due 6/1/26
|
|
757
|
|
|
|
|
1,500
|
|
Rockland Co. G.O. (Pub. Imp. ), Ser. 2014-C, (AGM Insured), 4.00%, due 5/1/21
|
|
1,637
|
Ø
|
|
|
|
1,000
|
|
Saratoga Co. IDA Civic Fac. Rev. (Saratoga Hosp. Proj.), Ser. 2007-B, 5.00%, due 12/1/22
|
|
1,064
|
ß
|
|
|
|
1,410
|
|
St. Lawrence Co. IDA Civic Dev. Corp. Rev. (St. Lawrence Univ. Proj.), Ser. 2012, 5.00%, due 7/1/28
|
|
1,570
|
ß
|
|
|
|
1,980
|
|
Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 5.00%, due 11/1/25
|
|
2,183
|
|
|
|
|
190
|
|
Triborough Bridge & Tunnel Au. Oblig., Ser. 1998-A, (National Public Finance Guarantee Corp. Insured), 4.75%, due 1/1/24
|
|
196
|
|
|
|
|
1,000
|
|
Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23 Pre-Refunded 11/15/18
|
|
1,170
|
|
|
|
|
765
|
|
Triborough Bridge & Tunnel Au. Rev., Subser. 2008-D, 5.00%, due 11/15/23
|
|
860
|
|
|
|
|
305
|
|
Ulster Co. Res. Rec. Agcy., Ser. 2002, (AMBAC Insured), 5.25%, due 3/1/16
|
|
306
|
|
|
|
|
1,405
|
|
United Nations Dev. Corp. Rev., Ser. 2009-A, 5.00%, due 7/1/22
|
|
1,575
|
|
|
|
|
3,000
|
|
Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28
|
|
3,535
|
ØØ
|
|
1,350
|
Westchester Co. Local Dev. Corp. Rev. (Kendal on Hudson Proj.), Ser. 2013, 5.00%, due 1/1/28
|
1,452
|
ß
|
||||
|
|
|
|
|
|
105,117
|
|
|
|
Pennsylvania (2.9%)
|
|||||||
|
|
|
2,000
|
|
Pennsylvania St. Turnpike Commission Turnpike Rev. (Cap. Appreciation), Subser. 2010-B2, 0.00%, due 12/1/34
|
|
2,074
|
b
|
|
Puerto Rico (4.2%)
|
|||||||
|
|
|
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
|
|
2,010
|
|
|
1,060
|
Puerto Rico Ind. Tourist Ed. Med. & Env. Ctrl. Fac. Rev. (Polytechnic Univ. of Puerto Rico Proj.), Ser. 2002-A, (ACA Insured), 5.25%, due 8/1/16
|
1,057
|
ß
|
||||
|
3,067
|
|||||||
|
|
|
|
|
Total Municipal Notes (Cost $115,069)
|
|
119,375
|
|
|
UNITS
|
|||||||
|
Liquidating Trust - Real Estate (2.8%)
|
|||||||
|
|
|
600
|
|
CMS Liquidating Trust (Cost $3,105)
|
|
2,011
|
#*
|
|
Total Investments (167.6%) (Cost $118,174)
|
121,386
|
##
|
|||||
|
Liabilities, less cash, receivables and other assets [(0.9%)]
|
(655)
|
||||||
|
Liquidation Value of Variable Rate Municipal Term Preferred Shares [(66.7%)]
|
(48,300)
|
||||||
|
Total Net Assets Applicable to Common Shareholders (100.0%)
|
$72,431
|
||||||
|
†
|
In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“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.
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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.
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● | Level 1 – quoted prices in active markets for identical investments |
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Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
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Level 3 – unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments)
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The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
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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.
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Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
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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 brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). 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 in the good-faith belief that the resulting valuation will reflect the fair value of the security. Numerous factors may be considered when determining the fair value of a security based on Level 2 or Level 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.
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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.
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The following is a summary, categorized by Level, of inputs used to value the Funds’ investments as of July 31, 2014:
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Asset Valuation Inputs
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(000’s omitted)
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Level 1
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Level 2
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Level 3§
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Total
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California
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Investments:
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Municipal Notes^
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$—
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$146,208
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$—
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$146,208
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Total Investments
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—
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146,208
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—
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146,208
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Intermediate
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Investments:
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Municipal Notes^
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—
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473,158
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—
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473,158
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Tax Exempt Preferred^
Total Investments
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—
—
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1,900
475,058
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—
—
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1,900
475,058
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New York
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Investments:
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Municipal Notes^
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—
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119,375
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—
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119,375
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Liquidating Trust—Real Estate
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—
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—
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2,011
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2,011
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Total Investments
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—
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119,375
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2,011
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121,386
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^
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The Schedule of Investments provides information on the state categorization for the portfolio.
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§
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The following is a reconciliation between the beginning and ending balances of investments in which unobservable inputs (Level 3) were used in determining value:
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(000’s omitted)
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Beginning
balance, as of
11/1/13
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Accrued
discounts/
(premiums)
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Realized
gain/(loss)
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Change in
unrealized
appreciation/
(depreciation)
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Purchases
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Sales
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Transfers
in
to Level 3
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Transfers
out of
Level 3
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Balance
as of
7/31/14
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Net change in
unrealized
appreciation/
(depreciation)
from
investments still
held as of
7/31/14
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Investments in Securities
New York
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Units
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Liquidating Trust—Real Estate
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$1,920
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$—
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$—
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$91
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$—
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$—
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$—
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$—
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$2,011
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$91
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Total
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$1,920
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$—
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$—
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$91
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$—
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$—
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$—
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$—
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$2,011
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$91
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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 July 31, 2014.
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Asset class
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Fair value at
7/31/14
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Valuation
techniques
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Unobservable
input
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Range per unit
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Weighted
average per
unit
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Impact to
valuation from
increase in input
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New York
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Units
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$2,011,000
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Income Approach
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Appraised Value
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$3,252-$3,680
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$3,466
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Increase
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As of the period ending July 31, 2014, the Funds had no transfers between Levels 1, 2 or 3 based on beginning of period market values as of October 31, 2013.
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##
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At July 31, 2014, selected fund information on a U.S. federal income tax basis was as follows:
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(000’s omitted)
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Cost
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Gross Unrealized
Appreciation
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Gross Unrealized
Depreciation
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Net Unrealized
Appreciation
(Depreciation)
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California
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$139,243
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$ 7,472
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$507
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$6,965
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Intermediate
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441,053
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37,162
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3,157
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34,005
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New York
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118,177
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5,465
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2,256
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3,209
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ß
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Security is guaranteed by the corporate or non-profit obligor.
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ñ
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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, 2014, these securities amounted to approximately $2,133,000 or 2.5% of net assets applicable to common shareholders for California and approximately $7,232,000 or 2.5% of net assets applicable to common shareholders for Intermediate.
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Ø
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All or a portion of this security was purchased on a when-issued basis. At July 31, 2014, these securities amounted to $4,482,000 or 5.3% of net assets applicable to common shareholders for California, $6,821,000 or 2.3% of net assets applicable to common shareholders for Intermediate and $3,204,000 or 4.4% of net assets applicable to common shareholders for New York.
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ØØ
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All or a portion of this security is segregated in connection with obligations for when-issued security purchase commitments.
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µ
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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, 2014, and at their final maturity dates.
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b
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Currently a zero coupon security; will convert to 6.00% on December 1, 2015.
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c
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Currently a zero coupon security; will convert to 6.50% on December 1, 2015.
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d
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Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
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e
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Currently a zero coupon security; will convert to 6.38% on August 1, 2016.
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f
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Currently a zero coupon security; will convert to 6.38% on August 1, 2019.
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g
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Currently a zero coupon security; will convert to 6.13% on August 1, 2023.
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h
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Currently a zero coupon security; will convert to 6.75% on August 1, 2015.
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i
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Currently a zero coupon security; will convert to 6.88% on August 1, 2019.
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j
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Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
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z
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A zero balance, if any, may reflect actual amounts rounding to less than $1,000.
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*
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Security did not produce income during the last twelve months.
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‡
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Security had an event of default.
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#
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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.
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At July 31, 2014, these securities amounted to approximately $503,000 or 0.6% of net assets applicable to common shareholders for California, approximately $5,156,000 or 1.8% of net assets applicable to common shareholders for Intermediate, and approximately $2,513,000 or 3.5% of net assets applicable to common shareholders for New York.
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(000’s
omitted)
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Restricted Security
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Acquisition
Date
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Acquisition
Cost
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Acquisition
Cost
Percentage of
Net Assets
Applicable to
Common
Shareholders
as of
Acquisition
Date
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Value as of
July 31, 2014
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Fair Value
Percentage of
Net Assets
Applicable to
Common
Shareholders
as of July 31,
2014
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California
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Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1, 6.88%, due 5/15/21
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12/16/2013
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$500
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0.6%
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$503
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0.6%
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Intermediate
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Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1, 6.88%, due 5/15/21
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12/16/2013
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1,000
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0.4%
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1,005
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0.4%
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Munimae TE Bond Subsidiary LLC, Unsecured Notes, 5.00%, due 4/30/28
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1/31/2013
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1,900
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0.7%
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1,900
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0.6%
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New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
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8/4/2006
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1,100
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0.4%
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0
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0.0%
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Non-Profit Pfd. Fdg. Trust I, Ser. 2006-C, 4.72%, due 9/15/37
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10/2/2006
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3,000
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1.0%
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2,251
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0.8%
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New York
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Collier Co. Ind. Dev. Au. Continuing Care Comm. Rev. (Arlington of Naples Proj.), Ser. 2014-B1, 6.88%, due 5/15/21
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12/16/2013
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500
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0.7%
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502
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0.7%
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New York Liberty Dev. Corp. Rev. (Nat’l Sports Museum Proj.), Ser. 2006-A, 6.13%, due 2/15/19
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8/4/2006
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660
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0.9%
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0
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0.0%
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CMS Liquidating Trust
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11/21/2012
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3,105
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4.0%
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2,011
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2.8%
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(a)
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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.
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(b)
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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.
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By:
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/s/ Robert Conti
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Robert Conti
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Chief Executive Officer and President
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By:
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/s/ Robert Conti
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Robert Conti
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Chief Executive Officer and President
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By:
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/s/ John M. McGovern
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John M. McGovern
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Treasurer and Principal Financial
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and Accounting Officer
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