---

Principal Amount						Value†
(000's omitted)						(000's omitted)
Municipal Notes 159.8%
Alabama 0.7%
	$	1,900		Selma IDB Rev. (Int'l Paper Co. Proj.), Ser. 2011-A, 5.38%, due 12/1/35	$	2,117
American Samoa 0.6%
		1,700		American Samoa Econ. Dev. Au. Gen. Rev. Ref., Ser. 2015-A, 6.25%, due 9/1/29		1,700
Arizona 4.8%
		5,000		Arizona Sch. Fac. Board Cert. of Participation, Ser. 2008, (Assured Guaranty Insured), 5.13%, due 9/1/21 Pre-Refunded 9/1/18		5,224
		500		Maricopa Co. Ind. Dev. Au. Ed. Ref. Rev. (Paradise Sch. Proj. Paragon Management, Inc.), Ser. 2016, 5.00%, due 7/1/36		514	(a)
		1,500		Maricopa Co. Ind. Dev. Au. Sr. Living Facs. Rev. (Christian Care Surprise, Inc. Proj.), Ser. 2016, 5.00%, due 1/1/26		1,493	(a)(b)
		2,250		Navajo Nation Ref. Rev., Ser. 2015-A, 5.00%, due 12/1/25		2,444	(a)
		3,000		Phoenix Ind. Dev. Au. Ed. Rev. (Great Hearts Academies Proj.), Ser. 2014, 3.75%, due 7/1/24		3,123
		400		Phoenix Ind. Dev. Au. Rev. (Deer Valley Veterans Assisted Living  Proj.), Ser. 2016-A, 5.13%, due 7/1/36		371
		1,500		Phoenix Ind. Dev. Au. Solid Waste Disp. Rev. (Vieste Spec. LLC), Ser. 2013-A, 4.38%, due 4/1/28		379	(b)(c)
		400		Phoenix-Mesa Gateway Arpt. Au. Spec. Fac. Rev. (Mesa Proj.), Ser. 2012, 5.00%, due 7/1/24		458
					14,006
California 33.6%
		2,250		California Hlth. Facs. Fin. Au. Rev. (Cedars-Sinai Med. Ctr.), Ser. 2009, 5.00%, due 8/15/39 Pre-Refunded 8/15/19		2,431
		1,000		California Hlth. Facs. Fin. Au. Rev. (Children's Hosp. Los Angeles), Ser. 2012-A, 5.00%, due 11/15/26		1,128
		1,725		California Infrastructure & Econ. Dev. Bank St. Sch. Fund Rev. (King City Joint Union High Sch.), Ser. 2010, 5.13%, due 8/15/24		1,897
				California Muni. Fin. Au. Charter Sch. Lease Rev. (Sycamore Academy Proj.)
		805		Ser. 2014, 5.00%, due 7/1/24		825	(a)(b)
		630		Ser. 2014, 5.13%, due 7/1/29		630	(a)(b)
				California Muni. Fin. Au. Charter Sch. Lease Rev. (Vista Charter Middle Sch. Proj.)
		970		Ser. 2014, 5.00%, due 7/1/24		1,018	(b)
		430		Ser. 2014, 5.13%, due 7/1/29		441	(b)
		500		California Muni. Fin. Au. Charter Sch. Rev. (Palmdale Aerospace Academy Proj.), Ser. 2016, 5.00%, due 7/1/31		517	(a)
		570		California Muni. Fin. Au. Rev. (Baptist Univ.), Ser. 2015-A, 5.00%, due 11/1/30		609	(a)
		585		California Muni. Fin. Au. Rev. (Touro College & Univ. Sys. Obligated Group), Ser. 2014-A, 4.00%, due 1/1/26		626
		1,300		California Sch. Fac. Fin. Au. Rev. (Alliance College - Ready Pub. Sch. Proj.), Ser. 2015-A, 5.00%, due 7/1/30		1,432	(a)
				California St. Dept. of  Veterans Affairs Home Purchase Ref. Rev.
		2,155		Ser. 2016-A, 2.90%, due 6/1/28		2,138
		2,450		Ser. 2016-A, 2.95%, due 12/1/28		2,423
		50		California St. G.O., Ser. 2007, (XLCA Insured), 4.50%, due 8/1/27		50
		500		California St. Infrastructure & Econ. Dev. Bank Rev. (Goodwill Industries of Sacramento Valley & No. Proj.), Ser. 2016-A, 5.00%, due 1/1/36		507	(a)
		500		California St. Poll. Ctrl. Fin. Au. Solid Waste Disp. Rev. (Aemerage Redak Svcs. So. California LLC Proj.), Ser. 2016, 7.00%, due 12/1/27		496	(a)(b)
		5,000		California St. Poll. Ctrl. Fin. Au. Wtr. Furnishing Rev., Ser. 2012, 5.00%, due 7/1/27		5,490	(a)
		4,000		California St. Var. Purp. G.O., Ser. 2009, 5.63%, due 4/1/25		4,310	(d)
		625		California Statewide CDA Rev. (California Baptist Univ. Proj.), Ser. 2007-A, 5.30%, due 11/1/18		642
		1,000		California Statewide CDA Spec. Tax Rev. Ref. (Comm. Facs. Dist. Number 2007-01 Orinda Wilder Proj.), Ser. 2015, 4.25%, due 9/1/21		1,081
		2,000		Emery Unified Sch. Dist. G.O. (Election 2010), Ser. 2011-A, 6.50%, due 8/1/33 Pre-Refunded 8/1/21		2,417
		2,000		Golden St. Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev., Ser. 2007-A-1, 5.75%, due 6/1/47		2,000
		2,000		Imperial Comm. College Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-A, (AGM Insured), 6.75%, due 8/1/40		2,605
				Inglewood Pub. Fin. Au. Ref. Rev. (Lease)
		1,250		Ser. 2012, 5.00%, due 8/1/17		1,250
		1,115		Ser. 2012, 5.00%, due 8/1/18		1,157
		590		La Verne Cert. of Participation Ref. (Brethren Hillcrest Homes), Ser. 2014, 5.00%, due 5/15/29		637
		2,250		Los Angeles Reg. Arpt. Imp. Corp. Lease Rev. Ref. (Laxfuel Corp.), Ser. 2012, 4.50%, due 1/1/27		2,478
		3,620		Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 2005-B, (AGM Insured), 0.00%, due 8/1/24		3,130
		5,750		Norwalk-La Mirada Unified Sch. Dist. G.O. Cap. Appreciation (Election 2002), Ser. 2009-E, (Assured Guaranty Insured), 0.00%, due 8/1/29		5,988	(e)
		5,000		Redondo Beach Unified Sch. Dist. G.O., Ser. 2009, 6.38%, due 8/1/34		6,551
		1,230		Rocklin Unified Sch. Dist. G.O. Cap. Appreciation, Ser. 1994-B, (National Public Finance Guarantee Corp. Insured), 0.00%, due 8/1/19		1,164
		4,000		Sacramento City Fin. Au. Ref. Rev. (Master Lease Prog. Facs.), Ser. 2006-E, (AMBAC Insured), 5.25%, due 12/1/26		5,019
		2,000		San Bernardino Comm. College Dist. G.O. Cap. Appreciation (Election), Ser. 2009-B, 0.00%, due 8/1/34		2,336	(f)
		740		San Diego Redev. Agcy. Sub. Parking Rev. (Centre City Redev. Proj.), Ser. 2003-B, 5.00%, due 9/1/17		742
		2,000		San Francisco City & Co. Arpt. Commission Int'l Arpt. Ref. Rev., Ser. 2009-C2, 5.00%, due 5/1/25		2,138
		6,000		San Mateo Foster City Sch. Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2010-A, 0.00%, due 8/1/32		5,751	(g)
		1,540		Successor Agcy. to the Monrovia Redev. Agcy. Tax Allocation Rev. (Cent. Redev. Proj.), Ser. 2013, 5.00%, due 8/1/26		1,758
		2,040		Sweetwater Union High Sch. Dist. Pub. Fin. Au. Rev., Ser. 2013, (BAM Insured), 5.00%, due 9/1/25		2,397
				Vernon Elec. Sys. Rev.
		635		Ser. 2009-A, 5.13%, due 8/1/21 Pre-Refunded 8/1/19		679
		1,470		Ser. 2009-A, 5.13%, due 8/1/21		1,550
		9,070		Victor Valley Comm. College Dist. G.O. Cap. Appreciation (Election 2008), Ser. 2009-C, 0.00%, due 8/1/37		11,318	(h)
		5,095		Victor Valley Joint Union High Sch. Dist. G.O. Cap. Appreciation Bonds, Ser. 2009, (Assured Guaranty Insured), 0.00%, due 8/1/26		4,033
		3,000		Wiseburn Sch. Dist. G.O. Cap. Appreciation (Election 2010), Ser. 2011-B, (AGM Insured), 0.00%, due 8/1/36		2,567	(i)
					98,356
Colorado 3.8%
				Colorado Ed. & Cultural Facs. Au. Rev. (Charter Sch.- Atlas Preparatory Sch. Proj.)
		500		Ser. 2015, 4.50%, due 4/1/25		511	(a)
		1,000		Ser. 2015, 5.13%, due 4/1/35		1,018	(a)
				Colorado Ed. & Cultural Facs. Au. Rev. Ref.
		385		Ser. 2014, 4.00%, due 11/1/24		392	(b)
		750		Ser. 2014, 4.50%, due 11/1/29		751	(b)
		5,000		Denver City & Co. Arpt. Sys. Rev., Ser. 2011-B, 5.00%, due 11/15/24		5,691
		2,550		Plaza Metro. Dist. Number 1 Tax Allocation Rev., Ser. 2013, 4.00%, due 12/1/23		2,662	(a)
					11,025
Connecticut 0.3%
		750		Hamden G.O., Ser. 2013, (AGM Insured), 3.13%, due 8/15/25		781
District of Columbia 3.2%
		1,615		Dist. of Columbia HFA Rev. (Capitol Hill Towers Proj.), Ser. 2011, (Fannie Mae Insured), 4.10%, due 12/1/26		1,692
		3,035		Dist. of Columbia Rev. (Friendship Pub. Charter Sch.), Ser. 2012, 3.55%, due 6/1/22		3,127
		520		Dist. of Columbia Rev. (Howard Univ.), Ser. 2011-A, 6.25%, due 10/1/23		552
		700		Dist. of Columbia Std. Dorm. Rev. (Provident Group-Howard Prop.), Ser. 2013, 5.00%, due 10/1/45		678
				Metro. Washington Dist. of Columbia Arpt. Au. Sys. Rev.
		1,000		Ser. 2008-A, 5.50%, due 10/1/18		1,051
		2,000		Ser. 2011-C, 5.00%, due 10/1/26		2,263
					9,363
Florida 6.5%
		1,600		Cap. Trust Agcy. Rev. (Tuscan Garden Palm Coast Proj.), Ser. 2017-A, 7.00%, due 10/1/49		1,548	(a)(b)
		1,000		Cityplace Comm. Dev. Dist. Spec. Assessment Rev. Ref., Ser. 2012, 5.00%, due 5/1/26		1,136
		1,075		Florida Dev. Fin. Corp. Ed. Facs. Rev. (Pepin Academies, Inc.), Ser. 2016-A, 5.00%, due 7/1/36		1,040
				Florida Dev. Fin. Corp. Ed. Facs. Rev. (Renaissance Charter Sch., Inc.)
		1,000		Ser. 2012-A, 5.50%, due 6/15/22		1,071
		3,120		Ser. 2013-A, 6.75%, due 12/15/27		3,295
		1,750		Ser. 2014-A, 5.75%, due 6/15/29		1,803
		500		Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Champions Gate Proj.), Ser. 2016-A, 6.00%, due 6/1/30		482	(a)(b)
		1,075		Florida Dev. Fin. Corp. Sr. Living Rev. (Tuscan Isle Obligated Group), Ser. 2015-A, 7.00%, due 6/1/45		831	(a)
		100		Greater Orlando Aviation Au. Arpt. Facs. Ref. Rev. (JetBlue Airways Corp. Proj.), Ser. 2013, 5.00%, due 11/15/36		105
		1,000		Hillsborough Co. Ind. Dev. Au. IDR (Hlth. Facs.), Ser. 2008-B, 8.00%, due 8/15/32 Pre-Refunded 8/15/19		1,148
		1,135		Lakeland Ed. Facs. Rev. Ref. (Florida So. College Proj.), Ser. 2012-A, 5.00%, due 9/1/27		1,290
		2,000		Lee Co. Arpt. Ref. Rev., Ser. 2011-A, 5.63%, due 10/1/25		2,306
		2,000		Martin Co. Ind. Dev. Au. Ref. Rev. (Indiantown Cogeneration Proj.), Ser. 2013, 4.20%, due 12/15/25		2,062	(a)
		980		Village Comm. Dev. Dist. Number 11 Spec. Assessment Rev., Ser. 2014, 4.13%, due 5/1/29		998
					19,115
Georgia 0.9%
		1,750		Cobb Co. Dev. Au. Sr. Living Ref. Rev. (Provident Village Creekside Proj.), Ser. 2016-A, 6.00%, due 7/1/36		1,663	(a)(b)
		1,100		Greene Co. Dev. Au. Swr. Fac. Rev., Ser. 2015, 6.13%, due 1/1/25		1,115	(a)(b)
					2,778
Guam 1.7%
				Guam Gov't Hotel Occupancy Tax Rev.
		1,220		Ser. 2011-A, 5.75%, due 11/1/20		1,362
		650		Ser. 2011-A, 5.75%, due 11/1/21		738
		2,630		Guam Gov't Waterworks Au. Wtr. & Wastewater Sys. Rev., Ser. 2010, 5.25%, due 7/1/25		2,860
					4,960
Hawaii 2.7%
		5,200		Hawaii St. Arpt. Sys. Ref. Rev., Ser. 2011, 4.13%, due 7/1/24		5,683
		2,000		Hawaii St. Dept. of Budget & Fin. Spec. Purp. Rev. (Hawaii Elec. Co., Inc. -Subsidiary), Ser. 2009, 6.50%, due 7/1/39		2,179
					7,862
Illinois 20.9%
		5,705		Berwyn G.O., Ser. 2013-A, 5.00%, due 12/1/27		6,366	(d)
				Chicago G.O.
		250		Ser. 2002-2002B, 5.13%, due 1/1/27		261
		2,000		Ser. 2002-B, 5.00%, due 1/1/25		2,112
		2,000		Ser. 2009-C, 5.00%, due 1/1/27		2,018
				Chicago Ref. G.O.
		1,000		Ser. 2005-D, 5.50%, due 1/1/40		1,021
		2,500		Ser. 2012-C, 5.00%, due 1/1/24		2,602
		700		Ser. 2014-A, 5.00%, due 1/1/27		723
		3,000		Ser. 2017-A, 6.00%, due 1/1/38		3,184
				Cook Co. Sch. Dist. Number 83 G.O. (Mannheim)
		1,350		Ser. 2013-C, 5.45%, due 12/1/30		1,474
		1,960		Ser. 2013-C, 5.50%, due 12/1/31		2,136
		1,970		Cook Co. Township High Sch. Dist. Number 225 Northfield Township, Ser. 2008, 5.00%, due 12/1/25		2,035
		1,560		Illinois Fin. Au. Ref. Rev. (Presence Hlth. Network Obligated Group), Ser. 2016-C, 5.00%, due 2/15/31		1,708
		4,000		Illinois Fin. Au. Ref. Rev. (Roosevelt Univ. Proj.), Ser. 2009, 5.75%, due 4/1/24		4,288
		3,340		Illinois Fin. Au. Rev. (Provena Hlth.), Ser. 2010-A, 6.25%, due 5/1/22 Pre-Refunded 5/1/20		3,791
		1,905		Illinois Sports Facs. Au. Cap. Appreciation Rev. (St. Tax Supported), Ser. 2001, (AMBAC Insured), 0.00%, due 6/15/26		1,327
				Illinois St. G.O.
		2,900		Ser. 2009-A, 5.00%, due 9/1/29		2,943
		3,900		Ser. 2012, 4.00%, due 8/1/25		3,985
		1,000		Ser. 2013, 5.00%, due 7/1/23		1,098
		4,250		Illinois St. G.O. Ref., Ser. 2016, 5.00%, due 2/1/24		4,680
		1,600		Pingree Grove Village Rev. (Cambridge Lakes Learning Ctr. Proj.), Ser. 2011, 8.00%, due 6/1/26		1,762
				So. Illinois Univ. Cert. of Participation (Cap. Imp. Proj.)
		945		Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/27		1,044
		1,375		Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/28		1,506
		715		Ser. 2014-A-1, (BAM Insured), 5.00%, due 2/15/29		779
				Univ. of Illinois (Hlth. Svc. Facs. Sys.)
		2,725		Ser. 2013, 5.00%, due 10/1/27		3,015
		2,875		Ser. 2013, 5.75%, due 10/1/28		3,308
		1,850		Will Co. High Sch. Dist. Number 204 G.O. (Joliet Jr. College), Ser. 2011-A, 6.25%, due 1/1/31		2,126
					61,292
Indiana 3.2%
		4,000		Indiana Bond Bank Rev. (Spec. Prog. Clark Mem. Hosp.), Ser. 2009-D, 5.50%, due 8/1/29 Pre-Refunded 2/1/19		4,265
		500		Indiana Fin. Au. Midwestern Disaster Relief Rev. (Ohio Valley Elec. Corp. Proj.), Ser. 2012-A, 5.00%, due 6/1/32		507
		3,055		Indiana Trans. Fin. Au. Hwy. Ref. Rev., Ser. 2004-B, (National Public Finance Guarantee Corp. Insured), 5.75%, due 12/1/21		3,644
		845		Valparaiso Exempt Facs. Rev. (Pratt Paper LLC Proj.), Ser. 2013, 5.88%, due 1/1/24		958
					9,374
Iowa 2.6%
		5,110		Iowa Fin. Au. Rev. (St. Revolving Fund Prog.), Ser. 2008, 5.50%, due 8/1/22 Pre-Refunded 8/1/18		5,340
				Iowa Std. Loan Liquidity Corp. Rev.
		1,755		Ser. 2011-A-1, 5.00%, due 12/1/21		1,884
		505		Ser. 2011-A-1, 5.30%, due 12/1/23		545
					7,769
Kentucky 0.9%
		2,585		Kentucky Econ. Dev. Fin. Au. Hlth. Care Ref. Rev. (Baptist Life Comm. Proj.), Ser. 2016-A, 5.50%, due 11/15/27		2,618
		150		Ohio Co. PCR Ref. (Big Rivers Elec. Corp. Proj.), Ser. 2010-A, 6.00%, due 7/15/31		153
					2,771
Louisiana 2.1%
		1,500		Louisiana Local Gov't Env. Fac. & Comm. (Westlake Chemical Corp.), Ser. 2010-A2, 6.50%, due 11/1/35		1,709
		1,715		Louisiana Local Govt. Env. Facs. & Comm. Dev. Au. Rev. Ref. (Westside Habilitation Ctr. Proj.), Ser. 2017-A, 5.75%, due 2/1/32		1,728	(a)
		775		Louisiana Pub. Facs. Au. Rev. (Southwest Louisiana Charter Academy Foundation Proj.), Ser. 2013-A, 7.63%, due 12/15/28		862
		1,655		St. Charles Parish Gulf Zone Opportunity Rev. (Valero Energy Corp.), Ser. 2010, 4.00%, due 12/1/40 Putable 6/1/22		1,779	(j)
					6,078
Maryland 0.8%
		2,325		Prince Georges Co. Hsg. Au. Multi-Family Rev. (Bristol Pines Apts. Proj.), Ser. 2005, (Fannie Mae Insured), 4.85%, due 12/15/38 Putable 12/15/23		2,344	(j)
Massachusetts 4.8%
				Massachusetts St. Dev. Fin. Agcy. Rev. (Milford Reg. Med. Ctr.)
		200		Ser. 2014-F, 5.00%, due 7/15/24		221
		415		Ser. 2014-F, 5.00%, due 7/15/25		455
		200		Ser. 2014-F, 5.00%, due 7/15/26		218
		190		Ser. 2014-F, 5.00%, due 7/15/27		206
		150		Ser. 2014-F, 5.00%, due 7/15/28		162
				Massachusetts St. Ed. Fin. Au. Rev.
		1,745		Ser. 2011-J, 5.00%, due 7/1/23		1,926
		2,455		Ser. 2012-J, 4.70%, due 7/1/26		2,641
		3,410		Ser. 2013-K, 4.50%, due 7/1/24		3,729
		3,370		Massachusetts St. HFA Hsg. Rev., Ser. 2010-C, 4.90%, due 12/1/25		3,612
		795		Massachusetts St. Wtr. Poll. Abatement Trust Rev. (MWRA Prog.), Ser. 2002-A, 5.25%, due 8/1/19		797
					13,967
Michigan 1.9%
				Jackson College Dormitories Hsg. Rev.
		1,000		Ser. 2015, 6.50%, due 5/1/35		1,072
		500		Ser. 2015, 6.75%, due 5/1/46		539
				Michigan St. Hsg. Dev. Au. Rev.
		1,935		Ser. 2016-C, 2.05%, due 12/1/22		1,941
		1,835		Ser. 2016-C, 2.15%, due 6/1/23		1,841
		100		Summit Academy Pub. Sch. Academy Ref. Rev., Ser. 2005, 6.38%, due 11/1/35		100
					5,493
Minnesota 0.8%
		2,250		Minneapolis & St. Paul Hsg. & Redev. Au. Hlth. Care Sys. (Children's Hlth. Care Facs.), Ser. 2010-A1, (AGM Insured), 4.50%, due 8/15/24		2,437
Mississippi 1.1%
		2,960		Mississippi Bus. Fin. Corp. Gulf Opportunity Zone Rev., Ser. 2009-A, 4.70%, due 5/1/24		3,125
Missouri 0.8%
				Missouri St. Hlth. & Ed. Facs. Au. Rev. (Children's Mercy Hosp.)
		1,885		Ser. 2009, 5.13%, due 5/15/24 Pre-Refunded 5/15/19		2,020
		390		Ser. 2009, 5.13%, due 5/15/24		417
					2,437
Nevada 2.1%
				Director of the St. of Nevada Dept. of Bus. & Ind. Rev. (Somerset Academy)
		1,800		Ser. 2015-A, 4.00%, due 12/15/25		1,797	(a)
		500		Ser. 2015-A, 5.13%, due 12/15/45		505	(a)
		3,545		Las Vegas Redev. Agcy. Tax Increment Rev., Ser. 2009-A, 7.50%, due 6/15/23 Pre-Refunded 6/15/19		3,969
					6,271
New Hampshire 0.5%
		1,500		New Hampshire St. Bus. Fin. Au. Solid Waste Disp. Rev. (Casella Waste Sys., Inc.), Ser. 2013, 4.00%, due 4/1/29 Putable 10/1/19		1,487	(a)(j)
New Jersey 5.1%
		2,500		New Jersey Econ. Dev. Au. Rev. (Continental Airlines, Inc., Proj.), Ser. 1999, 5.13%, due 9/15/23		2,714
				New Jersey Econ. Dev. Au. Rev. (The Goethals Bridge Replacement Proj.)
		500		Ser. 2013, 5.25%, due 1/1/25		583
		500		Ser. 2013, 5.50%, due 1/1/26		588
				New Jersey Econ. Dev. Au. Rev. (United Methodist Homes of New Jersey Obligated Group)
		1,420		Ser. 2013, 3.50%, due 7/1/24		1,463
		1,470		Ser. 2013, 3.63%, due 7/1/25		1,512
		1,520		Ser. 2013, 3.75%, due 7/1/26		1,563
		765		Ser. 2013, 4.00%, due 7/1/27		792
		180		New Jersey Econ. Dev. Au. Rev. Ref. (Sch. Facs. Construction), Ser. 2005-K, (AMBAC Insured), 5.25%, due 12/15/20		195
		4,080		New Jersey Higher Ed. Assist. Au. Rev. (Std. Loan Rev.), Ser. 2012-1A, 4.38%, due 12/1/26		4,384
		1,000		New Jersey Trans. Trust Fund Au. (Federal Hwy. Reimbursement Notes), Ser. 2016-A-2, 5.00%, due 6/15/21		1,029
					14,823
New Mexico 0.5%
				Winrock Town Ctr. Tax Increment Dev. Dist. Number 1 Tax Allocation Sr. Lien Rev. (Gross Receipts Tax Increment Bond)
		500		Ser. 2015, 5.25%, due 5/1/25		500	(a)(b)
		1,000		Ser. 2015, 5.75%, due 5/1/30		1,000	(a)(b)
					1,500
New York 11.6%
		625		Buffalo & Erie Co. Ind. Land Dev. Corp. Rev. Ref. (Orchard Park), Ser. 2015, 5.00%, due 11/15/29		688
				Build NYC Res. Corp. Rev.
		1,100		Ser. 2014, 5.00%, due 11/1/24		1,162
		835		Ser. 2014, 5.25%, due 11/1/29		860
				Build NYC Res. Corp. Rev. (South Bronx Charter Sch. for Int'l Cultures and the Arts)
		500		Ser. 2013-A, 3.88%, due 4/15/23		508
		1,450		Ser. 2013-A, 5.00%, due 4/15/43		1,459
		1,000		Build NYC Res. Corp. Solid Waste Disp. Ref. Rev. (Pratt Paper, Inc. Proj.), Ser. 2014, 4.50%, due 1/1/25		1,051	(a)
				Hempstead Town Local Dev. Corp. Rev. (Molloy College Proj.)
		700		Ser. 2014, 5.00%, due 7/1/23		811
		735		Ser. 2014, 5.00%, due 7/1/24		862
		1,400		Jefferson Co. IDA Solid Waste Disp. Rev. (Green Bond), Ser. 2014, 5.25%, due 1/1/24		1,246	(a)
		1,000		MTA Hudson Rail Yards Trust Oblig. Rev., Ser. 2016-A, 5.00%, due 11/15/46		1,074
		500		New York Liberty Dev. Corp. Ref. Rev. (3 World Trade Ctr. Proj.), Ser. 2014-2, 5.38%, due 11/15/40		554	(a)
		4,000		New York St. Dorm. Au. Rev. Non St. Supported Debt (Mount Sinai Sch. of Medicine), Ser. 2009, 5.25%, due 7/1/33 Pre-Refunded 7/1/19		4,321
		3,200		New York St. Dorm. Au. Rev. Non St. Supported Debt (Univ. Facs.), Ser. 2013-A, 5.00%, due 7/1/28		3,749
		2,000		New York St. HFA Rev. (Affordable Hsg.), Ser. 2009-B, 4.85%, due 11/1/41		2,055
		2,000		New York St. Mtge. Agcy. Homeowner Mtge. Ref. Rev., Ser. 2014-189, 3.45%, due 4/1/27		2,087
		2,000		New York St. Urban Dev. Corp. Rev., Ser. 2008-D, 5.25%, due 1/1/20		2,118
		710		Newburgh G.O., Ser. 2012-A, 5.00%, due 6/15/20		776
				Newburgh G.O. (Deficit Liquidation)
		495		Ser. 2012-B, 5.00%, due 6/15/20		541
		520		Ser. 2012-B, 5.00%, due 6/15/21		582
		550		Ser. 2012-B, 5.00%, due 6/15/22		627
		1,435		Niagara Area Dev. Corp. Rev. (Niagara Univ. Proj.), Ser. 2012-A, 5.00%, due 5/1/23		1,632
		1,000		Niagara Area Dev. Corp. Solid Waste Disp. Fac. Rev. (Covanta Energy Proj.), Ser. 2012-B, 4.00%, due 11/1/24		1,002	(a)
		1,155		Suffolk Co. Judicial Facs. Agcy. Lease Rev. (H. Lee Dennison Bldg.), Ser. 2013, 4.25%, due 11/1/26		1,251
		2,000		Utility Debt Securitization Au. Rev., Ser. 2013-TE, 5.00%, due 12/15/28		2,378
		600		Westchester Co. Local Dev. Corp. Rev. Ref. (Wartburg Sr. Hsg. Proj.), Ser. 2015-A, 5.00%, due 6/1/30		598	(a)
					33,992
North Carolina 3.7%
		1,835		North Carolina Med. Care Commission Hlth. Care Facs. Rev. (Lutheran Svc. For Aging, Inc.), Ser. 2012-A, 4.25%, due 3/1/24		1,955
		2,000		North Carolina Med. Care Commission Retirement Facs. Rev., Ser. 2013, 5.13%, due 7/1/23		2,164
				North Carolina Muni. Pwr. Agcy. Number 1 Catawba Elec. Ref. Rev.
		3,740		Ser. 2009-A, 5.00%, due 1/1/26 Pre-Refunded 1/1/19		3,952
		1,510		Ser. 2009-A, 5.00%, due 1/1/26		1,593
		1,000		Oak Island Enterprise Sys. Rev., Ser. 2009, (Assured Guaranty Insured), 5.63%, due 6/1/24 Pre-Refunded 6/1/19		1,082
					10,746
Ohio 3.6%
		8,875		Buckeye Tobacco Settlement Fin. Au. Asset-Backed Sr. Rev. (Turbo), Ser. 2007-A-2, 5.88%, due 6/1/47		8,326
		2,060		Cleveland Arpt. Sys. Rev. Ref., Ser. 2012-A, 5.00%, due 1/1/27		2,304
					10,630
Oklahoma 0.3%
				Tulsa Arpt. Imp. Trust Ref. Rev.
		250		Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/24		295
		400		Ser. 2015-A, (BAM Insured), 5.00%, due 6/1/25		467
					762
Oregon 0.2%
		480		Oregon St. Hsg. & Comm. Svc. Dept. Multi-Family Rev., Ser. 2012-B, (FHA Insured), 3.50%, due 7/1/27		490
Pennsylvania 5.6%
				Indiana Co. Ind. Dev. Au. Rev. (Std. Cooperative Assoc., Inc.)
		500		Ser. 2012, 3.50%, due 5/1/25		529
		350		Ser. 2012, 3.60%, due 5/1/26		370
		2,830		Lancaster Co. Hosp. Au. Ref. Rev. (Hlth. Centre-Landis Homes Retirement Comm. Proj.), Ser. 2015-A, 4.25%, due 7/1/30		2,935
		1,250		Lancaster Ind. Dev. Au. Rev. (Garden Spot Village Proj.), Ser. 2013, 5.38%, due 5/1/28		1,417
		1,105		Moon Ind. Dev. Au. Rev. Ref. (Baptist Homes Society Obligated Group), Ser. 2015, 5.63%, due 7/1/30		1,153
		3,430		Norristown Area Sch. Dist. Cert. of Participation (Installment Purchase), Ser. 2012, 4.50%, due 4/1/27		3,628
		2,625		Pennsylvania Econ. Dev. Fin. Au. Exempt Facs. Rev. Ref. (Amtrak Proj.), Ser. 2012-A, 5.00%, due 11/1/24		3,007
				Pennsylvania St. Turnpike Commission Rev.
		150		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20		173
		705		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20		816
		145		Subser. 2010-B2, 6.00%, due 12/1/34 Pre-Refunded 12/1/20		168
		2,000		Susquehanna Area Reg. Arpt. Au. Sys. Rev., Ser. 2012-A, 5.00%, due 1/1/27		2,186
					16,382
Puerto Rico 0.7%
		2,020		Puerto Rico Commonwealth Ref. G.O. (Pub. Imp.), Ser. 2001-A, (National Public Finance Guarantee Corp. Insured), 5.50%, due 7/1/20		2,151	(d)
Tennessee 1.9%
		535		Bristol IDB Sales Tax Rev., Ser. 2016-B, 0.00%, due 12/1/22		424	(a)
		2,705		Memphis-Shelby Co. Arpt. Au. Arpt. Rev., Ser. 2010-B, 5.50%, due 7/1/19		2,907
		2,000		Tennessee St. Energy Acquisition Corp. Gas Rev. (Goldman Sachs Group, Inc.), Ser. 2006-A, 5.25%, due 9/1/23		2,343
					5,674
Texas 7.7%
		250		Anson Ed. Facs. Corp. Ed. Rev. (Arlington Classics Academy), Ser. 2016-A, 5.00%, due 8/15/45		251
				Arlington Higher Ed. Fin. Corp. Rev. (Universal Academy)
		500		Ser. 2014-A, 5.88%, due 3/1/24		512
		1,000		Ser. 2014-A, 6.63%, due 3/1/29		1,024
		910		Clifton Higher Ed. Fin. Corp. Rev. (Uplift Ed.), Ser. 2013-A, 3.10%, due 12/1/22		927
		250		Dallas Co. Flood Ctrl. Dist. Ref. G.O., Ser. 2015, 5.00%, due 4/1/28		267	(a)
		2,000		Fort Bend Co. Ind. Dev. Corp. Rev. (NRG Energy, Inc.), Ser. 2012-B, 4.75%, due 11/1/42		2,042
		500		Gulf Coast Ind. Dev. Au. Rev. (CITGO Petroleum Proj.), Ser. 1995, 4.88%, due 5/1/25		523
		1,000		Harris Co. Cultural Ed. Facs. Fin. Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.), Ser. 2013-B, 5.75%, due 1/1/28		1,146
		2,900		Harris Co. Toll Road Sr. Lien Rev., Ser. 2008-B, 5.00%, due 8/15/33 Pre-Refunded 8/15/18		3,019
				Houston Higher Ed. Fin. Corp. Rev. (Cosmos Foundation)
		390		Ser. 2012-A, 4.00%, due 2/15/22		407
		1,000		Ser. 2012-A, 5.00%, due 2/15/32		1,074
		1,000		Houston Pub. Imp. Ref. G.O., Ser. 2008-A, 5.00%, due 3/1/20 Pre-Refunded 3/1/18		1,023
		500		New Hope Cultural Ed. Facs. Fin. Corp. Retirement Fac. Ref. Rev. (Carillon Life Care Comm. Proj.), Ser. 2016, 5.00%, due 7/1/36		510
		500		New Hope Cultural Ed. Facs. Fin. Corp. Sr. Living Rev. (Cardinal Bay, Inc. VIillage On The Park Carriage), Ser. 2016-C, 5.75%, due 7/1/51		537
		3,000		North Texas Tollway Au. Dallas North Tollway Sys. Rev., Ser. 2005-C, 6.00%, due 1/1/23		3,204
		3,000		Tender Option Bond Trust Receipts/Certs. Var. Sts. (Floaters), Ser. 2017-XM0531, (LOC: JP Morgan Chase), 0.99%, due 3/1/23		3,000	(a)(j)
		1,500		Texas Pub. Fin. Au. Rev. (So. Univ. Fin. Sys.), Ser. 2013, (BAM Insured), 5.00%, due 11/1/21		1,690
		1,175		West Harris Co. Reg. Wtr. Au. Sys. Wtr. Rev., Ser. 2009, 5.00%, due 12/15/35		1,273
					22,429
Utah 3.1%
				Salt Lake City Arpt. Rev.
		1,000		Ser. 2017-A, 5.00%, due 7/1/42		1,143
		2,000		Ser. 2017-A, 5.00%, due 7/1/47		2,276
		3,000		Salt Lake Co. Hosp. Rev. (IHC Hlth. Svc., Inc.), Ser. 2001, (AMBAC Insured), 5.40%, due 2/15/28		3,585
		1,200		Uintah Co. Muni. Bldg. Au. Lease Rev., Ser. 2008, 5.25%, due 6/1/20 Pre-Refunded 6/1/18		1,243
		500		Utah Charter Sch. Fin. Au. Rev. (Spectrum Academy Proj.), Ser. 2015, 6.00%, due 4/15/45		515	(a)
				Utah Hsg. Corp. Single Family Mtge. Rev.
		125		Ser. 2011-A2, Class I, 5.00%, due 7/1/20		133
		115		Ser. 2011-A2, Class I, 5.25%, due 7/1/21		121
		155		Ser. 2011-A2, Class I, 5.45%, due 7/1/22		163
					9,179
Vermont 3.1%
				Vermont Std. Assist. Corp. Ed. Loan Rev.
		1,600		Ser. 2012-A, 5.00%, due 6/15/21		1,758
		415		Ser. 2013-A, 4.25%, due 6/15/24		441
		990		Ser. 2013-A, 4.35%, due 6/15/25		1,050
		1,470		Ser. 2013-A, 4.45%, due 6/15/26		1,556
		480		Ser. 2013-A, 4.55%, due 6/15/27		507
		1,800		Ser. 2014-A, 5.00%, due 6/15/24		2,057
		1,540		Ser. 2015-A, 4.13%, due 6/15/27		1,600
					8,969
Virginia 0.4%
		1,000		Fairfax Co. Econ. Dev. Au. Residential Care Fac. Rev. (Vinson Hall LLC), Ser. 2013-A, 4.00%, due 12/1/22		1,041
Washington 4.3%
		1,600		Skagit Co. Pub. Hosp. Dist. Number 1 Ref. Rev., Ser. 2007, 5.63%, due 12/1/25 Pre-Refunded 12/1/17		1,625
		6,700		Vancouver Downtown Redev. Au. Rev. (Conference Ctr. Proj.), Ser. 2013, 4.00%, due 1/1/28		6,911
		1,250		Washington St. Econ. Dev. Fin. Au. Env. Facs. Rev. (Columbia Pulp I LLC Proj.), Ser. 2017-A, 7.50%, due 1/1/32		1,313	(a)(b)(k)
		2,525		Washington St. Higher Ed. Fac. Au. Ref. Rev. (Whitworth Univ. Proj.), Ser. 2009, 5.38%, due 10/1/29 Pre-Refunded 10/1/19		2,756
					12,605
West Virginia 0.3%
		1,000		West Virginia Sch. Bldg. Au. Excess Lottery Rev., Ser. 2008, 5.00%, due 7/1/19 Pre-Refunded 7/1/18		1,034
Wisconsin 6.4%
		870		Pub. Fin. Au. Ed. Rev. (Pine Lake Preparatory, Inc.), Ser. 2015, 4.95%, due 3/1/30		882	(a)
		200		Pub. Fin. Au. Ed. Rev. (Resh Triangle High Sch. Proj.), Ser. 2015-A, 5.38%, due 7/1/35		202	(a)
		3,000		Pub. Fin. Au. Hsg. Rev. (Dogwood Hsg., Inc. Southeast Portfolio Proj.), Ser. 2016-A, 4.25%, due 12/1/51		2,879
		500		Pub. Fin. Au. Hsg. Rev. (SAP Utah Portfolio), Ser. 2016-A, 3.75%, due 7/1/36		474
		1,250		Pub. Fin. Au. Multi-Family Hsg. Rev. (Estates Crystal Bay & Woodhaven Park Apts. Proj.), Ser. 2016-A, 4.00%, due 12/1/36		1,254
		1,850		Pub. Fin. Au. Rev. Ref. (Roseman Univ. Hlth. Sciences Proj.), Ser. 2015, 5.00%, due 4/1/25		1,921
				Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Beloit College)
		1,100		Ser. 2010-A, 6.13%, due 6/1/35 Pre-Refunded 6/1/20		1,253
		1,225		Ser. 2010-A, 6.13%, due 6/1/39 Pre-Refunded 6/1/20		1,395
				Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Marquette Univ.)
		1,340		Ser. 2008-B3, 5.00%, due 10/1/30 Pre-Refunded 12/23/19		1,463
		3,660		Ser. 2008-B3, 5.00%, due 10/1/30		3,963
		3,000		Wisconsin St. Hlth. & Ed. Fac. Au. Rev. (Meriter Hosp., Inc.), Ser. 2009, 5.63%, due 12/1/29 Pre-Refunded 12/1/18		3,184
					18,870
				Total Municipal Notes (Cost $428,415)		468,185
Tax Exempt Preferred 0.6%
Real Estate 0.6%
		1,575		Munimae TE Bond Subsidiary LLC, 5.00%, due 4/30/28 (Cost  $1,575)		1,622	(a)(b)
				Total Investments 160.4% (Cost $429,990)	469,807		##
				Other Assets Less Liabilities 0.8%	2,433
				Liquidation Value of Variable Rate Municipal Term Preferred Shares (net of unamortized deferred offering costs of approximately $109,000) (61.2)%	(179,291)
				Net Assets Applicable to Common Stockholders 100.0%	$292,949

(a)		Securities were purchased under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise restricted and, unless registered under the 1933 Act or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At July 31, 2017, these securities amounted to approximately $46,542,000 which represents 15.9% of net assets applicable to common stockholders of the Fund. Securities denoted with (a) but without (b) have been deemed by the investment manager to be liquid.
(b)		Illiquid security.
(c)		Defaulted security.
(d)		All or a portion of this security is segregated in connection with obligations for when-issued securities with a total value of approximately $12,827,000.
(e)		Currently a zero coupon security; will convert to 5.50% on August 1, 2021.
(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 6.88% on August 1, 2019.
(i)		Currently a zero coupon security; will convert to 7.30% on August 1, 2026.
(j)		Variable or floating rate security. The interest rate shown was the current rate as of July 31, 2017 and changes periodically.
(k)		When-issued security. Total value of all such securities at July 31, 2017 amounted to approximately $1,313,000, which represents 0.4% of net assets applicable to common stockholders of the Fund.

 

July 31, 2017

†      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 Investment Advisers 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, liquidating trust – real estate, and tax exempt preferred 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 and 3 inputs used by independent pricing services to value municipal securities and units include current trades, bid-wanted lists (which inform 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, appraisals, bid offers 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, Management 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 each Fund's Board of Directors 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, securities within the same industry with recent highly correlated performance, trading in futures or American Depositary Receipts 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.

##  At July 31, 2017, selected Fund information on a U.S. federal income tax basis was as follows:

 

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent stockholder reports.

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