Portfolio of Investments (Unaudited)
|
|||||
Nuveen Build America Bond Opportunity Fund (NBD)
|
|||||
December 31, 2013
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
LONG-TERM INVESTMENTS – 104.9% (100.0% of Total Investments)
|
|||||
MUNICIPAL BONDS – 104.9% (100.0% of Total Investments)
|
|||||
Alabama – 0.6% (0.5% of Total Investments)
|
|||||
$ 1,000
|
Baptist Health Care Authority, Alabama, An Affiliate of UAB Health System, Taxable Bond Series 2013A,
|
No Opt. Call
|
A3
|
$ 877,720
|
|
5.500%, 11/15/43
|
|||||
California – 18.4% (17.5% of Total Investments)
|
|||||
1,500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build
|
No Opt. Call
|
A2
|
1,819,230
|
|
America Taxable Bond Series 2009G-2, 8.361%, 10/01/34
|
|||||
2,000
|
Los Angeles Community College District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
Aa1
|
4,687,700
|
|
Bonds, Tender Option Bond Trust TN027, 29.897%, 8/01/49 (IF) (4)
|
|||||
3,000
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
|
No Opt. Call
|
AA
|
3,542,130
|
|
Capital Projects I, Build America Taxable Bond Series 2010B, 7.618%, 8/01/40
|
|||||
2,650
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
No Opt. Call
|
AA–
|
3,083,408
|
|
Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39
|
|||||
2,000
|
Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender
|
No Opt. Call
|
AA
|
4,399,800
|
|
Option Bond Trust T0003, 29.742%, 7/01/42 (IF) (4)
|
|||||
1,000
|
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,
|
No Opt. Call
|
A
|
1,100,380
|
|
Federally Taxable Series 2011A-T, 7.500%, 9/01/19
|
|||||
2,175
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
|
No Opt. Call
|
AAA
|
2,500,837
|
|
Build America Taxable Bonds Series 2010A, 5.911%, 4/01/48
|
|||||
675
|
San Francisco City and County Redevelopment Financing Authority, California, Taxable Tax
|
No Opt. Call
|
A
|
740,374
|
|
Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009F, 8.406%, 8/01/39
|
|||||
2,000
|
San Francisco City and County, California, Certificates of Participation, 525 Golden Gate
|
No Opt. Call
|
AA
|
2,578,200
|
|
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond
|
|||||
Trust B001, 29.563%, 11/01/41 (IF)
|
|||||
315
|
Stanton Redevelopment Agency, California, Consolidated Project Tax Allocation Bonds, Series
|
No Opt. Call
|
A–
|
342,761
|
|
2011A, 7.000%, 12/01/19
|
|||||
3,000
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Build
|
No Opt. Call
|
Aa2
|
3,507,900
|
|
America Taxable Bonds, Series 2010H, 6.548%, 5/15/48
|
|||||
20,315
|
Total California
|
28,302,720
|
|||
Colorado – 4.5% (4.3% of Total Investments)
|
|||||
4,000
|
Colorado State Bridge Enterprise Revenue Bonds, Federally Taxable Build America Series 2010A,
|
No Opt. Call
|
AA
|
4,629,360
|
|
6.078%, 12/01/40
|
|||||
2,000
|
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Build
|
No Opt. Call
|
AA+
|
2,318,460
|
|
America Series 2010B, 5.844%, 11/01/50
|
|||||
6,000
|
Total Colorado
|
6,947,820
|
|||
Connecticut – 0.8% (0.7% of Total Investments)
|
|||||
1,000
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
|
4/20 at 100.00
|
N/R
|
1,200,250
|
|
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
|
|||||
Development Bond Series 2010B, 12.500%, 4/01/39
|
|||||
District of Columbia – 0.6% (0.5% of Total Investments)
|
|||||
800
|
District of Columbia, Income Tax Secured Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
AAA
|
884,488
|
|
2009E, 5.591%, 12/01/34
|
|||||
Georgia – 3.7% (3.5% of Total Investments)
|
|||||
2,000
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build
|
No Opt. Call
|
A+
|
2,113,680
|
|
America Bonds Series 2010A, 6.637%, 4/01/57
|
|||||
3,000
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding
|
No Opt. Call
|
A–
|
3,047,910
|
|
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
|
|||||
1,058
|
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2011C, 1.000%, 7/01/18
|
1/14 at 100.00
|
N/R
|
521,465
|
|
6,058
|
Total Georgia
|
5,683,055
|
|||
Illinois – 15.2% (14.5% of Total Investments)
|
|||||
3,575
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build
|
No Opt. Call
|
AA
|
3,808,019
|
|
America Bonds, Series 2010B, 6.200%, 12/01/40
|
|||||
1,010
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien,
|
1/20 at 100.00
|
A2
|
1,078,367
|
|
Build America Taxable Bond Series 2010B, 6.845%, 1/01/38
|
|||||
5,160
|
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series
|
No Opt. Call
|
AA
|
5,772,694
|
|
2010B, 6.900%, 1/01/40
|
|||||
4,000
|
Chicago, Illinois, Water Revenue Bonds, Taxable Second Lien Series 2010B, 6.742%, 11/01/40
|
No Opt. Call
|
AA
|
4,455,720
|
|
1,000
|
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2010D,
|
No Opt. Call
|
AA
|
1,002,120
|
|
6.229%, 11/15/34
|
|||||
500
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
|
4/14 at 100.00
|
Baa3
|
493,875
|
|
2006A, 6.100%, 4/01/15
|
|||||
2,000
|
Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5,
|
No Opt. Call
|
A–
|
2,236,360
|
|
7.350%, 7/01/35
|
|||||
4,010
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
|
No Opt. Call
|
AA–
|
4,619,801
|
|
Senior Lien Series 2009A, 6.184%, 1/01/34
|
|||||
21,255
|
Total Illinois
|
23,466,956
|
|||
Indiana – 2.2% (2.1% of Total Investments)
|
|||||
2,980
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Taxable Bonds, Series
|
No Opt. Call
|
AA+
|
3,465,055
|
|
2010B-2, 6.116%, 1/15/40
|
|||||
Kentucky – 2.2% (2.2% of Total Investments)
|
|||||
3,000
|
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage
|
No Opt. Call
|
AA
|
3,476,940
|
|
System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43
|
|||||
Massachusetts – 2.2% (2.1% of Total Investments)
|
|||||
2,000
|
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option
|
No Opt. Call
|
AAA
|
3,409,600
|
|
Bond Trust T0004, 25.716%, 6/01/40 (IF) (4)
|
|||||
Michigan – 4.4% (4.3% of Total Investments)
|
|||||
500
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
|
No Opt. Call
|
Aa2
|
532,795
|
|
Taxable Bond Series 2009B, 7.747%, 5/01/39
|
|||||
3,000
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
|
5/20 at 100.00
|
Aa2
|
2,769,480
|
|
Taxable Bond Series 2010B, 6.845%, 5/01/40
|
|||||
2,090
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
No Opt. Call
|
B2
|
1,638,079
|
|
Taxable Turbo Series 2006A, 7.309%, 6/01/34
|
|||||
2,000
|
Wayne County Building Authority, Michigan, General Obligation Bonds, Jail Facilities,
|
12/20 at 100.00
|
BBB–
|
1,929,320
|
|
Federally Taxable Recovery Zone Economic Development Series 2010, 10.000%, 12/01/40
|
|||||
7,590
|
Total Michigan
|
6,869,674
|
|||
Mississippi – 1.8% (1.7% of Total Investments)
|
|||||
2,585
|
Mississippi State, General Obligation Bonds, Build America Taxable Bond Series 2010F,
|
No Opt. Call
|
AA+
|
2,712,544
|
|
5.245%, 11/01/34
|
|||||
Missouri – 0.2% (0.2% of Total Investments)
|
|||||
250
|
Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
298,295
|
|
Bonds, Series 2009A, 5.960%, 11/01/39
|
|||||
Nevada – 2.9% (2.8% of Total Investments)
|
|||||
1,950
|
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42
|
7/19 at 100.00
|
Aa2
|
2,103,621
|
|
1,500
|
Clark County, Nevada, Airport Revenue Bonds, Taxable Direct Payment Build America Bond Series
|
No Opt. Call
|
Aa2
|
1,875,930
|
|
2010C, 6.820%, 7/01/45
|
|||||
430
|
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Build America
|
No Opt. Call
|
AA+
|
473,525
|
|
Taxable Bonds, Series 2009C, 7.013%, 6/01/39
|
|||||
3,880
|
Total Nevada
|
4,453,076
|
|||
New Jersey – 6.9% (6.6% of Total Investments)
|
|||||
3,055
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America
|
No Opt. Call
|
A+
|
3,304,074
|
|
Bonds Issuer Subsidy Program, Series 2010C, 5.754%, 12/15/28
|
|||||
4,000
|
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,
|
No Opt. Call
|
A+
|
5,142,480
|
|
7.102%, 1/01/41
|
|||||
2,000
|
Rutgers State University, New Jersey, Revenue Bonds, Build America Taxable Bond Series 2010H,
|
No Opt. Call
|
AA–
|
2,208,700
|
|
5.665%, 5/01/40
|
|||||
9,055
|
Total New Jersey
|
10,655,254
|
|||
New York – 12.4% (11.8% of Total Investments)
|
|||||
2,000
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender
|
No Opt. Call
|
AAA
|
3,243,000
|
|
Option Bond Trust B004, 25.269%, 3/15/40 (IF)
|
|||||
3,270
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Federally
|
5/14 at 100.00
|
A
|
3,871,844
|
|
Taxable Issuer Subsidy Build America Bonds, Series 2010A, 6.668%, 11/15/39
|
|||||
1,500
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
1,616,940
|
|
Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA,
|
|||||
5.440%, 6/15/43
|
|||||
2,000
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
3,431,900
|
|
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust T30001-2,
|
|||||
26.959%, 6/15/44 (IF)
|
|||||
3,500
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build
|
No Opt. Call
|
AA–
|
4,212,775
|
|
America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40
|
|||||
2,500
|
New York City, New York, General Obligation Bonds, Federally Taxable Build America Bonds,
|
12/20 at 100.00
|
AA
|
2,764,900
|
|
Series 2010-F1, 6.646%, 12/01/31
|
|||||
14,770
|
Total New York
|
19,141,359
|
|||
North Carolina – 1.3% (1.2% of Total Investments)
|
|||||
1,820
|
North Carolina Turnpike Authority, Triangle Expressway System State Annual Appropriation
|
1/19 at 100.00
|
AA
|
1,960,813
|
|
Revenue Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2009B,
|
|||||
6.700%, 1/01/39
|
|||||
Ohio – 4.2% (4.0% of Total Investments)
|
|||||
3,000
|
American Municipal Power Inc., Ohio, Meldahl Hydroelectric Projects Revenue Bonds, Federally
|
No Opt. Call
|
A
|
3,653,340
|
|
Taxable Build America Bonds, Series 2010B, 7.499%, 2/15/50
|
|||||
2,650
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America
|
11/20 at 100.00
|
AA+
|
2,804,204
|
|
Taxable Bonds, Series 2010, 6.038%, 11/15/40
|
|||||
5,650
|
Total Ohio
|
6,457,544
|
|||
Pennsylvania – 1.7% (1.6% of Total Investments)
|
|||||
2,500
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
A+
|
2,663,025
|
|
2010B, 5.511%, 12/01/45
|
|||||
South Carolina – 8.3% (7.9% of Total Investments)
|
|||||
2,395
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
2,617,017
|
|
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50
|
|||||
205
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
300,018
|
|
Federally Taxable Build America Tender Option Bond Trust T30002, 29.491%, 1/01/50 (IF)
|
|||||
8,985
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
9,817,910
|
|
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50 (UB)
|
|||||
11,585
|
Total South Carolina
|
12,734,945
|
|||
South Dakota – 0.6% (0.6% of Total Investments)
|
|||||
1,000
|
South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds,
|
No Opt. Call
|
A
|
939,210
|
|
Series 2013A, 3.539%, 6/01/22
|
|||||
Tennessee – 2.2% (2.1% of Total Investments)
|
|||||
3,000
|
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
|
No Opt. Call
|
Aa2
|
3,338,820
|
|
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B,
|
|||||
6.731%, 7/01/43
|
|||||
Texas – 4.1% (3.9% of Total Investments)
|
|||||
2,000
|
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
2,378,740
|
|
Bonds, Series 2009B, 5.999%, 12/01/44
|
|||||
2,000
|
Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build
|
No Opt. Call
|
A+
|
2,267,240
|
|
America Taxable Bonds, Series 09B, 7.088%, 1/01/42
|
|||||
1,500
|
North Texas Tollway Authority, System Revenue Bonds, Subordinate Lien Taxable Revenue Bonds,
|
2/20 at 100.00
|
Baa3
|
1,664,835
|
|
Federally Taxable Build America Bonds, Series 2010-B2, 8.910%, 2/01/30
|
|||||
5,500
|
Total Texas
|
6,310,815
|
|||
Virginia – 2.8% (2.7% of Total Investments)
|
|||||
2,110
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
|
No Opt. Call
|
BBB+
|
2,375,987
|
|
Revenue Bonds, Build America Bonds, Series 2009D, 7.462%, 10/01/46 – AGC Insured
|
|||||
2,915
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
|
6/14 at 100.00
|
B2
|
1,976,253
|
|
Refunding Senior Lien Series 2007A, 6.706%, 6/01/46
|
|||||
5,025
|
Total Virginia
|
4,352,240
|
|||
Washington – 0.7% (0.7% of Total Investments)
|
|||||
1,000
|
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds,
|
No Opt. Call
|
Aa3
|
1,072,880
|
|
Build America Taxable Bond Series 2010B, 6.790%, 7/01/40
|
|||||
$ 139,618
|
Total Long-Term Investments (cost $143,555,126)
|
161,675,098
|
|||
Borrowings – (7.5)% (5), (6)
|
(11,500,000)
|
||||
Floating Rate Obligations – (4.7)%
|
(7,190,000)
|
||||
Other Assets Less Liabilities – 7.3% (7)
|
11,203,076
|
||||
Net Assets – 100%
|
$ 154,188,174
|
Investments in Derivatives as of December 31, 2013
|
||||||||
Interest Rate Swaps outstanding:
|
||||||||
Fund
|
Fixed Rate
|
Unrealized
|
||||||
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
|
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized)
|
Frequency
|
Date (8)
|
Date |
(Depreciation) (7)
|
Barclays Bank PLC
|
$11,200,000
|
Receive
|
1-Month USD-LIBOR
|
2.240%
|
Monthly
|
12/17/10
|
12/17/15
|
$ (409,459)
|
Barclays Bank PLC
|
14,750,000
|
Receive
|
1-Month USD-LIBOR
|
1.450
|
Monthly
|
10/01/14
|
10/01/18
|
245,604
|
Barclays Bank PLC
|
20,000,000
|
Receive
|
3-Month USD-LIBOR
|
3.280
|
Semi-Annually
|
2/19/15
|
2/19/42
|
3,004,552
|
Morgan Stanley
|
14,750,000
|
Receive
|
1-Month USD-LIBOR
|
1.875
|
Monthly
|
10/01/14
|
6/01/20
|
505,351
|
Morgan Stanley
|
18,000,000
|
Receive
|
3-Month USD-LIBOR
|
3.098
|
Semi-Annually
|
1/24/14
|
1/24/41
|
2,646,207
|
Morgan Stanley
|
15,000,000
|
Receive
|
3-Month USD-LIBOR
|
3.035
|
Semi-Annually
|
2/21/14
|
2/21/41
|
2,408,722
|
$93,700,000
|
$8,400,977
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Long-Term Investments:
|
||||
Municipal Bonds
|
$ —
|
$161,675,098
|
$ —
|
$161,675,098
|
Derivatives:
|
||||
Interest Rate Swaps*
|
—
|
8,400,977
|
—
|
8,400,977
|
Total
|
$ —
|
$170,076,075
|
$ —
|
$170,076,075
|
Gross unrealized:
|
|
Appreciation
|
$20,336,406
|
Depreciation
|
(2,396,724)
|
Net unrealized appreciation (depreciation) of investments
|
$17,939,682
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
|
|
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
|
||
may be subject to periodic principal paydowns.
|
||
(3)
|
Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service,
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|
Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
|
||
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated
|
||
by any of these national rating agencies.
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||
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations
|
|
for investments in derivatives and/or inverse floating rate transactions.
|
||
(5)
|
Borrowings as a percentage of Total Investments is 7.1%.
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|
(6)
|
The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral
|
|
for Borrowings.
|
(7)
|
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative
|
|
instruments as listed within Investments in Derivatives as of the end of the reporting period.
|
||
(8)
|
Effective date represents the date on which both the Fund and Counterparty commence interest payment
|
|
accruals on each contract.
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||
(IF)
|
Inverse floating rate investment.
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|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
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|
USD-LIBOR
|
United States Dollar-London Inter-Bank Offered Rate.
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a.
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The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
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b.
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) 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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