1
Portfolio of Investments July 31, 2026
NDMO
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 145.0% (100.0% of Total Investments)
368,125
CORPORATE BONDS - 0.0% (0.0% of Total Investments)
368,125
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0% (0.0% of Total Investments)
$
477,476
(a)
Benloch Ranch Improvement Association No 12022 2022
9
.750
%
12/01/39
$
368,125
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
368,125
TOTAL CORPORATE BONDS
(Cost $477,476)
368,125
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
890191230
MUNICIPAL BONDS - 145.0% (100.0% of Total Investments)
890191230
ALABAMA - 3.5% (2.4% of Total Investments)
500,000
Alabama State University, General Tuition and Fee Revenue
Bonds, Series 2025
5
.500
09/01/45
541,327
550,000
Alabama State University, General Tuition and Fee Revenue
Bonds, Series 2025
5
.750
09/01/50
595,610
1,000,000
(a),(b)
Baldwin County Industrial Dev Auth, Alabama, Solid Waste
Disposal Revenue Bonds, Novelis Corporation Project, Series
2026A., (AMT), (Mandatory Put 3/01/33)
4
.300
03/01/56
992,058
560,000
(a),(b)
Baldwin County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, Novelis Corporation
Project, Series 2025B, (AMT), (Mandatory Put 6/01/32)
4
.625
06/01/55
566,992
5,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2023A, (Mandatory Put 10/01/30)
5
.250
01/01/54
5,234,684
1,000,000
(b)
Black Belt Energy Gas District, Alabama, Gas Project Revenue
Bonds, Series 2025A, (Mandatory Put 5/01/32)
5
.250
05/01/56
1,008,577
2,360,000
(b)
Hoover Industrial Development Board, Alabama,
Environmental Improvement Revenue Bonds, United States
Steel Corporation Proejcet, Green Series 2020, (AMT),
(Mandatory Put 11/01/30)
6
.375
11/01/50
2,589,494
2,500,000
(a)
Mobile County, Alabama, Limited Obligation Warrants,
Gomesa Projects, Series 2026.
5
.000
11/01/50
2,389,300
7,000,000
Southeast Energy Authority, Alabama, A Cooperative District
Energy Supply Revenue Bonds Series 2024A
5
.000
11/01/35
7,137,309
500,000
UAB Medicine Finance Authority, Alabama, Revenue Bonds,
Series 2017B-2
5
.000
09/01/41
502,876
TOTAL ALABAMA
21,558,227
ARIZONA - 6.7% (4.6% of Total Investments)
705,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5
.000
07/01/43
758,345
545,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5
.000
07/01/44
583,047
1,240,000
(a)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Series 2021B
5
.000
07/01/51
1,067,571
7,650,000
(a)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Heritage Academy - Gateway and Laveen
Pojects, Taxable Series 2021A
5
.000
07/01/51
6,568,778
1,500,000
(a)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Social Bonds Pensar Academy Project, Series
2020
5
.000
07/01/55
1,285,942
4,630,000
(a)
Arizona Industrial Development Authority, Arizona, Hotel
Revenue Bonds, Provident Group Falcon Properties LLC,
Project, Senior Series 2022A-1
4
.000
12/01/51
2,705,752
1,625,000
(a)
Arizona Industrial Development Authority, Development First
Lien Revenue Bonds, Montanero Project, Alternative Minimum
Tax Series 2025, (AMT)
6
.750
12/01/55
1,658,058
1,000,000
Chandler, Arizona, Excise Tax Revenue Bonds, Series 2026
5
.000
07/01/40
1,097,480
1,090,000
(a)
Coconino County Industrial Development Authority, Arizona,
Education Revenue Bonds, Flagstaff Arts & Leadership
Academy Project, Refunding Series 2020
5
.500
07/01/40
970,100
2,795,000
Maricopa County Industrial Dev Auth, Arizona, Revenue Bonds,
Bonesta Project, Senior Living Series, 2026A-1
7
.000
05/01/66
2,879,223
Portfolio of Investments July 31, 2026
(continued)
NDMO
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ARIZONA
(continued)
$
1,000,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Educational Facilities Revenue Bonds, Ottawa University
Projects, Series 2020
5
.250
%
10/01/40
$
872,080
1,700,000
(c)
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2026D
5
.000
01/01/35
1,863,738
1,050,000
(c)
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2026D
5
.000
01/01/38
1,145,118
1,000,000
Maricopa County Pollution Control Corporation, Arizona,
Pollution Control Revenue Bonds, El Paso Electric Company
Palo Verde Project, Refunding Series 2012A
4
.500
08/01/42
959,402
3,405,000
(a)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Northwest Christian School Project,
Series 2020A
5
.000
09/01/55
2,755,422
5,265,000
(a),(d)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Refunding Series 2020
5
.000
07/01/35
4,212,000
6,800,000
(a),(d)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Refunding Series 2020
5
.000
07/01/40
5,440,000
4,545,000
(a)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Synergy Public Charter
School Project, Series 2020-1
5
.000
06/15/50
4,033,612
TOTAL ARIZONA
40,855,668
ARKANSAS - 1.1% (0.8% of Total Investments)
6,900,000
(a),(b)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation Project, Series 2026A, (AMT), (Mandatory Put
3/01/33)
4
.000
09/01/46
6,881,625
TOTAL ARKANSAS
6,881,625
CALIFORNIA - 10.3% (7.1% of Total Investments)
80,000
Alameda County Fire Department, California, General
Obligation Bonds, Series 2025
5
.000
06/01/43
87,609
95,000
Alameda County Fire Department, California, General
Obligation Bonds, Series 2025
5
.000
06/01/44
103,458
5,000,000
(b)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025D,
(Mandatory Put 7/01/34)
5
.000
10/01/55
5,057,892
3,815,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4
.000
02/01/56
2,425,701
400,000
(a)
California Municipal Finance Authority, Revenue Bonds,
California Baptist University, Refunding Series 2025A
5
.125
11/01/40
406,432
250,000
(a)
California Municipal Finance Authority, Revenue Bonds, Clay
Lacy Aviation Facilities - John Wayne Airport, Orange County
Project, Series 2026, (AMT)
5
.000
01/01/41
252,728
635,000
California Municipal Finance Authority, Revenue Bonds,
Gateways Hospital and Mental Health Centers, Series 2026A
5
.000
09/01/41
637,792
675,000
California Municipal Finance Authority, Revenue Bonds,
Gateways Hospital and Mental Health Centers, Series 2026A
5
.000
09/01/46
670,897
755,000
California Municipal Finance Authority, Revenue Bonds, SFMTA
Potrero Yard Modernization Project, Series 2026A
5
.000
09/01/44
800,404
6,290,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside
LP Desalination Project, Series 2012, (AMT)
5
.000
07/01/30
6,306,777
5,000,000
(a)
California Public Finance Authority, Charter School Lease
Revenue Bonds, California Crosspoint Academy Project, Series
2020A
5
.125
07/01/55
4,251,224
465,000
(a)
California Public Finance Authority, Senior Living Revenue
Bonds, Enso Village, Refunding Green Series 2021A
5
.000
11/15/46
436,477
275,000
California Public Finance Authority, Senior Living Revenue
Bonds, The James, Senior Series 2024A
6
.375
06/01/59
257,840
1,575,000
(a),(b)
California Public Finance Authority, Senior Living Revenue
Bonds, The Marisol HB LLC, Senior Series 2026A, (Mandatory
Put 4/01/33)
5
.100
04/01/66
1,577,197
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
2,000,000
(a),(e)
California School Finance Authority, Charter School Revenue
Bonds, Scholarship Prep Public Schools Obligated Group,
Series 2020A, (Pre-refunded 6/01/28)
5
.000
%
06/01/60
$
2,068,172
570,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5
.000
08/01/39
627,575
1,220,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.000
12/01/41
1,220,265
225,000
(a)
California Statewide Communities Development Authority,
Hotel Revenue Bonds, HR Ontario Hotel Project, Series 2026A
6
.125
09/02/48
230,098
6,180,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Center City Anaheim, Series
2020A
5
.000
01/01/54
5,343,545
2,450,000
(a)
HEART-SV, Housing Endowment and Regional Trust South
Valley, California, Essential Housing Revenue Bonds, Azara
Apartments LP, Series 2026A
5
.375
06/01/61
2,286,370
305,000
Los Angeles County Public Works Financing Authority,
California, Lease Revenue Bonds, Series 2025J
5
.000
12/01/40
338,364
810,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/40
864,587
1,865,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/41
1,981,504
1,625,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/42
1,719,745
1,300,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/43
1,370,230
1,460,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/44
1,532,304
1,640,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/45
1,715,753
1,700,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025D
5
.000
07/01/46
1,767,060
610,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2025C
5
.000
07/01/43
642,954
570,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2025C
5
.000
07/01/45
596,329
2,080,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5
.000
05/01/47
2,175,869
2,290,000
Los Angeles Municipal Improvement Corporation, California,
Lease Revenue Bonds, Convention Center, Series 2025A
5
.250
05/01/50
2,404,346
985,432
(d)
Northstar Community Services District, California, California
Special Tax Bonds Community Facilities District 1 Series 2006
1
.750
09/01/37
197,086
1,000,000
Orange County, California, Special Tax Bonds, Community
Facilities District 2025-1, Rienda 3, Improvement Area 1, Series
2026A
5
.000
08/15/51
1,005,112
460,000
(f)
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/41
239,123
465,000
(f)
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/42
229,024
850,000
(f)
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/48
290,457
760,000
(f)
Ravenswood City School District, San Diego County, California,
General Obligation Bonds, Election 2022 Series 2025B
0
.000
08/01/50
233,131
1,070,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area
1, Subordinate Series 2022B-2
5
.000
09/01/42
1,081,794
1,025,000
San Francisco City and County, California, Multifamily Housing
Revenue Bonds, Sunnydale Hope SF Block 9, Series 2025B-1
5
.000
02/01/46
1,046,884
750,000
San Francisco Community College District, California, General
Obligation Bonds, Taxable Election 2020 Series 2020A-1
3
.165
06/15/41
582,138
500,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure T, Series
2025C - BAM Insured
5
.000
08/01/47
525,505
Portfolio of Investments July 31, 2026
(continued)
NDMO
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
475,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure U, Series
2025C - BAM Insured
5
.000
%
08/01/47
$
499,230
1,500,000
San Ysidro School District, San Diego County, California,
General Obligation Bonds, 2020 Election Measure U, Series
2025C - BAM Insured
5
.000
08/01/48
1,569,721
905,000
University of California, General Revenue Bonds, Series
2025CD
5
.000
05/15/40
990,611
575,000
University of California, General Revenue Bonds, Series
2025CD
5
.250
05/15/40
665,697
1,835,000
University of California, General Revenue Bonds, Series
2025CD
5
.500
05/15/40
2,087,549
TOTAL CALIFORNIA
63,400,560
COLORADO - 20.7% (14.3% of Total Investments)
2,370,000
64th Avenue ARI Authority, Adams County, Colorado, Special
Revenue Bonds, Series 2020
6
.500
12/01/43
2,397,214
1,000,000
(a)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5
.500
12/01/44
1,017,783
750,000
(a)
Aerotropolis Regional Transportation Authority, Colorado,
Special Revenue Bonds, Series 2024
5
.750
12/01/54
753,722
5,220,000
Aurora Highlands Community Authority Board, Adams
County, Colorado, Special Tax Revenue Bonds, Refunding &
Improvement Series 2021A
5
.750
12/01/51
5,176,157
499,000
Aviation Station North Metropolitan District 2, Denver County,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2019A
4
.000
12/01/29
498,350
1,725,000
Belford North Metropolitan District, Douglas County, Colorado,
General Obligation Limited Tax Bonds, Series 2020A
5
.500
12/01/50
1,556,226
1,000,000
Bennett Ranch Metropolitan District 1, Adams County,
Colorado, General Obligation Limited Tax Bonds, Convertible
to Unlimited Tax Series 2021A
5
.000
12/01/51
811,800
500,000
(a)
Broadway Park North Metropolitan District 2, Denver,
Colorado, Limited Tax General Obligation Bonds, Refunding &
Improvement Series 2020
5
.000
12/01/40
500,496
1,000,000
(d)
Broadway Station Metropolitan District 2, Denver City and
County, Colorado, General Obligation Limited Tax Bonds,
Convertible to Unlimited Series 2019A
5
.125
12/01/48
690,001
1,000,000
(a)
Centerra South Metro District 1, Loveland, Colorado, Special
Revenue Bonds, Improvement Senior Series 2026A
5
.625
12/01/46
965,422
835,000
Colorado Bridge and Tunnel Enterprise, Colorado, Senior
Infrastructure Revenue Bonds, Series 2025A
5
.250
12/01/50
882,206
100,000
(a)
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, New Summit Charter Academy Project,
Series 2021A
4
.000
07/01/41
81,348
6,680,000
(a)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Senior Lien Series
2025A-1
6
.875
02/01/59
6,972,331
2,500,000
(a)
Colorado Educational and Cultural Facilities Authority, Cultural
Facilities Revenue Bonds, Stanley Project, Taxable Senior Lien
Series 2025A-2
10
.000
02/01/45
2,503,593
1,000,000
(a)
Colorado Educational and Cultural Facilities Authority,
Revenue Bonds, Global Village Academy - Northglenn Project,
Series 2020
5
.000
12/01/50
896,325
2,600,000
(a)
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Monument Academy Prject, Series 2026A
4
.375
06/01/36
2,512,445
500,000
(a),(d)
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Cappella of Grand Junction Project, Series 2019
5
.000
12/01/54
365,000
475,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
Covenant Living Communities & Services, Series 2025A
5
.125
12/01/45
486,179
16,000,000
Colorado International Center Metropolitan District 8, Adams
County, Colorado, Limited Tax General Obligation Bonds,
Series 2020
6
.500
12/01/50
15,763,800
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
500,000
Crowfoot Valley Ranch Metropolitan District No. 2,  Douglas
County, Colorado, Limited Tax General Obligation Bonds,
Refunding Subordinate Series 2024B
6
.125
%
12/15/54
$
481,088
4,405,000
(f)
Dawson Trails Metropolitan District 1, Castle Rock, Colorado,
Limited Tax General Obligation Bonds, Special Revenue
Capital Appreciation Turbo, Refunding & Improvement Series
2026
0
.000
12/01/33
2,638,940
4,000,000
(a)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6
.750
12/01/34
3,949,189
1,000,000
Foothills Metropolitan District, Fort Collins, Colorado, Special
Revenue Bonds, Series 2014
6
.000
12/01/38
977,877
1,378,000
Fourth North Business Improvement District, Silverthorne,
Summit County, Colorado, Special Revenue and Tax Supported
Bonds, Refunding & Improvement Senior Series 2022A
5
.250
12/01/32
1,388,991
1,200,000
Fourth North Business Improvement District, Silverthorne,
Summit County, Colorado, Special Revenue and Tax Supported
Bonds, Refunding & Improvement Senior Series 2022A
5
.750
12/01/52
1,202,411
1,990,000
(a),(d)
Future Legends Sports Park Metropolitan District 2, Colorado,
Limited Tax General Obligation Bonds, Series 2020A
1
.375
06/01/50
999,561
363,019
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 1,
Series 2024A-2
6
.500
12/01/43
374,999
825,000
(a)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5
.500
12/01/44
839,632
1,360,000
(a)
Hogback Metropolitan District, Jefferson County, Colorado,
Limited Tax General Obligation Bonds, Convertible to
Unlimited Tax Series 2021A
5
.000
12/01/51
1,257,349
500,000
Independence Water & Sanitation District, Elbert County,
Colorado, Special Revenue Bonds, Refunding and
Improvement Series 2024
5
.125
12/01/33
512,700
1,500,000
Jefferson Center Metropolitan District 2, Arvada, Jefferson
County, Colorado, Special Revenue Bonds, Refunding Series
2026A
5
.250
12/01/41
1,488,157
4,000,000
(g)
Jones District Community Authority Board, Centennial,
Colorado, Special Revenue Convertible Capital Appreciaiton
Bonds, Series 2020A
5
.750
12/01/50
3,917,646
1,500,000
(a)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6
.125
12/01/44
1,467,736
1,200,000
(a)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6
.625
12/01/56
1,150,167
1,030,000
(g)
Lanterns Metropolitan District 3, Douglas County, Colorado,
General Obligation Bonds, Limited Tax Convertible Capital
Appreciation Series 2023A-2
8
.000
12/01/53
895,583
560,000
Lanterns Metropolitan District 3, Douglas County, Colorado,
General Obligation Bonds, Limited Tax Series 2023A-1
7
.250
12/01/53
578,275
3,000,000
(a)
Ledge Rock Center Commercial Metropolitan District (In the
Town of Johnstown, Weld County, Colorado), Limited Tax
General Obligation Bonds, Series 2022
7
.375
11/01/52
3,131,152
500,000
Mayberry Community Authority, Colorado Springs, El Paso
County, Colorado, Special Revenue Bonds, Series 2021A
5
.000
12/01/41
484,597
500,000
Mayberry Community Authority, Colorado Springs, El Paso
County, Colorado, Special Revenue Bonds, Series 2021A
5
.000
04/15/51
445,761
480,000
Mountain Sky Metropolitan District, Fort Lupton, Weld County,
Colorado, Limited Tax General Obligation Bonds, Series 2020A
5
.000
12/01/49
458,214
2,000,000
North Range Metropolitan District 3, Adams County, Colorado,
Limited Tax General Obligation Bonds, Series 2020A-3
5
.000
12/01/40
2,015,535
1,000,000
North Range Metropolitan District 3, Adams County, Colorado,
Limited Tax General Obligation Bonds, Series 2020A-3
5
.250
12/01/50
1,003,834
1,810,000
Northfield Metropolitan District 2, Fort Collins, Larimer County,
Colorado, Limited Tax General Obligation Bonds, Series 2020A
5
.000
12/01/50
1,607,274
500,000
(d)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
4
.000
12/01/29
459,714
Portfolio of Investments July 31, 2026
(continued)
NDMO
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
1,250,000
(d)
Painted Prairie Public Improvement Authority, Aurora,
Colorado, Special Revenue Bonds, Series 2019
5
.000
%
12/01/39
$
1,091,923
285,000
(a)
Peak Metropolitan District 1, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Bonds, Series 2021A
5
.000
12/01/51
241,615
1,100,000
Peak Metropolitan District 3, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Bonds, Series
2022A-1
7
.500
12/01/52
1,111,112
855,000
(g)
Pinon Pines Metropolitan District No. 3, El Paso County,
Colorado, General Obligation Limited Tax Convertible Capital
Appreciation Bonds, Series 2025
5
.875
12/01/54
800,286
6,965,000
Pioneer Community Authority Board (Weld County, Colorado),
Special Revenue Bonds, Series 2022
6
.500
12/01/34
6,759,321
500,000
Prairie Point Community Authority Board, Aurora, Arapahoe
County, Colorado, Special Assessment Revenue Bonds, Special
Improvement District 1, Series 2026
5
.000
12/01/35
502,381
3,665,000
Rampart Range Metropolitan District 1, Lone Tree, Colorado,
Limited Tax Supported and Special Revenue Bonds, Refunding
& Improvement Series 2017
5
.000
12/01/42
3,684,808
2,000,000
Rampart Range Metropolitan District 5, Lone Tree, Douglas
County, Colorado, Limited Tax Supported and Special Revenue
Bonds, Series 2021
4
.000
12/01/41
1,798,402
1,000,000
(a)
Reagan Ranch Metropolitan District 1, Colorado Springs,
Colorado, General Obligation Bonds, Limited Tax & Special
Revenue, Series 2025
6
.125
12/01/54
1,002,718
1,000,000
(f)
Redtail Ridge Metropolitan District, City of Louisville, Boulder
County, Colorado, General Obligation Limited Tax Capital
Appreciation Turbo Bonds, Series 2025
0
.000
12/01/32
649,810
890,215
(a)
Ridge at Johnstown Metropolitan District 8, Larimer County,
Colorado, Special Assessment Revenue Bonds, Special
Improvement District 1, Series 2024
5
.875
12/01/44
880,247
2,320,000
Silverstone Metropolitan District 3, Weld County, Colorado,
General Obligation and Special Revenue Bonds, Limited Tax
Series 2023
7
.750
12/01/45
2,377,507
500,000
Smith Metropolitan District 3, Denver County, Colorado,
Limited Tax General Obligation and Special Revenue Bonds,
Series 2026A
6
.000
12/01/55
500,078
1,215,000
SouthGlenn Metropolitan District, Colorado, Special Revenue
Bonds, Refunding Series 2016
5
.000
12/01/30
1,215,069
500,000
(a),(g)
St. Vrain Lakes Metropolitan District 4, Weld County, Colorado,
General Obligation Bonds, Firestone Convertible Capital
Appreciation Limited Tax Series 2024A
0
.000
09/20/54
374,608
510,000
(a)
STC Metropolitan District 2, Superior, Boulder County,
Colorado, Limited Tax General Obligation and Special Revenue
Bonds, Refunding Second Lien Series 2025A-2
6
.250
12/01/55
515,417
2,350,000
Sterling Ranch Metropolitan District 1, El Paso County,
Colorado, General Obligation Limited Tax Bonds, Series 2020
5
.000
12/01/40
2,352,845
2,300,000
Sterling Ranch Metropolitan District 1, El Paso County,
Colorado, General Obligation Limited Tax Bonds, Series 2020
5
.125
12/01/50
2,196,796
1,000,000
(g)
Transport Metropolitan District 3, In the City of Aurora,
Adams County, Colorado, General Obligation Limited Bonds,
Convertible Capital Appreciation Series 2021A-2
0
.000
12/01/51
796,478
1,270,000
Transport Metropolitan District 3, In the City of Aurora, Adams
County, Colorado, General Obligation Limited Bonds, Series
2021A-1
5
.000
12/01/41
1,014,531
5,000,000
(g)
Velocity Metropolitan District 5, In the City of Aurora, Colorado,
Limited Tax General Obligation Bonds, Convertible Capital
Appreciation Series 2020A-2
6
.000
12/01/50
4,533,012
10,000,000
Velocity Metropolitan District 5, In the City of Aurora, Colorado,
Limited Tax General Obligation Bonds, Series 2020A-1
5
.375
12/01/50
9,663,711
1,500,000
Verve Metropolitan District 1, Jefferson County and the City
and County of Broomfield, Colorado, General Obligation
Bonds, Refunding and Improvement Limited Tax Series 2021
5
.000
12/01/51
1,314,912
2,200,000
(a),(g)
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2024A-2
8
.000
12/01/54
1,474,924
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
630,000
(a)
West Globeville Metropolitan District 1, Denver, Colorado,
Special Assessment Revenue Bonds, Special Improvement
District 1, Series 2024
5
.750
%
12/01/44
$
633,407
912,000
Woodmen Heights Metropolitan District 2, El Paso County,
Colorado, General Obligation Limited Tax Bonds, Taxable
Converting to Tax-Exempt Refunding Subordinate Series
2020B-1
6
.250
12/15/40
880,410
TOTAL COLORADO
126,923,108
CONNECTICUT - 0.6% (0.4% of Total Investments)
675,000
(f)
Aquarion Water Authority, Connecticut, Water System Revenue
Capital Appreciation  Bonds, Subordinate Series 2026E - BAM
Insured
0
.000
08/01/52
173,223
1,325,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4
.000
07/01/34
1,314,194
1,250,000
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nuvance Health Series 2019A
4
.000
07/01/36
1,218,978
1,255,000
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2016B-1
2
.950
11/15/31
1,223,790
TOTAL CONNECTICUT
3,930,185
DELAWARE - 0.7% (0.5% of Total Investments)
500,000
(a)
Bridgeville, Delaware, Special Obligation Bonds, Heritage
Shores Special Development District, Series 2024
5
.625
07/01/53
505,604
525,000
Delaware Economic Development Authority, Delaware,
Revenue Bonds, ASPIRA of Delaware Charter Operations Inc.
DBA Las Americas ASPIRA Academy Project, Series 2026A
5
.250
02/01/46
501,364
2,945,000
(b)
Delaware Economic Development Authority, Exempt Facility
Revenue Bonds, NRG Energy Project, Refunding Series 2020A,
(Mandatory Put 10/01/35)
4
.000
10/01/45
2,899,547
490,000
(h)
Delaware State Housing Authority, Senior Single Family
Mortgage Revenue Bonds, Series 2024B, (UB)
4
.600
07/01/44
481,188
TOTAL DELAWARE
4,387,703
DISTRICT OF COLUMBIA - 0.6% (0.4% of Total Investments)
430,000
District of Columbia, General Obligation Bonds, Series 2026A
5
.000
06/01/42
464,706
1,255,000
District of Columbia, Income Tax Secured Revenue Bonds,
Series 2019A
4
.000
03/01/37
1,248,581
2,000,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Dedicated Revenue Bonds, Series 2020A
4
.000
07/15/45
1,903,680
TOTAL DISTRICT OF COLUMBIA
3,616,967
FLORIDA - 9.8% (6.8% of Total Investments)
1,260,000
(a),(e)
Capital Trust Agency, Florida, Educational Facilities Lease
Revenue Bonds, South Tech Schools Project, Series 2020A,
(Pre-refunded 6/15/27)
5
.000
06/15/55
1,283,564
650,000
(a)
Charlotte County Industrial Development Authority, Florida,
Utility System Revenue Bonds, Town & Country Utilities Project,
Series 2025, (AMT)
6
.125
10/01/55
665,088
10,000,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Discovery High School Project, Series
2020A
5
.000
06/01/55
6,528,097
835,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.000
06/15/33
896,268
1,000,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.500
06/15/38
1,061,492
1,000,000
(a)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.625
06/15/43
1,061,919
1,675,000
(a),(b)
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, Coastal Waste And Recycling,
Inc. Project, Series 2026, (AMT), (Mandatory Put 6/01/33)
4
.550
06/01/46
1,675,544
3,120,000
(a)
Florida Development Finance Corporation, Florida, Solid
Waste Disposal Revenue Bonds, Waste Pro USA, Inc. Project,
Series 2023, (AMT)
4
.500
07/01/32
3,097,797
Portfolio of Investments July 31, 2026
(continued)
NDMO
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
4,240,000
(a)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (Mandatory Put
7/15/28)
12
.000
%
07/15/32
$
582,448
1,300,000
(h)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024 - AGM Insured, (AMT),
(UB)
5
.000
07/01/44
1,278,219
1,760,000
(h)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT), (UB)
5
.250
07/01/53
1,723,063
16,155,000
(a),(b)
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Series
2025B, (AMT), (Mandatory Put 7/30/26)
1
.000
07/01/57
10,500,749
420,000
(a)
Florida Development Finance Corporation, Student Housing
Revenue Bonds, SPP - Tampa I - LLC The Henry Project, Series
2024A-1
5
.250
06/01/54
405,201
755,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5
.000
07/01/43
809,673
825,000
Florida State Turnpike Authority, Turnpike Revenue Bonds,
Department of Transportation, Series 2026A
5
.000
07/01/45
876,250
1,095,000
Grand Oaks Community Development District, Saint Johns
County, Florida, Special Assessment Bonds, Assessment Area
2, Series 2020
4
.250
05/01/40
1,026,811
1,500,000
Grand Oaks Community Development District, Saint Johns
County, Florida, Special Assessment Bonds, Assessment Area
2, Series 2020
4
.500
05/01/52
1,325,547
2,500,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, JetBlue Airways Corporation,
Series 2013, (AMT)
5
.000
11/15/36
2,500,221
1,000,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, United Airlines, Inc. Project,
Series 2025, (AMT)
5
.250
11/01/34
1,060,427
650,000
Greater Orlando Aviation Authority, Florida, Special Purpose
Airport Facilities Revenue Bonds, United Airlines, Inc. Project,
Series 2025, (AMT)
5
.500
11/01/36
696,778
355,000
Hobe-Saint Lucie Conservancy District, Florida, Special
Assessment Revenue Bonds, Improvement Unit 1A, Series
2024
4
.750
05/01/31
362,076
1,240,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Southeast Project, Series 2025
5
.000
05/01/35
1,301,250
1,000,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Southeast Project, Series 2025
5
.500
05/01/40
1,059,953
445,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Southeast Project, Series 2025
5
.800
05/01/45
471,149
265,000
Langley South Community Development District, Florida,
Special Assessment Revenue Bonds, Mascotte Assessment
Area One Series 2024
5
.125
05/01/44
264,620
750,000
(a)
Lee County Industrial Development Authority, Florida,
Healthcare Facilities Revenue Bonds, Cypress Cove at
HealthPark Florida, Inc. Project, Refunding Series 2026
6
.000
10/01/61
758,781
500,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5
.000
02/01/42
525,845
1,060,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5
.000
02/01/43
1,110,456
465,000
Miami Beach Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, City Center/Historic Convention Village,
Refunding Series 2025
5
.000
02/01/44
484,801
880,000
Miami, Florida, Limited Ad Valorem Tax Bonds, Forever
Infrastructure Programs Series 2024A
5
.500
01/01/49
937,738
870,000
(h)
Miami-Dade County, Florida, Seaport Revenue Bonds,
Refunding Series 2022A, (AMT), (UB)
5
.250
10/01/52
877,776
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
1,360,000
(f)
Miami-Dade County, Florida, Special Obligation Bonds,
Subordinate Series 2009 - BAM Insured
0
.000
%
10/01/37
$
873,468
80,000
(a)
Mirada Community Development District, Florida, Capital
Improvement Bonds,  Assessment Area 3 Series 2024
4
.750
05/01/31
80,333
225,000
(a)
Mirada Community Development District, Florida, Capital
Improvement Bonds,  Assessment Area 3 Series 2024
5
.625
05/01/44
226,357
160,000
(a)
North AR-1 of Pasco Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 5,
Series 2024
5
.750
05/01/44
163,524
585,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/41
633,317
720,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/42
777,487
740,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/43
795,776
580,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/44
620,536
900,000
Orlando, Florida, Contract Tourist Development Tax Payments
Revenue Bonds, Camping World Stadium, Series 2025
5
.250
11/01/45
958,364
600,000
Palm Beach County Health Facilities Auth, Florida, Revenue
Bonds, Lifespace Community Inc., Series 2026B
5
.500
05/15/51
604,230
2,500,000
Palm Beach County Health Facilities Auth, Florida, Revenue
Bonds, Lifespace Community Inc., Series 2026B
5
.625
05/15/61
2,505,026
1,000,000
Sarasota County Public Hospital District, Florida, Hospital
Revenue Bonds, Sarasota Memorial Hospital Project, Series
2018
5
.000
07/01/41
1,016,198
1,145,000
South Broward Hospital District, Florida, Hospital Revenue
Bonds, South Broward Hospital District Obligated Group,
Refunding Series 2016A
4
.000
05/01/44
1,019,749
975,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5
.000
03/01/38
1,044,652
530,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5
.000
03/01/39
564,029
455,000
Southeast Overtown/Park West Community Redevelopment
Agency, Florida, Tax Increment Revenue Bonds, Series 2025A
5
.250
03/01/41
487,622
175,000
(a)
Three Rivers Community Development District, Florida, Special
Assessment Revenue Bonds, South Assessment Area Series
2021B
4
.625
05/01/36
171,054
250,000
Two Lakes Community Development District, Hialeah, Florida,
Special Assessment Bonds, Series 2024
5
.000
05/01/44
251,354
240,000
(a)
V-Dana Community Development District, Lee County, Florida,
Special Assessment Bonds, Area 2 - 2025 Project, Series 2025
5
.375
05/01/45
241,522
TOTAL FLORIDA
60,244,199
GEORGIA - 3.7% (2.6% of Total Investments)
1,700,000
(g)
Atlanta Development Authority, Georgia, Economic
Development Certificates, Gulch Enterprise Zone Project,
Convertible Capital Appreciation Series 2024A-1 Class A
6
.500
12/15/48
1,558,311
1,000,000
(a)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-2
5
.500
04/01/39
1,015,044
4,000,000
(a),(g)
Bartow County, Georgia, Tax Allocation Revenue Bonds,
Highway 411 Corridor Development Project District Number 3,
Senior Convertible Capital Appreciation Series 2026
6
.500
04/01/51
3,230,025
2,500,000
(a)
Fulton County Development Authority, Georgia, Student
Housing Revenue Bonds, Madrone - MS Student Housing I LLC
Project, Series 2026A-1
5
.750
07/01/66
2,467,355
5,480,000
(a)
Fulton County Development Authority, Georgia, Student
Housing Revenue Bonds, Madrone - MS Student Housing I LLC
Project, Subordinate Series 2026B
6
.500
07/01/66
5,339,412
1,000,000
Griffin-Spalding County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Wellstar Health System Inc., Series
2017A
4
.000
04/01/42
928,214
2,750,000
(a),(b)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2022C, (Mandatory Put 11/01/27)
4
.000
08/01/52
2,750,006
Portfolio of Investments July 31, 2026
(continued)
NDMO
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
1,790,000
Paulding County Hospital Authority, Georgia, Revenue
Anticipation Certificates, WellStar Health System Inc., Series
2026A
5
.000
%
04/01/36
$
1,978,310
1,365,000
(a)
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Second Tier Revenue Bonds, Series 2025B
6
.000
06/01/50
1,342,589
2,350,000
(a)
Savannah-Georgia Convention Center Authority, Convention
Center Hotel Second Tier Revenue Bonds, Series 2025B
6
.250
06/01/61
2,366,477
TOTAL GEORGIA
22,975,743
HAWAII - 0.1% (0.1% of Total Investments)
500,000
(a)
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaii Pacific University Project, Refunding
Series 2024
5
.000
07/01/39
481,507
TOTAL HAWAII
481,507
IDAHO - 0.2% (0.1% of Total Investments)
500,000
(a)
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Assessment Area Two, Series 2025
6
.250
09/01/54
509,080
630,000
Spring Valley Community Infrastructure District 1, Eagle, Idaho,
Special Assessment Bonds, Series 2024
6
.250
09/01/53
639,734
TOTAL IDAHO
1,148,814
ILLINOIS - 6.3% (4.3% of Total Investments)
670,000
(h)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5
.000
12/01/41
713,184
585,000
(h)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5
.000
12/01/42
619,989
1,025,000
(h)
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A, (UB)
5
.000
12/01/43
1,081,389
120,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5
.000
01/01/29
125,155
1,440,000
Chicago, Illinois, Midway Airport Revenue Bonds, Refunding
Senior Lien Series 2023A - BAM Insured
5
.000
01/01/31
1,531,245
200,000
Chicago, Illinois, Water Revenue Bonds, Refunding Second
Lien Series 2023B
5
.000
11/01/37
212,193
240,000
Illinois Finance Authority, Revenue Bonds, Dominican
University, Refunding Series 2022
5
.000
03/01/34
241,196
1,900,000
(a)
Illinois Finance Authority, Revenue Bonds, Illinois Institute of
Technology, Series 2025A
5
.875
09/01/46
1,860,231
892,480
Illinois Finance Authority, Revenue Bonds, Lutheran Life
Communities Obligated Group, 2026A
6
.500
03/01/55
810,563
815,000
Illinois Finance Authority, Revenue Bonds, Northshore -
Edward-Elmhurst Health Credit Group, Series 2022A
5
.000
08/15/47
825,009
920,000
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025A
5
.000
08/15/40
957,485
805,000
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital
and Medical Centers, Refunding Series 2025A
5
.000
08/15/41
840,336
2,000,000
Illinois Finance Authority, Revenue Bonds, The University of
Chicago, Series 2018A
5
.000
10/01/48
2,012,920
790,000
(h)
Illinois Housing Development Authority, Revenue Bonds, Social
Series 2026C, (UB)
4
.700
10/01/44
779,057
1,420,000
(h)
Illinois Housing Development Authority, Revenue Bonds, Social
Series 2026C, (UB)
4
.800
10/01/46
1,425,000
2,500,000
Illinois State, General Obligation Bonds, December Series
2023C
5
.000
12/01/47
2,524,095
3,210,000
Illinois State, General Obligation Bonds, May Series 2020
5
.750
05/01/45
3,361,419
1,300,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/42
1,375,198
1,205,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/44
1,261,942
930,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/45
969,441
930,000
Illinois State, General Obligation Bonds, May Series 2024B
5
.250
05/01/49
949,773
4,000,000
Illinois State, General Obligation Bonds, September Series
2025E
5
.000
09/01/44
4,121,972
3,000,000
Illinois State, General Obligation Bonds, September Series
2025F
5
.250
09/01/48
3,070,114
4,870,000
Illinois Toll Highway Authority, Toll Highway Revenue Bonds,
Refunding Senior Series 2025A
5
.000
01/01/46
5,120,632
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ILLINOIS
(continued)
$
1,800,000
(f)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2022A
0
.000
%
06/15/39
$
1,004,254
1,500,000
(f)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2022A
0
.000
06/15/40
789,036
TOTAL ILLINOIS
38,582,828
INDIANA - 3.0% (2.0% of Total Investments)
1,415,000
(a)
Gary Local Public Improvement Bond Bank, Indiana, Economic
Development Revenue Bonds, Drexel Foundation for
Educational Excellence Project, Refunding Series 2020A
5
.875
06/01/55
1,255,276
1,190,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Depauw University Project, Series 2019
5
.000
07/01/37
1,210,175
1,150,000
Indiana Finance Authority, Educational Facilities Revenue
Bonds, Marian University Project, Series 2026
5
.250
09/15/56
1,115,366
3,125,000
Indiana Finance Authority, Environmental Improvement
Revenue Bonds, United States Steel Corporation Project, Series
2020, (AMT)
6
.750
05/01/39
3,426,444
730,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
5
.750
03/01/43
762,786
680,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.000
03/01/53
699,532
4,060,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Subordinate Series
2023F-1
7
.750
03/01/67
4,401,260
1,405,000
(b)
Whiting, Indiana, Environmental Facilities Revenue Bonds, BP
Products North America Inc. Project, Refunding Series 2019A,
(AMT), (Mandatory Put 6/10/33)
4
.000
12/01/44
1,403,651
3,770,000
(b)
Whiting, Indiana, Environmental Facilities Revenue Bonds,
BP Products North America Inc. Project, Series 2015, (AMT),
(Mandatory Put 6/10/31)
4
.400
11/01/45
3,852,295
TOTAL INDIANA
18,126,785
IOWA - 0.7% (0.5% of Total Investments)
1,000,000
Iowa Finance Authority, Healthcare Revenue Bonds, Pella
Regional Health Center, Series 2025
5
.750
12/01/55
1,020,776
2,500,000
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Alcoa Inc. Project, Series 2012
4
.750
08/01/42
2,502,400
60,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5
.000
05/15/39
61,137
75,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5
.000
05/15/44
74,911
910,000
Iowa Finance Authority, Revenue Bonds, Lifespace
Communities, Inc., Series 2024A
5
.000
05/15/49
866,098
TOTAL IOWA
4,525,322
KANSAS - 1.2% (0.8% of Total Investments)
205,000
(a)
Garden City, Kansas, Sales Tax Special Obligation Revenue
Bonds, Sports of the World Star Bond Project Phase II, Series
2025
4
.000
06/01/29
205,535
1,500,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5
.000
05/01/42
1,634,123
3,000,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5
.000
05/01/43
3,259,031
1,000,000
Kansas Development Finance Authority, Kansas, Revenue
Bonds, Kansas Department of Health & Environment, Revolving
Funds Series 2026SRF
5
.000
05/01/45
1,076,793
500,000
Wichita, Kansas, Health Care Facilities Revenue Bonds,
Presbyterian Manors, Series 2024VIII
5
.750
05/15/45
500,110
650,000
(a)
Wichita, Kansas, Sales Tax Special Obligation Revenue Bonds,
K-96 Greenwich Project -Phase III, Series 2026A
4
.125
09/01/33
643,799
TOTAL KANSAS
7,319,391
Portfolio of Investments July 31, 2026
(continued)
NDMO
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
KENTUCKY - 1.6% (1.1% of Total Investments)
$
2,695,000
Bell County, Kentucky, Special Assessment Industrial Building
Revenue Bonds, Boone's Ridge Project, Series 2020
6
.000
%
12/01/40
$
2,728,338
2,175,000
Carroll County, Kentucky, Environmental Facilities Revenue
Bonds, Kentucky Utilities Company Project, Refunding Series
2006B, (AMT)
2
.125
10/01/34
1,790,338
1,055,000
Kentucky Bond Development Corporation, Revenue Bonds,
University of Kentucky Central Utility Plant Project, Senior
Series 2026A
5
.250
10/31/51
1,084,806
725,000
Kentucky Bond Development Corporation, Revenue Bonds,
University of Kentucky Central Utility Plant Project, Senior
Series 2026A
5
.500
10/31/56
758,197
1,030,000
Kentucky Bond Development Corporation, Revenue Bonds,
University of Kentucky Central Utility Plant Project, Senior
Series 2026A
5
.000
10/31/58
1,013,012
1,545,000
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 133, Series 2025A
5
.000
09/01/44
1,636,977
980,000
Newport, Kentucky, Special Obligation Revenue Bonds,
Newport Clifton Project, Series 2020B
5
.500
12/01/60
821,026
TOTAL KENTUCKY
9,832,694
LOUISIANA - 0.6% (0.5% of Total Investments)
1,150,000
(a)
Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,
Lincoln Preparatory School Project, Series 2021A
5
.250
06/01/51
853,295
450,000
(a)
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Lake Charles Charter Academy Foundation Project, Refunding
Series 2024A
5
.000
12/15/43
434,741
250,000
New Orleans, Louisiana, General Obligation Bonds, Public
Improvement Series 2026A
5
.750
12/01/55
266,673
500,000
(a)
Plaquemines Port, Louisiana, Harbor and Terminal District
Facilities Revenue Bonds NOLA Terminal LLC Project Dock and
Wharf Series 2024A
9
.000
12/01/44
250,000
2,000,000
(a)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2010
6
.350
07/01/40
2,140,322
TOTAL LOUISIANA
3,945,031
MAINE - 0.9% (0.6% of Total Investments)
2,000,000
Maine Health and Higher Educational Facilities Authority
Revenue Bonds, Eastern Maine Medical Center Obligated
Group Issue, Series 2016A
5
.000
07/01/46
1,846,093
785,000
(h)
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2026B, (UB)
4
.800
11/15/46
789,605
3,000,000
(c),(h)
Maine State Housing Authority, Single Family Mortgage
Purchase Bonds, Social Series 2026C, (UB)
4
.700
11/15/46
2,988,446
TOTAL MAINE
5,624,144
MARYLAND - 0.9% (0.6% of Total Investments)
175,000
(a)
Baltimore, Maryland, Special Obligation Bonds, Harbor Point
Project, Refunding Series 2022
4
.500
06/01/33
177,607
3,080,000
(h)
Maryland Community Development Administration
Department of Housing and Community Development,
Residential Revenue Bonds, Social Series 2026B, (UB)
4
.700
09/01/46
3,070,236
1,405,000
(b)
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2026B,
(Mandatory Put 8/15/36)
5
.000
08/15/56
1,525,628
585,000
Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, MedStar Health Issue, Series 2026C
5
.000
08/15/40
624,425
TOTAL MARYLAND
5,397,896
MASSACHUSETTS - 1.3% (0.9% of Total Investments)
425,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Green Bonds, Series 2015D
5
.000
07/01/44
424,968
800,000
Massachusetts Development Finance Agency, Revenue Bonds,
CHF Wentworth , Inc. Issue, Pike Student Housing Project,
Series 2026A
5
.375
07/01/61
771,974
3,805,000
(h)
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute, Series 2026Q, (UB)
5
.500
12/01/56
4,004,057
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MASSACHUSETTS
(continued)
$
980,000
Massachusetts Development Finance Agency, Revenue Bonds,
Smith College, Series 2025
4
.000
%
07/01/45
$
935,507
420,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2025N-2
5
.000
07/01/35
454,101
760,000
(h)
Massachusetts Housing Finance Agency, Single Family Housing
Revenue Bonds, Taxable Social Series 2026-253, (UB)
4
.750
12/01/46
757,765
495,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan Series 2025G
5
.000
12/01/45
527,709
TOTAL MASSACHUSETTS
7,876,081
MICHIGAN - 3.6% (2.5% of Total Investments)
2,770,255
(d)
Detroit City & General Retirement System Service Corporation,
Michigan, Certificates of Participation, Taxable Series 2005A -
FGIC Insured
3
.000
06/15/26
3,109,611
830,000
Detroit Regional Convention Authority, Michigan, Special Tax
Revenue Bonds, Refunding Series 2024C
5
.000
10/01/37
885,010
2,444,995
(b),(g)
Detroit, Wayne County, Michigan, General Obligation Bonds,
Financial Recovery Series 2014B-1
4
.000
04/01/44
1,920,959
510,000
Great Lakes Water Authority, Michigan, Sewer Disposal System
Revenue Bonds, Second Lien Series 2025C
5
.500
07/01/50
544,439
870,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Second Lien Series 2025D
5
.500
07/01/50
928,748
1,100,000
Great Lakes Water Authority, Michigan, Water Supply Revenue
Bonds, Senior Lien Series 2025C
5
.250
07/01/50
1,155,284
2,000,000
Huron Valley School District, Oakland and Livingston Counties,
Michigan, General Obligation Bonds, School Building & Site
Series 2026-I
5
.000
05/01/44
2,131,048
2,000,000
Huron Valley School District, Oakland and Livingston Counties,
Michigan, General Obligation Bonds, School Building & Site
Series 2026-I
5
.000
05/01/45
2,122,120
665,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5
.000
07/01/41
703,229
690,000
Michigan Finance Authority, Local Government Loan Program
Revenue Bonds, Public Lighting Authority Refunding Local
Project, Refunding Series 2025A - BAM Insured
5
.000
07/01/42
727,794
1,100,000
Michigan Hospital Finance Authority, Hospital Revenue Bonds,
Corewell Health, Series 2025A
5
.000
08/15/43
1,148,816
1,500,000
Michigan Hospital Finance Authority, Hospital Revenue Bonds,
Corewell Health, Series 2025A
5
.000
08/15/46
1,552,662
2,230,000
(h)
Michigan Housing Development Authority, Rental Housing
Revenue Bonds, Series 2023A, (UB)
5
.100
10/01/53
2,243,851
1,720,000
Michigan Strategic Fund, Limited Obligation Revenue Bonds,
I-75 Improvement Project, Series 2018, (AMT)
5
.000
12/31/43
1,729,819
125,000
(a)
Michigan Strategic Fund, Limited Obligation Tax Capture
Revenue Bonds, Bedrock Detroit Transformational Brownfield
Plan Project, Series 2026
5
.500
10/01/53
125,639
1,070,000
Wayne County Airport Authority, Michigan, Revenue Bonds,
Detroit Metropolitan Wayne County Airport, Series 2023B -
AGM Insured, (AMT)
5
.250
12/01/37
1,155,375
TOTAL MICHIGAN
22,184,404
MINNESOTA - 1.2% (0.9% of Total Investments)
1,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
4
.250
02/15/48
882,892
1,000,000
Minneapolis-Saint Paul Metropolitan Council, Minnesota,
General Obligation Wastewater Revenue Bonds, Refunding
Series 2026A
5
.000
03/01/41
1,088,555
3,745,000
(a)
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Community School of
Excellence, Series 2023
5
.500
03/01/53
3,676,511
Portfolio of Investments July 31, 2026
(continued)
NDMO
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
(continued)
$
1,140,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Hope Community
Academy Project, Series 2020A
5
.000
%
12/01/55
$
822,885
1,210,000
(a)
Woodbury, Minnesota, Charter School Lease Revenue Bonds,
Math and Science Academy, Refunding Series 2025
5
.500
06/01/55
1,113,507
TOTAL MINNESOTA
7,584,350
MISSISSIPPI - 0.5% (0.3% of Total Investments)
1,190,000
(h)
Warren County, Mississippi, Certificates of Participation, Lease
Purchase Jail Project Series 2023 - BAM Insured, (UB)
6
.000
09/01/48
1,278,526
1,580,000
(h)
Warren County, Mississippi, Certificates of Participation, Lease
Purchase Jail Project Series 2023 - BAM Insured, (UB)
6
.000
09/01/53
1,679,094
TOTAL MISSISSIPPI
2,957,620
MISSOURI - 0.8% (0.5% of Total Investments)
775,000
(a)
Missouri Development Finance Board, Tax Increment and
Special District Revenue Bonds, Lakeport Village Project, Series
2025A
6
.500
06/15/45
790,141
500,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Truman Medical Center, Inc., Pass-
Through Certificate Series 2017
4
.250
12/01/42
439,452
875,000
Poplar Bluff, Missouri, Tax Increment Revenue Bonds, Eight
Points Redevelopment Project, Refunding Series 2026A
4
.500
11/01/35
861,453
2,625,000
Saint Louis Municipal Finance Corporation, Missouri, Leasehold
Revenue Bonds, Convention Center, Expansion & Improvement
Projects Series 2020 - AGM Insured
5
.000
10/01/45
2,685,634
TOTAL MISSOURI
4,776,680
NEBRASKA - 2.7% (1.8% of Total Investments)
9,300,000
Boys Town Village, Nebraska, Revenue Bonds, Boys Town
Project Series 2026
5
.000
07/01/46
9,570,317
2,500,000
(b)
Central Plains Energy Project, Nebraska, Gas Project Revenue
Bonds, Project 5, Series 2022-1, (Mandatory Put 10/01/29)
5
.000
05/01/53
2,589,668
3,555,000
(c),(h)
Nebraska Investment Finance Authority, Single Family Housing
Revenue Bonds, Taxable Series 2026D, (UB)
4
.700
09/01/46
4,219,335
TOTAL NEBRASKA
16,379,320
NEVADA - 1.4% (1.0% of Total Investments)
1,000,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5
.000
06/15/38
1,099,177
1,000,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5
.000
06/15/39
1,089,579
1,500,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5
.000
06/15/42
1,605,045
1,000,000
Clark County School District, Nevada, General Obligation
Bonds, Refunding Limited Tax Building Series 2026A
5
.000
06/15/43
1,065,327
1,832,349
(a),(d)
Director of Nevada State Department of Business & Industry,
Environmental Improvement Revenue Bonds, Fulcrum Sierra
BioFuels LLC Project, Green Series 2020
6
.750
02/15/38
18
420,000
Las Vegas, Nevada, Local Improvement Bonds, Special
Improvement District 611 Sunstone Phase I and II, Series 2020
4
.000
06/01/40
383,419
1,500,000
Nevada State, General Obligation Bonds, Limited Tax Capital
Improvement, Historic Preservation & Open Space Series
2026A
5
.000
05/01/40
1,635,598
1,500,000
Nevada State, General Obligation Bonds, Limited Tax Capital
Improvement, Historic Preservation & Open Space Series
2026A
5
.000
05/01/41
1,625,302
TOTAL NEVADA
8,503,465
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW HAMPSHIRE - 2.5% (1.7% of Total Investments)
$
500,000
(a),(f)
National Finance Authority Special Revenue Capital
Appreciation Bonds, New Hampshire, The Astro Sunterra
Projects, Waller County, Texas Municipal Utility Districts, Series
2026.
0
.000
%
12/15/34
$
288,885
500,000
(a)
National Finance Authority, New Hampshire, Resource
Recovery Revenue Bonds, Covanta Project, Refunding Series
2018B
4
.625
11/01/42
443,393
5,130,000
(a)
National Finance Authority, New Hampshire, Special
Revenue Bonds, Bridgeland Water & Utility Districts
418,489,492,493,157 & 159, Series 2025
5
.875
12/15/33
5,102,712
2,473,000
(a)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Forestar Group Houston Area Projects, Fort Bend,
Galveston, Montgomery, and Walker Counties, Texas, Series
2026
6
.500
12/01/34
2,473,987
393,000
(a)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Mill Creek Project, Montgomery County, Texas Series
2025
5
.950
12/01/31
392,785
2,000,000
(a)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Tamarron Project, Fort Bend County, Texas, Series 2024
5
.250
12/01/35
1,973,901
1,186,000
(a),(f)
National Finance Authority, New Hampshire, Special Revenue
Bonds, The Chambers Creek Project, Montgomery County,
Texas Municipal Utility Districts, Capital Appreciation Series
2025
0
.000
12/15/32
775,944
283,000
(a),(f)
National Finance Authority, New Hampshire, Special Revenue
Bonds, Wildflower Project, Denton County, Texas, Capital
Appreciation Series 2025
0
.000
12/15/33
180,879
550,000
(f)
National Finance Authority, New Hampshire, Special Revenue
Capital Appreciation Bonds, LGI Homes Project, Denton,
Galveston, Harris, Montgomery & Williamson Counties, Texas
Municipal Utility District, Texas Municipal Utility District, Blue
Sky Project Cal
0
.000
12/15/41
207,726
4,000,000
(a)
New Hampshire Health and Education Facilities Authority,
Revenue Bonds, Covenant Health Group Series 2023
4
.000
07/01/37
3,643,911
TOTAL NEW HAMPSHIRE
15,484,123
NEW JERSEY - 1.4% (1.0% of Total Investments)
1,075,000
(a)
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A
7
.000
06/15/30
1,074,990
650,000
(a)
New Jersey Economic Development Authority, New Jersey,
Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail
Terminal Project, Series 2025, (AMT)
6
.375
01/01/35
684,430
750,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3
.375
07/01/30
740,230
2,000,000
(f)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2008A
0
.000
12/15/37
1,250,165
1,295,000
(f)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2008A
0
.000
12/15/38
765,183
4,970,000
(f)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2009A
0
.000
12/15/39
2,779,649
705,000
(c)
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2027A
5
.000
01/01/33
765,820
705,000
(c)
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 2027A
5
.000
01/01/34
770,063
TOTAL NEW JERSEY
8,830,530
NEW MEXICO - 1.2% (0.8% of Total Investments)
620,000
(c),(h)
New Mexico Mortgage Finance Authority, Single Family
Mortgage Program Bonds, Class 1 Series 2026E, (UB)
4
.700
09/01/46
618,050
6,726,000
(a)
Winrock Town Center Tax Increment Development District
1, Albuquerque, New Mexico, Gross Receipts Tax Increment
Bonds, Subordinate Lien Series 2020
8
.000
05/01/40
6,719,460
TOTAL NEW MEXICO
7,337,510
Portfolio of Investments July 31, 2026
(continued)
NDMO
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK - 8.6% (5.9% of Total Investments)
$
3,750,000
(a)
Build New York City Resource Corporation, New York, Revenue
Bonds, Riverspring Health Senior Living Inc Project, TEMPS-85
Series 2026B-1
5
.650
%
12/15/32
$
3,679,909
1,240,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Albert Einstein College of Medicine, Inc, Series 2023
7
.250
06/01/55
1,281,515
5,000,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5
.500
06/01/55
4,352,144
1,210,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5
.000
06/01/40
1,126,053
3,000,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5
.000
06/01/55
2,426,958
955,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Medical Center, Series 2024
5
.250
11/01/42
985,342
770,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Medical Center, Series 2024
5
.250
11/01/43
792,015
150,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Medical Center, Series 2024
5
.500
11/01/47
155,418
750,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2026
7
.000
12/01/51
735,238
450,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5
.250
10/01/49
459,875
7,630,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series
2016B
5
.000
07/01/32
7,633,037
1,095,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series
2016B
5
.000
07/01/35
1,095,290
750,000
(g)
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016C
5
.625
01/01/55
675,660
1,270,000
(h)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Green Series 2026E-1-A, (UB)
4
.750
11/01/46
1,256,261
410,000
(a)
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class
F Series 2024
5
.250
12/15/31
419,377
140,000
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street,
Taxable Class E Series 2024
4
.375
12/15/31
141,445
675,000
New York Convention Center Development Corporation, New
York, Revenue Bonds, Hotel Unit Fee Secured, Refunding
Senior Lien Series 2026A
5
.000
11/15/43
723,473
550,000
(c)
New York Convention Center Development Corporation, New
York, Revenue Bonds, Hotel Unit Fee Secured, Refunding
Senior Lien Series 2026B
5
.000
11/15/46
577,757
450,000
New York State Housing Finance Agency, State Personal
Income Tax Revenue Bonds, Economic Development and
Housing Sustainability Green Series 2024C
4
.000
12/15/39
437,483
630,000
New York State Housing Finance Agency, State Personal
Income Tax Revenue Bonds, Economic Development and
Housing Sustainability Green Series 2024C
4
.300
12/15/44
609,701
2,500,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5
.000
07/01/41
2,500,353
6,880,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5
.250
08/01/31
7,126,638
3,400,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5
.375
08/01/36
3,524,966
395,000
New York Transportation Development Corporation, New
York, Special Facility Revenue Bonds, New Terminal 1 John
F Kennedy International Airport Project, Green Series 2023,
(AMT)
5
.500
06/30/39
413,235
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW YORK
(continued)
$
165,000
New York Transportation Development Corporation, New
York, Special Facility Revenue Bonds, New Terminal 1 John
F Kennedy International Airport Project, Green Series 2023,
(AMT)
5
.500
%
06/30/40
$
172,117
3,000,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2020, (AMT)
5
.000
10/01/40
3,058,533
1,600,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
6
.000
04/01/35
1,764,216
2,805,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
5
.625
04/01/40
2,974,286
1,370,000
(h)
Triborough Bridge and Tunnel Authority, New York, Real Estate
Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA
Capital Lockbox Fund, Series 2025A, (UB)
5
.250
12/01/54
1,420,777
TOTAL NEW YORK
52,519,072
NORTH CAROLINA - 0.1% (0.0% of Total Investments)
370,000
North Carolina Medical Care Commission, Retirement Facilities
First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series
2021
4
.000
09/01/46
323,184
TOTAL NORTH CAROLINA
323,184
OHIO - 2.2% (1.5% of Total Investments)
1,995,000
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Refunding
Senior Lien Series 2020B-2 Class 2
5
.000
06/01/55
1,511,166
250,000
(a)
Columbus-Franklin County Finance Authority, Ohio, Multifamily
Housing Revenue Bonds, Vivera Brookshire Project, Series
2026A
6
.300
01/01/46
249,811
250,000
(a)
Columbus-Franklin County Finance Authority, ohio,Multifamily
Housing Revenue Bonds, Vivera Rosewood Project, Series
2026A.
6
.300
01/01/46
249,811
550,000
Dayton-Montgomery County Port Authority, Ohio,
Development Revenue Bonds, Dayton Regional Stem Schools
Inc. Project, Series 2024
5
.000
12/01/44
552,215
400,000
Dayton-Montgomery County Port Authority, Ohio,
Development Revenue Bonds, Dayton Regional Stem Schools
Inc. Project, Series 2024
5
.000
12/01/60
383,873
675,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5
.500
08/01/42
704,270
1,270,000
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC
Health, Series 2025A
5
.500
08/01/43
1,322,602
400,000
Montgomery County, Ohio, Health Care Facilities Revenue
Bonds, Solvita Project Refunding and Improvement Series 2024
5
.250
09/01/49
401,308
450,000
(a)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Ashford at Central Park Project, Series 2026A
6
.250
01/01/46
456,408
225,000
(a)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Green Oaks of Grove City Project, Series 2026A
6
.125
01/01/46
227,300
250,000
(a)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Silver Birch of Mansfield Project, Series 2024
6
.000
01/01/45
253,594
6,000,000
(c),(h)
Ohio Housing Finance Agency, Residential Mortgage Revenue
Bonds, Social Series 2026C, (UB)
4
.850
09/01/46
6,009,073
200,000
(a)
Port of Greater Cincinnati Development Authority, Ohio,
Special Obligation Development Revenue Bonds, Convention
Center Hotel Project, Refunding Senior Lien Series 2026
5
.750
03/01/59
193,861
1,010,000
University of Cincinnati, Ohio, General Receipts Bonds, Series
2025A
5
.250
06/01/43
1,086,682
TOTAL OHIO
13,601,974
OKLAHOMA - 0.9% (0.6% of Total Investments)
5,000,000
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,
American Airlines Inc., Series 2025, (AMT)
6
.250
12/01/35
5,594,438
TOTAL OKLAHOMA
5,594,438
Portfolio of Investments July 31, 2026
(continued)
NDMO
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OREGON - 0.2% (0.1% of Total Investments)
$
1,165,000
Astoria Hospital Facilities Authority, Oregon, Hospital Revenue
Bonds, Columbia Memorial Hospital Project, Series 2024
5
.250
%
08/01/49
$
1,169,345
TOTAL OREGON
1,169,345
PENNSYLVANIA - 8.2% (5.6% of Total Investments)
1,000,000
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, University of Pittsburgh Medical
Center, Series 2019A
4
.000
07/15/37
966,762
835,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront
Project, Senior Series 2021
6
.000
05/01/42
874,392
4,000,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Project, Series 2024
5
.000
05/01/42
4,114,458
3,000,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Refunding Project, Series 2017
5
.000
05/01/42
3,004,721
1,625,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts
Project, Series 2023
6
.250
05/01/42
1,648,682
1,000,000
(a)
Dauphin County General Authority, Pennsylvania, Revenue
Bonds, Harrisburg University of Science & Technology Project,
Series 2017
5
.125
10/15/41
550,000
2,000,000
(a)
Dauphin County General Authority, Pennsylvania, Revenue
Bonds, Harrisburg University of Science & Technology Project,
Series 2020
6
.250
10/15/53
1,100,000
9,000,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series
2017A-2
5
.000
02/15/39
9,056,852
1,000,000
(a)
Lehigh County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Provident Group -Lehigh Valley International
Airport Hotel Project First Tier Series 2025A-2
5
.750
01/01/65
969,226
1,065,000
(a)
Lehigh County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Provident Group -Lehigh Valley International
Airport Hotel Project Second Tier Series 2025C
6
.750
01/01/65
1,033,116
2,715,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Whitemarsh Continuing Care
Retirement Community Project, Series 2018A
5
.000
01/01/38
2,718,770
1,300,000
(d),(i)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless
Hills LLC Project, Series 2021A
10
.000
12/01/31
130
300,000
(b)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, PPL Energy Supply, LLC
Project, Refunding Series 2009C, (Mandatory Put 6/01/27)
5
.250
12/01/37
300,224
2,960,000
(f)
Pennsylvania Economic Development Financing Authority,
Parking System Revenue Bonds, Capitol Region Parking
System, Junior Guaranteed Series 2013B - BAM Insured
0
.000
01/01/45
1,186,373
2,040,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2017A
4
.000
11/15/42
1,868,656
1,100,000
(a),(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Noble Environmental,
Inc. Project, Series 2026, (AMT), (Mandatory Put 3/01/31)
5
.450
03/01/56
1,129,333
1,645,000
(b),(h)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2023-143A, (UB)
5
.450
04/01/51
1,679,631
2,545,000
(h)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2024-145A, (UB)
4
.750
10/01/49
2,521,653
2,545,000
(h)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2025-148A, (UB)
4
.800
10/01/55
2,440,016
8,000,000
(h)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2026-153A, (UB)
4
.900
10/01/50
7,839,958
1,000,000
Pennsylvania State, General Obligation Bonds, First Series
2026
5
.000
04/01/40
1,094,232
1,410,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding First Series 2026
5
.000
12/01/40
1,532,203
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
880,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding First Series 2026
5
.000
%
12/01/42
$
948,800
455,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5
.000
12/01/38
500,758
625,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5
.000
12/01/43
670,906
465,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2026A
5
.000
12/01/44
495,683
TOTAL PENNSYLVANIA
50,245,535
PUERTO RICO - 6.5% (4.5% of Total Investments)
5,950,000
(f)
Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-
Backed Bonds, Series 2008A
0
.000
05/15/57
237,233
3,500,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
5
.000
07/01/37
3,648,012
6,500,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue
Bonds, Refunding Senior Lien Series 2021B
4
.000
07/01/42
6,238,431
8,000,000
(d)
Puerto Rico Electric Power Authority, Revenue Bonds, Series
2010XX
5
.250
07/01/40
5,522,772
409,281
Puerto Rico Highway and Transportation Authority Highway
Revenue Bonds Series 2022
5
.250
07/01/38
409,368
2,150,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.550
07/01/40
2,130,536
9,871,190
Puerto Rico, GDB Debt Recovery Authority Commonwealth
Bonds, Taxable Series 2018
7
.500
08/20/40
9,757,813
8,359,678
Puerto Rico, General Obligation Bonds, Clawback Highway
Transportation Authority Claims Taxable Series 2022
1
.000
11/01/51
6,113,015
1,029,483
(f)
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
0
.000
07/01/33
748,482
64
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/35
63
1,117,147
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/37
1,092,819
85
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
80
5,267,007
Puerto Rico, General Obligation Bonds, Vintage CW NT Claims
Taxable Series 2022
0
.000
11/01/43
3,759,326
TOTAL PUERTO RICO
39,657,950
RHODE ISLAND - 0.3% (0.2% of Total Investments)
1,820,000
(h)
Rhode Island Housing and Mortgage Finance Corporation,
Homeownership Opportunity Bonds, Social Series 89-A, (UB)
4
.700
10/01/46
1,812,778
TOTAL RHODE ISLAND
1,812,778
SOUTH CAROLINA - 0.7% (0.5% of Total Investments)
1,000,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Columbia College,
Refunding Series 2020A
5
.625
10/01/40
956,387
1,000,000
(a)
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Horse Creek Academy
Project, Series 2021A
5
.000
11/15/55
860,879
2,170,000
South Carolina Jobs-Economic Development Authority, Health
Care Facilities Revenue Bonds, Novant Health Group, Series
2024A
5
.500
11/01/49
2,286,281
250,000
South Carolina Jobs-Economic Development Authority,
Healthcare Revenue Bonds, Beaufort Memorial Hospital &
South of Broad Healthcare Project, Series 2024
5
.500
11/15/44
254,404
TOTAL SOUTH CAROLINA
4,357,951
Portfolio of Investments July 31, 2026
(continued)
NDMO
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TENNESSEE - 1.8% (1.3% of Total Investments)
$
410,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
%
12/01/40
$
438,347
485,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/41
516,289
1,395,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/42
1,479,138
1,195,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/43
1,261,888
2,205,000
Chattanooga Health, Educational and Housing Facility Board,
Tennessee, Health System Revenue Bonds, Erlanger Health
Series 2024
5
.250
12/01/44
2,316,242
650,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Belmont University, Series 2023
5
.000
05/01/40
674,082
1,230,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University Medical Center, Series 2026B
5
.000
07/01/37
1,341,403
2,905,000
Metropolitan Government of Nashville-Davidson County
Health and Educational Facilities Board, Tennessee, Revenue
Bonds, Vanderbilt University, Series 2023A
5
.000
07/01/33
3,155,737
TOTAL TENNESSEE
11,183,126
TEXAS - 6.9% (4.8% of Total Investments)
500,000
(a)
Abilene Convention Center Hotel Development Corporation,
Texas, Hotel Revenue Bonds, Second-Lien Series 2021B
5
.000
10/01/50
422,362
1,005,000
Arlington Higher Education Finance Corporation, Texas,
Education Revenue Bonds, Brooks Academies, Series 2021A
4
.000
06/15/31
932,639
725,000
Austin, Texas, General Obligation Bonds, Refunding & Public
Improvement Series 2025
5
.000
09/01/43
772,765
940,000
Board of Regents of the University of Texas System, Revenue
Financing System Bonds, Series 2026A
4
.000
08/15/44
896,147
325,000
(a)
Buda, Texas, Special Assessment Revenue Bonds, Persimmon
Public improvement District Improvement Area 1 Project,
Series 2025
5
.875
09/01/45
328,835
500,000
(a)
Buda, Texas, Special Assessment Revenue Bonds, Persimmon
Public improvement District Major Improvement Area Project,
Series 2025
6
.750
09/01/55
491,672
225,000
(a)
City of Midlothian, Texas, Westside Preserve Public
Improvement District Improvement Area #1 Project Special
Assessment Revenue Bonds Series 2022
4
.750
09/15/32
224,907
800,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/40
866,019
440,000
Conroe Independent School District, Montgomery County,
Texas, General Obligation Bonds, School Building Series 2026
5
.000
02/15/41
472,778
325,000
(a)
Denton County, Texas, Special Assessment Revenue
Bonds, Green Meadows Public Improvement District Major
Improvement Area Project, Series 2025
6
.125
12/31/55
333,339
215,000
(a)
Denton County, Texas, Special Assessment Revenue Bonds,
Green Meadows Public Improvement District, Improvement
Area 1 Project, Series 2025
5
.375
12/31/45
221,700
540,000
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/38
585,181
580,000
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/39
623,890
370,000
El Paso Independent School District, El Paso County, Texas,
General Obligation Bonds, Refunding Series 2026A
5
.000
08/15/41
394,785
1,280,000
Fort Bend County Industrial Development Corporation, Texas,
Revenue Bonds, NRG Energy Inc. Project, Series 2012B
4
.750
11/01/42
1,275,274
1,625,000
FW Skyline Public Facility Corp Residential Development,
Texas, Revenue Bonds, Skyline Prairie Homes Project Series
2026
4
.250
04/01/39
1,561,213
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
570,000
Galveston, Texas, Wharves and Terminal First Lien Revenue
Bonds, Series 2023, (AMT)
6
.000
%
08/01/43
$
620,550
2,325,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Catering Operations Facility Project,
Series 2026, (AMT)
5
.500
07/15/35
2,501,408
1,150,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Ground Services Equipment Facility
Project, Series 2026, (AMT)
5
.500
07/15/36
1,241,834
1,000,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5
.500
07/15/36
1,079,952
1,000,000
Houston, Texas, Airport System Special Facilities Revenue
Bonds, United Airlines, Inc. Terminal Improvements Project,
Series 2024B, (AMT)
5
.500
07/15/38
1,065,941
5,610,000
Love Field Airport Modernization Corporation, Texas, General
Airport Revenue Bonds, Refunding Series 2021 - AGM Insured,
(AMT)
4
.000
11/01/38
5,360,000
1,500,000
Matagorda County Navigation District 1, Texas, Pollution
Control Revenue Bonds, AEP Texas Central Company Project,
Remarketing, Series 2008-1
4
.000
06/01/30
1,500,451
625,000
(a)
McLendon-Chisholm, Texas, Special Assessment Revenue
Bonds, Sonoma Public Improvement  District Improvement
Area 3 Project, Series 2021
3
.625
09/15/41
539,261
500,000
(a)
Mesquite, Texas, Special Assessment Revenue Bonds, Solterra
Public Improvement District Improvement Area A-1 Projects,
Series 2023
5
.500
09/01/43
517,123
375,000
(a)
Mission Economic Development Corporation, Texas, Utility
Revenue Bonds, Permian Basin Water Resources Project, Series
2025A, (AMT)
6
.750
08/15/45
384,610
1,025,000
(a)
Mission Economic Development Corporation, Texas, Utility
Revenue Bonds, Permian Basin Water Resources Project, Series
2025A, (AMT)
7
.000
08/15/60
1,041,785
4,175,000
(a)
New Hope Cultural Education Facilities Finance Corporation,
Texas, Education Revenue Bonds, Southwest Preparatory
School, Series 2020A
5
.000
08/15/50
3,735,341
450,000
(a)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
6
.125
09/15/45
469,605
185,000
(a)
Pilot Point, Denton, Grayson, and Cooke Counties, Texas,
Special Assessment Revenue Bonds, Bryson Ranch Public
Improvement District Zone A Improvement Area 1 Project,
Series 2025
7
.125
09/15/55
189,859
8,845,000
(a)
Port Beaumont Industrial Development Authority, Texas, Facility
Revenue Bonds, Jefferson Gulf Coast Energy Project, Series
2021B
4
.100
01/01/28
8,136,296
155,000
(a)
Princeton, Texas, Special Assessment Revenue Bonds,
Winchester Crossing Public Improvement District 3 Project,
Series 2024
5
.125
09/01/44
153,832
1,900,000
(a)
Sachse, Texas, Special Assessment Bonds, Sachse Public
Improvement District 1 Major Improvement Area Project, Series
2020
5
.375
09/15/40
1,950,632
950,000
(h)
Texas Department of Housing and Community Affairs,
Residential Mortgage Revenue Bonds, PAC Series 2026B, (UB)
4
.700
07/01/46
947,316
700,000
Texas Private Activity Bond Surface Transportation Corporation,
Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-
635 Managed Lanes Project, Refunding  Series 2020A
4
.000
06/30/40
653,110
TOTAL TEXAS
42,492,412
Portfolio of Investments July 31, 2026
(continued)
NDMO
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTAH - 5.4% (3.7% of Total Investments)
$
1,948,630
(a)
Black Desert Public Infrastructure District, Washington County,
Utah, Special Assessment Bonds, Black Desert Assessment
Area 1, Series 2024
5
.625
%
12/01/53
$
1,974,769
500,000
(a)
Deseret Public Infrastructure District 2, Tooele County, Utah,
Special Assessment Bonds, Deseret Assessment Area 1, Series
2026
6
.125
12/01/46
506,019
480,000
(a)
Downtown Daybreak Public Infrastructure District 1, Utah, Tax
Increment Revenue Bonds, Series 2026
5
.000
03/01/41
481,617
1,795,000
(a)
High Star Ranch Infrastructure Financing District, Utah, Special
Assessment Bonds, High Star Ranch Assessment Area, Series
2026
6
.250
12/01/55
1,809,319
500,000
(a),(g)
Mida Cormont Public Infrastructure District, Utah, Limited Tax
General Obligation Bonds, Series 2025A-2
6
.750
06/01/55
437,737
4,250,000
(a)
MIDA Mountain Veterans Program Public Infrastructure District,
Utah, Tax Allocation Revenue Bonds, Series 2024
5
.200
06/01/54
4,135,067
1,000,000
(a),(g)
Nordic Village Public Infrastructure District 1, Ogden Valley
City, Weber County, Utah, Tax Increment Revenue Bonds,
Convertible Capital Appreciation Series 2026A
6
.750
07/01/44
824,323
5,000,000
(a)
Nordic Village Public Infrastructure District 1, Weber County,
Utah, Limited Tax General Obligation and Special Revenue
Bonds, Series 2025
6
.500
03/01/55
5,133,532
3,340,000
(a)
Promontory Commerce Center Public Infrastructure District
1, Utah, Special Assessment Bonds, Promontory Commerce
Center Assessment Area, Series 2026
6
.750
12/01/55
3,411,560
500,000
(a)
Red Bridge Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Series 2021A
4
.125
02/01/41
432,641
1,000,000
Resort Core Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Series 2026A-1
5
.875
03/01/57
1,012,177
3,000,000
Resort Core Public Infrastructure District 1, Utah, Limited Tax
General Obligation Bonds, Subordinate Series 2026B
8
.250
03/15/57
3,053,900
1,000,000
(a)
Ridges Estates Infrastructure Financing District, Utah, Special
Assessment Bonds, Alpine Hollow Assessment Area, Series
2025
6
.250
12/01/53
1,027,377
1,400,000
(a)
Tech Ridge Public Infrastructure District, St. George,
Washington County, Utah, Special Assessment and Tax
Increment Bonds, Tech Ridge Assessment Area, Series 2025
6
.250
12/01/54
1,440,211
915,000
(a)
Utah Charter School Finance Authority, Charter School
Revenue Bonds, Paradigm High School Project, Series 2020A
5
.125
07/15/51
763,292
350,000
Utah City West Public Infrastructure District No.1, Special
Assessment Bonds, Utah City West Assessment Aera No.1,
Series 2026
5
.500
12/01/46
354,210
530,000
Utah City West Public Infrastructure District No.1, Special
Assessment Bonds, Utah City West Assessment Aera No.1,
Series 2026
5
.875
12/01/55
536,548
1,000,000
(a)
Ventana Resort Village Public Infrastructure District, Utah,
General Obligation Bonds, Limited Tax Series 2024
5
.500
03/01/54
985,033
1,685,000
(a)
Verk Industrial Regional Public Infrastructure District, Utah, Tax
Differential Revenue Bonds, Series 2025
6
.625
09/01/47
1,779,918
500,000
(a)
Wakara Ridge Public Infrastructure District, Utah, Special
Assessment Bonds, Wakara Ridge Assessment Area, Series
2025
5
.625
12/01/54
508,769
2,540,000
(a)
Wohali Public Infrastructure District 1, Utah, Special Assessment
Revenue Bonds, Assessment Area 1 Series 2023
7
.000
12/01/42
2,280,556
TOTAL UTAH
32,888,575
VIRGIN ISLANDS - 1.2% (0.9% of Total Investments)
2,380,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmana's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
5
.750
02/01/45
2,372,444
2,200,000
Virgin Islands Hotel Development Financing Corporation, Hotel
Revenue Bonds Frenchmana's Reef Hotel Acquisition Project,
Senior Lien Series 2025A-1
6
.000
12/01/55
2,184,296
1,250,000
(a)
Virgin Islands Public Finance Authority, Revenue Bonds,
Frenchman's Reef Hotel Development Hotel Occupancy Series
2024A
6
.000
04/01/53
1,251,838
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGIN ISLANDS
(continued)
$
750,000
Virgin Islands Transportation & Infrastructure Corporation,
Virgin Islands, Grant Anticipation Revenue Bonds, Federal
Highway Grant Anticipation Revenue Loan Note, Series 2025
5
.000
%
09/01/42
$
788,048
1,000,000
(a)
West Indian Company Limited, Virgin Islands, Port Facilities
Revenue Bonds WICO Financing Series 2022A
6
.125
10/01/42
948,377
TOTAL VIRGIN ISLANDS
7,545,003
VIRGINIA - 1.1% (0.8% of Total Investments)
1,640,000
(a)
Cherry Hill Community Development Authority, Virginia,
Special Assesment Bonds, Potomac Shores Project, Series 2015
5
.400
03/01/45
1,641,263
2,685,000
(h)
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2026H, (UB)
4
.700
07/01/46
2,660,585
1,600,000
Virginia Small Business Financing Authority, Revenue Bonds,
Elizabeth River Crossing OPCO, LLC Project, Refunding Senior
Lien Series 2022, (AMT)
4
.000
01/01/40
1,505,011
975,000
(a)
Virginia Small Business Financing Authority, Tourism
Development Financing Program Revenue Bonds, Virginia
Beach Oceanfront South Hotel Project, Senior Series 2020A-1
8
.000
10/01/43
951,251
TOTAL VIRGINIA
6,758,110
WASHINGTON - 3.3% (2.3% of Total Investments)
660,000
(b)
Washington Economic Development Finance Authority, Port
Revenue Bonds, Husky Terminal Improvement Project, Series
2025, (AMT), (Mandatory Put 12/01/30)
5
.875
12/01/45
669,097
1,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.000
09/01/41
1,046,956
1,000,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.000
09/01/42
1,041,966
1,550,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.000
09/01/45
1,590,319
1,795,000
Washington Health Care Facilities Authority, Revenue Bonds,
CommonSpirit Health, Series 2025A
5
.250
09/01/50
1,868,470
1,770,000
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Health & Services, Series 2014D
5
.000
10/01/41
1,770,340
1,915,000
(b)
Washington Health Care Facilities Authority, Revenue Bonds,
Providence Saint Joseph Health, Refunding Series 2021B,
(Mandatory Put 10/01/30)
4
.000
10/01/42
1,935,611
1,000,000
Washington State Housing Finance Commission, Nonprofit
Housing Revenue Bonds, Horizon House Project, Refunding
Series 2025A
6
.250
01/01/56
1,024,433
2,690,000
(h)
Washington State Housing Finance Commission, Single Family
Program Bonds, Social Series 2026-1N, (UB)
4
.750
12/01/46
2,679,786
5,520,669
Washington State Housing Finance Commission, Social
Municipal Certificates Multifamily Revenue Bonds, Series 2023-
1 Class A
3
.375
04/20/37
5,059,079
1,500,000
Washington State, General Obligation Bonds, Motor Vehicle
Fuel Tax & Related Fees Series 2026D
5
.000
06/01/41
1,633,094
TOTAL WASHINGTON
20,319,151
WEST VIRGINIA - 0.2% (0.2% of Total Investments)
100,000
(a)
Monongalia County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, University Town Centre Economic
Opportunity Development District, Subordinate Improvement
Series 2023A
7
.000
06/01/43
105,639
430,000
Ohio County Commission, West Virginia, Special District
Excise Tax Revenue Bonds, Fort Henry Economic Opportunity
Development District-the Highlands Project, Refunding &
Improvement Series 2025A
5
.250
06/01/45
453,956
200,000
(a),(b)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 3/27/35)
5
.450
01/01/55
215,876
700,000
(a),(b)
West Virginia Economic Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Core Natural Resources,
INC Project, AMT Series 2025, (AMT), (Mandatory Put 5/15/32)
4
.625
04/15/55
714,316
TOTAL WEST VIRGINIA
1,489,787
Portfolio of Investments July 31, 2026
(continued)
NDMO
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN - 7.6% (5.2% of Total Investments)
$
3,000,000
(a),(b),(g)
Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI
RNG Hub North LLC Renewable Natural Gas Production Plant
Project, Series 2021A
6
.500
%
12/31/52
$
2,234,702
6,350,000
(a)
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, Freedom Classical Academy Inc., Series 2020A
5
.000
01/01/56
5,245,661
390,000
Public Finance Authority of Wisconsin, Charter School Revenue
Bonds, North East Carolina Preparatory School Project,
Refunding Series 2024A
5
.000
06/15/44
383,023
1,360,000
(a)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
First Tier Series 2025
6
.150
01/01/55
1,319,505
2,265,000
(a)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Bonnie Cone Classical Academy, Series 2024
5
.500
06/15/49
1,792,973
175,000
Public Finance Authority of Wisconsin, Education Revenue
Bonds, Shining Rock Classical Academy, Series 2022A
6
.125
06/15/57
149,437
925,000
(a)
Public Finance Authority of Wisconsin, Education Revenue
Bonds, The Capitol Encore Academy, Series 2021A
5
.000
06/01/41
845,913
1,000,000
(a)
Public Finance Authority of Wisconsin, Educational Facility
Revenue Bonds, LEAD Academy Project, Series 2021
5
.000
08/01/51
738,816
1,670,000
(a)
Public Finance Authority of Wisconsin, Hotel Revenue
Bonds, Grand Hyatt San Antonio Hotel Acquisition Project,
Subordinate Lien Series 2022B
5
.625
02/01/46
1,704,865
2,000,000
(a)
Public Finance Authority of Wisconsin, Hotel Revenue
Bonds, Grand Hyatt San Antonio Hotel Acquisition Project,
Subordinate Lien Series 2022B
6
.000
02/01/62
2,032,255
5,000,000
(a)
Public Finance Authority of Wisconsin, Limited Obligation
PILOT Revenue Bonds, American Dream @ Meadowlands
Project, Series 2017
4
.060
12/01/50
3,900,000
3,000,000
(a)
Public Finance Authority of Wisconsin, Multifamily Housing
Revenue Bonds, Promenade Apartments Project, Series 2024
6
.250
02/01/39
3,019,403
999,574
Public Finance Authority of Wisconsin, Municipal Certificates,
Systima Series 2026-1 Class A-1
5
.400
06/20/44
1,029,767
189,919
Public Finance Authority of Wisconsin, Municipal Certificates,
Systima Series 2026-1 Class A-2
5
.750
06/20/44
193,420
1,000,000
(b)
Public Finance Authority of Wisconsin, Pollution Control
Revenue Bonds, Duke Energy Progress Project, Refunding
Series 2022B, (Mandatory Put 10/01/30)
4
.000
10/01/46
1,015,779
5,785,000
(f)
Public Finance Authority of Wisconsin, Revenue Anticipation
Capital Appreciation Bonds, Creekhaven, Wildrye, and Furst
Ranch Projects, Texas Infrastructure Program, Series 2026
0
.000
12/15/36
2,950,831
155,000
(a)
Public Finance Authority of Wisconsin, Revenue Bonds,
Inperium Project, Series 2026
6
.000
12/01/45
161,921
70,000
(a)
Public Finance Authority of Wisconsin, Revenue Bonds,
Inperium Project, Series 2026
6
.000
12/01/55
70,551
1,025,000
(a)
Public Finance Authority of Wisconsin, Revenue Bonds,
Revolution Academy, Refunding Series 2023A
6
.250
10/01/58
1,035,479
1,500,000
Public Finance Authority of Wisconsin, Revenue Bonds, Sky
Harbour LLC Obligated Group Aviation Facilities Project, Series
2021, (AMT)
4
.000
07/01/41
1,372,658
799,000
(a),(f)
Public Finance Authority of Wisconsin, Revenue Bonds,
Texas Infrastructure Program Revenue Anticipation Capital
Appreciation Ashland Project, Series 2026
0
.000
12/15/40
312,407
750,000
(a)
Public Finance Authority of Wisconsin, Revenue Bonds, Triad
Educational Services, Inc. Math & Science Academy, Series
2026
5
.000
06/15/36
753,185
1,000,000
(c)
Public Finance Authority of Wisconsin, Special Facility Revenue
Bonds, Million Air Two, LLC General Aviation Facilities Project,
Refunding Series 2026A
5
.375
06/01/46
992,310
100,000
(d),(i)
Public Finance Authority of Wisconsin, Wisconsin Revenue
Note, KDC Agribusiness LLC Project, Series 2022B
15
.000
12/31/26
10
439,000
(a),(f)
Public Finance Authority, Wisconsin, Revenue Bonds, Two Step
Project, Series 2024
0
.000
12/15/34
259,882
1,000,000
(a)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Senior Bonds, World Center Project Series 2024A
5
.000
06/01/41
1,008,261
25
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
500,000
(a)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Subordinate Bonds, World Center Project Series 2024B
8
.000
%
06/15/42
$
505,015
4,460,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
06/30/60
4,615,424
3,320,000
Public Finance Authority, Wisconsin, Toll Revenue Bonds,
Georgia SR 400 Express Lanes Project, Senior Lien Series 2025
5
.750
12/31/65
3,428,543
2,450,000
(f)
Wisconsin Center District, Dedicated Tax Revenue Bonds,
Senior Series 2020C
0
.000
12/15/45
952,517
150,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Phase 2 Project,
Series 2024
5
.450
10/01/39
155,653
2,500,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Froedtert Health, Inc. Obligated
Group, Series 2017A
4
.000
04/01/39
2,380,193
TOTAL WISCONSIN
46,560,359
TOTAL MUNICIPAL BONDS
(Cost $925,837,736)
890,191,230
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
13
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0% (0.0% of Total Investments)
13
CAPITAL GOODS - 0.0% (0.0% of Total Investments)
128,676
(d),(i),(j)
KDC Agribusiness Fairless Hills LLC
12
.000
09/17/26
13
TOTAL CAPITAL GOODS
13
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $128,676)
13
SHARES
DESCRIPTION
EXPIRATION
DATE
VALUE
17,340
WARRANTS - 0.0% (0.0% of Total Investments)
17,340
TRANSPORTATION - 0.0% (0.0% of Total Investments)
34,680
(i)
BL Train Holdings West LLC
11/26/35
17,340
TOTAL TRANSPORTATION
17,340
TOTAL WARRANTS
(Cost $0)
17,340
TOTAL LONG-TERM INVESTMENTS
(Cost $926,443,888)
890,576,708
FLOATING RATE OBLIGATIONS - (7.9)%
(
48,545,000
)
MFP SHARES, NET - (39.0)%(k)
(
239,732,758
)
OTHER ASSETS & LIABILITIES, NET -  1.9%
11,738,580
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
614,037,530
AMT
Alternative Minimum Tax
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse
Trust unless otherwise noted.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $311,852,258 or 35.0% of Total Investments.
(b)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(c)
When-issued or delayed delivery security.
(d)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(f)
Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial
period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference
between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(g)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
Portfolio of Investments July 31, 2026
(continued)
NDMO
26
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments, and the fair value of certain other assets and liabilities, when applica-
ble, as of the end of the reporting period, based on the inputs used to value them:
(h)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(i)
For fair value measurement disclosure purposes, investment classified as Level 3.
(j)
Senior loan received as part of the bondholder funding agreement during June 2023 for Pennsylvania Economic Development
Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%,
12/01/31.
(k)
MFP Shares, Net as a percentage of Total Investments is 26.9%.
NDMO
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Corporate Bonds
$
–
$
368,125
$
–
$
368,125
Municipal Bonds
–
890,191,090
140
890,191,230
Variable Rate Senior Loan Interests
–
–
13
13
Warrants
–
–
17,340
17,340
$
–
$
890,559,215
$
17,493
$
890,576,708
Liabilities at Fair Value:
Floating Rate Obligations
$
–
$
48,545,000
$
–
$
48,545,000
MFP Shares, Net
–
239,732,758
–
239,732,758
$
–
$
288,277,758
$
–
$
288,277,758