1
Portfolio of Investments July 31, 2026
NMI
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.6%
117910378
MUNICIPAL BONDS - 98.6%
117910378
ALABAMA - 3.2%
$
150,000
(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
$
148,809
250,000
(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
253,121
1,000,000
Homewood Educational Building Authority, Alabama, Revenue
Bonds, CHF-Horizons II, LLC Student Housing and Parking
Project at Samford University Series 2024C
5
.500
10/01/54
1,009,871
260,000
Jefferson County, Alabama, Sewer Revenue Warrants, Series
2024
5
.250
10/01/49
268,502
1,035,000
Mobile County Industrial Development Authority, Alabama,
Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC
Project, Series 2024B, (AMT)
4
.750
12/01/54
968,621
1,000,000
(a)
Southeast Energy Authority, Alabama, Commodity Supply
Revenue Bonds, Project 5, Series 2023A, (Mandatory Put
7/01/29)
5
.250
01/01/54
1,040,537
91,918
(b)
Tuscaloosa County Industrial Development Authority,
Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project,
Refunding Series 2019A
5
.250
05/01/44
93,159
TOTAL ALABAMA
3,782,620
ARIZONA - 3.2%
275,000
Arizona Industrial Development Authority Education Revenue
Bonds, Academies of Math & Science Projects, Series 2023
5
.250
07/01/43
275,814
665,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2024
4
.250
07/01/44
579,693
1,495,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019A
5
.000
07/01/49
1,518,415
515,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007
5
.250
12/01/28
533,733
1,000,000
(b)
Sierra Vista Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Desert Heights Charter
School Project, Refunding Series 2024
6
.125
06/01/57
929,684
TOTAL ARIZONA
3,837,339
ARKANSAS - 1.2%
1,000,000
(a),(b)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation Project, Series 2026B, (AMT), (Mandatory Put
3/03/36)
4
.250
09/01/46
995,604
200,000
(b)
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2022, (AMT)
5
.450
09/01/52
202,930
200,000
Arkansas Development Finance Authority, Arkansas,
Environmental Improvement Revenue Bonds, United States
Steel Corporation, Green Series 2023, (AMT)
5
.700
05/01/53
205,362
TOTAL ARKANSAS
1,403,896
CALIFORNIA - 6.5%
655,000
(a)
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2025C,
(Mandatory Put 10/01/33)
5
.000
12/01/55
674,757
260,000
California Community Choice Financing Authority, Clean
Energy Project Revenue Bonds, Green Series 2026E
5
.000
07/01/35
281,146
250,000
California Housing Finance Agency, California, Multifamily
Housing Revenue Bonds, Power Station Block 7B, Limited
Obligation Senior Series 2024L
5
.200
12/01/27
252,253
625,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2023B
5
.500
09/01/43
649,279
Portfolio of Investments July 31, 2026
(continued)
NMI
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
375,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Bold Program, Series 2024A
5
.000
%
09/01/48
$
376,998
500,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
500,032
1,000,000
(b)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.500
12/01/58
1,006,051
100,000
(b)
California Statewide Communities Development Authority,
Hotel Revenue Bonds, HR Ontario Hotel Project, Series 2026A
6
.250
09/02/61
101,229
100,000
(b)
California Statewide Communities Development Authority,
Multifamily Housing Revenue Bonds, Sunterra Apartments,
Subordinate Series 2026D-S-A
7
.500
01/01/37
96,466
1,000,000
(b)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Orange City Portfolio,
Mezzanine Lien Series 2021B
4
.000
03/01/57
730,162
300,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009A
7
.000
11/01/34
350,916
525,000
Palm Desert, California, Special Tax Bonds, Community
Facilities District 2021-1 University Park, Series 2024
5
.000
09/01/53
525,338
500,000
(b)
San Francisco City and County Special Tax District 2020-1,
California, Special Tax Bonds, Mission Rock Facilities and
Services, Shoreline Tax Zone 1 Series 2023C
5
.750
09/01/53
517,031
710,000
(b)
San Francisco City and County, California, Special Tax
Bonds, Community Facilities District 2016-1 Treasure Island
Improvement Area 2, Series 2023A
5
.000
09/01/38
737,079
490,000
(b)
San Francisco City and County, California, Special Tax
Bonds, Community Facilities District 2016-1 Treasure Island
Improvement Area 2, Series 2023A
5
.000
09/01/43
496,848
100,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5
.250
01/15/44
100,036
1,365,000
(b),(c)
Santa Barbara Housing Authority,California, Capital
Appreciation Housing Revenue Bonds, Subordinate Multifamily
Bonds, Jacaranda Court Series 2025A-S
0
.000
05/01/44
342,778
TOTAL CALIFORNIA
7,738,399
COLORADO - 8.1%
1,000,000
(b)
Colorado Educational and Cultural Facilities Authority, Revenue
Bonds, Monument Academy Prject, Series 2026A
4
.375
06/01/36
966,325
1,000,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
5
.000
08/01/44
1,015,985
250,000
Denver Health and Hospitals Authority, Colorado, Healthcare
Revenue Bonds, Series 2025A
6
.000
12/01/55
264,023
500,000
Erie Highlands Metropolitan District 2, Weld County, Colorado,
General Obligation Bonds, Limited Tax Series 2018A
5
.250
12/01/48
500,092
700,000
(b)
Falcon Area Water and Wastewater Authority (El Paso County,
Colorado), Tap Fee Revenue Bonds, Series 2022A
6
.750
12/01/34
691,108
137,359
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 1,
Series 2024A-2
6
.500
12/01/43
141,892
250,000
(b)
Hess Ranch Metropolitan District 5, Parker, Colorado, Special
Assessment Revenue Bonds, Special Improvement District 2,
Series 2024
5
.500
12/01/44
254,434
500,000
(b)
Kremmling Memorial Hospital District, Colorado, Certificates of
Participation, Series 2024
6
.625
12/01/56
479,236
500,000
(b),(d)
Parkdale Community Authority, Erie County, Colorado, Limited
Tax Supported Convertible Capital Appreciation Revenue
Bonds, District 2, Series 2024A
7
.750
12/01/53
435,223
500,000
(b)
Peak Metropolitan District 1, Colorado Springs, El Paso County,
Colorado, Limited Tax General Obligation Bonds, Series 2021A
5
.000
12/01/41
466,670
416,000
(b)
Platte River Metropolitan District, Weld County, Colorado,
General Obligation Bonds, Limited Tax Refunding Series
2023A
6
.500
08/01/53
422,615
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
500,000
Raindance Metropolitan District 1, Acting by and through its
Water Activity Enterprise In the Town of Windsor, Weld County,
Colorado, Non-Potable Water Enterprise Revenue Bonds,
Series 2020
5
.250
%
12/01/50
$
483,312
750,000
Silverstone Metropolitan District 3, Weld County, Colorado,
General Obligation and Special Revenue Bonds, Limited Tax
Series 2023
7
.750
12/01/45
768,591
500,000
(b)
Sterling Ranch Community Authority Board, Douglas County,
Colorado, Limited Tax Supported and Special Revenue Bonds,
Special District 4 Subdistrict B, Refunding & Improvement
Series 2024A
5
.750
12/01/54
502,217
1,275,000
(b)
Ventana Metropolitan District, El Paso County, Colorado,
General Obligation Bonds, Limited Tax Refunding and
Improvement Series 2023A
6
.500
09/01/53
1,308,664
525,000
Waterview II Metropolitan District, El Paso County, Colorado,
Limited Tax General Obligation Bonds, Series 2022A
4
.500
12/01/31
519,951
500,000
West Globeville Metropolitan District 1, Denver, Colorado,
General Obligation Limited Tax Bonds, Series 2022
6
.750
12/01/52
501,465
TOTAL COLORADO
9,721,803
CONNECTICUT - 0.2%
100,000
Aquarion Water Authority, Connecticut, Water System Revenue
Bonds, Subordinate Series 2026D
5
.250
08/01/39
109,859
500,000
(c)
Aquarion Water Authority, Connecticut, Water System Revenue
Capital Appreciation  Bonds, Subordinate Series 2026E
0
.000
08/01/51
133,168
TOTAL CONNECTICUT
243,027
DELAWARE - 0.1%
100,000
Delaware Health Facilities Authroity, Revenue Bonds, Beebe
Medical Center Project, Series 2018
5
.000
06/01/48
96,273
TOTAL DELAWARE
96,273
FLORIDA - 10.0%
250,000
(b)
Babcock Ranch Community Independent Special District,
Charlotte County, Florida, Special Assessment Bonds, 2024
Project Series 2024
5
.250
05/01/55
242,452
730,000
Bay County, Florida, Educational Facilities Revenue Refunding
Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A
5
.000
09/01/33
730,382
500,000
(b)
Bridgewalk Community Development District, Osceola County,
Florida, Special Assessment Bonds, Assessment Area 2 Series
2023
6
.500
12/15/53
521,220
550,000
(b)
Capital Projects Finance Authority, Florida, Educational
Revenue Bonds, Imagine Kissimmee Charter Academy Project,
Series 2024
6
.500
06/15/54
557,755
500,000
(b)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, Babcock Neighborhood School Inc Project, Series 2024
6
.000
08/15/63
480,343
1,000,000
(b)
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, IPS Enterprises, Inc. Projects, Refunding Series 2023A
6
.250
06/15/53
1,012,996
140,000
Capital Trust Authority, Florida, Educational Facilities Revenue
Bonds, KIPP Miami North Campus Project, Refunding Series
2024A
6
.000
06/15/54
142,068
200,000
(b)
Capital Trust Authority, Florida, Revenue Bonds, Marie Selby
Botanical Gardens, Inc. Project, Series 2026A
4
.500
06/15/33
199,351
2,000,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Dreamers Academy Project, Series
2026A
7
.250
01/15/56
1,941,431
210,000
(b)
Florida Development Finance Corporation, Educational
Facilities Revenue Bonds, Renaissance Charter School Income
Projects, Series 2023A
6
.500
06/15/38
222,913
1,000,000
Florida Development Finance Corporation, Revenue Bonds,
Brightline Florida Passenger Rail Expansion Project, Brightline
Trains Florida LLC Issue, Series 2024, (AMT)
5
.500
07/01/53
735,000
360,000
(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
234,000
Portfolio of Investments July 31, 2026
(continued)
NMI
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
255,000
(b)
Hamilton Bluff Community Development District, Lake
Hamilton, Florida, Special Assessment Bonds, Area 1 Project,
Series 2024
5
.800
%
05/01/54
$
251,609
325,000
(b)
Highland Trails Community Development District, Pasco
County, Florida, Special Assessment Revenue Bonds,
Assessment Area One Capital Improvement Series 2024
5
.850
05/01/54
328,245
150,000
Hobe-Saint Lucie Conservancy District, Florida, Special
Assessment Revenue Bonds, Improvement Unit 1A, Series
2024
5
.875
05/01/55
151,809
795,000
Lakeside Preserve Community Development District, Lakeland,
Florida, Special Assessment Bonds, 2023 Project Series 2023
6
.375
05/01/54
823,248
300,000
Lakewood Ranch Stewardship District, Florida, Special
Assessment Revenue Bonds, Taylor Ranch Project, Series 2023
6
.125
05/01/43
321,923
500,000
(a),(b)
Miami-Dade County Industrial Development Authority, Florida,
Student Housing Revenue Bonds, PRG - Casa Properties LLC
Project, Senior Series 2026A-1, (Mandatory Put 7/01/36)
5
.375
07/01/65
515,502
100,000
(b)
North AR-1 of Pasco Community Development District, Florida,
Capital Improvement Revenue Bonds, Assessment Area 4,
Series 2024
5
.750
05/01/54
99,891
1,000,000
(b)
River Hall Community Development District, Lee County,
Florida, Capital Improvement Revenue Bonds, Assessment
Area 4 Series 2023A
6
.500
05/01/54
1,044,508
225,000
Sawgrass Village Community Development District, Manatee
County, Florida, Special Assessment Bonds, Assessment Area 2
Series 2023
6
.125
11/01/43
235,584
400,000
Stonegate Preserve Community Development District, Florida,
Manatee County Special Assessment Revenue Bonds 2023
Project Area Series 2023
6
.125
12/15/53
420,557
245,000
(b)
Village Community Development District 15, Florida, Special
Assessment Revenue Bonds, Series 2024
4
.800
05/01/55
227,732
480,000
(b)
Woodsdale Community Development District, Pasco County,
Florida, Revenue Bonds, Capital Improvement Series 2023
6
.125
11/01/43
505,821
TOTAL FLORIDA
11,946,340
GEORGIA - 4.2%
250,000
(b)
Atlanta Development Authority, Georgia, Revenue Bonds,
Westside Gulch Area Project, Senior Series 2024A-2
5
.500
04/01/39
253,761
2,000,000
(b),(d)
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
1,615,013
600,000
Cobb County Development Authority, Georgia, Charter School
Revenue Bonds, Northwest Classical Academy, Inc. Project,
Series 2023A
6
.400
06/15/53
596,372
500,000
Fulton County Development Authority, Georgia, Hospital
Revenue Bonds, Wellstar Health System, Inc Project, Series
2017A
4
.000
04/01/50
435,569
1,000,000
(a)
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue
Bonds, Series 2023B, (Mandatory Put 3/01/30)
5
.000
07/01/53
1,046,319
1,120,000
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 &
4 Project M Bonds, Series 19A - AGM Insured
5
.000
01/01/59
1,120,468
TOTAL GEORGIA
5,067,502
GUAM - 1.1%
1,250,000
Guam Government Waterworks Authority, Water and
Wastewater System Revenue Bonds, Series 2025A
5
.250
07/01/50
1,270,904
TOTAL GUAM
1,270,904
HAWAII - 0.2%
250,000
(b)
Hawaii Department of Budget and Finance, Special Purpose
Revenue Bonds, Hawaii Pacific University Project, Refunding
Series 2024
5
.125
07/01/43
237,643
TOTAL HAWAII
237,643
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
IDAHO - 1.3%
$
1,000,000
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's
Health System Project, Series 2025A
5
.250
%
03/01/53
$
1,026,828
500,000
(b)
Idaho Housing and Finance Association, Nonprofit Facilities
Revenue Bonds, The College of Idaho Project, Series 2023
5
.875
11/01/53
493,034
TOTAL IDAHO
1,519,862
ILLINOIS - 9.1%
1,005,000
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue
Bonds, Refunding Project Second Lien Series 2026A
5
.250
12/01/51
1,050,275
1,000,000
Chicago, Illinois, General Airport Revenue Bonds, O'Hare
International Airport, Senior Lien Series 2022A
5
.500
01/01/55
1,020,952
1,000,000
Chicago, Illinois, Water Revenue Bonds, Project Series 2026A
5
.000
11/01/64
995,806
200,000
Illinois Educational Facilities Authority, Revenue Bonds, Field
Museum of Natural History, Series 2002.RMKT
4
.500
11/01/36
199,993
500,000
Illinois Finance Authority, Revenue Bonds, Bradley University,
Refunding Series 2021A
4
.000
08/01/51
405,501
1,105,000
Illinois Finance Authority, Revenue Bonds, OSF Healthcare
System, Series 2015A
5
.000
11/15/45
1,089,499
845,000
(a),(b)
Illinois Finance Authority, Surface Freight Transfer Facilities
Revenue Bonds, CenterPoint Joliet Terminal Railroad Project,
Series 2017, (AMT), (Mandatory Put 7/02/35)
4
.800
12/01/43
858,442
540,000
Illinois State, General Obligation Bonds, June Series 2022A
5
.500
03/01/47
561,525
500,000
Illinois State, General Obligation Bonds, March Series 2021A
5
.000
03/01/46
506,483
400,000
Illinois State, General Obligation Bonds, May Series 2020
5
.500
05/01/39
420,347
1,000,000
Illinois State, General Obligation Bonds, October Series 2022C
5
.500
10/01/41
1,068,307
1,000,000
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior
Obligation June Series 2026A
5
.000
06/15/46
1,024,333
1,000,000
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Refunding Series 2020A
5
.000
06/15/50
992,675
205,000
(c)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A -
NPFG Insured
0
.000
12/15/35
140,621
600,000
(b)
Schaumburg Village, Cook and DuPage Counties, Illinois, Tax
Increment Revenue Note Certificates of Participation, North
Schaumburg Redevelopment Project Area, Series 2025
6
.125
12/30/38
600,507
TOTAL ILLINOIS
10,935,266
INDIANA - 2.8%
735,000
(b)
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
652,034
1,000,000
Indiana Finance Authority, Hospital Revenue Bonds, Indiana
University Health Obligation Group, Fixed Rate Series 2023A
5
.000
10/01/46
1,038,611
1,000,000
Indiana Finance Authority, Student Housing Revenue Bonds,
SFP-PUFW I, LLC Series 2024A
5
.000
07/01/54
953,689
500,000
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Convention Center Hotel Senior Series 2023E
6
.000
03/01/53
514,362
250,000
(b)
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt
Paper LLC Project, Refunding Series 2024, (AMT)
5
.000
01/01/54
244,395
TOTAL INDIANA
3,403,091
IOWA - 0.5%
500,000
(e)
Iowa Finance Authority, Iowa, Midwestern Disaster Area
Revenue Bonds, Iowa Fertilizer Company Project, Refunding
Series 2022, (Pre-refunded 12/01/32)
5
.000
12/01/50
555,107
TOTAL IOWA
555,107
KENTUCKY - 0.6%
635,000
Kentucky Bond Development Corporation, Revenue Bonds,
University of Kentucky Central Utility Plant Project, Senior
Series 2026A
5
.500
10/31/56
664,076
TOTAL KENTUCKY
664,076
Portfolio of Investments July 31, 2026
(continued)
NMI
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA - 3.3%
$
1,000,000
Louisiana Local Government Environmental Facilities and
Community Development Authority, Louisiana, Revenue
Bonds, Womans Hospital Foundation Project, Refunding Series
2017A
5
.000
%
10/01/44
$
1,007,734
400,000
(b)
Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds,
Christwood Project, Refunding Series 2024
5
.250
11/15/59
374,132
1,000,000
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,
Loyola University of New Orleans Project, Refunding Series
2023A
5
.250
10/01/48
1,000,520
500,000
Louisiana Publics Facilities Authority, Louisiana, Revenue
Bonds, I-10 Calcasieu River Bridge Public-Private Partnership
Project, Senior Lien Series 2024, (AMT)
5
.500
09/01/59
506,665
1,000,000
Louisiana Stadium and Exposition District, Revenue Bonds,
Senior Series 2023A
5
.250
07/01/53
1,021,593
100,000
(a)
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics,
L.P. Project, Series 2011, (Mandatory Put 6/01/30)
3
.700
08/01/41
100,196
TOTAL LOUISIANA
4,010,840
MINNESOTA - 1.5%
75,000
Baytown Township, Minnesota Charter School Lease Revenue
Bonds, Saint Croix Preparatory Academy, Refunding Series
2016A
4
.250
08/01/46
63,728
1,000,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated
Group, Series 2018A
5
.000
02/15/48
997,791
555,000
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Twin Cities German
Immersion School Project, Series 2019
5
.000
07/01/49
503,958
300,000
Saint Paul Park, Minnesota, Senior Housing and Health Care
Revenue Bonds, Presbyterian Homes Bloomington Project,
Refunding Series 2017
4
.250
09/01/37
285,459
TOTAL MINNESOTA
1,850,936
MISSISSIPPI - 0.8%
1,000,000
Mississippi Hospital Equipment and Facilities Authority,
Revenue Bonds, Baptist Memorial Healthcare, Series 2016A
5
.000
09/01/41
1,001,719
TOTAL MISSISSIPPI
1,001,719
MISSOURI - 2.3%
1,000,000
Missouri Health and Educational Facilities Authority,
Educational Facilities Revenue Bonds, Southwest Baptist
University Project, Series 2012
5
.000
10/01/33
967,211
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5
.000
02/01/46
500,001
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5
.250
02/01/54
500,481
100,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village Saint Louis Obligated
Group, Series 2017
5
.000
09/01/48
98,114
215,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village Saint Louis Obligated
Group, Series 2018A
5
.250
09/01/53
211,951
335,000
Saline County Industrial Development Authority, Missouri, First
Mortgage Revenue Bonds, Missouri Valley College, Series
2017
4
.500
10/01/40
296,629
225,000
(b)
Taney County Industrial Development Authority, Missouri, Sales
Tax Revenue Improvement Bonds, Big Cedar Infrastructure
Project Series 2023
6
.000
10/01/49
224,539
TOTAL MISSOURI
2,798,926
NEBRASKA - 1.3%
500,000
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue
Bonds, Refunding Crossover Series 2017A
5
.000
09/01/42
490,877
1,000,000
Omaha, Nebraska, General Obligation Bonds, Various Purpose
Series 2025B
5
.000
04/15/44
1,064,201
TOTAL NEBRASKA
1,555,078
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEVADA - 0.3%
$
345,000
Las Vegas Special Improvement District 817, Nevada, Local
Improvement Revenue Bonds, Summerlin Village 29 Series
2023
6
.000
%
06/01/48
$
363,541
TOTAL NEVADA
363,541
NEW HAMPSHIRE - 1.7%
250,000
(b),(c)
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
144,443
493,676
(a)
National Finance Authority, New Hampshire, Municipal
Certificates Series 2025-1 Class A-2
4
.085
01/20/41
458,952
500,000
National Finance Authority, New Hampshire, Municipal
Certificates Social Series 2026-1 Class A
5
.100
12/20/42
511,926
1,000,000
(b)
National Finance Authority, New Hampshire, Resource
Recovery Revenue Bonds, Covanta Project, Refunding Series
2018B
4
.625
11/01/42
886,785
TOTAL NEW HAMPSHIRE
2,002,106
NEW JERSEY - 1.3%
500,000
(b)
New Jersey Economic Development Authority, New Jersey,
Dock and Wharf Facility Revenue Bonds, Repauno Port & Rail
Terminal Project, Series 2025, (AMT)
6
.625
01/01/45
525,059
1,000,000
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/46
987,091
TOTAL NEW JERSEY
1,512,150
NEW YORK - 4.6%
60,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Catholic Health
System, Inc. Project, Series 2015
5
.250
07/01/35
59,847
250,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2022A
5
.250
12/01/52
250,705
315,000
Metropolitan Transportation Authority, New York,
Transportation Revenue Bonds, Green Climate Bond Certified
Series 2020C-1
5
.250
11/15/55
318,724
1,000,000
(b)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5
.000
11/15/44
1,001,377
250,000
(a),(b)
New York State Environmental Facilities Corporation, Solid
Waste Disposal Revenue Bonds, Casella Waste Systems, Inc.
Project, Series 2020R-1, (AMT), (Mandatory Put 9/03/30)
4
.250
09/01/50
253,427
1,500,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green
Series 2024A, (AMT)
5
.500
12/31/60
1,518,608
445,000
New York Transportation Development Corporation, New
York, Special Facility Revenue Bonds, New Terminal 1 John
F Kennedy International Airport Project, Green Series 2023,
(AMT)
6
.000
06/30/54
459,251
500,000
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
551,317
100,000
Oneida Indian Nation, New York, Tax Revenue Bonds, Series
2024B
6
.000
09/01/43
106,917
1,000,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series
2006
5
.000
06/01/48
929,939
TOTAL NEW YORK
5,450,112
NORTH CAROLINA - 0.6%
685,000
North Carolina Medical Care Commission,  Retirement
Facilities First Mortgage Revenue Bonds, Southminster Project,
Refunding Series 2016
5
.000
10/01/31
685,892
TOTAL NORTH CAROLINA
685,892
Portfolio of Investments July 31, 2026
(continued)
NMI
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH DAKOTA - 0.1%
$
100,000
Grand Forks, North Dakota, Senior Housing & Nursing Facilities
Revenue Bonds, Valley Homes and Services Obligated Group,
Series 2017
5
.000
%
12/01/36
$
98,365
TOTAL NORTH DAKOTA
98,365
OHIO - 4.3%
500,000
Allen County, Ohio, Hospital Facilities Revenue Bonds, Bon
Secours Mercy Health, Inc., Series 2025A
5
.000
11/01/40
528,408
1,500,000
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
1,136,215
500,000
(b)
Columbus-Franklin County Finance Authority, Ohio, Revenue
Bonds, Bridge Park G Block Project, Public Infrastructure Series
2022
5
.000
12/01/45
505,638
500,000
(a),(b)
Jefferson County Port Authority, Ohio, Economic Development
Revenue Bonds, JSW Steel USA Ohio, Inc. Project, Series 2023,
(AMT), (Mandatory Put 12/01/28)
5
.000
12/01/53
508,747
500,000
(b)
Ohio Air Quality Development Authority, Ohio, Exempt
Facilities Revenue Bonds, AMG Vanadium Project, Series 2019,
(AMT)
5
.000
07/01/49
454,016
250,000
(b)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Silver Birch of Cuyahoga Falls, Series 2025A
6
.250
01/01/45
259,325
250,000
(b)
Ohio Housing Finance Agency, Multifamily Housing Revenue
Bonds, Silver Birch of Mansfield Project, Series 2024
6
.000
01/01/45
253,594
200,000
(b)
Port of Greater Cincinnati Development Authority, Ohio,
Multifamily Housing Revenue Bonds, Vivera Northbrook
Project, Series 2025A
6
.500
01/01/45
208,059
1,000,000
Port of Greater Cincinnati Development Authority, Ohio,
Parking Revenue Bond, 3CDC Obligated Group Parking
Facilities, Refunding Series 2025A
5
.000
12/01/55
1,003,515
270,000
(b)
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
261,712
TOTAL OHIO
5,119,229
OKLAHOMA - 0.8%
670,000
Oklahoma Development Finance Authority, Health System
Revenue Bonds, OU Medicine Project, Series 2018B
5
.500
08/15/52
670,039
250,000
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,
American Airlines Inc., Series 2025, (AMT)
6
.250
12/01/40
274,025
TOTAL OKLAHOMA
944,064
OREGON - 0.0%
55,000
Clackamas County Hospital Facility Authority, Oregon, Revenue
Bonds, Rose Villa Inc., Series 2020A
5
.250
11/15/50
53,681
TOTAL OREGON
53,681
PENNSYLVANIA - 2.8%
400,000
(b)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts
Project, Series 2023
6
.250
05/01/42
405,829
235,000
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E
Allen Street Project, Subordinate Series 2024B
6
.000
05/01/42
242,572
53,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-2
6
.000
06/30/34
55,476
700,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024A-3
5
.000
06/30/39
657,923
350,000
(d)
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Series 2024B-1
6
.000
06/30/44
266,220
109,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds, Tower Health Project, Taxable Series 2024A-1
8
.000
06/30/34
109,527
500,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2021
5
.000
11/01/51
501,707
485,000
Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley
Dual Language Charter School, General Purpose Authority,
Series 2023
7
.000
06/01/53
510,506
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
350,000
Montgomery County Redevelopment Authority, Pennsylvania,
Special Obligation Revenue Bonds, River Pointe Project Series
2023
6
.500
%
09/01/43
$
360,755
200,000
(a),(b)
Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal Revenue Bonds, Core Natural Resources
Inc., Project, Series 2025, (AMT), (Mandatory Put 3/27/35)
5
.450
01/01/51
216,046
TOTAL PENNSYLVANIA
3,326,561
PUERTO RICO - 1.8%
1,760,000
(c)
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
0
.000
07/01/51
467,641
500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
4
.750
07/01/53
475,398
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Restructured 2018A-1
5
.000
07/01/58
962,294
200,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax
Revenue Bonds, Taxable Restructured Cofina Project Series
2019A-2
4
.329
07/01/40
195,501
TOTAL PUERTO RICO
2,100,834
SOUTH CAROLINA - 2.6%
620,000
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Bishop Gadsden
Episcopal Retirement Community, Series 2019A
4
.000
04/01/49
527,269
1,000,000
(b)
South Carolina Jobs-Economic Development Authority,
Economic Development Revenue Bonds, Palmera Apartments
Project, Series 2025A
6
.750
12/01/60
978,409
560,000
South Carolina Jobs-Economic Development Authority,
Educational Facilities Revenue Bonds, Riverwalk Academy
Project Series 2023A
7
.000
06/15/43
573,153
1,000,000
South Carolina Public Service Authority, Santee Cooper
Revenue Obligations, Improvement Series 2025A
5
.000
12/01/55
1,009,059
TOTAL SOUTH CAROLINA
3,087,890
SOUTH DAKOTA - 0.1%
100,000
Sioux Falls, South Dakota, Health Facilities Revenue Bonds,
Dow Rummel Village Project, Series 2017
5
.125
11/01/47
91,156
TOTAL SOUTH DAKOTA
91,156
TEXAS - 5.6%
213,000
(b)
Kyle, Texas, Special Assessment Revenue Bonds, Southwest
Kyle Public Improvement District 1 Improvement Area 2
Project, Series 2023
6
.750
09/01/48
222,169
105,000
(b)
Mission Economic Development Corporation, Texas, Revenue
Bonds, Natgasoline Project, Senior Lien Series 2018, (AMT)
4
.625
10/01/31
105,066
1,000,000
(b)
Mustang Ridge, Travis and Caldwell Counties, Texas, Special
Assessment Revenue Bonds, Durango Public Improvement
District Improvement Area 1 Series 2023
6
.375
09/01/53
1,030,255
1,000,000
New Hope Cultural Education Facilities Finance Corporation,
Texas, Student Housing Revenue Bonds, CHF-Collegiate
Housing Foundation - College Station I LLC - Texas A&M
University Project, Series 2014A - AGM Insured
5
.000
04/01/46
985,764
200,000
(d),(e)
North Texas Tollway Authority, Special Projects System Revenue
Bonds, Convertible Capital Appreciation Series 2011C, (Pre-
refunded 9/01/31)
7
.000
09/01/43
231,734
535,000
(b)
Plano, Collin and Denton Counties, Texas, Special Assessment
Revenue Bonds, Haggard Farm Public Improvement District
Project, Area 1 Project Series 2023
7
.500
09/15/53
557,938
320,000
(b)
Princeton, Texas, Special Assessment Revenue Bonds,
Whitewing Trails Public Improvement District 2, Improvement
Area 3A-3C Project, Series 2026
5
.625
09/01/56
314,546
240,000
Reagan Hospital District of Reagan County, Texas, Limited Tax
Revenue Bonds, Series 2014A
5
.000
02/01/34
235,864
295,000
SA Energy Acquisition Public Facilities Corporation, Texas, Gas
Supply Revenue Bonds, Series 2007
5
.500
08/01/27
301,020
Portfolio of Investments July 31, 2026
(continued)
NMI
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
1,000,000
Texas Private Activity Bond Surface Transpiration Corporation,
Revenue Bonds, NTE Mobility Partners LLC North Tarrant
Express Managed Lanes Project, Senior Lien Series 2023,
(AMT)
5
.500
%
12/31/58
$
1,024,723
1,000,000
Texas Private Activity Bond Surface Transporation Corporation,
Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3
LLC Segments 3C Project, Series 2019, (AMT)
5
.000
06/30/58
975,914
250,000
(b)
Travis County Development Authority, Texas, Contract
Assessment Revenue Bonds, Bella Fortuna Public Improvement
District, Series 2024
5
.625
09/01/51
253,411
500,000
(b)
Vista Lago, Travis County, Texas, Special Assessment Revenue
Bonds, Tessera on Lake Travis Public Improvement District
Improvement Area #3 Project, Series 2024
6
.000
09/01/54
507,281
TOTAL TEXAS
6,745,685
UTAH - 2.2%
500,000
(b)
Arrowhead Springs Public Infrastructure District, Utah, Limited
Tax General Obligation and Special Revenue Bonds, Series
2025
6
.000
03/01/56
500,996
1,000,000
(b)
High Star Ranch Infrastructure Financing District, Utah, Special
Assessment Bonds, High Star Ranch Assessment Area, Series
2026
6
.250
12/01/55
1,007,977
750,000
(b)
Northwest Quadrant Public Infrastructure District, Utah, Limited
Tax General Obligation Bonds, Series 2025A
6
.125
03/01/56
754,303
410,000
Salt Lake City, Utah, Airport Revenue Bonds, International
Airport Series 2023A, (AMT)
5
.250
07/01/53
416,185
TOTAL UTAH
2,679,461
VIRGIN ISLANDS - 1.2%
380,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/32
399,888
1,000,000
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
992,862
TOTAL VIRGIN ISLANDS
1,392,750
VIRGINIA - 1.8%
100,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6
.875
12/01/58
108,629
100,000
Virginia Beach Development Authority, Virginia, Residential
Care Facility Revenue Bonds, Westminster Canterbury on
Chesapeake Bay, Series 2023A
7
.000
09/01/53
109,200
1,265,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/56
1,240,837
750,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/47
753,655
TOTAL VIRGINIA
2,212,321
WASHINGTON - 1.3%
1,000,000
Grays Harbor Public Hospital District 1, Washington, Revenue
Bonds, Summit Pacific Medial Center Series 2023
6
.750
12/01/44
1,090,565
500,000
Jefferson County Public Hospital District 2, Washington,
Hospital Revenue Bonds, Refunding Series 2023A
6
.875
12/01/53
511,655
TOTAL WASHINGTON
1,602,220
WEST VIRGINIA - 0.9%
100,000
(b)
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
1,000,000
West Virginia Hospital Finance Authority, Revenue Bonds,
West Virginia University Health System Obligated Group,
Improvement Series 2017A
5
.000
06/01/47
1,003,770
TOTAL WEST VIRGINIA
1,109,409
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN - 3.1%
$
3,634
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
%
01/01/46
$
25
3,583
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/47
24
3,557
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/48
24
3,532
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/49
23
3,480
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/50
23
3,813
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/51
25
93,159
(b),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
3
.750
07/01/51
62,092
3,788
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/52
24
3,736
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/53
24
3,711
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/54
23
3,660
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/55
23
3,608
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/56
23
3,583
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/57
22
3,532
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/58
22
3,506
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/59
21
3,480
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/60
21
3,429
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/61
21
3,404
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/62
21
3,352
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/63
20
3,327
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/64
20
3,301
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/65
20
Portfolio of Investments July 31, 2026
(continued)
NMI
12
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)
$
3,250
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
%
01/01/66
$
19
42,334
(b),(c),(f)
Public Finance Authority of Wisconsin, Conference Center and
Hotel Revenue Bonds, Lombard Public Facilities Corporation,
Second Tier Series 2018B
0
.000
01/01/67
251
1,000,000
(b)
Public Finance Authority of Wisconsin, Multifamily Housing
Revenue Bonds, Promenade Apartments Project, Series 2024
6
.250
02/01/39
1,006,468
500,000
(b)
Public Finance Authority of Wisconsin, Revenue Bonds,
Revolution Academy, Refunding Series 2023A
6
.250
10/01/53
507,632
535,000
(b)
Public Finance Authority of Wisconsin, Revenue Bonds, Unity
Classical Charter School, A Challenge Foundation Academy,
Series 2023
6
.625
07/01/43
546,282
250,000
(b)
Public Finance Authority, Wisconsin, Tax Increment Revenue
Senior Bonds, World Center Project Series 2024A
5
.000
06/01/41
252,065
200,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Dickson Hollow Project. Series
2014
5
.125
10/01/34
200,076
200,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, Oakwood Lutheran Senior
Ministries, Series 2021
4
.000
01/01/57
158,289
1,000,000
Wisconsin Health and Educational Facilities Authority,
Wisconsin, Revenue Bonds, PHW Oconomowoc, Inc. Project,
Series 2018
5
.125
10/01/48
958,681
TOTAL WISCONSIN
3,692,304
TOTAL MUNICIPAL BONDS
(Cost $117,681,850)
117,910,378
SHARES
DESCRIPTION
EXPIRATION
DATE
VALUE
1,635
WARRANTS - 0.0%
1,635
TRANSPORTATION - 0.0%
3,270
(g)
BL Train Holdings West LLC
11/26/35
1,635
TOTAL TRANSPORTATION
1,635
TOTAL WARRANTS
(Cost $0)
1,635
TOTAL LONG-TERM INVESTMENTS
(Cost $117,681,850)
117,912,013
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.4%
500,000
MUNICIPAL BONDS - 0.4%
500,000
NEW YORK - 0.4%
500,000
(h)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2025 Series EE-1
2
.950
06/15/55
500,000
TOTAL NEW YORK
500,000
TOTAL MUNICIPAL BONDS
(Cost $500,000)
500,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $500,000)
500,000
TOTAL INVESTMENTS - 99.0%
(Cost $118,181,850)
118,412,013
OTHER ASSETS & LIABILITIES, NET -  1.0%
1,176,038
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
119,588,051
AMT
Alternative Minimum Tax
13
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:
(a)
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.
(b)
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 $41,214,049 or 34.8% of Total Investments.
(c)
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.
(d)
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.
(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)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(g)
For fair value measurement disclosure purposes, investment classified as Level 3.
(h)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
NMI
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
117,910,378
$
–
$
117,910,378
Warrants
–
–
1,635
1,635
Short-Term Investments:
Municipal Bonds
–
500,000
–
500,000
$
–
$
118,410,378
$
1,635
$
118,412,013