1

Portfolio of Investments August 31, 2026

NMS

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 167.5% (100.0% of Total Investments)

X

120,898,048

MUNICIPAL BONDS - 167.5% (100.0% of Total Investments)

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 36.9% (22.0% of Total Investments)

$

305,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

4

.000

%

07/01/28

$

300,218

50,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

5

.000

07/01/36

47,136

500,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

5

.250

07/01/40

500,090

570,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2014A

5

.750

08/01/44

570,166

750,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2019A

5

.250

08/01/43

749,992

100,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

5

.000

07/01/47

76,783

2,200,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

5

.000

07/01/44

2,074,183

1,575,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

5

.000

07/01/46

1,389,674

1,425,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

6

.000

07/01/43

1,425,510

500,000

Minnesota Health and Education Facilities Authority, Revenue

Bonds, Macalester College Refunding Series 2026

5

.250

03/01/56

518,497

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

5

.000

05/01/37

475,176

1,580,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

4

.000

03/01/42

1,445,524

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

5

.000

03/01/44

1,002,662

2,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

5

.000

03/01/53

2,024,850

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of Saint Scholastica, Inc., Refunding Series 2019

4

.000

12/01/34

472,713

425,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of Saint Scholastica, Inc., Refunding Series 2019

4

.000

12/01/40

368,837

305,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of St. Benedict, Series 2016-8K

4

.000

03/01/43

257,445

600,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunding Series 2017

4

.000

03/01/48

537,678

225,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Catherine University, Refunding Series 2018A

5

.000

10/01/45

215,892

750,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

5

.000

10/01/35

775,738

710,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

4

.125

10/01/41

674,975

2,445,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

5

.000

10/01/47

2,464,584

705,000

Otsego, Minnesota, Charter School Lease Revenue Bonds,

Kaleidoscope Charter School Project, Series 2014A

5

.000

09/01/44

619,755

500,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Series 2019

5

.000

12/01/39

490,005

1,250,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Community of Peace

Academy Project, Series 2019

4

.000

12/01/49

983,951

1,000,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Hmong College Prep

Academy Project, Refunding Series 2020A

5

.000

09/01/40

988,381

100,000

(a)

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Metro Deaf School Project,

Series 2026

6

.375

06/15/61

97,984

Portfolio of Investments August 31, 2026

(continued)

NMS

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,025,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities Academy

Project, Refunding Series 2025A

5

.750

%

07/01/45

$

1,029,598

1,680,000

Saint Paul Housing & Redevelopment Authority, Minnesota,

Charter School Lease Revenue Bonds, Twin Cities German

Immersion School, Series 2013A

5

.000

07/01/44

1,576,661

390,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Lease Revenue Bonds, Saint Paul Conservatory for Performing

Artists Charter School Project, Series 2013A

4

.625

03/01/43

316,974

1,000,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

5

.000

10/01/41

926,522

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5

.000

12/01/43

484,783

500,000

St. Paul Housing and Redevelopment Authority, Minnesota,

Charter School Revenue Bonds, Higher Ground Academy

Charter School, Series 2018

5

.125

12/01/49

472,574

250,000

University of Minnesota, General Obligation Bonds, Refunding

Series 2026A

5

.000

04/01/41

267,493

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

26,623,004

HEALTH CARE - 35.7% (21.3% of Total Investments)

250,000

Chippewa County, Minnesota, Gross Revenue Hospital Bonds,

Montevideo Hospital Project, Refunding Series 2016

4

.000

03/01/32

246,561

180,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

5

.000

04/01/41

173,077

1,400,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.000

02/15/43

1,408,483

5,050,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Essentia Health Obligated Group,

Series 2018A

5

.000

02/15/53

4,944,764

430,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2021A

3

.000

06/15/44

348,456

150,000

Duluth Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, Saint Luke's Hospital of Duluth

Obligated Group, Series 2022B

5

.250

06/15/47

153,934

230,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

4

.000

04/01/31

227,173

500,000

Maple Grove, Minnesota, Health Care Facilities Revenue

Refunding Bonds, North Memorial Health Care, Series 2015

4

.000

09/01/35

455,283

200,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5

.000

05/01/31

200,957

165,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

5

.000

05/01/32

165,689

1,500,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/36

1,478,762

500,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

4

.000

11/15/39

471,434

265,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

4

.000

11/15/40

237,708

1,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

4

.000

11/15/48

832,796

125,000

Minneapolis-Saint Paul Housing and Redevelopment Authority,

Minnesota, Health Care System Revenue Bonds, Children's

Health Care, Series 2025

5

.000

08/15/44

128,598

1,000,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2024A

5

.250

01/01/54

1,011,636

1,535,000

Minnesota Agricultural and Economic Development, Health Care

System Revenue Bonds, Fairview Health Services, Series 2026A

5

.000

11/15/43

1,574,777

915,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2018A

4

.000

11/15/48

848,215

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,675,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2019

5

.000

%

05/01/48

$

1,687,072

1,500,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2024

5

.000

05/01/54

1,492,863

2,600,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2015A

4

.000

07/01/35

2,532,643

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Facility Revenue Bonds, HealthPartners Obligated

Group, Refunding Series 2025

5

.000

07/01/33

1,087,733

230,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/36

222,874

240,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/37

229,401

2,170,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

4

.000

11/15/43

1,893,163

1,000,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

5

.000

11/15/47

970,245

745,000

Saint Paul Port Authority, Minnesota, Lease Revenue Bonds,

Regions Hospital Parking Ramp Project, Series 2007-1

5

.000

08/01/36

745,249

TOTAL HEALTH CARE

25,769,546

HOUSING/SINGLE FAMILY - 2.5% (1.5% of Total Investments)

40,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2013C

3

.900

07/01/43

36,482

20,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2014C

3

.500

01/01/32

19,953

665,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4

.500

01/01/37

671,785

895,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

4

.500

07/01/37

902,874

200,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2026A

4

.600

01/01/47

195,624

TOTAL HOUSING/SINGLE FAMILY

1,826,718

INDUSTRIALS - 6.3% (3.8% of Total Investments)

1,400,000

Minneapolis, Minnesota, Limited Tax Supported Development

Revenue Bonds, Common Bond Fund Series 2013-1

4

.500

06/01/33

1,404,684

600,000

Minneapolis, Minnesota, Limited Tax Supported Development

Revenue Bonds, Common Bond Fund Series 2013-1

4

.750

06/01/39

601,135

2,650,000

(a)

Saint Paul Port Authority, Minnesota, Solid Waste Disposal

Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-

7, (AMT)

4

.500

10/01/37

2,516,279

TOTAL INDUSTRIALS

4,522,098

LONG-TERM CARE - 9.4% (5.6% of Total Investments)

805,000

Anoka, Minnesota, Health Care and Housing Facility Revenue

Bonds, The Homestead at Anoka, Inc. Project, Series 2014

5

.125

11/01/49

702,530

300,000

Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS

Apple Valley Senior Housing, Inc. Orchard Path Phase III Project,

Series 2025A

5

.500

09/01/55

303,220

250,000

Bethel, Minnesota, Housing and Health Care Facilities Revenue

Bonds, Ecumen Obligated Group Series 2024A

6

.250

03/01/54

241,135

875,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2013

5

.200

03/01/43

842,124

175,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5

.250

01/01/40

147,732

850,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

5

.250

01/01/46

684,701

500,000

(a)

Dakota County Community Development Agency, Minnesota,

Senior Housing Revenue Bonds, Walker Highview Hills LLC

Project, Refunding Series 2016A

5

.000

08/01/51

452,080

Portfolio of Investments August 31, 2026

(continued)

NMS

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

235,000

Lakes Area Economic Development Authority, Minnesota, Health

Care Facilities Revenue Bonds, VIVIE-Knute Nelson Care Center

Project Series 2026A

5

.700

%

11/01/51

$

233,562

750,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015

5

.250

11/01/45

711,451

215,000

Saint Joseph, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Woodcrest of Country Manor Project, Series

2019 A

5

.000

07/01/55

193,071

500,000

Saint Paul Housing and Redevelopment Authority Minnesota,

Senior Housing and Health Care Revenue Bonds, Episcopal

Homes Project, Series 2013

5

.125

05/01/48

427,173

500,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4

.125

09/01/34

488,241

350,000

Saint Paul Park, Minnesota, Senior Housing and Health Care

Revenue Bonds, Presbyterian Homes Bloomington Project,

Refunding Series 2017

4

.125

09/01/35

337,627

535,000

Sauk Rapids, Minnesota, Health Care and Housing Facilities

Revenue Bonds, Good Shepherd Luthran Home, Refunding

Series 2013

5

.125

01/01/39

510,616

500,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

5

.000

08/01/49

487,172

TOTAL LONG-TERM CARE

6,762,435

TAX OBLIGATION/GENERAL - 34.1% (20.4% of Total Investments)

2,205,000

Bird Island-Olivia-Lake Lillian Independent School District 2534,

Minnesota, General Obligation Bonds, School Building Series

2024A

5

.000

02/01/49

2,271,223

1,015,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018D

4

.000

02/01/38

1,015,148

1,055,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2018D

4

.000

02/01/39

1,039,134

750,000

Brainerd Independent School District 181, Crow Wing County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4

.000

02/01/42

717,957

1,020,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

4

.000

02/01/43

965,235

1,000,000

Corcoran, Minnesota, General Obligation Bonds, Series 2023A -

BAM Insured

4

.000

02/01/48

906,953

500,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building Facilities

Maintenance Series 2023A

4

.000

02/01/44

466,531

500,000

GFW Independent School District No. 2365, Sibley, Renville,

McLeod and Nicollet Counties, Minnesota, General Obligation

School Building Bonds, Series 2023A

5

.000

02/01/48

511,291

1,500,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

5

.000

12/01/43

1,588,204

1,000,000

Independent School District 621, Mounds View, Minnesota,

General Obligation Bonds, School Building Series 2018A

4

.000

02/01/42

966,985

1,145,000

Independent School District No. 2397 (Le Sueur-Henderson),

Minnesota, General Obligation School Building Bonds, Series

2022A

5

.000

02/01/36

1,221,622

1,000,000

Independent School District No. 2397 (Le Sueur-Henderson),

Minnesota, General Obligation School Building Bonds, Series

2022A

4

.500

02/01/41

1,009,018

1,500,000

Maple River Independent School District 2135, Minnesota,

General Obligation Bonds, School Building Series 2020A

4

.000

02/01/50

1,342,098

1,345,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

4

.000

12/01/40

1,325,860

310,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

5

.000

02/01/39

326,958

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

1,500,000

Roseville Independent School District 623, Ramsey County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2026A

4

.000

%

02/01/41

$

1,449,946

1,000,000

Roseville Independent School District 623, Ramsey County,

Minnesota, General Obligation Bonds, School Building Series

2018A

4

.000

02/01/34

1,002,630

1,000,000

Round Lake-Brewster Independent School District 2907,

Minnesota, General Obligation Bonds, School Building Series

2023A

4

.000

02/01/42

957,182

1,000,000

Saint James Independent School District 840, Minnesota,

General Obligation Bonds, School Building Series 2015B

4

.000

02/01/45

934,672

1,000,000

Saint Louis Park Independent School District 283, Hennepin

County, Minnesota, General Obligation Bonds, School Building

Series 2022A

5

.000

02/01/36

1,055,806

800,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

4

.000

02/01/43

754,898

1,500,000

Sibley East Independent School District 2310, Sibley, Minnesota,

General Obligation Bonds, School Building Series 2015A

4

.000

02/01/40

1,419,431

1,000,000

Stillwater Independent School District 834, Washington County,

Minnesota, General Obligation Bonds, School Building Facilities

Maintenance Series 2026A

4

.000

02/01/43

943,838

470,000

Yellow Medicine East Independent School District 2190,

Minnesota, General Obligation Bonds, Series 2025A

4

.125

02/01/47

438,270

TOTAL TAX OBLIGATION/GENERAL

24,630,890

TAX OBLIGATION/LIMITED - 21.4% (12.8% of Total Investments)

1,000,000

Anoka-Hennepin Independent School District 11, Minnesota,

Certificates of ParticIpation, Series 2015A

4

.000

02/01/41

927,590

500,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2023A

5

.000

12/15/44

497,004

1,255,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

5

.000

10/01/42

1,312,655

1,495,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Revenue Bonds, Series 2024A

5

.000

10/01/43

1,543,132

200,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

4

.000

08/01/35

200,142

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2018D

4

.000

08/01/39

491,557

1,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022A

5

.000

08/01/40

1,036,272

2,230,000

Minnesota Housing Finance Agency, Nonprofit Housing Bonds,

State Appropriation Series 2011

5

.000

08/01/31

2,234,574

1,500,000

Minnesota State, Certificates of Participation, State Office

Building Project, Series 2023

5

.000

11/01/43

1,576,067

1,595,000

New London Economic Development Authority, Minnesota,

Lease Revenue Bonds, SWWC Service Cooperative Lease With

Option to Purchase Project, Public Series 2023

4

.500

02/01/33

1,605,708

1,000,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015A

3

.750

02/01/36

968,036

750,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

4

.000

02/01/42

718,568

250,000

Rum River Special Education Cooperative, Minnesota,

Certificates of Participation, Series 2025A

5

.500

02/01/46

251,432

500,000

Saint Cloud Independent School District 742, Stearns County,

Minnesota, Certificates of Participation, Saint Cloud Area Public

Schools, Series 2017A

4

.000

02/01/38

488,906

320,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Multifamily Housing Revenue Bonds, 2700 University at Westgate

Station, Series 2015B

4

.875

04/01/30

320,099

755,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Multifamily Housing Revenue Bonds, 2700 University at Westgate

Station, Series 2015B

5

.250

04/01/43

730,914

Portfolio of Investments August 31, 2026

(continued)

NMS

6

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

635,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

4

.000

%

02/01/41

$

545,059

TOTAL TAX OBLIGATION/LIMITED

15,447,715

TRANSPORTATION - 9.8% (5.8% of Total Investments)

500,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

5

.000

01/01/44

509,919

250,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

5

.000

01/01/49

251,844

1,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/44

1,005,509

2,000,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019B, (AMT)

5

.000

01/01/49

1,976,974

1,600,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

5

.000

01/01/46

1,603,300

500,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022A

5

.000

01/01/52

502,556

1,175,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

5

.250

01/01/47

1,201,019

TOTAL TRANSPORTATION

7,051,121

UTILITIES - 11.4% (6.8% of Total Investments)

525,000

Blue Earth, Minnesota Electric Revenue Bonds, Series 2025A

5

.000

06/01/51

495,517

415,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

5

.000

01/01/46

415,015

30,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

5

.000

01/01/50

30,216

2,795,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Series 2016

5

.000

10/01/47

2,794,778

250,000

Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

5

.000

12/01/54

248,980

655,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-1. 501 C3

4

.000

10/01/41

597,056

200,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2023-3

4

.750

10/01/43

199,097

250,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

5

.000

01/01/42

265,397

3,200,000

Western Minnesota Municipal Power Agency, Minnesota, Power

Supply Revenue Bonds, Series 2018A

5

.000

01/01/49

3,218,465

TOTAL UTILITIES

8,264,521

TOTAL MUNICIPAL BONDS

(Cost $124,428,924)

120,898,048

TOTAL LONG-TERM INVESTMENTS

(Cost $124,428,924)

120,898,048

AMTP SHARES, NET - (69.0)% (b)

(

49,788,935

)

OTHER ASSETS & LIABILITIES, NET - 1.5%

1,086,299

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

$

72,195,412

AMT

Alternative Minimum Tax

(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 $3,066,343 or 2.5% of Total Investments.

(b)

AMTP Shares, Net as a percentage of Total Investments is 41.2%.

7

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:

NMS

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

120,898,048

$

–

$

120,898,048

$

–

$

120,898,048

$

–

$

120,898,048

Liabilities at Fair Value:

AMTP Shares, Net

$

–

$

49,788,935

$

–

$

49,788,935

$

–

$

49,788,935

$

–

$

49,788,935