1
Portfolio
of
Investments
January
31,
2025
NMI
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
99.6%
100852564
MUNICIPAL
BONDS
-
99
.6
%
100852564
ALABAMA
-
1.9%
$
260,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
%
10/01/49
$
274,772
535,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024B,
(AMT)
4
.750
12/01/54
525,748
1,000,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
5,
Series
2023A,
(Mandatory
Put
7/01/29)
5
.250
01/01/54
1,051,973
100,000
(a)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A
5
.250
05/01/44
101,625
TOTAL
ALABAMA
1,954,118
ARIZONA
-
3.9%
275,000
Arizona
Industrial
Development
Authority
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2023
5
.250
07/01/43
279,096
665,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2024
4
.250
07/01/44
605,025
1,495,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A
5
.000
07/01/49
1,534,075
515,000
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
5
.250
12/01/28
543,050
1,000,000
(a)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Desert
Heights
Charter
School
Project,
Refunding
Series
2024
6
.125
06/01/57
991,134
TOTAL
ARIZONA
3,952,380
ARKANSAS
-
0.4%
200,000
(a)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
(AMT)
5
.450
09/01/52
206,485
200,000
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
(AMT)
5
.700
05/01/53
209,596
TOTAL
ARKANSAS
416,081
CALIFORNIA
-
4.6%
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
251,015
625,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2023B
5
.500
09/01/43
668,140
375,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024A
5
.000
09/01/48
387,212
500,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
502,892
3,878
(b),(c)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.500
07/01/39
3,878
300,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A
7
.000
11/01/34
368,744
525,000
Palm
Desert,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
University
Park,
Series
2024
5
.000
09/01/53
537,288
500,000
(a)
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
537,945
710,000
(a)
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
753,221
Portfolio
of
Investments
January
31,
2025
(continued)
NMI
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
490,000
(a)
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
$
509,743
160,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/44
160,076
TOTAL
CALIFORNIA
4,680,154
COLORADO
-
11.2%
500,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
5
.000
01/01/37
502,320
1,000,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
5
.000
08/01/44
1,018,524
1,395,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
(AMT)
5
.000
12/01/43
1,419,201
500,000
Erie
Highlands
Metropolitan
District
2,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2018A
5
.250
12/01/48
502,244
700,000
(a)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A
6
.750
12/01/34
684,586
200,000
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024A-2
6
.500
12/01/43
208,139
250,000
(a)
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
2,
Series
2024
5
.500
12/01/44
248,753
500,000
(a)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024
6
.625
12/01/56
494,405
500,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A
5
.000
12/01/46
503,517
500,000
(a)
Parkdale
Community
Authority,
Erie
County,
Colorado,
Limited
Tax
Supported
Convertible
Capital
Appreciation
Revenue
Bonds,
District
2,
Series
2024A
7
.750
12/01/53
389,643
500,000
(a)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A
5
.000
12/01/41
461,515
802,000
(a)
Platte
River
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2023A
6
.500
08/01/53
828,635
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
497,319
750,000
Silverstone
Metropolitan
District
3,
Weld
County,
Colorado,
General
Obligation
and
Special
Revenue
Bonds,
Limited
Tax
Series
2023
7
.750
12/01/45
768,378
500,000
(a)
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
504,753
1,275,000
(a)
Ventana
Metropolitan
District,
El
Paso
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
and
Improvement
Series
2023A
6
.500
09/01/53
1,334,789
525,000
Waterview
II
Metropolitan
District,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
4
.500
12/01/31
521,817
500,000
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022
6
.750
12/01/52
486,356
TOTAL
COLORADO
11,374,894
DELAWARE
-
0.1%
100,000
Delaware
Health
Facilities
Authroity,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018
5
.000
06/01/48
100,557
TOTAL
DELAWARE
100,557
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
-
11.3%
$
250,000
(a)
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
2024
Project
Series
2024
5
.250
%
05/01/55
$
247,796
790,000
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A
5
.000
09/01/33
790,494
500,000
(a)
Bridgewalk
Community
Development
District,
Osceola
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Series
2023
6
.500
12/15/53
529,993
550,000
(a)
Capital
Projects
Finance
Authority,
Florida,
Educational
Revenue
Bonds,
Imagine
Kissimmee
Charter
Academy
Project,
Series
2024
6
.500
06/15/54
577,474
500,000
(a)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Babcock
Neighborhood
School
Inc
Project,
Series
2024
6
.000
08/15/63
490,418
1,000,000
(a)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A
6
.250
06/15/53
1,039,538
140,000
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
KIPP
Miami
North
Campus
Project,
Refunding
Series
2024A
6
.000
06/15/54
145,556
210,000
(a)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2023A
6
.500
06/15/38
228,859
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
1,010,534
355,000
(a)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2024A,
(AMT),
(Mandatory
Put
2/14/25)
8
.250
07/01/57
368,661
500,000
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
(AMT)
5
.000
10/01/42
507,192
255,000
(a)
Hamilton
Bluff
Community
Development
District,
Lake
Hamilton,
Florida,
Special
Assessment
Bonds,
Area
1
Project,
Series
2024
5
.800
05/01/54
256,423
885,000
(a)
Highland
Trails
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Capital
Improvement
Series
2024
5
.850
05/01/54
895,615
150,000
Hobe-Saint
Lucie
Conservancy
District,
Florida,
Special
Assessment
Revenue
Bonds,
Improvement
Unit
1A,
Series
2024
5
.875
05/01/55
153,877
1,000,000
Lakeside
Preserve
Community
Development
District,
Lakeland,
Florida,
Special
Assessment
Bonds,
2023
Project
Series
2023
6
.375
05/01/54
1,054,919
300,000
Lakewood
Ranch
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Taylor
Ranch
Project,
Series
2023
6
.125
05/01/43
317,870
115,000
(a)
North
AR-1
of
Pasco
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
4,
Series
2024
5
.750
05/01/54
115,669
1,000,000
(a)
River
Hall
Community
Development
District,
Lee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
4
Series
2023A
6
.500
05/01/54
1,064,200
225,000
Sawgrass
Village
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Series
2023
6
.125
11/01/43
236,807
400,000
Stonegate
Preserve
Community
Development
District,
Florida,
Manatee
County
Special
Assessment
Revenue
Bonds
2023
Project
Area
Series
2023
6
.125
12/15/53
428,501
250,000
(a)
Village
Community
Development
District
15,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2024
4
.800
05/01/55
245,016
645,000
(a)
Woodsdale
Community
Development
District,
Pasco
County,
Florida,
Revenue
Bonds,
Capital
Improvement
Series
2023
6
.125
11/01/43
679,945
TOTAL
FLORIDA
11,385,357
Portfolio
of
Investments
January
31,
2025
(continued)
NMI
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
-
3.4%
$
250,000
(a)
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
Westside
Gulch
Area
Project,
Senior
Series
2024A-2
5
.500
%
04/01/39
$
256,419
85,000
Atlanta
Urban
Residential
Finance
Authority,
Georgia,
Multifamily
Housing
Revenue
Bonds,
Testletree
Village
Apartments,
Series
2013A
4
.000
11/01/25
83,509
1,000,000
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2013A,
(Mandatory
Put
2/03/25)
3
.600
01/01/40
1,000,222
600,000
Cobb
County
Development
Authority,
Georgia,
Charter
School
Revenue
Bonds,
Northwest
Classical
Academy,
Inc.
Project,
Series
2023A
6
.400
06/15/53
612,182
500,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
4
.000
04/01/50
465,797
1,000,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023B,
(Mandatory
Put
3/01/30)
5
.000
07/01/53
1,056,083
TOTAL
GEORGIA
3,474,212
HAWAII
-
0.2%
250,000
(a)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University
Project,
Refunding
Series
2024
5
.125
07/01/43
240,900
TOTAL
HAWAII
240,900
IDAHO
-
1.6%
1,000,000
(d)
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Saint
Luke's
Health
System
Project,
Series
2025A
5
.250
03/01/53
1,062,016
500,000
(a)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
The
College
of
Idaho
Project,
Series
2023
5
.875
11/01/53
509,865
TOTAL
IDAHO
1,571,881
ILLINOIS
-
10.0%
250,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016
6
.000
04/01/46
257,000
500,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023
5
.750
04/01/48
536,889
435,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D
5
.000
12/01/46
426,295
650,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
7
.000
12/01/44
661,111
500,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A
6
.000
12/01/49
538,919
1,000,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A
5
.500
01/01/55
1,052,747
200,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
4
.500
11/01/36
200,004
500,000
Illinois
Finance
Authority,
Revenue
Bonds,
Bradley
University,
Refunding
Series
2021A
4
.000
08/01/51
419,215
1,105,000
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A
5
.000
11/15/45
1,104,972
200,000
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
5
.000
08/15/44
200,266
540,000
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A
5
.500
03/01/47
582,461
500,000
Illinois
State,
General
Obligation
Bonds,
March
Series
2021A
5
.000
03/01/46
519,220
400,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
5
.500
05/01/39
434,004
1,000,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C
5
.500
10/01/41
1,103,542
1,900,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2019A
5
.000
01/01/44
1,974,061
205,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
-
NPFG
Insured
0
.000
12/15/35
135,992
TOTAL
ILLINOIS
10,146,698
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIANA
-
3.5%
$
735,000
(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
$
692,898
1,000,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Obligation
Group,
Fixed
Rate
Series
2023A
5
.000
10/01/46
1,066,337
1,000,000
Indiana
Finance
Authority,
Student
Housing
Revenue
Bonds,
SFP-
PUFW
I,
LLC
Series
2024A
5
.000
07/01/54
1,006,427
500,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6
.000
03/01/53
533,376
250,000
(a)
Valparaiso,
Indiana,
Exempt
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Refunding
Series
2024,
(AMT)
5
.000
01/01/54
253,399
TOTAL
INDIANA
3,552,437
IOWA
-
0.6%
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
572,211
TOTAL
IOWA
572,211
LOUISIANA
-
2.4%
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
1,012,110
400,000
(a)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Christwood
Project,
Refunding
Series
2024
5
.250
11/15/59
394,303
1,000,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A
5
.250
10/01/53
1,018,175
TOTAL
LOUISIANA
2,424,588
MINNESOTA
-
1.9%
75,000
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A
4
.250
08/01/46
66,554
1,000,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
5
.000
02/15/48
1,008,976
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
518,642
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
289,769
TOTAL
MINNESOTA
1,883,941
MISSISSIPPI
-
1.0%
1,000,000
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Revenue
Bonds,
Baptist
Memorial
Healthcare,
Series
2016A
5
.000
09/01/41
1,003,565
TOTAL
MISSISSIPPI
1,003,565
MISSOURI
-
2.8%
1,000,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012
5
.000
10/01/33
990,630
500,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A
5
.000
02/01/46
500,094
500,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2024A
5
.250
02/01/54
516,647
100,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2017
5
.000
09/01/48
97,032
215,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2018A
5
.250
09/01/53
212,792
335,000
Saline
County
Industrial
Development
Authority,
Missouri,
First
Mortgage
Revenue
Bonds,
Missouri
Valley
College,
Series
2017
4
.500
10/01/40
293,067
Portfolio
of
Investments
January
31,
2025
(continued)
NMI
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MISSOURI
(continued)
$
225,000
(a)
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023
6
.000
%
10/01/49
$
225,284
TOTAL
MISSOURI
2,835,546
NEBRASKA
-
0.5%
500,000
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A
5
.000
09/01/42
542,930
TOTAL
NEBRASKA
542,930
NEVADA
-
0.4%
350,000
Las
Vegas
Special
Improvement
District
817,
Nevada,
Local
Improvement
Revenue
Bonds,
Summerlin
Village
29
Series
2023
6
.000
06/01/48
364,892
TOTAL
NEVADA
364,892
NEW
JERSEY
-
1.0%
1,000,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/46
1,009,427
TOTAL
NEW
JERSEY
1,009,427
NEW
YORK
-
7.8%
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
59,617
1,500,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A
5
.000
03/15/46
1,586,502
250,000
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A
5
.250
12/01/52
258,609
315,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1
5
.250
11/15/55
327,936
500,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
500,350
1,950,000
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
12/31/54
2,073,448
1,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
New
Terminal
1
Project,
Green
Series
2024,
(AMT)
5
.500
06/30/54
1,052,630
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
479,133
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
558,434
100,000
Oneida
Indian
Nation,
New
York,
Tax
Revenue
Bonds,
Series
2024B
6
.000
09/01/43
109,084
1,000,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
5
.000
06/01/48
934,655
TOTAL
NEW
YORK
7,940,398
NORTH
CAROLINA
-
2.7%
685,000
North
Carolina
Medical
Care
Commission,  Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016
5
.000
10/01/31
691,146
2,000,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019
5
.000
01/01/49
2,046,061
TOTAL
NORTH
CAROLINA
2,737,207
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
98,589
TOTAL
NORTH
DAKOTA
98,589
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
-
2.6%
$
1,000,000
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
$
900,867
500,000
(a)
Columbus-Franklin
County
Finance
Authority,
Ohio,
Revenue
Bonds,
Bridge
Park
G
Block
Project,
Public
Infrastructure
Series
2022
5
.000
12/01/45
503,050
500,000
(a)
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
507,173
500,000
(a)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
(AMT)
5
.000
07/01/49
467,882
250,000
(a)
Ohio
Housing
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Silver
Birch
of
Mansfield
Project,
Series
2024
6
.000
01/01/45
251,654
TOTAL
OHIO
2,630,626
OKLAHOMA
-
0.7%
670,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.500
08/15/52
683,588
TOTAL
OKLAHOMA
683,588
OREGON
-
0.1%
55,000
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A
5
.250
11/15/50
54,841
TOTAL
OREGON
54,841
PENNSYLVANIA
-
3.1%
400,000
(a)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Neuweiler
Lofts
Project,
Series
2023
6
.250
05/01/42
402,147
250,000
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Waterfront-30
E
Allen
Street
Project,
Subordinate
Series
2024B
6
.000
05/01/42
260,888
53,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-2
6
.000
06/30/34
57,612
700,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5
.000
06/30/39
697,514
350,000
(f)
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024B-1
0
.000
06/30/44
251,831
109,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Taxable
Series
2024A-1
8
.000
06/30/34
111,027
500,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021
5
.000
11/01/51
507,475
495,000
Lehigh
County,
Pennsylvania,
Revenue
Bonds,
Lehigh
Valley
Dual
Language
Charter
School,
General
Purpose
Authority,
Series
2023
7
.000
06/01/53
536,120
350,000
Montgomery
County
Redevelopment
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
River
Pointe
Project
Series
2023
6
.500
09/01/43
357,465
TOTAL
PENNSYLVANIA
3,182,079
PUERTO
RICO
-
2.1%
1,760,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
425,814
500,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4
.750
07/01/53
491,342
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
1,000,277
200,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
198,452
TOTAL
PUERTO
RICO
2,115,885
Portfolio
of
Investments
January
31,
2025
(continued)
NMI
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOUTH
CAROLINA
-
1.1%
$
620,000
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Bishop
Gadsden
Episcopal
Retirement
Community,
Series
2019A
4
.000
%
04/01/49
$
547,056
560,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A
7
.000
06/15/43
584,023
TOTAL
SOUTH
CAROLINA
1,131,079
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
92,115
TOTAL
SOUTH
DAKOTA
92,115
TENNESSEE
-
0.3%
250,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022B,
(AMT)
5
.500
07/01/42
270,526
TOTAL
TENNESSEE
270,526
TEXAS
-
6.7%
1,000,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2021A
4
.000
11/01/46
969,915
500,000
(a)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
Southwest
Kyle
Public
Improvement
District
1
Improvement
Area
2
Project,
Series
2023
6
.750
09/01/48
525,606
125,000
(a)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
(AMT)
4
.625
10/01/31
124,957
1,000,000
(a)
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
1,023,569
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
999,999
200,000
(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
241,301
535,000
(a)
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
564,530
240,000
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A
5
.000
02/01/34
236,061
295,000
SA
Energy
Acquisition
Public
Facilities
Corporation,
Texas,
Gas
Supply
Revenue
Bonds,
Series
2007
5
.500
08/01/27
305,956
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
1,009,811
250,000
(a)
Travis
County
Development
Authority,
Texas,
Contract
Assessment
Revenue
Bonds,
Bella
Fortuna
Public
Improvement
District,
Series
2024
5
.625
09/01/51
254,057
500,000
(a)
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
506,038
TOTAL
TEXAS
6,761,800
UTAH
-
0.4%
410,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
(AMT)
5
.250
07/01/53
427,084
TOTAL
UTAH
427,084
VIRGIN
ISLANDS
-
0.4%
380,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5
.000
10/01/32
400,980
TOTAL
VIRGIN
ISLANDS
400,980
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
-
2.2%
$
100,000
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A
6
.875
%
12/01/58
$
110,010
100,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A
7
.000
09/01/53
113,481
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
1,269,789
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
768,720
TOTAL
VIRGINIA
2,262,000
WASHINGTON
-
1.6%
1,000,000
Grays
Harbor
Public
Hospital
District
1,
Washington,
Revenue
Bonds,
Summit
Pacific
Medial
Center
Series
2023
6
.750
12/01/44
1,113,775
500,000
Jefferson
County
Public
Hospital
District
2,
Washington,
Hospital
Revenue
Bonds,
Refunding
Series
2023A
6
.875
12/01/53
519,345
TOTAL
WASHINGTON
1,633,120
WEST
VIRGINIA
-
1.2%
170,000
(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
180,817
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
1,010,244
TOTAL
WEST
VIRGINIA
1,191,061
WISCONSIN
-
3.7%
3,634
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/46
114
3,583
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/47
104
3,557
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/48
98
3,532
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/49
91
3,480
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/50
83
3,813
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/51
86
98,174
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
3
.750
07/01/51
68,860
3,788
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/52
80
3,736
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/53
75
3,711
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/54
70
3,660
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/55
65
Portfolio
of
Investments
January
31,
2025
(continued)
NMI
10
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)
$
3,608
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
%
01/01/56
$
61
3,583
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/57
57
3,532
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/58
53
3,506
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/59
50
3,480
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/60
47
3,429
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/61
43
3,404
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/62
41
3,352
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/63
38
3,327
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/64
36
3,301
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/65
33
3,250
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/66
30
42,334
(a),(b)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
0
.000
01/01/67
360
1,000,000
(a)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024
6
.250
02/01/39
1,025,552
500,000
(a)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Revolution
Academy,
Refunding
Series
2023A
6
.250
10/01/53
521,483
535,000
(a)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Unity
Classical
Charter
School,
A
Challenge
Foundation
Academy,
Series
2023
6
.625
07/01/43
555,715
250,000
(a)
Public
Finance
Authority,
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
World
Center
Project
Series
2024A
5
.000
06/01/41
257,129
200,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014
5
.125
10/01/34
200,025
200,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021
4
.000
01/01/57
161,485
1,000,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
PHW
Oconomowoc,
Inc.
Project,
Series
2018
5
.125
10/01/48
960,853
TOTAL
WISCONSIN
3,752,817
TOTAL
MUNICIPAL
BONDS
(Cost
$98,284,467)
100,852,564
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$98,284,467)
100,852,564
OTHER
ASSETS
&
LIABILITIES,
NET
-  0.4%
356,979
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
101,209,543
AMT
Alternative
Minimum
Tax
11
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
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
(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
reporting
period,
the
aggregate
value
of
these
securities
is
$26,105,083
or
25.9%
of
Total
Investments.
(b)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(d)
When-issued
or
delayed
delivery
security.
(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)
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
reporting
period.
NMI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
100,848,686
$
3,878
$
100,852,564
Total
$
–
$
100,848,686
$
3,878
$
100,852,564
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